<SEC-DOCUMENT>0001193125-17-052894.txt : 20170223
<SEC-HEADER>0001193125-17-052894.hdr.sgml : 20170223
<ACCEPTANCE-DATETIME>20170223070058
ACCESSION NUMBER:		0001193125-17-052894
CONFORMED SUBMISSION TYPE:	40-F
PUBLIC DOCUMENT COUNT:		22
CONFORMED PERIOD OF REPORT:	20161231
FILED AS OF DATE:		20170223
DATE AS OF CHANGE:		20170223

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			STANTEC INC
		CENTRAL INDEX KEY:			0001131383
		STANDARD INDUSTRIAL CLASSIFICATION:	SERVICES-ENGINEERING SERVICES [8711]
		IRS NUMBER:				000000000

	FILING VALUES:
		FORM TYPE:		40-F
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-32562
		FILM NUMBER:		17630688

	BUSINESS ADDRESS:	
		STREET 1:		10160 112TH STREET
		STREET 2:		EDMONTON ALBERTA T5K 2L6 CANADA
		CITY:			EDMONTON
		STATE:			A0
		ZIP:			00000
		BUSINESS PHONE:		780-917-7000

	MAIL ADDRESS:	
		STREET 1:		10160 112 ST
		CITY:			EDMONTON, ALBERTA
		STATE:			A0
		ZIP:			00000
</SEC-HEADER>
<DOCUMENT>
<TYPE>40-F
<SEQUENCE>1
<FILENAME>d350409d40f.htm
<DESCRIPTION>40-F
<TEXT>
<HTML><HEAD>
<TITLE>40-F</TITLE>
</HEAD>
 <BODY BGCOLOR="WHITE">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>UNITED STATES </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>SECURITIES AND EXCHANGE COMMISSION </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>WASHINGTON, D.C. 20549 </B></P>
<P STYLE="margin-top:10pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>FORM <FONT STYLE="white-space:nowrap">40-F</FONT> </B></P>
<P STYLE="margin-top:24pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">[] REGISTRATION STATEMENT PURSUANT TO SECTION 12 OF THE SECURITIES EXCHANGE ACT OF 1934 </P>
<P STYLE="margin-top:8pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;OR </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">[<B>X</B>] ANNUAL REPORT PURSUANT TO SECTION 13(a) OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">For the fiscal year ended <U>&nbsp;&nbsp;&nbsp;&nbsp;December 31, 2016&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U> </P>
<P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Commission File Number: <FONT STYLE="white-space:nowrap">001-32562</FONT> </P>
<P STYLE="margin-top:10pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;STANTEC
INC.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U> </B></P> <P STYLE="margin-top:4pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">(Exact name of Registrant as
specified in its charter) </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </U></P>
<P STYLE="margin-top:4pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">(Translation of Registrant&#146;s name into English (if applicable)) </P>
<P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;Canada&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </U></P>
<P STYLE="margin-top:4pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">(Province or other jurisdiction of incorporation or organization) </P>
<P STYLE="margin-top:10pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;8711&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </U></P>
<P STYLE="margin-top:4pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">(Primary Standard Industrial Classification Code Number (if applicable)) </P>
<P STYLE="margin-top:10pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;N/A&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </U></P>
<P STYLE="margin-top:4pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">(I.R.S. Employer Identification Number (if applicable)) </P>
<P STYLE="margin-top:10pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;10160 &#150; 112 Street, Edmonton, Alberta, Canada T5K 2L6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </U></P>
<P STYLE="margin-top:4pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">(Address and telephone number of Registrant&#146;s principal executive offices) </P>
<P STYLE="margin-top:10pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><U>&nbsp;&nbsp;&nbsp;&nbsp;Stantec Consulting Services Inc., 19 Technology Drive, Irvine, CA 92618-2334 (949)
<FONT STYLE="white-space:nowrap">923-6000&nbsp;</FONT> </U></P> <P STYLE="margin-top:4pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">(Name, address (including zip code) and telephone number (including area code)
of agent for service in the United States) </P> <P STYLE="margin-top:10pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Securities registered or to be registered pursuant to Section 12(b) of the Act. </P>
<P STYLE="font-size:10pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>
<TD WIDTH="38%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="61%"></TD></TR>


<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Title of each class</U></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"><U>Name of each exchange on which registered</U></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="10"></TD>
<TD HEIGHT="10" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Common Shares</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New York Stock Exchange</TD></TR>
</TABLE>

<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Securities registered or to be registered pursuant to Section 12(g) of the Act. </P>
<P STYLE="margin-top:10pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;None.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </U></P>
<P STYLE="margin-top:4pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Title of Class) </P>
<P STYLE="margin-top:10pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Securities for which there is a reporting obligation pursuant to Section 15(d) of the Act. </P>
<P STYLE="margin-top:10pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;None.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </U></P>
<P STYLE="margin-top:4pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Title of Class) </P>
<P STYLE="margin-top:10pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">For annual reports, indicate by check mark the information filed with this Form: </P>
<P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">[<FONT STYLE="FONT-FAMILY:SYMBOL">&#214;</FONT>] Annual information form&nbsp;&nbsp;&nbsp;&nbsp;[<FONT STYLE="FONT-FAMILY:SYMBOL">&#214;</FONT>]
Audited annual financial statements </P> <P STYLE="margin-top:10pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Indicate the number of outstanding shares of each of the issuer&#146;s classes of capital or common stock as of the
close of the period covered by the annual report. </P> <P STYLE="margin-top:10pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">As of December&nbsp;31, 2016 &#150; 114,081,229 Common Shares
outstanding. </P> <P STYLE="margin-top:10pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Indicate by check mark whether the Registrant by filing the information contained in this Form is also thereby furnishing the information to
the Commission pursuant to Rule <FONT STYLE="white-space:nowrap">12g3-2(b)</FONT> under the Securities Exchange Act of 1934 (the &#147;Exchange Act&#148;). If &#147;Yes&#148; is marked, indicate the file number assigned to the Registrant in
connection with such Rule. </P> <P STYLE="margin-top:10pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Yes []&nbsp;&nbsp;No[<FONT STYLE="FONT-FAMILY:SYMBOL">&#214;</FONT>] </P>
<P STYLE="margin-top:10pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Indicate by check mark whether the Registrant (1)&nbsp;has filed all reports required to be filed by Section&nbsp;13 or 15(d) of the Exchange Act during the
preceding 12 months (or for such shorter period that the Registrant was required to file such reports) and (2)&nbsp;has been subject to such filing requirements for the past 90 days. </P>
<P STYLE="margin-top:10pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Yes [<FONT STYLE="FONT-FAMILY:SYMBOL">&#214;</FONT>]&nbsp;&nbsp;No [] </P>
<P STYLE="margin-top:10pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Indicate by check mark whether the Registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required
to be submitted and posted pursuant to Rule 405 of Regulation <FONT STYLE="white-space:nowrap">S-T</FONT> during the preceding 12 months (or for such shorter period that the Registrant was required to submit and post such files). </P>
<P STYLE="margin-top:10pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Yes []&nbsp;&nbsp;No [] </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="right">Page 2 of 6 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>DISCLOSURE CONTROLS AND PROCEDURES </B></P>
<P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The disclosure provided under &#147;Controls and Procedures&#148; on page <FONT STYLE="white-space:nowrap">M-78</FONT> of Exhibit 2, Management&#146;s
Discussion and Analysis, is incorporated by reference herein. </P> <P STYLE="margin-top:20pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>MANAGEMENT&#146;S ANNUAL REPORT ON INTERNAL CONTROL OVER FINANCIAL
REPORTING </B></P> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The disclosure provided under &#147;Management Report&#148; on page <FONT STYLE="white-space:nowrap">F-1</FONT> of Exhibit 3, 2016 Audited
Consolidated Financial Statements, is incorporated by reference herein. </P> <P STYLE="margin-top:20pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>AUDITOR ATTESTATION </B></P>
<P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The disclosure provided under &#147;Independent Auditors&#146; Report on Internal Control Over Financial Reporting&#148; on page
<FONT STYLE="white-space:nowrap">F-3</FONT> of Exhibit&nbsp;3, 2016 Audited Consolidated Financial Statements, is incorporated by reference herein. </P>
<P STYLE="margin-top:20pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>CHANGES IN INTERNAL CONTROL OVER FINANCIAL REPORTING </B></P>
<P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The disclosure provided under &#147;Controls and Procedures&#148; on page <FONT STYLE="white-space:nowrap">M-78</FONT> of Exhibit 2, Management&#146;s
Discussion and Analysis, is incorporated by reference herein. </P> <P STYLE="margin-top:20pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>IDENTIFICATION OF THE AUDIT COMMITTEE </B></P>
<P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">On December&nbsp;31, 2016, Stantec&#146;s audit and risk committee was made up of the following four members: Ivor M. Ruste (Chair), Douglas K. Ammerman,
Anthony P. Franceschini, and Donald J. Lowry. </P> <P STYLE="margin-top:20pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>AUDIT COMMITTEE FINANCIAL EXPERT </B></P>
<P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Stantec&#146;s Board of Directors has determined that it has two audit committee financial experts serving on its audit and risk committee. Ivor M. Ruste, and
Douglas K. Ammerman are each an audit committee financial expert (as such term is defined in the rules and regulations of the Securities Exchange Commission) and are independent, as that term is defined by the New York Stock Exchange&#146;s
corporate governance standards applicable to Stantec. The Securities and Exchange Commission has indicated that the designation of a person as an audit committee financial expert does not impose on such person any duties, obligations or liability
that are greater than those imposed on such person as a member of the audit committee and the Board of Directors in the absence of such designation and does not affect the duties, obligations or liability of any other member of the audit committee
or Board of Directors. </P> <P STYLE="margin-top:20pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>CODE OF ETHICS </B></P>
<P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Stantec has adopted a code of ethics, entitled the Stantec Code of Ethics (the &#147;Code&#148;). The Code applies to all directors, officers and employees of
Stantec, including Stantec&#146;s principal executive officer, principal financial officer and principal accounting officer. Stantec requires that all officers and employees annually certify that they have read and understand the Code. The Code is
reviewed at least annually to ensure that it complies with all legal requirements and is in alignment with best practices. In the event that amendments are needed, recommendations are made to the corporate governance and compensation committee and
the Board of Directors for approval. The Code is available on Stantec&#146;s website (www.stantec.com) under the &#147;Learn About Us &#150; Corporate Governance&#148; section and included as Exhibit 9 hereto. </P>
<P STYLE="margin-top:10pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The Board of Directors believes that providing a forum for employees and officers to raise concerns about ethical conduct and treating all complaints with the
appropriate level of seriousness foster a culture of ethical conduct within Stantec. Stantec&#146;s Integrity Policy sets out our procedures for reporting and investigating observations or concerns raised by employees or officers of the company. The
Integrity Policy is available at www.stantec.com. Stantec monitors compliance with its code through its external integrity hotline. The external integrity hotline allows officers or employees </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="right">Page 3 of 6 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">
to report concerns regarding breaches of our code in writing, over the telephone, by mail or by email. All complaints are treated as confidential, and requests to maintain anonymity are respected
to the extent possible. The integrity hotline is managed by an independent third party. </P> <P STYLE="margin-top:10pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Copies of all complaints are reviewed by the chair of the Audit
and Risk Committee upon receipt. A quarterly report is presented to the Audit and Risk Committee summarizing the status of any active investigations of complaints and the resolution of all complaints made through the integrity hotline. </P>
<P STYLE="margin-top:10pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The Board of Directors believes that its effectiveness is furthered when directors exercise independent judgment in considering transactions and agreements.
As such, if at any Board of Directors&#146; meeting a director or executive officer has a material interest in a matter being considered, such director or officer would not be present for discussions relating to the matter and would not participate
in any vote on the matter. </P> <P STYLE="margin-top:20pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>PRINCIPAL ACCOUNTANT FEES AND SERVICES </B></P>
<P STYLE="margin-top:10pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The disclosure provided under &#147;External Auditor Service Fees&#148; on page 23 of Exhibit 1, Annual Information Form, is incorporated by reference herein.
</P> <P STYLE="margin-top:20pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>AUDIT COMMITTEE <FONT STYLE="white-space:nowrap">PRE-APPROVAL</FONT> POLICIES AND PROCEDURES </B></P>
<P STYLE="margin-top:10pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The disclosure provided under &#147;Preapproval Policy&#148; on page 22 of Exhibit 1, Annual Information Form, is incorporated by reference herein. No
audit-related fees, tax fees or other fees were approved by the Audit and Risk Committee pursuant to paragraph&nbsp;(c)(7)(i)(C)&nbsp;of Rule 2-01 of <FONT STYLE="white-space:nowrap">Regulation&nbsp;S-X.</FONT> </P>
<P STYLE="margin-top:20pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><FONT STYLE="white-space:nowrap">OFF-BALANCE</FONT> SHEET ARRANGEMENTS </B></P>
<P STYLE="margin-top:10pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The disclosure provided under <FONT STYLE="white-space:nowrap">&#147;Off-Balance</FONT> Sheet Arrangements&#148; on page
<FONT STYLE="white-space:nowrap">M-55</FONT> of Exhibit 2, Management&#146;s Discussion and Analysis, is incorporated by reference herein. </P>
<P STYLE="margin-top:20pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>CONTRACTUAL OBLIGATIONS </B></P> <P STYLE="margin-top:10pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The disclosure
provided under &#147;Contractual Obligations&#148; on page <FONT STYLE="white-space:nowrap">M-54</FONT> and <FONT STYLE="white-space:nowrap">M-55</FONT> of Exhibit 2, Management&#146;s Discussion and Analysis, is incorporated by reference herein.
</P> <P STYLE="margin-top:20pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>CORPORATE GOVERNANCE </B></P> <P STYLE="margin-top:10pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The disclosure
provided under &#147;NYSE Corporate Governance Disclosure&#148; on page 25 of Exhibit 1, Annual Information Form, is incorporated by reference herein. </P>
<P STYLE="margin-top:20pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>UNDERTAKING AND CONSENT TO SERVICE OF PROCESS </B></P> <P STYLE="font-size:10pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="6%" VALIGN="top" ALIGN="left"><B>A.</B></TD>
<TD ALIGN="left" VALIGN="top"><B>Undertaking </B></TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Stantec undertakes to make available, in person or by telephone, representatives to respond
to inquiries made by the Commission staff, and to furnish promptly, when requested to do so by the Commission staff, information relating to the securities registered pursuant to Form <FONT STYLE="white-space:nowrap">40-F,</FONT> the securities in
relation to which the obligation to file an annual report on Form <FONT STYLE="white-space:nowrap">40-F</FONT> arises, or transactions in said securities. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="right">Page 4 of 6 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="6%" VALIGN="top" ALIGN="left"><B>B.</B></TD>
<TD ALIGN="left" VALIGN="top"><B>Consent to Service of Process </B></TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Stantec has previously filed with the Commission a Form <FONT
STYLE="white-space:nowrap">F-X</FONT> in connection with the Common Shares. </P> <P STYLE="margin-top:20pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>SIGNATURES </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Pursuant to the requirements of the Exchange Act, the registrant certifies that it meets all of the requirements for filing on Form <FONT
STYLE="white-space:nowrap">40-F</FONT> and has duly caused this annual report to be signed on its behalf by the undersigned, thereto duly authorized. </P> <P STYLE="font-size:20pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV ALIGN="right">
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="40%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt">


<TR>
<TD WIDTH="100%"></TD></TR>


<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">STANTEC INC.</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="27"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><U>/s/ Robert J.
Gomes&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</U></P></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Robert J. Gomes, P. Eng.</P></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">President and Chief Executive Officer</P></TD></TR>
</TABLE></DIV> <P STYLE="margin-top:10pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Date:&nbsp;&nbsp; February&nbsp;22, 2017 </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="right">Page 5 of 6 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>EXHIBIT INDEX </B></P> <P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000">&nbsp;</P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>
<TD></TD>
<TD VALIGN="bottom" WIDTH="7%"></TD>
<TD WIDTH="90%"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom" NOWRAP><B>&nbsp;&nbsp;&nbsp;Exhibit&nbsp;No.</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP><B>Description</B></TD></TR>


<TR STYLE="font-size:1px; ">
<TD COLSPAN="3" VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" NOWRAP ALIGN="center">99.1.</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Annual Information Form dated February&nbsp;22, 2017</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" NOWRAP ALIGN="center">99.2.</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Management&#146;s Discussion and Analysis for the year ended December&nbsp;31, 2016 (pages <FONT STYLE="white-space:nowrap">M-1</FONT> through <FONT STYLE="white-space:nowrap">M-81</FONT> of the 2016 Annual Report)</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" NOWRAP ALIGN="center">99.3.</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">2016 Audited Consolidated Financial Statements (pages <FONT STYLE="white-space:nowrap">F-1</FONT> through <FONT STYLE="white-space:nowrap">F-61</FONT> of the 2016 Annual Report)</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" NOWRAP ALIGN="center">99.4.</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Consent of Ernst&nbsp;&amp; Young LLP</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" NOWRAP ALIGN="center">99.5.</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Chief Executive Officer&#146;s Certifications required by Rule <FONT STYLE="white-space:nowrap">13a-14(a)</FONT> or Rule <FONT STYLE="white-space:nowrap">15d-14(a),</FONT> pursuant to Section&nbsp;302 of the U.S. Sarbanes-Oxley Act
of 2002</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" NOWRAP ALIGN="center">99.6.</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Chief Executive Officer&#146;s Certification pursuant to 18 U.S.C. Section&nbsp;1350, as enacted pursuant to Section&nbsp;906 of the U.S. Sarbanes-Oxley Act of 2002</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" NOWRAP ALIGN="center">99.7.</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Chief Financial Officer&#146;s Certifications required by Rule <FONT STYLE="white-space:nowrap">13a-14(a)</FONT> or Rule <FONT STYLE="white-space:nowrap">15d-14(a),</FONT> pursuant to Section&nbsp;302 of the U.S. Sarbanes-Oxley Act
of 2002</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" NOWRAP ALIGN="center">99.8.</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Chief Financial Officer&#146;s Certification pursuant to 18 U.S.C. Section&nbsp;1350, as enacted pursuant to Section&nbsp;906 of the U.S. Sarbanes-Oxley Act of 2002</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" NOWRAP ALIGN="center">99.9.</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Code of Ethics Policy</TD></TR>
</TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="right">Page 6 of 6 </P>

</BODY></HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>d350409dex991.htm
<DESCRIPTION>EX-99.1
<TEXT>
<HTML><HEAD>
<TITLE>EX-99.1</TITLE>
</HEAD>
 <BODY BGCOLOR="WHITE">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>Exhibit
99.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="margin-top:0pt;margin-bottom:0pt" ALIGN="center">


<IMG SRC="g350409ex991pg01.jpg" ALT="LOGO">
 </P> <P STYLE="font-family:Times New Roman; font-size:0.5pt"><FONT COLOR="#FFFFFF">Stantec </FONT><br><FONT STYLE="font-family:Times New Roman; font-size:0.5pt" COLOR="#FFFFFF">STN </FONT><br><FONT
STYLE="font-family:Times New Roman; font-size:0.5pt" COLOR="#FFFFFF"><FONT STYLE="white-space:nowrap">TSX-NYSE</FONT> </FONT><br><FONT STYLE="font-family:Times New Roman; font-size:0.5pt" COLOR="#FFFFFF">WE ARE BETTER TOGETHER </FONT><br><FONT
STYLE="font-family:Times New Roman; font-size:0.5pt" COLOR="#FFFFFF">ANNUAL INFORMATION FORM </FONT><br><FONT STYLE="font-family:Times New Roman; font-size:0.5pt" COLOR="#FFFFFF">February&nbsp;22, 2017 </FONT></P>

<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:14pt; font-family:ARIAL"><FONT COLOR="#8b8476"><B>Table of Contents </B></FONT></P>
<P STYLE="font-size:24pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>
<TD WIDTH="96%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>

<TR STYLE="font-family:ARIAL; font-size:11pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:11pt; font-family:ARIAL"><B>CORPORATE STRUCTURE</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>5</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;&nbsp;</B></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Name, Address, and Incorporation</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">5</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Intercorporate Relationships</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">5</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="font-family:ARIAL; font-size:11pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:11pt; font-family:ARIAL"><B>GENERAL DEVELOPMENT OF THE BUSINESS</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>7</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;&nbsp;</B></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">2017</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">7</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">2016</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">7</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">2015</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">9</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">2014</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">10</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="font-family:ARIAL; font-size:11pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:11pt; font-family:ARIAL"><B>DESCRIPTION OF THE BUSINESS</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>12</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;&nbsp;</B></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Research and Development</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">13</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Competitive Conditions</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">13</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Services</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">13</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Employees</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">14</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Social and Environmental Policies</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">14</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Global Operations</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">16</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="font-family:ARIAL; font-size:11pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:11pt; font-family:ARIAL"><B>RISK FACTORS</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>16</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;&nbsp;</B></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="font-family:ARIAL; font-size:11pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:11pt; font-family:ARIAL"><B>DIVIDENDS</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>16</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;&nbsp;</B></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="font-family:ARIAL; font-size:11pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:11pt; font-family:ARIAL"><B>DESCRIPTION OF CAPITAL STRUCTURE</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>17</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;&nbsp;</B></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Preferred Shares</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">17</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Common Shares</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">17</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="font-family:ARIAL; font-size:11pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:11pt; font-family:ARIAL"><B>MARKET FOR SECURITIES</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>18</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;&nbsp;</B></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Trading Price and Volume</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">18</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="font-family:ARIAL; font-size:11pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:11pt; font-family:ARIAL"><B>DIRECTORS AND OFFICERS</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>19</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;&nbsp;</B></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Directors&#146; and Executive Officers&#146; Share Ownership</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">20</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="font-family:ARIAL; font-size:11pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:11pt; font-family:ARIAL"><B>AUDIT AND RISK COMMITTEE INFORMATION</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>21</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;&nbsp;</B></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Audit and Risk Committee Terms of Reference</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">21</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Composition of the Audit and Risk Committee</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">21</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Preapproval Policy</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">22</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">External Auditor Service Fees</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">23</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="font-family:ARIAL; font-size:11pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:11pt; font-family:ARIAL"><B>LEGAL PROCEEDINGS AND REGULATORY ACTIONS</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>23</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;&nbsp;</B></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="font-family:ARIAL; font-size:11pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:11pt; font-family:ARIAL"><B>TRANSFER AGENT</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>23</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;&nbsp;</B></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="font-family:ARIAL; font-size:11pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:11pt; font-family:ARIAL"><B>MATERIAL CONTRACTS</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>24</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;&nbsp;</B></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="font-family:ARIAL; font-size:11pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:11pt; font-family:ARIAL"><B>INTERESTS OF EXPERTS</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>24</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;&nbsp;</B></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="font-family:ARIAL; font-size:11pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:11pt; font-family:ARIAL"><B>ADDITIONAL INFORMATION</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>24</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;&nbsp;</B></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="font-family:ARIAL; font-size:11pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:11pt; font-family:ARIAL"><B>NYSE CORPORATE GOVERNANCE DISCLOSURE</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>25</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;&nbsp;</B></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="font-family:ARIAL; font-size:11pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:11pt; font-family:ARIAL"><B>APPENDIX I &#150; AUDIT AND RISK COMMITTEE &#150; TERMS OF REFERENCE (MANDATE)</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>26</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;&nbsp;</B></TD></TR>
</TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:7pt; font-family:Times New Roman">2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Annual Information Form </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:16pt; font-family:ARIAL"><FONT COLOR="#ffc90e">Stantec Inc. </FONT></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:22pt; font-family:ARIAL"><FONT COLOR="#ffc90e">Annual Information Form </FONT></P> <P STYLE="font-size:20pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="line-height:8.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #8b8476;width:23%">&nbsp;</P>
<P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:11pt; font-family:ARIAL"><B>FEBRUARY&nbsp;22, 2017 </B></P> <P STYLE="margin-top:10pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL"><B>Cautionary Note Regarding Forward-Looking
Statements </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Our public communications often include written or verbal &#147;forward-looking statements&#148; within the meaning of the US Private
Securities Litigation Reform Act of 1995 &#147;safe harbor&#148; provisions and &#147;forward-looking information&#148; within the meaning of applicable Canadian securities laws (collectively, &#147;forward-looking statements&#148;). Forward-looking
statements are disclosures regarding possible events, conditions, or results of operations that are based on assumptions about future economic conditions or courses of action and include future-oriented financial information. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Statements of this type are contained and incorporated by reference in this Annual Information Form (AIF) and include </P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left"><FONT COLOR="#8b8476">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">The discussion of the expected results of our organizational realignment in the General Development of the Business section in this AIF. </TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left"><FONT COLOR="#8b8476">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">Our beliefs about our risk management strategy and our ability to compete effectively in the Description of the Business section in this AIF. </TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left"><FONT COLOR="#8b8476">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">The discussion of our goals, our key performance drivers, and our annual and long-term targets and expectations for our reportable segments, which can be found in our Management&#146;s Discussion and Analysis (MD&amp;A)
section of our Annual Report for the year ended December&nbsp;31, 2016. Refer to the following sections: Core Business and Strategy, Key Performance Drivers and Capabilities, and the Results (under the Liquidity and Capital Resources subsections)
and Outlook sections (incorporated by reference in this AIF and filed under our profile on SEDAR at www.sedar.com and on EDGAR as an exhibit to our Form <FONT STYLE="white-space:nowrap">40-F</FONT> at www.sec.gov). </TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Forward-looking statements may involve, but are not limited to, comments with respect to our objectives for 2017 and beyond, strategies or future actions,
dividend policy, targets, expectations for our financial condition or share price, and results of our outlook for our operations. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The purpose of this
information is to describe management&#146;s expectations and targets for measuring our success and to assist our shareholders to understand our financial position as at and for the periods ended on the dates presented in this AIF. We caution
readers that this information may not be appropriate for other purposes. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">By their nature, forward-looking statements require us to make assumptions and
are subject to inherent risks and uncertainties. There is significant risk that predictions, forecasts, conclusions, projections, and other forward-looking statements will not prove to be accurate. We caution readers of this AIF not to place undue
reliance on our forward-looking statements since a number of factors could cause actual future results, conditions, actions, or events to differ materially from the targets, expectations, estimates, or intentions expressed in these forward-looking
statements. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The following factors&#151;among others listed under the Key Performance Drivers and Capabilities section of our MD&amp;A for the year ended
December&nbsp;31, 2016 (incorporated by reference in this AIF and filed under our profile on SEDAR at www.sedar.com and on EDGAR as an exhibit to our Form <FONT STYLE="white-space:nowrap">40-F</FONT> at www.sec.gov)&#151;could cause our actual
results to differ materially from those projected in our forward-looking statements: </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left"><FONT COLOR="#8b8476">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">Global capital market activities </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left"><FONT COLOR="#8b8476">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">Fluctuations in interest rates or currency values </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left"><FONT COLOR="#8b8476">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">Fluctuations in commodity prices </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left"><FONT COLOR="#8b8476">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">Effects of war or terrorist activities in the geographic areas in which we operate </TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:7pt; font-family:Times New Roman" ALIGN="right">Stantec
Inc.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left"><FONT COLOR="#8b8476">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">Effects of disease or illness on local, national, or international economies </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left"><FONT COLOR="#8b8476">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">Effects of disruptions to public infrastructure, such as transportation, communications, power, and water </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left"><FONT COLOR="#8b8476">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">Global economic or political conditions </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left"><FONT COLOR="#8b8476">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">Regulatory or statutory developments </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left"><FONT COLOR="#8b8476">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">Effects of competition in the geographic or business areas in which we operate </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left"><FONT COLOR="#8b8476">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">Actions of management </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left"><FONT COLOR="#8b8476">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">Technological changes </TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Many of these factors are beyond our control and have effects that are difficult to
predict. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Assumptions about the performance of the Canadian, US, and global economies in 2017 and how such performance will affect our business are
material factors that we consider when determining our forward-looking statements. These assumptions are discussed in the Outlook section of our MD&amp;A for the year ended December&nbsp;31, 2016 (incorporated by reference in this AIF and filed
under our profile on SEDAR at www.sedar.com and on EDGAR as an exhibit to our Form <FONT STYLE="white-space:nowrap">40-F</FONT> at www.sec.gov). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">For
additional information regarding material and known risks and assumptions, see pages <FONT STYLE="white-space:nowrap">M-68</FONT> to <FONT STYLE="white-space:nowrap">M-78</FONT> and <FONT STYLE="white-space:nowrap">M-80</FONT> to <FONT
STYLE="white-space:nowrap">M-81</FONT> of our MD&amp;A, and for further information about our key performance drivers, see pages <FONT STYLE="white-space:nowrap">M-11</FONT> to <FONT STYLE="white-space:nowrap">M-19.</FONT> Our MD&amp;A for the year
ended December&nbsp;31, 2016 is incorporated by reference in this AIF and filed on SEDAR at www.sedar.com and on EDGAR as an exhibit to our Form <FONT STYLE="white-space:nowrap">40-F</FONT> at www.sec.gov. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">We caution that various factors, including those discussed in our MD&amp;A, could adversely affect our results. Investors and others should carefully consider
these factors&#151;as well as other uncertainties and potential events and the inherent uncertainty of forward-looking statements&#151;when relying on these statements to make decisions about our Company. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The forward-looking statements contained in this AIF represent our expectations as at February&nbsp;22, 2017, and are subject to change after that date.
Except as may be required by law, we do not undertake to update any written or verbal forward-looking statement that we may make from time to time. Our current practice is to evaluate and, where we deem appropriate, provide updates to ranges of
expected performance for 2017. However, subject to legal requirements, we may change this practice at any time at our sole discretion. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:7pt; font-family:Times New Roman">4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Annual Information Form </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:20pt; font-family:ARIAL"><FONT COLOR="#ffc90e">Corporate Structure </FONT></P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>
<TD WIDTH="18%"></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD WIDTH="79%"></TD></TR>


<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">&nbsp;</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD></TR>
</TABLE> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:14pt; font-family:ARIAL"><FONT COLOR="#8b8476"><B>Name, Address, and Incorporation </B></FONT></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Stantec Inc. was incorporated under the Canada Business Corporations Act on March&nbsp;23, 1984, as 131277 Canada Ltd. We have amended our Articles of
Incorporation on several occasions to change share attributes, create and delete classes of shares, reorganize our outstanding share capital and split our common shares on a
<FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">two-for-one</FONT></FONT> basis, and change the minimum and maximum number of directors of our board. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Since incorporation, we have also amended our Articles of Incorporation several times to change our Company&#146;s name: </P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left"><FONT COLOR="#8b8476">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">August&nbsp;15, 1984 &#150; 131277 Canada Ltd. changed to Stanley Engineering Group Inc. </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left"><FONT COLOR="#8b8476">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">October&nbsp;18, 1989 &#150; Stanley Engineering Group Inc. changed to Stanley Technology Group Inc. </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left"><FONT COLOR="#8b8476">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">March&nbsp;30, 1994 &#150; Stanley Technology Group Inc. amalgamated with 3013901 Canada Limited and continued as Stanley Technology Group Inc. </TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left"><FONT COLOR="#8b8476">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">October&nbsp;28, 1998 &#150; Stanley Technology Group Inc. changed to Stantec Inc. </TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Our head and principal
office and our registered and records office are at 10160 &#150; 112 Street, Edmonton, Alberta, Canada, T5K 2L6. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">In this AIF, references to
&#147;Stantec&#148; and the &#147;Company&#148; include (as the context may require) Stantec Inc. and all or some companies in which it has an interest. References to &#147;our,&#148; &#147;us,&#148; and &#147;we&#148; also refer to Stantec. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:14pt; font-family:Times New Roman"><FONT COLOR="#8b8476"><B>Intercorporate Relationships </B></FONT></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The following chart lists, as at December&nbsp;31, 2016, the intercorporate relationships among Stantec and its main operating subsidiaries; the percentage of
voting and restricted shares of the subsidiaries owned, controlled, or directed by Stantec; and the governing jurisdiction of these subsidiaries. For our other subsidiaries not included in this list, the total assets and revenue owned, controlled,
or directed by Stantec do not constitute more than 10%, individually, of the consolidated assets or consolidated revenues of Stantec as at December&nbsp;31, 2016. These excluded subsidiaries also do not constitute more than 20%, in the aggregate, of
the consolidated assets or consolidated revenues of Stantec as at December&nbsp;31, 2016. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:9pt" ALIGN="center">


<TR>
<TD WIDTH="47%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="14%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="15%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="21%"></TD></TR>
<TR STYLE="font-family:ARIAL; font-size:9pt">
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1.50pt solid #000000"><FONT COLOR="#8b8476"><B>&nbsp;&nbsp;Name of Subsidiary</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.50pt solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1.50pt solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:ARIAL"><FONT COLOR="#8b8476"><B>Percentage of</B></FONT></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:ARIAL"><FONT COLOR="#8b8476"><B>Voting&nbsp;Shares&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B></FONT></P>
<P STYLE="font-size:4pt; margin-top:0pt; margin-bottom:1pt">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.50pt solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1.50pt solid #000000"><FONT COLOR="#8b8476"><B>Percentage of<BR>Restricted&nbsp;Shares&nbsp;<SUP STYLE="font-size:85%; vertical-align:top">(1)</SUP></B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.50pt solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1.50pt solid #000000"><FONT COLOR="#8b8476"><B>Governing&nbsp;Jurisdiction&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B></FONT></TD></TR>


<TR STYLE="font-size:1pt">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="2"></TD>
<TD HEIGHT="5" COLSPAN="2"></TD>
<TD HEIGHT="5" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:9pt">
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:Times New Roman">&nbsp;&nbsp;3221969 Nova Scotia Company</P>
<P STYLE="font-size:4pt; margin-top:0pt; margin-bottom:1pt">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman" ALIGN="center">100&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</P>
<P STYLE="font-size:4pt; margin-top:0pt; margin-bottom:1pt" align="left">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman" ALIGN="center">100&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</P>
<P STYLE="font-size:4pt; margin-top:0pt; margin-bottom:1pt" align="left">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman">Nova Scotia</P> <P STYLE="font-size:4pt; margin-top:0pt; margin-bottom:1pt">&nbsp;</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="2"></TD>
<TD HEIGHT="5" COLSPAN="2"></TD>
<TD HEIGHT="5" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:9pt">
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:Times New Roman">&nbsp;&nbsp;9073-4195 Qu&eacute;bec Inc.</P>
<P STYLE="font-size:4pt; margin-top:0pt; margin-bottom:1pt">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman" ALIGN="center">100&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</P>
<P STYLE="font-size:4pt; margin-top:0pt; margin-bottom:1pt" align="left">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman" ALIGN="center">n/a&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</P>
<P STYLE="font-size:4pt; margin-top:0pt; margin-bottom:1pt" align="left">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman">Qu&eacute;bec</P> <P STYLE="font-size:4pt; margin-top:0pt; margin-bottom:1pt">&nbsp;</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="2"></TD>
<TD HEIGHT="5" COLSPAN="2"></TD>
<TD HEIGHT="5" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:9pt">
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:Times New Roman">&nbsp;&nbsp;Architecture Stantec Qu&eacute;bec
Lt&eacute;e</P> <P STYLE="font-size:4pt; margin-top:0pt; margin-bottom:1pt">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman" ALIGN="center">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49
<SUP STYLE="font-size:85%; vertical-align:top">(2)</SUP>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</P> <P STYLE="font-size:4pt; margin-top:0pt; margin-bottom:1pt" align="left">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman" ALIGN="center">n/a&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</P>
<P STYLE="font-size:4pt; margin-top:0pt; margin-bottom:1pt" align="left">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman">Qu&eacute;bec</P> <P STYLE="font-size:4pt; margin-top:0pt; margin-bottom:1pt">&nbsp;</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="2"></TD>
<TD HEIGHT="5" COLSPAN="2"></TD>
<TD HEIGHT="5" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:9pt">
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:Times New Roman">&nbsp;&nbsp;Azimut Services (Central) Inc.</P>
<P STYLE="font-size:4pt; margin-top:0pt; margin-bottom:1pt">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman" ALIGN="center">100&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</P>
<P STYLE="font-size:4pt; margin-top:0pt; margin-bottom:1pt" align="left">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman" ALIGN="center">n/a&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</P>
<P STYLE="font-size:4pt; margin-top:0pt; margin-bottom:1pt" align="left">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman">Canada</P> <P STYLE="font-size:4pt; margin-top:0pt; margin-bottom:1pt">&nbsp;</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="2"></TD>
<TD HEIGHT="5" COLSPAN="2"></TD>
<TD HEIGHT="5" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:9pt">
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:Times New Roman">&nbsp;&nbsp;Innovyze, Inc.</P>
<P STYLE="font-size:4pt; margin-top:0pt; margin-bottom:1pt">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman" ALIGN="center">100&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</P>
<P STYLE="font-size:4pt; margin-top:0pt; margin-bottom:1pt" align="left">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman" ALIGN="center">n/a&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</P>
<P STYLE="font-size:4pt; margin-top:0pt; margin-bottom:1pt" align="left">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman">California</P> <P STYLE="font-size:4pt; margin-top:0pt; margin-bottom:1pt">&nbsp;</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="2"></TD>
<TD HEIGHT="5" COLSPAN="2"></TD>
<TD HEIGHT="5" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:9pt">
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:Times New Roman">&nbsp;&nbsp;Innovyze Limited</P>
<P STYLE="font-size:4pt; margin-top:0pt; margin-bottom:1pt">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman" ALIGN="center">100&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</P>
<P STYLE="font-size:4pt; margin-top:0pt; margin-bottom:1pt" align="left">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman" ALIGN="center">n/a&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</P>
<P STYLE="font-size:4pt; margin-top:0pt; margin-bottom:1pt" align="left">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman">United&nbsp;Kingdom</P>
<P STYLE="font-size:4pt; margin-top:0pt; margin-bottom:1pt">&nbsp;</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="2"></TD>
<TD HEIGHT="5" COLSPAN="2"></TD>
<TD HEIGHT="5" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:9pt">
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:Times New Roman">&nbsp;&nbsp;International Insurance Group Inc.</P>
<P STYLE="font-size:4pt; margin-top:0pt; margin-bottom:1pt">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman" ALIGN="center">100&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</P>
<P STYLE="font-size:4pt; margin-top:0pt; margin-bottom:1pt" align="left">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman" ALIGN="center">n/a&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</P>
<P STYLE="font-size:4pt; margin-top:0pt; margin-bottom:1pt" align="left">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman">Barbados</P> <P STYLE="font-size:4pt; margin-top:0pt; margin-bottom:1pt">&nbsp;</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="2"></TD>
<TD HEIGHT="5" COLSPAN="2"></TD>
<TD HEIGHT="5" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:9pt">
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:Times New Roman">&nbsp;&nbsp;MWH Americas, Inc. <SUP
STYLE="font-size:85%; vertical-align:top">(3)</SUP></P> <P STYLE="font-size:4pt; margin-top:0pt; margin-bottom:1pt">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman" ALIGN="center">100&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</P>
<P STYLE="font-size:4pt; margin-top:0pt; margin-bottom:1pt" align="left">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman" ALIGN="center">n/a&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</P>
<P STYLE="font-size:4pt; margin-top:0pt; margin-bottom:1pt" align="left">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman">California</P>
<P STYLE="font-size:4pt; margin-top:0pt; margin-bottom:1pt">&nbsp;</P></TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:7pt; font-family:Times New Roman" ALIGN="right">Stantec
Inc.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:9pt" ALIGN="center">


<TR>
<TD WIDTH="47%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="14%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="15%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="21%"></TD></TR>

<TR STYLE="font-family:ARIAL; font-size:9pt">
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1.50pt solid #000000"><FONT COLOR="#8b8476"><B>&nbsp;&nbsp;Name of Subsidiary</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.50pt solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1.50pt solid #000000"><FONT COLOR="#8b8476"><B>Percentage of<BR>Voting&nbsp;Shares&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.50pt solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1.50pt solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:ARIAL"><FONT COLOR="#8b8476"><B>Percentage of<BR>Restricted&nbsp;Shares&nbsp;<SUP
STYLE="font-size:85%; vertical-align:top">(1)</SUP></B></FONT></P> <P STYLE="font-size:4pt; margin-top:0pt; margin-bottom:1pt">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.50pt solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1.50pt solid #000000"><FONT COLOR="#8b8476"><B>Governing&nbsp;Jurisdiction&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B></FONT></TD></TR>


<TR STYLE="font-size:1pt">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="2"></TD>
<TD HEIGHT="5" COLSPAN="2"></TD>
<TD HEIGHT="5" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:9pt">
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:Times New Roman">&nbsp;&nbsp;MWH Australia Pty Limited</P>
<P STYLE="font-size:4pt; margin-top:0pt; margin-bottom:1pt">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman" ALIGN="center">100&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</P>
<P STYLE="font-size:4pt; margin-top:0pt; margin-bottom:1pt" align="left">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman" ALIGN="center">n/a&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</P>
<P STYLE="font-size:4pt; margin-top:0pt; margin-bottom:1pt" align="left">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman">Australia</P> <P STYLE="font-size:4pt; margin-top:0pt; margin-bottom:1pt">&nbsp;</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="2"></TD>
<TD HEIGHT="5" COLSPAN="2"></TD>
<TD HEIGHT="5" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:9pt">
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:Times New Roman">&nbsp;&nbsp;MWH Constructors, Inc.</P>
<P STYLE="font-size:4pt; margin-top:0pt; margin-bottom:1pt">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman" ALIGN="center">100&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</P>
<P STYLE="font-size:4pt; margin-top:0pt; margin-bottom:1pt" align="left">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman" ALIGN="center">n/a&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</P>
<P STYLE="font-size:4pt; margin-top:0pt; margin-bottom:1pt" align="left">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman">Delaware</P> <P STYLE="font-size:4pt; margin-top:0pt; margin-bottom:1pt">&nbsp;</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="2"></TD>
<TD HEIGHT="5" COLSPAN="2"></TD>
<TD HEIGHT="5" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:9pt">
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:Times New Roman">&nbsp;&nbsp;MWH International, Inc.</P>
<P STYLE="font-size:4pt; margin-top:0pt; margin-bottom:1pt">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman" ALIGN="center">100&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</P>
<P STYLE="font-size:4pt; margin-top:0pt; margin-bottom:1pt" align="left">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman" ALIGN="center">n/a&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</P>
<P STYLE="font-size:4pt; margin-top:0pt; margin-bottom:1pt" align="left">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman">Delaware</P> <P STYLE="font-size:4pt; margin-top:0pt; margin-bottom:1pt">&nbsp;</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="2"></TD>
<TD HEIGHT="5" COLSPAN="2"></TD>
<TD HEIGHT="5" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:9pt">
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:Times New Roman">&nbsp;&nbsp;MWH New Zealand Limited</P>
<P STYLE="font-size:4pt; margin-top:0pt; margin-bottom:1pt">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman" ALIGN="center">100&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</P>
<P STYLE="font-size:4pt; margin-top:0pt; margin-bottom:1pt" align="left">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman" ALIGN="center">n/a&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</P>
<P STYLE="font-size:4pt; margin-top:0pt; margin-bottom:1pt" align="left">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman">New Zealand</P> <P STYLE="font-size:4pt; margin-top:0pt; margin-bottom:1pt">&nbsp;</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="2"></TD>
<TD HEIGHT="5" COLSPAN="2"></TD>
<TD HEIGHT="5" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:9pt">
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:Times New Roman">&nbsp;&nbsp;MWH Treatment Limited</P>
<P STYLE="font-size:4pt; margin-top:0pt; margin-bottom:1pt">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman" ALIGN="center">100&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</P>
<P STYLE="font-size:4pt; margin-top:0pt; margin-bottom:1pt" align="left">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman" ALIGN="center">n/a&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</P>
<P STYLE="font-size:4pt; margin-top:0pt; margin-bottom:1pt" align="left">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman">United Kingdom</P> <P STYLE="font-size:4pt; margin-top:0pt; margin-bottom:1pt">&nbsp;</P></TD></TR>

<TR STYLE="font-size:1pt">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="2"></TD>
<TD HEIGHT="5" COLSPAN="2"></TD>
<TD HEIGHT="5" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:9pt">
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:Times New Roman">&nbsp;&nbsp;MWH UK Limited</P>
<P STYLE="font-size:4pt; margin-top:0pt; margin-bottom:1pt">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman" ALIGN="center">100&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</P>
<P STYLE="font-size:4pt; margin-top:0pt; margin-bottom:1pt" align="left">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman" ALIGN="center">n/a&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</P>
<P STYLE="font-size:4pt; margin-top:0pt; margin-bottom:1pt" align="left">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman">United Kingdom</P> <P STYLE="font-size:4pt; margin-top:0pt; margin-bottom:1pt">&nbsp;</P></TD></TR>

<TR STYLE="font-size:1pt">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="2"></TD>
<TD HEIGHT="5" COLSPAN="2"></TD>
<TD HEIGHT="5" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:9pt">
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:Times New Roman">&nbsp;&nbsp;Mustang Acquisition Holdings Inc.</P>
<P STYLE="font-size:4pt; margin-top:0pt; margin-bottom:1pt">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman" ALIGN="center">100&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</P>
<P STYLE="font-size:4pt; margin-top:0pt; margin-bottom:1pt" align="left">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman" ALIGN="center">n/a&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</P>
<P STYLE="font-size:4pt; margin-top:0pt; margin-bottom:1pt" align="left">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman">Delaware</P> <P STYLE="font-size:4pt; margin-top:0pt; margin-bottom:1pt">&nbsp;</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="2"></TD>
<TD HEIGHT="5" COLSPAN="2"></TD>
<TD HEIGHT="5" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:9pt">
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:Times New Roman">&nbsp;&nbsp;Stantec Architecture Inc.</P>
<P STYLE="font-size:4pt; margin-top:0pt; margin-bottom:1pt">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman" ALIGN="center">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 <SUP
STYLE="font-size:85%; vertical-align:top">(2)</SUP>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</P> <P STYLE="font-size:4pt; margin-top:0pt; margin-bottom:1pt" align="left">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman" ALIGN="center">n/a&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</P>
<P STYLE="font-size:4pt; margin-top:0pt; margin-bottom:1pt" align="left">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman">North Carolina</P> <P STYLE="font-size:4pt; margin-top:0pt; margin-bottom:1pt">&nbsp;</P></TD></TR>

<TR STYLE="font-size:1pt">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="2"></TD>
<TD HEIGHT="5" COLSPAN="2"></TD>
<TD HEIGHT="5" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:9pt">
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:Times New Roman">&nbsp;&nbsp;Stantec Architecture Ltd.</P>
<P STYLE="font-size:4pt; margin-top:0pt; margin-bottom:1pt">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman" ALIGN="center">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 <SUP
STYLE="font-size:85%; vertical-align:top">(2)</SUP>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</P> <P STYLE="font-size:4pt; margin-top:0pt; margin-bottom:1pt" align="left">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman" ALIGN="center">n/a&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</P>
<P STYLE="font-size:4pt; margin-top:0pt; margin-bottom:1pt" align="left">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman">Canada</P> <P STYLE="font-size:4pt; margin-top:0pt; margin-bottom:1pt">&nbsp;</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="2"></TD>
<TD HEIGHT="5" COLSPAN="2"></TD>
<TD HEIGHT="5" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:9pt">
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:Times New Roman">&nbsp;&nbsp;Stantec Consulting Caribbean Ltd.</P>
<P STYLE="font-size:4pt; margin-top:0pt; margin-bottom:1pt">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman" ALIGN="center">100&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</P>
<P STYLE="font-size:4pt; margin-top:0pt; margin-bottom:1pt" align="left">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman" ALIGN="center">n/a&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</P>
<P STYLE="font-size:4pt; margin-top:0pt; margin-bottom:1pt" align="left">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman">Barbados</P> <P STYLE="font-size:4pt; margin-top:0pt; margin-bottom:1pt">&nbsp;</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="2"></TD>
<TD HEIGHT="5" COLSPAN="2"></TD>
<TD HEIGHT="5" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:9pt">
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:Times New Roman">&nbsp;&nbsp;Stantec Consulting International LLC</P>
<P STYLE="font-size:4pt; margin-top:0pt; margin-bottom:1pt">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman" ALIGN="center">100&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</P>
<P STYLE="font-size:4pt; margin-top:0pt; margin-bottom:1pt" align="left">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman" ALIGN="center">n/a&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</P>
<P STYLE="font-size:4pt; margin-top:0pt; margin-bottom:1pt" align="left">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman">Arizona</P> <P STYLE="font-size:4pt; margin-top:0pt; margin-bottom:1pt">&nbsp;</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="2"></TD>
<TD HEIGHT="5" COLSPAN="2"></TD>
<TD HEIGHT="5" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:9pt">
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:Times New Roman">&nbsp;&nbsp;Stantec Consulting International Ltd.</P>
<P STYLE="font-size:4pt; margin-top:0pt; margin-bottom:1pt">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman" ALIGN="center">100&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</P>
<P STYLE="font-size:4pt; margin-top:0pt; margin-bottom:1pt" align="left">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman" ALIGN="center">100&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</P>
<P STYLE="font-size:4pt; margin-top:0pt; margin-bottom:1pt" align="left">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman">Canada</P> <P STYLE="font-size:4pt; margin-top:0pt; margin-bottom:1pt">&nbsp;</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="2"></TD>
<TD HEIGHT="5" COLSPAN="2"></TD>
<TD HEIGHT="5" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:9pt">
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:Times New Roman">&nbsp;&nbsp;Stantec Consulting Ltd./Stantec Experts-conseils
lt&eacute;e</P> <P STYLE="font-size:4pt; margin-top:0pt; margin-bottom:1pt">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman" ALIGN="center">100&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</P>
<P STYLE="font-size:4pt; margin-top:0pt; margin-bottom:1pt" align="left">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman" ALIGN="center">100&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</P>
<P STYLE="font-size:4pt; margin-top:0pt; margin-bottom:1pt" align="left">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman">Canada</P> <P STYLE="font-size:4pt; margin-top:0pt; margin-bottom:1pt">&nbsp;</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="2"></TD>
<TD HEIGHT="5" COLSPAN="2"></TD>
<TD HEIGHT="5" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:9pt">
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:Times New Roman">&nbsp;&nbsp;Stantec Consulting Michigan Inc.</P>
<P STYLE="font-size:4pt; margin-top:0pt; margin-bottom:1pt">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman" ALIGN="center">100&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</P>
<P STYLE="font-size:4pt; margin-top:0pt; margin-bottom:1pt" align="left">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman" ALIGN="center">n/a&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</P>
<P STYLE="font-size:4pt; margin-top:0pt; margin-bottom:1pt" align="left">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman">Michigan</P> <P STYLE="font-size:4pt; margin-top:0pt; margin-bottom:1pt">&nbsp;</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="2"></TD>
<TD HEIGHT="5" COLSPAN="2"></TD>
<TD HEIGHT="5" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:9pt">
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:Times New Roman">&nbsp;&nbsp;Stantec Consulting Services Inc.</P>
<P STYLE="font-size:4pt; margin-top:0pt; margin-bottom:1pt">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman" ALIGN="center">100&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</P>
<P STYLE="font-size:4pt; margin-top:0pt; margin-bottom:1pt" align="left">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman" ALIGN="center">100&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</P>
<P STYLE="font-size:4pt; margin-top:0pt; margin-bottom:1pt" align="left">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman">New York</P> <P STYLE="font-size:4pt; margin-top:0pt; margin-bottom:1pt">&nbsp;</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="2"></TD>
<TD HEIGHT="5" COLSPAN="2"></TD>
<TD HEIGHT="5" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:9pt">
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:Times New Roman">&nbsp;&nbsp;Stantec Delaware II LLC</P>
<P STYLE="font-size:4pt; margin-top:0pt; margin-bottom:1pt">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman" ALIGN="center">100&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</P>
<P STYLE="font-size:4pt; margin-top:0pt; margin-bottom:1pt" align="left">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman" ALIGN="center">n/a&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</P>
<P STYLE="font-size:4pt; margin-top:0pt; margin-bottom:1pt" align="left">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman">Delaware</P> <P STYLE="font-size:4pt; margin-top:0pt; margin-bottom:1pt">&nbsp;</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="2"></TD>
<TD HEIGHT="5" COLSPAN="2"></TD>
<TD HEIGHT="5" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:9pt">
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:Times New Roman">&nbsp;&nbsp;Stantec Geomatics Ltd.</P>
<P STYLE="font-size:4pt; margin-top:0pt; margin-bottom:1pt">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman" ALIGN="center">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50 <SUP
STYLE="font-size:85%; vertical-align:top">(2)</SUP>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</P> <P STYLE="font-size:4pt; margin-top:0pt; margin-bottom:1pt" align="left">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman" ALIGN="center">100&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</P>
<P STYLE="font-size:4pt; margin-top:0pt; margin-bottom:1pt" align="left">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman">Alberta</P> <P STYLE="font-size:4pt; margin-top:0pt; margin-bottom:1pt">&nbsp;</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="2"></TD>
<TD HEIGHT="5" COLSPAN="2"></TD>
<TD HEIGHT="5" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:9pt">
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:Times New Roman">&nbsp;&nbsp;Stantec Holdings II Ltd.</P>
<P STYLE="font-size:4pt; margin-top:0pt; margin-bottom:1pt">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman" ALIGN="center">100&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</P>
<P STYLE="font-size:4pt; margin-top:0pt; margin-bottom:1pt" align="left">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman" ALIGN="center">n/a&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</P>
<P STYLE="font-size:4pt; margin-top:0pt; margin-bottom:1pt" align="left">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman">Alberta</P> <P STYLE="font-size:4pt; margin-top:0pt; margin-bottom:1pt">&nbsp;</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="2"></TD>
<TD HEIGHT="5" COLSPAN="2"></TD>
<TD HEIGHT="5" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:9pt">
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:Times New Roman">&nbsp;&nbsp;Stantec International Inc.</P>
<P STYLE="font-size:4pt; margin-top:0pt; margin-bottom:1pt">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman" ALIGN="center">&nbsp;&nbsp;&nbsp;&nbsp;100
<SUP STYLE="font-size:85%; vertical-align:top">(4)</SUP>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</P> <P STYLE="font-size:4pt; margin-top:0pt; margin-bottom:1pt" align="left">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman" ALIGN="center">n/a&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</P>
<P STYLE="font-size:4pt; margin-top:0pt; margin-bottom:1pt" align="left">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman">Pennsylvania</P> <P STYLE="font-size:4pt; margin-top:0pt; margin-bottom:1pt">&nbsp;</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="2"></TD>
<TD HEIGHT="5" COLSPAN="2"></TD>
<TD HEIGHT="5" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:9pt">
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:Times New Roman">&nbsp;&nbsp;Stantec Limited</P>
<P STYLE="font-size:4pt; margin-top:0pt; margin-bottom:1pt">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman" ALIGN="center">100&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</P>
<P STYLE="font-size:4pt; margin-top:0pt; margin-bottom:1pt" align="left">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman" ALIGN="center">n/a&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</P>
<P STYLE="font-size:4pt; margin-top:0pt; margin-bottom:1pt" align="left">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman">England and Wales</P>
<P STYLE="font-size:4pt; margin-top:0pt; margin-bottom:1pt">&nbsp;</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="2"></TD>
<TD HEIGHT="5" COLSPAN="2"></TD>
<TD HEIGHT="5" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:9pt">
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:Times New Roman">&nbsp;&nbsp;Stantec Planning and Landscape Architecture
P.C.</P> <P STYLE="font-size:4pt; margin-top:0pt; margin-bottom:1pt">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman" ALIGN="center">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 <SUP
STYLE="font-size:85%; vertical-align:top">(2)</SUP>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</P> <P STYLE="font-size:4pt; margin-top:0pt; margin-bottom:1pt" align="left">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman" ALIGN="center">n/a&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</P>
<P STYLE="font-size:4pt; margin-top:0pt; margin-bottom:1pt" align="left">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman">Maine</P> <P STYLE="font-size:4pt; margin-top:0pt; margin-bottom:1pt">&nbsp;</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="2"></TD>
<TD HEIGHT="5" COLSPAN="2"></TD>
<TD HEIGHT="5" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:9pt">
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:Times New Roman">&nbsp;&nbsp;Stantec Planning and Landscape Architecture
P.C.</P> <P STYLE="font-size:4pt; margin-top:0pt; margin-bottom:1pt">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman" ALIGN="center">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 <SUP
STYLE="font-size:85%; vertical-align:top">(2)</SUP>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</P> <P STYLE="font-size:4pt; margin-top:0pt; margin-bottom:1pt" align="left">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman" ALIGN="center">n/a&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</P>
<P STYLE="font-size:4pt; margin-top:0pt; margin-bottom:1pt" align="left">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman">New York</P> <P STYLE="font-size:4pt; margin-top:0pt; margin-bottom:1pt">&nbsp;</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="2"></TD>
<TD HEIGHT="5" COLSPAN="2"></TD>
<TD HEIGHT="5" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:9pt">
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1.50pt solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:Times New Roman">&nbsp;&nbsp;Stantec Technology International Inc.</P>
<P STYLE="font-size:4pt; margin-top:0pt; margin-bottom:1pt">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.50pt solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.50pt solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman" ALIGN="center">100&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</P>
<P STYLE="font-size:4pt; margin-top:0pt; margin-bottom:1pt" align="left">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.50pt solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.50pt solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman" ALIGN="center">100&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</P>
<P STYLE="font-size:4pt; margin-top:0pt; margin-bottom:1pt" align="left">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.50pt solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.50pt solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman">Delaware</P> <P STYLE="font-size:4pt; margin-top:0pt; margin-bottom:1pt">&nbsp;</P></TD></TR>
</TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">&nbsp;&nbsp;(1)</TD>
<TD ALIGN="left" VALIGN="top">In this AIF, &#147;restricted shares&#148; means nonvoting shares in the capital stock of a subsidiary of the Company. </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">&nbsp;&nbsp;(2)</TD>
<TD ALIGN="left" VALIGN="top">Stantec has entered into a management agreement with respect to 100% of the voting shares of this corporation that allows Stantec direct control over any disposition of this corporation&#146;s voting shares.
</TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">&nbsp;&nbsp;(3)</TD>
<TD ALIGN="left" VALIGN="top">On January&nbsp;1, 2017, MWH Americas, Inc. merged into Stantec Consulting Services Inc.; the surviving entity is Stantec Consulting Services Inc. </TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">&nbsp;&nbsp;(4)</TD>
<TD ALIGN="left" VALIGN="top">Held by a structured entity (an entity designed so that voting or similar rights are not the dominant factor in deciding who controls the entity). </TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:7pt; font-family:Times New Roman">6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Annual Information Form </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:20pt; font-family:ARIAL"><FONT COLOR="#ffc90e">General Development of the Business </FONT></P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>
<TD WIDTH="18%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD WIDTH="80%"></TD></TR>


<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">&nbsp;</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD></TR>
</TABLE> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:14pt; font-family:ARIAL"><FONT COLOR="#8b8476"><B>2017 </B></FONT></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The following information highlights the general development of our business for the current financial year. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:11pt; font-family:ARIAL"><B>ORGANIZATIONAL EVOLUTION </B></P> <P STYLE="margin-top:4pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">In 2016, we continued the process of
realigning our internal structure to better serve our clients. The acquisition of MWH Global, Inc. and its affiliated and subsidiary companies (MWH) added a world-class design presence in the water sector, including a
<FONT STYLE="white-space:nowrap">top-tier</FONT> presence in the United States and United Kingdom, and a world-class presence in waterpower and dams. To best leverage this expertise and offer a higher degree of leadership and increased visibility
for clients and employees, effective January&nbsp;1, 2017, we combined legacy Stantec&#146;s Water sector from the Infrastructure business operating unit and MWH&#146;s Water businesses into a separate business operating unit&#151;Water. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:11pt; font-family:ARIAL"><B>THREE-YEAR HISTORY </B></P> <P STYLE="margin-top:4pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Highlights of Stantec&#146;s general
development over the past three years follow. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:14pt; font-family:ARIAL"><FONT COLOR="#8b8476"><B>2016 </B></FONT></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:11pt; font-family:ARIAL"><B>ACQUISITIONS </B></P> <P STYLE="margin-top:4pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">In 2016, we acquired the following firms in Canada,
the United States, and globally: </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:9pt" ALIGN="center">


<TR>
<TD WIDTH="11%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="25%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="62%"></TD></TR>


<TR STYLE="font-family:ARIAL; font-size:9pt">
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1.50pt solid #000000"><FONT COLOR="#8b8476"><B>&nbsp;&nbsp;Month</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.50pt solid #000000">&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1.50pt solid #000000"><FONT COLOR="#8b8476"><B>Business Acquired</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.50pt solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1.50pt solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:ARIAL"><FONT COLOR="#8b8476"><B>Nature of Business</B></FONT></P>
<P STYLE="font-size:4pt; margin-top:0pt; margin-bottom:1pt">&nbsp;</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="2"></TD>
<TD HEIGHT="5" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:9pt">
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #8b8476">&nbsp;&nbsp;March</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #8b8476">&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #8b8476">Bury Holdings, Inc.</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #8b8476">&nbsp;&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #8b8476"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman">Provides engineering, landscape architecture, planning, construction administration, surveying, and
sustainable solutions.</P> <P STYLE="font-size:4pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman">Principally located in Austin, Texas.</P>
<P STYLE="font-size:4pt; margin-top:0pt; margin-bottom:1pt">&nbsp;</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="2"></TD>
<TD HEIGHT="5" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:9pt">
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #8b8476">&nbsp;&nbsp;May</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #8b8476">&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #8b8476">MWH Global, Inc. <SUP STYLE="font-size:85%; vertical-align:top">(1)</SUP></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #8b8476">&nbsp;&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #8b8476"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman">Provides global engineering, consulting, and construction management services.</P>
<P STYLE="font-size:4pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman">Principally located in Broomfield, Colorado, with additional offices in the United States,
United Kingdom, Australia, New Zealand, South and Central America, Europe and the Middle East.</P> <P STYLE="font-size:4pt; margin-top:0pt; margin-bottom:1pt">&nbsp;</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="2"></TD>
<TD HEIGHT="5" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:9pt">
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #8b8476">&nbsp;&nbsp;May</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #8b8476">&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #8b8476">VOA Associates Incorporated</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #8b8476">&nbsp;&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #8b8476"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman">Provides expertise in architecture, interior design, landscaping, and planning.</P>
<P STYLE="font-size:4pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman">Principally located in Chicago, Illinois.</P>
<P STYLE="font-size:4pt; margin-top:0pt; margin-bottom:1pt">&nbsp;</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="2"></TD>
<TD HEIGHT="5" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:9pt">
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #8b8476">&nbsp;&nbsp;September</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #8b8476">&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #8b8476"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman">Edwards and Zuck, P.C. and Edwards and Zuck Consulting Engineers, D.P.C.</P>
<P STYLE="font-size:4pt; margin-top:0pt; margin-bottom:1pt">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #8b8476">&nbsp;&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #8b8476"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman">Provides mechanical, electrical, and plumbing engineering design services.</P>
<P STYLE="font-size:4pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman">Principally located in New York, New York.</P>
<P STYLE="font-size:4pt; margin-top:0pt; margin-bottom:1pt">&nbsp;</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="2"></TD>
<TD HEIGHT="5" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:9pt">
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1.50pt solid #000000">&nbsp;&nbsp;December</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.50pt solid #000000">&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1.50pt solid #000000">Architecture | Tkalcic Bengert</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.50pt solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1.50pt solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman">Provides architecture, interior design, creative services, urban planning, and technical consulting
services.</P> <P STYLE="font-size:4pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman">Principally located in Edmonton, Alberta.</P>
<P STYLE="font-size:4pt; margin-top:0pt; margin-bottom:1pt">&nbsp;</P></TD></TR>
</TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="6%" VALIGN="top" ALIGN="left">&nbsp;&nbsp;(1)</TD>
<TD ALIGN="left" VALIGN="top">Denotes a significant acquisition. Stantec filed a Business Acquisition Report on July&nbsp;8, 2016; a copy is available on SEDAR at www.sedar.com and on EDGAR as an exhibit to our Form
<FONT STYLE="white-space:nowrap">6-K</FONT> at www.sec.gov. </TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:7pt; font-family:Times New Roman" ALIGN="right">Stantec
Inc.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:11pt; font-family:ARIAL"><B>OFFICER AND DIRECTOR CHANGES </B></P>
<P STYLE="margin-top:2pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">As Stantec&#146;s chief operating officer (COO), Richard Allen, prepared to retire in 2016, the COO&#146;s roles and responsibilities were divided into two
positions to better meet the needs of Stantec&#146;s diverse business model. Effective January&nbsp;1, 2016: </P> <P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left"><FONT COLOR="#8b8476">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">Scott Murray was appointed chief operating officer (COO) &#150; this role oversees Company operations, including health and safety, regional operations, and our Project Delivery Office </TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left"><FONT COLOR="#8b8476">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">Valentino DiManno was appointed chief business officer (CBO) &#150; this newly created role oversees all business operating units, account management, client development, and quality management </TD></TR></TABLE>
<P STYLE="margin-top:14pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Reporting to the chief executive officer (CEO), the COO and CBO have equal leadership responsibility and work together to manage all aspects of Stantec&#146;s
business. We believe that these balanced roles further improve and strengthen our balanced leadership model. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">In addition, David Emerson did not stand for
<FONT STYLE="white-space:nowrap">re-election</FONT> as a director at our annual general meeting of shareholders held on May&nbsp;12, 2016, and thus his service as a director of Stantec ended on that date. Effective November&nbsp;9, 2016, Marie-Lucie
Morin was appointed to Stantec&#146;s board of directors. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:11pt; font-family:ARIAL"><B>RENEWAL OF NORMAL COURSE ISSUER BID </B></P>
<P STYLE="margin-top:2pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">On November&nbsp;10, 2016, we announced that the renewal of our Normal Course Issuer Bid (NCIB) was filed with and approved by the Toronto Stock Exchange
(TSX). Pursuant to the 2016 NCIB, Stantec may purchase up to 3,418,357 common shares, representing approximately 3% of Stantec&#146;s 113,945,237 issued and outstanding common shares as of November&nbsp;2, 2016. Purchases were permitted to commence
on November&nbsp;14, 2016, and terminate no later than November&nbsp;13, 2017. Except for block purchases permitted by the TSX, the number of shares purchased per day will not exceed 58,371 or approximately 25% of the average daily trading volume
for the six full calendar months prior to October&nbsp;31, 2016. During 2016, 572,825 common shares were repurchased for cancellation at a cost of $18.2&nbsp;million. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:11pt; font-family:ARIAL"><B>ORGANIZATIONAL EVOLUTION </B></P> <P STYLE="margin-top:2pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Continuing the process of realigning our
internal structure to better serve our clients, we recognized that although Environmental Services and Energy&nbsp;&amp; Resources share many similar clients, their businesses are in fact different. To provide them with a higher degree of leadership
and better visibility within the Company for the services they perform, effective August 2016, we made the Environmental Services group a fourth business operating unit. Our Mining, Oil&nbsp;&amp; Gas, and Power sectors remain within the
Energy&nbsp;&amp; Resources business operating unit.<I> </I> </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:11pt; font-family:ARIAL"><B>ADDITION OF CONSTRUCTION SERVICES </B></P>
<P STYLE="margin-top:2pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">As a result of the MWH acquisition, our business model expanded to include Construction Services, where we provide construction management and project delivery
<FONT STYLE="white-space:nowrap">at-risk</FONT> services, primarily on water-related projects to key long-term clients in the United States and United Kingdom. For further information regarding Construction Services, see the Description of the
Business section in this AIF. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:11pt; font-family:ARIAL"><B>FINANCING </B></P> <P STYLE="margin-top:2pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">We financed the MWH
acquisition through the net proceeds of a public offering of 17,360,000 subscription receipts sold for $30.25 each for gross proceeds of $525.1&nbsp;million, where each subscription receipt represented the right of the holder to receive one common
share upon closing of the MWH acquisition, and funds drawn from the New Credit Facilities (described below). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The public offering of subscription receipts
was completed through an agreement with CIBC World Markets Inc. and RBC Dominion Securities Inc. on behalf of a syndicate of underwriters on a bought-deal basis that included additional gross proceeds of up to approximately $78.8&nbsp;million
pursuant to the underwriters&#146; exercise of their overallotment option to purchase an additional 2,604,000 subscription receipts under the same terms as above. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">On May&nbsp;6, 2016, concurrent with the closing of the MWH acquisition, we entered into an agreement for new $1.25&nbsp;billion senior secured credit
facilities consisting of a senior secured revolving credit facility in the maximum </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:7pt; font-family:Times New Roman">8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Annual Information Form </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">amount of $800&nbsp;million and a $450&nbsp;million term loan in three tranches (the New Credit Facilities). The
revolving credit facility expires May&nbsp;6, 2020, and may be repaid from time to time at our option. The New Credit Facilities are available for future acquisitions, working capital needs, and general corporate purposes. Tranches A and B of the
term loan were drawn in Canadian funds of $150&nbsp;million each (due May&nbsp;6, 2018, and May&nbsp;6, 2019, respectively) and tranche C was drawn in US funds of $116.7&nbsp;million (due May&nbsp;6, 2020). </P>
<P STYLE="margin-top:16pt; margin-bottom:0pt; font-size:14pt; font-family:ARIAL"><FONT COLOR="#8b8476"><B>2015 </B></FONT></P> <P STYLE="margin-top:16pt; margin-bottom:0pt; font-size:11pt; font-family:ARIAL"><B>STANTEC EXPERTS-CONSEILS LT&Eacute;E
</B></P> <P STYLE="margin-top:2pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Following our acquisition of the Canadian engineering operations of Dessau Inc., effective February&nbsp;3, 2015, we filed a Certificate and Articles
of Amendment to add Stantec Experts-conseils lt&eacute;e as the French alternative to Stantec Consulting Ltd.<B> </B> </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:11pt; font-family:ARIAL"><B>ACQUISITIONS </B></P>
<P STYLE="margin-top:2pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">In 2015, we acquired the following firms in Canada and the United States: </P> <P STYLE="font-size:10pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:9pt" ALIGN="center">


<TR>
<TD WIDTH="22%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD WIDTH="23%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD WIDTH="51%"></TD></TR>


<TR STYLE="font-family:ARIAL; font-size:9pt">
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1.50pt solid #000000"><FONT COLOR="#8b8476"><B>&nbsp;&nbsp;Month</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.50pt solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1.50pt solid #000000"><FONT COLOR="#8b8476"><B>Business Acquired</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.50pt solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1.50pt solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:ARIAL"><FONT COLOR="#8b8476"><B>Nature of Business</B></FONT></P>
<P STYLE="font-size:4pt; margin-top:0pt; margin-bottom:1pt">&nbsp;</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:9pt">
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #8b8476"><FONT STYLE="font-size:10pt">&nbsp;&nbsp;January</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #8b8476">&nbsp;&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #8b8476">Canadian engineering operations of Dessau Inc.</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #8b8476">&nbsp;&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #8b8476"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman">Provides engineering services in the healthcare, water, power, energy, transportation, and community
development sectors, as well as telecommunications and security services.</P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman">Principally
located in Montreal, Quebec.</P> <P STYLE="font-size:6pt; margin-top:0pt; margin-bottom:1pt">&nbsp;</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:9pt">
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #8b8476"><FONT STYLE="font-size:10pt">&nbsp;&nbsp;February</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #8b8476">&nbsp;&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #8b8476">Sparling, Inc.</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #8b8476">&nbsp;&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #8b8476"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman">Provides expertise in electrical engineering and architectural lighting design.</P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman">Based in Seattle, Washington, with additional offices in San Diego, California, and in
Portland, Oregon.</P> <P STYLE="font-size:6pt; margin-top:0pt; margin-bottom:1pt">&nbsp;</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:9pt">
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #8b8476"><FONT STYLE="font-size:10pt">&nbsp;&nbsp;July</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #8b8476">&nbsp;&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #8b8476">VI Engineering, LLC</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #8b8476">&nbsp;&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #8b8476"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman">Provides specialized engineering, design, analysis, and project management of high-voltage
substations, transmission lines, and electric power systems.</P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman">Principally located in
Houston, Texas.</P> <P STYLE="font-size:6pt; margin-top:0pt; margin-bottom:1pt">&nbsp;</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:9pt">
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #8b8476"><FONT STYLE="font-size:10pt">&nbsp;&nbsp;August</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #8b8476">&nbsp;&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #8b8476">VA Consulting, Inc.</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #8b8476">&nbsp;&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #8b8476"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman">Provides architecture, engineering, planning, and environmental consulting services.</P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman">Principally located in Irvine, California.</P>
<P STYLE="font-size:6pt; margin-top:0pt; margin-bottom:1pt">&nbsp;</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:9pt">
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #8b8476"><FONT STYLE="font-size:10pt">&nbsp;&nbsp;October</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #8b8476">&nbsp;&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #8b8476">Fay, Spofford&nbsp;&amp; Thorndike, Inc.</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #8b8476">&nbsp;&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #8b8476"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman">Provides transportation and water infrastructure, building design, and environmental services.</P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman">Principally located in Burlington, Massachusetts.</P>
<P STYLE="font-size:6pt; margin-top:0pt; margin-bottom:1pt">&nbsp;</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:9pt">
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1.50pt solid #000000"><FONT STYLE="font-size:10pt">&nbsp;&nbsp;December</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.50pt solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1.50pt solid #000000">Infrastructure Americas Division of Kellogg Brown&nbsp;&amp; Root Services, Inc.</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.50pt solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1.50pt solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman">Provides transportation, water and wastewater, aviation, and civil and structural engineering
services, including design-build, highway and bridge design, and construction engineering and inspection.</P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman">Principally located in Houston, Texas.</P> <P STYLE="font-size:6pt; margin-top:0pt; margin-bottom:1pt">&nbsp;</P></TD></TR>
</TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:7pt; font-family:Times New Roman" ALIGN="right">Stantec
Inc.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:11pt; font-family:ARIAL"><B>NORMAL COURSE ISSUER BID </B></P>
<P STYLE="margin-top:2pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">On November&nbsp;5, 2015, Stantec reinstituted a NCIB, which expired on November&nbsp;9, 2016. Pursuant to the 2015 NCIB, the TSX approved the repurchase of up
to 3,774,179 common shares, representing approximately 4% of Stantec&#146;s issued and outstanding common shares at the time. Under the 2015 NCIB, Stantec purchased 572,825 common shares at a weighted average price of $31.76 per share. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:11pt; font-family:ARIAL"><B>DIVESTITURES </B></P> <P STYLE="margin-top:2pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">In December, we fully divested our operations in
India to a company composed of a core group of Stantec leaders and senior staff in Ahmedabad, India. The new company, INI Design Studio, continues to provide design and client services. Stantec plans to continue working with INI Design Studio as a
strategic partner for any continued work in the region. </P> <P STYLE="margin-top:14pt; margin-bottom:0pt; font-size:14pt; font-family:ARIAL"><FONT COLOR="#8b8476"><B>2014 </B></FONT></P>
<P STYLE="margin-top:14pt; margin-bottom:0pt; font-size:11pt; font-family:ARIAL"><B>ORGANIZATIONAL REALIGNMENT </B></P> <P STYLE="margin-top:2pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Effective January&nbsp;1, 2014, we
realigned our organizational structure, changing from practice area units to three business operating units: Buildings, Energy&nbsp;&amp; Resources, and Infrastructure. We did not change the foundation of our matrix-based leadership structure; we
simply realigned it. The realignment was based on the belief that it would create greater accountability for our leadership team, result in more focused growth, and help us to better support our clients and maintain the core elements of our
strategy. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:11pt; font-family:ARIAL"><B>OFFICER AND DIRECTOR CHANGES </B></P> <P STYLE="margin-top:2pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">During 2014, we also
realigned our senior leadership team into two levels: the Executive Vice President Team (EVPT) and the Executive Leadership Team (ELT). The EVPT consists of our CEO, chief financial officer (CFO), COO, and the following executive vice presidents
(EVPs), appointed in 2014: </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>
<TD WIDTH="35%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="32%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="31%"></TD></TR>


<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom">
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4.00em; text-indent:-2.00em; font-size:10pt; font-family:Times New Roman"><FONT STYLE="font-size:14pt" COLOR="#8b8476">&#149;</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Paul Allen</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; margin-left:4.00em; text-indent:-2.00em; font-size:10pt; font-family:Times New Roman"><FONT COLOR="#8b8476"><FONT STYLE="font-size:14pt" COLOR="#8b8476">&#149;</FONT></FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;Carl Clayton</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4.00em; text-indent:-2.00em; font-size:10pt; font-family:Times New Roman"><FONT STYLE="font-size:14pt" COLOR="#8b8476">&#149;</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Valentino DiManno</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; margin-left:4.00em; text-indent:-2.00em; font-size:10pt; font-family:Times New Roman"><FONT STYLE="font-size:14pt" COLOR="#8b8476">&#149;</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Scott Murray</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4.00em; text-indent:-2.00em; font-size:10pt; font-family:Times New Roman"><FONT STYLE="font-size:14pt" COLOR="#8b8476">&#149;</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Eric Nielsen</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; margin-left:4.00em; text-indent:-2.00em; font-size:10pt; font-family:Times New Roman"><FONT STYLE="font-size:14pt" COLOR="#8b8476">&#149;</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Stanis
Smith</P></TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The ELT, consisting of senior vice presidents and certain vice presidents, oversees Stantec&#146;s overall performance,
including developing and monitoring our business plan, monitoring financial performance and risks, approving policies and procedures, and overseeing acquisitions and divestitures. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Our EVPs are specifically responsible for the performance of our regional operating units and business operating units. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:11pt; font-family:ARIAL"><B>SHARE SPLIT </B></P> <P STYLE="margin-top:2pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">On September&nbsp;4, 2014, our board of directors
declared a <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">two-for-one</FONT></FONT> share split to be effected by way of a share dividend. Shareholders of record as of the close of business on October&nbsp;31, 2014, were entitled
to the share dividend on the November&nbsp;14, 2014 payment date. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:7pt; font-family:Times New Roman">10&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Annual Information Form </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:11pt; font-family:ARIAL"><B>ACQUISITIONS </B></P> <P STYLE="margin-top:2pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">We
acquired the following firms in the United States during 2014: </P> <P STYLE="font-size:10pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:9pt" ALIGN="center">


<TR>
<TD WIDTH="7%"></TD>
<TD VALIGN="bottom" WIDTH="7%"></TD>
<TD WIDTH="14%"></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD WIDTH="67%"></TD></TR>


<TR STYLE="font-family:ARIAL; font-size:9pt">
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1.50pt solid #000000"><FONT COLOR="#8b8476"><B>&nbsp;&nbsp;Month</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.50pt solid #000000">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1.50pt solid #000000"><FONT COLOR="#8b8476"><B>Business Acquired</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.50pt solid #000000">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1.50pt solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:ARIAL"><FONT COLOR="#8b8476"><B>Nature of Business</B></FONT></P>
<P STYLE="font-size:4pt; margin-top:0pt; margin-bottom:1pt">&nbsp;</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:9pt">
<TD VALIGN="top">&nbsp;&nbsp;January</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman">Williamsburg</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:9pt; font-family:Times New Roman">Environmental&nbsp;Group,&nbsp;Inc.</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman">Provides specialized services in ecology, environmental restoration, and water resources, and regulatory support for public and private
clients in the power, transportation, and energy and resource sectors.</P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:9pt; font-family:Times New Roman">Principally
located in Williamsburg, Virginia.</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:9pt">
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #8b8476">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #8b8476">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #8b8476">Cultural&nbsp;Resources,&nbsp;Inc.</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #8b8476">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #8b8476"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman">Provides services in cultural resource management and historic preservation.</P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman">Principally located in Glen Allen, Virginia.</P>
<P STYLE="font-size:6pt; margin-top:0pt; margin-bottom:1pt">&nbsp;</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:9pt">
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #8b8476">&nbsp;&nbsp;March</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #8b8476">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #8b8476"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman">Processes&nbsp;Unlimited</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:9pt; font-family:Times New Roman">International,&nbsp;Inc.</P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #8b8476">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #8b8476"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman">Provides mechanical engineering and design services; process, chemical, structural, automation,
instrumentation, and electrical engineering; and control panel fabrication services.</P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman">Principally located in Bakersfield, California.</P> <P STYLE="font-size:6pt; margin-top:0pt; margin-bottom:1pt">&nbsp;</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:9pt">
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #8b8476">&nbsp;&nbsp;May</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #8b8476">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #8b8476"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman">JBR Environmental</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:9pt; font-family:Times New Roman">Consultants, Inc.</P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #8b8476">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #8b8476"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman">Provides services to the manufacturing, oil and gas, mining, and power generation and transmission
sectors.</P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman">Principally located in Salt Lake City, Utah.</P>
<P STYLE="font-size:6pt; margin-top:0pt; margin-bottom:1pt">&nbsp;</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:9pt">
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #8b8476">&nbsp;&nbsp;May</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #8b8476">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #8b8476">Group Affiliates Inc.</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #8b8476">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #8b8476"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman">Provides architectural, interior design, planning, and engineering services to higher education and
K&#150;12 clients.</P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman">Office locations in Dallas, Austin, Houston, and San Antonio, Texas;
Detroit, Michigan; Baltimore, Maryland; Washington, DC; and Charlottesville, Virginia.</P> <P STYLE="font-size:6pt; margin-top:0pt; margin-bottom:1pt">&nbsp;</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:9pt">
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #8b8476">&nbsp;&nbsp;June</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #8b8476">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #8b8476">Wiley&nbsp;Engineering,&nbsp;Inc.</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #8b8476">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #8b8476"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman">Provides automation, electrical, and instrumentation engineering services to the oil and gas, mining,
power, and industrial sectors.</P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman">Principally located in Marietta, Georgia.</P>
<P STYLE="font-size:6pt; margin-top:0pt; margin-bottom:1pt">&nbsp;</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:9pt">
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #8b8476">&nbsp;&nbsp;June</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #8b8476">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #8b8476">USKH Inc.</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #8b8476">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #8b8476"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman">Provides locally based infrastructure, building, and geospatial services.</P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman">Principally located in Anchorage, Alaska.</P>
<P STYLE="font-size:6pt; margin-top:0pt; margin-bottom:1pt">&nbsp;</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:9pt">
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #8b8476">&nbsp;&nbsp;September</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #8b8476">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #8b8476">ADD, Inc.</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #8b8476">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #8b8476"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman">Provides architecture, interior design, planning, and branding services to multifamily housing, higher
education, and corporate office clients.</P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman">Principally located in Boston, Massachusetts,
and in Miami, Florida.</P> <P STYLE="font-size:6pt; margin-top:0pt; margin-bottom:1pt">&nbsp;</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:9pt">
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1.50pt solid #000000">&nbsp;&nbsp;October</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.50pt solid #000000">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1.50pt solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman">Penfield&nbsp;&amp;&nbsp;Smith</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:9pt; font-family:Times New Roman">Engineers,&nbsp;Inc.</P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.50pt solid #000000">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1.50pt solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman">Provides civil engineering and land planning services.</P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman">Principally located in Santa Barbara, California.</P>
<P STYLE="font-size:6pt; margin-top:0pt; margin-bottom:1pt">&nbsp;</P></TD></TR>
</TABLE> <P STYLE="margin-top:16pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">For more information about the general development of our business and strategies for the upcoming year, see pages <FONT
STYLE="white-space:nowrap">M-4</FONT> to <FONT STYLE="white-space:nowrap">M-19</FONT> and <FONT STYLE="white-space:nowrap">M-58</FONT> to <FONT STYLE="white-space:nowrap">M-63</FONT> of Stantec&#146;s MD&amp;A for the year ended December&nbsp;31,
2016 (incorporated by reference in this AIF and filed on SEDAR at www.sedar.com and on EDGAR as an exhibit to our Form <FONT STYLE="white-space:nowrap">40-F</FONT> at www.sec.gov).<B> </B> </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:7pt; font-family:Times New Roman" ALIGN="right">Stantec
Inc.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:20pt; font-family:ARIAL"><FONT COLOR="#ffc90e">Description of the Business </FONT></P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>
<TD WIDTH="18%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="81%"></TD></TR>


<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #8b8476; font-size:10pt; font-family:Times New Roman">&nbsp;</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD></TR>
</TABLE> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Stantec collaborates across disciplines and industries to bring buildings, energy and resources, environmental, and
infrastructure projects to life. Our work&#151;engineering, architecture, interior design, landscape architecture, surveying, environmental sciences, construction services, project management, and project economics, from initial project concept and
planning through to design, construction, commissioning, maintenance, decommissioning, and remediation&#151;begins at the intersection of community, creativity, and client relationships. With a long-term commitment to the people and places we serve,
Stantec has the unique ability to connect to projects on a personal level and advance the quality of life in communities across the globe. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Our business
objective is to be a top 10 global design firm. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Our business model is a key element of our strategy. It is based on providing services across diverse
geographic regions, business operating units, specializations, and all phases of the infrastructure and facilities project life cycle&#151;planning, design, construction, commissioning, maintenance, decommissioning, and remediation. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Because of the diversity of our model, we can generally adapt to changes in market conditions by offsetting decreased demand for services in one business
operating unit or geographic location with increased demand in another. We believe this strategy allows us to mitigate risk while continuing to increase our revenue and earnings. Also, it allows us to provide services to many clients rather than
rely on a few large projects for our revenue; we work on tens of thousands of projects, for thousands of clients, in hundreds of locations. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Our chief
operating decision maker (CEO) assesses our Company&#146;s performance based on financial information available from our operating segments. In 2015 and the first quarter of 2016, our Company had one reportable segment, Consulting Services, which
was an aggregate of our previous operating segments (regional geographic areas). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">As a result of the MWH acquisition and effective the second quarter of
2016, our reportable segments (in accordance with IFRS) are based on our two primary service offerings, Consulting Services and Construction Services, and our regional geographic areas. The Company now has four operating and reportable segments:
Consulting Services &#150; Canada, Consulting Services &#150; United States, Consulting Services &#150; Global, and Construction Services. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The following
table illustrates the breakdown of gross revenue for our reportable segments in 2015 and 2016. All amounts in this AIF are in Canadian dollars unless otherwise noted. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="55%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:9pt">


<TR>
<TD WIDTH="69%"></TD>
<TD VALIGN="bottom" WIDTH="5%"></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="12%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:9pt">
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.50pt solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:ARIAL"><FONT COLOR="#8b8476"><B>&nbsp;&nbsp;2015</B></FONT></P>
<P STYLE="font-size:4pt; margin-top:0pt; margin-bottom:1pt">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.50pt solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.50pt solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.50pt solid #000000">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD COLSPAN="2" VALIGN="bottom" STYLE="BORDER-BOTTOM:1.50pt solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.50pt solid #000000">&nbsp;</TD></TR>
<TR STYLE="font-family:ARIAL; font-size:8pt">
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE="font-size:4pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:ARIAL"><FONT COLOR="#8b8476"><B>&nbsp;&nbsp;Reportable Segment</B></FONT></P> <P STYLE="font-size:4pt; margin-top:0pt; margin-bottom:1pt">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:ARIAL" ALIGN="center"><FONT COLOR="#8b8476"><B>(millions&nbsp;$)</B></FONT></P>
<P STYLE="font-size:4pt; margin-top:0pt; margin-bottom:1pt" align="left">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:ARIAL" ALIGN="center"><FONT COLOR="#8b8476"><B>%&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B></FONT></P>
<P STYLE="font-size:4pt; margin-top:0pt; margin-bottom:1pt" align="left">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD></TR>


<TR STYLE="font-family:Times New Roman; font-size:9pt">
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE="font-size:4pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:Times New Roman">&nbsp;&nbsp;Consulting Services</P> <P STYLE="font-size:4pt; margin-top:0pt; margin-bottom:1pt">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000" ALIGN="center"> 2,877.2<P STYLE="font-size:4pt; margin-top:0pt; margin-bottom:1pt" align="left">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> &nbsp;<P STYLE="font-size:4pt; margin-top:0pt; margin-bottom:1pt">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000" ALIGN="right"> 100%&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<P STYLE="font-size:4pt; margin-top:0pt; margin-bottom:1pt" align="left">&nbsp;</P></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> &nbsp;&nbsp;<P STYLE="font-size:4pt; margin-top:0pt; margin-bottom:1pt">&nbsp;</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="4"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:9pt">
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.50pt solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:ARIAL"><FONT COLOR="#8b8476"><B>&nbsp;&nbsp;2016</B></FONT></P>
<P STYLE="font-size:4pt; margin-top:0pt; margin-bottom:1pt">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.50pt solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.50pt solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.50pt solid #000000">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD COLSPAN="2" VALIGN="bottom" STYLE="BORDER-BOTTOM:1.50pt solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.50pt solid #000000">&nbsp;</TD></TR>
<TR STYLE="font-family:ARIAL; font-size:8pt">
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE="font-size:4pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:ARIAL"><FONT COLOR="#8b8476"><B>&nbsp;&nbsp;Reportable Segment</B></FONT></P> <P STYLE="font-size:4pt; margin-top:0pt; margin-bottom:1pt">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:ARIAL" ALIGN="center"><FONT COLOR="#8b8476"><B>(millions $)</B></FONT></P>
<P STYLE="font-size:4pt; margin-top:0pt; margin-bottom:1pt" align="left">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:ARIAL" ALIGN="center"><FONT COLOR="#8b8476"><B>%&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B></FONT></P>
<P STYLE="font-size:4pt; margin-top:0pt; margin-bottom:1pt" align="left">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="2"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:9pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:Times New Roman">&nbsp;&nbsp;Consulting Services &#150; Canada</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">1,168.9</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">27%&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="2"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:9pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:Times New Roman">&nbsp;&nbsp;Consulting Services &#150; United States</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">2,070.4</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">48%&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="2"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:9pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:Times New Roman">&nbsp;&nbsp;Consulting Services &#150; Global</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">415.6</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">10%&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="2"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:9pt">
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:Times New Roman">&nbsp;&nbsp;Construction Services</P>
<P STYLE="font-size:4pt; margin-top:0pt; margin-bottom:1pt">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000" ALIGN="center"> 645.2<P STYLE="font-size:4pt; margin-top:0pt; margin-bottom:1pt" align="left">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> &nbsp;<P STYLE="font-size:4pt; margin-top:0pt; margin-bottom:1pt">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000" ALIGN="right"> 15%&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<P STYLE="font-size:4pt; margin-top:0pt; margin-bottom:1pt" align="left">&nbsp;</P></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> &nbsp;&nbsp;<P STYLE="font-size:4pt; margin-top:0pt; margin-bottom:1pt">&nbsp;</P></TD></TR>
</TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:7pt; font-family:Times New Roman">12&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Annual Information Form </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Before acquiring MWH, we had international offices in the Middle East, the United Kingdom, and the Caribbean. MWH
had a global presence in the United Kingdom, Australia, New Zealand, South and Central America, Europe, and the Middle East. Since the MWH acquisition, our Consulting Services business continues to operate as three regional operating
segments&#151;Canada, the United States, and Global (formerly International); the Construction Services business operates as one segment. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">In 2016, we
earned 58%<B><I> </I></B>of our total gross revenue (including revenue from both Consulting Services and Construction Services) in the United States, 27% in Canada, and 15% in global markets. For Consulting Services,<B><I> </I></B>57% of our gross
revenue was earned in<B><I> </I></B>the United States, 32% in Canada, and 11% in global markets. For Construction Services, 63% was earned in the United States and 37% in global markets. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">For additional information regarding our core business and strategy, see our MD&amp;A for the year ended December&nbsp;31, 2016, pages <FONT
STYLE="white-space:nowrap">M-4</FONT> to <FONT STYLE="white-space:nowrap">M-19</FONT> (incorporated by reference in this AIF and filed on SEDAR at www.sedar.com and on EDGAR as an exhibit to our Form <FONT STYLE="white-space:nowrap">40-F</FONT> at
www.sec.gov). </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:14pt; font-family:ARIAL"><FONT COLOR="#8b8476"><B>Research and Development </B></FONT></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">We generally conduct research and development for a client&#146;s specific project requirements. Most research and development is conducted in the areas of
infrastructure evaluation and management systems, hydraulic modeling of water and wastewater systems, wastewater treatment, and pavement evaluation and management systems. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:14pt; font-family:ARIAL"><FONT COLOR="#8b8476"><B>Competitive Conditions </B></FONT></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">We work in
highly competitive markets and have numerous competitors for all of our services. The number and identity of competitors vary widely with the type of service we provide. For small to midsized projects, we compete with many engineering, architecture,
construction management, and other professional consulting firms. For larger projects, we have fewer but still many competitors; however, some competitors may have greater financial and other resources than we have. Although we compete with large
private and public companies in certain geographic locations, our primary competitors are small to midsized privately held regional firms. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">We believe
that our operating structure, our operating philosophy, our enterprise systems, and the diversity and scope of our professional services differentiate us from other engineering, architecture, construction management, and professional consulting
firms. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The main competitive advantages that we have in the services we offer are reputation, experience, breadth and quality of services, technical
proficiency, local offices, competitive total project fees, and integrated service delivery. Our successful track record of acquiring and integrating firms also provides us with a competitive advantage. Given the expanding demand for the services we
provide, additional competitors will likely emerge. Even with this increased competition, we believe that we will compete effectively because of our strengths and expertise in engineering, architecture, construction management, and related
professional services, as well as our successful track record of service delivery. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:14pt; font-family:ARIAL"><FONT COLOR="#8b8476"><B>Services </B></FONT></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">We serve many diverse clients in the private and public sectors and aim to establish ongoing relationships with clients that are likely to produce repeat
business. We work on tens of thousands of projects, for thousands of clients, in hundreds of locations, ensuring that we do not rely on a few large projects for our revenue. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">In Consulting Services, we provide knowledge-based solutions through value-added professional consulting services in engineering, architecture, interior
design, landscape architecture, surveying, environmental sciences, project management, and project economics in the areas of infrastructure and facilities, principally under
<FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">fee-for-service</FONT></FONT> agreements with clients. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:7pt; font-family:Times New Roman" ALIGN="right">Stantec
Inc.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">In Construction Services, we provide construction management and project delivery
<FONT STYLE="white-space:nowrap">at-risk</FONT> services, primarily on water-related projects to key long-term clients in the United States and the United Kingdom. We offer
<FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">start-to-finish</FONT></FONT> construction capabilities to municipal, utility, federal, and industrial clients, including commissioning and
<FONT STYLE="white-space:nowrap">start-up</FONT> services. Separate from project delivery, we also provide construction management and professional supervision services. Construction Services revenue is derived primarily from cost-reimbursable,
guaranteed-maximum price contracts and fixed-price contracts. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">We offer a range of pricing structures to our clients but usually provide our services
based on a fixed or <FONT STYLE="white-space:nowrap">variable-fee</FONT> contract (with a ceiling) or a <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">time-and-material</FONT></FONT> contract (without a stated ceiling). Most
assignments are acquired because of our expertise and contacts; others are obtained through a competitive bidding process. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:14pt; font-family:ARIAL"><FONT COLOR="#8b8476"><B>Employees
</B></FONT></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">As at December&nbsp;31, 2016, we had approximately 22,000 staff, including professionals, technologists and technicians, and support
personnel. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">We are a knowledge-based organization, always seeking talented and skilled professionals for all of our specialized services. We use various
recruitment strategies to address staffing needs: an employee referral bonus program, website job postings, career fairs, student programs, and opportunities to transfer to other office locations.<B> </B> </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:14pt; font-family:ARIAL"><FONT COLOR="#8b8476"><B>Social and Environmental Policies </B></FONT></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Stantec is committed to continual improvements in all aspects of its business, including health and safety and the environment. Accordingly, Stantec has
implemented two formal systems that impact these areas&#151;the Occupational Health&nbsp;&amp; Safety Management System (OHSMS) and the Environmental Management System (EMS)&#151;across Stantec&#146;s legacy operations. These systems are part of our
Company-wide Integrated Management System (IMS). In addition, we will focus on combining the best of Stantec&#146;s systems and processes with those acquired through the MWH transaction. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:11pt; font-family:ARIAL"><B>OCCUPATIONAL HEALTH&nbsp;&amp; SAFETY MANAGEMENT SYSTEM </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">In 2014,
Stantec successfully developed and implemented the Occupational Health&nbsp;&amp; Safety Management System (OHSMS), which received external third-party certification under the consensus-based international standard for occupational health and
safety&#151;OHSAS 18001:2007. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The objectives of our certified OHSMS are to </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left"><FONT COLOR="#8b8476">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">Protect our employees from injury and prevent property loss and environmental damage by aligning work processes, systems, and behaviors so our employees have the necessary guidance and knowledge to complete every task
safely, every time </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left"><FONT COLOR="#8b8476">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">Comply with applicable regulatory requirements and our Health, Safety&nbsp;&amp; Environment (HSE) Policy </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left"><FONT COLOR="#8b8476">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">Meet client requirements and expectations </TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">To address our Company&#146;s diversity, the HSE team develops core
health, safety, and environment practices that can be implemented Company-wide yet are adaptable to suit the needs of any region, business operating unit, client, or project. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Stantec tracks lagging indicators (e.g., workers&#146; compensation costs, total recordable injury rates) and leading indicators (e.g., site visits, file
reviews, safety meetings, worksite inspections) to gauge the effectiveness of the OHSMS. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Internal practice auditors from our Practice Services team
conduct internal practice audits to assess compliance and identify program strengths and opportunities for improving health and safety performance. Independent (third-party) audits of the OHSMS are conducted yearly. As well, external audits are
conducted in many provinces in Canada to maintain external certifications (e.g., a certificate of recognition) that meet provincial standards. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:7pt; font-family:Times New Roman">14&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Annual Information Form </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:11pt; font-family:ARIAL"><B>HEALTH, SAFETY&nbsp;&amp; ENVIRONMENT POLICY </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">We are committed to providing and maintaining a healthy, and safe workplace and to responsibly managing all of the environmental aspects of our business. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Our core Company values guide us in all that we do. The way we treat our people, our clients, and our neighbors reflects who we are, what we believe in, and
how we do our work. At Stantec, we believe in doing what is right, which includes sending our people home injury-free every day. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Stantec strives to </P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left"><FONT COLOR="#8b8476">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">Identify, assess, and manage the health, safety, and environmental hazards and risks our employees are exposed to </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left"><FONT COLOR="#8b8476">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">Minimize the environmental aspects and impacts associated with the services and products we provide </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left"><FONT COLOR="#8b8476">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">Help our employees develop an awareness and understanding of the health, safety, and environmental issues related to their work </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left"><FONT COLOR="#8b8476">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">Work collaboratively with employees to achieve health, safety, and environmental objectives </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left"><FONT COLOR="#8b8476">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">Comply with legislation, regulations, and appropriate industry standards </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left"><FONT COLOR="#8b8476">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">Monitor and enhance health, safety, and environmental practices through inspections, audits, reviews, investigations, corrective actions, and behavior-based processes </TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left"><FONT COLOR="#8b8476">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">Provide a framework which supports the continual improvement of the system </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left"><FONT COLOR="#8b8476">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">Foster a culture in which all employees, partners, contractors, and subconsultants share a commitment to health, safety, and the environment </TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Everyone working for Stantec is responsible and accountable for Stantec&#146;s health, safety, and environmental performance. Management, supervisors,
employees, contractors, and subconsultants are expected to understand their roles and responsibilities, as outlined in the practices of the OHSMS and in our HSE Policy. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:11pt; font-family:ARIAL"><B>ENVIRONMENTAL MANAGEMENT SYSTEM </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">To support Stantec&#146;s
Sustainability Policy&#151;which promotes improving our environmental performance and reducing our environmental footprint&#151;we developed and implemented a formal Environmental Management System (EMS). Our EMS is registered to the International
Organization for Standardization&#146;s 14001:2004 environmental management standard, which is recognized internationally as the consensus environmental standard. Independent (third-party) audits of the EMS are conducted annually. <B></B> </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:11pt; font-family:ARIAL"><B>SUSTAINABILITY POLICY </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Stantec is committed to being a leader and
model of sustainability by doing business in a way that meets the needs of the present while contributing to an environmentally, socially, and economically sustainable future. This commitment&#151;at the heart of how we operate and deliver solutions
to our clients&#151;is vital to our long-term success in achieving our vision. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">We focus our efforts where we believe we can have a significant impact, as
follows: </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left"><FONT COLOR="#8b8476">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">Building a leading sustainability consulting practice in the markets we serve by </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="8%">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><FONT COLOR="#8b8476">&#183;</FONT></TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">Using our expertise, experience, and influence to advance the sustainability of valued clients </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="8%">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><FONT COLOR="#8b8476">&#183;</FONT></TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">Incorporating sustainability into all of our service offerings </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="8%">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><FONT COLOR="#8b8476">&#183;</FONT></TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">Marketing and selling sustainable development services across all sectors </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left"><FONT COLOR="#8b8476">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">Integrating sustainability into our overall operations and everyday practice by </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="8%">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><FONT COLOR="#8b8476">&#183;</FONT></TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">Implementing best industry, employee, and vendor practices to reduce resource use, waste, and emissions while increasing efficiency and effectiveness </TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="8%">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><FONT COLOR="#8b8476">&#183;</FONT></TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">Fostering an understanding of sustainability at all levels of our Company in ways that are both personally and professionally relevant </TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:7pt; font-family:Times New Roman" ALIGN="right">Stantec
Inc.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="8%">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><FONT COLOR="#8b8476">&#183;</FONT></TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">Embracing an accountable and transparent governance and leadership structure that integrates sustainability considerations into all business decisions </TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="8%">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><FONT COLOR="#8b8476">&#183;</FONT></TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">Reporting on our sustainability performance and achievements </TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Stantec strives to achieve the following: </P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left"><FONT COLOR="#8b8476">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">Environmental Progress &#150; reduce our impact on the environment by progressing toward least-impact approaches to resource and energy use, waste, and carbon and toxin emissions </TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left"><FONT COLOR="#8b8476">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">Social Progress &#150; engage with stakeholders and support the communities we operate in </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left"><FONT COLOR="#8b8476">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">Economic Viability &#150; demonstrate that our sustainability efforts lead to long-term business vibrancy and viability in concert with our vision, strategic plan, and business objectives </TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The CEO is responsible for monitoring compliance with the Sustainability Policy and has designated senior leadership responsibility to the senior vice
president of Practice Services, who is responsible for implementing sustainability into Stantec&#146;s operations.<B> </B> </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:14pt; font-family:ARIAL"><FONT COLOR="#8b8476"><B>Global
Operations </B></FONT></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">In 2016, Stantec remained active internationally; gross revenue from Global operations was approximately $415.6&nbsp;million. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Following the MWH acquisition, we perform work and have permanent offices located in the United Kingdom, Australia, New Zealand, South and Central America,
Europe, the Middle East, and the Caribbean. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">For Stantec&#146;s legacy operations, all projects are reviewed in accordance with Stantec&#146;s Project
Management Framework, which includes following legal, financial, and technical processes, among other things. As well, each <FONT STYLE="white-space:nowrap">in-country</FONT> project is examined to ensure that any health, safety, and security or
political risks are acceptable. All major projects are subject to major project reviews, when applicable, and all projects have an executive leadership sponsor. In addition, we will focus on combining the best of Stantec&#146;s systems and processes
with those acquired through the MWH transaction. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:20pt; font-family:ARIAL"><FONT COLOR="#ffc90e">Risk Factors </FONT></P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="line-height:8.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #8b8476;width:22%">&nbsp;</P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">For a review of the risks pertaining to our Company, please refer to our MD&amp;A for the year ended December&nbsp;31, 2016, pages <FONT
STYLE="white-space:nowrap">M-68</FONT> to <FONT STYLE="white-space:nowrap">M-78</FONT> (incorporated by reference in this AIF and filed on SEDAR at www.sedar.com and on EDGAR as an exhibit to our
<FONT STYLE="white-space:nowrap">Form&nbsp;40-F</FONT> at www.sec.gov). </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:20pt; font-family:ARIAL"><FONT COLOR="#ffc90e">Dividends </FONT></P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="line-height:8.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #8b8476;width:18%">&nbsp;</P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">On February&nbsp;15, 2012, Stantec&#146;s board of directors approved our Dividend Policy and concurrently declared Stantec&#146;s first quarterly dividend.
Pursuant to our Dividend Policy, the Company anticipates it will pay a quarterly dividend to shareholders of record on the last business day of each quarter with actual payment to be made to those shareholders on or about the 15th day of the
following month. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:7pt; font-family:Times New Roman">16&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Annual Information Form </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Since the adoption of our Dividend Policy, we have paid quarterly dividends on our common shares. While the
Company aims to declare and pay a dividend quarterly, our Dividend Policy is at the sole discretion of our board of directors and may vary depending on a variety of factors, including prevailing economic and market conditions, the Company&#146;s
earnings, the financial requirements for the Company&#146;s operations, the business strategy of the Company, the provisions of applicable law, and any other factors that our board of directors considers relevant. Therefore, Stantec cannot guarantee
that our Dividend Policy will be maintained. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">On September&nbsp;4, 2014, our board of directors declared a <FONT STYLE="white-space:nowrap"><FONT
STYLE="white-space:nowrap">two-for-one</FONT></FONT> share split to be effected by way of a share dividend. Shareholders of record as of the close of business on October&nbsp;31, 2014, were entitled to the share dividend on the payment date of
November&nbsp;14, 2014. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The following table outlines cash dividends paid per common share in 2016, 2015, and 2014. Dividends paid per common share before
the share split have been restated to half of the previously reported amounts to reflect the <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">two-for-one</FONT></FONT> share split described in the previous paragraph. </P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:9pt" ALIGN="center">


<TR>
<TD></TD>
<TD VALIGN="bottom" WIDTH="13%"></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="13%"></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="13%"></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="13%"></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="13%"></TD>
<TD></TD></TR>
<TR STYLE="font-family:ARIAL; font-size:9pt">
<TD VALIGN="bottom" COLSPAN="11" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:ARIAL" ALIGN="center"><FONT COLOR="#8b8476"><B>Dividends Paid ($ per common share)</B></FONT></P>
<P STYLE="font-size:4pt; margin-top:0pt; margin-bottom:1pt" align="left">&nbsp;</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:ARIAL; font-size:8pt">
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:ARIAL" ALIGN="center"><FONT COLOR="#8b8476"><B>Year&nbsp;(Total)</B></FONT></P>
<P STYLE="font-size:2pt; margin-top:0pt; margin-bottom:1pt" align="left">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:ARIAL" ALIGN="center"><FONT COLOR="#8b8476"><B>Q4</B></FONT></P>
<P STYLE="font-size:2pt; margin-top:0pt; margin-bottom:1pt" align="left">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:ARIAL" ALIGN="center"><FONT COLOR="#8b8476"><B>Q3</B></FONT></P>
<P STYLE="font-size:2pt; margin-top:0pt; margin-bottom:1pt" align="left">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:ARIAL" ALIGN="center"><FONT COLOR="#8b8476"><B>Q2</B></FONT></P>
<P STYLE="font-size:2pt; margin-top:0pt; margin-bottom:1pt" align="left">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:ARIAL" ALIGN="center"><FONT COLOR="#8b8476"><B>Q1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B></FONT></P>
<P STYLE="font-size:2pt; margin-top:0pt; margin-bottom:1pt" align="left">&nbsp;</P></TD></TR>


<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:9pt">
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000" ALIGN="center"> &nbsp;&nbsp;&nbsp;&nbsp;2016<P STYLE="font-size:2pt; margin-top:0pt; margin-bottom:1pt" align="left">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000" ALIGN="center"> 0.45<P STYLE="font-size:2pt; margin-top:0pt; margin-bottom:1pt" align="left">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000" ALIGN="center"> 0.1125<P STYLE="font-size:2pt; margin-top:0pt; margin-bottom:1pt" align="left">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000" ALIGN="center"> 0.1125<P STYLE="font-size:2pt; margin-top:0pt; margin-bottom:1pt" align="left">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000" ALIGN="center"> 0.1125<P STYLE="font-size:2pt; margin-top:0pt; margin-bottom:1pt" align="left">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000" ALIGN="center"> 0.1125&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<P STYLE="font-size:2pt; margin-top:0pt; margin-bottom:1pt" align="left">&nbsp;</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:9pt">
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000" ALIGN="center"> &nbsp;&nbsp;&nbsp;&nbsp;2015<P STYLE="font-size:2pt; margin-top:0pt; margin-bottom:1pt" align="left">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000" ALIGN="center"> 0.42<P STYLE="font-size:2pt; margin-top:0pt; margin-bottom:1pt" align="left">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000" ALIGN="center"> 0.105<P STYLE="font-size:2pt; margin-top:0pt; margin-bottom:1pt" align="left">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000" ALIGN="center"> 0.105<P STYLE="font-size:2pt; margin-top:0pt; margin-bottom:1pt" align="left">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000" ALIGN="center"> 0.105<P STYLE="font-size:2pt; margin-top:0pt; margin-bottom:1pt" align="left">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000" ALIGN="center"> 0.105&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<P STYLE="font-size:2pt; margin-top:0pt; margin-bottom:1pt" align="left">&nbsp;</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:9pt">
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1.50pt solid #000000" ALIGN="center"> &nbsp;&nbsp;&nbsp;&nbsp;2014<P STYLE="font-size:2pt; margin-top:0pt; margin-bottom:1pt" align="left">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.50pt solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.50pt solid #000000" ALIGN="center"> 0.37<P STYLE="font-size:2pt; margin-top:0pt; margin-bottom:1pt" align="left">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.50pt solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.50pt solid #000000" ALIGN="center"> 0.0925<P STYLE="font-size:2pt; margin-top:0pt; margin-bottom:1pt" align="left">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.50pt solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.50pt solid #000000" ALIGN="center"> 0.0925<P STYLE="font-size:2pt; margin-top:0pt; margin-bottom:1pt" align="left">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.50pt solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.50pt solid #000000" ALIGN="center"> 0.0925<P STYLE="font-size:2pt; margin-top:0pt; margin-bottom:1pt" align="left">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.50pt solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.50pt solid #000000" ALIGN="center">
0.0925&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<P STYLE="font-size:2pt; margin-top:0pt; margin-bottom:1pt" align="left">&nbsp;</P></TD></TR>
</TABLE> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:20pt; font-family:ARIAL"><FONT COLOR="#ffc90e">Description of Capital Structure </FONT></P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>
<TD WIDTH="18%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD WIDTH="80%"></TD></TR>


<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #8b8476; font-size:10pt; font-family:Times New Roman">&nbsp;</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Our authorized share capital consists of an unlimited number of preferred shares, issuable in series, and an unlimited number
of common shares. As at December&nbsp;31, 2016, no preferred shares and 114,081,229 common shares were issued and outstanding. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:14pt; font-family:ARIAL"><FONT COLOR="#8b8476"><B>Preferred
Shares </B></FONT></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Preferred shares may be issued in one or more series. The board of directors determines the number of shares and the rights,
privileges, restrictions, and conditions attaching to each series. The holders of the preferred shares as a class are not entitled to receive notice of or to attend any shareholders&#146; meeting and are not entitled to vote at any
shareholders&#146; meeting, except to approve amendments to the terms of the preferred shares as a class or as required by law. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Each series of preferred
shares will rank <I>pari passu</I> with each of the other series of preferred shares with respect to the entitlement to dividends and distribution of assets in the event of the liquidation, dissolution, or winding up of Stantec. Preferred shares as
a class rank ahead of common shares with respect to entitlement to dividends and distribution of assets in the event of the liquidation, dissolution, or winding up of Stantec. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:14pt; font-family:ARIAL"><FONT COLOR="#8b8476"><B>Common Shares </B></FONT></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The holders of common
shares are entitled to receive, as and when declared by our board of directors, dividends in an amount and form that our board of directors may from time to time determine. Holders of common shares are entitled to receive notice of and to attend all
shareholders&#146; meetings. They will have one vote for each common share held at all such meetings, unless the meeting is only for holders of another specified class or series of our shares who are entitled to vote separately as a class or series.
</P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:7pt; font-family:Times New Roman" ALIGN="right">Stantec
Inc.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Common shares rank behind preferred shares with respect to entitlement to dividends and distribution of assets in
the event of the liquidation, dissolution, or winding up of Stantec. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:20pt; font-family:ARIAL"><FONT COLOR="#ffc90e">Market for Securities </FONT></P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>
<TD WIDTH="19%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="78%"></TD></TR>


<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #8b8476; font-size:10pt; font-family:Times New Roman">&nbsp;</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:14pt; font-family:ARIAL"><FONT COLOR="#8b8476"><B>Trading Price and Volume </B></FONT></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Our common shares are listed for trading on the TSX and New York Stock Exchange (NYSE) under the symbol &#147;STN&#148;. </P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV STYLE="position:relative;float:left; width:48%;padding-right:1%;padding-bottom:8pt;overflow:hidden;padding-top:3pt">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The following table outlines the monthly trading data on the TSX for January&nbsp;1 to December&nbsp;31, 2016:
</P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="92%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:9pt">


<TR>
<TD WIDTH="29%"></TD>
<TD VALIGN="bottom" WIDTH="13%"></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="13%"></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="13%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="font-family:ARIAL; font-size:9pt">
<TD VALIGN="bottom" COLSPAN="8" STYLE="BORDER-BOTTOM:1.50pt solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:ARIAL" ALIGN="center"><FONT COLOR="#8b8476"><B>Toronto Stock Exchange 2016</B></FONT></P>
<P STYLE="font-size:4pt; margin-top:0pt; margin-bottom:1pt" align="left">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.50pt solid #000000">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="font-family:ARIAL; font-size:8pt">
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:ARIAL"><FONT COLOR="#8b8476"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Month</B></FONT></P>
<P STYLE="font-size:2pt; margin-top:0pt; margin-bottom:1pt">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:ARIAL" ALIGN="center"><FONT COLOR="#8b8476"><B>High</B></FONT></P>
<P STYLE="font-size:2pt; margin-top:0pt; margin-bottom:1pt" align="left">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:ARIAL" ALIGN="center"><FONT COLOR="#8b8476"><B>Low</B></FONT></P>
<P STYLE="font-size:2pt; margin-top:0pt; margin-bottom:1pt" align="left">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:ARIAL" ALIGN="center"><FONT COLOR="#8b8476"><B>Volume&nbsp;&nbsp;</B></FONT></P>
<P STYLE="font-size:2pt; margin-top:0pt; margin-bottom:1pt" align="left">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD></TR>


<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:9pt">
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:Times New Roman">&nbsp;&nbsp;January</P>
<P STYLE="font-size:2pt; margin-top:0pt; margin-bottom:1pt">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000" ALIGN="center"> $34.26<P STYLE="font-size:2pt; margin-top:0pt; margin-bottom:1pt" align="left">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000" ALIGN="center"> $30.75<P STYLE="font-size:2pt; margin-top:0pt; margin-bottom:1pt" align="left">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> &nbsp;<P STYLE="font-size:2pt; margin-top:0pt; margin-bottom:1pt">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000" ALIGN="right"> 5,797,710&nbsp;&nbsp;<P STYLE="font-size:2pt; margin-top:0pt; margin-bottom:1pt" align="left">&nbsp;</P></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> &nbsp;&nbsp;<P STYLE="font-size:2pt; margin-top:0pt; margin-bottom:1pt">&nbsp;</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:9pt">
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:Times New Roman">&nbsp;&nbsp;February</P>
<P STYLE="font-size:2pt; margin-top:0pt; margin-bottom:1pt">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000" ALIGN="center"> $34.16<P STYLE="font-size:2pt; margin-top:0pt; margin-bottom:1pt" align="left">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000" ALIGN="center"> $27.99<P STYLE="font-size:2pt; margin-top:0pt; margin-bottom:1pt" align="left">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> &nbsp;<P STYLE="font-size:2pt; margin-top:0pt; margin-bottom:1pt">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000" ALIGN="right"> 6,240,556&nbsp;&nbsp;<P STYLE="font-size:2pt; margin-top:0pt; margin-bottom:1pt" align="left">&nbsp;</P></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> &nbsp;&nbsp;<P STYLE="font-size:2pt; margin-top:0pt; margin-bottom:1pt">&nbsp;</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:9pt">
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:Times New Roman">&nbsp;&nbsp;March</P>
<P STYLE="font-size:2pt; margin-top:0pt; margin-bottom:1pt">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000" ALIGN="center"> $34.31<P STYLE="font-size:2pt; margin-top:0pt; margin-bottom:1pt" align="left">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000" ALIGN="center"> $28.18<P STYLE="font-size:2pt; margin-top:0pt; margin-bottom:1pt" align="left">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> &nbsp;<P STYLE="font-size:2pt; margin-top:0pt; margin-bottom:1pt">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000" ALIGN="right"> 7,002,926&nbsp;&nbsp;<P STYLE="font-size:2pt; margin-top:0pt; margin-bottom:1pt" align="left">&nbsp;</P></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> &nbsp;&nbsp;<P STYLE="font-size:2pt; margin-top:0pt; margin-bottom:1pt">&nbsp;</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:9pt">
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:Times New Roman">&nbsp;&nbsp;April</P>
<P STYLE="font-size:2pt; margin-top:0pt; margin-bottom:1pt">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000" ALIGN="center"> $33.96<P STYLE="font-size:2pt; margin-top:0pt; margin-bottom:1pt" align="left">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000" ALIGN="center"> $31.00<P STYLE="font-size:2pt; margin-top:0pt; margin-bottom:1pt" align="left">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> &nbsp;<P STYLE="font-size:2pt; margin-top:0pt; margin-bottom:1pt">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000" ALIGN="right"> 8,880,703&nbsp;&nbsp;<P STYLE="font-size:2pt; margin-top:0pt; margin-bottom:1pt" align="left">&nbsp;</P></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> &nbsp;&nbsp;<P STYLE="font-size:2pt; margin-top:0pt; margin-bottom:1pt">&nbsp;</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:9pt">
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:Times New Roman">&nbsp;&nbsp;May</P>
<P STYLE="font-size:2pt; margin-top:0pt; margin-bottom:1pt">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000" ALIGN="center"> $34.60<P STYLE="font-size:2pt; margin-top:0pt; margin-bottom:1pt" align="left">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000" ALIGN="center"> $31.23<P STYLE="font-size:2pt; margin-top:0pt; margin-bottom:1pt" align="left">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> &nbsp;<P STYLE="font-size:2pt; margin-top:0pt; margin-bottom:1pt">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000" ALIGN="right"> 4,643,634&nbsp;&nbsp;<P STYLE="font-size:2pt; margin-top:0pt; margin-bottom:1pt" align="left">&nbsp;</P></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> &nbsp;&nbsp;<P STYLE="font-size:2pt; margin-top:0pt; margin-bottom:1pt">&nbsp;</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:9pt">
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:Times New Roman">&nbsp;&nbsp;June</P>
<P STYLE="font-size:2pt; margin-top:0pt; margin-bottom:1pt">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000" ALIGN="center"> $34.55<P STYLE="font-size:2pt; margin-top:0pt; margin-bottom:1pt" align="left">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000" ALIGN="center"> $30.49<P STYLE="font-size:2pt; margin-top:0pt; margin-bottom:1pt" align="left">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> &nbsp;<P STYLE="font-size:2pt; margin-top:0pt; margin-bottom:1pt">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000" ALIGN="right"> 6,394,590&nbsp;&nbsp;<P STYLE="font-size:2pt; margin-top:0pt; margin-bottom:1pt" align="left">&nbsp;</P></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> &nbsp;&nbsp;<P STYLE="font-size:2pt; margin-top:0pt; margin-bottom:1pt">&nbsp;</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:9pt">
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:Times New Roman">&nbsp;&nbsp;July</P>
<P STYLE="font-size:2pt; margin-top:0pt; margin-bottom:1pt">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000" ALIGN="center"> $34.08<P STYLE="font-size:2pt; margin-top:0pt; margin-bottom:1pt" align="left">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000" ALIGN="center"> $30.98<P STYLE="font-size:2pt; margin-top:0pt; margin-bottom:1pt" align="left">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> &nbsp;<P STYLE="font-size:2pt; margin-top:0pt; margin-bottom:1pt">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000" ALIGN="right"> 3,353,275&nbsp;&nbsp;<P STYLE="font-size:2pt; margin-top:0pt; margin-bottom:1pt" align="left">&nbsp;</P></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> &nbsp;&nbsp;<P STYLE="font-size:2pt; margin-top:0pt; margin-bottom:1pt">&nbsp;</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:9pt">
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:Times New Roman">&nbsp;&nbsp;August</P>
<P STYLE="font-size:2pt; margin-top:0pt; margin-bottom:1pt">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000" ALIGN="center"> $33.24<P STYLE="font-size:2pt; margin-top:0pt; margin-bottom:1pt" align="left">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000" ALIGN="center"> $29.06<P STYLE="font-size:2pt; margin-top:0pt; margin-bottom:1pt" align="left">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> &nbsp;<P STYLE="font-size:2pt; margin-top:0pt; margin-bottom:1pt">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000" ALIGN="right"> 7,804,295&nbsp;&nbsp;<P STYLE="font-size:2pt; margin-top:0pt; margin-bottom:1pt" align="left">&nbsp;</P></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> &nbsp;&nbsp;<P STYLE="font-size:2pt; margin-top:0pt; margin-bottom:1pt">&nbsp;</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:9pt">
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:Times New Roman">&nbsp;&nbsp;September</P>
<P STYLE="font-size:2pt; margin-top:0pt; margin-bottom:1pt">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000" ALIGN="center"> $32.42<P STYLE="font-size:2pt; margin-top:0pt; margin-bottom:1pt" align="left">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000" ALIGN="center"> $29.56<P STYLE="font-size:2pt; margin-top:0pt; margin-bottom:1pt" align="left">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> &nbsp;<P STYLE="font-size:2pt; margin-top:0pt; margin-bottom:1pt">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000" ALIGN="right"> 4,290,476&nbsp;&nbsp;<P STYLE="font-size:2pt; margin-top:0pt; margin-bottom:1pt" align="left">&nbsp;</P></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> &nbsp;&nbsp;<P STYLE="font-size:2pt; margin-top:0pt; margin-bottom:1pt">&nbsp;</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:9pt">
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:Times New Roman">&nbsp;&nbsp;October</P>
<P STYLE="font-size:2pt; margin-top:0pt; margin-bottom:1pt">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000" ALIGN="center"> $31.20<P STYLE="font-size:2pt; margin-top:0pt; margin-bottom:1pt" align="left">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000" ALIGN="center"> $29.28<P STYLE="font-size:2pt; margin-top:0pt; margin-bottom:1pt" align="left">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> &nbsp;<P STYLE="font-size:2pt; margin-top:0pt; margin-bottom:1pt">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000" ALIGN="right"> 2,933,141&nbsp;&nbsp;<P STYLE="font-size:2pt; margin-top:0pt; margin-bottom:1pt" align="left">&nbsp;</P></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> &nbsp;&nbsp;<P STYLE="font-size:2pt; margin-top:0pt; margin-bottom:1pt">&nbsp;</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:9pt">
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:Times New Roman">&nbsp;&nbsp;November</P>
<P STYLE="font-size:2pt; margin-top:0pt; margin-bottom:1pt">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000" ALIGN="center"> $36.57<P STYLE="font-size:2pt; margin-top:0pt; margin-bottom:1pt" align="left">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000" ALIGN="center"> $28.74<P STYLE="font-size:2pt; margin-top:0pt; margin-bottom:1pt" align="left">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> &nbsp;<P STYLE="font-size:2pt; margin-top:0pt; margin-bottom:1pt">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000" ALIGN="right"> 8,216,549&nbsp;&nbsp;<P STYLE="font-size:2pt; margin-top:0pt; margin-bottom:1pt" align="left">&nbsp;</P></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> &nbsp;&nbsp;<P STYLE="font-size:2pt; margin-top:0pt; margin-bottom:1pt">&nbsp;</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:9pt">
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:Times New Roman">&nbsp;&nbsp;December</P>
<P STYLE="font-size:2pt; margin-top:0pt; margin-bottom:1pt">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000" ALIGN="center"> $36.85<P STYLE="font-size:2pt; margin-top:0pt; margin-bottom:1pt" align="left">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000" ALIGN="center"> $33.90<P STYLE="font-size:2pt; margin-top:0pt; margin-bottom:1pt" align="left">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> &nbsp;<P STYLE="font-size:2pt; margin-top:0pt; margin-bottom:1pt">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000" ALIGN="right"> 3,932,250&nbsp;&nbsp;<P STYLE="font-size:2pt; margin-top:0pt; margin-bottom:1pt" align="left">&nbsp;</P></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> &nbsp;&nbsp;<P STYLE="font-size:2pt; margin-top:0pt; margin-bottom:1pt">&nbsp;</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:9pt">
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1.50pt solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:Times New Roman">&nbsp;&nbsp;<B>Total</B></P>
<P STYLE="font-size:2pt; margin-top:0pt; margin-bottom:1pt">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.50pt solid #000000">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.50pt solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.50pt solid #000000">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.50pt solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.50pt solid #000000">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.50pt solid #000000"> &nbsp;<P STYLE="font-size:2pt; margin-top:0pt; margin-bottom:1pt">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.50pt solid #000000" ALIGN="right"> 69,490,105&nbsp;&nbsp;<P STYLE="font-size:2pt; margin-top:0pt; margin-bottom:1pt" align="left">&nbsp;</P></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1.50pt solid #000000"> &nbsp;&nbsp;<P STYLE="font-size:2pt; margin-top:0pt; margin-bottom:1pt">&nbsp;</P></TD></TR>
</TABLE> </DIV><DIV STYLE="position:relative;float:left; margin-left:2%; width:48%;padding-right:1%;padding-bottom:8pt;overflow:hidden;padding-top:3pt">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The following table outlines the monthly trading data on the NYSE (in US$) for January&nbsp;1 to
December&nbsp;31, 2016: </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="92%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:9pt">


<TR>
<TD WIDTH="28%"></TD>
<TD VALIGN="bottom" WIDTH="14%"></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="14%"></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="14%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="font-family:ARIAL; font-size:9pt">
<TD VALIGN="bottom" COLSPAN="8" STYLE="BORDER-BOTTOM:1.50pt solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:ARIAL" ALIGN="center"><FONT COLOR="#8b8476"><B>New York Stock Exchange 2016</B></FONT></P>
<P STYLE="font-size:4pt; margin-top:0pt; margin-bottom:1pt" align="left">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.50pt solid #000000">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="font-family:ARIAL; font-size:8pt">
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:ARIAL"><FONT COLOR="#8b8476"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Month</B></FONT></P>
<P STYLE="font-size:2pt; margin-top:0pt; margin-bottom:1pt">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:ARIAL" ALIGN="center"><FONT COLOR="#8b8476"><B>High</B></FONT></P>
<P STYLE="font-size:2pt; margin-top:0pt; margin-bottom:1pt" align="left">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:ARIAL" ALIGN="center"><FONT COLOR="#8b8476"><B>Low</B></FONT></P>
<P STYLE="font-size:2pt; margin-top:0pt; margin-bottom:1pt" align="left">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:ARIAL" ALIGN="center"><FONT COLOR="#8b8476"><B>Volume&nbsp;&nbsp;</B></FONT></P>
<P STYLE="font-size:2pt; margin-top:0pt; margin-bottom:1pt" align="left">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD></TR>


<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:9pt">
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:Times New Roman">&nbsp;&nbsp;January</P>
<P STYLE="font-size:2pt; margin-top:0pt; margin-bottom:1pt">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000" ALIGN="center"> $24.43<P STYLE="font-size:2pt; margin-top:0pt; margin-bottom:1pt" align="left">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000" ALIGN="center"> $21.14<P STYLE="font-size:2pt; margin-top:0pt; margin-bottom:1pt" align="left">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> &nbsp;<P STYLE="font-size:2pt; margin-top:0pt; margin-bottom:1pt">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000" ALIGN="right"> 293,974&nbsp;&nbsp;<P STYLE="font-size:2pt; margin-top:0pt; margin-bottom:1pt" align="left">&nbsp;</P></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> &nbsp;&nbsp;<P STYLE="font-size:2pt; margin-top:0pt; margin-bottom:1pt">&nbsp;</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:9pt">
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:Times New Roman">&nbsp;&nbsp;February</P>
<P STYLE="font-size:2pt; margin-top:0pt; margin-bottom:1pt">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000" ALIGN="center"> $24.53<P STYLE="font-size:2pt; margin-top:0pt; margin-bottom:1pt" align="left">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000" ALIGN="center"> $20.71<P STYLE="font-size:2pt; margin-top:0pt; margin-bottom:1pt" align="left">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> &nbsp;<P STYLE="font-size:2pt; margin-top:0pt; margin-bottom:1pt">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000" ALIGN="right"> 284,116&nbsp;&nbsp;<P STYLE="font-size:2pt; margin-top:0pt; margin-bottom:1pt" align="left">&nbsp;</P></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> &nbsp;&nbsp;<P STYLE="font-size:2pt; margin-top:0pt; margin-bottom:1pt">&nbsp;</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:9pt">
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:Times New Roman">&nbsp;&nbsp;March</P>
<P STYLE="font-size:2pt; margin-top:0pt; margin-bottom:1pt">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000" ALIGN="center"> $26.44<P STYLE="font-size:2pt; margin-top:0pt; margin-bottom:1pt" align="left">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000" ALIGN="center"> $20.89<P STYLE="font-size:2pt; margin-top:0pt; margin-bottom:1pt" align="left">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> &nbsp;<P STYLE="font-size:2pt; margin-top:0pt; margin-bottom:1pt">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000" ALIGN="right"> 406,123&nbsp;&nbsp;<P STYLE="font-size:2pt; margin-top:0pt; margin-bottom:1pt" align="left">&nbsp;</P></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> &nbsp;&nbsp;<P STYLE="font-size:2pt; margin-top:0pt; margin-bottom:1pt">&nbsp;</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:9pt">
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:Times New Roman">&nbsp;&nbsp;April</P>
<P STYLE="font-size:2pt; margin-top:0pt; margin-bottom:1pt">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000" ALIGN="center"> $26.87<P STYLE="font-size:2pt; margin-top:0pt; margin-bottom:1pt" align="left">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000" ALIGN="center"> $24.18<P STYLE="font-size:2pt; margin-top:0pt; margin-bottom:1pt" align="left">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> &nbsp;<P STYLE="font-size:2pt; margin-top:0pt; margin-bottom:1pt">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000" ALIGN="right"> 306,265&nbsp;&nbsp;<P STYLE="font-size:2pt; margin-top:0pt; margin-bottom:1pt" align="left">&nbsp;</P></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> &nbsp;&nbsp;<P STYLE="font-size:2pt; margin-top:0pt; margin-bottom:1pt">&nbsp;</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:9pt">
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:Times New Roman">&nbsp;&nbsp;May</P>
<P STYLE="font-size:2pt; margin-top:0pt; margin-bottom:1pt">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000" ALIGN="center"> $26.43<P STYLE="font-size:2pt; margin-top:0pt; margin-bottom:1pt" align="left">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000" ALIGN="center"> $24.26<P STYLE="font-size:2pt; margin-top:0pt; margin-bottom:1pt" align="left">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> &nbsp;<P STYLE="font-size:2pt; margin-top:0pt; margin-bottom:1pt">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000" ALIGN="right"> 258,466&nbsp;&nbsp;<P STYLE="font-size:2pt; margin-top:0pt; margin-bottom:1pt" align="left">&nbsp;</P></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> &nbsp;&nbsp;<P STYLE="font-size:2pt; margin-top:0pt; margin-bottom:1pt">&nbsp;</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:9pt">
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:Times New Roman">&nbsp;&nbsp;June</P>
<P STYLE="font-size:2pt; margin-top:0pt; margin-bottom:1pt">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000" ALIGN="center"> $26.68<P STYLE="font-size:2pt; margin-top:0pt; margin-bottom:1pt" align="left">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000" ALIGN="center"> $23.30<P STYLE="font-size:2pt; margin-top:0pt; margin-bottom:1pt" align="left">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> &nbsp;<P STYLE="font-size:2pt; margin-top:0pt; margin-bottom:1pt">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000" ALIGN="right"> 310,999&nbsp;&nbsp;<P STYLE="font-size:2pt; margin-top:0pt; margin-bottom:1pt" align="left">&nbsp;</P></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> &nbsp;&nbsp;<P STYLE="font-size:2pt; margin-top:0pt; margin-bottom:1pt">&nbsp;</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:9pt">
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:Times New Roman">&nbsp;&nbsp;July</P>
<P STYLE="font-size:2pt; margin-top:0pt; margin-bottom:1pt">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000" ALIGN="center"> $26.10<P STYLE="font-size:2pt; margin-top:0pt; margin-bottom:1pt" align="left">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000" ALIGN="center"> $23.78<P STYLE="font-size:2pt; margin-top:0pt; margin-bottom:1pt" align="left">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> &nbsp;<P STYLE="font-size:2pt; margin-top:0pt; margin-bottom:1pt">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000" ALIGN="right"> 301,173&nbsp;&nbsp;<P STYLE="font-size:2pt; margin-top:0pt; margin-bottom:1pt" align="left">&nbsp;</P></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> &nbsp;&nbsp;<P STYLE="font-size:2pt; margin-top:0pt; margin-bottom:1pt">&nbsp;</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:9pt">
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:Times New Roman">&nbsp;&nbsp;August</P>
<P STYLE="font-size:2pt; margin-top:0pt; margin-bottom:1pt">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000" ALIGN="center"> $25.43<P STYLE="font-size:2pt; margin-top:0pt; margin-bottom:1pt" align="left">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000" ALIGN="center"> $22.09<P STYLE="font-size:2pt; margin-top:0pt; margin-bottom:1pt" align="left">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> &nbsp;<P STYLE="font-size:2pt; margin-top:0pt; margin-bottom:1pt">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000" ALIGN="right"> 684,215&nbsp;&nbsp;<P STYLE="font-size:2pt; margin-top:0pt; margin-bottom:1pt" align="left">&nbsp;</P></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> &nbsp;&nbsp;<P STYLE="font-size:2pt; margin-top:0pt; margin-bottom:1pt">&nbsp;</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:9pt">
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:Times New Roman">&nbsp;&nbsp;September</P>
<P STYLE="font-size:2pt; margin-top:0pt; margin-bottom:1pt">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000" ALIGN="center"> $24.80<P STYLE="font-size:2pt; margin-top:0pt; margin-bottom:1pt" align="left">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000" ALIGN="center"> $22.42<P STYLE="font-size:2pt; margin-top:0pt; margin-bottom:1pt" align="left">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> &nbsp;<P STYLE="font-size:2pt; margin-top:0pt; margin-bottom:1pt">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000" ALIGN="right"> 325,478&nbsp;&nbsp;<P STYLE="font-size:2pt; margin-top:0pt; margin-bottom:1pt" align="left">&nbsp;</P></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> &nbsp;&nbsp;<P STYLE="font-size:2pt; margin-top:0pt; margin-bottom:1pt">&nbsp;</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:9pt">
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:Times New Roman">&nbsp;&nbsp;October</P>
<P STYLE="font-size:2pt; margin-top:0pt; margin-bottom:1pt">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000" ALIGN="center"> $23.75<P STYLE="font-size:2pt; margin-top:0pt; margin-bottom:1pt" align="left">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000" ALIGN="center"> $21.90<P STYLE="font-size:2pt; margin-top:0pt; margin-bottom:1pt" align="left">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> &nbsp;<P STYLE="font-size:2pt; margin-top:0pt; margin-bottom:1pt">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000" ALIGN="right"> 251,420&nbsp;&nbsp;<P STYLE="font-size:2pt; margin-top:0pt; margin-bottom:1pt" align="left">&nbsp;</P></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> &nbsp;&nbsp;<P STYLE="font-size:2pt; margin-top:0pt; margin-bottom:1pt">&nbsp;</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:9pt">
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:Times New Roman">&nbsp;&nbsp;November</P>
<P STYLE="font-size:2pt; margin-top:0pt; margin-bottom:1pt">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000" ALIGN="center"> $26.90<P STYLE="font-size:2pt; margin-top:0pt; margin-bottom:1pt" align="left">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000" ALIGN="center"> $21.50<P STYLE="font-size:2pt; margin-top:0pt; margin-bottom:1pt" align="left">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> &nbsp;<P STYLE="font-size:2pt; margin-top:0pt; margin-bottom:1pt">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000" ALIGN="right"> 466,874&nbsp;&nbsp;<P STYLE="font-size:2pt; margin-top:0pt; margin-bottom:1pt" align="left">&nbsp;</P></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> &nbsp;&nbsp;<P STYLE="font-size:2pt; margin-top:0pt; margin-bottom:1pt">&nbsp;</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:9pt">
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:Times New Roman">&nbsp;&nbsp;December</P>
<P STYLE="font-size:2pt; margin-top:0pt; margin-bottom:1pt">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000" ALIGN="center"> $27.65<P STYLE="font-size:2pt; margin-top:0pt; margin-bottom:1pt" align="left">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000" ALIGN="center"> $25.25<P STYLE="font-size:2pt; margin-top:0pt; margin-bottom:1pt" align="left">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> &nbsp;<P STYLE="font-size:2pt; margin-top:0pt; margin-bottom:1pt">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000" ALIGN="right"> 304,208&nbsp;&nbsp;<P STYLE="font-size:2pt; margin-top:0pt; margin-bottom:1pt" align="left">&nbsp;</P></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> &nbsp;&nbsp;<P STYLE="font-size:2pt; margin-top:0pt; margin-bottom:1pt">&nbsp;</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:9pt">
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1.50pt solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:Times New Roman">&nbsp;&nbsp;<B>Total</B></P>
<P STYLE="font-size:2pt; margin-top:0pt; margin-bottom:1pt">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.50pt solid #000000">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.50pt solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.50pt solid #000000">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.50pt solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.50pt solid #000000">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.50pt solid #000000"> &nbsp;<P STYLE="font-size:2pt; margin-top:0pt; margin-bottom:1pt">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.50pt solid #000000" ALIGN="right"> 4,193,311&nbsp;&nbsp;<P STYLE="font-size:2pt; margin-top:0pt; margin-bottom:1pt" align="left">&nbsp;</P></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1.50pt solid #000000"> &nbsp;&nbsp;<P STYLE="font-size:2pt; margin-top:0pt; margin-bottom:1pt">&nbsp;</P></TD></TR>
</TABLE> </DIV><div style="clear:both; height:0pt; font-size:0pt">&nbsp;</div>

 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:7pt; font-family:Times New Roman">18&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Annual Information Form </P> <P STYLE="font-size:2pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:20pt; font-family:ARIAL"><FONT COLOR="#ffc90e">Directors and Officers </FONT></P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="line-height:8.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #8b8476;width:19%">&nbsp;</P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The following table lists Stantec&#146;s directors as of February&nbsp;22, 2017, and their municipality of residence and principal occupation: </P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:9pt" ALIGN="center">


<TR>
<TD WIDTH="39%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="45%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="14%"></TD></TR>
<TR STYLE="font-family:ARIAL; font-size:9pt">
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.50pt solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.50pt solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.50pt solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:ARIAL"><FONT COLOR="#8b8476"><B>Directors of Stantec Inc.</B></FONT></P>
<P STYLE="font-size:4pt; margin-top:0pt; margin-bottom:1pt">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.50pt solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.50pt solid #000000">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:ARIAL; font-size:8pt">
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:ARIAL"><FONT COLOR="#8b8476"><B>&nbsp;&nbsp;Name and Municipality of Residence</B></FONT></P>
<P STYLE="font-size:4pt; margin-top:0pt; margin-bottom:1pt">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:ARIAL"><FONT COLOR="#8b8476"><B>Principal Occupation</B></FONT></P>
<P STYLE="font-size:4pt; margin-top:0pt; margin-bottom:1pt">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:ARIAL" ALIGN="center"><FONT COLOR="#8b8476"><B>Director Since</B></FONT></P>
<P STYLE="font-size:4pt; margin-top:0pt; margin-bottom:1pt" align="left">&nbsp;</P></TD></TR>


<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:9pt">
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #8b8476"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman">&nbsp;&nbsp;<B>Douglas K. Ammerman</B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman">&nbsp;&nbsp;Laguna Beach, California, United States</P> <P STYLE="font-size:6pt; margin-top:0pt; margin-bottom:1pt">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #8b8476">&nbsp;&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #8b8476">Corporate Director</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #8b8476">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center" STYLE="BORDER-BOTTOM:1px solid #8b8476">2011</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:9pt">
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #8b8476"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman">&nbsp;&nbsp;<B>Delores M. Etter</B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman">&nbsp;&nbsp;Dallas, Texas, United States</P> <P STYLE="font-size:6pt; margin-top:0pt; margin-bottom:1pt">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #8b8476">&nbsp;&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #8b8476">Professor of Electrical/Computer Engineering</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #8b8476">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center" STYLE="BORDER-BOTTOM:1px solid #8b8476">2011</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:9pt">
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #8b8476"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman">&nbsp;&nbsp;<B>Anthony P. Franceschini</B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman">&nbsp;&nbsp;Edmonton, Alberta, Canada</P> <P STYLE="font-size:6pt; margin-top:0pt; margin-bottom:1pt">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #8b8476">&nbsp;&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #8b8476">Corporate Director</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #8b8476">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center" STYLE="BORDER-BOTTOM:1px solid #8b8476">1994</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:9pt">
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #8b8476"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman">&nbsp;&nbsp;<B>Robert J. Gomes</B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman">&nbsp;&nbsp;Edmonton, Alberta, Canada</P> <P STYLE="font-size:6pt; margin-top:0pt; margin-bottom:1pt">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #8b8476">&nbsp;&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #8b8476">President&nbsp;&amp; CEO of Stantec Inc.</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #8b8476">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center" STYLE="BORDER-BOTTOM:1px solid #8b8476">2009</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:9pt">
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #8b8476"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman">&nbsp;&nbsp;<B>Susan E. Hartman</B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman">&nbsp;&nbsp;Evergreen, Colorado, United States</P> <P STYLE="font-size:6pt; margin-top:0pt; margin-bottom:1pt">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #8b8476">&nbsp;&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #8b8476"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman">President&nbsp;&amp; CEO of The Hartman Group</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman">(a management consulting firm)</P> <P STYLE="font-size:6pt; margin-top:0pt; margin-bottom:1pt">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #8b8476">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center" STYLE="BORDER-BOTTOM:1px solid #8b8476">2004</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:9pt">
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #8b8476"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman">&nbsp;&nbsp;<B>Aram H. Keith </B><SUP STYLE="font-size:85%; vertical-align:top">(1)</SUP></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman">&nbsp;&nbsp;Monarch Beach, California, United States</P> <P STYLE="font-size:6pt; margin-top:0pt; margin-bottom:1pt">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #8b8476">&nbsp;&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #8b8476">Corporate Director</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #8b8476">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center" STYLE="BORDER-BOTTOM:1px solid #8b8476">2005</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:9pt">
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #8b8476"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman">&nbsp;&nbsp;<B>Donald J. Lowry</B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman">&nbsp;&nbsp;Edmonton, Alberta, Canada</P> <P STYLE="font-size:6pt; margin-top:0pt; margin-bottom:1pt">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #8b8476">&nbsp;&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #8b8476">Corporate Director</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #8b8476">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center" STYLE="BORDER-BOTTOM:1px solid #8b8476">2013</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:9pt">
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #8b8476"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman">&nbsp;&nbsp;<B>Marie-Lucie Morin</B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman">&nbsp;&nbsp;Ottawa, Ontario, Canada</P> <P STYLE="font-size:6pt; margin-top:0pt; margin-bottom:1pt">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #8b8476">&nbsp;&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #8b8476">Corporate Director</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #8b8476">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center" STYLE="BORDER-BOTTOM:1px solid #8b8476">2016</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:9pt">
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman">&nbsp;&nbsp;<B>Ivor M. Ruste</B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman">&nbsp;&nbsp;Calgary, Alberta, Canada</P> <P STYLE="font-size:6pt; margin-top:0pt; margin-bottom:1pt">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman">Executive Vice President and CFO,</P>
<P STYLE="font-size:2pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman">Cenovus Energy Inc. (a Canadian oil company)</P>
<P STYLE="font-size:6pt; margin-top:0pt; margin-bottom:1pt">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center" STYLE="BORDER-BOTTOM:1px solid #000000">2007</TD></TR>
</TABLE> <P STYLE="font-size:2pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:9pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&nbsp;&nbsp;(1)</TD>
<TD ALIGN="left" VALIGN="top">&nbsp;&nbsp;&nbsp;&nbsp;Mr.&nbsp;Keith is the chair of our board. </TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">All Stantec directors are elected annually
and hold office until the next annual shareholders&#146; meeting or until their earlier resignation. All directors have held the positions listed in the previous table or other executive positions with the same or associated firms or organizations
during the past five years or more, except Mr.&nbsp;Lowry, who was president and CEO of EPCOR Utilities Inc. until March 2013, and Ms.&nbsp;Morin, who was an executive director at the World Bank in Washington, DC, until January 2013, and
subsequently, a corporate director and consultant until December 2015. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:7pt; font-family:Times New Roman" ALIGN="right">Stantec
Inc.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The following table lists the executive officers of Stantec as of February&nbsp;22, 2017, and their municipality
of residence, and principal occupation within the five preceding years: </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:9pt" ALIGN="center">


<TR>
<TD WIDTH="33%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="32%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="33%"></TD></TR>
<TR STYLE="font-family:ARIAL; font-size:9pt">
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.50pt solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.50pt solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.50pt solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:ARIAL"><FONT COLOR="#8b8476"><B>Executive Officers of Stantec Inc.
<SUP STYLE="font-size:85%; vertical-align:top">(1)</SUP></B></FONT></P> <P STYLE="font-size:4pt; margin-top:0pt; margin-bottom:1pt">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.50pt solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.50pt solid #000000">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:ARIAL; font-size:8pt">
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:ARIAL"><FONT COLOR="#8b8476"><B>&nbsp;&nbsp;Name and Municipality of Residence</B></FONT></P>
<P STYLE="font-size:4pt; margin-top:0pt; margin-bottom:1pt">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:ARIAL"><FONT COLOR="#8b8476"><B>Officer Position Held</B></FONT></P>
<P STYLE="font-size:4pt; margin-top:0pt; margin-bottom:1pt">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:ARIAL" ALIGN="center"><FONT COLOR="#8b8476"><B>Principal Occupation</B></FONT></P>
<P STYLE="font-size:4pt; margin-top:0pt; margin-bottom:1pt" align="left">&nbsp;</P></TD></TR>


<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:9pt">
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #8b8476"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman">&nbsp;&nbsp;<B>Robert J. Gomes</B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman">&nbsp;&nbsp;Edmonton, Alberta, Canada</P> <P STYLE="font-size:6pt; margin-top:0pt; margin-bottom:1pt">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #8b8476">&nbsp;&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #8b8476">President&nbsp;&amp; CEO</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #8b8476">&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #8b8476">President&nbsp;&amp; CEO, Stantec Inc.</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:9pt">
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #8b8476"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman">&nbsp;&nbsp;<B>Daniel J. Lefaivre</B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman">&nbsp;&nbsp;St. Albert, Alberta, Canada</P> <P STYLE="font-size:6pt; margin-top:0pt; margin-bottom:1pt">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #8b8476">&nbsp;&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #8b8476">Executive Vice President&nbsp;&amp; CFO</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #8b8476">&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #8b8476">Executive Vice President&nbsp;&amp; CFO, Stantec Inc.</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:9pt">
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #8b8476"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman"><B>&nbsp;&nbsp;Scott L. Murray</B></P>
<P STYLE="font-size:2pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman">&nbsp;&nbsp;Lexington, Kentucky, United States</P>
<P STYLE="font-size:6pt; margin-top:0pt; margin-bottom:1pt">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #8b8476">&nbsp;&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #8b8476">Executive Vice President&nbsp;&amp; COO</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #8b8476">&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #8b8476">Executive Vice President&nbsp;&amp; COO, Stantec Inc.</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:9pt">
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #8b8476"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman"><B>&nbsp;&nbsp;Valentino DiManno</B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman">&nbsp;&nbsp;Calgary, Alberta, Canada</P> <P STYLE="font-size:6pt; margin-top:0pt; margin-bottom:1pt">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #8b8476">&nbsp;&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #8b8476">Executive Vice President&nbsp;&amp; CBO</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #8b8476">&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #8b8476">Executive Vice President&nbsp;&amp; CBO, Stantec Inc.</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:9pt">
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1.50pt solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman"><B>&nbsp;&nbsp;Paul J. D. Alpern</B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman">&nbsp;&nbsp;Sherwood Park, Alberta, Canada</P> <P STYLE="font-size:10pt; margin-top:0pt; margin-bottom:1pt">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.50pt solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1.50pt solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman">Senior Vice President,</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman">Secretary&nbsp;&amp; General Counsel</P> <P STYLE="font-size:2pt; margin-top:0pt; margin-bottom:1pt">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.50pt solid #000000">&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1.50pt solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman">Senior Vice President, Secretary&nbsp;&amp; General Counsel, Stantec Inc.</P>
<P STYLE="font-size:2pt; margin-top:0pt; margin-bottom:1pt">&nbsp;</P></TD></TR>
</TABLE> <P STYLE="font-size:2pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:9pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&nbsp;&nbsp;(1)</TD>
<TD ALIGN="left" VALIGN="top">As chair of our board, Aram H. Keith is a nonexecutive officer of Stantec Inc. </TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Before his appointment to COO
on January&nbsp;1, 2016, Scott Murray joined Stantec with the acquisition of Fuller, Mossbarger, Scott&nbsp;&amp; May Engineers in 2008 and was appointed EVP and regional operating unit leader for the United States in 2013. Before he was appointed
CBO on January&nbsp;1, 2016, Valentino DiManno occupied the role of senior vice president of Canada from 2005 to 2013, when he was appointed EVP and regional operating unit leader for Canada and business operating unit leader for Energy&nbsp;&amp;
Resources. All other executive officers have held the positions listed in the previous table or other executive positions with the same or associated firms or organizations during the past five years or more. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The following lists the members of each committee of the board in 2016: </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left"><FONT COLOR="#8b8476">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">Audit and Risk Committee </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="8%">&nbsp;</TD>
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT COLOR="#8b8476">&#183;</FONT></TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">&nbsp;&nbsp;January to May &#150; Ivor M. Ruste (chair), Douglas K. Ammerman, David L. Emerson,<SUP STYLE="font-size:85%; vertical-align:top">(1)</SUP> Delores M. Etter </TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="8%">&nbsp;</TD>
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT COLOR="#8b8476">&#183;</FONT></TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">&nbsp;&nbsp;May to December &#150; Ivor M. Ruste (chair), Douglas K. Ammerman, Anthony P. Franceschini, Donald J. Lowry </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left"><FONT COLOR="#8b8476">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">Corporate Governance and Compensation Committee &#150; Susan E. Hartman (chair), Delores M. Etter, Donald J. Lowry; Marie-Lucie Morin joined this committee on November&nbsp;10, 2016 </TD></TR></TABLE>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:14pt; font-family:ARIAL"><FONT COLOR="#8b8476"><B>Directors&#146; and Executive Officers&#146; Share Ownership </B></FONT></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">As a group, our directors and executive officers beneficially owned, controlled, or directed, either directly or indirectly, 1,070,057 common shares
representing 0.94% of our issued and outstanding common shares as of December&nbsp;31, 2016. </P> <P STYLE="line-height:8.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000;width:21%">&nbsp;</P>
<P STYLE="font-size:4pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:7pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">(1)</TD>
<TD ALIGN="left" VALIGN="top">Mr. Emerson did not stand for re-election as a director of Stantec at our annual general meeting of shareholders held on May 12, 2016, and thus his service as a director ended on that date. </TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:7pt; font-family:Times New Roman">20&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Annual Information Form </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:20pt; font-family:ARIAL"><FONT COLOR="#ffc90e">Audit and Risk Committee Information </FONT></P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>
<TD WIDTH="18%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD WIDTH="80%"></TD></TR>


<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #8b8476; font-size:10pt; font-family:Times New Roman">&nbsp;</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:14pt; font-family:ARIAL"><FONT COLOR="#8b8476"><B>Audit and Risk Committee Terms of Reference </B></FONT></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The responsibilities and duties of our Audit and Risk Committee are set out in the committee&#146;s Terms of Reference (Mandate), which is attached as
Appendix I to this AIF. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:14pt; font-family:ARIAL"><FONT COLOR="#8b8476"><B>Composition of the Audit and Risk Committee </B></FONT></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Our Audit and Risk Committee members are Ivor M. Ruste (chair), Douglas K. Ammerman, Anthony P. Franceschini, and Donald J. Lowry. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The board of directors believes that the composition of the Audit and Risk Committee reflects an appropriate level of financial literacy and expertise. The
board determined that each committee member is &#147;independent&#148; and &#147;financially literate&#148; (as those terms are defined under applicable Canadian and US securities laws). In addition, Mr.&nbsp;Ruste and Mr.&nbsp;Ammerman are each an
&#147;audit committee financial expert&#148; (as this term is defined in the rules and regulations of the US Securities and Exchange Commission [SEC]). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The following information describes each committee member&#146;s education and experience that is relevant to the performance of his or her committee
responsibilities. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:11pt; font-family:ARIAL"><B>IVOR M. RUSTE </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Mr.&nbsp;Ruste is currently
executive vice president and CFO of Cenovus Energy Inc., a Canadian oil company headquartered in Calgary. He has a bachelor of commerce degree (with distinction) from the University of Alberta and is a fellow chartered accountant. From May 2006 to
November 2009, Mr.&nbsp;Ruste worked for EnCana Corporation, and before joining Cenovus, he was executive vice president, Corporate Responsibility, and chief risk officer at EnCana. From 1998 to 2006, he was the managing partner of the Edmonton
office of KPMG LLP and the Alberta regional managing partner and vice chair of the KPMG Canada board of directors. Mr.&nbsp;Ruste has been active in numerous other business, community, and professional endeavors. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">As a chartered accountant with more than 30 years&#146; experience working as a senior financial executive and an auditor with KPMG LLP of both public and
private companies, Mr.&nbsp;Ruste has reviewed and audited many complex financial statements and prepared interim and annual financial statements in accordance with both Canadian and US generally accepted accounting standards. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">As of December&nbsp;31, 2016, Mr.&nbsp;Ruste owned 16,867 common shares valued at $572,129 and 63,978 deferred share units valued at $2,215,575.<B> </B> </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:11pt; font-family:ARIAL"><B>DOUGLAS K. AMMERMAN </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Mr.&nbsp;Ammerman is a retired partner with
KPMG LLP. Mr.&nbsp;Ammerman was with KPMG for almost 30 years, and during that time, he served as the national practice partner, the managing partner of the Orange County office, and a member of KPMG&#146;s nominating committee for its board of
directors. He holds a master&#146;s degree in business taxation from the University of Southern California, as well as a bachelor of arts degree with an accounting emphasis from California State University at Fullerton. Mr.&nbsp;Ammerman is past
president and director emeritus of the Pacific Club and served in the Reagan administration as Special Assistant to the Secretary of Interior. He currently serves on the board of directors and audit committees of Fidelity National Financial, Inc.;
William Lyon Homes Inc.; El Pollo Loco Holdings, Inc.; and J. Alexander&#146;s Holdings, Inc. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:7pt; font-family:Times New Roman" ALIGN="right">Stantec
Inc.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">With nearly 30 years&#146; experience in public accounting and as an audit committee member on a number of other
boards, Mr.&nbsp;Ammerman has a strong familiarity with the preparation and review of interim and annual financial statements and is a valuable asset to the committee. </P>
<P STYLE="margin-top:10pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">As of December&nbsp;31, 2016, Mr.&nbsp;Ammerman owned 26,635 common shares valued at $903,459 and 33,217 deferred share units valued at $1,150,306. </P>
<P STYLE="margin-top:10pt; margin-bottom:0pt; font-size:11pt; font-family:ARIAL"><B>ANTHONY P. FRANCESCHINI </B></P> <P STYLE="margin-top:2pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Tony Franceschini was employed by Stantec
between January 1978 and May 2009. He provided consulting services, management, and leadership, and served as president and CEO from June&nbsp;1, 1998, until his retirement on May&nbsp;14, 2009. He has been a director of Stantec since the Company
became publicly traded in March 1994 and is a director of three other public companies: Esterline Technologies Corporation, ZCL Composites Inc., and AECON Group Inc. </P>
<P STYLE="margin-top:10pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">As the former president and CEO of Stantec and with experience as a director and committee member of three other public companies, Mr.&nbsp;Franceschini has
acquired significant experience, allowing him to act as a member of the audit committee. </P> <P STYLE="margin-top:10pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">As of December&nbsp;31, 2016, Mr.&nbsp;Franceschini owned
302,783 common shares valued at $10,270,399 and 48,597 deferred share units valued at $1,682,940. </P> <P STYLE="margin-top:10pt; margin-bottom:0pt; font-size:11pt; font-family:ARIAL"><B>DONALD J. LOWRY </B></P>
<P STYLE="margin-top:2pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Donald Lowry retired in March 2013 as president and CEO of EPCOR Utilities Inc. He remains chair of Capital Power Corporation, a publicly traded company formed
when EPCOR spun off its generation business in July 2009. In 2011, he was named Alberta Business Person of the Year by <I>Alberta Venture</I> magazine. In January 2014, Mr.&nbsp;Lowry was named Alberta Resource Person of the Year for 2014 by the
Alberta Chamber of Resources. He also acted as chair of the International Triathlon Union for the grand final event held in Edmonton in 2014 and 2015. Mr.&nbsp;Lowry was the past chair of Canadian Oilsands Limited
<FONT STYLE="white-space:nowrap">(TSX-COS)</FONT> until February 2016, when the company was acquired. Mr.&nbsp;Lowry holds a bachelor of commerce (honors) and master of business administration degrees from the University of Manitoba, and he is a
graduate of the Harvard Advanced Management Program and the Banff School of Management. </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Mr.&nbsp;Lowry obtained his Institute of Corporate Directors
designation in January 2016 from the Rotman School of Business. He has more than 30 years of industry experience in the utilities, telecommunications, and power generation sectors. </P>
<P STYLE="margin-top:10pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Mr.&nbsp;Lowry&#146;s education, past role as CEO and president of EPCOR Utilities Inc., and service on a number of boards and audit committees provides him
with the relevant experience to perform his responsibilities as an audit committee member. </P> <P STYLE="margin-top:10pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">As of December&nbsp;31, 2016, Mr.&nbsp;Lowry owned 10,600
common shares valued at $359,552 and 23,555 deferred share units valued at $815,732. </P> <P STYLE="margin-top:14pt; margin-bottom:0pt; font-size:14pt; font-family:ARIAL"><FONT COLOR="#8b8476"><B>Preapproval Policy </B></FONT></P>
<P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The Audit and Risk Committee must preapprove the audit and <FONT STYLE="white-space:nowrap">non-audit</FONT> services performed by the independent auditor to
ensure that the provision of those services does not impair the auditor&#146;s independence. Unless a type of service to be provided by the independent auditor has received general preapproval, it will require specific preapproval by the committee.
Proposed services that exceed preapproved cost levels will require specific preapproval by the committee. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:7pt; font-family:Times New Roman">22&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Annual Information Form </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:14pt; font-family:ARIAL"><FONT COLOR="#8b8476"><B>External Auditor Service Fees </B></FONT></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Aggregate fees paid to Ernst&nbsp;&amp; Young LLP, our external auditor, during fiscal years ended December&nbsp;31, 2016, and 2015 follow: </P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>
<TD WIDTH="31%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="12%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="27%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="27%"></TD></TR>
<TR STYLE="font-family:ARIAL; font-size:9pt">
<TD VALIGN="bottom"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:ARIAL"><FONT COLOR="#8b8476"><B>&nbsp;&nbsp;Category</B></FONT></P> <P STYLE="font-size:6pt; margin-top:0pt; margin-bottom:1pt">&nbsp;</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:ARIAL" ALIGN="center"><FONT COLOR="#8b8476"><B>Note</B></FONT></P> <P STYLE="font-size:4pt; margin-top:0pt; margin-bottom:1pt" align="left">&nbsp;</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:ARIAL" ALIGN="center"><FONT COLOR="#8b8476"><B>2016 ($)</B></FONT></P>
<P STYLE="font-size:4pt; margin-top:0pt; margin-bottom:1pt" align="left">&nbsp;</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:ARIAL" ALIGN="right"><FONT COLOR="#8b8476"><B>2015 ($)</B></FONT></P>
<P STYLE="font-size:4pt; margin-top:0pt; margin-bottom:1pt" align="left">&nbsp;</P></TD></TR>


<TR STYLE="font-size:1px; ">
<TD COLSPAN="7" VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="2"></TD>
<TD HEIGHT="5" COLSPAN="2"></TD>
<TD HEIGHT="5" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">&nbsp;&nbsp;Audit fees</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">1</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">4,265,000&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1,423,000</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="2"></TD>
<TD HEIGHT="5" COLSPAN="2"></TD>
<TD HEIGHT="5" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">&nbsp;&nbsp;Audit-related fees</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">2</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">&nbsp;&nbsp;&nbsp;22,400</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">18,000</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="2"></TD>
<TD HEIGHT="5" COLSPAN="2"></TD>
<TD HEIGHT="5" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">&nbsp;&nbsp;Tax fees</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">3</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">2,369,300&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">656,000</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="2"></TD>
<TD HEIGHT="5" COLSPAN="2"></TD>
<TD HEIGHT="5" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">&nbsp;&nbsp;All other fees</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">4</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">1,148,200&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">5,000</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">&nbsp;&nbsp;Total Fees</P>
<P STYLE="font-size:2pt; margin-top:0pt; margin-bottom:1pt">&nbsp;</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">7,804,900&nbsp;&nbsp;</P> <P STYLE="font-size:2pt; margin-top:0pt; margin-bottom:1pt" align="left">&nbsp;</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right">2,102,000</P> <P STYLE="font-size:2pt; margin-top:0pt; margin-bottom:1pt" align="left">&nbsp;</P></TD></TR>
<TR STYLE="font-size:1px; ">
<TD COLSPAN="7" VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD></TR>
</TABLE> <P STYLE="font-size:4pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(1)</TD>
<TD ALIGN="left" VALIGN="top">Audit fees: Audit services provided by Ernst&nbsp;&amp; Young LLP for the audit and review of Stantec&#146;s financial statements or services normally provided by Ernst&nbsp;&amp; Young LLP in connection with statutory
and regulatory filings or engagements, including the audit of the MWH opening balance sheet. </TD></TR></TABLE> <P STYLE="font-size:4pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(2)</TD>
<TD ALIGN="left" VALIGN="top">Audit-related fees: Assurance and related services provided by Ernst&nbsp;&amp; Young LLP. These services can include accounting consultations and attest services not required by statute or regulation.
</TD></TR></TABLE> <P STYLE="font-size:4pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(3)</TD>
<TD ALIGN="left" VALIGN="top">Tax fees: Professional services rendered by Ernst&nbsp;&amp; Young LLP for income tax compliance of $628,000. These generally involve preparing US original and amended tax returns and claims for refund, tax planning,
and tax advice. $455,000 is for services rendered for tax due diligence related to the MWH acquisition, with the remaining $1,286,300 for tax advice relating to mergers, acquisitions, financing structures and tax planning, mainly related to the MWH
acquisition. </TD></TR></TABLE> <P STYLE="font-size:4pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(4)</TD>
<TD ALIGN="left" VALIGN="top">All other fees: Professional services rendered by Ernst&nbsp;&amp; Young LLP for financial due diligence provided in connection with the MWH acquisition completed during 2016. </TD></TR></TABLE>
<P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:20pt; font-family:ARIAL"><FONT COLOR="#ffc90e">Legal Proceedings and Regulatory Actions </FONT></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="line-height:8.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #8b8476;width:23%">&nbsp;</P> <P STYLE="margin-top:14pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">We have pending legal claims and suits both
by and against us. These are typical of the industries we operate in. Where appropriate, these claims have been reported to our insurers and the insurers of our predecessors, who are in the process of adjusting or defending them. None are expected
to have a material effect on our financial position. </P> <P STYLE="margin-top:10pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">No penalties or sanctions have been imposed against us by a court relating to provincial and
territorial securities legislation or by a securities regulatory authority. Nor have any other penalties or sanctions been imposed by a court or regulatory body against us that would likely be considered important to a reasonable investor in making
an investment decision. We have not entered into any settlement agreements before a court relating to provincial and territorial securities legislation or with a securities regulatory authority. </P>
<P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:20pt; font-family:ARIAL"><FONT COLOR="#ffc90e">Transfer Agent </FONT></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="line-height:8.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #8b8476;width:23%">&nbsp;</P> <P STYLE="margin-top:14pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Computershare Trust Company of Canada is
our transfer agent for our common shares listed on the TSX and NYSE at its offices in Calgary, Alberta; Toronto, Ontario; and Canton, Massachusetts. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:7pt; font-family:Times New Roman" ALIGN="right">Stantec
Inc.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:20pt; font-family:ARIAL"><FONT COLOR="#ffc90e">Material Contracts </FONT></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="line-height:8.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #8b8476;width:21%">&nbsp;</P> <P STYLE="margin-top:14pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">We did not enter into any material
contracts outside the ordinary course of business in 2016, other than the following contracts, all of which were entered into within the last financial year and have been filed on SEDAR: </P>
<P STYLE="font-size:10pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left"><FONT COLOR="#8b8476">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">Agreement and Plan of Merger dated March&nbsp;29, 2016 among Stantec Inc., Mustang Acquisition, Inc., and MWH Global, Inc. with respect to the acquisition of MWH Global, Inc. through a merger of Mustang Acquisition,
Inc. with and into MWH Global, Inc. </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left"><FONT COLOR="#8b8476">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">Underwriting Agreement dated March&nbsp;30, 2016 between Stantec Inc. and CIBC World Markets Inc. and RBC Dominion Securities Inc. as lead underwriters with respect to the purchase of subscription receipts related to
the MWH acquisition </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left"><FONT COLOR="#8b8476">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">Subscription Receipt Agreement dated April&nbsp;14, 2016 among Stantec Inc., CIBC World Markets Inc., and RBC Dominion Securities Inc. as lead underwriters and Computershare Trust Company of Canada as subscription
receipt agent with respect to the sale of subscription receipts related to the MWH acquisition </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left"><FONT COLOR="#8b8476">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">Credit Agreement dated May&nbsp;6, 2016, as amended on June&nbsp;23, 2016, and October&nbsp;24, 2016 among Stantec Inc. as borrower; CIBC as administrative agent, sole lead arranger and sole bookrunner; CIBC, HSBC Bank
Canada, and Bank of America, N.A., Canada Branch as issuing banks; and certain other lenders with respect to the provision of certain credit facilities to Stantec Inc. </TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">We consider the acquisition of professional services firms to be in the ordinary course of our business. Following the MWH acquisition, we also consider the
provision of construction services to be in the ordinary course of our business. </P> <P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:20pt; font-family:ARIAL"><FONT COLOR="#ffc90e">Interests of Experts </FONT></P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="line-height:8.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #8b8476;width:21%">&nbsp;</P>
<P STYLE="margin-top:14pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The Company&#146;s auditor, Ernst&nbsp;&amp; Young LLP, Chartered Professional Accountants, is at 10423 &#150; 101 Street, Suite 1400, Edmonton, Alberta, T5H
0E7. The auditor is independent in accordance with the Rules of Professional Conduct of the Institute of Chartered Professional Accountants of Alberta and has complied with the SEC&#146;s rules on auditor independence. </P>
<P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:20pt; font-family:ARIAL"><FONT COLOR="#ffc90e">Additional Information </FONT></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="line-height:8.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #8b8476;width:21%">&nbsp;</P> <P STYLE="margin-top:14pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Additional financial information is
provided in our financial statements and our MD&amp;A for our most recently completed financial year. Additional information contained in our Management Information Circular includes directors&#146; and officers&#146; remuneration and indebtedness,
the principal holders of our securities, and securities authorized for issuance under equity compensation plans. </P> <P STYLE="margin-top:10pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Copies of this AIF, as well as our
latest Management Information Circular and Annual Report (which includes our MD&amp;A and Consolidated Financial Statements for the year ended December&nbsp;31, 2016), may be obtained from our website at www.stantec.com or by mail on request from
the Secretary at 10160 &#150; 112 Street, Edmonton, Alberta, T5K 2L6. Additional information relating to our Company, including disclosure documents and any reports, statements, or other information that we file with Canadian provincial securities
commissions or other similar regulatory authorities, is also available through SEDAR at www.sedar.com. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:7pt; font-family:Times New Roman">24&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Annual Information Form </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:20pt; font-family:ARIAL"><FONT COLOR="#ffc90e">NYSE Corporate Governance Disclosure </FONT></P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="line-height:8.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #8b8476;width:23%">&nbsp;</P>
<P STYLE="margin-top:14pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">As a foreign private issuer listed on the NYSE, we are generally entitled to follow the Canadian requirements to the extent not contrary to US securities
laws, including the rules of National Instrument <FONT STYLE="white-space:nowrap">58-101</FONT> and National Policy <FONT STYLE="white-space:nowrap">58-201,</FONT> with respect to corporate governance practices. Pursuant to Section 303A.11 of the
NYSE&#146;s Listed Company Manual, we are required to identify any significant ways that our corporate governance practices differ from those followed by US domestic companies under the NYSE&#146;s listing standards. These differences can be found
on our website at www.stantec.com. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:7pt; font-family:Times New Roman" ALIGN="right">Stantec
Inc.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:20pt; font-family:ARIAL"><FONT COLOR="#ffc90e">Appendix I &#150; Audit and Risk Committee &#150;Terms of Reference (Mandate) </FONT></P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="line-height:8.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #8b8476;width:21%">&nbsp;</P>
<P STYLE="margin-top:14pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The following are the Audit and Risk Committee&#146;s Terms of Reference (Mandate) effective as of February&nbsp;22, 2017. </P>
<P STYLE="margin-top:10pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL"><B>A.&nbsp;&nbsp;&nbsp;&nbsp;Overview and Purpose </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The Audit and Risk
Committee is appointed by, and responsible to, the board of directors. The committee approves, monitors, evaluates, advises, and makes recommendations, in accordance with these terms of reference, on matters affecting the external and internal
audits, risk management matters, the integrity of financial reporting, and the accounting control policies and practices of the Company. The involvement of the committee in overseeing the financial reporting process, including assessing the
reasonableness of management&#146;s accounting judgments and estimates and reviewing key filings with regulatory agencies is an important element of the Company&#146;s internal control over financial reporting. The committee has oversight
responsibility for the performance of both the internal auditors and the external auditors. The committee also ensures the qualifications and independence of the external auditors. The committee has oversight of the Company&#146;s compliance with
legal and regulatory requirements. </P> <P STYLE="margin-top:10pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">It is <U>not</U> the duty of the committee to plan or conduct audits or to determine that the Company&#146;s financial
statements are complete, accurate, and in accordance with International Financial Reporting Standards. </P> <P STYLE="margin-top:10pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL"><B>B.&nbsp;&nbsp;&nbsp;&nbsp;Authority and Responsibilities
</B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The Audit and Risk Committee shall </P> <P STYLE="font-size:10pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left"><FONT COLOR="#8b8476">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">Request such information and explanations in regard to the accounts of the Company as the committee may consider necessary and appropriate to carry out its duties and responsibilities. </TD></TR></TABLE>
<P STYLE="font-size:4pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left"><FONT COLOR="#8b8476">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">Consider any other matters which, in the opinion of the committee or at the request of the board, would assist the directors to meet their responsibilities. </TD></TR></TABLE>
<P STYLE="font-size:4pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left"><FONT COLOR="#8b8476">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">Provide reports and minutes of meetings to the board. </TD></TR></TABLE> <P STYLE="font-size:4pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left"><FONT COLOR="#8b8476">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">Engage independent counsel and other advisors as may be deemed or considered necessary, and determine the fees of such counsel and advisors. Receive confirmation from management that the Company has provided for
adequate funding for the payment of compensation to the independent counsel and other advisors. </TD></TR></TABLE> <P STYLE="margin-top:10pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL"><B>C.&nbsp;&nbsp;&nbsp;&nbsp;Membership </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The members of the committee shall be composed of a minimum of three independent directors, appointed by the board, all of whom must be financially literate as
defined under the rules of the SEC and the New York Stock Exchange (NYSE) and applicable Canadian securities laws. At least one member shall have accounting or related financial management expertise and be an audit committee financial expert as
defined in SEC regulations. For greater clarity, the board has adopted the definition of &#147;independent director&#148; as set out in Multilateral Instrument <FONT STYLE="white-space:nowrap">52-110</FONT> of the Canadian Securities Administrators.
The chair of the board of directors shall be an <FONT STYLE="white-space:nowrap">ex-officio</FONT> member of the Audit and Risk Committee, in addition to the minimum number of required independent directors. </P>
<P STYLE="margin-top:10pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The chair of the committee shall be designated by the board. </P>
<P STYLE="margin-top:10pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Attendance by invitation at all or a portion of committee meetings is determined by the committee chair or its members and would normally include the chief
financial officer of the Company, representatives of the external auditor, the internal auditor, and such other officers or support staff as may be deemed appropriate. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:7pt; font-family:Times New Roman">26&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Annual Information Form </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL"><B>D.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Financial Statements and Disclosures </B></P>
<P STYLE="font-size:4pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL; font-size:9.5pt" COLOR="#8b8476"><B>1</B></FONT></TD>
<TD ALIGN="left" VALIGN="top">Review and recommend to the board for approval the annual audited financial statements and management discussion and analysis. </TD></TR></TABLE> <P STYLE="font-size:4pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL; font-size:9.5pt" COLOR="#8b8476"><B>2</B></FONT></TD>
<TD ALIGN="left" VALIGN="top">Review and recommend to the board for approval the following public disclosure documents: </TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="8%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL; font-size:9.5pt" COLOR="#8b8476"><B>a</B><B>.</B></FONT></TD>
<TD ALIGN="left" VALIGN="top">The annual Management Information Circular and proxy materials </TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="8%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL; font-size:9.5pt" COLOR="#8b8476"><B>b</B><B>.</B></FONT></TD>
<TD ALIGN="left" VALIGN="top">The Annual Information Form, including any regulatory requirements for Audit and Risk Committee reporting obligations </TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="8%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL; font-size:9.5pt" COLOR="#8b8476"><B>c</B><B>.</B></FONT></TD>
<TD ALIGN="left" VALIGN="top">The <FONT STYLE="white-space:nowrap">year-end</FONT> news release on the earnings of the Company </TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="8%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL; font-size:9.5pt" COLOR="#8b8476"><B>d</B></FONT><FONT STYLE="font-family:ARIAL; font-size:9.5pt" COLOR="#8b8476"><B>.</B></FONT></TD>
<TD ALIGN="left" VALIGN="top">Other regulatory filings of a financial nature </TD></TR></TABLE> <P STYLE="font-size:4pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL; font-size:9.5pt" COLOR="#8b8476"><B>3</B></FONT></TD>
<TD ALIGN="left" VALIGN="top">Review and, if appropriate, approve and authorize the release of the quarterly unaudited financial statements, including Management&#146;s Discussion and Analysis, the quarterly interim report to shareholders, and the
quarterly press release on the earnings of the Company. However, in the event that there is a significant or extraordinary matter that, in the opinion of the committee, should be reviewed by the board before the release of such information, the
matter shall be referred to the board for review. </TD></TR></TABLE> <P STYLE="font-size:4pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL; font-size:9.5pt" COLOR="#8b8476"><B>4</B></FONT></TD>
<TD ALIGN="left" VALIGN="top">Receive the quarterly report from the Disclosure Committee on the adequacy of disclosure with respect to material events in the Company&#146;s financial statements, Management&#146;s Discussion and Analysis, and
earnings press releases. </TD></TR></TABLE> <P STYLE="font-size:4pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL; font-size:9.5pt" COLOR="#8b8476"><B>5</B></FONT></TD>
<TD ALIGN="left" VALIGN="top">Receive annually an evaluation from the internal auditor of the procedures that exist for the review of financial information (extracted or derived from the financial statements) that is publicly disclosed by the
Company. </TD></TR></TABLE> <P STYLE="font-size:4pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL; font-size:9.5pt" COLOR="#8b8476"><B>6</B></FONT></TD>
<TD ALIGN="left" VALIGN="top">Review and recommend to the board for approval all annual financial statements, reports of a financial nature (other than quarterly unaudited financial statements), and the financial content of prospectuses or any other
reports that require approval by the board prior to submission thereof to any regulatory authority. </TD></TR></TABLE> <P STYLE="font-size:4pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL; font-size:9.5pt" COLOR="#8b8476"><B>7</B></FONT></TD>
<TD ALIGN="left" VALIGN="top">Review the Audit and Risk Committee information required as part of the Annual Information Form. </TD></TR></TABLE> <P STYLE="font-size:4pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL; font-size:9.5pt" COLOR="#8b8476"><B>8</B></FONT></TD>
<TD ALIGN="left" VALIGN="top">Review with management on an annual basis, the Company&#146;s obligations pursuant to guarantees (including those granted under the Surety Credit Facility) that have been issued and material obligations that have been
entered into and the manner in which these guarantees and obligations have been, or should be, disclosed in the financial statements. </TD></TR></TABLE> <P STYLE="font-size:4pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL; font-size:9.5pt" COLOR="#8b8476"><B>9</B></FONT></TD>
<TD ALIGN="left" VALIGN="top">Review and assess, in conjunction with management and the external auditor, at least annually or on a quarterly basis where appropriate or required </TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="8%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL; font-size:9.5pt" COLOR="#8b8476"><B>a</B></FONT><FONT STYLE="font-family:ARIAL; font-size:9.5pt" COLOR="#8b8476"><B>.</B></FONT></TD>
<TD ALIGN="left" VALIGN="top">The appropriateness of accounting policies and financial reporting practices used by the Company, including alternative treatments that are available for consideration </TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="8%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL; font-size:9.5pt" COLOR="#8b8476"><B>b</B></FONT><FONT STYLE="font-family:ARIAL; font-size:9.5pt" COLOR="#8b8476"><B>.</B></FONT></TD>
<TD ALIGN="left" VALIGN="top">Any significant proposed changes in financial reporting and accounting policies and practices to be adopted by the Company </TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="8%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL; font-size:9.5pt" COLOR="#8b8476"><B>c</B></FONT><FONT STYLE="font-family:ARIAL; font-size:9.5pt" COLOR="#8b8476"><B>.</B></FONT></TD>
<TD ALIGN="left" VALIGN="top">Any new or pending developments in accounting and reporting standards that may affect or impact on the Company </TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="8%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL; font-size:9.5pt" COLOR="#8b8476"><B>d</B></FONT><FONT STYLE="font-family:ARIAL; font-size:9.5pt" COLOR="#8b8476"><B>.</B></FONT></TD>
<TD ALIGN="left" VALIGN="top">Any <FONT STYLE="white-space:nowrap">off-balance</FONT> sheet structures </TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="8%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL; font-size:9.5pt" COLOR="#8b8476"><B>e</B></FONT><FONT STYLE="font-family:ARIAL; font-size:9.5pt" COLOR="#8b8476"><B>.</B></FONT></TD>
<TD ALIGN="left" VALIGN="top">The key estimates and judgments of management that may be material to the financial reporting of the Company </TD></TR></TABLE> <P STYLE="font-size:4pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL; font-size:9.5pt" COLOR="#8b8476"><B>10</B></FONT></TD>
<TD ALIGN="left" VALIGN="top">At least annually, request the external auditor to provide their views on the quality (not just the acceptability) of the Company&#146;s annual and interim financial reporting. Such quality assessment should encompass
judgments about the appropriateness, aggressiveness, or conservatism of estimates and elective accounting principles or methods and judgments about the clarity of disclosures. </TD></TR></TABLE>
<P STYLE="font-size:4pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL; font-size:9.5pt" COLOR="#8b8476"><B>11</B></FONT></TD>
<TD ALIGN="left" VALIGN="top">Review any litigation, claim, or other contingency, including tax assessments, that could have a material effect upon the financial position or operating results of the Company and the manner in which these matters have
been disclosed in the financial statements. </TD></TR></TABLE> <P STYLE="font-size:4pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL; font-size:9.5pt" COLOR="#8b8476"><B>12</B></FONT></TD>
<TD ALIGN="left" VALIGN="top">Review with management on a quarterly basis the indicators of impairment to the Company&#146;s goodwill. </TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:7pt; font-family:Times New Roman" ALIGN="right">Stantec
Inc.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL"><B>E.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;External Auditor </B></P>
<P STYLE="font-size:4pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL; font-size:9.5pt" COLOR="#8b8476"><B>13</B></FONT></TD>
<TD ALIGN="left" VALIGN="top">Assess the performance and consider the annual appointment of an external auditor for recommendation to the board for ultimate recommendation for appointment by the shareholders. </TD></TR></TABLE>
<P STYLE="font-size:4pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL; font-size:9.5pt" COLOR="#8b8476"><B>1</B><B>4</B></FONT></TD>
<TD ALIGN="left" VALIGN="top">Review, approve, and execute the annual engagement letter with the external auditor, and ensure that there is a clear understanding between the board, the committee, the external auditor, and management that the
external auditor reports directly to the shareholders and the board through the committee. The terms of the engagement letter or the annual audit plan should include, but not be limited to, the following: </TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="8%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL; font-size:9.5pt" COLOR="#8b8476"><B>a.</B></FONT></TD>
<TD ALIGN="left" VALIGN="top">Staffing </TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="8%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL; font-size:9.5pt" COLOR="#8b8476"><B>b.</B></FONT></TD>
<TD ALIGN="left" VALIGN="top">Objectives and scope of the external audit work </TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="8%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL; font-size:9.5pt" COLOR="#8b8476"><B>c.</B></FONT></TD>
<TD ALIGN="left" VALIGN="top">Materiality limits </TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="8%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL; font-size:9.5pt" COLOR="#8b8476"><B>d.</B></FONT></TD>
<TD ALIGN="left" VALIGN="top">Audit reports required </TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="8%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL; font-size:9.5pt" COLOR="#8b8476"><B>e.</B></FONT></TD>
<TD ALIGN="left" VALIGN="top">Areas of audit risk </TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="8%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" COLOR="#8b8476"><B>f.</B></FONT></TD>
<TD ALIGN="left" VALIGN="top">Timetable </TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="8%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL; font-size:9.5pt" COLOR="#8b8476"><B>g.</B></FONT></TD>
<TD ALIGN="left" VALIGN="top">Proposed fees </TD></TR></TABLE> <P STYLE="font-size:4pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL; font-size:9.5pt" COLOR="#8b8476"><B>15</B></FONT></TD>
<TD ALIGN="left" VALIGN="top">Obtain and review a report from the external auditor at least annually regarding the auditor&#146;s independence and the profession&#146;s or audit firm&#146;s requirements regarding audit partner rotation.
</TD></TR></TABLE> <P STYLE="font-size:4pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL; font-size:9.5pt" COLOR="#8b8476"><B>16</B></FONT></TD>
<TD ALIGN="left" VALIGN="top">Approve, before the fact, the engagement of the external auditor for all nonaudit services and the fees for such services, and consider the impact on the independence of the external audit work of fees for such nonaudit
services. </TD></TR></TABLE> <P STYLE="font-size:4pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL; font-size:9.5pt" COLOR="#8b8476"><B>17</B></FONT></TD>
<TD ALIGN="left" VALIGN="top">Review all fees paid to the external auditor for audit services and, if appropriate, recommend their approval to the board. Receive confirmation from management that the Company has provided for adequate funding for the
payment of compensation to the external auditor. </TD></TR></TABLE> <P STYLE="font-size:4pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL; font-size:9.5pt" COLOR="#8b8476"><B>18</B></FONT></TD>
<TD ALIGN="left" VALIGN="top">Receive an annual certification from the external auditor that they participate in the public oversight program established by the Canadian Public Accountability Board (CPAB) and the standards of the US Public Company
Accounting Oversight Board (PCAOB) and that they are in good standing with the CPAB and the PCAOB. </TD></TR></TABLE> <P STYLE="font-size:4pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL; font-size:9.5pt" COLOR="#8b8476"><B>19</B></FONT></TD>
<TD ALIGN="left" VALIGN="top">Review a report from the external auditors describing (a)&nbsp;the firm&#146;s internal quality control procedures and (b)&nbsp;any material issues raised by the most recent internal quality control review or peer
review of the firm or by any inquiry or investigation by governmental or professional authorities within the preceding five years regarding the audits carried out by the external auditor together with any steps taken to deal with any such issues.
</TD></TR></TABLE> <P STYLE="font-size:4pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL; font-size:9.5pt" COLOR="#8b8476"><B>20</B></FONT></TD>
<TD ALIGN="left" VALIGN="top">Receive and resolve any disagreements between management and the external auditor regarding all aspects of the Company&#146;s financial reporting. </TD></TR></TABLE>
<P STYLE="font-size:4pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL; font-size:9.5pt" COLOR="#8b8476"><B>21</B></FONT></TD>
<TD ALIGN="left" VALIGN="top">Review with the external auditor the results of the annual audit examination including, but not limited to, the following: </TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="8%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL; font-size:9.5pt" COLOR="#8b8476"><B>a.</B></FONT></TD>
<TD ALIGN="left" VALIGN="top">Any difficulties encountered, or restrictions imposed by management, during the annual audit </TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="8%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL; font-size:9.5pt" COLOR="#8b8476"><B>b.</B></FONT></TD>
<TD ALIGN="left" VALIGN="top">Any significant accounting or financial reporting issues </TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="8%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL; font-size:9.5pt" COLOR="#8b8476"><B>c.</B></FONT></TD>
<TD ALIGN="left" VALIGN="top">The auditor&#146;s evaluation of the Company&#146;s internal controls over financial reporting and management&#146;s evaluation thereon, including internal control deficiencies identified by the auditor that have not
been previously reported to the committee </TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="8%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL; font-size:9.5pt" COLOR="#8b8476"><B>d.</B></FONT></TD>
<TD ALIGN="left" VALIGN="top">The auditor&#146;s evaluation of the selection and application of accounting principles and estimates and the presentation of disclosures </TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="8%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL; font-size:9.5pt" COLOR="#8b8476"><B>e.</B></FONT></TD>
<TD ALIGN="left" VALIGN="top">The post-audit or management letter or other material written communications containing any findings or recommendations of the external auditor including management&#146;s response thereto and the subsequent <FONT
STYLE="white-space:nowrap">follow-up</FONT> to any identified internal accounting control weaknesses </TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="8%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL; font-size:9.5pt" COLOR="#8b8476"><B>f.</B></FONT></TD>
<TD ALIGN="left" VALIGN="top">Any other matters which the external auditor should bring to the attention of the committee </TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:7pt; font-family:Times New Roman">28&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Annual Information Form </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL; font-size:9.5pt" COLOR="#8b8476"><B>22</B></FONT></TD>
<TD ALIGN="left" VALIGN="top">Meet with the external auditor at every meeting of the committee or as requested by the auditor, without management representatives present, and meet with management, at least annually or as requested by management,
without the external auditor present. </TD></TR></TABLE> <P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL; font-size:9.5pt" COLOR="#8b8476"><B>2</B><B>3</B></FONT></TD>
<TD ALIGN="left" VALIGN="top">When there is to be a change in the external auditor, review all issues related to the change, including the information to be included in the notice of change of auditor called for under National Instrument <FONT
STYLE="white-space:nowrap">51-102</FONT> and the planned steps for an orderly transition. </TD></TR></TABLE> <P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL; font-size:9.5pt" COLOR="#8b8476"><B>2</B><B>4</B></FONT></TD>
<TD ALIGN="left" VALIGN="top">Review and approve the Company&#146;s hiring policies regarding employees and former employees of the present and former external auditors of the Company. </TD></TR></TABLE>
<P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL; font-size:9.5pt" COLOR="#8b8476"><B>2</B><B>5</B></FONT></TD>
<TD ALIGN="left" VALIGN="top">Receive comments from the external auditor on their assessment of the effectiveness of the committee&#146;s oversight of internal control over financial reporting. </TD></TR></TABLE>
<P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL; font-size:9.5pt" COLOR="#8b8476"><B>26</B></FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:ARIAL; font-size:9.5pt" COLOR="#8b8476"><B></B></FONT>Conduct an annual review of the external auditor, with the intention of identifying potential areas for improvement for the audit firm, and
to reach a final conclusion on whether the auditor should be reappointed or the audit put out for tender. </TD></TR></TABLE> <P STYLE="margin-top:10pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL"><B>F.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Internal
Audit </B></P> <P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL; font-size:9.5pt" COLOR="#8b8476"><B>27</B></FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:ARIAL; font-size:9.5pt" COLOR="#8b8476"><B></B></FONT>Review the appointment or termination of the internal auditor. </TD></TR></TABLE>
<P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL; font-size:9.5pt" COLOR="#8b8476"><B>28</B></FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:ARIAL; font-size:9.5pt" COLOR="#8b8476"><B></B></FONT>Review and approve the internal audit charter periodically (at least every three years). </TD></TR></TABLE>
<P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL; font-size:9.5pt" COLOR="#8b8476"><B>29</B></FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:ARIAL; font-size:9.5pt" COLOR="#8b8476"><B></B></FONT>Review and approve the annual audit plan of the internal auditor (where applicable) and ensure that there is a clear understanding between
the board, the committee, the internal auditor, and management that the internal auditor reports directly to the board through the committee. Receive confirmation from management that the Company has provided for adequate funding for the internal
auditor. The terms of the audit plan should include, but not be limited to, the following: </TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="8%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL; font-size:9.5pt" COLOR="#8b8476"><B>a.</B></FONT></TD>
<TD ALIGN="left" VALIGN="top">Staffing </TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="8%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL; font-size:9.5pt" COLOR="#8b8476"><B>b.</B></FONT></TD>
<TD ALIGN="left" VALIGN="top">Objectives and scope of the internal audit work </TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="8%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL; font-size:9.5pt" COLOR="#8b8476"><B>c.</B></FONT></TD>
<TD ALIGN="left" VALIGN="top">Materiality limits </TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="8%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL; font-size:9.5pt" COLOR="#8b8476"><B>d.</B></FONT></TD>
<TD ALIGN="left" VALIGN="top">Audit reports required </TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="8%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL; font-size:9.5pt" COLOR="#8b8476"><B>e.</B></FONT></TD>
<TD ALIGN="left" VALIGN="top">Areas of audit risk </TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="8%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL; font-size:9.5pt" COLOR="#8b8476"><B>f.</B></FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:ARIAL; font-size:9.5pt" COLOR="#8b8476"><B></B></FONT>Timetable </TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="8%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL; font-size:9.5pt" COLOR="#8b8476"><B>g.</B></FONT></TD>
<TD ALIGN="left" VALIGN="top">Proposed budget </TD></TR></TABLE> <P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL; font-size:9.5pt" COLOR="#8b8476"><B>30</B></FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:ARIAL; font-size:9.5pt" COLOR="#8b8476"><B></B></FONT>Review with the internal auditor the results of their audit examination, including, but not be limited to, the following: </TD></TR></TABLE>

<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="8%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL; font-size:9.5pt" COLOR="#8b8476"><B>a.</B></FONT></TD>
<TD ALIGN="left" VALIGN="top">Any difficulties encountered, or restrictions imposed by management, during the audit </TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="8%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL; font-size:9.5pt" COLOR="#8b8476"><B>b.</B></FONT></TD>
<TD ALIGN="left" VALIGN="top">Any significant accounting or financial reporting issues </TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="8%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL; font-size:9.5pt" COLOR="#8b8476"><B>c.</B></FONT></TD>
<TD ALIGN="left" VALIGN="top">The auditor&#146;s evaluation of the Company&#146;s system of internal accounting controls, procedures, and documentation </TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="8%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL; font-size:9.5pt" COLOR="#8b8476"><B>d.</B></FONT></TD>
<TD ALIGN="left" VALIGN="top">The internal audit reports or other material written communications containing any findings or recommendations of the internal auditor, including management&#146;s response thereto and the subsequent <FONT
STYLE="white-space:nowrap">follow-up</FONT> to any identified internal accounting control weaknesses </TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="8%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL; font-size:9.5pt" COLOR="#8b8476"><B>e</B><B>.</B></FONT></TD>
<TD ALIGN="left" VALIGN="top">Any other matters which the internal auditor should bring to the attention of the committee </TD></TR></TABLE> <P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL; font-size:9.5pt" COLOR="#8b8476"><B>31</B></FONT></TD>
<TD ALIGN="left" VALIGN="top">Meet with the internal auditor at every meeting of the committee or as requested by the internal auditor, without management representatives present. </TD></TR></TABLE>
<P STYLE="margin-top:10pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL"><B>G.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Internal Controls </B></P> <P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL; font-size:9.5pt" COLOR="#8b8476"><B>32</B></FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:ARIAL; font-size:9.5pt" COLOR="#8b8476"><B></B>O</FONT>btain reasonable assurance, through discussions with and reports from management, the external auditor, and the internal auditors, that the
accounting systems are reliable, the system for preparation of financial data reported to the market is adequate and effective, and the system of internal controls is effectively designed and implemented. </TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:7pt; font-family:Times New Roman" ALIGN="right">Stantec
Inc.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL; font-size:9.5pt" COLOR="#8b8476"><B>33</B></FONT></TD>
<TD ALIGN="left" VALIGN="top">Review management&#146;s annual report on the effectiveness of internal controls and procedures, as well as quarterly and annual chief executive officer and chief financial officer certificates filed pursuant to
securities regulations. </TD></TR></TABLE> <P STYLE="font-size:4pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL; font-size:9.5pt" COLOR="#8b8476"><B>34</B></FONT></TD>
<TD ALIGN="left" VALIGN="top">Receive reports from management and/or the internal auditor on all significant deficiencies and material weaknesses identified. </TD></TR></TABLE> <P STYLE="font-size:4pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL; font-size:9.5pt" COLOR="#8b8476"><B>35</B></FONT></TD>
<TD ALIGN="left" VALIGN="top">Review annually, or as required, the appropriateness of the system of internal controls and approval policies and practices concerning the expenses of the officers of the Company, including the use of its assets.
</TD></TR></TABLE> <P STYLE="font-size:4pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL; font-size:9.5pt" COLOR="#8b8476"><B>36</B></FONT></TD>
<TD ALIGN="left" VALIGN="top">Review and approve, on a quarterly <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">after-the-fact</FONT></FONT> basis, the expense accounts of the board chair and of the chief executive officer of the
Company. </TD></TR></TABLE> <P STYLE="margin-top:10pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL"><B>H.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Risk </B></P>
<P STYLE="margin-top:4pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I>General </I></P> <P STYLE="font-size:4pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL; font-size:9.5pt" COLOR="#8b8476"><B>37</B></FONT></TD>
<TD ALIGN="left" VALIGN="top">Review at least annually with management </TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="8%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL; font-size:9.5pt" COLOR="#8b8476"><B>a</B><B>.</B></FONT></TD>
<TD ALIGN="left" VALIGN="top">The Company&#146;s method of identifying, evaluating, mitigating and reporting on the principal risks inherent in the Company&#146;s businesses and strategic directions </TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="8%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL; font-size:9.5pt" COLOR="#8b8476"><B>b</B><B>.</B></FONT></TD>
<TD ALIGN="left" VALIGN="top">The systems, policies and practices applicable to the Company&#146;s assessment, management, prevention and mitigation of risks (including strategic, operating, compliance, and reputation, as well as financial risks
including but not limited to the foreign currency, liquidity and interest rate risk, the use of derivative instruments, counterparty credit exposure, litigation, and adequacy of tax provisions) </TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="8%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL; font-size:9.5pt" COLOR="#8b8476"><B>c</B><B>.</B></FONT></TD>
<TD ALIGN="left" VALIGN="top">The Company&#146;s risk appetite, risk tolerance, and risk retention philosophy, including the Company&#146;s loss prevention policies and insurance programs and corporate liability protection programs for directors and
officers, as well as disaster response and business continuity plans </TD></TR></TABLE> <P STYLE="font-size:4pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL; font-size:9.5pt" COLOR="#8b8476"><B>38</B></FONT></TD>
<TD ALIGN="left" VALIGN="top">Receive an annual report from and review with management the status of the Company&#146;s principal and emerging risks, as well as the related mitigation programs (the Enterprise Risk Management program). Receive
quarterly updates from management on the Company&#146;s Enterprise Risk Management program. </TD></TR></TABLE> <P STYLE="font-size:4pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL; font-size:9.5pt" COLOR="#8b8476"><B>39</B></FONT></TD>
<TD ALIGN="left" VALIGN="top">Review with management the disclosures of the Company&#146;s risks and risk factors in the Company&#146;s Annual Information Form, the Management&#146;s Discussion and Analysis, and other regulatory filings.
</TD></TR></TABLE> <P STYLE="font-size:4pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL; font-size:9.5pt" COLOR="#8b8476"><B>40</B></FONT></TD>
<TD ALIGN="left" VALIGN="top">Report to the board annually on its activities in connection with the risk oversight role referenced herein so that the board as a whole can fulfill its responsibilities for risk oversight. </TD></TR></TABLE>
<P STYLE="font-size:4pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL; font-size:9.5pt" COLOR="#8b8476"><B>41</B></FONT></TD>
<TD ALIGN="left" VALIGN="top">Receive a risk assessment report from management following due diligence on acquisitions within North America with an enterprise value of $C100&nbsp;million or greater, all acquisitions outside North America with an
enterprise value of $C50&nbsp;million or greater, and all acquisitions with atypical risks compared to current service and business model, make such further inquiries as considered necessary, and report thereon to the board. The content of the risk
assessment report will be developed by the committee in conjunction with management with appropriate <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">case-by-case</FONT></FONT> enhancements to reflect risk associated with each
opportunity, and will be reviewed annually by the committee. </TD></TR></TABLE> <P STYLE="margin-top:4pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I>Finance </I></P>
<P STYLE="font-size:4pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL; font-size:9.5pt" COLOR="#8b8476"><B>42</B></FONT></TD>
<TD ALIGN="left" VALIGN="top">Review and assess, in conjunction with management and the external auditor, at least annually or on a quarterly basis where appropriate or required, the impact of the Company&#146;s capital structure on current and
future profitability. </TD></TR></TABLE> <P STYLE="font-size:4pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B><FONT STYLE="font-family:ARIAL" COLOR="#8b8476">43</FONT></B></TD>
<TD ALIGN="left" VALIGN="top"><B></B>Review and recommend to the board of directors proposals requesting a grant of a guarantee issued by Stantec for an amount in excess of $50&nbsp;million, prior to issuance. </TD></TR></TABLE>
<P STYLE="font-size:4pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL; font-size:9.5pt" COLOR="#8b8476"><B>44</B></FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:ARIAL; font-size:9.5pt" COLOR="#8b8476"><B></B></FONT>Review and recommend to the board of directors proposals requesting a grant of a surety bond issued by Stantec or its subsidiaries for
(a)&nbsp;an amount in excess of $50&nbsp;million individually or (b)&nbsp;where by virtue of the grant of such surety bond would put the aggregate value of all surety bonds issued and outstanding in excess of $500&nbsp;million, prior to issuance.
</TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:7pt; font-family:Times New Roman">30&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Annual Information Form </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL; font-size:9.5pt" COLOR="#8b8476"><B>45</B></FONT></TD>
<TD ALIGN="left" VALIGN="top">Review and approve, if appropriate and as required, the decision to enter into swaps that are exempt from the requirements of sections 2(h)(1) and 2(h)(8) of the US Commodity Exchange Act and to exercise the <FONT
STYLE="white-space:nowrap">end-user</FONT> exception. </TD></TR></TABLE> <P STYLE="font-size:4pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL; font-size:9.5pt" COLOR="#8b8476"><B>46</B></FONT></TD>
<TD ALIGN="left" VALIGN="top">Review and approve, as required, any policies with respect to swaps, hedging activities, clearing, and the <FONT STYLE="white-space:nowrap">end-user</FONT> exception. </TD></TR></TABLE>
<P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL"><B>I. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Compliance/Fraud </B></P> <P STYLE="font-size:4pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL; font-size:9.5pt" COLOR="#8b8476"><B>47</B></FONT></TD>
<TD ALIGN="left" VALIGN="top">Receive quarterly reports on the Company&#146;s fraud risk assessment activities. </TD></TR></TABLE> <P STYLE="font-size:4pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" COLOR="#8b8476"><B>48</B></FONT></TD>
<TD ALIGN="left" VALIGN="top">In accordance with the Company&#146;s integrity practices, review and determine the disposition of any complaints or correspondence received under the policy. </TD></TR></TABLE>
<P STYLE="font-size:4pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL; font-size:9.5pt" COLOR="#8b8476"><B>49</B></FONT></TD>
<TD ALIGN="left" VALIGN="top">Discuss with management the Company&#146;s policies and procedures designed to ensure an effective compliance and ethics program, including the Company&#146;s code of ethics. </TD></TR></TABLE>
<P STYLE="font-size:4pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL; font-size:9.5pt" COLOR="#8b8476"><B>50</B></FONT></TD>
<TD ALIGN="left" VALIGN="top">Discuss with management and the Company&#146;s <FONT STYLE="white-space:nowrap">in-house</FONT> legal counsel any legal matters that may have a material impact on the financial statements or the Company&#146;s
compliance requirements. </TD></TR></TABLE> <P STYLE="font-size:4pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL; font-size:9.5pt" COLOR="#8b8476"><B>51</B></FONT></TD>
<TD ALIGN="left" VALIGN="top">Review quarterly the compliance certificate of the chief financial officer. </TD></TR></TABLE> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL"><B>J.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other
</B></P> <P STYLE="font-size:4pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL; font-size:9.5pt" COLOR="#8b8476"><B>52</B></FONT></TD>
<TD ALIGN="left" VALIGN="top">Review, as required, any claims of indemnification pursuant to the bylaws of the Company. </TD></TR></TABLE> <P STYLE="font-size:4pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL; font-size:9.5pt" COLOR="#8b8476"><B>53</B></FONT></TD>
<TD ALIGN="left" VALIGN="top">Receive at least annually a report from the chief financial officer regarding private aircraft use, including itinerary and passenger manifest. </TD></TR></TABLE>
<P STYLE="font-size:4pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL; font-size:9.5pt" COLOR="#8b8476"><B>54</B></FONT></TD>
<TD ALIGN="left" VALIGN="top">Review and determine the disposition of any complaints received from shareholders or any regulatory body. </TD></TR></TABLE> <P STYLE="font-size:4pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL; font-size:9.5pt" COLOR="#8b8476"><B>55</B></FONT></TD>
<TD ALIGN="left" VALIGN="top">Conduct an annual assessment of the effectiveness of the committee and provide a report thereon to the board. </TD></TR></TABLE> <P STYLE="font-size:4pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL; font-size:9.5pt" COLOR="#8b8476"><B>56</B></FONT></TD>
<TD ALIGN="left" VALIGN="top">Review annually the terms of reference for the committee and recommend any required changes to the board. </TD></TR></TABLE>
<P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL"><B>K.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Meetings </B></P> <P STYLE="font-size:4pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL; font-size:9.5pt" COLOR="#8b8476"><B>57</B></FONT></TD>
<TD ALIGN="left" VALIGN="top">Regular meetings of the committee are held at least four times each year. </TD></TR></TABLE> <P STYLE="font-size:4pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL; font-size:9.5pt" COLOR="#8b8476"><B>58</B></FONT></TD>
<TD ALIGN="left" VALIGN="top">Meetings may be called by the committee chair or by a majority of the committee members, usually in consultation with management of the Company. </TD></TR></TABLE>
<P STYLE="font-size:4pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL; font-size:9.5pt" COLOR="#8b8476"><B>59</B></FONT></TD>
<TD ALIGN="left" VALIGN="top">Meetings are chaired by the committee chair or, in the chair&#146;s absence, by a member chosen from among the committee. </TD></TR></TABLE> <P STYLE="font-size:4pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL; font-size:9.5pt" COLOR="#8b8476"><B>60</B></FONT></TD>
<TD ALIGN="left" VALIGN="top">A quorum for the transaction of business at any meeting of the committee is a majority of the appointed members. </TD></TR></TABLE> <P STYLE="font-size:4pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL; font-size:9.5pt" COLOR="#8b8476"><B>61</B></FONT></TD>
<TD ALIGN="left" VALIGN="top">The secretary of the Company shall provide for the delivery of notices, agendas, and supporting materials to the committee members at least five days prior to the meeting except in unusual circumstances.
</TD></TR></TABLE> <P STYLE="font-size:4pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL; font-size:9.5pt" COLOR="#8b8476"><B>62</B></FONT></TD>
<TD ALIGN="left" VALIGN="top">Meetings may be conducted with members present or by telephone or other communications facilities that permit all persons participating in the meeting to hear or communicate with each other. </TD></TR></TABLE>
<P STYLE="font-size:4pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL; font-size:9.5pt" COLOR="#8b8476"><B>63</B></FONT></TD>
<TD ALIGN="left" VALIGN="top">A written resolution signed by all committee members entitled to vote on that resolution at a meeting of the committee is as valid as one passed at a committee meeting. </TD></TR></TABLE>
<P STYLE="font-size:4pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL; font-size:9.5pt" COLOR="#8b8476"><B>64</B></FONT></TD>
<TD ALIGN="left" VALIGN="top">The secretary of the Company, or his or her designate, shall be the secretary for the committee and shall keep a record of minutes of all meetings of the committee. </TD></TR></TABLE>
<P STYLE="font-size:4pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL; font-size:9.5pt" COLOR="#8b8476"><B>65</B></FONT></TD>
<TD ALIGN="left" VALIGN="top">Minutes of the meetings of the committee shall be distributed by the secretary of the Company to all members of the committee and shall be submitted for approval at the next regular meeting of the committee
</TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:7pt; font-family:Times New Roman" ALIGN="right">Stantec
Inc.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt;margin-bottom:0pt" ALIGN="center">


<IMG SRC="g350409ex991pg32.jpg" ALT="LOGO">
 </P> <P STYLE="font-family:Times New Roman; font-size:0.5pt"><FONT COLOR="#FFFFFF">Stantec </FONT></P>
</BODY></HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.2
<SEQUENCE>3
<FILENAME>d350409dex992.htm
<DESCRIPTION>EX-99.2
<TEXT>
<HTML><HEAD>
<TITLE>EX-99.2</TITLE>
</HEAD>
 <BODY BGCOLOR="WHITE">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>Exhibit 99.2 </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:14pt; font-family:ARIAL"><FONT COLOR="#8b8376"><B>Index to the Management&#146;s Discussion and Analysis </B></FONT></P> <P STYLE="font-size:10pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:10pt" ALIGN="center">


<TR>
<TD WIDTH="97%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>


<TR STYLE="font-family:ARIAL; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:ARIAL"><B>EXECUTIVE SUMMARY</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>2</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;&nbsp;</B></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="font-family:ARIAL; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:ARIAL"><B>CORE BUSINESS AND STRATEGY</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>4</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;&nbsp;</B></TD></TR>
<TR STYLE="font-family:ARIAL; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.50em; text-indent:-1.00em; font-size:10pt; font-family:ARIAL">Core Business</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">4</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:ARIAL; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.50em; text-indent:-1.00em; font-size:10pt; font-family:ARIAL">Business Objective</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">4</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:ARIAL; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.50em; text-indent:-1.00em; font-size:10pt; font-family:ARIAL">Strategy</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">5</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="font-family:ARIAL; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:ARIAL"><B>KEY PERFORMANCE DRIVERS AND CAPABILITIES</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>11</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;&nbsp;</B></TD></TR>
<TR STYLE="font-family:ARIAL; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.50em; text-indent:-1.00em; font-size:10pt; font-family:ARIAL">Key External Drivers</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">11</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:ARIAL; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.50em; text-indent:-1.00em; font-size:10pt; font-family:ARIAL">Key Internal Drivers</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">13</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="font-family:ARIAL; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:ARIAL"><B>RESULTS</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>20</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;&nbsp;</B></TD></TR>
<TR STYLE="font-family:ARIAL; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.50em; text-indent:-1.00em; font-size:10pt; font-family:ARIAL">Overall Annual Performance</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">20</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:ARIAL; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.50em; text-indent:-1.00em; font-size:10pt; font-family:ARIAL">Selected Annual Information</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">21</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:ARIAL; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.50em; text-indent:-1.00em; font-size:10pt; font-family:ARIAL">Results Compared to 2016 Targets</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">23</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:ARIAL; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.50em; text-indent:-1.00em; font-size:10pt; font-family:ARIAL">Acquisitions</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">24</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:ARIAL; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.50em; text-indent:-1.00em; font-size:10pt; font-family:ARIAL">Discussion of Operations</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">25</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:ARIAL; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.50em; text-indent:-1.00em; font-size:10pt; font-family:ARIAL">Fourth Quarter Results</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">40</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:ARIAL; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.50em; text-indent:-1.00em; font-size:10pt; font-family:ARIAL">Quarterly Trends</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">44</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:ARIAL; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.50em; text-indent:-1.00em; font-size:10pt; font-family:ARIAL">Statements of Financial Position</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">46</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:ARIAL; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.50em; text-indent:-1.00em; font-size:10pt; font-family:ARIAL">Liquidity and Capital Resources</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">48</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:ARIAL; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.50em; text-indent:-1.00em; font-size:10pt; font-family:ARIAL">Other</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">54</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="font-family:ARIAL; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:ARIAL"><B>OUTLOOK</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>58</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;&nbsp;</B></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="font-family:ARIAL; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:ARIAL"><B>CRITICAL ACCOUNTING ESTIMATES, DEVELOPMENTS, AND MEASURES</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>63</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;&nbsp;</B></TD></TR>
<TR STYLE="font-family:ARIAL; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.50em; text-indent:-1.00em; font-size:10pt; font-family:ARIAL">Critical Accounting Estimates</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">63</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:ARIAL; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.50em; text-indent:-1.00em; font-size:10pt; font-family:ARIAL">Accounting Developments</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">64</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:ARIAL; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.50em; text-indent:-1.00em; font-size:10pt; font-family:ARIAL">Materiality</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">64</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:ARIAL; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.50em; text-indent:-1.00em; font-size:10pt; font-family:ARIAL">Definition of <FONT STYLE="white-space:nowrap">Non-IFRS</FONT> Measures</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">65</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="font-family:ARIAL; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:ARIAL"><B>RISK FACTORS</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>68</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;&nbsp;</B></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="font-family:ARIAL; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:ARIAL"><B>CONTROLS AND PROCEDURES</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>78</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;&nbsp;</B></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="font-family:ARIAL; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:ARIAL"><B>CORPORATE GOVERNANCE</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>78</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;&nbsp;</B></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="font-family:ARIAL; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:ARIAL"><B>SUBSEQUENT EVENTS</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>80</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;&nbsp;</B></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="font-family:ARIAL; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:ARIAL"><B>CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>80</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;&nbsp;</B></TD></TR>
</TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:7pt" ALIGN="center">

<TR>
<TD WIDTH="33%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="33%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="32%"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:7pt">
<TD VALIGN="bottom"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:7pt; font-family:Times New Roman">Management&#146;s Discussion and Analysis</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:7pt; font-family:Times New Roman">December 31, 2016</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">M-1</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">Stantec Inc.&nbsp;&nbsp;</TD></TR></TABLE>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:20pt; font-family:ARIAL"><FONT COLOR="#ff9b26">Management&#146;s Discussion and Analysis </FONT></P>
<P STYLE="font-size:10pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="line-height:8.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #8b8376;width:15%">&nbsp;</P>
<P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:11pt; font-family:ARIAL"><B>FEBRUARY&nbsp;22, 2017 </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">This discussion and analysis of Stantec Inc.&#146;s (Stantec or the Company) operations, financial position, and cash flows for the year ended
December&nbsp;31, 2016, dated February&nbsp;22, 2017, should be read in conjunction with the Company&#146;s 2016 audited consolidated financial statements and related notes for the year ended December&nbsp;31, 2016. Our 2016 audited consolidated
financial statements and related notes are prepared in accordance with International Financial Reporting Standards (IFRS) as issued by the International Accounting Standards Board (IASB). Unless otherwise indicated, all amounts shown in this report
are in Canadian dollars. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Additional information regarding the Company, including our Annual Information Form, is available on SEDAR at www.sedar.com and
on EDGAR at www.sec.gov. Such additional information is not incorporated by reference unless otherwise specified and should not be deemed to be made part of this Management&#146;s Discussion and Analysis. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:14pt; font-family:ARIAL"><FONT COLOR="#8b8376"><B>Executive Summary </B></FONT></P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:11pt; font-family:ARIAL"><B>CORE BUSINESS AND
STRATEGY </B></P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="3%" VALIGN="top" ALIGN="left"><FONT COLOR="#8b8376">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">We collaborate across disciplines and industries to bring buildings, energy and resource, environmental, water, and infrastructure projects to life. We provide services in engineering, architecture, interior design,
landscape architecture, surveying, environmental sciences, construction services, project management, and project economics, from initial project concept and planning through to design, construction, commissioning, maintenance, decommissioning, and
remediation. Our promise is to design with community in mind. </TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="3%" VALIGN="top" ALIGN="left"><FONT COLOR="#8b8376">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">Our business objective is to be a top 10 global design firm. We plan to achieve a compound average annual growth rate of 15% through a combination of organic and acquisition growth. </TD></TR></TABLE>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="3%" VALIGN="top" ALIGN="left"><FONT COLOR="#8b8376">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">To achieve our business objective, we focus on the following: providing professional consulting services while maintaining our newly acquired construction management <FONT STYLE="white-space:nowrap">at-risk</FONT>
services; using the strength of our local positioning to bring our world-class expertise to the communities in which we live and work; driving a&nbsp;client-focused culture through cross-selling efforts, account management strategies, and strong
local relationships; focusing on quality and creativity; positioning ourselves among the <FONT STYLE="white-space:nowrap">top-tier</FONT> service providers in the sectors and geographic locations in which we operate; and strengthening our
capabilities and geographic reach through strategic hires and the acquisition and integration of firms to solidify our North&nbsp;American presence while building on our global platform. </TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:7pt" ALIGN="center">

<TR>
<TD WIDTH="33%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="33%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="32%"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:7pt">
<TD VALIGN="bottom"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:7pt; font-family:Times New Roman">Management&#146;s Discussion and Analysis</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:7pt; font-family:Times New Roman">December 31, 2016</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">M-2</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">Stantec Inc.&nbsp;&nbsp;</TD></TR></TABLE>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:11pt; font-family:ARIAL"><B>KEY PERFORMANCE DRIVERS AND CAPABILITIES </B></P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="3%" VALIGN="top" ALIGN="left"><FONT COLOR="#8b8376">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">Our performance is driven by external factors in the infrastructure and facilities industry and by internal strategic drivers and capabilities that are articulated through our value statements: we put people first,
we&nbsp;are better together, we do what is right, and we are driven to achieve. </TD></TR></TABLE> <P STYLE="margin-top:16pt; margin-bottom:0pt; font-size:11pt; font-family:ARIAL"><B>RESULTS </B></P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="3%" VALIGN="top" ALIGN="left"><FONT COLOR="#8b8376">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"><B>Continued profitability and growth.</B> Our gross revenue grew 49.5% in 2016 compared to 2015. Of this gross revenue growth, 53.4% resulted from acquisitions and 1.7% was due to foreign exchange; this growth was
partly offset by a 5.6% retraction in organic revenue. We achieved a 9.8% increase in EBITDA<SUP STYLE="font-size:85%; vertical-align:top">1</SUP> and a 15.5% increase in adjusted EBITDA<SUP STYLE="font-size:85%; vertical-align:top">1</SUP>. Our net
income was $130.5&nbsp;million in 2016 compared to $156.4&nbsp;million in 2015. Diluted earnings per share (EPS) was $1.22 in 2016 compared to $1.65 in 2015 and adjusted diluted EPS<SUP STYLE="font-size:85%; vertical-align:top">1</SUP> was $1.69 in
2016 compared to $1.84 in 2015. </TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">EBITDA for 2016 was impacted by a decrease in gross margin as a percentage of net revenue
and an increase in our administrative and marketing expenses&#151;due in part to increases in acquisition-related costs in connection with the acquisition of MWH Global, Inc. (MWH), retention and merit payments to retain key employees, severance
costs in our Energy&nbsp;&amp; Resources business, and professional fees. Net income was also impacted by an increase in the amortization of our intangible assets from acquisitions and software additions. As well, net interest expense increased year
over year, mainly resulting from an increase in outstanding long-term debt at the end of 2016 compared to 2015, which was primarily related to the MWH acquisition. In addition, our annual effective income tax rate increased in 2016. See pages <FONT
STYLE="white-space:nowrap">M-21</FONT> to <FONT STYLE="white-space:nowrap">M-23</FONT> in this Management&#146;s Discussion and Analysis for further EBITDA, EPS, and net income highlights. </P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="3%" VALIGN="top" ALIGN="left"><FONT COLOR="#8b8376">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"><B>Growth through acquisition.</B> Acquisitions completed in 2016 and 2015 contributed $1.5&nbsp;billion to the increase in our gross revenue in 2016 compared to 2015. We completed five acquisitions in 2016 and six in
2015, strengthening our North American presence while expanding our global reach. The MWH acquisition expanded many areas of our legacy Consulting Services business, positioned us as a global leader in the Water sector, and created a new service
offering&#151;Construction Services. </TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="3%" VALIGN="top" ALIGN="left"><FONT COLOR="#8b8376">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"><B>Successful public offering and new credit facilities.</B> We financed the MWH acquisition with the net proceeds of a public offering that generated $578.1&nbsp;million and with funds drawn from our new
$1.25&nbsp;billion syndicated senior secured credit facilities. The proceeds from these new credit facilities were also used to repay all outstanding indebtedness under our existing $350&nbsp;million revolving credit facility, redeem all our senior
secured notes, and repay the outstanding indebtedness of MWH under its existing revolving credit facility. As at December&nbsp;31, 2016, $329.1&nbsp;million of additional borrowing was available under our revolving credit facility for future
acquisitions, working capital needs, and general corporate purposes. </TD></TR></TABLE> <P STYLE="margin-top:16pt; margin-bottom:0pt; font-size:11pt; font-family:ARIAL"><B>OUTLOOK </B></P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="3%" VALIGN="top" ALIGN="left"><FONT COLOR="#8b8376">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">We anticipate continued economic improvement in the United States, increased infrastructure spending in both Canada and the United States, increased spending in the water and wastewater sector, strong spending growth in
the US transportation sector, a modest improvement in the energy and resource sectors compared to 2016, continued support for alternative project delivery (APD) methods&#151;including public-private partnerships (P3s)&#151;in Canada with increasing
opportunities for APD in the United States, and modest global economic growth, offset by a moderate slowdown in the Canadian housing market. </TD></TR></TABLE> <P STYLE="font-size:4pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="line-height:8.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000;width:26%">&nbsp;</P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:8pt" ALIGN="center">


<TR>
<TD WIDTH="100%"></TD></TR>


<TR STYLE="font-family:Times New Roman; font-size:8pt">
<TD VALIGN="top"><FONT STYLE="font-size:10pt"><SUP STYLE="font-size:85%; vertical-align:top">1</SUP></FONT> EBITDA, adjusted EBITDA, and adjusted diluted EPS are defined in the Definition of <FONT STYLE="white-space:nowrap">Non-IFRS</FONT> Measures
in the Critical Accounting Estimates, Developments, and Measures section (the &#147;Definitions section&#148;) of this report.</TD></TR>
</TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:7pt" ALIGN="center">

<TR>
<TD WIDTH="33%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="33%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="32%"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:7pt">
<TD VALIGN="bottom"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:7pt; font-family:Times New Roman">Management&#146;s Discussion and Analysis</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:7pt; font-family:Times New Roman">December 31, 2016</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">M-3</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">Stantec Inc.&nbsp;&nbsp;</TD></TR></TABLE>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:11pt; font-family:ARIAL"><B>RISKS </B></P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="3%" VALIGN="top" ALIGN="left"><FONT COLOR="#8b8376">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">Various risk factors could cause our actual results to differ materially from those projected in the Outlook section and forward-looking statements of this report. The material known risks are described in the
Risk&nbsp;Factors section of this report. We believe there will be increased activity from the improving US economy and recent government infrastructure spending announcements in both Canada and the United States. Economic pressures and
uncertainties, volatility in foreign exchange rates, volatility in energy and commodity prices, changes in private industry spending, and changes in public infrastructure funding may adversely impact our current outlook for 2017. In addition, our
current outlook for 2017 could be unfavorably impacted if we are unable to successfully manage our integration program&#151;particularly for larger acquisitions such as the MWH acquisition&#151;or respond to the complexity of managing and running a
global business. </TD></TR></TABLE> <P STYLE="margin-top:20pt; margin-bottom:0pt; font-size:14pt; font-family:ARIAL"><FONT COLOR="#8b8376"><B>Core Business and Strategy </B></FONT></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The following discussion includes forward-looking statements. For an outline of the material risks and assumptions associated with these statements, refer to
the Cautionary Note Regarding Forward-Looking Statements at the end of this report. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:11pt; font-family:ARIAL"><B>CORE BUSINESS </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">We collaborate across disciplines and industries to bring buildings, energy and resource, environmental, water, and infrastructure projects to life. Our
work&#151;engineering, architecture, interior design, landscape architecture, surveying, environmental sciences, construction services, project management, and project economics, from initial project concept and planning through to design,
construction, commissioning, maintenance, decommissioning, and remediation&#151;begins at the intersection of community, creativity, and&nbsp;client relationships.</P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Our local strength, knowledge, and relationships, coupled with our world-class expertise, have allowed us to go anywhere to meet our clients&#146; needs in
more creative and personalized ways. With a long-term commitment to the people and places we serve, Stantec has the unique ability to connect to projects on a personal level and advance the quality of life in communities across the globe.</P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:11pt; font-family:ARIAL"><B>BUSINESS OBJECTIVE </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Our business objective is to be a top 10 global
design firm. Based on our annual gross revenue, we are currently within the top 5 design firms in North America and top 15 design firms globally. We continue to work diligently to be the <FONT STYLE="white-space:nowrap">top-tier</FONT> service
provider in the sectors and geographic regions we serve. While revenue and size are one way of measuring our position as top tier, our position in the industry is also measured qualitatively for information that tells us about our position in a
sector, our local presence, and our global expertise. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">We believe that our continued growth will increase shareholder value and give our employees the
opportunity to bring their talent and expertise to top clients that have complex projects spanning multiple disciplines around the world. We plan to achieve a compound average annual growth rate of 15% through a combination of organic and
acquisition growth. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:7pt" ALIGN="center">

<TR>
<TD WIDTH="33%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="33%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="32%"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:7pt">
<TD VALIGN="bottom"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:7pt; font-family:Times New Roman">Management&#146;s Discussion and Analysis</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:7pt; font-family:Times New Roman">December 31, 2016</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">M-4</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">Stantec Inc.&nbsp;&nbsp;</TD></TR></TABLE>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:11pt; font-family:ARIAL"><B>STRATEGY </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">To establish
a clear plan for achieving our business objective&#151;to be a top 10 global design firm&#151;we employ a three-year strategic planning process: three execution years where the third year is also a comprehensive strategic review year. During that
year, we develop our long-range <FONT STYLE="white-space:nowrap">(five-year)</FONT> strategy, performing a more <FONT STYLE="white-space:nowrap">in-depth</FONT> review of the market environment and industry and challenging the direction of past
strategic plans. In the interim execution years, we focus on implementing and executing that long-range strategy. In 2015, we completed a comprehensive strategic review, determining that the key elements of our strategy will not materially change
over the next three years. This remains true following the 2016 acquisition of MWH, the largest acquisition in our Company&#146;s history; however, we have evolved our 2017 strategic plan to leverage this achievement. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">On May&nbsp;6, 2016, we acquired MWH, a Broomfield, Colorado-based global engineering, consulting, and construction management firm providing program
management and management consulting, construction management, and engineering and technical services, particularly in the water, renewable energy, and sustainability sectors. Worldwide, MWH had 187 offices operating in 26 countries with
approximately 6,800&nbsp;employees. This acquisition expanded our presence in water resources infrastructure while earning us&nbsp;a&nbsp;greater presence in key targeted geographic regions, including the United States, the United Kingdom,
Australia, New Zealand, South and Central America, Europe, and the Middle East. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">A key component of implementing our strategic plan is the full
integration of acquired companies. Therefore, in 2017, one of our focuses will be successfully integrating MWH&#146;s people, systems, and best practices into legacy Stantec, thereby creating a successful combined company poised for growth. Our
business objectives for integrating MWH include achieving costs synergies, creating a combined North American organization structure that supports future growth, executing a strategy that positions global operations for investments in markets with
strong growth potential, and incorporating <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">best-in-class</FONT></FONT> systems, tools, and processes from each organization. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Historically, our acquisition strategy has focused on acquisitions in North America to develop a mature presence across our business portfolio. In our
comprehensive planning year, we identified the constraints of this&nbsp;North American-focused acquisition strategy, namely, the availability of suitable firms. As part of our 2016 Strategic Plan, we expanded our acquisition strategy by including
firms with a global presence. That resulted in the MWH acquisition, which greatly expanded our global presence. For 2017, we plan to augment our disciplined North American acquisition strategy, integrate our new operations, and explore opportunities
to further expand our global footprint. </P> <P STYLE="margin-top:16pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL"><B>Purpose, Promise, and Values </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Our Company&#146;s purpose, promise, and values form the foundation of our strategy and have not changed from 2015. Our purpose is to create communities, and
our promise is to design with community in mind. Our values follow: </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="3%" VALIGN="top" ALIGN="left"><FONT COLOR="#8b8376">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">We put people first </TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="3%" VALIGN="top" ALIGN="left"><FONT COLOR="#8b8376">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">We are better together </TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="3%" VALIGN="top" ALIGN="left"><FONT COLOR="#8b8376">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">We do what is right </TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="3%" VALIGN="top" ALIGN="left"><FONT COLOR="#8b8376">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">We are driven to achieve </TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Our values provide the principles that govern our employees and how we behave and
make decisions. For each action-oriented value, we identify annual initiatives for talent management, learning and growth, client relationships, business processes, and operational and financial performance. (Our value statements, the results of our
2016 key initiatives, and our 2017 initiatives are further described in the Key Performance Drivers and Capabilities section of this report.) </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:7pt" ALIGN="center">

<TR>
<TD WIDTH="33%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="33%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="32%"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:7pt">
<TD VALIGN="bottom"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:7pt; font-family:Times New Roman">Management&#146;s Discussion and Analysis</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:7pt; font-family:Times New Roman">December 31, 2016</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">M-5</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">Stantec Inc.&nbsp;&nbsp;</TD></TR></TABLE>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL"><B>Strategic Elements </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The elements of our strategy have not materially changed; however, we have enhanced some elements given our Company&#146;s significant growth in 2016. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I>Corporate strategic pillars </I></B></P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="3%" VALIGN="top" ALIGN="left"><FONT COLOR="#8b8376">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"><I>Design</I>. We focus on professional consulting while maintaining our newly acquired construction management <FONT STYLE="white-space:nowrap">at-risk</FONT> services. </TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="3%" VALIGN="top" ALIGN="left"><FONT COLOR="#8b8376">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"><I>Top tier</I>. We position ourselves among the <FONT STYLE="white-space:nowrap">top-tier</FONT> service providers in the sectors and geographic regions we serve. </TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="3%" VALIGN="top" ALIGN="left"><FONT COLOR="#8b8376">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"><I>Diversification</I>. We continue to diversify our projects, clients, and geographies, thereby mitigating risk. </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="3%" VALIGN="top" ALIGN="left"><FONT COLOR="#8b8376">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"><I>Community presence</I>. We use the strength of our local position to bring world-class expertise to the communities where we live and work. </TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="3%" VALIGN="top" ALIGN="left"><FONT COLOR="#8b8376">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"><I>Strengthening our reach</I>. We continue to solidify our North American presence while building on our new global platform, particularly in the United Kingdom, Australia, and New Zealand. </TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="3%" VALIGN="top" ALIGN="left"><FONT COLOR="#8b8376">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"><I>Business conduct</I>. We embrace safety and ethical business practices as the foundation for everything we do. </TD></TR></TABLE>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I>Business strategic pillars </I></B></P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="3%" VALIGN="top" ALIGN="left"><FONT COLOR="#8b8376">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"><I>Single brand and platform.</I> Our guiding principle is to use a common brand and common systems, as well&nbsp;as&nbsp;to follow common operational policies, practices, and programs. We customize this approach to
accommodate the unique needs of our various business operating units. </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="3%" VALIGN="top" ALIGN="left"><FONT COLOR="#8b8376">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"><I>Local and global client focus</I>. We drive a client-focused culture through cross-selling efforts and account management strategies. </TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="3%" VALIGN="top" ALIGN="left"><FONT COLOR="#8b8376">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"><I>Leadership model</I>. We organize and manage our business through a collaborative, consensus-based approach. Our leadership model evolves to meet the needs of our business and geographic regions we serve.
</TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="3%" VALIGN="top" ALIGN="left"><FONT COLOR="#8b8376">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"><I>Technical excellence</I>. We focus on quality to provide value-added services through integrated quality management systems. </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="3%" VALIGN="top" ALIGN="left"><FONT COLOR="#8b8376">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"><I>Creative solutions</I>. We focus on creativity to provide value-added services. </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="3%" VALIGN="top" ALIGN="left"><FONT COLOR="#8b8376">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"><I>People</I>. We attract talent, develop our people, and provide a diverse and inclusive work environment, ensuring we have the right people in the right roles. </TD></TR></TABLE>
<P STYLE="margin-top:16pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL"><B>Reportable Segments </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">In the first quarter of 2016, our Company had
one reportable segment, Consulting Services, an aggregate of our previous operating segments. These operating segments were based on regional geographic areas. Our chief operating decision maker (chief executive officer) assesses our Company&#146;s
performance based on financial information available from our operating segments. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">As a result of the MWH acquisition and effective the second quarter of
2016, our reportable segments (in accordance with IFRS) are based on our two primary service offerings&#151;Consulting Services and Construction Services&#151;and our regional geographic areas. The Company now has four operating and reportable
segments: </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="3%" VALIGN="top" ALIGN="left"><FONT COLOR="#8b8376">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">Consulting Services &#150; Canada </TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="3%" VALIGN="top" ALIGN="left"><FONT COLOR="#8b8376">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">Consulting Services &#150; United States </TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="3%" VALIGN="top" ALIGN="left"><FONT COLOR="#8b8376">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">Consulting Services &#150; Global </TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="3%" VALIGN="top" ALIGN="left"><FONT COLOR="#8b8376">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">Construction Services </TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:7pt" ALIGN="center">

<TR>
<TD WIDTH="33%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="33%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="32%"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:7pt">
<TD VALIGN="bottom"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:7pt; font-family:Times New Roman">Management&#146;s Discussion and Analysis</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:7pt; font-family:Times New Roman">December 31, 2016</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">M-6</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">Stantec Inc.&nbsp;&nbsp;</TD></TR></TABLE>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">In 2016, we earned 27% of our gross revenue in Consulting Services &#150; Canada, 48% in Consulting Services
&#150; United States, 10% in Consulting Services &#150; Global, and 15% in Construction Services. </P> <P STYLE="margin-top:16pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I>Consulting Services </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">In Consulting Services, we provide knowledge-based solutions through value-added professional consulting services in engineering, architecture, interior
design, landscape architecture, surveying, environmental sciences, project management, and project economics in the area of infrastructure and facilities, principally under
<FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">fee-for-service</FONT></FONT> agreements with clients. Our business operating unit leaders provide strategic direction, mentoring, and technical support to operations across our
geographic regions. </P> <P STYLE="margin-top:16pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I>Construction Services </I></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">In
Construction Services, we provide construction management and project delivery <FONT STYLE="white-space:nowrap">at-risk</FONT> services, primarily on water-related projects to key long-term clients in the United States and United Kingdom. We offer <FONT
STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">start-to-finish</FONT></FONT> construction capabilities to municipal, utility, federal, and industrial clients, including commissioning and <FONT STYLE="white-space:nowrap">start-up</FONT>
services. Separate from project delivery, we also provide construction management and professional supervision services. Construction Services revenue is derived primarily from cost-reimbursable, guaranteed-maximum price contracts and fixed-price
contracts. Compared to our other reportable segments, Construction Services uses more subcontractors and subconsultants and has lower gross margins. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The
main contract types in this segment fall generally into four functional areas: </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="3%" VALIGN="top" ALIGN="left"><FONT COLOR="#8b8376">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">Construction management <FONT STYLE="white-space:nowrap">at-risk</FONT> </TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="3%" VALIGN="top" ALIGN="left"><FONT COLOR="#8b8376">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">Design-build and progressive design-build </TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="3%" VALIGN="top" ALIGN="left"><FONT COLOR="#8b8376">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">Construction management in support of design completed by Consulting Services </TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="3%" VALIGN="top" ALIGN="left"><FONT COLOR="#8b8376">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="white-space:nowrap">Hard-bid</FONT> construction with self-performance </TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">We separate the
construction business from the consulting businesses in our operational structure. This is key to leveraging our construction capabilities when they are advantageous to the client. This separation allows both streams of expertise to operate
effectively and allows synergies to develop that complement but do not distract from the strategy of each business. In addition, the two businesses can be bundled when beneficial for the client. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">We expect that the expertise available in our newly acquired Construction Services business will augment and improve our Consulting Services business.
Consulting Services can then better prepare for and execute design-build projects with construction partners outside of Stantec in water markets and other sectors that we participate in. </P>
<P STYLE="margin-top:16pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL"><B>Business Model </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Our business model, a key element of our strategy,
is based on providing services across diverse geographic regions, business operating unit specialization, and all phases of the infrastructure and facilities project life cycle&#151;planning, design, construction, commissioning, maintenance,
decommissioning, and remediation. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Because of our diverse model, we can generally adapt to changes in market conditions by offsetting a decreased demand
for services in one business operating unit or geographic location with an increased demand in another. We believe this strategy helps us mitigate risk while we continue to increase our revenue and earnings. Also, we work on tens of thousands of
projects for thousands of clients in hundreds of locations. This ensures we do not rely on a few large projects for our revenue. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The following
information outlines the three main components of our business model: geographic diversification, business operating units, and life-cycle solutions. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:7pt" ALIGN="center">

<TR>
<TD WIDTH="33%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="33%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="32%"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:7pt">
<TD VALIGN="bottom"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:7pt; font-family:Times New Roman">Management&#146;s Discussion and Analysis</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:7pt; font-family:Times New Roman">December 31, 2016</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">M-7</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">Stantec Inc.&nbsp;&nbsp;</TD></TR></TABLE>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I>Geographic Diversification </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The first element of our business model is geographic diversification. Traditionally, we operated in three regional operating units&#151;Canada, the United
States, and International. Before acquiring MWH, we had international offices in the Middle East, the United Kingdom, and the Caribbean. The MWH acquisition has increased our geographic diversification as follows: </P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="3%" VALIGN="top" ALIGN="left"><FONT COLOR="#8b8376">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"><B>Expanded our geographic footprint. </B>MWH is strongly positioned and experienced in global markets through its platform in the United Kingdom, Australia, New Zealand, South and Central America, Europe, and the
Middle East. The MWH acquisition provided us with immediate geographic breadth, creating a platform for expansion and diversification. We believe that the combination of MWH&#146;s and Stantec&#146;s complementary capabilities, market presence, and
cultures creates opportunities to service more clients and offer a broader range of services worldwide.<B> </B> </TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="3%" VALIGN="top" ALIGN="left"><FONT COLOR="#8b8376">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"><B>Created additional growth opportunities. </B>We believe that the engineering and construction sector will continue to consolidate and that both scale and global capabilities will be important competitive
differentiators, particularly on large and complex projects. MWH has been in business for approximately 200 years, so it has a wealth of experience operating in global markets. Augmented by our strong statement of financial position, history of
operational effectiveness, and experience in successfully completing and integrating acquisitions, we expect to be well positioned to grow both organically and by acquisition. MWH&#146;s platform in the United Kingdom and Asia Pacific regions gives
us the opportunity to expand our current North American acquisition strategy into new global markets, which we believe widens the platform for our acquisition program. </TD></TR></TABLE>
<P STYLE="margin-top:16pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I>Geographic Opportunities </I></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Since the MWH
acquisition, our Consulting Services business has continued to operate as three regional operating units&#151;Canada, the United States, and Global (formerly International). Our Construction Services business is a new reportable segment. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Over the next two years, we will continue our growth in North America through both organic and acquisition growth; we expect to augment this growth with
acquisitions and organic growth in the United Kingdom, Australia, and New Zealand. During this time, we will gradually increase our geographic reach in other markets that are suited for and receptive to our services. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Canada.</B><I> </I>At December&nbsp;31, 2016, we had approximately 7,500 employees in Canada. We benefit from a mature position within each region and view
our strategic opportunities as follows: </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="3%" VALIGN="top" ALIGN="left"><FONT COLOR="#8b8376">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">Pursuing business expansion opportunities within our Water and Transportation sectors </TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="3%" VALIGN="top" ALIGN="left"><FONT COLOR="#8b8376">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">Continuing to strengthen our infrastructure presence in the Greater Toronto Area, other parts of Ontario, and the Atlantic, Alberta, and British Columbia regions </TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="3%" VALIGN="top" ALIGN="left"><FONT COLOR="#8b8376">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">Continuing to capitalize on opportunities in LNG facilities; pipelines; ports and marine terminals; tidal water markets; and health, education, commercial, and civic markets </TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="3%" VALIGN="top" ALIGN="left"><FONT COLOR="#8b8376">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">Capitalizing on alternative energy projects, specifically in the expanding wind, hydro, <FONT STYLE="white-space:nowrap">co-generation,</FONT> and carbon-capture markets </TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="3%" VALIGN="top" ALIGN="left"><FONT COLOR="#8b8376">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">Securing additional projects serving First Nations communities because of our strong Aboriginal partnerships and connection to local communities, as well as the federal government&#146;s plans for infrastructure
spending </TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="3%" VALIGN="top" ALIGN="left"><FONT COLOR="#8b8376">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">Continuing to capitalize on opportunities in P3 markets </TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:7pt" ALIGN="center">

<TR>
<TD WIDTH="33%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="33%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="32%"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:7pt">
<TD VALIGN="bottom"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:7pt; font-family:Times New Roman">Management&#146;s Discussion and Analysis</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:7pt; font-family:Times New Roman">December 31, 2016</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">M-8</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">Stantec Inc.&nbsp;&nbsp;</TD></TR></TABLE>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>United States.</B> At December&nbsp;31, 2016, we had approximately 9,700 employees in the United States
(including 750 in Construction Services), where the economy is expanding. Due to acquisitions completed over the past number of years we are achieving critical mass and diversity in many sectors and geographies. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">We will remain focused on strengthening our service capabilities and reaching maturity in the markets we serve. We view our strategic opportunities as
follows: </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="3%" VALIGN="top" ALIGN="left"><FONT COLOR="#8b8376">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">Continuing to leverage our recognized expertise in community development and infrastructure to capitalize on opportunities related to the strong US housing market </TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="3%" VALIGN="top" ALIGN="left"><FONT COLOR="#8b8376">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">Continuing to pursue infrastructure opportunities in the US West region and Sunbelt states </TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="3%" VALIGN="top" ALIGN="left"><FONT COLOR="#8b8376">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">Expanding our Federal Services group and our disaster management and resilience efforts </TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="3%" VALIGN="top" ALIGN="left"><FONT COLOR="#8b8376">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">Growing our Environmental Services business across the United States </TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="3%" VALIGN="top" ALIGN="left"><FONT COLOR="#8b8376">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">Continuing to expand our US Buildings business, particularly in the US West, and diversifying from healthcare </TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="3%" VALIGN="top" ALIGN="left"><FONT COLOR="#8b8376">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">Continuing to pursue acquisition opportunities in our Energy&nbsp;&amp; Resources business operating unit </TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Global</B>. At December&nbsp;31, 2016, we had approximately 4,800 employees in our Global operations (including 1,000 in Construction Services, all located
in the United Kingdom). The MWH acquisition provided immediate geographic breadth, creating a platform for expanding and diversifying. Our focus in 2017 will be to develop a leadership and organizational structure that brings together Stantec&#146;s
legacy International operations with MWH&#146;s global operations and supports further growth in key markets and regions. We view our strategic opportunities as follows: </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="3%" VALIGN="top" ALIGN="left"><FONT COLOR="#8b8376">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">Continuing to solidify our existing Stantec presence in the United Kingdom and the United Arab Emirates </TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="3%" VALIGN="top" ALIGN="left"><FONT COLOR="#8b8376">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">Leveraging MWH&#146;s <FONT STYLE="white-space:nowrap">top-tier</FONT> brand in the United Kingdom so we can continue working on projects through the United Kingdom&#146;s Asset Management Program </TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="3%" VALIGN="top" ALIGN="left"><FONT COLOR="#8b8376">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">Enhancing and growing our strategic technical consulting business in the United Kingdom and expanding MWH&#146;s UK service offerings beyond water through a focused acquisition strategy </TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="3%" VALIGN="top" ALIGN="left"><FONT COLOR="#8b8376">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">Cross-selling services in continental Europe </TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="3%" VALIGN="top" ALIGN="left"><FONT COLOR="#8b8376">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">Expanding service offerings in the United Kingdom, Australia, and New Zealand by capitalizing on Stantec synergies </TD></TR></TABLE>
<P STYLE="margin-top:16pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL"><B>Business Operating Unit Specialization </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Business operating unit
specialization is the second element of our business model. In Consulting Services during 2016, we had four specialized business operating units: Buildings, Energy&nbsp;&amp; Resources, Environmental Services, and Infrastructure. In 2016, we earned
22% of our Consulting Services gross revenue in Buildings, 12% in Energy&nbsp;&amp; Resources, 17% in Environmental Services, and 49% in Infrastructure. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Within these four Consulting Services business operating units, we focus on the top 14 sectors that our clients operate in. By better understanding our
clients&#146; goals, the market influences, and our business drivers, we can offer multidisciplinary solutions to meet their needs. </P> <P STYLE="margin-top:16pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I>Buildings
</I></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">We generate most revenue in our Buildings business operating unit by providing <FONT STYLE="white-space:nowrap">pre-design,</FONT> design, and
construction administration services in planning, architecture, buildings engineering, and interior design services for vertical infrastructure. We earn most of our revenue from private sector and institutional clients; the&nbsp;remaining revenue is
from public sector clients. We provide services in the following sectors: </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:7pt" ALIGN="center">

<TR>
<TD WIDTH="33%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="33%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="32%"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:7pt">
<TD VALIGN="bottom"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:7pt; font-family:Times New Roman">Management&#146;s Discussion and Analysis</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:7pt; font-family:Times New Roman">December 31, 2016</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">M-9</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">Stantec Inc.&nbsp;&nbsp;</TD></TR></TABLE>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="3%" VALIGN="top" ALIGN="left"><FONT COLOR="#8b8376">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">Airports&nbsp;&amp; Aviation </TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="3%" VALIGN="top" ALIGN="left"><FONT COLOR="#8b8376">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">Civic </TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="3%" VALIGN="top" ALIGN="left"><FONT COLOR="#8b8376">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">Commercial </TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="3%" VALIGN="top" ALIGN="left"><FONT COLOR="#8b8376">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">Education </TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="3%" VALIGN="top" ALIGN="left"><FONT COLOR="#8b8376">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">Healthcare </TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="3%" VALIGN="top" ALIGN="left"><FONT COLOR="#8b8376">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">Industrial </TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="3%" VALIGN="top" ALIGN="left"><FONT COLOR="#8b8376">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">Science&nbsp;&amp; Technology </TD></TR></TABLE> <P STYLE="margin-top:16pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I>Energy&nbsp;&amp; Resources </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">We generate most of our revenue in our Energy&nbsp;&amp; Resources business operating unit from industrial engineering, project management, and construction
management services primarily for private sector clients. Services are provided in the following sectors: </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="3%" VALIGN="top" ALIGN="left"><FONT COLOR="#8b8376">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">Mining </TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="3%" VALIGN="top" ALIGN="left"><FONT COLOR="#8b8376">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">Oil&nbsp;&amp; Gas </TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="3%" VALIGN="top" ALIGN="left"><FONT COLOR="#8b8376">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">Power </TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="3%" VALIGN="top" ALIGN="left"><FONT COLOR="#8b8376">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">Waterpower&nbsp;&amp; Dams </TD></TR></TABLE> <P STYLE="margin-top:16pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I>Environmental Services </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">We generate most of our revenue in our Environmental Services business operating unit by providing <FONT STYLE="white-space:nowrap">front-end</FONT>
environmental services for private sector clients and remediation activities for private and public sector clients. Environmental Services provides services across all Company sectors, though more than 45% of its revenue is generated from our
Energy&nbsp;&amp; Resources business operating unit. </P> <P STYLE="margin-top:16pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I>Infrastructure </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">We generate most of our revenue in our Infrastructure business operating unit by providing <FONT STYLE="white-space:nowrap">front-end</FONT> design and
engineering services, with a small portion from project and construction management services. We provide services in the following sectors: </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="3%" VALIGN="top" ALIGN="left"><FONT COLOR="#8b8376">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">Community Development </TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="3%" VALIGN="top" ALIGN="left"><FONT COLOR="#8b8376">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">Transportation (Bridges, Roadways, and Transit&nbsp;&amp; Rail) </TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="3%" VALIGN="top" ALIGN="left"><FONT COLOR="#8b8376">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">Water </TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Our Community Development sector mainly serves private sector clients. Our Transportation and Water
sectors mainly serve public sector clients, but a growth area is delivering these services using alternative project delivery methods. </P> <P STYLE="margin-top:16pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I>MWH&#146;s
cross-selling capabilities to various end markets </I></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">MWH adds global capabilities in water-related design services to our key hydropower, oil and
gas, mining, and industrial clients. MWH&#146;s global client portfolio is expected to generate opportunities for our Energy&nbsp;&amp; Resources business operating unit to cross-sell its engineering services. We believe that further opportunities
exist to cross-sell services provided by our Buildings and Environmental Services business operating units to MWH&#146;s clients. </P> <P STYLE="margin-top:16pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I>Evolution of our
business operating unit specialization </I></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">We continually evolve our organizational structure so that it adapts to changes in the marketplace, meets
our business needs, and positions us for long-term success. The MWH acquisition added a world-class design presence to our Water sector and a truly global platform from which we can enhance our Consulting Services offerings. For these reasons, we
are realigning our Consulting Services organizational structure. Bringing our </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:7pt" ALIGN="center">

<TR>
<TD WIDTH="33%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="33%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="32%"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:7pt">
<TD VALIGN="bottom"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:7pt; font-family:Times New Roman">Management&#146;s Discussion and Analysis</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:7pt; font-family:Times New Roman">December 31, 2016</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">M-10</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">Stantec Inc.&nbsp;&nbsp;</TD></TR></TABLE>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">
total number of business operating units to five, at the beginning of 2017, we added Water as a separate business operating unit by segregating the legacy Stantec Water sector from our
Infrastructure business operating unit and combining it with MWH&#146;s capabilities in water. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Considering this realignment, our restated 2016 gross
revenue earned in Consulting Services is 22% in Buildings, 12% in Energy&nbsp;&amp; Resources, 17% in Environmental Services, 28% in Infrastructure, and 21% in&nbsp;Water. (Refer to the Results section of this report for additional details about the
restated 2016 figures.) </P> <P STYLE="margin-top:16pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL"><B>Life-Cycle Solutions </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">We provide
professional services in all phases of the project life cycle: planning, design, construction, commissioning, maintenance, decommissioning, and remediation. This inclusive approach enables us to deliver services during periods of strong new capital
project activity (design and construction) and of redevelopment and operational spending activity (maintenance, integrity management, and remediation). We believe this strategy enables us to maintain long-term client relationships throughout the
life of a project or an infrastructure asset. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Beginning with the planning and design stages, we provide conceptual and detailed design services, conduct
feasibility studies, and prepare plans and specifications. During the construction phase, we generally act as the owner&#146;s representative, providing project management, construction management, surveying, and resident engineering services. In
our Consulting Services business, we focus principally on <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">fee-for-service</FONT></FONT> work and rarely act as the contractor or take on construction risk. In our Construction
Services business, we provide construction management <FONT STYLE="white-space:nowrap">at-risk</FONT> services. During the maintenance phase that follows project completion, we provide ongoing professional services for integrity management, as well
as for maintenance and rehabilitation projects such as facilities and infrastructure management, facilities operations, and performance engineering. In the final decommissioning phase, we provide solutions, recommendations, and remediation
strategies for taking facilities out of active service. The MWH acquisition provided a broader enhanced service offering throughout the complete project life cycle and expanded our service offerings in the construction phase. </P>
<P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:14pt; font-family:ARIAL"><FONT COLOR="#8b8376"><B>Key Performance Drivers and Capabilities </B></FONT></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Our key performance drivers are defined by external forces and by internal initiatives that are articulated through our value statements: we put people first,
we are better together, we do what is right, and we are driven to achieve. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The following discussion includes forward-looking statements. For an outline
of the material risks and assumptions associated with these statements, refer to the Cautionary Note Regarding Forward-Looking Statements at the end of this report. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:11pt; font-family:ARIAL"><B>KEY EXTERNAL DRIVERS </B></P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL"><B>Consulting Services </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Our Consulting Services business is driven by external industry factors that affect the demand for our services. </P>
<P STYLE="margin-top:16pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I>Buildings </I></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Our Buildings business operating unit
consists of seven market sector groups. This diversity means that Buildings is driven by a combination of factors such as economic outlook, technology advancements, aging infrastructure, resiliency trends, regulatory changes, project complexity,
population growth, urbanization, and demographic changes. Drivers specific to our key market sectors include the following: passenger and air freight traffic (Airports&nbsp;&amp; Aviation), US healthcare reform (Healthcare), the incorporation of
full automation in warehousing and the supply chain (Industrial), Internet commerce (Commercial), municipal government funding (Civic), and a focus on science, technology, engineering, and mathematics education (Education and Science&nbsp;&amp;
Technology). </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:7pt" ALIGN="center">

<TR>
<TD WIDTH="33%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="33%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="32%"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:7pt">
<TD VALIGN="bottom"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:7pt; font-family:Times New Roman">Management&#146;s Discussion and Analysis</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:7pt; font-family:Times New Roman">December 31, 2016</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">M-11</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">Stantec Inc.&nbsp;&nbsp;</TD></TR></TABLE>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I>Energy&nbsp;&amp; Resources </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Our Energy&nbsp;&amp; Resources business operating unit is driven primarily by supply and demand for commodities both globally and locally. Our Oil&nbsp;&amp;
Gas and Mining sectors are impacted by economics, commodity prices, cost reduction and efficiencies, technological advancement, and political and regulatory drivers (including carbon emission reductions). Other considerations include alternative
fuels, aging infrastructure, and energy efficiency trends. These sectors are highly cyclical and can experience rapid and dramatic fluctuations in price and supply and demand. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Our Power sector is more of an infrastructure business, but economic activity also affects power demand and therefore impacts this market. Regulations,
infrastructure age, the location of supply and demand for transmission and distribution, and renewable subsidization also influence activity in our Power sector. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Significant drivers for the Waterpower&nbsp;&amp; Dams sector include climate change and the associated demand for hydroelectric power, both as a renewable
generation source and for its ability to integrate other renewables (wind and solar). Aging infrastructure results in the need to rehabilitate, modernize, and upgrade existing dam and hydroelectric projects. </P>
<P STYLE="margin-top:16pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I>Environmental Services </I></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Our Environmental Services
business operating unit performs services in some capacity across all Company sectors, though most significantly in our Energy&nbsp;&amp; Resources business operating unit and our Transportation and&nbsp;Commercial sectors. Therefore, the drivers
for Environmental Services overlap with those affecting other business operating units. Following are the most significant drivers affecting Environmental Services: economic and political conditions, construction growth, environmental regulations,
emphasis on environmentally sustainable behaviors, demand for emergency site remediation planning and cleanups, Aboriginal involvement in resource-based projects, and increasing spending on infrastructure improvements in Canada and the United
States. </P> <P STYLE="margin-top:16pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I>Infrastructure </I></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Our Infrastructure
business operating unit is driven by a combination of economic, demographic, urbanization and housing, technology, public funding, and regulatory factors. Additional drivers include employment rates, interest rates, water conservation efforts,
public and active transport usage, technological advancements, aging infrastructure, resiliency trends, and regulatory changes. Drivers specific to key market sectors include the housing-affordability crisis (Community Development), connected and
autonomous vehicles, and Smart Cities and design-build (Transportation). Overall, this business operating unit relies heavily on local and regional clients and benefits from Stantec&#146;s strong community presence. </P>
<P STYLE="margin-top:16pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I>Water </I></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">We will report Water as a distinct
Consulting Services business operating unit effective January&nbsp;1, 2017. The Water business operating unit performs services in the following sectors: </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="3%" VALIGN="top" ALIGN="left"><FONT COLOR="#8b8376">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">Client Enterprise Systems </TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="3%" VALIGN="top" ALIGN="left"><FONT COLOR="#8b8376">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">Conveyance </TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="3%" VALIGN="top" ALIGN="left"><FONT COLOR="#8b8376">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">Urban Stormwater&nbsp;&amp; Wet Weather Flow </TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="3%" VALIGN="top" ALIGN="left"><FONT COLOR="#8b8376">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">Waste Management </TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="3%" VALIGN="top" ALIGN="left"><FONT COLOR="#8b8376">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">Water Resources Planning&nbsp;&amp; Management </TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="3%" VALIGN="top" ALIGN="left"><FONT COLOR="#8b8376">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">Water Treatment </TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="3%" VALIGN="top" ALIGN="left"><FONT COLOR="#8b8376">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">Wastewater Treatment </TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:7pt" ALIGN="center">

<TR>
<TD WIDTH="33%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="33%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="32%"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:7pt">
<TD VALIGN="bottom"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:7pt; font-family:Times New Roman">Management&#146;s Discussion and Analysis</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:7pt; font-family:Times New Roman">December 31, 2016</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">M-12</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">Stantec Inc.&nbsp;&nbsp;</TD></TR></TABLE>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Our Water business operating unit is driven primarily by regulatory and public funding factors as well as aging
infrastructure, resiliency strategies, demographic shifts, water scarcity, climate change, globalization and geopolitics, technology, and economic cycles. </P>
<P STYLE="margin-top:16pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL"><B>Construction Services </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Key performance drivers for Construction
Services are similar to the drivers for our legacy Stantec Water sector; these Water sector drivers were carried over to our newly defined Water business operating unit. Specifically, trends that are expected to impact water infrastructure
requirements and drive growth in the sector include demographic shifts, water scarcity, climate change, globalization and geopolitics, technology, and economic cycles. </P>
<P STYLE="margin-top:16pt; margin-bottom:0pt; font-size:11pt; font-family:ARIAL"><B>KEY INTERNAL DRIVERS </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">We believe our actionable value statements
best reflect what unites Stantec and compels our people to come to work and to do their best every day. Our performance depends on our ability to achieve excellence by putting people first, developing strong, long-lasting relationships with each
other and our clients, doing what is right, and being driven to achieve at every level. Our value system provides a framework for the strategic initiatives that we implement to drive our performance and help obtain our overall business objective of
being a top 10 global design firm. </P> <P STYLE="margin-top:16pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL"><B>We Put People First </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">We
continue to evolve by attracting talent and developing our people. This entails assessing and guiding current employees, engaging and developing leadership, and ensuring we create an experience and a work environment that retains talent. The total
number of employees at our Company was approximately 15,200 at the end of 2015 and approximately 22,000 at the end of 2016. </P> <P STYLE="margin-top:16pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I>Employees </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Our people remain at the core of what we do. We strive to attract and retain the best employees in the field and to further develop their talents. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">We are committed to supporting, fostering, and investing in each employee&#146;s success through a culture of opportunity, equity, development, diversity, and
innovation. Specific career streams provide employees with career development direction and growth opportunities based on their primary area of interest. We also have a formalized succession planning process and offer a number of leadership
programs. In 2016, we initiated the pilot phase of a Talent Management System so we can collect and integrate all talent data across Stantec. In 2017, we will start a <FONT STYLE="white-space:nowrap">phased-in</FONT> implementation process. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Our Diversity and Inclusion committees foster a workplace that supports the unique differences of our clients and employees. In 2016, we continued to deliver
initiatives supporting diversity and inclusion, including rolling out unconscious-bias training to leadership, and in 2017, it will be available Company-wide. We will also expand our mandate for employee resource groups to bring together communities
of employees with shared backgrounds and values. We will also call on the expertise of the Canadian Centre for Diversity and Inclusion to support our ongoing development of a comprehensive diversity and inclusion plan. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">We measure the success of our various initiatives through retention rates, employee surveys, <FONT STYLE="white-space:nowrap">360-degree</FONT> feedback, and
exit interviews. The results help us develop future programs and initiatives. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:7pt" ALIGN="center">

<TR>
<TD WIDTH="33%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="33%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="32%"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:7pt">
<TD VALIGN="bottom"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:7pt; font-family:Times New Roman">Management&#146;s Discussion and Analysis</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:7pt; font-family:Times New Roman">December 31, 2016</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">M-13</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">Stantec Inc.&nbsp;&nbsp;</TD></TR></TABLE>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I>Senior leadership </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Our Executive Vice President Team (EVPT) is made up of our senior leaders: the chief executive officer (CEO), chief financial officer (CFO), chief operating
officer (COO), chief business officer (CBO), and executive vice presidents (EVPs). The EVPT oversees the Company&#146;s overall performance, including developing and monitoring our business plan, monitoring financial performance and risks, approving
policies and procedures, and overseeing acquisitions and divestitures. EVPs are specifically responsible for the performance of our reportable segments and business operating units. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">In 2016, we worked toward building fully developed processes to assess, grow, reward, and promote our leaders to achieve success today and prepare for future
talent and business needs. In 2017, we will compare core leadership needs and gaps to our business plan and acquisition needs. We will assess current succession planning processes, tools, and outcomes for employees, including those joining Stantec
through acquisition. We will identify mission-critical roles and run succession-planning pilots in certain areas of our Company. </P> <P STYLE="margin-top:16pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I>Compensation
</I></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Our ability to align the activities of our senior leadership and other key employees with our short- and long-term financial and strategic goals
is a key driver of our success. In addition to their fixed salaries, we provide short- and long-term compensation on a discretionary basis for their individual and corporate contributions to meeting our objectives. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">For our senior leadership, senior managers, and other key employees, we provide a short-term incentive program (STIP) that is paid annually in cash. The total
amount available in the STIP for any given year is calculated as a percentage of our annual pretax, <FONT STYLE="white-space:nowrap">pre-STIP</FONT> net income, which encourages our senior managers to&nbsp;achieve profitable business results. To
determine the STIP awards for the year, we evaluate each eligible employee&#146;s personal performance and achievement of Company-wide and business unit objectives. In our view, this compensation program creates a sense of shared responsibility for
achieving outstanding business results and meeting our clients&#146; needs. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Our compensation program for our senior leadership team provides a long-term
incentive plan (LTIP) using both share options and performance share units (PSUs), in addition to base salary and STIP participation. The mix of fixed salary, STIP compensation, and LTIP compensation varies, depending on the seniority of the
executive within the organization. Our CEO, CFO, COO, CBO, and EVP targeted total compensation is more heavily weighted to long-term incentives. This motivates our most senior executives to make decisions that are in the long-term interest of the
shareholders. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Certain key employees who are not members of the senior leadership team are also granted options through an LTIP approved by shareholders
in 2014, further aligning their interests with our shareholders&#146; interests, as well as encouraging them to remain with us over the long term. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The
CEO&#146;s STIP is evaluated by the board annually and is based on achieving corporate and individual performance metrics, and he is awarded annual long-term incentive grants of share options and PSUs. His total compensation is 25% fixed base
salary, 25% short-term cash incentive opportunity, and 50% equity-based long-term incentives. The long-term incentives granted are <FONT STYLE="white-space:nowrap">one-third</FONT> share options and <FONT STYLE="white-space:nowrap">two-thirds</FONT>
PSUs. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">We require our CEO, CFO, COO, CBO, and EVPs to own a minimum number of shares in the Company. These executives must own a multiple of their base
salary in shares. We believe that our long-term programs and the minimum ownership requirement provide the appropriate incentives for our EVPT to achieve growth in our share price, thereby aligning their compensation with the interests of
shareholders. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:7pt" ALIGN="center">

<TR>
<TD WIDTH="33%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="33%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="32%"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:7pt">
<TD VALIGN="bottom"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:7pt; font-family:Times New Roman">Management&#146;s Discussion and Analysis</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:7pt; font-family:Times New Roman">December 31, 2016</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">M-14</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">Stantec Inc.&nbsp;&nbsp;</TD></TR></TABLE>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">We also have an executive compensation claw-back policy which shows our commitment to the principle that
compensation paid to our executives&#151;based on financial information that has since been restated&#151;should be&nbsp;returned. </P> <P STYLE="margin-top:16pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL"><B>We Are Better Together
</B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Strong, long-lasting relationships are at the center of everything we do, and each employee brings individual strengths to our Company, whether that
is technical expertise, particular sector experience, or exceptional client relationships. When we combine those strengths, we believe we reach our full potential to build lasting relationships with our clients. Building and developing a
consistently positive client-centered experience is essential for the continued growth and success of our organization. </P> <P STYLE="margin-top:16pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I>Organizational evolution
</I></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">In 2016, we continued the process of realigning our internal structure to better serve our clients. The acquisition of MWH added a world-class
design presence in the water sector, including a <FONT STYLE="white-space:nowrap">top-tier</FONT> presence in the United States and United Kingdom, and a world-class presence in waterpower and dams. To best leverage this expertise and offer a higher
degree of leadership and increased visibility for clients and employees, effective January&nbsp;1, 2017, we are combining legacy Stantec&#146;s Water sector (from the Infrastructure business operating unit) and MWH&#146;s Water businesses into a
separate business operating unit&#151;Water. </P> <P STYLE="margin-top:16pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I>Account management and client development </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">We continue to pursue a client strategy that focuses on growing global accounts while augmenting the strength of our local client base and differentiating
ourselves from our peers in the marketplace. The purpose of our account management program is to position Stantec for sustainable organic growth. In 2017, we will focus on strengthening our ability to establish key accounts, align capable account
managers, develop new business with those accounts, and measure our success. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">In 2016, we developed a client-centric, cross-functional Client Services
team to improve the growth of our key accounts and the services we provide to our clients. As well, account managers were asked to develop account development plans for each national and global top client identified for 2017. We plan to extend this
program to local and regional accounts in 2017. We also plan to leverage MWH&#146;s sales and client development capabilities. </P> <P STYLE="margin-top:16pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I>Alternative project
delivery </I></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Although our business has historically followed a
<FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">fee-for-service</FONT></FONT> model, we do have processes for evaluating, pursuing, and executing projects using alternative project delivery (APD) methods, such as various forms of
design-build and P3s, and bundling engineering, procurement, and construction management (EPCM) services. In 2016, we proposed that&#151;over a period of a few years and for select projects, clients, and sectors&#151;we will continue exploring our
service delivery approach and risk appetite to better meet our clients&#146; needs. We will continue this approach in 2017. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">MWH&#146;s Construction
Services will continue to focus on its existing business, but we will consider how we can incorporate their construction knowledge and identify ways they might support our overall strategy for EPCM projects. </P>
<P STYLE="margin-top:16pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I>Creativity and Innovation Program </I></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">We continue to
support and promote creative and innovative thinking. In 2016, we formalized a program that recognizes and celebrates, internally and externally, the efforts of our employees to develop and apply ideas that benefit us, our clients, and our
communities. The program includes an annual fund to support research, development, and innovative ideas initiated by our employees, as well as financial rewards for staff who publish </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:7pt" ALIGN="center">

<TR>
<TD WIDTH="33%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="33%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="32%"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:7pt">
<TD VALIGN="bottom"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:7pt; font-family:Times New Roman">Management&#146;s Discussion and Analysis</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:7pt; font-family:Times New Roman">December 31, 2016</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">M-15</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">Stantec Inc.&nbsp;&nbsp;</TD></TR></TABLE>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">
articles or speak at conferences. The program also includes a venture fund intended to support innovative ventures into markets we are not yet in or services we do not currently offer. In 2017,
we will work to integrate MWH best practices into our existing program with the goal of having a fully integrated approach for 2017. </P> <P STYLE="margin-top:16pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I>Practice
technology framework and cybersecurity </I></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Our Company embraces digital technologies that assist us in delivering professional services and help us
improve services to our clients. We also recognize the importance of cybersecurity and therefore have a comprehensive IT security program designed to predict, prevent, detect, and respond to cybersecurity threats. (Cybersecurity is further described
in the Risk section of this report.) In 2016, we completed an assessment of practice technology needs across the business. We are now focused on developing strategic priorities and critical business needs to improve practice technology support,
governance, and resources. </P> <P STYLE="margin-top:16pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I>Balanced leadership model </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Because our Company has evolved, we continue to strengthen and customize our balanced leadership model to enable the unique needs of our business. The balanced
leadership model&#151;consisting of both geographic and business leadership&#151;offers our clients a local presence and diverse services and facilitates the cross-selling of services to new clients and in new geographies. Our structure will
continue evolving to meet our clients&#146; needs. </P> <P STYLE="margin-top:16pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I>Brand positioning </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">In 2016, we began resurveying our clients and industry decision makers to measure the progress we made in our brand positioning since 2013. We also surveyed
MWH clients to better understand MWH&#146;s position in its markets and the key attributes that matter most to its clients. The research findings will help us make recommendations for effectively integrating MWH&#146;s brand into Stantec&#146;s
brand and identify ways to develop Stantec&#146;s existing strategic brand platform. The intent is to leverage the strengths of both brands in the global marketplace in 2017 and beyond. Following these recommendations, we will develop comprehensive
internal and external brand campaigns to communicate our combined brand to employees and the marketplace. </P> <P STYLE="margin-top:16pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL"><B>We Do What Is Right </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Doing what is right means paying attention to the impact that every decision has on the way we do business and holding ourselves to a high standard of ethics
and integrity in everything we do. It also means committing to professional excellence in a manner that fosters an innovative, forward-looking culture of safety and sustainability. </P>
<P STYLE="margin-top:16pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I>Ethics and integrity </I></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Our reputation remains a
significant asset; therefore, our focus continues to be on aligning our actions and decisions with our ethics and integrity policies. One way we ensure this is by conducting annual mandatory ethics, integrity, and anti-corruption compliance training
for all employees. We articulate our high standard of business practices through our Project Management Framework, Code of Ethics, and policies and practices. We also engage an outside agency to monitor, review, and report any issues identified
through our Integrity Hotline. In 2017, we will deploy an updated ethics and integrity compliance training program to focus on issues routinely faced by design and construction firms and build on MWH&#146;s strong global compliance program. </P>
<P STYLE="margin-top:16pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I>Health, safety, security, and environment </I></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">We are
committed to ensuring the health and safety of all employees and stakeholders involved in our professional work. We continue to promote a culture of safety across our organization by implementing numerous formal and informal initiatives. In 2016, we
reorganized our former Health, Safety, and Environment group. The Health, Safety, Security, and Environment (HSSE) group is now focused on three main areas: occupational health and safety, security, and the environment. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:7pt" ALIGN="center">

<TR>
<TD WIDTH="33%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="33%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="32%"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:7pt">
<TD VALIGN="bottom"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:7pt; font-family:Times New Roman">Management&#146;s Discussion and Analysis</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:7pt; font-family:Times New Roman">December 31, 2016</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">M-16</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">Stantec Inc.&nbsp;&nbsp;</TD></TR></TABLE>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">We will continue developing a mature health and safety culture that is focused on leading indicators and that
decreases our total recordable injury rate. In 2017, HSSE will focus on refining our environmental management system and tools and establishing security processes which address both staff mobility and facilities assessment to enhance leadership
engagement and reduce employee injuries. To achieve this, we will enhance our employees&#146; understanding of how Stantec employees are &#147;Safer Together&#148; by highlighting the employees&#146; personal connection and commitment and senior
leadership&#146;s accountability. In addition, we will focus on combining the best of the systems and processes acquired through the MWH transaction. </P>
<P STYLE="margin-top:16pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I>Quality management </I></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">We use various methods to
ensure high-quality project execution, including the following: </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="3%" VALIGN="top" ALIGN="left"><FONT COLOR="#8b8376">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"><B>Project Management Framework. </B>We are committed to efficient and high-quality project execution within a framework that incorporates ethics, safety, sustainability, innovation, and profitability. In legacy Stantec
operations, our Project Management (PM) Framework helps us improve project planning, remain committed to quality assurance, and fulfill independent review requirements, and these principles are consistently applied to all projects. For MWH
operations, we use a proprietary handbook of PM practices that will be integrated with the legacy Stantec PM Framework in 2017 and adopted by all our Consulting Services operations. MWH Construction Services uses a Project Management Administration
Plan to tailor its project management practices to each project and integrate quality, risk, health and safety, information technology (IT), and change management procedures. </TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">We always strive to enhance our project execution and forecasting ability and to facilitate more efficient resource management. Currently, we
use a diverse range of tools, including our Enterprise Management System, to execute projects effectively, and we will continue to invest in these tools in 2017. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="3%" VALIGN="top" ALIGN="left"><FONT COLOR="#8b8376">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"><B>Internal practice audits. </B>We conduct internal practice audits to identify opportunities for practice improvement across regions, disciplines, and sectors. </TD></TR></TABLE>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="3%" VALIGN="top" ALIGN="left"><FONT COLOR="#8b8376">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"><B>Integrated Management System. </B>In legacy Stantec operations, our Integrated Management System (IMS) clarifies expectations for project delivery and client service excellence and conveys the steps employees must
take to achieve more consistent and successful project outcomes. In 2016, we redefined our internal practice audit program and expanded the number of internal practice audits and client surveys conducted annually. We are also in the process of
consolidating our audit, client survey, incident notification, and improvement plans on a Company-wide Governance Risk Control application. </TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="3%" VALIGN="top" ALIGN="left"><FONT COLOR="#8b8376">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"><B>Programs and Business Solutions.</B> Effective project management depends not only on tools but also on people. Project Management is a career stream at Stantec. In 2016, we merged our legacy Stantec Project Delivery
Office with MWH&#146;s Business Solutions group to create the Programs and Business Solutions (PBS) group. PBS houses a group of senior project managers and project management specialists who can be deployed when needed to any project throughout
Stantec. PBS addresses the project and commercial needs of major projects, including APD and P3 projects. It also provides a systematic way to manage and mitigate the risk profiles on major projects. </TD></TR></TABLE>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="3%" VALIGN="top" ALIGN="left"><FONT COLOR="#8b8376">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"><B>Regulatory compliance.</B> We operate in diverse regulatory environments and are committed to complying with regulatory requirements. For instance, we comply with employment practices and financial reporting
standards and controls. We also demonstrate our commitment to excellence through our documented policies and practices. </TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:7pt" ALIGN="center">

<TR>
<TD WIDTH="33%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="33%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="32%"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:7pt">
<TD VALIGN="bottom"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:7pt; font-family:Times New Roman">Management&#146;s Discussion and Analysis</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:7pt; font-family:Times New Roman">December 31, 2016</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">M-17</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">Stantec Inc.&nbsp;&nbsp;</TD></TR></TABLE>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I>Sustainability </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">We believe that every service that Stantec provides&#151;from external services to our clients that ensure we continue to design in a sustainable way to our
own internal impact on the environment while we deliver our services&#151;contributes to a sustainable environment. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">We are committed to finding ways to
further enhance our services. In addition, we continue to invest in LEED-accredited and Envision professionals through training and mentorship to ensure we are well positioned as leaders in the field of sustainable and integrated infrastructure
solutions. Envision is a planning framework and evaluation system developed by the Institute for Sustainable Infrastructure and the Harvard Graduate School of Design. It provides a holistic framework for planning, designing, evaluating, and rating
the community, environmental, and economic benefits of infrastructure projects and systems. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">In our internal operations, we are committed to reducing our
negative impact on the environment by progressing toward least-impact approaches to energy consumption, paper consumption, and waste disposal. We track and report our progress in our annual Sustainability Report and in the Carbon Disclosure Project
(CDP). In 2017, we will remain focused on meeting established targets to reduce our environmental impact. </P> <P STYLE="margin-top:16pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I>Community engagement </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Our purpose is to create communities. At Stantec, we are active members in our communities, making lasting connections with the people that we live with and
work with. To help support their growth and development, we regularly partner with a number of charitable and community organizations to work on social projects, environmental projects, and charitable initiatives. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">In 2016, our Company contributed approximately $3&nbsp;million to community engagement activities in arts, education, environment, and health and wellness. In
addition to these funds, we continued to give back to our communities by volunteering, fundraising, and being a partner. For example, as part of our fourth annual Company-wide Stantec in the Community Day, more than 8,000 employees volunteered
approximately 16,000&nbsp;hours in communities around the world. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">In every region, we make decisions with local input. We recognize that local employees
best understand how&nbsp;to&nbsp;match our resources and capabilities to our communities&#146; priorities and how to provide support to the organizations that make a difference. Corporately, we provide the framework that guides decision making,
ensuring our community investments align with our organizational objectives and resonate with our employees and business leaders in the communities we serve. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">We target donating up to 1% of our annual pretax profits through direct cash contributions or services in kind to charitable and <FONT
STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">not-for-profit</FONT></FONT> endeavors in the arts and in education, environment, and health and wellness. </P>
<P STYLE="margin-top:16pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL"><B>We Are Driven to Achieve </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Achievement at every level begins and
ends with a firm commitment to being the best that we can be. To do this, we will continue to balance growth, execution, and risk appetite while we focus on long-term sustainability. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">We will continue to pursue <FONT STYLE="white-space:nowrap">top-tier</FONT> positioning in the markets we serve and maintain the balance of our diversified
business model over the long term. We will do so through our organic growth strategies and continue to strategically execute our small- and <FONT STYLE="white-space:nowrap">mid-sized</FONT> North American acquisitions and augment that strategy to
include small to midsized acquisitions in the United Kingdom, Australia, and New Zealand. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:7pt" ALIGN="center">

<TR>
<TD WIDTH="33%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="33%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="32%"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:7pt">
<TD VALIGN="bottom"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:7pt; font-family:Times New Roman">Management&#146;s Discussion and Analysis</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:7pt; font-family:Times New Roman">December 31, 2016</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">M-18</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">Stantec Inc.&nbsp;&nbsp;</TD></TR></TABLE>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I>Growth opportunities </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Our aim is to achieve consistent growth and profitability. We will do this by sustaining a culture of excellence and remaining committed to our clients, our
people, our communities, and our shareholders. We commit to maintaining our diversification strategy, ensuring an appropriate balance within our sector mix. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Achieving a high level of market presence in communities we serve is a key driver to our success. Our approach to regional growth is to effectively service
our existing regional and local clients, develop new client relationships, and grow our reputation and business where opportunities exist. Our target is to be among the <FONT STYLE="white-space:nowrap">top-tier</FONT> service providers in each
region and sector. With this level of market presence, we are less likely to be affected by downturns in regional economies. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Organic growth has been and
continues to be an element of our strategy. To achieve growth, we leverage client relationships by cross-selling, following a sector-based approach, and delivering our account management programs. We refine internal strategies that promote a culture
of revenue generation in all areas of our Company. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Acquisitions are key to our strategy, and increasing the depth of our capabilities and broadening our
geographic coverage enables us to better service our clients and achieve growth. Historically, we have focused our acquisition strategy on growth in design-related services in North America. As part of our 2016 strategic plan development, we
recognized the need to start modifying our strategy to maintain our historical growth rates. MWH presented an opportunity to acquire a North American firm that aligns with our Company&#146;s culture and strategy and that expands our services and
growth opportunities into a larger global marketplace. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">For 2017, we intend to continue executing a disciplined North American acquisition approach:
targeting firms that enhance our service capabilities, deepening our geographic positioning, aligning our culture and strategy, and acting as a catalyst for enhanced organic growth. As we focus on integrating our global operations, we plan to
explore opportunities to further expand our new global footprint. </P> <P STYLE="margin-top:16pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I>Financing </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Our continued ability to finance our growth plan supports our success. Adequate financing gives us the flexibility to acquire firms that are appropriate for
our vision and complement our business model. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Since the public trading of our shares began on the Toronto Stock Exchange (TSX) in 1994, we have increased
our gross revenue at a compound annual rate of 19.3%. To fund acquisition growth, we require cash generated from both internal and external sources. Historically, we have completed acquisitions almost entirely using cash generated from operations,
credit facilities, and vendor notes. However, under certain favorable market conditions, we do consider issuing common shares to facilitate acquisition growth or to reduce borrowings under our credit facilities. This was the case for the MWH
acquisition: we financed the acquisition through the net proceeds of both a public offering of common shares and funds drawn from our credit facilities (further described in the Capital Management and Shareholders&#146; Equity sections of this
report). </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:7pt" ALIGN="center">

<TR>
<TD WIDTH="33%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="33%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="32%"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:7pt">
<TD VALIGN="bottom"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:7pt; font-family:Times New Roman">Management&#146;s Discussion and Analysis</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:7pt; font-family:Times New Roman">December 31, 2016</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">M-19</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">Stantec Inc.&nbsp;&nbsp;</TD></TR></TABLE>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:14pt; font-family:ARIAL"><FONT COLOR="#8b8376"><B>Results </B></FONT></P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:11pt; font-family:ARIAL"><B>OVERALL ANNUAL PERFORMANCE </B></P> <P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt;margin-bottom:0pt" ALIGN="center">


<IMG SRC="g350409ex99_2pg020.jpg" ALT="LOGO">
 </P> <P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">In 2016, we continued to grow by consistently executing our strategy. Our results and performance reflect the five
strategic acquisitions completed in the year, a common share offering, and the renegotiation of our long-term debt in the second quarter of 2016. In&nbsp;particular, the MWH acquisition, the largest in our history, significantly added to our
operating results. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The following highlights other major financial achievements and strategic activities in 2016 that contributed to our financial
performance and overall financial condition: </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="3%" VALIGN="top" ALIGN="left"><FONT COLOR="#8b8376">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"><B>Continuous profitability.</B> We ended 2016 with 49.5% growth in gross revenue. EBITDA increased 9.8% and adjusted EBITDA increased 15.5% in 2016 compared to 2015. Our net income was $130.5&nbsp;million in 2016
compared to $156.4&nbsp;million in 2015. Diluted earnings per share (EPS) was $1.22 in 2016 compared to $1.65 in 2015; adjusted diluted EPS was $1.69 in 2016 compared to $1.84 in 2015. See pages <FONT STYLE="white-space:nowrap">M-21</FONT> to <FONT
STYLE="white-space:nowrap">M-23</FONT> in this report for further EBITDA and net&nbsp;income highlights. (EBITDA, adjusted EBITDA, and adjusted diluted EPS are defined in the Definition of <FONT STYLE="white-space:nowrap">Non-IFRS</FONT> Measures in
the Critical Accounting Estimates, Developments, and Measures section the &#147;Definitions section&#148; of this report.) </TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="3%" VALIGN="top" ALIGN="left"><FONT COLOR="#8b8376">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"><B>Growth through acquisition.</B> By successfully executing our acquisition and integration strategy, acquisitions completed in 2016 and 2015 contributed $1.5&nbsp;billion to our growth in gross revenue year over year,
mainly from our MWH acquisition. In particular, MWH expanded many areas of our Consulting Services business, positioned us as a global leader in the Water sector, and created a new service offering&#151;Construction Services. </TD></TR></TABLE>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="3%" VALIGN="top" ALIGN="left"><FONT COLOR="#8b8376">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"><B>Effective and diversified business model</B>. By consistently executing our business strategy and by capitalizing on opportunities to increase project activity in our Infrastructure business operating unit, we were
able to partly offset the organic revenue retraction in our Buildings, Energy&nbsp;&amp; Resources, and Environmental Services business operating units. Overall, in 2016, organic gross revenue retracted 5.6%. </TD></TR></TABLE>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="3%" VALIGN="top" ALIGN="left"><FONT COLOR="#8b8376">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"><B>Growth in backlog.</B> Our contract backlog grew 77.3%&#151;from $2.2&nbsp;billion at December&nbsp;31, 2015, to $3.9&nbsp;billion at December&nbsp;31, 2016. (Backlog, a
<FONT STYLE="white-space:nowrap">non-IFRS</FONT> measure, is further discussed in the Definitions section of this report.) </TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="3%" VALIGN="top" ALIGN="left"><FONT COLOR="#8b8376">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt"><B>Successful public offering.</B> We financed the MWH acquisition through the net proceeds of (a)&nbsp;a public
offering of 19,964,000 shares for $30.25 each and (b)&nbsp;funds drawn from New Credit Facilities described </P></TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:7pt" ALIGN="center">

<TR>
<TD WIDTH="33%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="33%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="32%"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:7pt">
<TD VALIGN="bottom"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:7pt; font-family:Times New Roman">Management&#146;s Discussion and Analysis</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:7pt; font-family:Times New Roman">December 31, 2016</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">M-20</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">Stantec Inc.&nbsp;&nbsp;</TD></TR></TABLE>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">
below. The $603.9&nbsp;million public offering of shares was completed through an agreement with CIBC World Markets Inc. and RBC Dominion Securities Inc. on behalf of a syndicate of underwriters.
After share issuance costs and underwriters&#146; fees, our net proceeds from the public offering were $578.1&nbsp;million. </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="3%" VALIGN="top" ALIGN="left"><FONT COLOR="#8b8376">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"><B>New</B><B> credit facilities.</B> Concurrent with the acquisition of MWH, we entered into an agreement for new $1.25&nbsp;billion senior secured credit facilities (New Credit Facilities) consisting of a senior
secured revolving credit facility of a&nbsp;maximum of $800&nbsp;million and a $450&nbsp;million senior secured term loan in three tranches. The proceeds from the New Credit Facilities were used to repay all outstanding indebtedness under our
existing $350&nbsp;million revolving credit facility and redeem all senior secured notes. We also used the proceeds from the New Credit Facilities to repay the outstanding indebtedness of MWH under its existing revolving credit facility with Bank of
America Merrill Lynch. (See the Capital Management section of this report for additional information.) </TD></TR></TABLE> <P STYLE="margin-top:16pt; margin-bottom:0pt; font-size:11pt; font-family:ARIAL"><B>SELECTED ANNUAL INFORMATION </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The following table highlights trending of certain annual information: </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>
<TD WIDTH="59%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.50pt solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman"><I>&nbsp;&nbsp;(In millions of Canadian dollars,</I></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman"><I>&nbsp;&nbsp;except per share amounts and %)</I></P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e5e1" STYLE="BORDER-BOTTOM:1.50pt solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1.50pt solid #000000" BGCOLOR="#e5e5e1"><B>2016</B></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.50pt solid #000000" BGCOLOR="#e5e5e1">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.50pt solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1.50pt solid #000000"><B>2016&nbsp;vs.<BR>2015<BR>(%)</B></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.50pt solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.50pt solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1.50pt solid #000000"><B>2015</B></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.50pt solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.50pt solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1.50pt solid #000000"><B>2015&nbsp;vs.<BR>2014<BR>(%)</B></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.50pt solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.50pt solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1.50pt solid #000000"><B>2014</B></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.50pt solid #000000">&nbsp;</TD></TR>


<TR STYLE="font-size:1pt">
<TD HEIGHT="13"></TD>
<TD HEIGHT="13" COLSPAN="4" BGCOLOR="#e5e5e1"></TD>
<TD HEIGHT="13" COLSPAN="4"></TD>
<TD HEIGHT="13" COLSPAN="4"></TD>
<TD HEIGHT="13" COLSPAN="4"></TD>
<TD HEIGHT="13" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">&nbsp;&nbsp;Gross revenue<SUP STYLE="font-size:85%; vertical-align:top"> </SUP></P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e5e1">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#e5e5e1">&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#e5e5e1" ALIGN="right">4,300.1</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#e5e5e1">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">49.5%</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">2,877.2</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">13.7%</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">2,529.9</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">&nbsp;&nbsp;Net revenue</P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e5e1">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#e5e5e1">&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#e5e5e1" ALIGN="right">3,098.4</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#e5e5e1">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">30.5%</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">2,373.7</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">14.4%</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">2,075.3</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" BGCOLOR="#ffffff"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">&nbsp;&nbsp;EBITDA <I>(note 1)</I></P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e5e1">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#e5e5e1">&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#e5e5e1" ALIGN="right">336.3</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#e5e5e1">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">9.8%</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">306.3</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">3.9%</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">294.7</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">&nbsp;&nbsp;Adjusted EBITDA <I>(note 1)</I></P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e5e1">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#e5e5e1">&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#e5e5e1" ALIGN="right">352.3</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#e5e5e1">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">15.5%</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">305.1</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">3.2%</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">295.6</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">&nbsp;&nbsp;Net income</P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e5e1">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#e5e5e1">&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#e5e5e1" ALIGN="right">130.5</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#e5e5e1">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(16.6%)</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">156.4</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(4.9%)</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">164.5</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">&nbsp;&nbsp;EPS &#150; basic</P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e5e1">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#e5e5e1">&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#e5e5e1" ALIGN="right">1.22</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#e5e5e1">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(26.5%)</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1.66</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(5.7%)</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1.76</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">&nbsp;&nbsp;EPS &#150; diluted</P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e5e1">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#e5e5e1">&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#e5e5e1" ALIGN="right">1.22</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#e5e5e1">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(26.1%)</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1.65</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(5.2%)</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1.74</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">&nbsp;&nbsp;Adjusted EPS &#150; basic <I>(note 1)</I></P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e5e1">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#e5e5e1">&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#e5e5e1" ALIGN="right">1.69</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#e5e5e1">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(8.6%)</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1.85</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(1.1%)</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1.87</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">&nbsp;&nbsp;Adjusted EPS &#150; diluted <I>(note 1)</I></P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e5e1">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#e5e5e1">&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#e5e5e1" ALIGN="right">1.69</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#e5e5e1">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(8.2%)</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1.84</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(0.5%)</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1.85</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">&nbsp;&nbsp;Cash dividends declared per common share</P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e5e1">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#e5e5e1">&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#e5e5e1" ALIGN="right">0.45</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#e5e5e1">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">7.1%</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">0.42</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">13.5%</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">0.37</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="4" BGCOLOR="#e5e5e1"></TD>
<TD HEIGHT="16" COLSPAN="4"></TD>
<TD HEIGHT="16" COLSPAN="4"></TD>
<TD HEIGHT="16" COLSPAN="4"></TD>
<TD HEIGHT="16" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">&nbsp;&nbsp;Total assets</P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e5e1">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#e5e5e1">&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#e5e5e1" ALIGN="right">4,284.7</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#e5e5e1">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">83.0%</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">2,341.9</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">19.5%</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1,959.6</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">&nbsp;&nbsp;Total long-term debt</P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e5e1">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#e5e5e1">&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#e5e5e1" ALIGN="right">1,020.5</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#e5e5e1">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">179.3%</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">365.4</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">18.1%</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">309.3</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="4" BGCOLOR="#e5e5e1"></TD>
<TD HEIGHT="16" COLSPAN="4"></TD>
<TD HEIGHT="16" COLSPAN="4"></TD>
<TD HEIGHT="16" COLSPAN="4"></TD>
<TD HEIGHT="16" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">&nbsp;&nbsp;Cash flows</P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e5e1">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#e5e5e1"></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e5e1"></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e5e1"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">From operating activities</P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e5e1">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#e5e5e1">&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#e5e5e1" ALIGN="right">285.7</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#e5e5e1">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">205.5</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">207.2</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Used in investing activities</P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e5e1">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#e5e5e1">&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#e5e5e1" ALIGN="right">(1,136.6)</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#e5e5e1">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(252.4)</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(174.3)</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">From (Used) in financing activities</P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e5e1">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#e5e5e1">&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#e5e5e1" ALIGN="right">995.1</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#e5e5e1">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(44.3)</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(24.7)</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="4" BGCOLOR="#e5e5e1"></TD>
<TD HEIGHT="16" COLSPAN="4"></TD>
<TD HEIGHT="16" COLSPAN="4"></TD>
<TD HEIGHT="16" COLSPAN="4"></TD>
<TD HEIGHT="16" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">&nbsp;&nbsp;Outstanding common shares as at</P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e5e1">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#e5e5e1"></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e5e1"></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e5e1"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">December&nbsp;31</P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e5e1">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#e5e5e1">&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#e5e5e1" ALIGN="right">114,081,229</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#e5e5e1">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">94,435,898</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">93,836,258</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">February&nbsp;22, 2017</P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e5e1">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#e5e5e1">&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#e5e5e1" ALIGN="right">114,128,589</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#e5e5e1">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">&nbsp;&nbsp;Outstanding share options as at</P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e5e1">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#e5e5e1"></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e5e1"></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e5e1"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">December&nbsp;31</P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e5e1">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#e5e5e1">&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#e5e5e1" ALIGN="right">3,655,020</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#e5e5e1">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">2,980,601</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">2,676,568</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1.50pt solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">February&nbsp;22, 2017</P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e5e1" STYLE="BORDER-BOTTOM:1.50pt solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.50pt solid #000000" BGCOLOR="#e5e5e1">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.50pt solid #000000" BGCOLOR="#e5e5e1" ALIGN="right">3,600,660</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1.50pt solid #000000" BGCOLOR="#e5e5e1">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.50pt solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.50pt solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.50pt solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.50pt solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.50pt solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.50pt solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.50pt solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.50pt solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.50pt solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.50pt solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.50pt solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.50pt solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.50pt solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.50pt solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.50pt solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.50pt solid #000000">&nbsp;</TD></TR>
</TABLE> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman"><I>note 1: EBITDA, adjusted EBITDA, and adjusted basic and diluted earnings per share (EPS) are
<FONT STYLE="white-space:nowrap">non-IFRS</FONT> measures and are further discussed in the Definitions section of this report. </I></P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:7pt" ALIGN="center">

<TR>
<TD WIDTH="33%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="33%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="32%"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:7pt">
<TD VALIGN="bottom"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:7pt; font-family:Times New Roman">Management&#146;s Discussion and Analysis</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:7pt; font-family:Times New Roman">December 31, 2016</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">M-21</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">Stantec Inc.</TD></TR></TABLE>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL"><B>2016 vs. 2015 </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">We
ended 2016 with 49.5% growth in gross revenue. Gross revenue increased 53.4% due to acquisitions completed in 2016 and 2015 and 1.7% from the weakening of the Canadian dollar. These increases were partly offset by organic retraction of 5.6%. We
experienced moderate organic gross revenue growth in our Infrastructure business operating unit while Buildings, Energy&nbsp;&amp; Resources, and Environmental Services business operating units retracted. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">In 2016, EBITDA increased 9.8% over 2015. It was impacted by </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="3%" VALIGN="top" ALIGN="left"><FONT COLOR="#8b8376">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">A decrease in our gross margin as a percentage of net revenue&#151;from 54.5% in 2015 to 54.1% in 2016&#151;resulting primarily from decreased margins in our Canadian operations due to margin pressures in our
Energy&nbsp;&amp; Resources business and lower margins in Construction Services. Construction Services is a high volume, lower-margin business that incurs more subcontractors and direct expenditures than Consulting Services. </TD></TR></TABLE>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="3%" VALIGN="top" ALIGN="left"><FONT COLOR="#8b8376">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">An increase in our administrative and marketing expenses&#151;from 41.6% in 2015 to 43.1% in 2016&#151;due in part to the following: </TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="7%">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><FONT COLOR="#8b8376">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">A $13.8&nbsp;million increase in acquisition-related costs, which in 2016 included legal, accounting, and financial advisory fees resulting primarily from due diligence services incurred for the MWH acquisition
</TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="7%">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><FONT COLOR="#8b8376">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">A $7.6&nbsp;million increase in retention and merit payments to retain key employees during the integration periods that follow our acquisitions </TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="7%">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><FONT COLOR="#8b8376">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">A $4.0&nbsp;million increase in severance costs due to the decline in the oil and gas and mining sectors and employee rationalization following our acquisitions </TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="7%">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><FONT COLOR="#8b8376">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">An $11.2&nbsp;million increase in professional fees </TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="7%">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><FONT COLOR="#8b8376">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">An increase in acquisition- and integration-related administration labor expenses </TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Our net income was
$130.5&nbsp;million in 2016 compared to $156.4&nbsp;million in 2015, and diluted EPS was $1.22 in 2016 compared to $1.65 in 2015. Net income was impacted by the EBITDA items noted above, and a $37.8&nbsp;million increase in the amortization of
intangible assets mainly related to backlog, client relationships, finite-lived trademarks, and software acquired from acquisitions completed in 2015 and 2016, and software additions over the last two years. We added $354.2&nbsp;million to
intangible assets from acquisitions in 2016. As well, net interest expense increased year over year, mainly resulting from a $655.1&nbsp;million increase in our outstanding long-term debt at December&nbsp;31, 2016, compared to December&nbsp;31,
2015, primarily due to the MWH acquisition. In addition, our annual effective income tax rate increased to 27.8% from the 26.1% rate in 2015 as further discussed on <FONT STYLE="white-space:nowrap">M-40.</FONT> </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL"><B>2015 vs. 2014 </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">We ended 2015 with 13.7% growth in gross revenue.
Gross revenue increased 12.1% due to acquisitions completed in 2015 and 2014 and 7.5% from the weakening Canadian dollar. These increases were partly offset by organic revenue retraction of 5.9%. We experienced strong organic gross revenue growth in
our Buildings and Infrastructure business operating units that was offset by a retraction in our Energy&nbsp;&amp; Resources business operating unit. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">In
2015, EBITDA increased 3.9% over 2014. It was impacted by </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="3%" VALIGN="top" ALIGN="left"><FONT COLOR="#8b8376">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">A decrease in our gross margin as a percentage of net revenue&#151;from 54.9% in 2014 to 54.5% in 2015&#151;due&nbsp;primarily to the mix of projects, lower margins from projects acquired in our Dessau acquisition, P3
pursuits, and margin pressures in the energy and resource market </TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:7pt" ALIGN="center">

<TR>
<TD WIDTH="33%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="33%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="32%"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:7pt">
<TD VALIGN="bottom"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:7pt; font-family:Times New Roman">Management&#146;s Discussion and Analysis</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:7pt; font-family:Times New Roman">December 31, 2016</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">M-22</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">Stantec Inc.</TD></TR></TABLE>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="3%" VALIGN="top" ALIGN="left"><FONT COLOR="#8b8376">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">An increase in our administrative and marketing expenses&#151;from 40.8% in 2014 to 41.6% in 2015&#151; due in part to the following: </TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="7%">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><FONT COLOR="#8b8376">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">A $4.3&nbsp;million increase in severance costs resulting from our employee rationalization due to the decline in the oil and gas and mining sectors </TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="7%">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><FONT COLOR="#8b8376">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">An increase in acquisition and integration expenses, including French translation costs associated with our Quebec operations </TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="7%">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><FONT COLOR="#8b8376">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">An overall reduction in utilization due to the impact of the decline in the above-noted sectors as well as the impact of the continued integration of acquisitions </TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="7%">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><FONT COLOR="#8b8376">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">A $3.5&nbsp;million increase in our share-based compensation expense </TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="3%" VALIGN="top" ALIGN="left"><FONT COLOR="#8b8376">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">The recognition of a $4.1&nbsp;million <FONT STYLE="white-space:nowrap">non-operating</FONT> loss related to the sale of our India subsidiary in Q4 15 </TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Our net income was $156.4&nbsp;million in 2015 compared to $164.5&nbsp;million in 2014, and diluted EPS was $1.65 in 2015 compared to $1.74 in 2014. Net
income was impacted by a $13.6&nbsp;million increase in the amortization of intangible assets related to backlog and client relationships acquired from acquisitions completed in 2014 and 2015, as well as software additions during the year. Also, net
interest expense increased year over year, mainly resulting from an increase in interest expense on our revolving credit facility and on our notes payable from acquisitions. These increases were partly offset by a slight reduction in our annual
effective income tax rate to 26.1% from the 26.3% rate in 2014. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:11pt; font-family:ARIAL"><B>RESULTS COMPARED TO 2016 TARGETS </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">In the Management&#146;s Discussion and Analysis in our 2015 Annual Report (in the Outlook section on pages <FONT STYLE="white-space:nowrap">M-54</FONT> and <FONT
STYLE="white-space:nowrap">M-55),</FONT> we established various target ranges of expected performance measures for fiscal year 2016. As&nbsp;a result of the MWH acquisition on May&nbsp;6, 2016, our 2016 budgets were no longer appropriate and our
capital structure had changed. Because these budgets and capital structure were key assumptions when we established our targets for 2016, we withdrew our 2016 performance measure targets in Q2&nbsp;16. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">In our 2015 Management&#146;s Discussion and Analysis, we also set expectations for our organic gross revenue growth in 2016 compared to 2015, and we updated
these expectations quarterly. The acquisition of MWH did not impact these targets. In Q3 16, we anticipated that organic revenue would retract in 2016 compared to 2015, and we ended the year with a retraction of 5.6%. We also established annual
organic gross revenue targets for each regional operating unit and business operating unit. The following table shows our Q3&nbsp;16 expectations compared to our actual results. </P>
<P STYLE="font-size:24pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>
<TD WIDTH="61%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="20%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="9%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="7%"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.50pt solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>&nbsp;&nbsp;Organic Growth</B></P>
<P STYLE="font-size:1pt; margin-top:0pt; margin-bottom:1pt">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.50pt solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.50pt solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Q3 16</B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Target</B></P> <P STYLE="font-size:1pt; margin-top:0pt; margin-bottom:1pt">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.50pt solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.50pt solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Results</B></P> <P STYLE="font-size:1pt; margin-top:0pt; margin-bottom:1pt">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.50pt solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.50pt solid #000000">&nbsp;&nbsp;</TD></TR>


<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>&nbsp;&nbsp;Reportable Segments</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Canada</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Retraction</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">Retraction <B></B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><FONT COLOR="#ffc90e">&#10003;</FONT></P></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">United States</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Moderate</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">Stable</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><FONT COLOR="#ffc90e">x</FONT></P></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Global</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Retraction</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">Retraction</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><FONT COLOR="#ffc90e">&#10003;</FONT></P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="2"></TD>
<TD HEIGHT="5" COLSPAN="2"></TD>
<TD HEIGHT="5" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>&nbsp;&nbsp;Business Operating Unit</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Buildings</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Stable</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">Retraction</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><FONT COLOR="#ffc90e">x</FONT></P></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Energy&nbsp;&amp; Resources</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Retraction</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">Retraction</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><FONT COLOR="#ffc90e">&#10003;</FONT></P></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Environmental Services</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Retraction</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">Retraction</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><FONT COLOR="#ffc90e">&#10003;</FONT></P></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Infrastructure</P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Moderate</P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">Moderate</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><FONT COLOR="#ffc90e">&#10003;</FONT></P></TD></TR>
</TABLE> <P STYLE="font-size:4pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:8pt" ALIGN="center">


<TR>
<TD WIDTH="1%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="98%"></TD></TR>


<TR STYLE="font-family:Times New Roman; font-size:8pt">
<TD VALIGN="top"><FONT COLOR="#ffc90e">&#10003;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"><I>Met or performed better than target.</I></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:8pt">
<TD VALIGN="top"><FONT COLOR="#ffc90e">x</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"><I>Did not meet target.</I></TD></TR>
</TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:7pt" ALIGN="center">

<TR>
<TD WIDTH="33%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="33%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="32%"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:7pt">
<TD VALIGN="bottom"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:7pt; font-family:Times New Roman">Management&#146;s Discussion and Analysis</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:7pt; font-family:Times New Roman">December 31, 2016</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">M-23</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">Stantec Inc.&nbsp;&nbsp;</TD></TR></TABLE>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">We met all these regional and business operating unit expectations, except we ended the year with stable organic
revenue in our US operations and retraction in our Buildings business operating unit. In the United States, strong growth in our Transportation sector and US Buildings business operating unit was offset by retraction in our Oil&nbsp;&amp; Gas sector
and Environmental Services business operating unit because of the ongoing challenges in those markets due to lower commodity prices. Our Buildings business operating unit retracted in our Canadian and Global operations because of the decline in the
oil and gas sector that impacted both private and public spending. (Further details regarding our organic gross revenue are provided in the Results section, Gross and Net Revenue subsection, of this report.) </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:11pt; font-family:ARIAL"><B>ACQUISITIONS </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Consideration for acquisitions completed was
$1.2&nbsp;billion in 2016 and $207.1&nbsp;million in 2015. We completed the following acquisitions in 2016: </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="3%" VALIGN="top" ALIGN="left"><FONT COLOR="#8b8376">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">On March&nbsp;11, 2016, we acquired all the shares and business of Bury Holdings, Inc. (Bury), increasing our staff count by approximately 300. Adding Bury expands our Infrastructure business by enhancing our
engineering, landscape architecture, planning, construction administration, surveying, and sustainable solutions expertise in the US South and into the Southwest. </TD></TR></TABLE>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="3%" VALIGN="top" ALIGN="left"><FONT COLOR="#8b8376">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">On May&nbsp;6, 2016, we acquired MWH Global, Inc. (MWH), adding approximately 6,800 staff to our Company and increasing our global footprint. Operating in 26 countries, MWH provides program management and management
consulting, construction management, and engineering and technical services, particularly in the water, renewable energy, and sustainability sectors. The MWH acquisition created a new service offering for us&#151;Construction Services.
</TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="3%" VALIGN="top" ALIGN="left"><FONT COLOR="#8b8376">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">On May&nbsp;26, 2016, we acquired VOA Associates, Inc. (VOA), increasing our staff by approximately 280. VOA provides expertise in architecture, interior design, landscaping, and planning. This addition enhances our
Buildings business operating unit in the US Midwest, <FONT STYLE="white-space:nowrap">Mid-Atlantic,</FONT> Gulf, and <FONT STYLE="white-space:nowrap">Tri-State</FONT> regions. </TD></TR></TABLE>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="3%" VALIGN="top" ALIGN="left"><FONT COLOR="#8b8376">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">On September&nbsp;16, 2016, we acquired Edwards and Zuck, P.C. and Edwards and Zuck Consulting Engineers, D.P.C. (collectively called Edwards&nbsp;&amp; Zuck), increasing our staff by approximately 120. Adding
Edwards&nbsp;&amp; Zuck enhances our buildings engineering and architecture services in the US <FONT STYLE="white-space:nowrap">Tri-State</FONT> and Gulf regions. </TD></TR></TABLE>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="3%" VALIGN="top" ALIGN="left"><FONT COLOR="#8b8376">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">On December&nbsp;2, 2016, we acquired Architecture | Tkalcic Bengert (Arch | TB), increasing our staff by approximately 60. Based in Edmonton, Alberta, Arch | TB adds to our expertise in our Buildings business operating
unit in Canada. </TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:7pt" ALIGN="center">

<TR>
<TD WIDTH="33%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="33%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="32%"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:7pt">
<TD VALIGN="bottom"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:7pt; font-family:Times New Roman">Management&#146;s Discussion and Analysis</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:7pt; font-family:Times New Roman">December 31, 2016</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">M-24</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">Stantec Inc.&nbsp;&nbsp;</TD></TR></TABLE>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:11pt; font-family:ARIAL"><B>DISCUSSION OF OPERATIONS </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The following table summarizes our key operating results on a percentage of net revenue basis and the percentage increase in the dollar amount for each key
operating result: </P> <P STYLE="font-size:14pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="88%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt">


<TR>
<TD WIDTH="70%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD WIDTH="7%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD WIDTH="7%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD WIDTH="10%"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="5" ALIGN="center" STYLE="BORDER-BOTTOM:1px solid #000000"><B>Year Ended Dec 31&nbsp;</B></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="3" ALIGN="center" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Percentage of</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Net Revenue</B></P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Percentage&nbsp;</B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Increase&nbsp;</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>(Decrease)&nbsp;<FONT STYLE="font-size:8pt">*</FONT>&nbsp;</B></P></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#e5e5e1" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #000000" BGCOLOR="#e5e5e1"><B>2016&nbsp;</B></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #000000"><B>2015</B></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="BORDER-BOTTOM:1px solid #000000"><B>2016&nbsp;vs.&nbsp;2015&nbsp;</B></TD></TR>


<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2" BGCOLOR="#e5e5e1"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>&nbsp;Gross revenue</B></P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e5e1">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right" BGCOLOR="#e5e5e1">138.8%&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">121.2%</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">49.5%&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>&nbsp;Net revenue</B></P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e5e1">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right" BGCOLOR="#e5e5e1">100.0%&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">100.0%</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">30.5%&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">&nbsp;Direct payroll costs</P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e5e1">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right" BGCOLOR="#e5e5e1">45.9%&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">45.5%</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">31.5%&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>&nbsp;Gross margin</B></P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e5e1">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right" BGCOLOR="#e5e5e1">54.1%&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">54.5%</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">29.7%&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">&nbsp;Administrative and marketing expenses</P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e5e1">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right" BGCOLOR="#e5e5e1">43.1%&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">41.6%</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">35.0%&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">&nbsp;Depreciation of property and equipment</P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e5e1">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right" BGCOLOR="#e5e5e1">1.7%&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1.9%</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">11.5%&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">&nbsp;Amortization of intangible assets</P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e5e1">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right" BGCOLOR="#e5e5e1">2.4%&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1.6%</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">99.7%&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">&nbsp;Net interest expense</P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e5e1">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right" BGCOLOR="#e5e5e1">0.9%&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">0.5%</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">162.4%&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">&nbsp;Other net finance expense</P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e5e1">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right" BGCOLOR="#e5e5e1">0.3%&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">0.2%</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">100.0%&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">&nbsp;Share of income from joint ventures and associates</P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e5e1">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right" BGCOLOR="#e5e5e1">(0.1%)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(0.1%)</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">25.0%&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">&nbsp;Foreign exchange loss (gain)</P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e5e1">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right" BGCOLOR="#e5e5e1">0.0%&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">0.0%</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">n/m&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">&nbsp;Other expense (income)</P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e5e1">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right" BGCOLOR="#e5e5e1">0.0%&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(0.1%)</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(109.4%)&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>&nbsp;Income before income taxes</B></P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e5e1">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right" BGCOLOR="#e5e5e1">5.8%&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">8.9%</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(14.6%)&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">&nbsp;Income taxes</P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e5e1">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right" BGCOLOR="#e5e5e1">1.6%&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">2.3%</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(8.9%)&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1.50pt solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>&nbsp;Net income</B></P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e5e1" STYLE="BORDER-BOTTOM:1.50pt solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right" STYLE="BORDER-BOTTOM:1.50pt solid #000000" BGCOLOR="#e5e5e1">4.2%&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.50pt solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right" STYLE="BORDER-BOTTOM:1.50pt solid #000000">6.6%</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.50pt solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right" STYLE="BORDER-BOTTOM:1.50pt solid #000000">(16.6%)&nbsp;</TD></TR>
</TABLE> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman">&nbsp;<I>n/m = not meaningful</I> </P>
<P STYLE="margin-top:2pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman"><I>&nbsp;* Percentage increase (decrease) calculated based on the dollar change from the comparable period. </I></P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The percentage increase in gross and net revenue in 2016 compared to 2015 was due to acquisition growth and the impact of foreign exchange rates on revenue
earned in foreign subsidiaries (further explained in the Gross and Net Revenue section that follows). We were negatively impacted by a decrease in gross margin as a percentage of net revenue and an increase in administrative and marketing expenses,
amortization of intangible assets, and net interest expense compared to 2015 (further explained in the respective sections of this report). Our net income for 2016 decreased 16.6%. </P>
<P STYLE="margin-top:14pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL"><B>Gross and Net Revenue </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The following discussion includes
forward-looking statements. For an outline of the material risks and assumptions associated with these statements, refer to the Cautionary Note Regarding Forward-Looking Statements at the end of this report. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">While providing professional services, we incur certain direct costs for subconsultants, equipment, and other expenditures that are recoverable directly from
our clients. Revenue associated with these direct costs is included in gross revenue. Because these direct costs and associated revenue can vary significantly from contract to contract, changes in gross revenue may not be indicative of our revenue
trends. Accordingly, we also report net revenue (which is gross revenue less subconsultant, subcontractor, and other direct expenses) and analyze results in relation to net revenue rather than gross revenue. The difference between gross revenue and
net revenue is larger for construction-related projects than for consulting-related projects since Construction Services incurs proportionately higher costs for subcontractors, direct materials, and equipment. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:7pt" ALIGN="center">

<TR>
<TD WIDTH="33%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="33%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="32%"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:7pt">
<TD VALIGN="bottom"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:7pt; font-family:Times New Roman">Management&#146;s Discussion and Analysis</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:7pt; font-family:Times New Roman">December 31, 2016</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">M-25</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">Stantec Inc.&nbsp;&nbsp;</TD></TR></TABLE>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Revenue earned by acquired companies in the first 12 months following acquisition is reported as revenue from
acquisitions and, thereafter, as organic revenue. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Consulting Services generates a portion of gross revenue in foreign currencies, primarily in US
dollars. Construction Services primarily generates gross revenue in British pound sterling and US dollars. In 2015, Consulting Services generated a portion of gross revenue in the United States. The value of the Canadian dollar averaged US$0.76 in
2016 compared to US$0.78 in 2015, a 2.6% decrease. The weakening Canadian dollar had a positive effect on revenue reported in 2016 compared to 2015. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Our
contract backlog was $3.9&nbsp;billion at December&nbsp;31, 2016&#151;$2.8&nbsp;billion in Consulting Services and $1.1&nbsp;billion in Construction Services&#151;compared to $2.2&nbsp;billion at December&nbsp;31, 2015. The MWH acquisition added
$1.7&nbsp;billion to our backlog at December&nbsp;31, 2016. We define &#147;backlog&#148; as the total value of secured work that has not yet been completed where we have an executed contract or a letter of intent that management is reasonably
assured will be finalized in a formal contract. (Backlog, a <FONT STYLE="white-space:nowrap">non-IFRS</FONT> measure, is further described in the Definitions section of this report.) Only approximately the first 12 to 18 months of the total value of
secured work for a project is included in contract backlog. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The following tables summarize the impact of acquisition growth, organic retraction, and
foreign exchange on our gross and net revenue for 2016 compared to 2015: </P> <P STYLE="font-size:24pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="88%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt">


<TR>
<TD WIDTH="87%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD WIDTH="11%"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>&nbsp;Gross Revenue</B></P>
<P STYLE="font-size:2pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman"><B></B><FONT STYLE="font-size:8pt"><I>&nbsp;(In millions of Canadian
dollars)</I></FONT><B></B></P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="BORDER-BOTTOM:1px solid #000000"><B>2016&nbsp;vs.&nbsp;2015&nbsp;&nbsp;</B></TD></TR>


<TR STYLE="font-size:1pt">
<TD HEIGHT="13"></TD>
<TD HEIGHT="13" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">&nbsp;Increase due to</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Acquisition growth</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1,536.1&nbsp;&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Organic retraction</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(162.0)&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Impact of foreign exchange rates on revenue earned by foreign subsidiaries</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">48.8&nbsp;&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16" STYLE="BORDER-TOP:1px solid #000000">&nbsp;</TD>
<TD HEIGHT="16" COLSPAN="2" STYLE="BORDER-TOP:1px solid #000000">&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1.50pt solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">&nbsp;Total net increase in gross revenue</P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.50pt solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right" STYLE="BORDER-BOTTOM:1.50pt solid #000000">1,422.9&nbsp;&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="32"></TD>
<TD HEIGHT="32" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>&nbsp;Net Revenue</B></P> <P STYLE="font-size:2pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman"><B></B><FONT STYLE="font-size:8pt"><I>&nbsp;(In millions of Canadian dollars)</I></FONT><B></B></P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="BORDER-BOTTOM:1px solid #000000"><B>2016&nbsp;vs.&nbsp;2015&nbsp;&nbsp;</B></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="13"></TD>
<TD HEIGHT="13" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">&nbsp;Increase due to</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Acquisition growth</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">827.5&nbsp;&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Organic retraction</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(141.4)&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Impact of foreign exchange rates on revenue earned by foreign subsidiaries</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">38.6&nbsp;&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16" STYLE="BORDER-TOP:1px solid #000000">&nbsp;</TD>
<TD HEIGHT="16" COLSPAN="2" STYLE="BORDER-TOP:1px solid #000000">&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1.50pt solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">&nbsp;Total net increase in net revenue</P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.50pt solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right" STYLE="BORDER-BOTTOM:1.50pt solid #000000">724.7&nbsp;&nbsp;&nbsp;</TD></TR>
</TABLE> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The acquisitions that led to acquisition growth are listed in the following Gross Revenue by Reportable Segments section. Our
Infrastructure business operating unit had moderate organic revenue growth in 2016 because of growth in our Transportation sector. Organic gross revenue retracted in our Buildings, Energy&nbsp;&amp; Resources, and Environmental Services business
operating units. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:7pt" ALIGN="center">

<TR>
<TD WIDTH="33%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="33%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="32%"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:7pt">
<TD VALIGN="bottom"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:7pt; font-family:Times New Roman">Management&#146;s Discussion and Analysis</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:7pt; font-family:Times New Roman">December 31, 2016</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">M-26</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">Stantec Inc.&nbsp;&nbsp;</TD></TR></TABLE>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL"><B>Gross Revenue by Reportable Segments </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The following charts and tables summarize gross revenue and gross revenue growth in our two service offerings and four reportable segments&#151;Consulting
Services for Canada, United States, and Global; and Construction Services: </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt;margin-bottom:0pt" ALIGN="center">


<IMG SRC="g350409ex99_2pg027.jpg" ALT="LOGO">
 </P> <P STYLE="margin-top:36pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman"><B>Gross Revenue by Reportable Segment </B></P> <P STYLE="font-size:4pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:9pt" ALIGN="center">


<TR>
<TD WIDTH="47%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD WIDTH="8%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:9pt">
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><I>&nbsp;(In millions of Canadian dollars)</I></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e5e1" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #000000" BGCOLOR="#e5e5e1"><B>Year&nbsp;Ended<BR>Dec 31,<BR>2016</B></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000" BGCOLOR="#e5e5e1">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #000000"><B>Year&nbsp;Ended<BR>Dec 31,<BR>2015</B></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #000000"><B>Total<BR>Change</B></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #000000"><B>Change&nbsp;Due&nbsp;to<BR>Acquisitions</B></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #000000"><B>Change&nbsp;Due<BR>to Organic<BR>Growth<BR>(Retraction)</B></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #000000"><B>Change&nbsp;Due<BR>to Foreign<BR>Exchange</B></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD></TR>


<TR STYLE="font-family:Times New Roman; font-size:9pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:Times New Roman"><B>&nbsp;Consulting Services</B></P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e5e1">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#e5e5e1"></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e5e1"></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e5e1"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:9pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; text-indent:-1.00em; font-size:9pt; font-family:Times New Roman">Canada</P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e5e1">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#e5e5e1">&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#e5e5e1" ALIGN="right">1,168.9&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#e5e5e1">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1,317.0&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(148.1)</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">11.2&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(159.3)</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">n/a&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:9pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; text-indent:-1.00em; font-size:9pt; font-family:Times New Roman">United States</P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e5e1">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#e5e5e1">&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#e5e5e1" ALIGN="right">2,070.4&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#e5e5e1">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1,461.0&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">609.4</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">535.4&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">26.9&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">47.1&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:9pt">
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; text-indent:-1.00em; font-size:9pt; font-family:Times New Roman">Global</P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e5e1" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000" BGCOLOR="#e5e5e1">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000" BGCOLOR="#e5e5e1" ALIGN="right">415.6&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000" BGCOLOR="#e5e5e1">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000" ALIGN="right">99.2&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000" ALIGN="right">316.4&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000" ALIGN="right">344.3&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #000000">(29.6)</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000" ALIGN="right">1.7&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="4" BGCOLOR="#e5e5e1"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:9pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:Times New Roman">&nbsp;Total Consulting Services</P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e5e1">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#e5e5e1">&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#e5e5e1" ALIGN="right">3,654.9&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#e5e5e1">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">2,877.2&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">777.7&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">890.9&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(162.0)</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">48.8&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:9pt">
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:Times New Roman"><B>&nbsp;Construction Services</B></P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e5e1" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000" BGCOLOR="#e5e5e1">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000" BGCOLOR="#e5e5e1" ALIGN="right">645.2&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000" BGCOLOR="#e5e5e1">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000" ALIGN="right">-&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000" ALIGN="right">645.2&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000" ALIGN="right">645.2&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #000000">-&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000" ALIGN="right">-&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="13"></TD>
<TD HEIGHT="13" COLSPAN="4" BGCOLOR="#e5e5e1"></TD>
<TD HEIGHT="13" COLSPAN="4"></TD>
<TD HEIGHT="13" COLSPAN="4"></TD>
<TD HEIGHT="13" COLSPAN="4"></TD>
<TD HEIGHT="13" COLSPAN="2"></TD>
<TD HEIGHT="13" COLSPAN="4"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1.50pt solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">&nbsp;Total</P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e5e1" STYLE="BORDER-BOTTOM:1.50pt solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.50pt solid #000000" BGCOLOR="#e5e5e1">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.50pt solid #000000" BGCOLOR="#e5e5e1" ALIGN="right">4,300.1&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1.50pt solid #000000" BGCOLOR="#e5e5e1">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.50pt solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.50pt solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.50pt solid #000000" ALIGN="right">2,877.2&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1.50pt solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.50pt solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.50pt solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.50pt solid #000000" ALIGN="right">1,422.9&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1.50pt solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.50pt solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.50pt solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.50pt solid #000000" ALIGN="right">1,536.1&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1.50pt solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.50pt solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right" STYLE="BORDER-BOTTOM:1.50pt solid #000000">(162.0)</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.50pt solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.50pt solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.50pt solid #000000" ALIGN="right">48.8&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1.50pt solid #000000">&nbsp;&nbsp;</TD></TR>
</TABLE> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman"><I>&nbsp;n/a = not applicable</I> </P>
<P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Total gross revenue was positively impacted by acquisitions completed in 2015 and 2016, and by foreign exchange due to the weakening of the Canadian dollar.
This was partly offset by organic revenue retraction, primarily in Canada. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Following is a list of acquisitions completed in 2015 and 2016 that impacted
specific reportable segments during 2016: </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>Consulting Services &#150; Canada </B></P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="7%">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><FONT COLOR="#8b8376">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">Canadian engineering operations of Dessau Inc., 9073-4195 Quebec Inc., and Azimut Services (Central) Inc. (collectively, Dessau) (January 2015) </TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="7%">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><FONT COLOR="#8b8376">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">MWH Global, Inc. (MWH) (May 2016) </TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="7%">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><FONT COLOR="#8b8376">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">Architecture | Tkalcic Bengert (Arch | TB) (December 2016) </TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:7pt" ALIGN="center">

<TR>
<TD WIDTH="33%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="33%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="32%"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:7pt">
<TD VALIGN="bottom"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:7pt; font-family:Times New Roman">Management&#146;s Discussion and Analysis</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:7pt; font-family:Times New Roman">December 31, 2016</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">M-27</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">Stantec Inc.&nbsp;&nbsp;</TD></TR></TABLE>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>Consulting Services &#150; United States </B></P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="7%">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><FONT COLOR="#8b8376">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">Sparling, Inc. (Sparling) (February 2015) </TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="7%">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><FONT COLOR="#8b8376">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">VI Engineering, LLC (VI Engineering) (July 2015) </TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="7%">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><FONT COLOR="#8b8376">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">VA Consulting, Inc. (VA Consulting) (August 2015) </TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="7%">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><FONT COLOR="#8b8376">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">Fay, Spofford&nbsp;&amp; Thorndike, Inc. (FST) (October 2015) </TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="7%">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><FONT COLOR="#8b8376">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">The Infrastructure Americas Division of Kellogg Brown&nbsp;&amp; Root Services, Inc. (KBR) (December&nbsp;2015) </TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="7%">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><FONT COLOR="#8b8376">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">Bury Holdings, Inc. (Bury) (March 2016) </TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="7%">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><FONT COLOR="#8b8376">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">MWH Global, Inc. (MWH) (May 2016) </TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="7%">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><FONT COLOR="#8b8376">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">VOA Associates, Inc. (VOA) (May 2016) </TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="7%">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><FONT COLOR="#8b8376">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">Edwards and Zuck, P.C. and Edwards and Zuck Consulting Engineers, D.P.C. (collectively,&nbsp;Edwards&nbsp;&amp; Zuck) (September 2016) </TD></TR></TABLE>
<P STYLE="margin-top:8pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>Consulting Services &#150; Global </B></P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="7%">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><FONT COLOR="#8b8376">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">MWH Global, Inc. (MWH) (May 2016) </TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B>Construction Services </B></P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="7%">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><FONT COLOR="#8b8376">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">MWH Global, Inc. (MWH) (May 2016) </TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Consulting Services &#150; Canada.</B> Gross revenue from our Consulting
Services &#150; Canada operations decreased 11.2% in 2016 compared to 2015. We experienced a retraction in our Energy&nbsp;&amp; Resources, Environmental Services, and Buildings business operating units. This retraction was partly offset by strong
growth in our Infrastructure business operating unit. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">In the private sector, our Energy&nbsp;&amp; Resources business operating unit experienced
retraction in all three sectors: Oil&nbsp;&amp; Gas, Mining, and Power. Oil and gas prices were lower in 2016 compared to 2015. In our Oil&nbsp;&amp; Gas business, organic gross revenue retraction was at a slower rate in the second half of the year
compared to the first. This occurred mainly because there was lower revenue in the second half of 2015. We continue to win a stream of generally smaller projects as a result of our strong client relationships and industry expertise. Mining retracted
because a few significant projects wound down in the last half of 2015 and were not able to be replaced by projects of equal scale in 2016. This sector continued to be challenged by weak metal and commodity prices. Power retracted as a result of the
slow oil and gas market conditions in Alberta. In our Environmental Services business operating unit, gross revenue retraction was less in Q4 16 than in previous quarters. Clients in the oil and gas sector continued to make up almost 25% of Canadian
Environmental Services revenue; therefore, the main reason for the retraction, felt mostly in western Canada, was the downturn in the oil and gas sector. However, there was small growth in our Ontario and Quebec Community Development sectors because
these economies benefited from low interest rates, housing demand with low inventory of properties, and employment growth. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">In contrast, the public
sector&#146;s support of investment in infrastructure remains robust, demonstrated by the federal and key provincial budgets released this year, which we believe will continue to benefit our Transportation and Water sectors in our Infrastructure
business operating unit. We experienced strong organic growth in Transportation and Water sectors because of ongoing significant public investments to meet demands for new infrastructure in roadways, bridges, and transit systems and water and
wastewater treatment facilities. Buildings retracted in 2016 compared to 2015 because some major projects were completed, and we invested our time in several significant P3 pursuits to replace that backlog. Although we have been and continue to be
successful in pursuing design-build P3 projects, a number of them are in the bid phase. During this phase for this type of project, we perform work at reduced fees and margins, which are then increased if our team is successful in securing the
project. We continued to benefit from projects under the P3 model in a number of sectors because of our experience and expertise in this delivery model. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:7pt" ALIGN="center">

<TR>
<TD WIDTH="33%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="33%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="32%"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:7pt">
<TD VALIGN="bottom"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:7pt; font-family:Times New Roman">Management&#146;s Discussion and Analysis</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:7pt; font-family:Times New Roman">December 31, 2016</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">M-28</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">Stantec Inc.&nbsp;&nbsp;</TD></TR></TABLE>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Consulting Services &#150; United States.</B> Gross revenue in our Consulting Services &#150; United States
operations increased 41.7% in 2016 compared to 2015. This increase resulted primarily from acquisition growth. Growth also resulted from foreign exchange because the US dollar strengthened compared to the Canadian dollar. Organic revenue increased
1.8% in 2016 compared to 2015, largely driven by Transportation due to Stantec&#146;s strategic market position in program management, bridge inspection, light-rail transit, and bridge projects resulting in significant projects in Hawaii, New York,
and Florida. Organic growth in our Buildings business in 2016 mainly resulted from an expansion in our Commercial and Education sectors. These organic increases were offset by retraction in our Oil&nbsp;&amp; Gas sector and Environmental Services
business operating unit with the ongoing challenges in those markets due to lower commodity prices. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">In the private sector, the housing market continued
to grow, specifically in Florida, Texas, and the western United&nbsp;States. We saw a persistent trend toward urbanization, which means that cities need to be revitalized. Our Buildings business operating unit was supported by our expanded
architectural presence because of recent acquisitions and increased work in the healthcare and biopharmaceutical sectors. We continued to capitalize on&nbsp;our expertise in environmental mitigation and to build on our remediation and recovery
expertise in our Environmental Services business. Environmental Protection Agency regulations provided opportunities with our Power clients, and transmission and distribution opportunities remained steady. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The public sector continued to be an area of growth for Stantec, though there remains some uncertainty in the political and regulatory environment, notably at
the federal level. Partly in response to fiscal constraints, design-build opportunities increased in the United States. Organic revenue growth occurred in our Transportation sector due to our strategic market position in North America. Our Water
sector benefited from regulatory requirements, including the consent decrees in the United States that mandate municipalities to upgrade their water and wastewater facilities, as well as the ongoing efforts of public agencies to improve the
efficiency of their operations. We continued to build our expertise in flood protection and resiliency. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The MWH acquisition expanded our US
Energy&nbsp;&amp; Resources, Environmental Services, and Infrastructure operations; mainly in our Water sector. Water had solid performance, and we secured major water projects in the year. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Consulting Services &#150; Global.</B> Gross revenue from our Consulting Services &#150; Global operations increased by $316.4&nbsp;million in 2016
compared to 2015. This increase resulted mainly from the MWH acquisition and a slight strengthening of foreign currencies compared to the Canadian dollar. Organic revenue retracted in our Mining sector and our Buildings business operating unit. The
decline in Mining resulted from the general decline in the global commodities market. Revenue retraction in Buildings was due in&nbsp;part to&nbsp;not replacing completed projects with projects of a similar size, project delays due to government
budget constraints, and the divestiture of our India operations in Q4&nbsp;15. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Revenue generated from the MWH acquisition since May&nbsp;6, 2016, makes
up the majority of our Consulting Services &#150; Global revenue. Our Water sector in the United Kingdom benefited from strong revenue growth and solid project execution in the second year of the UK Water Asset Management Program (AMP) cycle, and in
the Asia Pacific Water operation, revenues are meeting expectations. Acquisition revenue was partly impacted by a softening Asia Pacific Transportation sector, as well as project delays and lower volume in Latin American mining and energy projects.
In Australia, depressed commodity prices slowed the country&#146;s mining and energy sectors, and infrastructure spending was down in the private and public sectors while federal and some state governments address fiscal deficits. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:7pt" ALIGN="center">

<TR>
<TD WIDTH="33%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="33%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="32%"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:7pt">
<TD VALIGN="bottom"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:7pt; font-family:Times New Roman">Management&#146;s Discussion and Analysis</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:7pt; font-family:Times New Roman">December 31, 2016</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">M-29</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">Stantec Inc.&nbsp;&nbsp;</TD></TR></TABLE>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Construction Services. </B>Construction Services earned $645.2&nbsp;million in gross revenue since the MWH
acquisition on May&nbsp;6, 2016. Revenue was generated primarily in the United States and United Kingdom. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The United States generated $405.1&nbsp;million
in gross revenue since May&nbsp;6, 2016. Significant activity in 2016 related to strong wastewater treatment plant construction activity in the west on a number of major projects. Also, project activity increased in the US on a major new commercial
and facility management project. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The remaining $240.1&nbsp;million in gross revenue for Construction Services was earned mainly in the United Kingdom.
Revenue in the United Kingdom was driven by construction activities for water utilities in the second year of the AMP cycle. Gross revenue earned in the United Kingdom was negatively impacted by a 10.8% decline in the British pound sterling from
May&nbsp;6, 2016, to December&nbsp;31, 2016, compared to the Canadian dollar. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL"><B>Gross Revenue by Consulting Services &#150; Business Operating Units </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The following charts and tables summarize gross revenue and gross revenue growth in our four Consulting Services business operating units&#151;Buildings,
Energy&nbsp;&amp; Resources, Environmental Services, and Infrastructure: </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt;margin-bottom:0pt" ALIGN="center">


<IMG SRC="g350409ex99_2pg030.jpg" ALT="LOGO">
 </P> <P STYLE="margin-top:36pt; margin-bottom:0pt; font-size:8.5pt; font-family:Times New Roman"><B>Gross Revenue by Consulting Services - Business Operating Unit </B></P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:8.5pt" ALIGN="center">


<TR>
<TD WIDTH="59%"></TD>
<TD VALIGN="bottom" WIDTH="4%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="4%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="4%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="4%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="4%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:8.5pt">
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT STYLE="font-size:7.5pt"><I>&nbsp;(In millions of Canadian dollars, except %)</I></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e5e1" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #000000" BGCOLOR="#e5e5e1"><B>2016</B></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000" BGCOLOR="#e5e5e1">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #000000"><B>% of<BR>Consulting<BR>Services<BR>Gross&nbsp;Revenue</B></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #000000"><B>2015</B></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #000000"><B>% of<BR>Consulting<BR>Services<BR>Gross&nbsp;Revenue</B></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #000000"><B>%&nbsp;Change&nbsp;in<BR>Gross&nbsp;Revenue<BR>2016 vs. 2015</B></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD></TR>


<TR STYLE="font-family:Times New Roman; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:8.5pt; font-family:Times New Roman"><B>&nbsp;Consulting Services</B></P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e5e1">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#e5e5e1"></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e5e1"></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e5e1"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:8.5pt; font-family:Times New Roman">Buildings</P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e5e1">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#e5e5e1">&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#e5e5e1" ALIGN="right">816.2</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#e5e5e1">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">22.4%</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">763.7&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">26.5%</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">6.9%</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:8.5pt; font-family:Times New Roman">Energy&nbsp;&amp; Resources</P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e5e1">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#e5e5e1">&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#e5e5e1" ALIGN="right">428.6</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#e5e5e1">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">11.7%</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">430.3&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">15.0%</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(0.4%)</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:8.5pt; font-family:Times New Roman">Environmental Services</P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e5e1">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#e5e5e1">&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#e5e5e1" ALIGN="right">636.5</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#e5e5e1">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">17.4%</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">566.4&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">19.7%</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">12.4%</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:8.5pt; font-family:Times New Roman">Infrastructure</P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e5e1">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#e5e5e1">&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#e5e5e1" ALIGN="right">1,773.6</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#e5e5e1">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">48.5%</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1,116.8&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">38.8%</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">58.8%</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="13" STYLE="BORDER-TOP:1px solid #000000">&nbsp;</TD>
<TD HEIGHT="13" COLSPAN="4" STYLE="BORDER-TOP:1px solid #000000" BGCOLOR="#e5e5e1">&nbsp;</TD>
<TD HEIGHT="13" COLSPAN="4" STYLE="BORDER-TOP:1px solid #000000">&nbsp;</TD>
<TD HEIGHT="13" COLSPAN="4" STYLE="BORDER-TOP:1px solid #000000">&nbsp;</TD>
<TD HEIGHT="13" COLSPAN="4" STYLE="BORDER-TOP:1px solid #000000">&nbsp;</TD>
<TD HEIGHT="13" COLSPAN="4" STYLE="BORDER-TOP:1px solid #000000">&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:8.5pt">
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1.50pt solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:8.5pt; font-family:Times New Roman">&nbsp;Total Consulting Services</P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e5e1" STYLE="BORDER-BOTTOM:1.50pt solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.50pt solid #000000" BGCOLOR="#e5e5e1">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.50pt solid #000000" BGCOLOR="#e5e5e1" ALIGN="right">3,654.9</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1.50pt solid #000000" BGCOLOR="#e5e5e1">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.50pt solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.50pt solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.50pt solid #000000" ALIGN="right">100.0%</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1.50pt solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.50pt solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.50pt solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.50pt solid #000000" ALIGN="right">2,877.2</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1.50pt solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.50pt solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.50pt solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.50pt solid #000000" ALIGN="right">100.0%</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1.50pt solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.50pt solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.50pt solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.50pt solid #000000" ALIGN="right">27.0%</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1.50pt solid #000000">&nbsp;&nbsp;</TD></TR>
</TABLE> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:7pt; font-family:Times New Roman"><I>&nbsp;Note: Comparative figures have been reclassified due to a realignment of several business lines between our
Energy&nbsp;&amp; Resources and Infrastructure business operating units. </I></P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:7pt" ALIGN="center">

<TR>
<TD WIDTH="33%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="33%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="32%"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:7pt">
<TD VALIGN="bottom"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:7pt; font-family:Times New Roman">Management&#146;s Discussion and Analysis</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:7pt; font-family:Times New Roman">December 31, 2016</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">M-30</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">Stantec Inc.&nbsp;&nbsp;</TD></TR></TABLE>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">As indicated above, gross revenue growth was impacted by acquisitions, organic revenue retraction, and the effect
of foreign exchange rates on revenue earned by our foreign subsidiaries. The impact that these factors had on gross revenue earned by each Consulting Services business operating unit is summarized in the following table: </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Gross Revenue by Consulting Services - Business Operating Unit </B></P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:9pt" ALIGN="center">


<TR>
<TD WIDTH="92%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:9pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.00pt solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="14" ALIGN="center" STYLE="BORDER-BOTTOM:1.00pt solid #000000"><B>2016 Compared to 2015</B></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.00pt solid #000000">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="13"></TD>
<TD HEIGHT="13" COLSPAN="4"></TD>
<TD HEIGHT="13" COLSPAN="4"></TD>
<TD HEIGHT="13" COLSPAN="4"></TD>
<TD HEIGHT="13" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:9pt">
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.00pt solid #000000"><FONT STYLE="font-size:8pt"><I>&nbsp;(In millions of Canadian dollars)</I></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.00pt solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1.00pt solid #000000"><B>Total&nbsp;Change</B></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.00pt solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.00pt solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1.00pt solid #000000"><B>Change&nbsp;Due&nbsp;to<BR>Acquisitions</B></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.00pt solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.00pt solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1.00pt solid #000000"><B>Change&nbsp;Due&nbsp;to<BR>Organic&nbsp;Growth<BR>(Retraction)</B></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.00pt solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.00pt solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1.00pt solid #000000"><B>Change&nbsp;Due&nbsp;to<BR>Foreign&nbsp;Exchange</B></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.00pt solid #000000">&nbsp;</TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:9pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:Times New Roman"><B>&nbsp;Consulting Services</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:9pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; text-indent:-1.00em; font-size:9pt; font-family:Times New Roman">&nbsp;Buildings</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">52.5&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">59.6&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(20.0)</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">12.9&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:9pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; text-indent:-1.00em; font-size:9pt; font-family:Times New Roman">&nbsp;Energy&nbsp;&amp; Resources</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(1.7)</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">128.7&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(134.6)</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">4.2&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:9pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; text-indent:-1.00em; font-size:9pt; font-family:Times New Roman">&nbsp;Environmental Services</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">70.1&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">110.2&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(49.1)</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">9.0&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:9pt">
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1.00pt solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; text-indent:-1.00em; font-size:9pt; font-family:Times New Roman">&nbsp;Infrastructure</P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.00pt solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.00pt solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.00pt solid #000000" ALIGN="right">656.8&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1.00pt solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.00pt solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.00pt solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.00pt solid #000000" ALIGN="right">592.4&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1.00pt solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.00pt solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.00pt solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.00pt solid #000000" ALIGN="right">41.7&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1.00pt solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.00pt solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.00pt solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.00pt solid #000000" ALIGN="right">&nbsp;22.7&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1.00pt solid #000000">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="13"></TD>
<TD HEIGHT="13" COLSPAN="4"></TD>
<TD HEIGHT="13" COLSPAN="4"></TD>
<TD HEIGHT="13" COLSPAN="4"></TD>
<TD HEIGHT="13" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:9pt">
<TD VALIGN="top" STYLE="BORDER-BOTTOM:2.00pt solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:Times New Roman">&nbsp;Total Consulting Services</P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:2.00pt solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:2.00pt solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:2.00pt solid #000000" ALIGN="right">777.7&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:2.00pt solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:2.00pt solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:2.00pt solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:2.00pt solid #000000" ALIGN="right">890.9&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:2.00pt solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:2.00pt solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:2.00pt solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:2.00pt solid #000000" ALIGN="right">(162.0)</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:2.00pt solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:2.00pt solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:2.00pt solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:2.00pt solid #000000" ALIGN="right">48.8&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:2.00pt solid #000000">&nbsp;</TD></TR></TABLE>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:8pt" ALIGN="center">


<TR>
<TD WIDTH="100%"></TD></TR>

<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:0.40em; font-size:8pt; font-family:Times New Roman"><I>Note: Comparative figures have been reclassified due to a realignment of several business lines between our
Energy&nbsp;&amp; Resources and Infrastructure business operating units.</I></P></TD></TR>
</TABLE> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The following summarizes the acquisitions completed in 2015 and 2016 that impacted specific Consulting Services business
operating units during 2016: </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:9pt" ALIGN="center">


<TR>
<TD WIDTH="24%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="24%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="24%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="25%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:9pt">
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><FONT COLOR="#8b8376">&#149;</FONT>&nbsp;&nbsp;<B>Buildings</B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;Dessau (Jan. 2015)</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;Sparling (Feb. 2015)</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;FST (Oct. 2015)</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;VOA (May 2016)</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;Edwards&nbsp;&amp; Zuck (Sep. 2016)</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;Arch | TB (Dec. 2016)</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><FONT COLOR="#8b8376">&#149;</FONT>&nbsp;&nbsp;<B>Energy</B><B></B><B> &amp; Resources</B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;Dessau (Jan. 2015)</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;VI Engineering (July 2015)</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;MWH (May 2016)</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><FONT COLOR="#8b8376">&#149;</FONT>&nbsp;&nbsp;<B>Environmental Services</B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;Dessau (Jan. 2015)</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;FST (Oct. 2015)</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;MWH (May 2016)</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><FONT COLOR="#8b8376">&#149;</FONT>&nbsp;&nbsp;<B>Infrastructure</B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;Dessau (Jan. 2015)</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;VA Consulting (Aug. 2015)</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;FST (Oct. 2015)</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;KBR (Dec. 2015)</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;Bury (Mar. 2016)</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;MWH (May 2016)</P></TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Buildings.</B> Gross revenue for our Buildings business operating unit increased 6.9% in 2016 compared to 2015. Gross
revenue increased as a result of acquisition growth and foreign exchange because the US dollar strengthened compared to the Canadian dollar. Organic revenue retraction was 2.6%. Our Canada and Global operations experienced retraction that was partly
offset by strong organic growth in our US operations. Retraction occurred mainly due to the number of design-build P3 projects that were in the bid phase (explained in the Consulting Services &#150; Canada section above) and the decline in the oil
and gas sector, which impacted private and public spending in our Canadian and Middle East operations. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">In Canada, we maintained strong activity in the
healthcare, commercial, and education markets, and we also experienced steady activity in the Civic and Industrial sectors. In the United States, gross revenue increased due to&nbsp;strategic acquisitions completed in 2015 and 2016. We saw increased
opportunities in the eastern United States, particularly in our Commercial sector. We benefit from the urbanization trend across North America as inner cities are revitalized. Our newly created Civic sector provides a range of services to respond to
these needs. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Of the projects secured in the year, one highlight is our Company being the prime consultant and design lead on the successful team for the
new Mackenzie Vaughan Hospital in Vaughan, Ontario. Our architecture, landscape, and transportation teams are collaborating on this large greenfield
<FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">state-of-the-art</FONT></FONT></FONT> hospital that will include over </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:7pt" ALIGN="center">

<TR>
<TD WIDTH="33%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="33%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="32%"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:7pt">
<TD VALIGN="bottom"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:7pt; font-family:Times New Roman">Management&#146;s Discussion and Analysis</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:7pt; font-family:Times New Roman">December 31, 2016</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">M-31</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">Stantec Inc.&nbsp;&nbsp;</TD></TR></TABLE>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">
350 patient beds with the capacity to expand to more than 500. It will be the first hospital in Canada to include fully integrated &#147;smart&#148; technology, which features systems and medical
devices that can transmit data to one another, maximizing clinical and operational efficiencies. In addition, during the second quarter, Mecklenburg County commissioners selected a partnership we assembled to redevelop Brooklyn Village, 16 acres (7
hectares) of land in downtown Charlotte, North Carolina. The project involves designing, building, and operating a walkable urban village of more than 2.3&nbsp;million square feet (213,697 square metres) of new development that includes residential,
retail, hospitality, recreational, and public art spaces. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Energy</B><B></B><B>&nbsp;&amp; Resources.</B> Gross revenue for our Energy&nbsp;&amp;
Resources business operating unit decreased 0.4% in 2016 compared to 2015. Revenue was positively impacted by acquisition growth. Organic gross revenue retracted 31.3% in 2016 compared to 2015. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The sustained weakness in the oil&nbsp;and gas sector in Canada and the United States has been impacting our engineering services, although at a reduced rate
of retraction in the second half of 2016. We experienced organic revenue growth in our US Power and Mining sectors, offset by organic revenue retraction for these sectors in our Canadian operations. Throughout the significant and rapid decline in
the oil and gas industry, we aligned our staffing levels with workload, managed our margins, and maintained our strong client relationships. In 2014, our oil and gas engineering services represented approximately 15% of our Company&#146;s overall
annual gross revenue; in 2015, it represented approximately 8%; and in 2016 it represented approximately 4%. This change and the change in the environmental services we provide to this industry (described below) reduce the impact of our exposure to
further potential declines in this industry. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The retraction in our Oil&nbsp;&amp; Gas sector continued because of the ongoing substantially lower price
environment and volatility in oil and gas prices that caused curtailed capital spending and continued pressure to reduce rates in this sector. Delays in regulatory approvals for export pipelines have also contributed to the slowdown in both
midstream and upstream work. In our midstream business, new work in 2016 continued to be awarded for smaller projects but was slow due to the impact of uncertain market conditions. Despite these conditions, we were selected by a major midstream
service provider to complete detailed engineering of the scope for upgrades to an existing butane injection facility in Edmonton, Alberta. The project will increase flow for future capacity. In the upstream sector&#151;a&nbsp;smaller portion of our
business&#151;projects were deferred or cancelled as clients adapted to lower commodity prices and market supply and demand changes. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">In our Power sector,
we continued securing projects as a result of infrastructure improvement, environmental compliance, and resiliency requirements in the transmission and distribution and the power replacement markets. In the United States, organic revenue was stable,
assisted by the renewable energy and transmission and distribution markets. Our Canadian Power operations were impacted by the slowdown in capital spending by oil and gas clients, resulting in deferred and cancelled proposed <FONT
STYLE="white-space:nowrap">gas-generation</FONT> projects. Nonetheless, we continued to secure projects. For example, we were awarded the civil and electrical engineering design services for the transmission infrastructure, electrical system
studies, and underground alternating-current and direct-current collector systems that will support the Southgate and Windsor solar farms in Ontario. Each ground-mount solar farm will have a generating capacity of 50 megawatts. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Our Mining sector&#146;s organic revenue retraction was primarily attributed to the continuing slowdown in the mining market but was also caused by the <FONT
STYLE="white-space:nowrap">one-time</FONT> recognition of additional fees in the first half of 2015, which resulted from attaining certain performance metrics on a major project. Our US Mining operations had organic growth offset by organic
retraction in our Canadian and Global operations, primarily due to continued challenging macroeconomic industry conditions and clients managing their debt levels. These debt levels resulted in a cautious approach to capital spending. The retraction
in 2016 was challenging for the mining industry; however, small to midsized capital projects increased. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:7pt" ALIGN="center">

<TR>
<TD WIDTH="33%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="33%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="32%"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:7pt">
<TD VALIGN="bottom"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:7pt; font-family:Times New Roman">Management&#146;s Discussion and Analysis</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:7pt; font-family:Times New Roman">December 31, 2016</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">M-32</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">Stantec Inc.&nbsp;&nbsp;</TD></TR></TABLE>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The MWH acquisition added to our Mining and Waterpower&nbsp;&amp; Dams sectors. Mining experienced project delays
and decreased project activity in Latin America. Activity remains strong in the Waterpower&nbsp;&amp; Dams sector, especially in our US East operations. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Environmental Services.</B> Gross revenue for our Environmental Services business operating unit increased 12.4% in 2016 compared to 2015. Revenue was
positively impacted by acquisition growth and by foreign exchange. Organic gross revenue retracted 8.7% in 2016 compared to 2015. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Retraction in organic
gross revenue resulted from low commodity prices and reduced capital spending, primarily in the oil and gas midstream sector. This led to project delays and cancellations and put downward pressure on project fees. In the United States, organic gross
revenue retracted due to the winding down of projects and was partly offset by&nbsp;growth in the Power and Transportation sectors. We experienced increased activity in airport and rail projects as well as highway and road projects, particularly in
our US east operations. In 2014, our Oil&nbsp;&amp; Gas environmental services represented approximately 11% of our Company&#146;s overall gross revenue; in 2015, it represented approximately 7%; and in 2016, it represented approximately 5%. This
change reduces the impact of our exposure to further potential declines in this industry. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">In slower market conditions, clients in the industry review
their supply chain for opportunities to gain efficiencies; therefore, our margins are impacted. The retraction slowed in the last half of 2016 as evidenced by some recent wins, including some new clients and an increased number of smaller project
opportunities. Although oil and gas and mining continue to be challenged markets across North America, we maintained our backlog because of our strong emphasis on operations and maintenance programs. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Growth opportunities for environmental services work in the power sector exist within the renewables market in both Canada and the United States.
Opportunities in Canada also exist through the federal government&#146;s plans for infrastructure spending (specifically in Aboriginal communities), including water, transportation, and wastewater infrastructure projects. Emerging opportunities in
Canada include municipal, rail, and port projects, as well as insurance and brownfield redevelopment in our Commercial sector. US federal funding programs that impact our Environmental Services remain stable. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The MWH acquisition expanded our Environmental Services business operating unit. Greater-than-expected project activity occurred in Italy because of the
acceleration of a large environmental services contract. Activity continues to soften in the United States, partly due to lower mobilization on projects by key clients. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Highlights of projects secured during 2016 include a project to develop the environmental sustainability programs and environmental compliance programs and
provide <FONT STYLE="white-space:nowrap">pre-construction</FONT> biological resource monitoring along a <FONT STYLE="white-space:nowrap">21-mile</FONT> <FONT STYLE="white-space:nowrap">(34-kilometre)</FONT> section of the California High Speed Rail
Authority&#146;s high-speed rail in Kern County, California. In addition, our Environmental Services team was awarded archaeological impact assessment work for all remaining areas scheduled for construction along a large cross-provincial pipeline in
western Canada. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Infrastructure.</B> Gross revenue for our Infrastructure business operating unit increased 58.8% in 2016 compared to 2015. This
increase was mainly due to acquisition growth. Growth also resulted from foreign exchange, and organic gross revenue grew 3.7% in 2016 compared to 2015. Strong organic growth in our Transportation sector was partly offset by retraction in our
Community Development sector. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Our Community Development sector saw organic gross revenue retraction in 2016 compared to the same period in 2015;
retraction occurred primarily in Canada (and mostly in western Canada). We perform approximately 40% of our Community Development work in Canada and approximately 60% in the United States. The slowing economy in Alberta resulted in lower business
volume, but eastern Canada remained stable. With the exception of Alberta, both countries otherwise experienced a continued demand for housing, continued interest in urban development, and an increase in
<FONT STYLE="white-space:nowrap">mixed-use</FONT> commercial projects. We continued to work on </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:7pt" ALIGN="center">

<TR>
<TD WIDTH="33%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="33%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="32%"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:7pt">
<TD VALIGN="bottom"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:7pt; font-family:Times New Roman">Management&#146;s Discussion and Analysis</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:7pt; font-family:Times New Roman">December 31, 2016</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">M-33</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">Stantec Inc.&nbsp;&nbsp;</TD></TR></TABLE>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">
US urban design projects, further diversifying our strong greenfield business in the Sunbelt states. As well, opportunities for municipal parks and open space work and for private sector
commercial and institutional work continued to improve. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Our Transportation sector generates approximately 75% of its revenue in the United States. An
expanding US economy and our North American strategic market position led to increased organic growth opportunities such as program management, bridge inspection, light-rail transit, roadway, and bridge projects. The KBR and FST acquisitions,
completed in 2015, further expanded our US presence. The MWH acquisition expanded our Transportation sector business in Australia and New Zealand. Our Transportation sector works on projects of various sizes; this provides diversity, limits our
liability exposure, and positions us to compete in both large and small markets. Transportation&#146;s backlog grew and we continued to pursue large project opportunities in both Canada and the United States. Our work is a diverse mix of design,
bridge condition inspection, intelligent transportation systems, transit, airport infrastructure, and program management and construction inspection; the most prevalent work was roadway design for multiple Departments and Ministries of
Transportation. For example, in the fourth quarter, we were named prime consultant for the <FONT STYLE="white-space:nowrap">3.7-mile</FONT> <FONT STYLE="white-space:nowrap">(5.6-kilometre)</FONT> streetcar project in Tempe, Arizona. It is a vital
extension to Valley Metro&#146;s <FONT STYLE="white-space:nowrap">26-mile</FONT> <FONT STYLE="white-space:nowrap">(42-kilometre)</FONT> Light Rail system, connecting university students and surrounding neighborhoods to downtown Tempe and a newly
developed business district. Our responsibilities include design management and project controls on the construction management <FONT STYLE="white-space:nowrap">at-risk</FONT> project, along with design of the track, roadway, drainage, traffic,
utilities, communications, and system-wide electrical, structures, and architecture. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Our Water sector had stable organic revenue in 2016 compared to
2015. During 2016 the Canadian market outpaced the United States. We continued to benefit from the need to replace aging and obsolete infrastructure and from environmental regulatory requirements. Our water and wastewater treatment facilities
planning and design business performed well with a diverse mix of private and public clients addressing capacity expansion needs and regulatory requirements. Several large projects in Canada were extended or resumed, and major new projects in the
United States were started. We continued to benefit from regulatory requirements, including the consent decrees in the United States that mandate municipalities to upgrade their water and wastewater facilities, as well as from the continued efforts
of public agencies and private industrial concerns to improve operational efficiency. Our Canadian and US Water operations continued work on existing projects and saw new treatment plant work in British Columbia, Ontario, and Virginia. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The MWH acquisition expanded our Water and Transportation sectors. Water in the United States had solid performance; utilization was strong, and we secured
major projects. Our UK Water sector is in year two of the AMP five-year cycle. Year one was slower to generate revenue compared to the revenue expected for years two to four. Gross revenue earned in the United Kingdom was negatively impacted by a
decline in the British pound sterling compared to the Canadian dollar&#151;from $1.86 at the beginning of May to $1.66 on December&nbsp;31, 2016, representing a 10.8% decrease. Revenues in our Asia Pacific transportation group remain soft, driven by
market changes in New Zealand and demand weaknesses in provincial markets where MWH has historically had a strong presence. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Highlights of work secured in
2016 include our participation in a joint venture composed of MWH and Joe Hill Consulting Engineers, a San Francisco-based engineering firm, to provide <FONT STYLE="white-space:nowrap">as-needed</FONT> specialized and technical water contract
services including water supply, treatment, and transmission services as well as public health, and environmental and regulatory compliance services for the San Francisco Public Utilities Commission. In the third quarter, we were selected to provide
town planning work for 486 hectares (1,200 acres) of designated lands within the Tsuu T&#146;ina First Nation west of Calgary, Alberta. The work includes roadway layout, public realm concept design, land use zoning creation, urban and architectural
design guidelines, and land lease plots. In the fourth quarter, we were selected to provide legal survey services, design, and resident engineering for Calgary&#146;s new Hotchkiss residential community. Once complete, the <FONT
STYLE="white-space:nowrap">85-hectare</FONT> <FONT STYLE="white-space:nowrap">(210-acre)</FONT> community will be home to approximately 3,700 residents. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:7pt" ALIGN="center">

<TR>
<TD WIDTH="33%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="33%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="32%"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:7pt">
<TD VALIGN="bottom"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:7pt; font-family:Times New Roman">Management&#146;s Discussion and Analysis</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:7pt; font-family:Times New Roman">December 31, 2016</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">M-34</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">Stantec Inc.&nbsp;&nbsp;</TD></TR></TABLE>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL"><B>Gross Margin </B></P> <P STYLE="margin-top:2pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Gross
margin is calculated as net revenue minus direct payroll costs. Direct payroll costs include the cost of salaries and related fringe benefits for labor hours that are directly associated with the completion of projects. Labor costs and related
fringe benefits for labor hours that are not directly associated with the completion of projects are included in administrative and marketing expenses. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">In general, gross margin fluctuations depend on the particular mix of projects in progress during any year and on our project execution. These fluctuations
reflect the basis of our business model, which is based on providing two primary service offerings&#151;Consulting Services and Construction Services&#151;across diverse geographic locations, business operating units (within Consulting Services),
and all phases of the infrastructure and facilities project life cycle. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Gross margin as a percentage of net revenue decreased from 54.5% in 2015 to 54.1%
in 2016. This decrease was due to a decrease in margins in Canada and partly offset by an increase in our Global and US margins. The decrease was also impacted by the addition of the Construction Services business, which generates a lower margin
than our Consulting Services business. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The following table summarizes our gross margin percentages by reportable segments: </P>
<P STYLE="margin-top:20pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Gross Margin by Reportable Segments </B></P> <P STYLE="font-size:10pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="68%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt">


<TR>
<TD WIDTH="70%"></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD WIDTH="12%"></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD WIDTH="12%"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.00pt solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#e5e5e1" STYLE="BORDER-BOTTOM:1.00pt solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.00pt solid #000000" BGCOLOR="#e5e5e1"> <P STYLE="font-size:2pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>2016&nbsp;</B></P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.00pt solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right" STYLE="BORDER-BOTTOM:1.00pt solid #000000"><B>2015&nbsp;</B></TD></TR>


<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>&nbsp;Consulting Services</B></P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e5e1">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#e5e5e1"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">&nbsp;Canada</P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e5e1">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right" BGCOLOR="#e5e5e1">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53.9%&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55.0%&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">&nbsp;United States</P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e5e1">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right" BGCOLOR="#e5e5e1">55.3%&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">54.0%&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">&nbsp;Global</P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e5e1">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right" BGCOLOR="#e5e5e1">58.1%&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">53.4%&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" STYLE="BORDER-BOTTOM:2.00pt solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>&nbsp;Construction Services</B></P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e5e1" STYLE="BORDER-BOTTOM:2.00pt solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right" STYLE="BORDER-BOTTOM:2.00pt solid #000000" BGCOLOR="#e5e5e1">37.0%&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:2.00pt solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right" STYLE="BORDER-BOTTOM:2.00pt solid #000000">n/a&nbsp;</TD></TR>
</TABLE> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">In our Consulting Services &#150; Canada operations, the decreases in gross margin in 2016 compared to 2015 resulted from the
mix of projects. The increase in gross margins in our US operations resulted mainly from higher margins on the mix of projects acquired from MWH, predominantly in the Water and Waterpower&nbsp;&amp; Dams sectors. Our Consulting Services &#150;
Global operations had higher margins, primarily a result of higher margins on the mix of projects acquired from MWH. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Construction Services is a
high-volume, lower-margin business that incurs more subcontractors and direct expenditures compared to subconsultants and direct expenditures incurred by Consulting Services. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Consulting Services can be further described by business operating unit. The following table summarizes our gross margin percentages by business operating
unit: </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:7pt" ALIGN="center">

<TR>
<TD WIDTH="33%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="33%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="32%"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:7pt">
<TD VALIGN="bottom"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:7pt; font-family:Times New Roman">Management&#146;s Discussion and Analysis</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:7pt; font-family:Times New Roman">December 31, 2016</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">M-35</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">Stantec Inc.&nbsp;&nbsp;</TD></TR></TABLE>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Gross Margin by Consulting Services - Business Operating Unit </B></P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="68%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt">


<TR>
<TD WIDTH="66%"></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD WIDTH="14%"></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD WIDTH="14%"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.00pt solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#e5e5e1" STYLE="BORDER-BOTTOM:1.00pt solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.00pt solid #000000" BGCOLOR="#e5e5e1"> <P STYLE="font-size:2pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>2016&nbsp;</B></P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.00pt solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right" STYLE="BORDER-BOTTOM:1.00pt solid #000000"><B>2015&nbsp;</B></TD></TR>


<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>&nbsp;Consulting Services</B></P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e5e1">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#e5e5e1"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">&nbsp;Buildings</P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e5e1">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right" BGCOLOR="#e5e5e1">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54.8%&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55.2%&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">&nbsp;Energy&nbsp;&amp; Resources</P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e5e1">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right" BGCOLOR="#e5e5e1">51.0%&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">48.5%&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">&nbsp;Environmental Services</P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e5e1">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right" BGCOLOR="#e5e5e1">57.6%&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">58.4%&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" STYLE="BORDER-BOTTOM:2.00pt solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">&nbsp;Infrastructure</P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e5e1" STYLE="BORDER-BOTTOM:2.00pt solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right" STYLE="BORDER-BOTTOM:2.00pt solid #000000" BGCOLOR="#e5e5e1">55.5%&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:2.00pt solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right" STYLE="BORDER-BOTTOM:2.00pt solid #000000">54.7%&nbsp;</TD></TR></TABLE>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="68%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:8pt">


<TR>
<TD WIDTH="100%"></TD></TR>

<TR STYLE="font-family:Times New Roman; font-size:8pt">
<TD VALIGN="top"> <P STYLE="font-size:2pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; margin-left:0.40em; font-size:8pt; font-family:Times New Roman"><I>Note: Comparative figures have been reclassified
due to a realignment of several business lines between our Energy&nbsp;&amp; Resources and Infrastructure business operating units.</I></P></TD></TR>
</TABLE> <P STYLE="margin-top:20pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">In our Buildings business operating unit, gross margin decreased in 2016 compared to 2015 as a result of increases in
competition in our Canadian operations and in pursuits for design-build P3 projects. During the pursuit phase of this type of project, we perform work at reduced margins, which are then increased if our team secures the project. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Our Energy&nbsp;&amp; Resources business operating unit had higher margins in 2016 compared to 2015, mainly due to the mix of projects acquired from MWH. In
Canada, reduced capital investment in our Oil&nbsp;&amp; Gas and Mining sectors resulted in reduced margins on projects that were awarded in the year. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Our Environmental Services business operating unit had lower margins, mainly because of clients&#146; downward pressures on fees in response to economic
challenges in certain markets, especially in the oil and gas industry. Rate fee pressures also existed in the mining and power industries. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Infrastructure
had higher margins in 2016 compared to 2015, primarily because of improved margins in our Water sector and the projects acquired from MWH. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL"><B>Revenue and Gross
Margin Realignment by Business Operating Unit </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Effective 2017, we are realigning our organizational structure in Consulting Services from four to five
business operating units. (For further information regarding this realignment, see the Evolution of our Business Operating Unit Specialization section of this report on page <FONT STYLE="white-space:nowrap">M-9)</FONT> </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The following table realigns the quarterly and annual gross revenue we earned in 2016 that resulted from this change. </P>
<P STYLE="margin-top:20pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Gross Revenue by Consulting Services - Business Operating Unit </B></P> <P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="95%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt">


<TR>
<TD WIDTH="36%"></TD>
<TD VALIGN="bottom" WIDTH="8%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="8%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="8%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="8%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="8%"></TD>
<TD WIDTH="6%"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.00pt solid #000000"><FONT STYLE="font-size:8pt"><I>&nbsp;(In millions of Canadian dollars)</I></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.00pt solid #000000">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1.00pt solid #000000"><B>Quarter<BR>Ended<BR>March&nbsp;31,<BR>2016</B></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.00pt solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.00pt solid #000000">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1.00pt solid #000000"><B>Quarter<BR>Ended<BR>June&nbsp;30,<BR>2016</B></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.00pt solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.00pt solid #000000">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1.00pt solid #000000"><B>Quarter<BR>Ended<BR>Sept 30,<BR>2016</B></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.00pt solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.00pt solid #000000">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1.00pt solid #000000"><B>Quarter<BR>Ended<BR>Dec 31,<BR>2016</B></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.00pt solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.00pt solid #000000">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right" STYLE="BORDER-BOTTOM:1.00pt solid #000000"><B>Year&nbsp;<BR>Ended&nbsp;<BR>2016&nbsp;</B></TD></TR>


<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>&nbsp;Consulting Services</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">&nbsp;Buildings</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">219.6&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">193.4&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">201.2&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">202.0&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">816.2&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">&nbsp;Energy&nbsp;&amp; Resources</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">85.5&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">109.0&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">123.0&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">111.1&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">428.6&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">&nbsp;Environmental Services</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">122.0&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">153.5&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">174.3&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">186.7&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">636.5&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">&nbsp;Infrastructure</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">242.4&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">262.1&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">254.2&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">243.8&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1,002.5&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1.00pt solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">&nbsp;Water</P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.00pt solid #000000">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.00pt solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.00pt solid #000000" ALIGN="right">85.9&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1.00pt solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.00pt solid #000000">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.00pt solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.00pt solid #000000" ALIGN="right">187.9&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1.00pt solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.00pt solid #000000">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.00pt solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.00pt solid #000000" ALIGN="right">255.3&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1.00pt solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.00pt solid #000000">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.00pt solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.00pt solid #000000" ALIGN="right">242.0&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1.00pt solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.00pt solid #000000">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right" STYLE="BORDER-BOTTOM:1.00pt solid #000000">771.1&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" STYLE="BORDER-BOTTOM:2.00pt solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">&nbsp;Total</P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:2.00pt solid #000000">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:2.00pt solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:2.00pt solid #000000" ALIGN="right">755.4&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:2.00pt solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:2.00pt solid #000000">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:2.00pt solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:2.00pt solid #000000" ALIGN="right">905.9&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:2.00pt solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:2.00pt solid #000000">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:2.00pt solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:2.00pt solid #000000" ALIGN="right">1,008.0&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:2.00pt solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:2.00pt solid #000000">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:2.00pt solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:2.00pt solid #000000" ALIGN="right">985.6&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:2.00pt solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:2.00pt solid #000000">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right" STYLE="BORDER-BOTTOM:2.00pt solid #000000">3,654.9&nbsp;</TD></TR>
</TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:7pt" ALIGN="center">

<TR>
<TD WIDTH="33%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="33%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="32%"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:7pt">
<TD VALIGN="bottom"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:7pt; font-family:Times New Roman">Management&#146;s Discussion and Analysis</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:7pt; font-family:Times New Roman">December 31, 2016</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">M-36</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">Stantec Inc.&nbsp;&nbsp;</TD></TR></TABLE>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The following table details our gross margins as a percentage of net revenue by our five business operating units
on a quarterly and annual basis for 2016. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Gross Margin by Consulting Services - Business Operating Unit&nbsp;&nbsp;&nbsp;&nbsp; </B></P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="95%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt">


<TR>
<TD WIDTH="34%"></TD>
<TD VALIGN="bottom" WIDTH="9%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="9%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="9%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="9%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="9%"></TD>
<TD WIDTH="5%"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.00pt solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.00pt solid #000000">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1.00pt solid #000000"><B>Quarter<BR>Ended<BR>March&nbsp;31,<BR>2016</B></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.00pt solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.00pt solid #000000">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1.00pt solid #000000"><B>Quarter<BR>Ended<BR>June&nbsp;30,<BR>2016</B></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.00pt solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.00pt solid #000000">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1.00pt solid #000000"><B>Quarter<BR>Ended<BR>Sept 30,<BR>2016</B></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.00pt solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.00pt solid #000000">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1.00pt solid #000000"><B>Quarter<BR>Ended<BR>Dec 31,<BR>2016</B></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.00pt solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.00pt solid #000000">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right" STYLE="BORDER-BOTTOM:1.00pt solid #000000"><B>Year&nbsp;<BR>Ended&nbsp;<BR>2016&nbsp;</B></TD></TR>


<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>&nbsp;Consulting Services</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">&nbsp;Buildings</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">56.0%</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">53.5%</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">54.6%</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">55.0%</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">54.8%&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">&nbsp;Energy&nbsp;&amp; Resources</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">44.6%</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">50.8%</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">53.8%</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">53.3%</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">51.0%&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">&nbsp;Environmental Services</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">57.2%</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">57.3%</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">56.9%</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">59.0%</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">57.6%&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">&nbsp;Infrastructure</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">53.1%</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">52.8%</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">53.7%</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">52.9%</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">53.1%&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1.00pt solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">&nbsp;Water</P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.00pt solid #000000">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.00pt solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.00pt solid #000000" ALIGN="right">56.6%</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1.00pt solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.00pt solid #000000">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.00pt solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.00pt solid #000000" ALIGN="right">58.9%</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1.00pt solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.00pt solid #000000">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.00pt solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.00pt solid #000000" ALIGN="right">58.7%</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1.00pt solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.00pt solid #000000">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.00pt solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.00pt solid #000000" ALIGN="right">60.7%</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1.00pt solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.00pt solid #000000">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right" STYLE="BORDER-BOTTOM:1.00pt solid #000000">59.1%&nbsp;</TD></TR>
</TABLE> <P STYLE="margin-top:20pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL"><B>Administrative and Marketing Expenses </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Administrative and marketing expenses increased $346.5&nbsp;million from 2015 to 2016. As a percentage of net revenue, our administrative and marketing
expenses increased from 41.6% in 2015 to 43.1% in 2016. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Administrative and marketing expenses fluctuate from year to year because of the amount of staff
time charged to marketing and administrative labor, which is influenced by the mix of projects in progress during the period, as well as by business development and acquisition integration activities. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">In 2016, administrative and marketing expenses were higher compared to 2015 mainly due to a $13.8&nbsp;million increase in acquisition-related costs from
$0.7&nbsp;million in 2015 to $14.5&nbsp;million in 2016. Acquisition-related costs in 2016 included legal, accounting, and financial advisory fees incurred for the MWH acquisition. Excluding the $14.5&nbsp;million in acquisition-related costs in
2016, our administrative and marketing expenses as a percentage of net revenue would have been 42.6%. In addition, we had higher professional fees of $9.3&nbsp;million and higher administrative labor costs due in part to the increase in integration
activities resulting from the MWH acquisition. As well, retention and merit payments related to acquisitions increased by $7.6&nbsp;million and severance payments increased by $4.0&nbsp;million compared to 2015. </P>
<P STYLE="margin-top:16pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL"><B>Depreciation of Property and Equipment </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Depreciation increased
$5.3&nbsp;million year over year. As a percentage of net revenue, depreciation of property and equipment decreased from 1.9% in 2015 to 1.7% in 2016. This decrease is due to the following: (i)&nbsp;a decrease in additions to property and equipment
as a percentage of net revenue over the last two years and (ii)&nbsp;MWH has less depreciation as a percentage of net revenue compared to legacy Stantec. During 2016, additions (excluding acquisitions) to property and equipment were
$58.7&nbsp;million compared to $37.5&nbsp;million in 2015. We had higher purchases in 2016 due to an increase in leasehold improvements made to various office locations and increased spending because of acquisition growth. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">As a professional services organization, we are not capital intensive. In the past, we made capital expenditures mostly for items such as leasehold
improvements, computer equipment, furniture, and other office and field equipment. The $58.7&nbsp;million additions to property and equipment met our expectations; we budgeted approximately $60.0&nbsp;million at the beginning of 2016. We expect our
total capital additions in 2017 to be approximately $75.0&nbsp;million, excluding capital assets acquired from acquisitions. The increase in budgeted </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:7pt" ALIGN="center">

<TR>
<TD WIDTH="33%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="33%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="32%"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:7pt">
<TD VALIGN="bottom"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:7pt; font-family:Times New Roman">Management&#146;s Discussion and Analysis</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:7pt; font-family:Times New Roman">December 31, 2016</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">M-37</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">Stantec Inc.&nbsp;&nbsp;</TD></TR></TABLE>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">
spending, compared to spending in 2016, relates to the anticipated <FONT STYLE="white-space:nowrap">build-out</FONT> of technology infrastructure in our primary data center facility and allocated
capital for the integration of MWH to our systems. We plan to continue to invest in enhancements to our information technology infrastructure and enterprise system; this will optimize and streamline business processes and prepare us for continued
growth. Our capital expenditures during 2016 were financed by cash flows from operations. </P> <P STYLE="margin-top:16pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL"><B>Intangible Assets </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The timing of completed acquisitions, size of acquisitions, and type of intangible assets acquired impact the amount of amortization of intangible assets in a
period. Client relationships are amortized over estimated useful lives ranging from 10&nbsp;to&nbsp;15 years, and contract backlog and finite-lived trademarks are generally amortized over an estimated useful life of 1&nbsp;to&nbsp;3 years.
Consequently, the impact of the amortization of contract backlog can be significant in the 4 to 12 quarters following an acquisition. As at December&nbsp;31, 2016, $36.3&nbsp;million of the $449.5&nbsp;million in intangible assets related to
backlog. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Also included in intangible assets are purchased and internally generated computer software that is replaceable and not an integral part of
related hardware. This computer software is amortized over an estimated useful life ranging from 3 to 7 years. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The following table summarizes the
amortization of identifiable intangible assets: </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Amortization of Intangibles </B></P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="60%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt">


<TR>
<TD WIDTH="68%"></TD>
<TD VALIGN="bottom" WIDTH="8%"></TD>
<TD WIDTH="8%"></TD>
<TD VALIGN="bottom" WIDTH="8%"></TD>
<TD WIDTH="8%"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.00pt solid #000000"><FONT STYLE="font-size:8pt"><I>&nbsp;(In thousands of Canadian dollars)</I></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e5e1" STYLE="BORDER-BOTTOM:1.00pt solid #000000">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.00pt solid #000000" BGCOLOR="#e5e5e1"> <P STYLE="font-size:2pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>2016&nbsp;</B></P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.00pt solid #000000">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right" STYLE="BORDER-BOTTOM:1.00pt solid #000000"><B>2015&nbsp;</B></TD></TR>


<TR STYLE="font-size:1pt">
<TD HEIGHT="13"></TD>
<TD HEIGHT="13" COLSPAN="2" BGCOLOR="#e5e5e1"></TD>
<TD HEIGHT="13" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">&nbsp;Client relationships</P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e5e1">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right" BGCOLOR="#e5e5e1">26,817&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">14,985&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">&nbsp;Backlog</P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e5e1">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right" BGCOLOR="#e5e5e1">22,328&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">8,618&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">&nbsp;Software</P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e5e1">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right" BGCOLOR="#e5e5e1">21,613&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">12,956&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">&nbsp;Other</P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e5e1">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right" BGCOLOR="#e5e5e1">6,787&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">2,458&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1.00pt solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">&nbsp;Lease disadvantage</P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e5e1" STYLE="BORDER-BOTTOM:1.00pt solid #000000">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right" STYLE="BORDER-BOTTOM:1.00pt solid #000000" BGCOLOR="#e5e5e1">(1,885)&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.00pt solid #000000">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right" STYLE="BORDER-BOTTOM:1.00pt solid #000000">(1,164)&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="13"></TD>
<TD HEIGHT="13" COLSPAN="2" BGCOLOR="#e5e5e1"></TD>
<TD HEIGHT="13" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" STYLE="BORDER-BOTTOM:2.00pt solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">&nbsp;Total amortization of intangible assets</P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e5e1" STYLE="BORDER-BOTTOM:2.00pt solid #000000">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right" STYLE="BORDER-BOTTOM:2.00pt solid #000000" BGCOLOR="#e5e5e1">75,660&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:2.00pt solid #000000">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right" STYLE="BORDER-BOTTOM:2.00pt solid #000000">37,853&nbsp;&nbsp;</TD></TR>
</TABLE> <P STYLE="margin-top:20pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The $37.8&nbsp;million increase in intangible asset amortization from 2015 to 2016 was mainly due to an increase in backlog,
client relationships, finite-lived trademarks, and software from acquisitions completed in 2015 and 2016 and an increase in software additions over the last two years. During 2016, we added $380.5&nbsp;million to intangible assets; of this amount,
$354.2&nbsp;million resulted from acquisitions and the remaining $26.3&nbsp;million resulted mainly from the renewal of various software agreements. The MWH acquisition added $315.3&nbsp;million to intangible assets consisting mainly of client
relationships, contract backlog, trademarks, software, lease advantages, and lease disadvantages. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The $26.3&nbsp;million additions to intangible software
was below our budgeted expectation of $33.0&nbsp;million (set at the beginning of 2016), mainly due to the postponement of certain planned software purchases. We expect total software additions in 2017 to be approximately $15.0&nbsp;million. Our
plan is to continue investing in enhancements to our business information systems to optimize and streamline our business processes and prepare for continued growth. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Based on the unamortized intangible asset balance remaining at the end of 2016, we expect our amortization expense for intangible assets for the full year
2017 to be approximately $85.0&nbsp;million. The actual expense may be impacted by any new acquisitions completed in 2017. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:7pt" ALIGN="center">

<TR>
<TD WIDTH="33%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="33%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="32%"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:7pt">
<TD VALIGN="bottom"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:7pt; font-family:Times New Roman">Management&#146;s Discussion and Analysis</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:7pt; font-family:Times New Roman">December 31, 2016</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">M-38</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">Stantec Inc.&nbsp;&nbsp;</TD></TR></TABLE>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">In accordance with our accounting policies, we review intangible assets at each reporting period to determine
whether there is an indication of impairment. An asset may be impaired if (1)&nbsp;there is objective evidence of impairment as a result of one or more events that have occurred after the initial recognition of the asset and (2)&nbsp;if&nbsp;that
event has an impact on the estimated future cash flows of the asset. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">To determine indicators of impairment of intangible assets, we consider external
sources of information such as prevailing economic and market conditions. We also consider internal sources of information such as the historical and expected financial performance of the intangible assets. If indicators of impairment are present,
the asset&#146;s recoverable amount is estimated. If the carrying amount exceeds the recoverable amount (on a discounted basis), the asset value is written down to the recoverable amount. (For further discussion on the methodology used in testing
long-lived assets and intangibles for impairment, refer to the Critical Accounting Estimates in the Critical Accounting Estimates, Developments, and Measures section of this report.) </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Based on our review of intangible assets at each reporting period in 2016 and 2015, there have been no material indications of impairment. </P>
<P STYLE="margin-top:16pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL"><B>Net Interest Expense </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Net interest expense increased by
$17.7&nbsp;million in 2016 compared to 2015. This increase was primarily due to a $655.1&nbsp;million increase in our outstanding long-term debt at December&nbsp;31, 2016, compared to December&nbsp;31, 2015, mainly for the MWH acquisition. The
balance outstanding on our new revolving credit facility and term loan as at December&nbsp;31, 2016, was $870.2&nbsp;million compared to $221.8&nbsp;million on our former revolving credit facility and senior secured notes at December&nbsp;31, 2015.
The average interest rate for our new revolving credit facility and term loan was approximately 3.1% at December&nbsp;31, 2016, and approximately 3.3% at December&nbsp;31, 2015, for our former revolving credit facility and senior secured notes. The
senior secured notes were redeemed on May&nbsp;6, 2016, and a breakage fee of $3.9&nbsp;million was paid and recorded in net interest expense in Q2 16. The balance of our notes payable was higher at $127.2&nbsp;million at December&nbsp;31, 2016,
than the $124.5&nbsp;million at December&nbsp;31, 2015. The weighted average interest rate on our notes payable was 3.45% (2015 &#150; 3.63%). (The revolving credit facility and term loan are further described in the Liquidity and Capital Resources
section of this report.) </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Based on our credit balance at December&nbsp;31, 2016, we estimate that a 0.5% increase in interest rates, with all other
variables held constant, would have decreased net income by $2.4&nbsp;million and decreased basic earnings per share by $0.02. If the interest rate was 0.5% lower, an equal and opposite impact on net income and basic earnings per share would have
occurred. </P> <P STYLE="margin-top:16pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL"><B>Foreign Exchange Losses and Gains </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">We reported a
foreign exchange loss of $0.7&nbsp;million in 2016, compared to a $0.3&nbsp;million gain in 2015.<I> </I>These foreign exchange losses and gains arose from the translation of the foreign-denominated assets and liabilities held in our Canadian, US,
and other foreign subsidiaries. We minimize our exposure to foreign exchange fluctuations by matching foreign currency assets with foreign currency liabilities and, when appropriate, by entering into forward contracts to buy or sell foreign
currencies in exchange for Canadian dollars. The foreign exchange losses and gains in 2016 and 2015 were caused by the volatility of daily foreign exchange rates and the timing of the recognition and relief of foreign-denominated assets and
liabilities. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Before May&nbsp;6, 2016, we entered into foreign-currency forward-contract agreements of US$773.0&nbsp;million to purchase
US$773.0&nbsp;million for $1,008.9&nbsp;million at fixed rates varying from 1.32360 to 1.28655 that matured on May&nbsp;6, 2016. These derivative financial instruments were entered into to mitigate foreign currency fluctuation risk on the purchase
price of MWH to be paid in US dollars. The fair value of the contracts resulted in a realized loss of $10.2&nbsp;million. We designated these foreign currency forward contracts as a cash flow hedge against the purchase price of MWH; therefore, the
unrealized loss was recorded in other comprehensive income and in the </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:7pt" ALIGN="center">

<TR>
<TD WIDTH="33%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="33%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="32%"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:7pt">
<TD VALIGN="bottom"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:7pt; font-family:Times New Roman">Management&#146;s Discussion and Analysis</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:7pt; font-family:Times New Roman">December 31, 2016</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">M-39</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">Stantec Inc.&nbsp;&nbsp;</TD></TR></TABLE>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">
consolidated statements of financial position until it was realized on the maturity date and was included as part of the consideration paid for MWH. The hedging relationship was effective to the
date of maturity. As at December&nbsp;31, 2016, we had no material foreign-currency, forward-contract agreements. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">We estimate that because of a net
exposure at December&nbsp;31, 2016, a 1.0% decrease in foreign exchange rates, with all other variables held constant, would have decreased net income by $129,000 and increased basic earnings per share by less than $0.01. If the exchange rates
increased by 1.0%, an equal and opposite impact on net income and basic earnings per share would have occurred. </P> <P STYLE="margin-top:16pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL"><B>Income Taxes </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Our 2016 effective income tax rate was 27.8% compared to 26.1% in 2015. The effective tax rate is based on statutory rates in jurisdictions where the combined
companies of legacy Stantec and MWH operate and on our earnings in each of these jurisdictions. The MWH acquisition altered Stantec&#146;s legacy tax profile and the mix of jurisdictional earnings and tax rates, resulting in an increase in the
effective tax rate. In addition, our effective income tax rate increased due to <FONT STYLE="white-space:nowrap">non-deductible</FONT> acquisition-related costs, unrecognized tax losses and temporary differences, and an increase in <FONT
STYLE="white-space:nowrap">non-deductible</FONT> expenditures in relation to net income. </P> <P STYLE="margin-top:14pt; margin-bottom:0pt; font-size:11pt; font-family:ARIAL"><B>FOURTH QUARTER RESULTS </B></P>
<P STYLE="margin-top:14pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL"><B>Overall Q4 16 Results </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Gross revenue increased 74.7%&#151;from
$710.4&nbsp;million in Q4 15 to $1,240.8&nbsp;million in Q4 16. Total gross revenue was positively impacted by acquisitions completed in 2015 and 2016 and 2.2% organic revenue growth in our Infrastructure business operating unit. This was partly
offset by organic revenue retraction in our Buildings and Energy&nbsp;&amp; Resources business operating units. Environmental Services had stable organic revenue. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Adjusted EBITDA increased 41.3%&#151;from $59.3&nbsp;million in Q4 15 to $83.8&nbsp;million in Q4 16. EBITDA increased 51.8%&#151;from $54.6&nbsp;million in
Q4 15 to $82.9&nbsp;million in Q4 16. EBITDA was positively impacted by an increase in our gross margin as a percentage of net revenue&#151;from 54.1% in Q4 15 to 54.5% in Q4 16&#151;primarily due to higher margins in the mix of projects acquired
from MWH. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Net income increased 16.2%&#151;from $25.3&nbsp;million in Q4 15 to $29.4&nbsp;million in Q4 16. Diluted earnings per share decreased
3.7%&#151;from $0.27 in Q4 15 to $0.26 in Q4 16. Adjusted diluted EPS was $0.35 compared to $0.34 in Q4 15, an increase of 2.9%. Net income was positively impacted by a decrease in depreciation expense as a percentage of net revenue&#151;from 2.2%
in Q4 15 to 1.8% in Q4 16. However, there was an increase in the amortization of intangible assets resulting from acquisitions and an increase in our net interest expense due to an increase in our outstanding long-term debt mainly for the MWH
acquisition. In addition, our effective tax rate decreased from 28.0% at Q3 16 to 27.8% at Q4 16 (further explained on page <FONT STYLE="white-space:nowrap">M-44).</FONT> </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The following table summarizes our key operating results for Q4 16 on a percentage of net revenue basis and the percentage increase in the dollar amount of
these results compared to the same period last year: </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:7pt" ALIGN="center">

<TR>
<TD WIDTH="33%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="33%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="32%"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:7pt">
<TD VALIGN="bottom"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:7pt; font-family:Times New Roman">Management&#146;s Discussion and Analysis</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:7pt; font-family:Times New Roman">December 31, 2016</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">M-40</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">Stantec Inc.&nbsp;&nbsp;</TD></TR></TABLE>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:9pt" ALIGN="center">


<TR>
<TD WIDTH="57%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="6%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="7%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD WIDTH="5%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="10%"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:9pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.00pt solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="4" ALIGN="center" STYLE="BORDER-BOTTOM:1.00pt solid #000000"><B>Quarter&nbsp;Ended<BR>December&nbsp;31</B></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.00pt solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD COLSPAN="2" VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.00pt solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="3" ALIGN="center" STYLE="BORDER-BOTTOM:1.00pt solid #000000"><B>&nbsp;&nbsp;%&nbsp;of&nbsp;Net&nbsp;Revenue&nbsp;&nbsp;</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD COLSPAN="2" VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.00pt solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="BORDER-BOTTOM:1.00pt solid #000000"><B>%&nbsp;Increase&nbsp;&nbsp;<BR>(Decrease)*&nbsp;&nbsp;</B></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:9pt">
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.00pt solid #000000"><FONT STYLE="font-size:8pt"><I>&nbsp;(In millions of Canadian dollars, except %)</I></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e5e1" STYLE="BORDER-BOTTOM:1.00pt solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right" STYLE="BORDER-BOTTOM:1.00pt solid #000000" BGCOLOR="#e5e5e1"><B>2016&nbsp;</B></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.00pt solid #000000">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1.00pt solid #000000"><B>2015</B></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.00pt solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.00pt solid #000000">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD COLSPAN="2" VALIGN="bottom" STYLE="BORDER-BOTTOM:1.00pt solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.00pt solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#e5e5e1" STYLE="BORDER-BOTTOM:1.00pt solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right" STYLE="BORDER-BOTTOM:1.00pt solid #000000" BGCOLOR="#e5e5e1"><B>2016&nbsp;</B></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.00pt solid #000000">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right" STYLE="BORDER-BOTTOM:1.00pt solid #000000"><B>2015&nbsp;</B></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.00pt solid #000000">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD COLSPAN="2" VALIGN="bottom" STYLE="BORDER-BOTTOM:1.00pt solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.00pt solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.00pt solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right" STYLE="BORDER-BOTTOM:1.00pt solid #000000"><B>2016&nbsp;vs.&nbsp;2015&nbsp;&nbsp;</B></TD></TR>


<TR STYLE="font-size:1pt">
<TD HEIGHT="13"></TD>
<TD HEIGHT="13" COLSPAN="2" BGCOLOR="#e5e5e1"></TD>
<TD HEIGHT="13" COLSPAN="4"></TD>
<TD HEIGHT="13" COLSPAN="4"></TD>
<TD HEIGHT="13" COLSPAN="2" BGCOLOR="#e5e5e1"></TD>
<TD HEIGHT="13" COLSPAN="2"></TD>
<TD HEIGHT="13" COLSPAN="4"></TD>
<TD HEIGHT="13" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:9pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:Times New Roman">&nbsp;<B>Gross revenue</B></P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e5e1">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right" BGCOLOR="#e5e5e1"><B>&nbsp;&nbsp;1,240.8&nbsp;&nbsp;</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">710.4&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e5e1">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right" BGCOLOR="#e5e5e1"><B>&nbsp;&nbsp;151.3%&nbsp;&nbsp;</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">125.2%&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">74.7%&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:9pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:Times New Roman">&nbsp;<B>Net revenue</B></P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e5e1">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right" BGCOLOR="#e5e5e1"><B>820.2&nbsp;&nbsp;</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">567.4&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e5e1">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right" BGCOLOR="#e5e5e1"><B>100.0%&nbsp;&nbsp;</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">100.0%&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">44.6%&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:9pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:Times New Roman">&nbsp;Direct payroll costs</P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e5e1">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right" BGCOLOR="#e5e5e1"><B>373.0&nbsp;&nbsp;</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">260.5&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e5e1">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right" BGCOLOR="#e5e5e1"><B>45.5%&nbsp;&nbsp;</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">45.9%&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">43.2%&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:9pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:Times New Roman">&nbsp;<B>Gross margin</B></P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e5e1">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right" BGCOLOR="#e5e5e1"><B>447.2&nbsp;&nbsp;</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">306.9&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e5e1">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right" BGCOLOR="#e5e5e1"><B>54.5%&nbsp;&nbsp;</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">54.1%&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">45.7%&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:9pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:Times New Roman">&nbsp;Administrative and marketing expenses</P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e5e1">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right" BGCOLOR="#e5e5e1"><B>363.5&nbsp;&nbsp;</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">248.1&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e5e1">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right" BGCOLOR="#e5e5e1"><B>44.3%&nbsp;&nbsp;</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">43.7%&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">46.5%&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:9pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:Times New Roman">&nbsp;Depreciation of property and equipment</P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e5e1">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right" BGCOLOR="#e5e5e1"><B>14.8&nbsp;&nbsp;</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">12.3&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e5e1">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right" BGCOLOR="#e5e5e1"><B>1.8%&nbsp;&nbsp;</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">2.2%&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">20.3%&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:9pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:Times New Roman">&nbsp;Amortization of intangible assets</P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e5e1">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right" BGCOLOR="#e5e5e1"><B>20.7&nbsp;&nbsp;</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">8.8&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e5e1">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right" BGCOLOR="#e5e5e1"><B>2.5%&nbsp;&nbsp;</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1.5%&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">135.2%&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:9pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:Times New Roman">&nbsp;Net interest expense</P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e5e1">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right" BGCOLOR="#e5e5e1"><B>7.0&nbsp;&nbsp;</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">2.7&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e5e1">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right" BGCOLOR="#e5e5e1"><B>0.9%&nbsp;&nbsp;</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">0.5%&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">159.3%&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:9pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:Times New Roman">&nbsp;Other net finance expense</P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e5e1">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right" BGCOLOR="#e5e5e1"><B>0.8&nbsp;&nbsp;</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">0.8&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e5e1">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right" BGCOLOR="#e5e5e1"><B>0.1%&nbsp;&nbsp;</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">0.2%&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">0.0%&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:9pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:Times New Roman">&nbsp;Share of income from joint ventures and associates</P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e5e1">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right" BGCOLOR="#e5e5e1"><B>(0.7)&nbsp;</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(0.4)</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e5e1">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right" BGCOLOR="#e5e5e1"><B>(0.1%)&nbsp;</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(0.1%)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">75.0%&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:9pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:Times New Roman">&nbsp;Foreign exchange loss</P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e5e1">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right" BGCOLOR="#e5e5e1"><B>0.2&nbsp;&nbsp;</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">0.0&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e5e1">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right" BGCOLOR="#e5e5e1"><B>0.0%&nbsp;&nbsp;</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">0.0%&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">n/m&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:9pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:Times New Roman">&nbsp;Other expense</P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e5e1">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right" BGCOLOR="#e5e5e1"><B>0.5&nbsp;&nbsp;</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">3.8&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e5e1">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right" BGCOLOR="#e5e5e1"><B>0.1%&nbsp;&nbsp;</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">0.7%&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(86.8%)&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:9pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:Times New Roman">&nbsp;<B>Income before income taxes</B></P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e5e1">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right" BGCOLOR="#e5e5e1"><B>40.4&nbsp;&nbsp;</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">30.8&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e5e1">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right" BGCOLOR="#e5e5e1"><B>4.9%&nbsp;&nbsp;</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">5.4%&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">31.2%&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:9pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:Times New Roman">&nbsp;Income taxes</P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e5e1">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right" BGCOLOR="#e5e5e1"><B>11.0&nbsp;&nbsp;</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">5.5&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e5e1">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right" BGCOLOR="#e5e5e1"><B>1.3%&nbsp;&nbsp;</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">0.9%&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">100.0%&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:9pt">
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1.00pt solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:Times New Roman">&nbsp;<B>Net income</B></P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e5e1" STYLE="BORDER-BOTTOM:1.00pt solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right" STYLE="BORDER-BOTTOM:1.00pt solid #000000" BGCOLOR="#e5e5e1"><B>29.4&nbsp;&nbsp;</B></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.00pt solid #000000">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.00pt solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.00pt solid #000000" ALIGN="right">25.3&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1.00pt solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.00pt solid #000000">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.00pt solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.00pt solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.00pt solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#e5e5e1" STYLE="BORDER-BOTTOM:1.00pt solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right" STYLE="BORDER-BOTTOM:1.00pt solid #000000" BGCOLOR="#e5e5e1"><B>3.6%&nbsp;&nbsp;</B></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.00pt solid #000000">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right" STYLE="BORDER-BOTTOM:1.00pt solid #000000">4.5%&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.00pt solid #000000">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.00pt solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.00pt solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.00pt solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.00pt solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right" STYLE="BORDER-BOTTOM:1.00pt solid #000000">16.2%&nbsp;</TD></TR>
</TABLE>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman"><FONT STYLE="font-family:Times New Roman; font-size:9pt">&nbsp;</FONT><FONT STYLE="font-family:Times New Roman; font-size:8pt"><I>n/m = not meaningful</I>
</FONT></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman"><FONT STYLE="font-family:Times New Roman; font-size:9pt">&nbsp;</FONT><FONT STYLE="font-family:Times New Roman; font-size:8pt"><I>* % increase
(decrease) calculated based on the dollar change from the comparable period.</I> </FONT></P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Gross Revenue </B></P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="86%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt">


<TR>
<TD WIDTH="78%"></TD>
<TD VALIGN="bottom" WIDTH="4%"></TD>
<TD WIDTH="18%"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.00pt solid #000000"><FONT STYLE="font-size:8pt"><I>(In millions of Canadian dollars)</I></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.00pt solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right" STYLE="BORDER-BOTTOM:1.00pt solid #000000"><B>Q4&nbsp;16&nbsp;vs.&nbsp;Q4&nbsp;15&nbsp;</B></TD></TR>


<TR STYLE="font-size:1pt">
<TD HEIGHT="13"></TD>
<TD HEIGHT="13" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Increase due to</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Acquisition growth</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">563.7&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Organic retraction</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(31.3)&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1.00pt solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Impact of foreign exchange rates on revenue earned by
foreign subsidiaries</P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.00pt solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right" STYLE="BORDER-BOTTOM:1.00pt solid #000000">(2.0)&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" STYLE="BORDER-BOTTOM:2.00pt solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Total net increase in gross revenue</P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:2.00pt solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right" STYLE="BORDER-BOTTOM:2.00pt solid #000000">530.4&nbsp;&nbsp;</TD></TR>
</TABLE> <P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">During Q4 16, gross revenue increased by $530.4&nbsp;million, or 74.7%, compared to the same period in 2015. This change
occurred because of the impact of acquisitions completed in 2015 and 2016, in particular, the MWH acquisition. The average exchange rate for the Canadian dollar was US$0.75 during both Q4&nbsp;16 and Q4 15. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The following tables summarize the change in gross revenue by reportable segment and by business operating unit in the fourth quarter of 2016 compared to the
same period in 2015: </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:7pt" ALIGN="center">

<TR>
<TD WIDTH="33%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="33%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="32%"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:7pt">
<TD VALIGN="bottom"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:7pt; font-family:Times New Roman">Management&#146;s Discussion and Analysis</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:7pt; font-family:Times New Roman">December 31, 2016</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">M-41</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">Stantec Inc.&nbsp;&nbsp;</TD></TR></TABLE>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>&nbsp;Gross Revenue by Reportable Segment </B></P>
<P STYLE="font-size:2pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>
<TD WIDTH="45%"></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD WIDTH="10%"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.00pt solid #000000"><FONT STYLE="font-size:8pt"><I><FONT STYLE="font-size:10pt">&nbsp;</FONT>(In millions of Canadian dollars)</I></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e5e1" STYLE="BORDER-BOTTOM:1.00pt solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" STYLE="BORDER-BOTTOM:1.00pt solid #000000" BGCOLOR="#e5e5e1"> <P STYLE="font-size:20pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Quarter<BR>Ended<BR>Dec&nbsp;31,</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>2016</B></P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.00pt solid #000000" BGCOLOR="#e5e5e1">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.00pt solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1.00pt solid #000000"><B>&nbsp;&nbsp;&nbsp;&nbsp;Quarter<BR>Ended<BR>Dec&nbsp;31,<BR>2015</B></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.00pt solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.00pt solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1.00pt solid #000000"><B>Total<BR>&nbsp;&nbsp;&nbsp;&nbsp;Change</B></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.00pt solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.00pt solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1.00pt solid #000000"><B>Change&nbsp;Due<BR>to<BR>Acquisitions</B></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.00pt solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.00pt solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1.00pt solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>Change&nbsp;Due<BR>to Organic</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>Growth<BR>(Retraction)</B></P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.00pt solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.00pt solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right" STYLE="BORDER-BOTTOM:1.00pt solid #000000"><B>Change&nbsp;Due&nbsp;<BR>to Foreign&nbsp;<BR>Exchange&nbsp;</B></TD></TR>


<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>&nbsp;Consulting Services</B></P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e5e1">&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#e5e5e1"></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e5e1"></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e5e1"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">&nbsp;Canada</P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e5e1">&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#e5e5e1">&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#e5e5e1" ALIGN="right">284.9</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#e5e5e1">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">309.0</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(24.1)</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1.7</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(25.8)</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">n/a&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">&nbsp;United States</P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e5e1">&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#e5e5e1">&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#e5e5e1" ALIGN="right">540.9</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#e5e5e1">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">376.4</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">164.5&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">161.2</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">4.5&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(1.2)&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1.00pt solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">&nbsp;Global</P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e5e1" STYLE="BORDER-BOTTOM:1.00pt solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.00pt solid #000000" BGCOLOR="#e5e5e1">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.00pt solid #000000" BGCOLOR="#e5e5e1" ALIGN="right">159.8</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1.00pt solid #000000" BGCOLOR="#e5e5e1">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.00pt solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.00pt solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.00pt solid #000000" ALIGN="right">25.0</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1.00pt solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.00pt solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.00pt solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.00pt solid #000000" ALIGN="right">134.8&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1.00pt solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.00pt solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.00pt solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.00pt solid #000000" ALIGN="right">145.6</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1.00pt solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.00pt solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.00pt solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.00pt solid #000000" ALIGN="right">(10.0)</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1.00pt solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.00pt solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right" STYLE="BORDER-BOTTOM:1.00pt solid #000000">(0.8)&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="4" BGCOLOR="#e5e5e1"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">&nbsp;Total Consulting Services</P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e5e1">&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#e5e5e1">&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#e5e5e1" ALIGN="right">985.6</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#e5e5e1">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">710.4</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">275.2&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">308.5</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(31.3)</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(2.0)&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1.00pt solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>&nbsp;Construction Services</B></P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e5e1" STYLE="BORDER-BOTTOM:1.00pt solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.00pt solid #000000" BGCOLOR="#e5e5e1">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.00pt solid #000000" BGCOLOR="#e5e5e1" ALIGN="right">255.2</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1.00pt solid #000000" BGCOLOR="#e5e5e1">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.00pt solid #000000">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1.00pt solid #000000">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1.00pt solid #000000" ALIGN="right">-</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1.00pt solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.00pt solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.00pt solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.00pt solid #000000" ALIGN="right">255.2&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1.00pt solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.00pt solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.00pt solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.00pt solid #000000" ALIGN="right">255.2</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1.00pt solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.00pt solid #000000">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1.00pt solid #000000">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1.00pt solid #000000" ALIGN="right">-&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1.00pt solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.00pt solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right" STYLE="BORDER-BOTTOM:1.00pt solid #000000">-&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="13"></TD>
<TD HEIGHT="13" COLSPAN="4" BGCOLOR="#e5e5e1"></TD>
<TD HEIGHT="13" COLSPAN="4"></TD>
<TD HEIGHT="13" COLSPAN="4"></TD>
<TD HEIGHT="13" COLSPAN="4"></TD>
<TD HEIGHT="13" COLSPAN="4"></TD>
<TD HEIGHT="13" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" STYLE="BORDER-BOTTOM:2.00pt solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">&nbsp;Total</P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e5e1" STYLE="BORDER-BOTTOM:2.00pt solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:2.00pt solid #000000" BGCOLOR="#e5e5e1">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:2.00pt solid #000000" BGCOLOR="#e5e5e1" ALIGN="right">1,240.8</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:2.00pt solid #000000" BGCOLOR="#e5e5e1">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:2.00pt solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:2.00pt solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:2.00pt solid #000000" ALIGN="right">710.4</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:2.00pt solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:2.00pt solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:2.00pt solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:2.00pt solid #000000" ALIGN="right">530.4&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:2.00pt solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:2.00pt solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:2.00pt solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:2.00pt solid #000000" ALIGN="right">563.7</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:2.00pt solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:2.00pt solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:2.00pt solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:2.00pt solid #000000" ALIGN="right">(31.3)</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:2.00pt solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:2.00pt solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right" STYLE="BORDER-BOTTOM:2.00pt solid #000000">(2.0)&nbsp;</TD></TR>
</TABLE> <P STYLE="margin-top:2pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman">&nbsp;<I>n/a = not applicable</I> </P>
<P STYLE="margin-top:30pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>&nbsp;Gross Revenue by Consulting Services - Business Operating Unit&nbsp; </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>
<TD WIDTH="46%"></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD WIDTH="10%"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.00pt solid #000000"><FONT STYLE="font-size:8pt"><I><FONT STYLE="font-size:10pt">&nbsp;</FONT>(In millions of Canadian dollars)</I></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e5e1" STYLE="BORDER-BOTTOM:1.00pt solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1.00pt solid #000000" BGCOLOR="#e5e5e1">
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Quarter<BR>Ended<BR>Dec&nbsp;31,</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>2016</B></P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.00pt solid #000000" BGCOLOR="#e5e5e1">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.00pt solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1.00pt solid #000000"><B>&nbsp;&nbsp;&nbsp;&nbsp;Quarter<BR>Ended<BR>Dec&nbsp;31,<BR>2015</B></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.00pt solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.00pt solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1.00pt solid #000000"><B>Total<BR>&nbsp;&nbsp;&nbsp;&nbsp;Change</B></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.00pt solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.00pt solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1.00pt solid #000000"><B>Change&nbsp;Due<BR>to<BR>Acquisitions</B></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.00pt solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.00pt solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1.00pt solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>Change&nbsp;Due<BR>to Organic</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>Growth<BR>(Retraction)</B></P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.00pt solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.00pt solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right" STYLE="BORDER-BOTTOM:1.00pt solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>Change&nbsp;Due&nbsp;</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>to Foreign&nbsp;<BR>Exchange&nbsp;</B></P></TD></TR>


<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>&nbsp;Consulting Services</B></P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e5e1">&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#e5e5e1"></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e5e1"></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e5e1"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">&nbsp;Buildings</P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e5e1">&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#e5e5e1">&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#e5e5e1" ALIGN="right">202.0</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#e5e5e1">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">190.2</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">11.8</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">25.6</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(12.7)</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(1.1)&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">&nbsp;Energy&nbsp;&amp; Resources</P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e5e1">&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#e5e5e1">&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#e5e5e1" ALIGN="right">111.1</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#e5e5e1">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">90.3</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">20.8</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">43.1</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(22.2)</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(0.1)&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">&nbsp;Environmental Services</P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e5e1">&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#e5e5e1">&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#e5e5e1" ALIGN="right">186.7</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#e5e5e1">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">142.4</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">44.3</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">47.1</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(2.7)</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(0.1)&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1.00pt solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">&nbsp;Infrastructure</P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e5e1" STYLE="BORDER-BOTTOM:1.00pt solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.00pt solid #000000" BGCOLOR="#e5e5e1">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.00pt solid #000000" BGCOLOR="#e5e5e1" ALIGN="right">485.8</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1.00pt solid #000000" BGCOLOR="#e5e5e1">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.00pt solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.00pt solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.00pt solid #000000" ALIGN="right">287.5</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1.00pt solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.00pt solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.00pt solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.00pt solid #000000" ALIGN="right">198.3</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1.00pt solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.00pt solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.00pt solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.00pt solid #000000" ALIGN="right">192.7</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1.00pt solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.00pt solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.00pt solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.00pt solid #000000" ALIGN="right">6.3&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1.00pt solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.00pt solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right" STYLE="BORDER-BOTTOM:1.00pt solid #000000">(0.7)&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="13"></TD>
<TD HEIGHT="13" COLSPAN="4" BGCOLOR="#e5e5e1"></TD>
<TD HEIGHT="13" COLSPAN="4"></TD>
<TD HEIGHT="13" COLSPAN="4"></TD>
<TD HEIGHT="13" COLSPAN="4"></TD>
<TD HEIGHT="13" COLSPAN="4"></TD>
<TD HEIGHT="13" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" STYLE="BORDER-BOTTOM:2.00pt solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">&nbsp;Total Consulting Services</P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e5e1" STYLE="BORDER-BOTTOM:2.00pt solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:2.00pt solid #000000" BGCOLOR="#e5e5e1">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:2.00pt solid #000000" BGCOLOR="#e5e5e1" ALIGN="right">985.6</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:2.00pt solid #000000" BGCOLOR="#e5e5e1">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:2.00pt solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:2.00pt solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:2.00pt solid #000000" ALIGN="right">710.4</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:2.00pt solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:2.00pt solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:2.00pt solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:2.00pt solid #000000" ALIGN="right">275.2</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:2.00pt solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:2.00pt solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:2.00pt solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:2.00pt solid #000000" ALIGN="right">308.5</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:2.00pt solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:2.00pt solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:2.00pt solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:2.00pt solid #000000" ALIGN="right">(31.3)</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:2.00pt solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:2.00pt solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right" STYLE="BORDER-BOTTOM:2.00pt solid #000000">(2.0)&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="23"> <P STYLE="font-size:2pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman"><I>&nbsp;Note: Comparative figures have been reclassified
due to a realignment of several business lines between our Energy&nbsp;&amp; Resources and Infrastructure business &nbsp;operating units.</I></P></TD></TR>
</TABLE> <P STYLE="margin-top:20pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">In our business operating units in Q4 16 compared to Q4 15, we had moderate organic revenue growth in Infrastructure, stable
organic revenue in Environmental Services, and organic revenue retraction in Buildings and Energy&nbsp;&amp; Resources. Infrastructure grew 2.2% organically in Q4 16 compared to Q4 15 mainly due to growth in our Transportation and Water sectors in
both Canada and the United States. Buildings had 6.7% organic revenue retraction due to our Canadian and Global operations, partly offset by strong organic growth in the United States. The retraction occurred primarily because of the decline in the
oil and gas sector, impacting both private and public spending in Canada and the Middle East. Our Energy&nbsp;&amp; Resources business operating unit continued to experience organic revenue retraction mainly due to the decline in the oil and gas and
power sectors in Q4 16 compared to Q4 15. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:7pt" ALIGN="center">

<TR>
<TD WIDTH="33%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="33%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="32%"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:7pt">
<TD VALIGN="bottom"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:7pt; font-family:Times New Roman">Management&#146;s Discussion and Analysis</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:7pt; font-family:Times New Roman">December 31, 2016</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">M-42</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">Stantec Inc.&nbsp;&nbsp;</TD></TR></TABLE>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL"><B>Gross Margin </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Gross
margin increased from 54.1% in Q4 15 to 54.5% in Q4 16. Our gross margins quarter over quarter in our reportable segments and our business operating units are summarized in the tables below: </P>
<P STYLE="margin-top:20pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>&nbsp;Gross Margin by Reportable Segments </B></P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="60%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt">


<TR>
<TD WIDTH="78%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="10%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="10%"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="3" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Quarter&nbsp;Ended</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Dec 31</B></P></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.00pt solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#e5e5e1" STYLE="BORDER-BOTTOM:1.00pt solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right" STYLE="BORDER-BOTTOM:1.00pt solid #000000" BGCOLOR="#e5e5e1"><B>2016</B></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.00pt solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right" STYLE="BORDER-BOTTOM:1.00pt solid #000000"><B>2015&nbsp;</B></TD></TR>


<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>&nbsp;Consulting Services</B></P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e5e1">&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#e5e5e1"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">&nbsp;Canada</P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e5e1">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right" BGCOLOR="#e5e5e1">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54.2%</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54.1%&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">&nbsp;United States</P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e5e1">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right" BGCOLOR="#e5e5e1">56.7%</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">53.9%&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">&nbsp;Global</P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e5e1">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right" BGCOLOR="#e5e5e1">58.5%</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">57.0%&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1.50pt solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>&nbsp;Construction Services</B></P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e5e1" STYLE="BORDER-BOTTOM:1.50pt solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right" STYLE="BORDER-BOTTOM:1.50pt solid #000000" BGCOLOR="#e5e5e1">34.8%</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.50pt solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right" STYLE="BORDER-BOTTOM:1.50pt solid #000000">n/a&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="5"> <P STYLE="font-size:20pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>&nbsp;Gross Margin by Consulting Services - Business
Operating Unit</B></P> <P STYLE="font-size:6pt; margin-top:0pt; margin-bottom:1pt">&nbsp;</P></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="3" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Quarter&nbsp;Ended</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Dec 31</B></P></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.00pt solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#e5e5e1" STYLE="BORDER-BOTTOM:1.00pt solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right" STYLE="BORDER-BOTTOM:1.00pt solid #000000" BGCOLOR="#e5e5e1"><B>2016</B></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.00pt solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right" STYLE="BORDER-BOTTOM:1.00pt solid #000000"><B>2015&nbsp;</B></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>&nbsp;Consulting Services</B></P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e5e1">&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#e5e5e1"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">&nbsp;Buildings</P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e5e1">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right" BGCOLOR="#e5e5e1">55.0%</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">55.3%&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">&nbsp;Energy&nbsp;&amp; Resources</P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e5e1">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right" BGCOLOR="#e5e5e1">53.3%</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">45.6%&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">&nbsp;Environmental Services</P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e5e1">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right" BGCOLOR="#e5e5e1">59.0%</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">59.0%&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1.50pt solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">&nbsp;Infrastructure</P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e5e1" STYLE="BORDER-BOTTOM:1.50pt solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right" STYLE="BORDER-BOTTOM:1.50pt solid #000000" BGCOLOR="#e5e5e1">56.5%</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.50pt solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right" STYLE="BORDER-BOTTOM:1.50pt solid #000000">54.1%&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="5"> <P STYLE="font-size:2pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; margin-left:0.38em; font-size:8pt; font-family:Times New Roman"><I>Note: Comparative figures have been
reclassified due to a realignment of several business lines between our Energy&nbsp;&amp; Resources and Infrastructure business operating units.</I></P></TD></TR>
</TABLE> <P STYLE="margin-top:14pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">In general, gross margin fluctuations depend on the particular mix of projects in progress during any quarter and on project
execution. These fluctuations reflect the essence of our business model, which is based on providing two primary service offerings&#151;Consulting Services and Construction Services&#151;across diverse geographic locations, business operating units
(within Consulting Services), and all phases of the infrastructure and facilities project life cycle. The increase in gross margins in our US operations resulted mainly from higher margins on the mix of projects acquired from MWH, predominantly in
the Water and Waterpower&nbsp;&amp; Dams sectors. Our Global operations and Energy&nbsp;&amp; Resources business operating unit had improved margins also due to higher margins on the mix of projects acquired from MWH. Infrastructure&#146;s gross
margin increased in Q4 16 compared to Q4&nbsp;15, primarily because of improved margins in our Water and Transportation sectors. </P> <P STYLE="margin-top:14pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL"><B>Other </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Administrative and marketing expenses as a percentage of net revenue increased to 44.3% in Q4 16, from 43.7% in Q4 15. This was mainly due to an increase in
professional fees and marketing and business development labor as a percentage of net revenue in Q4 16 compared to Q4 15. This increase was partly offset by decreases in occupancy costs and provision for self-insurance expense as a percentage of net
revenue. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Depreciation as a percentage of net revenue decreased in Q4 16 compared to Q4 15. This decrease is a result of a decrease in additions to
property and equipment as a percentage of net revenue over the last two years and the fact that MWH has less depreciation as a percentage of net revenue compared to legacy Stantec. There were increases in the amortization of intangible assets
resulting from acquisitions and in our net interest expense </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:7pt" ALIGN="center">

<TR>
<TD WIDTH="33%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="33%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="32%"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:7pt">
<TD VALIGN="bottom"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:7pt; font-family:Times New Roman">Management&#146;s Discussion and Analysis</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:7pt; font-family:Times New Roman">December 31, 2016</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">M-43</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">Stantec Inc.&nbsp;&nbsp;</TD></TR></TABLE>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">
due to an increase in our outstanding long-term debt mainly for the MWH acquisition. Other expense decreased due to the recognition of a $4.1&nbsp;million
<FONT STYLE="white-space:nowrap">non-operating</FONT> loss related to the sale of our India subsidiary in Q4 15. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Our effective tax rate is based on
statutory rates in jurisdictions where we operate. Our effective income tax rate decreased from 28.0% at Q3 16 to 27.8% at Q4 16 due mainly to less income earned in higher tax rate jurisdictions. </P>
<P STYLE="margin-top:16pt; margin-bottom:0pt; font-size:11pt; font-family:ARIAL"><B>QUARTERLY TRENDS </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The following is a summary of our quarterly
operating results for the last two fiscal years, all prepared in accordance with IFRS: </P> <P STYLE="font-size:20pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="98%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>
<TD WIDTH="43%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="14%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="13%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="12%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="14%"></TD></TR>


<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="9"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Quarterly Unaudited Financial Information</B></P>
<P STYLE="font-size:20pt; margin-top:0pt; margin-bottom:1pt">&nbsp;</P></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.00pt solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman"><I>&nbsp;&nbsp;(In millions of Canadian dollars,</I></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman"><I>&nbsp;&nbsp;except per share amounts)</I></P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e5e1" STYLE="BORDER-BOTTOM:1.00pt solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right" STYLE="BORDER-BOTTOM:1.00pt solid #000000" BGCOLOR="#e5e5e1"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dec&nbsp;31,&nbsp;2016&nbsp;&nbsp;</B></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.00pt solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right" STYLE="BORDER-BOTTOM:1.00pt solid #000000"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sept&nbsp;30,&nbsp;2016</B></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.00pt solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right" STYLE="BORDER-BOTTOM:1.00pt solid #000000"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Jun&nbsp;30,&nbsp;2016</B></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.00pt solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right" STYLE="BORDER-BOTTOM:1.00pt solid #000000"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mar&nbsp;31,&nbsp;2016&nbsp;&nbsp;</B></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2" BGCOLOR="#e5e5e1"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">&nbsp;&nbsp;Gross revenue</P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e5e1">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right" BGCOLOR="#e5e5e1">1,240.8&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1,257.3</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1,046.6</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">755.4&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">&nbsp;&nbsp;Net revenue</P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e5e1">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right" BGCOLOR="#e5e5e1">820.2&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">872.2</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">777.4</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">628.6&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">&nbsp;&nbsp;Net income</P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e5e1">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right" BGCOLOR="#e5e5e1">29.4&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">49.3</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">21.2</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">30.6&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2" BGCOLOR="#e5e5e1"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">&nbsp;&nbsp;EPS &#150; basic</P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e5e1">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right" BGCOLOR="#e5e5e1">0.26&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">0.43</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">0.20</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">0.33&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">&nbsp;&nbsp;EPS &#150; diluted</P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e5e1">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right" BGCOLOR="#e5e5e1">0.26&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">0.43</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">0.20</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">0.32&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">&nbsp;&nbsp;Adjusted EPS &#150; basic <I>(note 1)</I></P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e5e1">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right" BGCOLOR="#e5e5e1">0.35&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">0.55</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">0.37</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">0.40&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1.00pt solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">&nbsp;&nbsp;Adjusted EPS &#150; diluted <I>(note
1)</I></P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e5e1" STYLE="BORDER-BOTTOM:1.00pt solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right" STYLE="BORDER-BOTTOM:1.00pt solid #000000" BGCOLOR="#e5e5e1">0.35&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.00pt solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right" STYLE="BORDER-BOTTOM:1.00pt solid #000000">0.55</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.00pt solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right" STYLE="BORDER-BOTTOM:1.00pt solid #000000">0.37</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.00pt solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right" STYLE="BORDER-BOTTOM:1.00pt solid #000000">0.40&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="19"></TD>
<TD HEIGHT="19" COLSPAN="2"></TD>
<TD HEIGHT="19" COLSPAN="2"></TD>
<TD HEIGHT="19" COLSPAN="2"></TD>
<TD HEIGHT="19" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.00pt solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.00pt solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right" STYLE="BORDER-BOTTOM:1.00pt solid #000000"><B>Dec 31, 2015&nbsp;&nbsp;</B></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.00pt solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right" STYLE="BORDER-BOTTOM:1.00pt solid #000000"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sept 30, 2015</B></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.00pt solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right" STYLE="BORDER-BOTTOM:1.00pt solid #000000"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Jun 30, 2015</B></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.00pt solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right" STYLE="BORDER-BOTTOM:1.00pt solid #000000"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mar 31, 2015&nbsp;&nbsp;</B></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">&nbsp;&nbsp;Gross revenue</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">710.4&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">750.8</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">710.3</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">705.7&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">&nbsp;&nbsp;Net revenue</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">567.4&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">620.1</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">593.9</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">592.3&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">&nbsp;&nbsp;Net income</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">25.3&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">49.9</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">43.1</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">38.0&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">&nbsp;&nbsp;EPS &#150; basic</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">0.27&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">0.53</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">0.46</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">0.40&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">&nbsp;&nbsp;EPS &#150; diluted</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">0.27&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">0.53</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">0.46</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">0.40&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">&nbsp;&nbsp;Adjusted EPS &#150; basic <I>(note 1)</I></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">0.35&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">0.59</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">0.45</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">0.46&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1.00pt solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">&nbsp;&nbsp;Adjusted EPS &#150; diluted <I>(note
1)</I></P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.00pt solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right" STYLE="BORDER-BOTTOM:1.00pt solid #000000">0.34&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.00pt solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right" STYLE="BORDER-BOTTOM:1.00pt solid #000000">0.58</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.00pt solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right" STYLE="BORDER-BOTTOM:1.00pt solid #000000">0.45</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.00pt solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right" STYLE="BORDER-BOTTOM:1.00pt solid #000000">0.46&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="9"> <P STYLE="font-size:4pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:0.63em; font-size:8pt; font-family:Times New Roman"><I>Quarterly earnings per share (EPS) and
basic and diluted adjusted EPS are not additive and may not equal the annual EPS reported. This is a result of the effect of shares issued on the weighted average number of shares. Quarterly and annual diluted EPS and diluted adjusted EPS are also
affected by the change in the market price of our shares, since we do not include in&nbsp;dilution options when the exercise price of the option is not in the money.</I></P> <P STYLE="font-size:4pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; margin-left:0.63em; font-size:8pt; font-family:Times New Roman"><I>Note 1: Adjusted basic and diluted EPS are <FONT STYLE="white-space:nowrap">non-IFRS</FONT> measures and are further discussed in the
Definition of <FONT STYLE="white-space:nowrap">Non-IFRS</FONT> Measures section of this report.</I></P></TD></TR>
</TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:7pt" ALIGN="center">

<TR>
<TD WIDTH="33%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="33%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="32%"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:7pt">
<TD VALIGN="bottom"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:7pt; font-family:Times New Roman">Management&#146;s Discussion and Analysis</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:7pt; font-family:Times New Roman">December 31, 2016</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">M-44</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">Stantec Inc.&nbsp;&nbsp;</TD></TR></TABLE>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The following items impact the comparability of our quarterly results: </P>
<P STYLE="font-size:20pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>
<TD WIDTH="68%"></TD>
<TD VALIGN="bottom" WIDTH="4%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="4%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="4%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="4%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.00pt solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>&nbsp;&nbsp;Gross Revenue</B></P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman"><B>&nbsp;&nbsp;</B><I>&nbsp;(In millions of Canadian dollars)</I><B></B></P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.00pt solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1.00pt solid #000000"><FONT STYLE="font-size:10pt"><B>Q4&nbsp;16&nbsp;vs.<BR>Q4 15</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.00pt solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.00pt solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1.00pt solid #000000"><FONT STYLE="font-size:10pt"><B>Q3&nbsp;16&nbsp;vs.<BR>Q3 15</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.00pt solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.00pt solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1.00pt solid #000000"><FONT STYLE="font-size:10pt"><B>Q2&nbsp;16&nbsp;vs.<BR>Q2 15</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.00pt solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.00pt solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1.00pt solid #000000"><FONT STYLE="font-size:10pt"><B>Q1&nbsp;16&nbsp;vs.<BR>Q1 15</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.00pt solid #000000">&nbsp;</TD></TR>


<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="4"></TD>
<TD HEIGHT="16" COLSPAN="4"></TD>
<TD HEIGHT="16" COLSPAN="4"></TD>
<TD HEIGHT="16" COLSPAN="4"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">&nbsp;&nbsp;Increase (decrease) in gross revenue due to</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Acquisition growth</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">563.7</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">568.6</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">354.6</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">49.2</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Organic growth (retraction)</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(31.3)</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(59.1)</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(36.0)</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(35.6)</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1.00pt solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; font-size:10pt; font-family:Times New Roman">Impact of foreign exchange rates on revenue earned by foreign
subsidiaries</P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.00pt solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.00pt solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.00pt solid #000000" ALIGN="right">(2.0)</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1.00pt solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.00pt solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.00pt solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.00pt solid #000000" ALIGN="right">(3.0)</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1.00pt solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.00pt solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.00pt solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.00pt solid #000000" ALIGN="right">17.7</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1.00pt solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.00pt solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.00pt solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.00pt solid #000000" ALIGN="right">36.1</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1.00pt solid #000000">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="4"></TD>
<TD HEIGHT="16" COLSPAN="4"></TD>
<TD HEIGHT="16" COLSPAN="4"></TD>
<TD HEIGHT="16" COLSPAN="4"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1.50pt solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">&nbsp;&nbsp;Total net increase in gross
revenue</P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.50pt solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.50pt solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.50pt solid #000000" ALIGN="right">530.4</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1.50pt solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.50pt solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.50pt solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.50pt solid #000000" ALIGN="right">506.5</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1.50pt solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.50pt solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.50pt solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.50pt solid #000000" ALIGN="right">336.6</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1.50pt solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.50pt solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.50pt solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.50pt solid #000000" ALIGN="right">49.7</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1.50pt solid #000000">&nbsp;&nbsp;</TD></TR>
</TABLE> <P STYLE="margin-top:22pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Q1 16 vs. Q1 15.</B> During Q1 16, net income decreased by $7.4&nbsp;million, or 19.5%, from Q1 15, and adjusted diluted
earnings per share for Q1 16 decreased by $0.06, or 13.0%, compared to Q1 15. Net income for Q1 16 was positively impacted by an increase in revenue because of acquisitions completed in 2015 and 2016 and the impact of foreign exchange rates on
revenue earned by our US subsidiaries. This was partly offset by organic revenue retraction in our Energy&nbsp;&amp; Resources business operating unit. Our gross margin decreased&#151;from 55.2% in Q1 15 to 53.9% in Q1&nbsp;16&#151;mainly due to the
recognition of certain performance metric fees obtained in Q1 15 on a major mining project, as well as downward margin pressures in the energy and resources market. Our administrative and marketing expenses as a percentage of net revenue
increased&#151;from 42.5% in Q1 15 to 43.2% in Q1 16&#151;mainly due to an increase in acquisition-related transaction costs and lease exit costs. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Q2
16 vs. Q2 15.</B> During Q2 16, net income decreased $21.9&nbsp;million, or 50.8%, from Q2 15, and adjusted diluted earnings per share for Q2 16 decreased $0.08, or 17.8%, compared to Q2 15. Net income for Q2 15 was positively impacted by an
increase in revenue due to acquisitions completed in 2015 and 2016 and the impact of foreign exchange rates on revenue earned by our US subsidiaries. The acquisition of MWH significantly added to our operating results and created a new service
offering&#151;Construction Services. Organic revenue retracted 5.1% in Q2&nbsp;16 compared to Q2 15. We had strong organic revenue growth in our Infrastructure business operating unit compared to Q2 15 and our other Consulting Services business
operating units retracted organically in the quarter. Our gross margin decreased&#151;from 54.0% in Q2 15 to 53.6% in Q2&nbsp;16. This decrease was due to the addition of the Construction Services business, which generates a lower margin than our
Consulting Services business. In addition, there were downward margin pressures in some sectors and execution challenges with projects in our Buildings business operating unit and Transportation sector. Our administrative and marketing expenses as a
percentage of net revenue increased&#151;from 41.2% in Q2 15 to 43.9% in Q2 16&#151;mainly due to an increase in acquisition-related transaction costs, in particular, those costs related to the MWH acquisition, as well as an increase in lease exit
costs. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Q3 16 vs. Q3 15.</B> During Q3 16, net income decreased $0.6&nbsp;million, or 1.2%, from Q3 15, and adjusted diluted earnings per share for Q3
16 decreased $0.03, or 5.2%, compared to Q3 15. Net income for Q3 16 was positively impacted by an increase in revenue due to acquisitions completed in 2015 and 2016. This was partly offset by the impact of foreign exchange rates on revenue earned
by our US subsidiaries and by 7.9% organic revenue retraction. Our gross margin decreased&#151;from 54.5% in Q3 15 to 54.2% in Q3&nbsp;16. This decrease was caused by the&nbsp;mix of projects, downward pressures on fees in some sectors, and the
addition of the Construction Services business, which generates a lower margin than our Consulting Services business. Our administrative and marketing expenses as a percentage of net revenue increased&#151;from 39.4% in Q3 15 to 41.1% in Q3
16&#151;mainly due to higher administrative labor costs and an increase in integration activities from the MWH acquisition. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:7pt" ALIGN="center">

<TR>
<TD WIDTH="33%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="33%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="32%"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:7pt">
<TD VALIGN="bottom"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:7pt; font-family:Times New Roman">Management&#146;s Discussion and Analysis</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:7pt; font-family:Times New Roman">December 31, 2016</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">M-45</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">Stantec Inc.&nbsp;&nbsp;</TD></TR></TABLE>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">
Interest expense increased $5.0&nbsp;million in Q3 16 compared to Q3 15, primarily because of an increase in our outstanding long-term debt, attributable to the MWH acquisition. </P>
<P STYLE="margin-top:16pt; margin-bottom:0pt; font-size:11pt; font-family:ARIAL"><B>STATEMENTS OF FINANCIAL POSITION </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The following highlights the
major changes to our assets, liabilities, and equity from December&nbsp;31, 2015, to December&nbsp;31, 2016: </P> <P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="96%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt">


<TR>
<TD WIDTH="92%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Balance Sheet Summary</B></P> <P STYLE="font-size:18pt; margin-top:0pt; margin-bottom:1pt">&nbsp;</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.00pt solid #000000"><FONT STYLE="font-size:8pt"><I>(In millions of Canadian dollars)</I></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.00pt solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="BORDER-BOTTOM:1.00pt solid #000000"><B>Dec&nbsp;31,&nbsp;2016</B></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.00pt solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.00pt solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="BORDER-BOTTOM:1.00pt solid #000000"><B>Dec&nbsp;31,&nbsp;2015</B></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.00pt solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.00pt solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="BORDER-BOTTOM:1.00pt solid #000000"><B>$&nbsp;Change</B></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.00pt solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.00pt solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="BORDER-BOTTOM:1.00pt solid #000000"><B>%&nbsp;Change&nbsp;</B></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="font-size:4pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Total current assets</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1,582.5</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">951.4</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">631.1</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">66.3%&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Property and equipment</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">213.9</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">158.1</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">55.8</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">35.3%&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Goodwill</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1,828.1</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">966.5</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">861.6</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">89.1%&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Intangible assets</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">449.5</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">138.1</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">311.4</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">225.5%&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Deferred tax assets</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">26.2</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">11.3</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">14.9</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">131.9%&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Other financial assets</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">160.1</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">111.5</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">48.6</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">43.6%&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">All other assets</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">24.4</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">5.0</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">19.4</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">n/m&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8" STYLE="BORDER-TOP:1px solid #000000">&nbsp;</TD>
<TD HEIGHT="8" COLSPAN="4" STYLE="BORDER-TOP:1px solid #000000">&nbsp;</TD>
<TD HEIGHT="8" COLSPAN="4" STYLE="BORDER-TOP:1px solid #000000">&nbsp;</TD>
<TD HEIGHT="8" COLSPAN="4" STYLE="BORDER-TOP:1px solid #000000">&nbsp;</TD>
<TD HEIGHT="8" COLSPAN="2" STYLE="BORDER-TOP:1px solid #000000">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1.50pt solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Total assets</B></P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.50pt solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.50pt solid #000000"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.50pt solid #000000" ALIGN="right"><B>4,284.7</B></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1.50pt solid #000000"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.50pt solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.50pt solid #000000"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.50pt solid #000000" ALIGN="right"><B>2,341.9</B></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1.50pt solid #000000"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.50pt solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.50pt solid #000000"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.50pt solid #000000" ALIGN="right"><B>1,942.8</B></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1.50pt solid #000000"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.50pt solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right" STYLE="BORDER-BOTTOM:1.50pt solid #000000"><B>83.0%&nbsp;&nbsp;</B></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="13"></TD>
<TD HEIGHT="13" COLSPAN="4"></TD>
<TD HEIGHT="13" COLSPAN="4"></TD>
<TD HEIGHT="13" COLSPAN="4"></TD>
<TD HEIGHT="13" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Long-term debt</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">91.9</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">133.1</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(41.2</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(31.0%)&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Provisions</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">36.0</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">22.9</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">13.1</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">57.2%&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1.00pt solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">All other current liabilities</P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.00pt solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.00pt solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.00pt solid #000000" ALIGN="right">944.9</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1.00pt solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.00pt solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.00pt solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.00pt solid #000000" ALIGN="right">476.1</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1.00pt solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.00pt solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.00pt solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.00pt solid #000000" ALIGN="right">468.8</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1.00pt solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.00pt solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right" STYLE="BORDER-BOTTOM:1.00pt solid #000000">98.5%&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Total current liabilities</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1,072.8</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">632.1</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">440.7</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">69.7%&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Long-term debt</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">928.6</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">232.3</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">696.3</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">299.7%&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Provisions</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">80.7</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">62.6</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">18.1</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">28.9%&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Net employee defined benefit liability</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">50.5</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">-&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">50.5</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">-&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Deferred tax liabilities</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">79.6</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">21.3</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">58.3</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">273.7%&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Other liabilities</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">88.4</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">67.7</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">20.7</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">30.6%&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Other financial liabilities</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">7.6</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">2.6</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">5.0</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">192.3%&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Equity</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1,975.7</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1,323.3</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">652.4</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">49.3%&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1.00pt solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><FONT STYLE="white-space:nowrap">Non-controlling</FONT>
interests</P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.00pt solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.00pt solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.00pt solid #000000" ALIGN="right">0.8</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1.00pt solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.00pt solid #000000">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1.00pt solid #000000">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1.00pt solid #000000" ALIGN="right">-&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1.00pt solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.00pt solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.00pt solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.00pt solid #000000" ALIGN="right">0.8</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1.00pt solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.00pt solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right" STYLE="BORDER-BOTTOM:1.00pt solid #000000">-&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1.50pt solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Total liabilities and equity</B></P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.50pt solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.50pt solid #000000"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.50pt solid #000000" ALIGN="right"><B>4,284.7</B></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1.50pt solid #000000"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.50pt solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.50pt solid #000000"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.50pt solid #000000" ALIGN="right"><B>2,341.9</B></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1.50pt solid #000000"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.50pt solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.50pt solid #000000"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.50pt solid #000000" ALIGN="right"><B>1,942.8</B></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1.50pt solid #000000"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.50pt solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right" STYLE="BORDER-BOTTOM:1.50pt solid #000000"><B>83.0%&nbsp;</B></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:8pt; font-family:Times New Roman"><I>n/m = not meaningful</I></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD></TR>
</TABLE> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Refer to the Liquidity and Capital Resources section of this report for an explanation of the changes in current assets and
current liabilities. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Overall, the carrying amounts of assets and liabilities for our US subsidiaries on our consolidated balance sheets decreased because
of the strengthening Canadian dollar&#151;from US$0.72 at December&nbsp;31, 2015, to US$0.74 at December&nbsp;31, 2016. Other factors that impacted our long-term assets and liabilities are indicated below. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Property and equipment, goodwill, intangible assets, and other financial assets increased as a result of the acquisitions completed in 2016. Most notably,
from MWH, we acquired $46.2&nbsp;million in property and equipment, $744.2&nbsp;million in goodwill, $315.3&nbsp;million in intangible assets, and $36.1&nbsp;million in other financial assets </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:7pt" ALIGN="center">

<TR>
<TD WIDTH="33%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="33%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="32%"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:7pt">
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:7pt; font-family:Times New Roman">Management&#146;s Discussion and Analysis</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:7pt; font-family:Times New Roman">December 31, 2016</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">M-46</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">Stantec Inc.&nbsp;&nbsp;</TD></TR></TABLE>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">
mainly relating to holdbacks on long-term contracts. Other financial assets also increased due to an increase of $14.7&nbsp;million in our investments held for self-insured liabilities. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Total current and long-term debt increased, mainly because funds drawn from our New Credit Facilities (explained in the Capital Management section of this
report) were required for the MWH acquisition. Total current and long-term provisions increased as well, primarily because we assumed provisions for claims and various
<FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">end-of-employment</FONT></FONT> benefit plans from MWH. Also from MWH we assumed $18.6&nbsp;million in net deferred tax liabilities and $19.9&nbsp;million in other liabilities due to
uncertain tax positions. With the MWH acquisition, we became the sponsor of defined benefit pension plans covering certain full-time employees and past employees, primarily in the United Kingdom. The $50.5&nbsp;million net employee defined benefit
liability represents the unfunded status of these plans at December&nbsp;31, 2016. Benefits are based on final compensation and years of service, and contributions to the plans must be made to separately administered funds that are maintained
independently by custodians. </P> <P STYLE="margin-top:16pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL"><B>Goodwill </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">In accordance with our
accounting policies (described in note 4 of our audited consolidated financial statements), we conduct a goodwill impairment test annually as at October&nbsp;1 or more frequently if circumstances indicate that an impairment may occur or if a
significant acquisition occurs between the annual impairment test date and December 31. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">We allocate goodwill to our cash generating units (CGUs) or group
of CGUs. In 2015 and prior to the second quarter of 2016, our CGUs were defined as Canada, the United States and International. As a result of the MWH acquisition, and effective the second quarter of 2016, we have six CGUs. Three of the six CGUs are
grouped into Consulting Services &#150; Global for the purposes of allocating goodwill and testing impairment. The other three CGUs are Consulting Services &#150; Canada, Consulting Services &#150; United States, and Construction Services. CGUs are
defined based on the smallest identifiable group of assets that generates cash inflows that are largely independent of cash inflows from other assets or groups of assets. Other factors are considered, including how management monitors the
entity&#146;s operations. As a Company, we constantly evolve and continue to expand into new geographic locations. As we evolve, we regularly review our corporate and management structure to ensure our operations are organized into logical units,
particularly for making operating decisions and assessing performance. If we determine that our corporate and management structure should change, we review our definitions of CGUs and reportable segments. We do not allocate goodwill to or monitor it
by our business operating units. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">On October&nbsp;1, 2016, and October&nbsp;1, 2015, we performed our annual goodwill impairment test. Based on the
results of these tests, we concluded that the recoverable amount of each CGU or group of CGUs exceeded its carrying amount and, therefore, goodwill was not impaired. </P>
<P STYLE="margin-top:16pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I>Valuation techniques </I></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">When performing our goodwill
impairment test, we compare the recoverable amount of our CGUs or group of CGUs to their respective carrying amounts. If the carrying amount of a CGU or group of CGUs is higher than its recoverable amount, an impairment charge is recorded as a
reduction in the carrying amount of the goodwill on the consolidated statement of financial position and recognized as a <FONT STYLE="white-space:nowrap">non-cash</FONT> impairment charge in income. We estimate the recoverable amount by using the
fair value less costs of disposal approach. It estimates fair value using market information and discounted <FONT STYLE="white-space:nowrap">after-tax</FONT> cash flow projections, which is known as the income approach. The income approach uses a
CGU&#146;s or group of CGUs&#146; projection of estimated operating results and discounted cash flows based on a discounted rate that reflects current market conditions. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">We use cash flow projections from financial forecasts approved by senior management for a five-year period. For our last two impairment tests on
October&nbsp;1, 2016, and October&nbsp;1, 2015, we discounted the cash flows for each </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:7pt" ALIGN="center">

<TR>
<TD WIDTH="33%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="33%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="32%"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:7pt">
<TD VALIGN="bottom"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:7pt; font-family:Times New Roman">Management&#146;s Discussion and Analysis</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:7pt; font-family:Times New Roman">December 31, 2016</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">M-47</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">Stantec Inc.</TD></TR></TABLE>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">
CGU or group of CGUs using <FONT STYLE="white-space:nowrap">after-tax</FONT> discount rates ranging from 9.0% to 13.7%. To arrive at cash flow projections, we use estimates of economic and market
information, including growth rates in revenues, estimates of future changes in operating margins, and cash expenditures. Other significant estimates and assumptions include estimates of future capital expenditures and changes in future working
capital requirements. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">We believe that our methodology provides us with a reasonable basis for determining whether an impairment charge should be taken.
Note 11 in our 2016 audited consolidated financial statements provides more details about our goodwill impairment test and is incorporated by reference in this report. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">If market and economic conditions deteriorate or if volatility in the financial markets causes declines in our share price, increases our weighted-average
cost of capital, or changes valuation multiples or other inputs to our goodwill assessment, our goodwill may require testing for impairment between our annual test dates. Moreover, changes in the numerous variables associated with the judgments,
assumptions, and estimates we made in assessing the fair value of our goodwill could cause our CGUs or group of CGUs to be impaired. These impairments are <FONT STYLE="white-space:nowrap">non-cash</FONT> charges that could have a material adverse
effect on our consolidated financial statements but would not have any adverse effect on our liquidity, cash flows from operating activities, or debt covenants, and would not have an impact on future operations. </P>
<P STYLE="margin-top:16pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I>Sensitivity </I></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The calculation of fair value less
costs of disposal for all of our CGUs or group of CGUs is most sensitive to the following assumptions: </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="3%" VALIGN="top" ALIGN="left"><FONT COLOR="#8b8376">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">Operating margins based on actual experience and management&#146;s long-term projections. </TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="3%" VALIGN="top" ALIGN="left"><FONT COLOR="#8b8376">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">Discount rates&#151;reflecting investors&#146; expectations when discounting future cash flows to a present value&#151;that take into consideration market rates of return, capital structure, company size, and industry
risk. This rate is further adjusted to reflect risks specific to the CGU or group of CGUs for which future estimates of cash flows have not been adjusted. </TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="3%" VALIGN="top" ALIGN="left"><FONT COLOR="#8b8376">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">Growth rate estimates based on actual experience and market analysis. Projections are extrapolated beyond five years using a growth rate that typically does not exceed 3.0%. </TD></TR></TABLE>
<P STYLE="margin-top:14pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">At October&nbsp;1, 2016, the recoverable amounts of our CGUs or group of CGUs exceeded their carrying amounts. For&nbsp;assessing fair value less costs of
disposal, we believe that no reasonably possible change in any key assumption listed above would have caused the carrying amount of a CGUs or group of CGUs to materially exceed its recoverable amount. </P>
<P STYLE="margin-top:16pt; margin-bottom:0pt; font-size:11pt; font-family:ARIAL"><B>LIQUIDITY AND CAPITAL RESOURCES </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The following discussion includes
forward-looking statements. For an outline of the material risks and assumptions associated with these statements, refer to the Cautionary Note Regarding Forward-Looking Statements section at the end of this report. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">We are able to meet our liquidity needs through a variety of sources, including cash generated from operations, long- and short-term borrowings from our
$800&nbsp;million revolving credit facility, and the issuance of common shares. We use funds primarily to pay operational expenses; complete acquisitions; sustain capital spending on property, equipment, and software; repay <FONT
STYLE="white-space:nowrap">long-term</FONT> debt; and pay dividend distributions to shareholders. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">We believe that internally generated cash flows,
supplemented by borrowings, if necessary, will be sufficient to cover our normal operating and capital expenditures. We also believe that the design of our business model (explained in the Core Business and Strategy section of this report) reduces
the impact of changing market conditions on our operating cash flows. However, under certain favorable market conditions, we do consider </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:7pt" ALIGN="center">

<TR>
<TD WIDTH="33%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="33%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="32%"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:7pt">
<TD VALIGN="bottom"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:7pt; font-family:Times New Roman">Management&#146;s Discussion and Analysis</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:7pt; font-family:Times New Roman">December 31, 2016</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">M-48</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">Stantec Inc.</TD></TR></TABLE>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">
issuing common shares to facilitate acquisition growth or to reduce borrowings under our New Credit Facilities. This was the case for the MWH acquisition: we financed the acquisition through the
net proceeds of both a public offering and funds drawn from our New Credit Facilities (as defined and further described in the Capital Management and Shareholders&#146; Equity sections of this report). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">We continue to limit our exposure to credit risk by placing our cash and short-term deposits in&#151;and, when appropriate, by entering into derivative
agreements with&#151;high-quality credit institutions. Investments held for self-insured liabilities include bonds, equities, and term deposits. We mitigate risk associated with these bonds, equities, and term deposits through the overall quality
and mix of our investment portfolio. </P> <P STYLE="margin-top:16pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL"><B>Working Capital </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The
following table shows summarized working capital information as at December&nbsp;31, 2016, compared to December&nbsp;31, 2015: </P> <P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="98%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>
<TD WIDTH="70%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="5%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="4%"></TD>
<TD WIDTH="8%"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.00pt solid #000000"><FONT STYLE="font-size:8pt"><I><FONT STYLE="font-size:10pt">&nbsp;&nbsp;&nbsp;</FONT>(In millions of Canadian dollars, except ratio)</I></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e5e1" STYLE="BORDER-BOTTOM:1.00pt solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1.00pt solid #000000" BGCOLOR="#e5e5e1"><B>2016</B></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.00pt solid #000000" BGCOLOR="#e5e5e1">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.00pt solid #000000">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1.00pt solid #000000"><B>2015</B></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.00pt solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.00pt solid #000000">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right" STYLE="BORDER-BOTTOM:1.00pt solid #000000"><B>$&nbsp;Change&nbsp;&nbsp;</B></TD></TR>


<TR STYLE="font-size:1pt">
<TD HEIGHT="13"></TD>
<TD HEIGHT="13" COLSPAN="4" BGCOLOR="#e5e5e1"></TD>
<TD HEIGHT="13" COLSPAN="4"></TD>
<TD HEIGHT="13" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">&nbsp;&nbsp;&nbsp;Current assets</P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e5e1">&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#e5e5e1">&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#e5e5e1" ALIGN="right">1,582.5</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#e5e5e1">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">951.4</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">631.1&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">&nbsp;&nbsp;&nbsp;Current liabilities</P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e5e1">&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#e5e5e1">&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#e5e5e1" ALIGN="right">&nbsp;&nbsp;(1,072.8)</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#e5e5e1">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(632.1)</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(440.7)&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">&nbsp;&nbsp;&nbsp;Working capital <I><FONT STYLE="font-size:9pt">(Note)</FONT></I></P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e5e1">&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#e5e5e1">&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#e5e5e1" ALIGN="right">509.7</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#e5e5e1">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">319.3</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">190.4&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1.00pt solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">&nbsp;&nbsp;&nbsp;Current ratio <I><FONT
STYLE="font-size:9pt">(Note)</FONT></I></P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e5e1" STYLE="BORDER-BOTTOM:1.00pt solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.00pt solid #000000" BGCOLOR="#e5e5e1">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.00pt solid #000000" BGCOLOR="#e5e5e1" ALIGN="right">1.48</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1.00pt solid #000000" BGCOLOR="#e5e5e1">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.00pt solid #000000">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.00pt solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.00pt solid #000000" ALIGN="right">1.51</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1.00pt solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.00pt solid #000000">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right" STYLE="BORDER-BOTTOM:1.00pt solid #000000">n/a&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="11"> <P STYLE="font-size:2pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:0.38em; font-size:8pt; font-family:Times New Roman"><I>Note: Working capital is calculated
by subtracting current liabilities from current assets. Current ratio is calculated by dividing current assets by current liabilities. Both <FONT STYLE="white-space:nowrap">non-IFRS</FONT> measures are further described in the Definitions section of
this report.</I></P> <P STYLE="font-size:2pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; margin-left:0.38em; font-size:8pt; font-family:Times New Roman"><I>n/a= not applicable</I></P></TD></TR>
</TABLE> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Current assets increased primarily because of a $143.6&nbsp;million increase in cash and cash equivalents (further explained
in the Cash Flows section of this report), a $428.6&nbsp;million increase in trade and other receivables and in unbilled revenue, and a $33.3&nbsp;million increase in prepaid expenses, all primarily due to the MWH acquisition. Investment in trade
and other receivables and in unbilled revenue decreased to 88 days at December&nbsp;31, 2016, from 96 days at December&nbsp;31, 2015. A decrease occurred in all business operating units in Consulting Services. As well, our newly acquired
Construction Services business has lower overall investment in trade and other receivables and in unbilled revenue&#151;59 days at December&nbsp;31, 2016. Income taxes recoverable increased by $27.0&nbsp;million, mainly because of the timing of
income tax instalments for 2015 and 2016 and the MWH acquisition. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Gross revenue trade receivables increased 32.6%, or $189.2&nbsp;million, from
December&nbsp;31, 2015, to December&nbsp;31, 2016, mainly due to the addition of MWH, which made up approximately $231.0&nbsp;million of our gross trade receivables at December&nbsp;31, 2016. During the year, our gross trade receivables in the <FONT
STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">over-90-day</FONT></FONT> aging categories increased 47.3% or $43.1&nbsp;million. This increase was due to the nature of clients acquired from MWH, which added $58.6&nbsp;million in the <FONT
STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">over-90-day</FONT></FONT> aging categories. Approximately 25% of this amount is from two major government water projects where the collection period has historically been longer. The
remaining amount relates to the mix of clients where, in certain cases, extended payment terms may apply. This mix of clients may impact our trade receivables aging categories going forward. We reduce our gross revenue trade receivables with an
allowance for doubtful accounts that is calculated using historical statistics for collection and loss experience. We also allow for specific projects based on our best estimate of an allowance after assessing the collectability of the outstanding
receivables balance. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Current liabilities increased primarily due to a $366.0&nbsp;million increase in trade and other payables that is mainly
attributable to the MWH acquisition, higher payroll accruals because of an increase in employee numbers, and a higher dividend accrual. In addition, billings in excess of costs increased $92.6&nbsp;million and provisions increased
</P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:7pt" ALIGN="center">

<TR>
<TD WIDTH="33%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="33%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="32%"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:7pt">
<TD VALIGN="bottom"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:7pt; font-family:Times New Roman">Management&#146;s Discussion and Analysis</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:7pt; font-family:Times New Roman">December 31, 2016</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">M-49</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">Stantec Inc.</TD></TR></TABLE>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">
$13.1&nbsp;million, mostly a result of the MWH acquisition. These increases were partly offset by a decrease in the current portion of long-term debt because our $70&nbsp;million in senior
secured notes (originally due May&nbsp;10, 2016) were redeemed in Q2 16 as part of the New Credit Facilities arrangement. Our current portion of long-term debt was also impacted by an increase in the current portion of notes payable from
acquisitions. </P> <P STYLE="margin-top:16pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL"><B>Cash Flows </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Our cash flows from (used in)
operating, investing, and financing activities, as reflected in our consolidated statements of cash flows, are summarized in the following table: </P> <P STYLE="font-size:20pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="98%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>
<TD WIDTH="68%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="5%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="4%"></TD>
<TD WIDTH="8%"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.00pt solid #000000"><FONT STYLE="font-size:8pt"><I><FONT STYLE="font-size:10pt">&nbsp;&nbsp;</FONT>(In millions of Canadian dollars)</I></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e5e1" STYLE="BORDER-BOTTOM:1.00pt solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1.00pt solid #000000" BGCOLOR="#e5e5e1"><B>2016</B></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.00pt solid #000000" BGCOLOR="#e5e5e1">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.00pt solid #000000">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1.00pt solid #000000"><B>2015</B></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.00pt solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.00pt solid #000000">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right" STYLE="BORDER-BOTTOM:1.00pt solid #000000"><B>$&nbsp;Change&nbsp;&nbsp;</B></TD></TR>


<TR STYLE="font-size:1pt">
<TD HEIGHT="13"></TD>
<TD HEIGHT="13" COLSPAN="4" BGCOLOR="#e5e5e1"></TD>
<TD HEIGHT="13" COLSPAN="4"></TD>
<TD HEIGHT="13" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">&nbsp;&nbsp;Cash flows from operating activities</P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e5e1">&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#e5e5e1">&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#e5e5e1" ALIGN="right">285.7</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#e5e5e1">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">205.5</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">80.2&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">&nbsp;&nbsp;Cash flows used in investing activities</P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e5e1">&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#e5e5e1">&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#e5e5e1" ALIGN="right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1,136.6)</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#e5e5e1">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(252.4)</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(884.2)&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1.00pt solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">&nbsp;&nbsp;Cash flows from (used in) financing
activities</P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e5e1" STYLE="BORDER-BOTTOM:1.00pt solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.00pt solid #000000" BGCOLOR="#e5e5e1">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.00pt solid #000000" BGCOLOR="#e5e5e1" ALIGN="right">995.1</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1.00pt solid #000000" BGCOLOR="#e5e5e1">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.00pt solid #000000">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.00pt solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.00pt solid #000000" ALIGN="right">(44.3)</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1.00pt solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.00pt solid #000000">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right" STYLE="BORDER-BOTTOM:1.00pt solid #000000">1,039.4&nbsp;&nbsp;</TD></TR>
</TABLE> <P STYLE="margin-top:22pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I>Cash flows from operating activities </I></B></P>
<P STYLE="margin-top:4pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Cash flows from operating activities are impacted by the timing of acquisitions, particularly the timing of payments for acquired trade and other payables,
including annual employee short-term incentive payments. The increase in cash flows from operating activities in 2016 compared to 2015 resulted from an increase in cash receipts from clients due to acquisition growth and a $16.4&nbsp;million
decrease in taxes paid as a result of paying less in tax instalments. The increase in cash flows was partly offset by an increase in cash paid to employees, which, in turn, was caused by an increase in the number of employees and short-term
incentive payments in 2016. As well, cash paid to suppliers increased because of acquisition growth and the timing of various payments. Interest paid increased $19.7&nbsp;million, mainly as a result of a $3.9&nbsp;million breakage fee relating to
the redemption of our senior secured notes and an increase in our level of borrowings year over year. </P> <P STYLE="margin-top:16pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I>Cash flows used in investing activities
</I></B></P> <P STYLE="margin-top:4pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Cash flows used in investing activities increased in 2016 compared to 2015 due to an increase in cash used for business acquisitions. We used
$1.1&nbsp;billion in 2016 to pay cash consideration for current year acquisitions (mainly for MWH) and notes payable compared to $203.5&nbsp;million in 2015. Cash outflows for the purchase of property and equipment increased by $20.2&nbsp;million.
Property and equipment and software purchases totaled $65.8&nbsp;million in 2016 compared to $41.7&nbsp;million for the&nbsp;same period in 2015. We had higher purchases in 2016 due to an increase in leasehold improvements made to various office
locations and increased spending due to acquisition growth. Also contributing to the increase in cash flows used was a $4.6&nbsp;million increase in the purchase of investments held for self-insured liabilities. These increases in cash flows used in
investing activities were partly offset by a $9.3&nbsp;million increase in cash inflows from other financial assets that mainly related to the liquidation of a trust acquired from MWH. As well, there was a $5.6&nbsp;million increase in proceeds from
lease inducements and from the disposition of various property and equipment. </P> <P STYLE="margin-top:16pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I>Cash flows from financing activities </I></B></P>
<P STYLE="margin-top:4pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Cash flows from financing activities increased in 2016 compared to 2015, as a result of a net cash inflow of $583.1&nbsp;million from the issuance of shares,
plus a net cash inflow of $490.7&nbsp;million from the settlement of our old revolving credit facility and senior secured notes and from funds drawn on our new revolving credit facility and term loans (as further described in the Shareholders&#146;
Equity and Capital Management sections of this report). These increases in cash inflows were partly offset by $18.2&nbsp;million paid for the repurchase of shares for </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:7pt" ALIGN="center">

<TR>
<TD WIDTH="33%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="33%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="32%"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:7pt">
<TD VALIGN="bottom"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:7pt; font-family:Times New Roman">Management&#146;s Discussion and Analysis</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:7pt; font-family:Times New Roman">December 31, 2016</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">M-50</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">Stantec Inc.</TD></TR></TABLE>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">
cancellation under our Normal Course Issuer Bid and a $7.8&nbsp;million increase in the payment of dividends in 2016 compared to 2015. </P>
<P STYLE="margin-top:16pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL"><B>Financing the MWH Acquisition </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The following table provides a
description of the actual sources and uses of funds relating to the MWH acquisition, transaction costs, and the repayment of the existing revolving credit facility and senior secured notes compared to the estimates made in the prospectus filed on
April&nbsp;7, 2016. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:8pt" ALIGN="center">


<TR>
<TD WIDTH="28%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="39%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:7pt">
<TD VALIGN="bottom"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:7pt; font-family:Times New Roman"><I>&nbsp;(In millions of Canadian dollars)</I></P> <P STYLE="font-size:2pt; margin-top:0pt; margin-bottom:1pt">&nbsp;</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD COLSPAN="2" VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD COLSPAN="2" VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD COLSPAN="2" VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD COLSPAN="2" VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD COLSPAN="2" VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD COLSPAN="2" VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:7pt">
<TD VALIGN="bottom"><B><FONT STYLE="font-size:9pt">&nbsp;</FONT>Sources:</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right"><B>Prospectus</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right"><B>Actual</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right"><B>Variance<FONT STYLE="font-size:9pt">&nbsp;</FONT></B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><B><FONT STYLE="font-size:9pt">&nbsp;</FONT>Uses:</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right"><B>Prospectus</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right"><B>Actual</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right"><B>Variance<FONT STYLE="font-size:9pt">&nbsp;</FONT></B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>


<TR STYLE="font-size:1px; ">
<TD COLSPAN="12" VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD COLSPAN="12" VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:8pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:8pt; font-family:Times New Roman">&nbsp;New term loan</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">450.0&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">450.0&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">0.0&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;Net purchase price for the MWH acquisition</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1,057.0&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">999.4&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(57.6)</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:8pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:8pt; font-family:Times New Roman">&nbsp;New revolving credit facility</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">454.0&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">439.6&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(14.4)</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;Transaction costs <I><FONT STYLE="font-size:7pt">(note) </FONT></I></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">56.0&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">53.3&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(2.7)</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:8pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:8pt; font-family:Times New Roman">&nbsp;Proceeds from the offering</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">504.0&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">603.9&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">99.9&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;Repayment of MWH indebtedness</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">73.0&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">109.9&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">36.9&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:8pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;Repayment of existing revolving credit</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">97.0&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">205.9&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">108.9&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:8pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;Redemption of senior secured notes</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">125.0&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">125.0&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">0.0&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD COLSPAN="9" VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD COLSPAN="9" VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:8pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:8pt; font-family:Times New Roman"><B>&nbsp;Total Sources:</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">&nbsp;&nbsp;&nbsp;&nbsp;1,408.0&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1,493.5&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">85.5&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;Total Uses:</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">&nbsp;&nbsp;&nbsp;&nbsp;1,408.0&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1,493.5&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">85.5&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD COLSPAN="9" VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD COLSPAN="9" VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
</TABLE> <P STYLE="margin-top:14pt; margin-bottom:0pt; font-size:7pt; font-family:Times New Roman"><I>note:&nbsp;&nbsp;Actual transaction costs consist of share issuance costs of $25.9&nbsp;million, debt issuance costs of
$9.4&nbsp;million, acquisition-related costs of $14.1&nbsp;million, and breakage fees on redemption of senior secured notes of $3.9&nbsp;million. </I></P> <P STYLE="margin-top:20pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Our
actual sources of cash were $85.5&nbsp;million greater than estimated, for the most part a result of the underwriters exercising their overallotment option of 2,604,000 subscription receipts for $78.8&nbsp;million. Our uses of cash were greater than
estimated mainly because the outstanding balances at May&nbsp;6, 2016, on our existing revolving credit facility and MWH&#146;s indebtedness were greater than those included in the prospectus (which was based on December&nbsp;31, 2015, balances).
The purchase price for MWH was less than anticipated because the estimated US&nbsp;exchange rate was higher than the actual exchange rate. The foreign currency hedge on the purchase price is further described in the Foreign Exchange Losses and Gains
section of this report. </P> <P STYLE="margin-top:16pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL"><B>Capital Management </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">We manage our
capital structure according to our internal guideline of maintaining a net debt to EBITDA ratio of less than 2.5 to 1.0. At December&nbsp;31, 2016, our net debt to EBITDA ratio was 2.38, calculated on a trailing four-quarter basis. There may be
occasions when we exceed our target by completing opportune acquisitions that increase our debt level for a period of time. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Concurrent with the closing
of the MWH acquisition, we entered into an agreement for new $1.25&nbsp;billion syndicated senior secured credit facilities (New Credit Facilities) consisting of a senior secured revolving credit facility of a maximum $800&nbsp;million and a
$450&nbsp;million term loan in three tranches. This agreement allows us access to an additional $200&nbsp;million, subject to approval, under the same terms and conditions. The revolving credit facility expires May&nbsp;6, 2020, and may be repaid
from time to time at our option. The facility is available for future acquisitions, working capital needs, and general corporate purposes. Tranches A and B of the term loan were drawn in Canadian funds of $150&nbsp;million each (due May&nbsp;6,
2018, and May&nbsp;6, 2019, respectively) and tranche C was drawn in US funds of $116.7&nbsp;million (due May&nbsp;6, 2020). Transaction costs of $9.4&nbsp;million for the New Credit Facilities will be amortized over the life of the facilities. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The New Credit Facilities may be drawn in Canadian dollars as either a prime rate loan or a bankers&#146; acceptance; US&nbsp;dollars as either a US base rate
or a LIBOR advance; or, in the case of the revolving credit facility, in sterling or euros as a LIBOR advance; and by way of letters of credit. Depending on the form under which the credit facilities are accessed, rates of interest vary between
Canadian prime, US base rate, and LIBOR </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:7pt" ALIGN="center">

<TR>
<TD WIDTH="33%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="33%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="32%"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:7pt">
<TD VALIGN="bottom"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:7pt; font-family:Times New Roman">Management&#146;s Discussion and Analysis</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:7pt; font-family:Times New Roman">December 31, 2016</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">M-51</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">Stantec Inc.&nbsp;&nbsp;</TD></TR></TABLE>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">
or bankers&#146; acceptance rates, plus specified basis points. The specified basis points vary&#151;depending on our leverage ratio (a <FONT STYLE="white-space:nowrap">non-IFRS</FONT>
measure)&#151;from 0 to 175 for Canadian prime and US base rate loans, and from 100 to 275 for bankers&#146; acceptances, LIBOR advances, and letters of credit. As security for the obligations under these facilities, Stantec and certain of our
subsidiaries granted the lenders a first-ranking security interest over all present and after-acquired assets, property, and undertakings, subject to customary carve-outs. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The funds available under the revolving credit facility are reduced by any outstanding letters of credit issued pursuant to the facility agreement. At
December&nbsp;31, 2016, $329.1&nbsp;million was available in our revolving credit facility for future activities. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">We previously entered into an agreement
for a $350&nbsp;million revolving credit facility expiring August&nbsp;31, 2018, that allowed us to access an additional $150&nbsp;million under the same terms and conditions on approval from our lenders. This revolving credit facility was repaid
with the proceeds from the New Credit Facilities. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">We previously issued $70&nbsp;million of 4.332% senior secured notes due May&nbsp;10, 2016, and
$55&nbsp;million of 4.757% senior secured notes due May&nbsp;10, 2018. These amounts were recorded net of transaction costs of $1.1&nbsp;million. Interest on the senior secured notes was payable semi-annually in arrears on May&nbsp;10 and
November&nbsp;10 each year until maturity or the earlier payment, redemption, or purchase in full of the notes. The&nbsp;senior secured notes were redeemable by Stantec, in whole at any time or in part from time to time, at specified redemption
prices and subject to certain conditions required by the indenture, with an option for us to purchase the notes for cancellation at any time. The senior secured notes were redeemed with the proceeds from the New Credit Facilities described above.
The breakage fee paid on redemption was $3.9&nbsp;million and was recorded in net interest expense. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">We are subject to financial and operating covenants
related to our New&nbsp;Credit Facilities. Failure to meet the terms of one or more of these covenants constitutes a default, potentially resulting in accelerated repayment of our debt obligation. In particular, we are required to satisfy the
following at all times: (1)&nbsp;our leverage ratio must not exceed 3.0 to 1.0, except in the case of a material acquisition when our leverage ratio must not exceed 3.5 to 1.0 for a period of four complete quarters following the acquisition and
(2)&nbsp;our interest coverage ratio must not be less than 3.0 to 1.0. Leverage ratio and interest coverage ratio are defined in the Definition of <FONT STYLE="white-space:nowrap">Non-IFRS</FONT> Measures section of this report. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">During the first two quarters of 2016, we were also subject to financial and operating covenants related to our $350&nbsp;million revolving credit facility
and senior secured notes. These facilities were repaid and redeemed, respectively, during the quarter ended June&nbsp;30, 2016. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">We were in compliance
with all of these covenants (both for our previous facilities that were repaid and redeemed in Q2 16 and for the New Credit Facilities) as at and throughout the year ended December&nbsp;31, 2016. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:7pt" ALIGN="center">

<TR>
<TD WIDTH="33%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="33%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="32%"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:7pt">
<TD VALIGN="bottom"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:7pt; font-family:Times New Roman">Management&#146;s Discussion and Analysis</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:7pt; font-family:Times New Roman">December 31, 2016</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">M-52</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">Stantec Inc.&nbsp;&nbsp;</TD></TR></TABLE>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL"><B>Shareholders&#146; Equity </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Our shareholders&#146; equity increased by $652.4&nbsp;million in 2016 and by $237.1&nbsp;million in 2015. The following table summarizes the reasons for these
increases: </P> <P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="94%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt">


<TR>
<TD WIDTH="76%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT STYLE="font-size:8pt"><I>&nbsp;&nbsp;(In millions of Canadian dollars)</I></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e5e1" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #000000" BGCOLOR="#e5e5e1"><B>2016</B></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000" BGCOLOR="#e5e5e1">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #000000"><B>2015</B></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD></TR>


<TR STYLE="font-size:1pt">
<TD HEIGHT="13"></TD>
<TD HEIGHT="13" COLSPAN="4" BGCOLOR="#e5e5e1"></TD>
<TD HEIGHT="13" COLSPAN="4"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1.00pt solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>&nbsp;&nbsp;Beginning shareholders&#146;
equity</B></P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e5e1" STYLE="BORDER-BOTTOM:1.00pt solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.00pt solid #000000" BGCOLOR="#e5e5e1">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.00pt solid #000000" BGCOLOR="#e5e5e1" ALIGN="right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,323.3</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1.00pt solid #000000" BGCOLOR="#e5e5e1">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.00pt solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.00pt solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.00pt solid #000000" ALIGN="right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,086.2</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1.00pt solid #000000">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="13"></TD>
<TD HEIGHT="13" COLSPAN="4" BGCOLOR="#e5e5e1"></TD>
<TD HEIGHT="13" COLSPAN="4"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">&nbsp;&nbsp;Net income for the year</P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e5e1">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#e5e5e1">&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#e5e5e1" ALIGN="right">130.5</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#e5e5e1">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">156.4</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">&nbsp;&nbsp;Currency translation adjustments</P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e5e1">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#e5e5e1">&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#e5e5e1" ALIGN="right">12.3</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#e5e5e1">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">109.0</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">&nbsp;&nbsp;Net unrealized gain on financial assets</P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e5e1">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#e5e5e1">&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#e5e5e1" ALIGN="right">3.8</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#e5e5e1">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">0.1</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">&nbsp;&nbsp;Net realized gain on financial assets transferred to income</P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e5e1">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#e5e5e1">&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#e5e5e1" ALIGN="right">(0.1)</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#e5e5e1">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(4.5)</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">&nbsp;&nbsp;Realized exchange difference on a sale of a subsidiary</P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e5e1">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#e5e5e1">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#e5e5e1" ALIGN="right">-</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#e5e5e1">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1.0</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">&nbsp;&nbsp;Remeasurement losses on net employee defined benefit liability</P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e5e1">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#e5e5e1">&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#e5e5e1" ALIGN="right">(14.4)</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#e5e5e1">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">-</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">&nbsp;&nbsp;Recognition of fair value of share-based compensation</P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e5e1">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#e5e5e1">&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#e5e5e1" ALIGN="right">4.4</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#e5e5e1">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">5.2</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">&nbsp;&nbsp;Share options exercised for cash</P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e5e1">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#e5e5e1">&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#e5e5e1" ALIGN="right">5.0</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#e5e5e1">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">9.5</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">&nbsp;&nbsp;Shares repurchased under Normal Course Issuer Bid</P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e5e1">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#e5e5e1">&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#e5e5e1" ALIGN="right">(18.2)</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#e5e5e1">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">-</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">&nbsp;&nbsp;Shares issued, net of transaction costs</P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e5e1">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#e5e5e1">&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#e5e5e1" ALIGN="right">578.1</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#e5e5e1">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">-</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1.00pt solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">&nbsp;&nbsp;Dividends declared</P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e5e1" STYLE="BORDER-BOTTOM:1.00pt solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.00pt solid #000000" BGCOLOR="#e5e5e1">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.00pt solid #000000" BGCOLOR="#e5e5e1" ALIGN="right">(49.0)</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1.00pt solid #000000" BGCOLOR="#e5e5e1">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.00pt solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.00pt solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.00pt solid #000000" ALIGN="right">(39.6)</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1.00pt solid #000000">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="4" BGCOLOR="#e5e5e1"></TD>
<TD HEIGHT="16" COLSPAN="4"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1.00pt solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">&nbsp;&nbsp;Total change</P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e5e1" STYLE="BORDER-BOTTOM:1.00pt solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.00pt solid #000000" BGCOLOR="#e5e5e1">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.00pt solid #000000" BGCOLOR="#e5e5e1" ALIGN="right">652.4</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1.00pt solid #000000" BGCOLOR="#e5e5e1">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.00pt solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.00pt solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.00pt solid #000000" ALIGN="right">237.1</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1.00pt solid #000000">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="4" BGCOLOR="#e5e5e1"></TD>
<TD HEIGHT="16" COLSPAN="4"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" STYLE="BORDER-BOTTOM:2.00pt solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>&nbsp;&nbsp;Ending shareholders&#146;
equity</B></P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e5e1" STYLE="BORDER-BOTTOM:2.00pt solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:2.00pt solid #000000" BGCOLOR="#e5e5e1">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:2.00pt solid #000000" BGCOLOR="#e5e5e1" ALIGN="right">1,975.7</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:2.00pt solid #000000" BGCOLOR="#e5e5e1">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:2.00pt solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:2.00pt solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:2.00pt solid #000000" ALIGN="right">1,323.3</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:2.00pt solid #000000">&nbsp;&nbsp;</TD></TR>
</TABLE> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">We recorded a $12.3&nbsp;million foreign exchange gain in our currency translation adjustments in other comprehensive income
in 2016 compared to a $109.0&nbsp;million gain in 2015. These unrealized gains arose when translating our foreign operations into Canadian dollars. We do not hedge for this foreign exchange translation risk. The gain recorded during 2016 was caused
primarily by the strengthening of the US dollar compared to the Canadian dollar from the date we acquired MWH&#146;s <FONT STYLE="white-space:nowrap">US-subsidiaries</FONT> to December&nbsp;31, 2016. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">We hold investments for self-insured liabilities consisting of government and corporate bonds, equity securities, and term deposits. These investments are
classified as available for sale and are stated at fair value with the unrecognized gain or loss recorded in other comprehensive income. The unrealized gain on the fair value of these investments was $3.8&nbsp;million in 2016 and $0.1&nbsp;million
in 2015. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Resulting from the MWH acquisition on May&nbsp;6, 2016, we became the sponsor of defined benefit pension plans. During 2016, we recorded
$14.4&nbsp;million in remeasurement losses on the net employee defined benefit liability in other comprehensive income, comprised of actuarial losses of $36.9&nbsp;million and the return on plan assets of $19.5&nbsp;million, net of deferred taxes of
$3.0&nbsp;million. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Our board of directors grants share options as part of our incentive programs. In 2016, our board granted 995,904&nbsp;share options
(965,064 in 2015) to various officers and employees of the Company. These options vest equally over a three-year period and have a contractual life of five years from the grant date. Share options exercised in 2016 generated $5.0&nbsp;million in
cash compared to $9.5&nbsp;million in 2015. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:7pt" ALIGN="center">

<TR>
<TD WIDTH="33%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="33%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="32%"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:7pt">
<TD VALIGN="bottom"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:7pt; font-family:Times New Roman">Management&#146;s Discussion and Analysis</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:7pt; font-family:Times New Roman">December 31, 2016</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">M-53</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">Stantec Inc.&nbsp;&nbsp;</TD></TR></TABLE>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">In 2015, we filed a Normal Course Issuer Bid with the TSX that enabled us to purchase up to 3,774,179 common
shares during the period of November&nbsp;10, 2015, to November&nbsp;9, 2016. We believe that, at times, the market price of our common shares does not fully reflect the value of our business or future business prospects and that, at these times,
outstanding common shares are an attractive, appropriate, and desirable use of available Company funds. During 2016, 572,825 common shares were repurchased for cancellation pursuant to the ongoing Normal Course Issuer Bid at a cost of
$18.2&nbsp;million. On November&nbsp;9, 2016, we received approval from the TSX respecting the renewal of the Company&#146;s Normal Course Issuer Bid that enables us to purchase up to 3,418,357 common shares during the period November&nbsp;14, 2016,
to November&nbsp;13, 2017. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Through a public offering completed in Q2 16, we generated net cash proceeds of $578.1&nbsp;million to finance the MWH
acquisition. On April&nbsp;7, 2016, we filed a short-form prospectus with securities regulators in Canada and the United States to allow for the issuance of 17,360,000 in subscription receipts for $525.1&nbsp;million, representing the right of the
holder to receive one common share upon closing of the acquisition. After share issuance costs of $22.8&nbsp;million, our net proceeds were $502.3&nbsp;million. The underwriters exercised their option to purchase an overallotment of 2,604,000
subscription receipts for $78.8&nbsp;million under the same terms as above. After share issuance costs of $3.1&nbsp;million, our net proceeds on the overallotment were $75.7&nbsp;million. Therefore, the total price to the public, the issuance costs,
and our net proceeds were $603.9&nbsp;million, $25.9&nbsp;million, and $578.1&nbsp;million, respectively. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Our board of directors has declared dividends
to common shareholders: $49.0&nbsp;million in dividends were declared in 2016 and $39.6&nbsp;million were declared in 2015. </P> <P STYLE="margin-top:16pt; margin-bottom:0pt; font-size:11pt; font-family:ARIAL"><B>OTHER </B></P>
<P STYLE="margin-top:16pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL"><B>Outstanding Share Data </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">At December&nbsp;31, 2016, there were
114,081,229 common shares and 3,655,020 share options outstanding. From January&nbsp;1, 2017, to February&nbsp;22, 2017, no shares were repurchased and cancelled under our Normal Course Issuer Bid, no share options were granted, 47,360 share options
were exercised, and 7,000 share options were forfeited. At February&nbsp;22, 2017, there were 114,128,589 common shares and 3,600,660 share options outstanding. </P>
<P STYLE="margin-top:16pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL"><B>Contractual Obligations </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">As part of our continuing operations, we
enter into long-term contractual arrangements from time to time. The following table summarizes the contractual obligations due on our long-term debt, operating and finance lease commitments, purchase and service obligations, and other liabilities
as at December&nbsp;31, 2016: </P> <P STYLE="font-size:24pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="94%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt">


<TR>
<TD WIDTH="63%"></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.00pt solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="18" ALIGN="center" STYLE="BORDER-BOTTOM:1.00pt solid #000000"><B>Payment Due by Period</B></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.00pt solid #000000">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.00pt solid #000000"><FONT STYLE="font-size:8pt"><I>&nbsp;(In millions of Canadian dollars)</I></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.00pt solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1.00pt solid #000000"><B>Total</B></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.00pt solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.00pt solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1.00pt solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>Less&nbsp;than</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>1 Year</B></P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.00pt solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.00pt solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" NOWRAP ALIGN="right" STYLE="BORDER-BOTTOM:1.00pt solid #000000"><B>1&#150;3&nbsp;Years</B></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.00pt solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.00pt solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" NOWRAP ALIGN="right" STYLE="BORDER-BOTTOM:1.00pt solid #000000"><B>4&#150;5&nbsp;Years</B></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.00pt solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.00pt solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1.00pt solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>After</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>5&nbsp;Years</B></P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.00pt solid #000000">&nbsp;</TD></TR>


<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="4"></TD>
<TD HEIGHT="16" COLSPAN="4"></TD>
<TD HEIGHT="16" COLSPAN="4"></TD>
<TD HEIGHT="16" COLSPAN="4"></TD>
<TD HEIGHT="16" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">&nbsp;Debt</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">999.9&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">80.2&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">346.4&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">572.9&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">0.4&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">&nbsp;Interest on debt</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">81.6&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">30.3&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">45.3&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">6.0&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="center">-</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">&nbsp;Operating leases</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1,068.1&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">192.8&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">293.7&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">199.7&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">381.9&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">&nbsp;Finance lease obligation</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">23.1&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">12.8&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">8.9&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1.4&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="center">-</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">&nbsp;Purchase and service obligations</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">69.4&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">27.8&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">28.3&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">13.3&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="center">-</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1.00pt solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">&nbsp;Other obligations</P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.00pt solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.00pt solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.00pt solid #000000" ALIGN="right">44.7&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1.00pt solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.00pt solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.00pt solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.00pt solid #000000" ALIGN="right">5.5&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1.00pt solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.00pt solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.00pt solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.00pt solid #000000" ALIGN="right">13.0&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1.00pt solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.00pt solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.00pt solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.00pt solid #000000" ALIGN="right">1.1&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1.00pt solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.00pt solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.00pt solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.00pt solid #000000" ALIGN="right">25.1&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1.00pt solid #000000">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="4"></TD>
<TD HEIGHT="16" COLSPAN="4"></TD>
<TD HEIGHT="16" COLSPAN="4"></TD>
<TD HEIGHT="16" COLSPAN="4"></TD>
<TD HEIGHT="16" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" STYLE="BORDER-BOTTOM:2.00pt solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">&nbsp;Total contractual obligations</P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:2.00pt solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:2.00pt solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:2.00pt solid #000000" ALIGN="right">2,286.8&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:2.00pt solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:2.00pt solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:2.00pt solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:2.00pt solid #000000" ALIGN="right">349.4&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:2.00pt solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:2.00pt solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:2.00pt solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:2.00pt solid #000000" ALIGN="right">735.6&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:2.00pt solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:2.00pt solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:2.00pt solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:2.00pt solid #000000" ALIGN="right">794.4&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:2.00pt solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:2.00pt solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:2.00pt solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:2.00pt solid #000000" ALIGN="right">407.4&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:2.00pt solid #000000">&nbsp;</TD></TR>
</TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:7pt" ALIGN="center">

<TR>
<TD WIDTH="33%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="33%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="32%"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:7pt">
<TD VALIGN="bottom"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:7pt; font-family:Times New Roman">Management&#146;s Discussion and Analysis</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:7pt; font-family:Times New Roman">December 31, 2016</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">M-54</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">Stantec Inc.&nbsp;&nbsp;</TD></TR></TABLE>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">For further information regarding the nature and repayment terms of our long-term debt, operating leases, and
finance lease obligations, refer to the Cash Flows Used in Financing Activities section of this report and notes 17 and 22 in our 2016 audited consolidated financial statements incorporated by reference in this report. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Our operating lease commitments include future minimum rental payments under <FONT STYLE="white-space:nowrap">non-cancellable</FONT> agreements for office
space. Our purchase and service obligations include agreements to purchase future goods and services that are enforceable and legally binding. Our other obligations include amounts payable under our deferred share unit plan and amounts payable for
performance share units issued under our long-term incentive program. Failure to meet the terms of our operating lease commitments may constitute a default, potentially resulting in a lease termination payment, accelerated payments, or a penalty as
detailed in each lease agreement. The previous table does not include obligations to fund defined benefit pension plans although we make regular contributions. Funding levels are monitored regularly and reset with triennial funding valuations
performed for the pension plans&#146; board of trustees. The Company expects to contribute $11.8&nbsp;million to the pension plans in 2017. </P> <P STYLE="margin-top:16pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL"><B><FONT
STYLE="white-space:nowrap">Off-Balance</FONT> Sheet Arrangements </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">As at December&nbsp;31, 2016, we had
<FONT STYLE="white-space:nowrap">off-balance</FONT> sheet financial arrangements relating to letters of credit in the amount of $58.4&nbsp;million that expire at various dates before January 2018. These&#151;including the guarantee of certain office
rental obligations&#151;were issued in the normal course of operations. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Also as part of the normal course of operations, our surety facilities allow for
the issuance of bonds for certain types of project work. As at December&nbsp;31, 2016, $432.1&nbsp;million in bonds&#151;expiring at various dates before November&nbsp;2020&#151;were issued under these surety facilities. This is an increase of
$427.0&nbsp;million from 2015, mainly due to the MWH acquisition, which requires the use of construction and performance bonds related mainly to our construction business. These bonds are intended to provide owners financial security regarding the
completion of their construction project in the event of default. As well as surety facilities, we had a bid bond facility that was cancelled in Q2 16 because we entered into the agreement for the New Credit Facilities. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">In the normal course of business, we also provide indemnifications and, in limited circumstances, guarantees. These are granted on commercially reasonable
contractual terms and are provided to counterparties in transactions such as purchase and sale contracts for assets or shares, service agreements, and leasing transactions. We also indemnify our directors and officers against any and all claims or
losses reasonably incurred in the performance of&nbsp;their service to the Company to the extent permitted by law. These indemnifications may require us to compensate the counterparty for costs incurred through various events. The terms of these
indemnifications and guarantees will vary based on the contract, the nature of which prevents us from making a reasonable estimate of the maximum potential amount that could be required to pay counterparties. Historically, we have not made any
significant payments under such indemnifications or guarantees, and no amounts have been accrued in our consolidated financial statements with respect to these guarantees. </P>
<P STYLE="margin-top:16pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL"><B>Financial Instruments and Market Risk </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Fair value. </B>As at
December&nbsp;31, 2016, we value and record our financial instruments as follows: </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="3%" VALIGN="top" ALIGN="left"><FONT COLOR="#8b8376">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">Cash and cash equivalents and cash in escrow are classified as financial assets at fair value through profit and loss (FVPL) and are recorded at fair value, with realized and unrealized gains and losses reported in
income. </TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="3%" VALIGN="top" ALIGN="left"><FONT COLOR="#8b8376">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">Trade and other receivables are classified as receivables and are initially accounted for at fair value and subsequently adjusted for any allowance for doubtful accounts, with allowances reported in administrative and
marketing expenses. </TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:7pt" ALIGN="center">

<TR>
<TD WIDTH="33%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="33%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="32%"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:7pt">
<TD VALIGN="bottom"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:7pt; font-family:Times New Roman">Management&#146;s Discussion and Analysis</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:7pt; font-family:Times New Roman">December 31, 2016</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">M-55</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">Stantec Inc.&nbsp;&nbsp;</TD></TR></TABLE>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="3%" VALIGN="top" ALIGN="left"><FONT COLOR="#8b8376">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">Investments held for self-insured liabilities, consisting of bonds, equity securities, and term deposits, are classified as financial assets available for sale and are recorded at fair value, with accumulated unrealized
gains and losses reported in other comprehensive income until disposed of. At that time, the realized gains and losses are recognized in other income for equity securities and in net finance income for bonds and term deposits. Interest income is
recorded in finance income; dividends are recorded in other income. </TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="3%" VALIGN="top" ALIGN="left"><FONT COLOR="#8b8376">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">Trade and other payables are classified as other financial liabilities and recorded at fair value and subsequently recorded at amortized cost using the effective interest rate (EIR) method. Realized gains and losses are
reported in income. The EIR method discounts estimated future cash payments or receipts through the expected life of a financial instrument, thereby calculating the amortized cost and subsequently allocating the interest income or expense over the
life of the instrument. </TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="3%" VALIGN="top" ALIGN="left"><FONT COLOR="#8b8376">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">Long-term debts, including <FONT STYLE="white-space:nowrap">non-interest-bearing</FONT> debts, are classified as loans and borrowings and are initially recorded at fair value and subsequently recorded at amortized cost
using the EIR method. EIR amortization and realized gains and losses are reported in net finance expense. </TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">All financial assets are
recognized initially at fair value plus directly attributable transaction costs, except for financial assets at FVPL, for which transaction costs are expensed. Purchases or sales of financial assets are accounted for at trade dates. All financial
liabilities are recognized initially at fair value and, in the case of loans and borrowings, net of directly attributable transaction costs. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">After
initial recognition, the fair values of financial instruments are based on the bid prices in quoted active markets for financial assets and on the ask prices for financial liabilities. For financial instruments not traded in active markets, fair
values are determined using appropriate valuation techniques, which may include recent arm&#146;s-length market transactions, reference to the current fair value of another instrument that is substantially the same, and discounted cash flow
analysis; however, other valuation models may be used. The fair values of derivatives are based on third-party indicators and forecasts. The fair values of cash and cash equivalents, cash in escrow, trade and other receivables, and trade and other
payables approximate their carrying amounts because of the short-term maturity of these instruments. The carrying amounts of bank loans approximate their fair values because the applicable interest rate is based on variable reference rates. The
carrying amounts of other financial assets and financial liabilities approximate their fair values. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Market risk. </B>We are exposed to various market
factors that can affect our performance, primarily our currency and interest rates. </P> <P STYLE="margin-top:16pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I>Currency </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Our currency exchange rate risk results primarily from the following three factors: </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="3%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL; font-size:9.5pt" COLOR="#8b8376"><B>1.</B></FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:ARIAL; font-size:9.5pt" COLOR="#8b8376"><B></B></FONT>A significant portion of our revenue and expenses is generated or incurred in US dollars; therefore, we are exposed to fluctuations in
exchange rates. To the extent that </TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="7%">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><FONT COLOR="#8b8376">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="white-space:nowrap">US-dollar</FONT> revenues are greater than <FONT STYLE="white-space:nowrap">US-dollar</FONT> expenses in a strengthening <FONT STYLE="white-space:nowrap">US-dollar</FONT> environment, we
expect to see a positive impact on our income from operations </TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="7%">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><FONT COLOR="#8b8376">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="white-space:nowrap">US-dollar</FONT> revenues are greater than <FONT STYLE="white-space:nowrap">US-dollar</FONT> expenses in a weakening <FONT STYLE="white-space:nowrap">US-dollar</FONT> environment, we
expect to see a negative impact on our income from operations </TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:3%; font-size:10pt; font-family:Times New Roman">This exchange rate risk primarily reflects, on an annual
basis, the impact of fluctuating exchange rates on the net difference between total <FONT STYLE="white-space:nowrap">US-dollar</FONT> revenue and <FONT STYLE="white-space:nowrap">US-dollar</FONT> expenses. Other exchange rate risk arises from the
revenue and expenses generated or incurred by subsidiaries located outside Canada and the United States. Our income from operations will be impacted by exchange rate fluctuations used in translating these revenues
</P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:7pt" ALIGN="center">

<TR>
<TD WIDTH="33%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="33%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="32%"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:7pt">
<TD VALIGN="bottom"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:7pt; font-family:Times New Roman">Management&#146;s Discussion and Analysis</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:7pt; font-family:Times New Roman">December 31, 2016</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">M-56</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">Stantec Inc.&nbsp;&nbsp;</TD></TR></TABLE>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:3%; font-size:10pt; font-family:Times New Roman">
and expenses, and they are recorded in other comprehensive income. We do not hedge for this foreign exchange translation risk. </P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="3%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL; font-size:9.5pt" COLOR="#8b8376"><B>2.</B></FONT></TD>
<TD ALIGN="left" VALIGN="top">Foreign exchange fluctuations may also arise on the translation of the balance sheet of (net investment in) our <FONT STYLE="white-space:nowrap">US-based</FONT> subsidiaries or other foreign subsidiaries where the
functional currency is different from the Canadian dollar, and they are recorded in other comprehensive income. We do not hedge for this foreign exchange translation risk. </TD></TR></TABLE>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="3%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL; font-size:9.5pt" COLOR="#8b8376"><B>3.</B></FONT></TD>
<TD ALIGN="left" VALIGN="top">Foreign exchange gains or losses arise on the translation of foreign-denominated assets and liabilities (such as accounts receivable, accounts payable and accrued liabilities, and long-term debt) held in our Canadian,
US, and other foreign subsidiaries. We minimize our exposure to foreign exchange fluctuations on these items by matching <FONT STYLE="white-space:nowrap">US-dollar</FONT> foreign currency assets with <FONT STYLE="white-space:nowrap">US-dollar</FONT>
foreign currency liabilities and, when appropriate, by entering into forward foreign currency contracts. </TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:3%; font-size:10pt; font-family:Times New Roman">Although we may
buy or sell foreign currencies in exchange for Canadian dollars in accordance with our foreign exchange risk mitigation strategy, on occasion we may have a net exposure to foreign exchange fluctuations because of the timing of the recognition and
relief of foreign-denominated assets and liabilities. Based on a slight net exposure at December&nbsp;31, 2016, we estimate that a 1.0% decrease in the exchange rates (with all other variables held constant) would have decreased net income by
$129,000. A 1.0% increase would have an equal and opposite impact on net income. </P> <P STYLE="margin-top:16pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I>Interest rates </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Changes in interest rates also present a risk to our performance. Our revolving credit facility carries a floating rate of interest. In addition, we are
subject to interest rate pricing risk to the extent that our investments held for self-insured liabilities contain fixed-rate government and corporate bonds and term deposits. We estimate that, based on our loan balance at December&nbsp;31, 2016, a
0.5% increase in interest rates (with all other variables held constant) would have decreased net income by $2.4&nbsp;million. A 0.5% decrease would have an equal and opposite impact on net income. </P>
<P STYLE="margin-top:16pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I>Price risk </I></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">We are subject to market price risk to
the extent that our investments held for self-insured liabilities contain equity funds. This risk is mitigated because the portfolio of equity funds is monitored regularly and is appropriately diversified. The effects of a 1.0% increase in equity
prices (with all other variables held constant) would have increased comprehensive income by $0.3&nbsp;million. A 1.0% decrease would have an equal&nbsp;and opposite impact on comprehensive income. </P>
<P STYLE="margin-top:16pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL"><B>Related-Party Transactions </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">We have subsidiaries that are 100%
owned and are consolidated in our financial statements. We also have management agreements in place with several structured entities to provide various services, including architecture, engineering, planning, and project management. Based on these
management agreements, we have assessed that we have control over the relevant activities, we are exposed to variable returns, and we can use our power to influence the variable returns; therefore, we control these entities and have consolidated
them in our consolidated financial statements. We receive a management fee generally equal to the net income of the entities and have an obligation regarding their liabilities and losses. Transactions among subsidiaries and structured entities are
entered into in the normal course of business and on an <FONT STYLE="white-space:nowrap">arm&#146;s-length</FONT> basis. Using the consolidated method of accounting, all intercompany balances are eliminated. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:7pt" ALIGN="center">

<TR>
<TD WIDTH="33%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="33%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="32%"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:7pt">
<TD VALIGN="bottom"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:7pt; font-family:Times New Roman">Management&#146;s Discussion and Analysis</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:7pt; font-family:Times New Roman">December 31, 2016</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">M-57</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">Stantec Inc.&nbsp;&nbsp;</TD></TR></TABLE>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">From time to time, we enter into transactions with associated companies and other entities pursuant to a joint
arrangement. These transactions involve providing or receiving services and are entered into in the normal course of business and on an <FONT STYLE="white-space:nowrap">arm&#146;s-length</FONT> basis. Associated companies are entities over which we
are able to exercise significant influence but not control. A joint arrangement is classified as either a joint venture or joint operation, based on the rights and obligations arising from the contractual obligations between the parties to the
arrangement. A joint venture provides us with rights to the net assets of the arrangement. A joint operation provides us with rights to the individual assets and obligations. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">We account for a joint operation by recognizing our share of assets, liabilities, revenues, and expenses of the joint operation and by combining them line by
line with similar items in our consolidated financial statements. We use the equity method of accounting for our associated companies and joint ventures. In 2016, the total sales to our associates were $11.9&nbsp;million and distributions paid by
our associates were $0.5&nbsp;million. At December&nbsp;31, 2016, receivables from our associates were $2.4&nbsp;million. Total sales to our joint ventures were $41.5&nbsp;million and distributions paid by our joint ventures were $0.3&nbsp;million
in 2016. At December&nbsp;31, 2016, receivables from our joint ventures were $28.1&nbsp;million. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">From time to time, we guarantee the obligations of a
subsidiary or structured entities for lease agreements, service agreements, and obligations to a third party pursuant to an acquisition agreement. In addition, we may guarantee service agreements for associated companies, joint ventures, and joint
operations. Transactions with subsidiaries, structured entities, associated companies, joint ventures, and joint operations are further described in notes 13, 23, and 34 of our 2016 audited consolidated financial statements and are incorporated by
reference in this report. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Key management personnel have authority and responsibility for planning, directing, and controlling the activities of our
Company and include our CEO, CFO, COO, CBO, and executive vice presidents. Total compensation to key management personnel and directors recognized as an expense was $16.5&nbsp;million in 2016 compared to $16.1&nbsp;million in 2015. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:14pt; font-family:ARIAL"><FONT COLOR="#8b8376"><B>Outlook </B></FONT></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The following discussion
includes forward-looking statements. For an outline of the material risks and assumptions associated with these statements, refer to the Cautionary Note Regarding Forward-Looking Statements section. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The following table summarizes our expectations for the coming year: </P> <P STYLE="font-size:24pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="72%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt">


<TR>
<TD WIDTH="47%"></TD>
<TD VALIGN="bottom" WIDTH="4%"></TD>
<TD WIDTH="49%"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.00pt solid #000000"><B>&nbsp;&nbsp;Measure</B></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.00pt solid #000000">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.00pt solid #000000"><B>&nbsp;&nbsp;&nbsp;&nbsp;2017 Target Range</B></TD></TR>


<TR STYLE="font-size:1pt">
<TD HEIGHT="13"></TD>
<TD HEIGHT="13" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">&nbsp;&nbsp;Gross margin as a % of net revenue</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="top">&nbsp;&nbsp;&nbsp;&nbsp;Between 53% and 55%</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.80em; text-indent:-1.80em; font-size:10pt; font-family:Times New Roman">&nbsp;&nbsp;Administrative and marketing expenses as a % of net revenue</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="top">&nbsp;&nbsp;&nbsp;&nbsp;Between 41% and 43%</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">&nbsp;&nbsp;EBITDA as a % of net revenue</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="top">&nbsp;&nbsp;&nbsp;&nbsp;Between 11% and 13%</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1.00pt solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">&nbsp;&nbsp;Net income as a % of net revenue</P>
<P STYLE="font-size:4pt; margin-top:0pt; margin-bottom:1pt">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.00pt solid #000000">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1.00pt solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;At or above 5.0%</P>
<P STYLE="font-size:4pt; margin-top:0pt; margin-bottom:1pt">&nbsp;</P></TD></TR>
</TABLE> <P STYLE="margin-top:16pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">As part of our annual budget process, we reviewed our targets for 2017. We determined our 2017 targets needed to be
reevaluated from that of our 2016 targets. Our 2016 targets were impacted because our capital structure changed and the MWH acquisition (in particular the addition of Construction Services) changed the mix of our projects and the locations where we
earn revenue. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:7pt" ALIGN="center">

<TR>
<TD WIDTH="33%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="33%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="32%"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:7pt">
<TD VALIGN="bottom"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:7pt; font-family:Times New Roman">Management&#146;s Discussion and Analysis</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:7pt; font-family:Times New Roman">December 31, 2016</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">M-58</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">Stantec Inc.&nbsp;&nbsp;</TD></TR></TABLE>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Actual performance for 2017 will fluctuate, particularly from quarter to quarter, depending on the mix of clients
and projects and seasonality, as well as the number of acquisitions completed in the year. Some targets could potentially be exceeded if we completed an opportune larger acquisition that, for instance, impacted our administrative and marketing
expenses or temporarily increased our debt level. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The diverse infrastructure and facilities market consists of many sectors and industries in both the
public and private sectors. Clients within this market require services from multiple disciplines and areas of expertise for projects of varying complexities across the project life cycle. Market size is affected by many factors, including capital
spending plans of private sector clients, government allocations to infrastructure, and the range of alternative project delivery (APD) methods in certain sectors. Our footprint in global markets has increased because of the MWH acquisition. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">For 2017, our outlook was determined based on various expectations, including the following: </P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="3%" VALIGN="top" ALIGN="left"><FONT COLOR="#8b8376">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">Continued economic improvement in the United States as we build a <FONT STYLE="white-space:nowrap">top-tier</FONT> position and as growth in non-residential construction remains strong </TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="3%" VALIGN="top" ALIGN="left"><FONT COLOR="#8b8376">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">Increased infrastructure through regulatory support and spending by provincial, state, and federal governments in North America </TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="3%" VALIGN="top" ALIGN="left"><FONT COLOR="#8b8376">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">Increased spending in the water and wastewater sector that is supported by increased government spending in this sector </TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="3%" VALIGN="top" ALIGN="left"><FONT COLOR="#8b8376">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">Modest improvement in the energy and resource sector compared to 2016 because oil and gas and commodity prices are expected to stabilize and slowly improve and companies are expected to increase capital spending
</TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="3%" VALIGN="top" ALIGN="left"><FONT COLOR="#8b8376">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">Continued support for APD methods, including P3s, in Canada, and new opportunities for APD in the United States </TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="3%" VALIGN="top" ALIGN="left"><FONT COLOR="#8b8376">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">Moderate slowdown in the Canadian housing market and strong housing growth in the United States </TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="3%" VALIGN="top" ALIGN="left"><FONT COLOR="#8b8376">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">Modest global economic growth and our ability to expand our global footprint </TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">In addition to these
expectations, we base our outlook on successfully capitalizing on opportunities and strategic initiatives (described in the Strategy section, Geographic Opportunities subsection of this report). Further details regarding our expectations are
described below. </P> <P STYLE="margin-top:16pt; margin-bottom:0pt; font-size:11pt; font-family:ARIAL"><B>GEOGRAPHIC OUTLOOK </B></P> <P STYLE="margin-top:16pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL"><B>Canada </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">In 2017, we believe we will benefit from increased levels of federal government infrastructure spending, positively impacting our Buildings, Infrastructure,
and Water business operating units. We believe this will be offset by an expected slowdown in residential construction and persistent weakness in the oil and gas and mining sectors. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">We anticipate growth in government infrastructure spending, driven by increased fiscal stimulus from the federal government and significant commitments from
key provinces in recent budgets. For instance, in its Fall Economic Statement on October&nbsp;31, 2016, the Canadian federal government earmarked $81&nbsp;billion additional investment in public infrastructure over the next 11 years, bringing the
total expected infrastructure spending to $180&nbsp;billion over that period. Over the next five years, public transit, water and wastewater infrastructure, and affordable housing will receive the greatest amount of this public infrastructure
investment. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">We anticipate a slowdown in the Canadian housing market based on recently enacted market cooling measures from both the BC and federal
governments, declining housing affordability, elevated debt to income levels, and increasing mortgage rates. However, we expect strong building activity to persist in the Greater Vancouver and Toronto markets since the sharp increase in housing
prices in 2016 may provide a strong incentive for the market to increase supply. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:7pt" ALIGN="center">

<TR>
<TD WIDTH="33%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="33%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="32%"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:7pt">
<TD VALIGN="bottom"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:7pt; font-family:Times New Roman">Management&#146;s Discussion and Analysis</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:7pt; font-family:Times New Roman">December 31, 2016</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">M-59</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">Stantec Inc.&nbsp;&nbsp;</TD></TR></TABLE>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">We expect P3 projects will continue to be released and that we will continue to secure our share of these
projects in a highly competitive market. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">We expect modest increases in capital spending in the oil and gas sector. We believe this will be supported by
increases in oil and gas prices, more cost certainty as the Alberta government rolls out its Climate Leadership Plan, and accommodating federal government policy decisions, including the approval of various energy infrastructure projects. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The <FONT STYLE="white-space:nowrap">non-energy</FONT> export sector is expected to benefit from the weak Canadian dollar and strong US demand, thereby
supporting increased capital investment. However, the new US administration may cast a cloud of uncertainty over this sector given the protectionist and anti-trade position; this could dampen spending until greater clarity is achieved on the status
of <FONT STYLE="white-space:nowrap">US-Canada</FONT> trade relations going forward. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Other factors:</B> Overall, the following factors support our
outlook for 2017: </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="3%" VALIGN="top" ALIGN="left"><FONT COLOR="#8b8376">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">GDP growth is projected to be 2.0% in 2017, according to the Bank of Canada </TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="3%" VALIGN="top" ALIGN="left"><FONT COLOR="#8b8376">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">The overnight interest rate target&#151;currently at 0.50%&#151;is expected to remain at this level in 2017 </TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="3%" VALIGN="top" ALIGN="left"><FONT COLOR="#8b8376">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">The unemployment rate&#151;6.9% at the end of 2016&#151;is not expected to change significantly in 2017 </TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="3%" VALIGN="top" ALIGN="left"><FONT COLOR="#8b8376">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">According to the US Energy Information Administration, the price of WTI crude oil is expected to average $52.50 in 2017 compared to an average of $43.33 in 2016, and US crude oil production is expected to average
9.0&nbsp;million barrels a day in 2017 compared to an average of 8.9&nbsp;million barrels a day in 2016 </TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="3%" VALIGN="top" ALIGN="left"><FONT COLOR="#8b8376">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">The Canadian dollar is expected to remain stable or depreciate from its current level given the anticipated increases in the US federal funds rate </TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="3%" VALIGN="top" ALIGN="left"><FONT COLOR="#8b8376">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">As suggested by the Canadian Mortgage and Housing Corporation, total housing starts are expected to remain stable; single family housing starts are expected to range from 174,500 to 184,300 units in 2017, down modestly
from 2016 </TD></TR></TABLE> <P STYLE="margin-top:16pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL"><B>United States </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The US economy is
expected to continue to expand in 2017, supported by a strong job market, wage growth, and increasing personal consumption expenditure. This, in turn, may positively impact our Buildings, Infrastructure, and Water business operating units. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">We believe the outlook for water and wastewater infrastructure spending is increasingly optimistic since the federal government approved the Water
Infrastructure Improvements for the Nation (WIIN) Act in December 2016. This Act authorizes approximately $10&nbsp;billion for stormwater management, alternative water supply, and port, levee and dam projects. We also expect increased construction
spending in the water and wastewater market. This spending will be supported by improving municipal government balance sheets that increase the likelihood of new projects receiving necessary funding and by increased single family home construction
that increase the need for water supply upgrades and expansions. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">We expect spending growth in our Transportation sector because of increased funding from
the recent passage of the FAST Act&#151;a new multiyear federal transportation bill enacted on December&nbsp;4, 2015&#151;which authorizes $305&nbsp;billion in new funding over five years: $230&nbsp;billion for highways, $60&nbsp;billion for public
transit, $10&nbsp;billion for Amtrak, and $5&nbsp;billion for highway safety programs. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">We anticipate educational construction spending to grow in 2017.
In 2015 and 2016, various bond measures for <FONT STYLE="white-space:nowrap">K-12</FONT> construction projects were passed to support infrastructure investment in key regions where we operate. We anticipate higher education construction spending
growth will be modest over the near term because enrollment rates have slowed and endowment returns were lower than what was achieved in previous years. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:7pt" ALIGN="center">

<TR>
<TD WIDTH="33%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="33%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="32%"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:7pt">
<TD VALIGN="bottom"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:7pt; font-family:Times New Roman">Management&#146;s Discussion and Analysis</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:7pt; font-family:Times New Roman">December 31, 2016</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">M-60</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">Stantec Inc.&nbsp;&nbsp;</TD></TR></TABLE>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Healthcare construction spending over the past five years was relatively flat because asset owners held back
investment given the various congressional challenges that faced the Patient Protection and Affordable Care Act (PPACA), introduced in 2015. We expect that healthcare construction spending growth will be modest until greater clarity in healthcare
reform is achieved. A rapidly aging population, the need to replace aging facilities, and constant technological changes support an optimistic outlook over the longer term for the healthcare construction sector. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">In our Environmental Services operations, with expected increases in infrastructure and construction-related spending, we believe we are well positioned to
support growth in the power, transportation, community development, and water sectors. Our ability to adapt could also serve us well as we navigate regulatory changes that may occur under the new federal administration. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">In the power generation subsector, the fundamentals over the medium term are positive, with aging infrastructure and <FONT STYLE="white-space:nowrap"><FONT
STYLE="white-space:nowrap">coal-to-gas</FONT></FONT> switching driving new investment. For construction in the power transmission and distribution subsector, despite significant investment in new renewable energy projects that must be tied in the
grid, the combination of lower demand for electricity and the retirement of large-scale coal and nuclear projects resulted in a decreased need for transmission or distribution additions over the near term. We expect spending to increase modestly in
this subsector over the next several years, supported by the need to tie new natural <FONT STYLE="white-space:nowrap">gas-fired</FONT> power plant and renewable energy projects to the electrical grid and to improve the efficiency and reliability of
the North American transmission and distribution network. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The housing market is expected to have positive momentum, with persistently low interest rates,
a strong job market, and growth in household formation all supporting increasing residential construction spending. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The following factors support our
outlook for 2017: </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="3%" VALIGN="top" ALIGN="left"><FONT COLOR="#8b8376">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">Real GDP growth is projected to increase to 2.4% in 2017, according to the US Congressional Budget Office </TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="3%" VALIGN="top" ALIGN="left"><FONT COLOR="#8b8376">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">The Federal Reserve is expected to gradually increase the federal funds rate in 2017 </TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="3%" VALIGN="top" ALIGN="left"><FONT COLOR="#8b8376">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">The unemployment rate&#151;4.7% at the end of 2016&#151;is expected to be at or around this level throughout 2017 </TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="3%" VALIGN="top" ALIGN="left"><FONT COLOR="#8b8376">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">In recent months, the Architecture Billings Index (ABI) from the American Institute of Architects has remained around 50.0, suggesting stable demand for design services; we anticipate that it will largely remain above
50.0 throughout 2017 as nonresidential construction continues to trend upwards toward <FONT STYLE="white-space:nowrap">pre-recession</FONT> levels </TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="3%" VALIGN="top" ALIGN="left"><FONT COLOR="#8b8376">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">Housing activity is expected to remain positive in 2017; the seasonally adjusted annual rate of total housing starts is expected to increase to 1,239,000 from the expected 1,162,000 total housing starts in 2016
</TD></TR></TABLE> <P STYLE="margin-top:16pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL"><B>Global </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Following the acquisition of MWH,
Stantec has an expanded presence in the United Kingdom, New Zealand, India, Australia, Peru, Chile, Argentina, the Netherlands, Italy, and the Middle East. The vast majority of our staff in India service projects that are outside of India. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">In the United Kingdom, Brexit has injected uncertainty into financial markets as analysts begin to assess its implications. Over the near term, we believe
companies operating in the United Kingdom can expect higher costs of capital, lower economic growth, and deteriorating government balance sheets. Economic growth has held up following the Brexit vote, and PwC is now forecasting real GDP growth of
1.2% in 2017. We expect our operations in the UK water market to be insulated from the Brexit-related uncertainty because service providers have already gone through the bidding process for the Asset Management Program 6 project cycle (which runs
from April 2015 to March 2020) and therefore have largely secured their workload over the next several years. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:7pt" ALIGN="center">

<TR>
<TD WIDTH="33%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="33%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="32%"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:7pt">
<TD VALIGN="bottom"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:7pt; font-family:Times New Roman">Management&#146;s Discussion and Analysis</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:7pt; font-family:Times New Roman">December 31, 2016</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">M-61</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">Stantec Inc.&nbsp;&nbsp;</TD></TR></TABLE>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">We believe the economic outlook for New Zealand is positive&#151;the Australia and New Zealand Banking Group
(ANZ) has forecasted GDP growth of 3.3% in 2017 and 2.4% in 2018. Growth is expected to be supported by a stable housing market, a booming tourism sector, a modest increase in consumer spending, and solid export growth. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">We anticipate that Australia&#146;s economy will continue to be adversely impacted by low commodity prices and weaker Chinese demand. However, the general
economic outlook is positive, supported by low interest rates, growth in housing construction, accelerating public sector spending, and modest <FONT STYLE="white-space:nowrap">non-mining</FONT> business investment. The Reserve Bank of Australia
forecasted GDP growth of 2.5% to 3.5% in 2017 and 3.0% to 4.0% in 2018. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The World Bank forecasted GDP growth in the Middle East and Northern Africa of
3.1% in 2017 and 3.5% in 2018 as governments in the region begin to reduce investment in response to declining government revenues and to undertake reforms to diversify their economies away from oil in light of the recent decline in prices. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The infrastructure construction market in the Netherlands is highly dependent on government investment and therefore is highly sensitive to the health of
public finances and, more indirectly, the strength of the broader economy. Both measures are currently positive: the Netherlands&#146; economy is gaining momentum and public finances are in good shape. Nevertheless, we believe growth is expected to
be modest as the need and appetite for new infrastructure in the country remains low. Specifically, utility construction is suffering from an imbalance of supply versus demand. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The Italian National Institute of Statistics is forecasting GDP growth of 0.9% in 2017, supported by renewed strength in the country&#146;s job market and
accelerating residential household consumption expenditure. We expect to see growth in Italy&#146;s construction sector as firms begin to respond to low interest rates, government reforms, and increased consumer spending and confidence. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Economic activity is expected to bottom out in Latin America in 2016, and we anticipate a modest recovery in 2017. Economic growth has been robust in Peru in
recent years, supported by expanding copper production, increased public spending, and accelerating household consumption. We expect that the recent upturn in copper prices will encourage increased investment in Peru&#146;s mining sector over the
near term. Growth was weaker in Chile because the country&#146;s economy experienced weakening export demand, lower commodity prices, and a deteriorating job market. We expect modest GDP growth in 2017 as a stronger global economy and higher
commodity prices support a recovery in business investment and private consumption. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The following factors support our outlook for 2017: </P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="3%" VALIGN="top" ALIGN="left"><FONT COLOR="#8b8376">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">According to the World Bank, prices for most metals, minerals, and precious metals are expected to increase in 2017 compared to 2016 </TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="3%" VALIGN="top" ALIGN="left"><FONT COLOR="#8b8376">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">According to the World Bank, global GDP growth will be 2.7% in 2017 </TD></TR></TABLE> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:11pt; font-family:ARIAL"><B>OVERALL OUTLOOK </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Because of our diversity of operations, mix of clients, and flexible business model, as well as our ability to position our Company to work effectively in
local communities and on national opportunities, we believe that we will continue to operate our business efficiently, to adapt our business to changing economic conditions, and to position ourselves for growth in a very large infrastructure and
facilities market. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Going forward, we expect to achieve a long-term average annual compound growth rate for gross revenue of 15%&#151;a target we have met
or exceeded since our initial public offering in 1994. This continued growth results from successfully executing our strategy by allowing us to enhance the depth of our expertise, broaden our service offerings, increase our geographic presence in
communities across North America and globally, provide expanded opportunities for our employees, and leverage our Integrated Management Systems. Further maximizing the </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:7pt" ALIGN="center">

<TR>
<TD WIDTH="33%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="33%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="32%"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:7pt">
<TD VALIGN="bottom"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:7pt; font-family:Times New Roman">Management&#146;s Discussion and Analysis</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:7pt; font-family:Times New Roman">December 31, 2016</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">M-62</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">Stantec Inc.&nbsp;&nbsp;</TD></TR></TABLE>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">
critical mass and maturity we have achieved in certain sectors and geographic locations also enables us to increase our business with key clients and sell our services across local markets. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Our ability to expand depends on our strategic efforts to grow organically and the availability of acquisition opportunities. We believe our opportunities to
expand have increased given our greater global footprint resulting from the MWH acquisition. We do not expect to encounter constraints in 2017 when looking for available acquisition candidates, given our past success and the trend in our
industry&#151;smaller firms wanting to join larger and more stable organizations. At any particular time, we discuss consolidation opportunities with many firms. Since we want an appropriate cultural fit and complementary services that can provide
an accretive transaction, the acquisition process can extend over months, even years. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Since the close of the MWH acquisition, we have focused our efforts
on addressing the alignment of our operations, and financial systems to facilitate external reporting and internal operational and financial management. We will integrate segments of MWH&#146;s North American Consulting Services into Stantec&#146;s
business systems during 2017. We expect to continue to review some of our Global operations, and that integration will begin later in 2017. Construction Services are not being integrated into Stantec&#146;s Consulting Services platform and will be
reported as a separate segment of our business. Management believes that synergies associated with revenue opportunities and cross-selling capabilities, as well as <FONT STYLE="white-space:nowrap">back-office</FONT> functions, are progressing and
expects that these synergies will be realized as we move through the integration phases. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">To establish our budgets for 2017, we </P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="3%" VALIGN="top" ALIGN="left"><FONT COLOR="#8b8376">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">Assumed that the average value of the Canadian dollar would be US$0.77 in 2017 </TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="3%" VALIGN="top" ALIGN="left"><FONT COLOR="#8b8376">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">Assumed that the average interest rate would remain relatively stable in 2017 compared to 2016 </TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="3%" VALIGN="top" ALIGN="left"><FONT COLOR="#8b8376">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">Considered the tax rates substantially enacted at December&nbsp;31, 2016, for the countries we operate in (primarily Canada and the United States) to establish our effective income tax rate </TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="3%" VALIGN="top" ALIGN="left"><FONT COLOR="#8b8376">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">Expected to support our targeted level of growth using a combination of cash flows from operations and&nbsp;borrowings </TD></TR></TABLE> <P STYLE="margin-top:20pt; margin-bottom:0pt; font-size:14pt; font-family:ARIAL"><FONT
 COLOR="#8b8376"><B>Critical Accounting Estimates, Developments, and Measures </B></FONT></P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:11pt; font-family:ARIAL"><B>CRITICAL ACCOUNTING ESTIMATES </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The preparation of consolidated financial statements in accordance with IFRS requires us to make various judgments, estimates, and assumptions. Note 5 of our
December&nbsp;31, 2016, consolidated financial statements outlines our significant accounting estimates and is incorporated by reference in this report. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The accounting estimates discussed in our consolidated financial statements are considered particularly important because they require the most difficult,
subjective, and complex management judgments. Accounting estimates are done for the following: </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="3%" VALIGN="top" ALIGN="left"><FONT COLOR="#8b8376">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">Revenue and cost recognition on contracts </TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="3%" VALIGN="top" ALIGN="left"><FONT COLOR="#8b8376">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">Allowance for doubtful accounts </TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="3%" VALIGN="top" ALIGN="left"><FONT COLOR="#8b8376">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">Provision for self-insured liabilities </TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="3%" VALIGN="top" ALIGN="left"><FONT COLOR="#8b8376">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">Share-based transactions </TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="3%" VALIGN="top" ALIGN="left"><FONT COLOR="#8b8376">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">Fair values on business combinations </TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="3%" VALIGN="top" ALIGN="left"><FONT COLOR="#8b8376">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">Assessment of impairment of <FONT STYLE="white-space:nowrap">non-financial</FONT> assets </TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="3%" VALIGN="top" ALIGN="left"><FONT COLOR="#8b8376">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">Employee benefit plans </TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="3%" VALIGN="top" ALIGN="left"><FONT COLOR="#8b8376">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">Fair value of financial instruments </TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="3%" VALIGN="top" ALIGN="left"><FONT COLOR="#8b8376">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">Taxes </TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="3%" VALIGN="top" ALIGN="left"><FONT COLOR="#8b8376">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">Categorizing interests in other entities </TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:7pt" ALIGN="center">

<TR>
<TD WIDTH="33%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="33%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="32%"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:7pt">
<TD VALIGN="bottom"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:7pt; font-family:Times New Roman">Management&#146;s Discussion and Analysis</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:7pt; font-family:Times New Roman">December 31, 2016</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">M-63</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">Stantec Inc.&nbsp;&nbsp;</TD></TR></TABLE>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Because of the uncertainties inherent in making assumptions and estimates regarding unknown future outcomes,
future events may result in significant differences between estimates and actual results. We believe that each of our assumptions and estimates is appropriate to the circumstances and represents the most likely future outcome. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Unless otherwise specified in our discussion of specific critical accounting estimates, we expect no material changes in overall financial performance and
financial statement line items to arise, either from reasonably likely changes in material assumptions underlying an estimate or within a valid range of estimates from which the recorded estimate was selected. In addition, we are not aware of
trends, commitments, events, or uncertainties that can reasonably be expected to materially affect the methodology or assumptions associated with our critical accounting estimates, subject to items identified in the Risk Factors, Outlook, and
Cautionary Note Regarding Forward-Looking Statements sections of this report. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:11pt; font-family:ARIAL"><B>ACCOUNTING DEVELOPMENTS </B></P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL"><B>Recently Adopted </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Effective January&nbsp;1, 2016, we adopted the
following amendments: </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="3%" VALIGN="top" ALIGN="left"><FONT COLOR="#8b8376">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">Accounting for Acquisitions of Interests in Joint Operations (Amendments to IFRS 11) </TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="3%" VALIGN="top" ALIGN="left"><FONT COLOR="#8b8376">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">Annual Improvements (2012&#150;2014 Cycle) </TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="3%" VALIGN="top" ALIGN="left"><FONT COLOR="#8b8376">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">Disclosure Initiative (Amendments to IAS 1) </TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The adoption of these amendments did not have an impact on the
financial position or performance of our Company. Note 6 to our December&nbsp;31, 2016, consolidated financial statements describes these amendments and is incorporated by reference in this report. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL"><B>Future Adoptions </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The listing below includes issued standards,
amendments, and interpretations that we reasonably expect to be applicable at a future date and intend to adopt when they become effective. We are currently assessing the impact of adopting these standards, amendments, and interpretations on our
consolidated financial statements and cannot reasonably estimate the effect at this time. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="3%" VALIGN="top" ALIGN="left"><FONT COLOR="#8b8376">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">IFRS 15 Revenue from Contracts with Customers </TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="3%" VALIGN="top" ALIGN="left"><FONT COLOR="#8b8376">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">IFRS 9 Financial Instruments </TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="3%" VALIGN="top" ALIGN="left"><FONT COLOR="#8b8376">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">IFRS 16 Leases </TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="3%" VALIGN="top" ALIGN="left"><FONT COLOR="#8b8376">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">Recognition of Deferred Tax Assets for Unrealized Losses (Amendments to IAS 12) </TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="3%" VALIGN="top" ALIGN="left"><FONT COLOR="#8b8376">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">Disclosure Initiative (Amendments to IAS 7) </TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="3%" VALIGN="top" ALIGN="left"><FONT COLOR="#8b8376">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">Classification and Measurement of Share-based Payment Transactions (Amendments to IFRS 2) </TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="3%" VALIGN="top" ALIGN="left"><FONT COLOR="#8b8376">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">Annual Improvements (2014&#150;2016 Cycle) </TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="3%" VALIGN="top" ALIGN="left"><FONT COLOR="#8b8376">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">IFRIC 22 Foreign Currency Transactions and Advance Consideration </TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">These standards, amendments, and
interpretations are described in note 6 of our December&nbsp;31, 2016, consolidated financial statements and are incorporated by reference in this report. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:11pt; font-family:ARIAL"><B>MATERIALITY </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">We determine whether information is
&#147;material&#148; based on whether we believe that a reasonable investor&#146;s decision to buy, sell, or hold securities in our Company would likely be influenced or changed if the information was omitted or misstated. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:7pt" ALIGN="center">

<TR>
<TD WIDTH="33%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="33%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="32%"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:7pt">
<TD VALIGN="bottom"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:7pt; font-family:Times New Roman">Management&#146;s Discussion and Analysis</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:7pt; font-family:Times New Roman">December 31, 2016</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">M-64</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">Stantec Inc.&nbsp;&nbsp;</TD></TR></TABLE>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:11pt; font-family:ARIAL"><B>DEFINITION OF <FONT STYLE="white-space:nowrap">NON-IFRS</FONT> MEASURES </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">This Management&#146;s Discussion and Analysis includes references to and uses terms that are not specifically defined in IFRS and do not have any standardized
meaning prescribed by IFRS. These measures and terms are working capital, current ratio, return on equity, EBITDA, net debt to EBITDA, leverage ratio, interest coverage ratio, backlog, adjusted EBITDA, and adjusted EPS. These <FONT
STYLE="white-space:nowrap">non-IFRS</FONT> measures may not be comparable to similar measures presented by other companies. We believe that the measures defined here are useful for providing investors with additional information to assist them in
understanding components of our financial results. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Working Capital.</B> We use working capital as a measure for assessing overall liquidity. Working
capital is calculated by subtracting current liabilities from current assets. There is no directly comparable IFRS measure for working capital. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Current Ratio.</B> We use current ratio as a measure for assessing overall liquidity. Current ratio is calculated by dividing current assets by current
liabilities. There is no directly comparable IFRS measure for current ratio. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Return on Equity.</B> As part of our overall assessment of value added
for shareholders, we monitor our return on equity. Return on equity is calculated as net income for the last four quarters, divided by the average shareholders&#146; equity over each of the last four quarters. There is no directly comparable IFRS
measure for return on equity. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>EBITDA.</B> EBITDA represents net income before interest expense, income taxes, depreciation of property
and&nbsp;equipment, amortization of intangible assets, and goodwill and intangible impairment. This measure is referenced in our credit facility agreement as part of our debt covenants, and we use it as part of our overall assessment of our
operating performance. There is no directly comparable IFRS measure for EBITDA. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Net Debt to EBITDA. </B>As part of our assessment of our capital
structure, we monitor net debt to EBITDA. This measure is referenced in our credit facility agreement as part of our debt covenants. It is defined as the sum of (1)&nbsp;long-term debt, including current portion, less cash and cash equivalents and
cash in escrow, divided by (2)&nbsp;EBITDA (as defined above). There is no directly comparable IFRS measure for net debt to EBITDA. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Leverage Ratio.
</B>This ratio is referenced in our New Credit Facilities agreement as part of our debt covenants. It is defined as total indebtedness divided by EBITDA. Total indebtedness is defined in the credit facility agreement as including all obligations for
borrowed money; bonds, debentures, notes, or similar instruments; the deferred purchase price of property or services (excluding current accounts payable); and bankers&#146; acceptances; plus all of the following: obligations upon which interest is
customarily paid; obligations under conditional sale or other title retention agreements related to property acquired; indebtedness secured by liens on owned property; guarantees; capital lease obligations; letters of credit or guarantee; hedge
exposures; and obligations to purchase, redeem, retire, or otherwise acquire our equity securities. There is no directly comparable IFRS measure for leverage ratio. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Interest Coverage Ratio. </B>This ratio is referenced in our New Credit Facilities agreement as part of our debt covenants. It is defined as EBITDA divided
by interest expense, including any interim amount payable pursuant to a hedge arrangement with respect to interest rate risk. There is no directly comparable IFRS measure for interest coverage ratio. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Backlog. </B>As part of our assessment of our financial condition, we monitor our backlog. We define backlog as the total value of secured work that has
not yet been completed that </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="3%" VALIGN="top" ALIGN="left"><FONT COLOR="#8b8376">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">Is assessed by management as having a high certainty of being performed by either the existence of an executed contract or work order specifying the job scope, value, and timing, or </TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:7pt" ALIGN="center">

<TR>
<TD WIDTH="33%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="33%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="32%"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:7pt">
<TD VALIGN="bottom"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:7pt; font-family:Times New Roman">Management&#146;s Discussion and Analysis</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:7pt; font-family:Times New Roman">December 31, 2016</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">M-65</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">Stantec Inc.&nbsp;&nbsp;</TD></TR></TABLE>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="3%" VALIGN="top" ALIGN="left"><FONT COLOR="#8b8376">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">Has been awarded to us through an executed binding or nonbinding letter of intent or agreement describing the general job scope, value, and timing. Management must be reasonably assured that the letter of intent or
agreement will be finalized in the form of a formal contract. </TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Only the first 12 to 18 months of the total value of secured work of a
project are included in work backlog. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Backlog is not a recognized performance measure under IFRS and does not have any standardized meaning prescribed by
IFRS. We believe that backlog is a useful means of projecting activity in future periods. There is no directly comparable IFRS measure for backlog. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">We
currently use EBITDA as a measure of pretax operating cash flow. Management defines adjusted EBITDA and adjusted EPS as follows: </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="3%" VALIGN="top" ALIGN="left"><FONT COLOR="#8b8376">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"><B>Adjusted EBITDA.</B> This is EBITDA adjusted for acquisition-related costs, <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">out-of-ordinary</FONT></FONT> course severance, and gains or losses on
property and equipment, discontinued operations, and the rebalancing of our investments held for self-insured liabilities. There is no directly comparable IFRS measure for adjusted EBITDA; the most directly comparable measure is net income.
</TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="3%" VALIGN="top" ALIGN="left"><FONT COLOR="#8b8376">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"><B>Adjusted EPS. </B>This is earnings per share as prescribed by IFRS, adjusted to exclude the amortization of acquisition-related intangibles, acquisition-related costs, <FONT STYLE="white-space:nowrap"><FONT
STYLE="white-space:nowrap">out-of-ordinary</FONT></FONT> course severance, and gains or losses on property and equipment, discontinued operations, and the rebalancing of our investments held for self-insured liabilities. There is no directly
comparable IFRS measure for adjusted EPS; the most directly comparable measure is EPS. </TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">We believe adjusted EBITDA and adjusted EPS are
useful for providing securities analysts, investors, and other interested parties with additional information to assist them in understanding components of our financial results (including a&nbsp;more complete understanding of factors and trends
affecting our operating performance), and they provide supplemental measures of operating performance, thus highlighting trends that may not otherwise be apparent when relying solely on IFRS financial measures. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Below are reconciliations of net income to EBITDA and adjusted EBITDA and of EPS to adjusted EPS. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:7pt" ALIGN="center">

<TR>
<TD WIDTH="33%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="33%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="32%"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:7pt">
<TD VALIGN="bottom"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:7pt; font-family:Times New Roman">Management&#146;s Discussion and Analysis</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:7pt; font-family:Times New Roman">December 31, 2016</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">M-66</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">Stantec Inc.&nbsp;&nbsp;</TD></TR></TABLE>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:9.5pt" ALIGN="center">


<TR>
<TD WIDTH="53%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:9.5pt">
<TD VALIGN="top"><B>&nbsp;Reconciliation of Net Income to Adjusted EBITDA</B></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.00pt solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="6" ALIGN="center" STYLE="BORDER-BOTTOM:1.00pt solid #000000"><B>Quarter&nbsp;Ended<BR>December&nbsp;31</B></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.00pt solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.00pt solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="10" ALIGN="center" STYLE="BORDER-BOTTOM:1.00pt solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9.5pt; font-family:Times New Roman" ALIGN="center"><B>Year Ended&nbsp;&nbsp;&nbsp;&nbsp;</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:9.5pt; font-family:Times New Roman" ALIGN="center"><B>December&nbsp;31&nbsp;&nbsp;&nbsp;&nbsp;</B></P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.00pt solid #000000">&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:9.5pt">
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.00pt solid #000000"><FONT STYLE="font-size:8pt"><I>&nbsp;(In thousands of Canadian dollars, except per share amounts)</I></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e5e1" STYLE="BORDER-BOTTOM:1.00pt solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1.00pt solid #000000" BGCOLOR="#e5e5e1"><B>2016</B></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.00pt solid #000000" BGCOLOR="#e5e5e1">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.00pt solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1.00pt solid #000000"><B>2015</B></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.00pt solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#e5e5e1" STYLE="BORDER-BOTTOM:1.00pt solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1.00pt solid #000000" BGCOLOR="#e5e5e1"><B>2016</B></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.00pt solid #000000" BGCOLOR="#e5e5e1">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.00pt solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1.00pt solid #000000"><B>2015</B></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.00pt solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.00pt solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1.00pt solid #000000"><B>2014</B></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.00pt solid #000000">&nbsp;</TD></TR>


<TR STYLE="font-size:1pt">
<TD HEIGHT="13"></TD>
<TD HEIGHT="13" COLSPAN="4" BGCOLOR="#e5e5e1"></TD>
<TD HEIGHT="13" COLSPAN="4"></TD>
<TD HEIGHT="13" COLSPAN="4" BGCOLOR="#e5e5e1"></TD>
<TD HEIGHT="13" COLSPAN="4"></TD>
<TD HEIGHT="13" COLSPAN="4"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:9.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9.5pt; font-family:Times New Roman"><B>&nbsp;Net income for the period</B></P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e5e1">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#e5e5e1"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e5e1" ALIGN="right"><B>29,488&nbsp;</B></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#e5e5e1"><B>&nbsp;&nbsp;</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>25,317&nbsp;</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;&nbsp;</B></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e5e1">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#e5e5e1"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e5e1" ALIGN="right"><B>130,549&nbsp;</B></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#e5e5e1"><B>&nbsp;&nbsp;</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>156,378&nbsp;</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;&nbsp;</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>164,498&nbsp;</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;&nbsp;</B></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:9.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9.5pt; font-family:Times New Roman">&nbsp;Add back:</P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e5e1">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#e5e5e1"></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e5e1"></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e5e1"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e5e1">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#e5e5e1"></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e5e1"></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e5e1"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:9.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; text-indent:-1.00em; font-size:9.5pt; font-family:Times New Roman">Income taxes</P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e5e1">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#e5e5e1">&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#e5e5e1" ALIGN="right">10,965&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#e5e5e1">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">5,516&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#e5e5e1">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#e5e5e1">&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#e5e5e1" ALIGN="right">50,267&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#e5e5e1">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">55,229&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">58,702&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:9.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; text-indent:-1.00em; font-size:9.5pt; font-family:Times New Roman">Net interest expense</P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e5e1">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#e5e5e1">&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#e5e5e1" ALIGN="right">7,050&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#e5e5e1">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">2,700&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#e5e5e1">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#e5e5e1">&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#e5e5e1" ALIGN="right">28,648&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#e5e5e1">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">10,929&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">8,515&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:9.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; text-indent:-1.00em; font-size:9.5pt; font-family:Times New Roman">Depreciation of property and equipment</P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e5e1">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#e5e5e1">&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#e5e5e1" ALIGN="right">14,774&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#e5e5e1">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">12,255&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#e5e5e1">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#e5e5e1">&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#e5e5e1" ALIGN="right">51,172&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#e5e5e1">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">45,880&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">38,698&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:9.5pt">
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1.00pt solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; text-indent:-1.00em; font-size:9.5pt; font-family:Times New Roman">Amortization of intangible assets</P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e5e1" STYLE="BORDER-BOTTOM:1.00pt solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.00pt solid #000000" BGCOLOR="#e5e5e1">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.00pt solid #000000" BGCOLOR="#e5e5e1" ALIGN="right">20,651&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1.00pt solid #000000" BGCOLOR="#e5e5e1">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.00pt solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.00pt solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.00pt solid #000000" ALIGN="right">8,762&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1.00pt solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#e5e5e1" STYLE="BORDER-BOTTOM:1.00pt solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.00pt solid #000000" BGCOLOR="#e5e5e1">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.00pt solid #000000" BGCOLOR="#e5e5e1" ALIGN="right">75,660&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1.00pt solid #000000" BGCOLOR="#e5e5e1">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.00pt solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.00pt solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.00pt solid #000000" ALIGN="right">37,853&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1.00pt solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.00pt solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.00pt solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.00pt solid #000000" ALIGN="right">24,252&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1.00pt solid #000000">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:9.5pt">
<TD VALIGN="top"> <P STYLE="font-size:4pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; margin-left:1.00em; text-indent:-1.00em; font-size:9.5pt; font-family:Times New Roman"><B>&nbsp;EBITDA</B></P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e5e1">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#e5e5e1"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e5e1" ALIGN="right"><B>82,928&nbsp;</B></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#e5e5e1"><B>&nbsp;&nbsp;</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>54,550&nbsp;</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;&nbsp;</B></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e5e1">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#e5e5e1"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e5e1" ALIGN="right"><B>336,296&nbsp;</B></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#e5e5e1"><B>&nbsp;&nbsp;</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>306,269&nbsp;</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;&nbsp;</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>294,665&nbsp;</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;&nbsp;</B></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="4" BGCOLOR="#e5e5e1"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD>
<TD HEIGHT="8" COLSPAN="4" BGCOLOR="#e5e5e1"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:9.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9.5pt; font-family:Times New Roman">&nbsp;Acquisition-related costs</P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e5e1">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#e5e5e1">&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#e5e5e1" ALIGN="right">25&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#e5e5e1">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">212&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#e5e5e1">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#e5e5e1">&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#e5e5e1" ALIGN="right">14,548&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#e5e5e1">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">755&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">978&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:9.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9.5pt; font-family:Times New Roman">&nbsp;Loss (gain) on sale of property and equipment</P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e5e1">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#e5e5e1">&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#e5e5e1" ALIGN="right">809&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#e5e5e1">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">420&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#e5e5e1">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#e5e5e1">&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#e5e5e1" ALIGN="right">1,452&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#e5e5e1">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(1,888)</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">-&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:9.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9.5pt; font-family:Times New Roman">&nbsp;Rebalancing of investments held for self-insured liabilities <I>(note&nbsp;4)</I></P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e5e1">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#e5e5e1">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#e5e5e1" ALIGN="right">-&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#e5e5e1">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">-&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#e5e5e1">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#e5e5e1">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#e5e5e1" ALIGN="right">-&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#e5e5e1">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(4,156)</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">-&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:9.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9.5pt; font-family:Times New Roman">&nbsp;Loss on sale of a subsidiary</P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e5e1">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#e5e5e1">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#e5e5e1" ALIGN="right">-&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#e5e5e1">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">4,096&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#e5e5e1">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#e5e5e1">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#e5e5e1" ALIGN="right">-&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#e5e5e1">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">4,096&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">-&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:9.5pt">
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1.50pt solid #000000"> <P STYLE="font-size:4pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; margin-left:1.00em; text-indent:-1.00em; font-size:9.5pt; font-family:Times New Roman"><B>&nbsp;Adjusted EBITDA</B></P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e5e1" STYLE="BORDER-BOTTOM:1.50pt solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.50pt solid #000000" BGCOLOR="#e5e5e1"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.50pt solid #000000" BGCOLOR="#e5e5e1" ALIGN="right"><B>83,762&nbsp;</B></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1.50pt solid #000000" BGCOLOR="#e5e5e1"><B>&nbsp;&nbsp;</B></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.50pt solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.50pt solid #000000"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.50pt solid #000000" ALIGN="right"><B>59,278&nbsp;</B></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1.50pt solid #000000"><B>&nbsp;&nbsp;</B></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e5e1" STYLE="BORDER-BOTTOM:1.50pt solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.50pt solid #000000" BGCOLOR="#e5e5e1"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.50pt solid #000000" BGCOLOR="#e5e5e1" ALIGN="right"><B>352,296&nbsp;</B></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1.50pt solid #000000" BGCOLOR="#e5e5e1"><B>&nbsp;&nbsp;</B></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.50pt solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.50pt solid #000000"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.50pt solid #000000" ALIGN="right"><B>305,076&nbsp;</B></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1.50pt solid #000000"><B>&nbsp;&nbsp;</B></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.50pt solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.50pt solid #000000"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.50pt solid #000000" ALIGN="right"><B>295,643&nbsp;</B></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1.50pt solid #000000"><B>&nbsp;&nbsp;</B></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:9.5pt">
<TD VALIGN="top"> <P STYLE="font-size:30pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:9.5pt; font-family:Times New Roman"><B>&nbsp;Reconciliation of EPS to Adjusted EPS</B></P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.00pt solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="6" STYLE="BORDER-BOTTOM:1.00pt solid #000000"> <P STYLE="font-size:30pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9.5pt; font-family:Times New Roman" ALIGN="center"><B>Quarter Ended</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:9.5pt; font-family:Times New Roman" ALIGN="center"><B>December&nbsp;31</B></P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.00pt solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.00pt solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="10" ALIGN="center" STYLE="BORDER-BOTTOM:1.00pt solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9.5pt; font-family:Times New Roman" ALIGN="center"><B>Year Ended&nbsp;&nbsp;&nbsp;&nbsp;</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:9.5pt; font-family:Times New Roman" ALIGN="center"><B>December&nbsp;31&nbsp;&nbsp;&nbsp;&nbsp;</B></P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.00pt solid #000000">&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:9.5pt">
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.00pt solid #000000"><FONT STYLE="font-size:8pt"><I>&nbsp;(In thousands of Canadian dollars, except per share amounts)</I></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e5e1" STYLE="BORDER-BOTTOM:1.00pt solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1.00pt solid #000000" BGCOLOR="#e5e5e1"><B>2016</B></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.00pt solid #000000" BGCOLOR="#e5e5e1">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.00pt solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1.00pt solid #000000"><B>2015</B></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.00pt solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#e5e5e1" STYLE="BORDER-BOTTOM:1.00pt solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1.00pt solid #000000" BGCOLOR="#e5e5e1"><B>2016</B></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.00pt solid #000000" BGCOLOR="#e5e5e1">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.00pt solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1.00pt solid #000000"><B>2015</B></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.00pt solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.00pt solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1.00pt solid #000000"><B>2014</B></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.00pt solid #000000">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="13"></TD>
<TD HEIGHT="13" COLSPAN="4" BGCOLOR="#e5e5e1"></TD>
<TD HEIGHT="13" COLSPAN="4"></TD>
<TD HEIGHT="13" COLSPAN="4" BGCOLOR="#e5e5e1"></TD>
<TD HEIGHT="13" COLSPAN="4"></TD>
<TD HEIGHT="13" COLSPAN="4"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:9.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9.5pt; font-family:Times New Roman"><B>&nbsp;Net income for the period</B></P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e5e1">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#e5e5e1"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e5e1" ALIGN="right"><B>29,488&nbsp;</B></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#e5e5e1"><B>&nbsp;&nbsp;</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>25,317&nbsp;</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;&nbsp;</B></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e5e1">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#e5e5e1"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e5e1" ALIGN="right"><B>130,549&nbsp;</B></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#e5e5e1"><B>&nbsp;&nbsp;</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>156,378&nbsp;</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;&nbsp;</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>164,498&nbsp;</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;&nbsp;</B></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:9.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9.5pt; font-family:Times New Roman">&nbsp;Add back:</P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e5e1">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#e5e5e1"></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e5e1"></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e5e1"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e5e1">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#e5e5e1"></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e5e1"></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e5e1"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:9.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; text-indent:-1.00em; font-size:9.5pt; font-family:Times New Roman">Amortization of intangible assets related to acquisitions (<I>note&nbsp;1</I>)</P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e5e1">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#e5e5e1">&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#e5e5e1" ALIGN="right">10,320&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#e5e5e1">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">3,843&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#e5e5e1">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#e5e5e1">&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#e5e5e1" ALIGN="right">39,022&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#e5e5e1">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">18,399&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">9,568&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:9.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; text-indent:-1.00em; font-size:9.5pt; font-family:Times New Roman">Acquisition-related costs <I>(note 2) </I></P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e5e1">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#e5e5e1">&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#e5e5e1" ALIGN="right">18&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#e5e5e1">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">157&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#e5e5e1">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#e5e5e1">&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#e5e5e1" ALIGN="right">10,504&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#e5e5e1">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">558&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">721&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:9.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; text-indent:-1.00em; font-size:9.5pt; font-family:Times New Roman">Loss (gain) on sale of property and equipment <I>(note 3)</I></P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e5e1">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#e5e5e1">&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#e5e5e1" ALIGN="right">584&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#e5e5e1">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">310&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#e5e5e1">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#e5e5e1">&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#e5e5e1" ALIGN="right">1,048&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#e5e5e1">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(1,395)</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">-&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:9.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; text-indent:-1.00em; font-size:9.5pt; font-family:Times New Roman">Rebalancing of investments held for self-insured liabilities <I>(note&nbsp;4)</I></P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e5e1">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#e5e5e1">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#e5e5e1" ALIGN="right">-&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#e5e5e1">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">-&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#e5e5e1">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#e5e5e1">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#e5e5e1" ALIGN="right">-&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#e5e5e1">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(3,071)</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">-&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:9.5pt">
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1.00pt solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; text-indent:-1.00em; font-size:9.5pt; font-family:Times New Roman">Loss on sale of a subsidiary</P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e5e1" STYLE="BORDER-BOTTOM:1.00pt solid #000000">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1.00pt solid #000000" BGCOLOR="#e5e5e1">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1.00pt solid #000000" BGCOLOR="#e5e5e1" ALIGN="right">-&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1.00pt solid #000000" BGCOLOR="#e5e5e1">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.00pt solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.00pt solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.00pt solid #000000" ALIGN="right">3,027&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1.00pt solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#e5e5e1" STYLE="BORDER-BOTTOM:1.00pt solid #000000">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1.00pt solid #000000" BGCOLOR="#e5e5e1">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1.00pt solid #000000" BGCOLOR="#e5e5e1" ALIGN="right">-&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1.00pt solid #000000" BGCOLOR="#e5e5e1">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.00pt solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.00pt solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.00pt solid #000000" ALIGN="right">3,027&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1.00pt solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.00pt solid #000000">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1.00pt solid #000000">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1.00pt solid #000000" ALIGN="right">-&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1.00pt solid #000000">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:9.5pt">
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1.00pt solid #000000"> <P STYLE="font-size:4pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; margin-left:1.00em; text-indent:-1.00em; font-size:9.5pt; font-family:Times New Roman"><B>&nbsp;Adjusted net income</B></P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e5e1" STYLE="BORDER-BOTTOM:1.00pt solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.00pt solid #000000" BGCOLOR="#e5e5e1"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.00pt solid #000000" BGCOLOR="#e5e5e1" ALIGN="right"><B>40,410&nbsp;</B></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1.00pt solid #000000" BGCOLOR="#e5e5e1"><B>&nbsp;&nbsp;</B></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.00pt solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.00pt solid #000000"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.00pt solid #000000" ALIGN="right"><B>32,654&nbsp;</B></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1.00pt solid #000000"><B>&nbsp;&nbsp;</B></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e5e1" STYLE="BORDER-BOTTOM:1.00pt solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.00pt solid #000000" BGCOLOR="#e5e5e1"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.00pt solid #000000" BGCOLOR="#e5e5e1" ALIGN="right"><B>181,123&nbsp;</B></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1.00pt solid #000000" BGCOLOR="#e5e5e1"><B>&nbsp;&nbsp;</B></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.00pt solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.00pt solid #000000"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.00pt solid #000000" ALIGN="right"><B>173,896&nbsp;</B></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1.00pt solid #000000"><B>&nbsp;&nbsp;</B></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.00pt solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.00pt solid #000000"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.00pt solid #000000" ALIGN="right"><B>174,787&nbsp;</B></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1.00pt solid #000000"><B>&nbsp;&nbsp;</B></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="4" BGCOLOR="#e5e5e1"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD>
<TD HEIGHT="8" COLSPAN="4" BGCOLOR="#e5e5e1"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:9.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9.5pt; font-family:Times New Roman">&nbsp;Weighted average number of shares outstanding - basic</P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e5e1">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#e5e5e1">&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#e5e5e1" ALIGN="right">113,995,604&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#e5e5e1">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">94,386,178&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#e5e5e1">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#e5e5e1">&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#e5e5e1" ALIGN="right">107,006,168&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#e5e5e1">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">94,143,455&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">93,540,206&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:9.5pt">
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1.00pt solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9.5pt; font-family:Times New Roman">&nbsp;Weighted average number of shares outstanding -
diluted</P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e5e1" STYLE="BORDER-BOTTOM:1.00pt solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.00pt solid #000000" BGCOLOR="#e5e5e1">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.00pt solid #000000" BGCOLOR="#e5e5e1" ALIGN="right">114,377,441&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1.00pt solid #000000" BGCOLOR="#e5e5e1">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.00pt solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.00pt solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.00pt solid #000000" ALIGN="right">94,904,836&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1.00pt solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#e5e5e1" STYLE="BORDER-BOTTOM:1.00pt solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.00pt solid #000000" BGCOLOR="#e5e5e1">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.00pt solid #000000" BGCOLOR="#e5e5e1" ALIGN="right">107,325,791&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1.00pt solid #000000" BGCOLOR="#e5e5e1">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.00pt solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.00pt solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.00pt solid #000000" ALIGN="right">94,593,935&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1.00pt solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.00pt solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.00pt solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.00pt solid #000000" ALIGN="right">94,328,059&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1.00pt solid #000000">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:9.5pt">
<TD VALIGN="top"> <P STYLE="font-size:4pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; margin-left:1.00em; text-indent:-1.00em; font-size:9.5pt; font-family:Times New Roman"><B>&nbsp;Adjusted earnings per
share</B></P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e5e1">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#e5e5e1"></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e5e1"></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e5e1"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e5e1">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#e5e5e1"></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e5e1"></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e5e1"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="4" BGCOLOR="#e5e5e1"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD>
<TD HEIGHT="8" COLSPAN="4" BGCOLOR="#e5e5e1"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:9.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9.5pt; font-family:Times New Roman">&nbsp;Adjusted earnings per share - basic</P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e5e1">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#e5e5e1"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e5e1" ALIGN="right"><B>0.35&nbsp;</B></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#e5e5e1"><B>&nbsp;&nbsp;</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>0.35&nbsp;</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;&nbsp;</B></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e5e1">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#e5e5e1"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e5e1" ALIGN="right"><B>1.69&nbsp;</B></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#e5e5e1"><B>&nbsp;&nbsp;</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>1.85&nbsp;</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;&nbsp;</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>1.87&nbsp;</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;&nbsp;</B></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:9.5pt">
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1.50pt solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9.5pt; font-family:Times New Roman">&nbsp;Adjusted earnings per share - diluted</P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e5e1" STYLE="BORDER-BOTTOM:1.50pt solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.50pt solid #000000" BGCOLOR="#e5e5e1"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.50pt solid #000000" BGCOLOR="#e5e5e1" ALIGN="right"><B>0.35&nbsp;</B></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1.50pt solid #000000" BGCOLOR="#e5e5e1"><B>&nbsp;&nbsp;</B></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.50pt solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.50pt solid #000000"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.50pt solid #000000" ALIGN="right"><B>0.34&nbsp;</B></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1.50pt solid #000000"><B>&nbsp;&nbsp;</B></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e5e1" STYLE="BORDER-BOTTOM:1.50pt solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.50pt solid #000000" BGCOLOR="#e5e5e1"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.50pt solid #000000" BGCOLOR="#e5e5e1" ALIGN="right"><B>1.69&nbsp;</B></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1.50pt solid #000000" BGCOLOR="#e5e5e1"><B>&nbsp;&nbsp;</B></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.50pt solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.50pt solid #000000"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.50pt solid #000000" ALIGN="right"><B>1.84&nbsp;</B></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1.50pt solid #000000"><B>&nbsp;&nbsp;</B></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.50pt solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.50pt solid #000000"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.50pt solid #000000" ALIGN="right"><B>1.85&nbsp;</B></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1.50pt solid #000000"><B>&nbsp;&nbsp;</B></TD></TR>
</TABLE> <P STYLE="margin-top:2pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman"><I>note 1: The add back of intangible amortization relates only to the amortization from intangible assets acquired through
acquisitions and excludes the amortization of software purchased by Stantec. This amount for the quarter ended December&nbsp;31, 2016, is net of tax of $3,974 (2015 - $1,357). For the year ended December&nbsp;31, 2016, this amount is net of tax of
$15,025 (2015 - $6,498). </I></P> <P STYLE="margin-top:4pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman"><I>note 2: This amount for the quarter ended December&nbsp;31, 2016, is net of tax of $7 (2015 - $56). For the year ended
December&nbsp;31, 2016, this amount is net of tax of $4,044 (2015 - $197). </I></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman"><I>note 3: This amount for the quarter ended December&nbsp;31, 2016, is net
of tax of $225 (2015 - $110). For the year ended December&nbsp;31, 2016, this amount is net of tax of (recovery) $404 (2015 - ($493)). </I></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman"><I>note 4: For
the year ended December&nbsp;31, 2015, this amount is net of tax of $1,085. </I></P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:7pt" ALIGN="center">

<TR>
<TD WIDTH="33%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="33%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="32%"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:7pt">
<TD VALIGN="bottom"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:7pt; font-family:Times New Roman">Management&#146;s Discussion and Analysis</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:7pt; font-family:Times New Roman">December 31, 2016</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">M-67</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">Stantec Inc.&nbsp;&nbsp;</TD></TR></TABLE>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:14pt; font-family:ARIAL"><FONT COLOR="#8b8376"><B>Risk Factors </B></FONT></P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:11pt; font-family:ARIAL"><B>ENTERPRISE RISK MANAGEMENT PROGRAM </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">To preserve and enhance
stakeholder value, we approach the management of risk strategically through our Enterprise Risk Management (ERM) program. We have adopted the integrated framework for Enterprise Risk Management designed by the Committee of Sponsoring Organizations
of the Treadway Commission (COSO). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:11pt; font-family:ARIAL"><B>THE TEAM </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">ERM is delivered
by team members that range from our highest level to our frontline staff: </P> <P STYLE="font-size:10pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="3%" VALIGN="top" ALIGN="left"><FONT COLOR="#8b8376">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">The <B>board of directors</B> provides oversight and carries out its risk management mandate primarily through the Audit and Risk Committee (ARC). </TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="3%" VALIGN="top" ALIGN="left"><FONT COLOR="#8b8376">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">The <B>ARC</B>&#146;s oversight role is to ensure that </TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="8%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT COLOR="#8b8376">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">Management has developed appropriate methods to identify, evaluate, mitigate, and report the principal risks inherent to our business and strategic direction </TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="8%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT COLOR="#8b8376">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">Our systems, policies, and practices are appropriate and address our principal risks </TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="8%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT COLOR="#8b8376">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">Our risk appetite is appropriate for the organization </TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">The board receives a comprehensive risk
report annually at the same time it receives the Strategic Plan. Quarterly, the ARC receives a report on the changes in principal risks and mitigation strategies. This ensures the board has proper oversight of key risk initiatives. </P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="3%" VALIGN="top" ALIGN="left"><FONT COLOR="#8b8376">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">The <B><FONT STYLE="white-space:nowrap">C-suite</FONT></B> (CEO, CFO, COO, and CBO), supported by our Risk Management team, is directly accountable to the board for all
<FONT STYLE="white-space:nowrap">risk-taking</FONT> activities and risk management practices. </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="3%" VALIGN="top" ALIGN="left"><FONT COLOR="#8b8376">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">The <B>Risk Management team</B> provides legal and insurance expertise and contract review support. Although the team owns the ERM process, the responsibility for identifying and mitigating our principal risks rests
with our EVPT and Functional Services Teams. </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="3%" VALIGN="top" ALIGN="left"><FONT COLOR="#8b8376">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">Our <B>Integrity Management</B> <B>team</B> serves a key mandated control function conducting fraud risk assessments for our operations. </TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="3%" VALIGN="top" ALIGN="left"><FONT COLOR="#8b8376">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">Our<B> Internal Audit team </B>provides assurance services to assist the ARC in the discharge of its responsibilities relating to financial controls and control deviations. </TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="3%" VALIGN="top" ALIGN="left"><FONT COLOR="#8b8376">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">The<B> Practice Services team</B> conducts internal practice audits of <FONT STYLE="white-space:nowrap">one-third</FONT> of our offices each year, assessing compliance with the ISO 9001:2008 registered Quality
Management System and ISO 14001:2004 registered Environmental Management System. The internal practice audits also include health and safety compliance. The team also monitors our operational compliance with our risk mitigation strategies and
provides valuable feedback to the ERM program by identifying emerging risks and areas for further improvement. </TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Although management remains
confident about our ability to successfully carry out long-term objectives, we&nbsp;are exposed to a number of risks and uncertainties, just like other professional infrastructure and facilities services firms. When appropriate, we realign our risk
disclosures as part of the continual monitoring and annual assessment of our risks. In 2016, we refocused our attention on risks relating to our global operations as well as to construction services. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The most significant risks are listed below (from most to least serious) based on an assessment of the impact on our Company and the probability that the
risks will occur. Readers of this report should consider carefully the risks and uncertainties described below, together with all other information in this report. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:7pt" ALIGN="center">

<TR>
<TD WIDTH="33%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="33%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="32%"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:7pt">
<TD VALIGN="bottom"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:7pt; font-family:Times New Roman">Management&#146;s Discussion and Analysis</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:7pt; font-family:Times New Roman">December 31, 2016</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">M-68</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">Stantec Inc.&nbsp;&nbsp;</TD></TR></TABLE>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The risks and uncertainties described in this report are not the only ones we face. Additional risks and
uncertainties&#151;that we are unaware of or that we currently believe are not material&#151;may also become important factors that adversely affect our business. If any of the following risks occur, the effects described below in respect of each
risk are not the only ones we face, and our business, financial condition, results of operations, and future prospects could be materially and adversely affected in ways we do not currently anticipate. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:11pt; font-family:ARIAL"><B>TYPES OF RISKS </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL"><B>Strategic Risks </B></P>
<P STYLE="margin-top:10pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I>Stantec&#146;s global operations increase the complexity of managing and running the business. </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Due to our global platform, we are increasingly subject to a variety of risks, including (a)&nbsp;greater risk of uncollectible accounts and longer collection
cycles, (b)&nbsp;cultural, logistical, and communications challenges, (c)&nbsp;changes in labor conditions, (d)&nbsp;general social, economic, security, and political conditions in foreign markets, (e)&nbsp;international hostilities and terrorism,
(f)&nbsp;risks related to complying with a wide variety of local, national, and international laws, together with potential adverse changes in laws and regulatory practices, (g)&nbsp;the difficulties and costs of staffing and managing global
operations, including the global mobility of staff, (h)&nbsp;fluctuations in exchange rates, (i)&nbsp;multiple and possibly overlapping tax structures, (j)&nbsp;exchange controls and other funding restrictions, (k)&nbsp;political and economic
instability, (l)&nbsp;changes in government trade policies affecting the markets for Stantec&#146;s services, (m)&nbsp;embargoes, (n) foreign corrupt practices, (o)&nbsp;offshoring, (p)&nbsp;lack of local knowledge, (q)&nbsp;imbalance of negotiating
power when dealing with foreign government clients, and (r)&nbsp;compliance with licensing requirements. In addition, we will face competition in other countries from companies that may have more experience operating in such countries or with global
operations generally. These risks could adversely impact our results of operations and financial condition. </P> <P STYLE="margin-top:10pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I>Stantec may have difficulty achieving
organic growth targets. </I></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">We may not be able to increase the size of our operations organically. Organic growth is achieved when we meet our
clients&#146; expectations by effectively delivering quality projects and expanding the services provided to both existing and new clients by cross-selling effectively. If we are unable to effectively compete for projects, expand services to
existing and new clients by cross-selling our services, and attract qualified staff, we will have difficulty increasing market share and achieving growth plans. Organic growth is also affected by factors such as economic conditions that are beyond
Stantec&#146;s control. During economic downturns, the ability of both private and government entities to fund expenditures may decline significantly, which could in turn have a material adverse effect on our organic growth. </P>
<P STYLE="margin-top:10pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I>Demand for Stantec&#146;s services is vulnerable to economic downturns and reductions in government and private industry spending. If the economy
weakens, Stantec&#146;s revenue and financial condition may be adversely affected. </I></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">For several years, the global capital and credit markets and
the global economy have experienced significant uncertainty, characterized by the bankruptcy, failure, collapse, or sale of various financial institutions; the European sovereign debt crisis; the ongoing decline and volatility in commodity prices;
geopolitical risks; and&nbsp;a&nbsp;considerable level of intervention from governments around the world. Economic conditions in Canada and&nbsp;a&nbsp;number of other countries and regions have been weak and may remain difficult in the near future.
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Demand for our services is and will continue to be vulnerable to economic downturns and reductions in government and private industry spending, and is
affected by the general level of economic activity in the markets in which we operate, both in North America and globally. In addition, currency and interest rate fluctuations, inflation, financial market volatility, or credit market disruptions may
limit our access to capital </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:7pt" ALIGN="center">

<TR>
<TD WIDTH="33%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="33%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="32%"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:7pt">
<TD VALIGN="bottom"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:7pt; font-family:Times New Roman">Management&#146;s Discussion and Analysis</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:7pt; font-family:Times New Roman">December 31, 2016</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">M-69</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">Stantec Inc.&nbsp;&nbsp;</TD></TR></TABLE>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">
and may also negatively affect the ability of our clients to obtain credit to finance their businesses on acceptable terms. If the operating and financial performance of our clients deteriorates
or if they are unable to make scheduled payments or obtain credit, they may not be able to pay Stantec. An inability to pay may adversely affect our backlog, earnings, and cash flows. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">In addition, adverse economic conditions could alter the overall mix of services that clients seek to purchase, and increased competition during a period of
economic decline could force us to accept contract terms that are less favorable to Stantec than we could otherwise be able to negotiate under different circumstances. Changes in our mix of services or a less favorable contracting environment may
cause our revenue and margins to decline. </P> <P STYLE="margin-top:10pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I>If we are not able to successfully manage our integration program, then our business and results of
operations may be adversely affected. </I></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Stantec has significantly increased in size to approximately<B><I> </I></B>22,000 employees, and we expect
to continue to pursue growth opportunities. Integrations can be time consuming and challenging and require a large and sustained effort by our senior management. One of Stantec&#146;s core strategies has been to integrate companies immediately;
however, we simply cannot achieve a quick integration with larger acquisitions. Difficulties encountered while combining operations and running our operation through several different platforms could adversely affect the Company&#146;s businesses.
This may prevent us from achieving the anticipated improvement in professional service offerings, market penetration, profitability, and geographic presence that are the key pillars underpinning our acquisition program. Employees of the acquired
business could depart because of uncertainties regarding the acquisition and integration or the difficulties of completing the acquisition and integration or because they do not want to remain with the combined Company. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">We may not achieve our strategic objectives unless we manage the challenges of responding to the sensitivities of cultural diversity and the particularities
of local markets. Cultural differences in various countries may present barriers to introducing new ideas and aligning our vision and strategy throughout the organization. A&nbsp;material adverse effect on our business and results of operations
could occur if we do not effectively manage our growth or our employees do not achieve anticipated performance standards. We also risk losing or diminishing our entrepreneurial and innovative culture if our overall corporate growth is burdened by
increased process and administration. </P> <P STYLE="margin-top:10pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I>Failure to source additional acquisition targets could impair our growth. </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Historically, we have supplemented our internal growth with acquisitions, joint arrangements, and investments in associates. We expect that a significant
portion of any future growth will continue to come from these transactions. However, we may not be able to locate suitable acquisitions in North America or globally or find potential acquisitions with terms and conditions that are acceptable to us.
We expect that as the professional services industry consolidates, suitable acquisition candidates will become more difficult to find and may be available only at prices or under terms that are less favorable than they once were. Future acquisitions
may result in a decrease in our operating income or operating margins, and we may be unable to recover investments made in any such acquisitions. Acquired firms may expose Stantec to unanticipated problems or legal liabilities. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL"><B>Operational Risks </B></P> <P STYLE="margin-top:10pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I>The inability to enhance Stantec&#146;s
cybersecurity may cause loss of critical data and could delay or prevent operations and cause prejudice to our clients. </I></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Stantec faces the threat
of unauthorized system access, computer hackers, malicious code, and organized cyberattacks. Although we devote significant resources to the security of Stantec&#146;s computer systems, we may still be vulnerable to threats. Anyone who circumvents
security measures could misappropriate proprietary </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:7pt" ALIGN="center">

<TR>
<TD WIDTH="33%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="33%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="32%"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:7pt">
<TD VALIGN="bottom"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:7pt; font-family:Times New Roman">Management&#146;s Discussion and Analysis</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:7pt; font-family:Times New Roman">December 31, 2016</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">M-70</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">Stantec Inc.&nbsp;&nbsp;</TD></TR></TABLE>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">
information or cause interruptions or malfunctions in system operations. Therefore, we may be required to expend significant resources to protect against the threat of system disruptions and
security breaches or to alleviate problems caused by disruptions and breaches. If we are unable to enhance our Company&#146;s cybersecurity to prevent or contain network and data breaches or other unauthorized access to corporate systems, we run the
risk that our service delivery and revenue generation capabilities could be interrupted, delayed, or destroyed. As&nbsp;well, adversaries may seek information about critical infrastructure projects that Stantec is engaged in, so we have a critical
requirement to protect sensitive project information, including <FONT STYLE="white-space:nowrap">as-built</FONT> and future design documents. These or other events could cause system interruptions, delays, and loss of critical data; could delay or
prevent operations; and could cause prejudice to our clients. </P> <P STYLE="margin-top:10pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I>Failure to maintain effective operational management practices may adversely affect
Stantec&#146;s financial condition and results of operations. </I></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Our clients depend on us to deliver projects on time, on budget, and at<B><I>
</I></B>acceptable quality levels. For Stantec to succeed, our internal processes&#151;for example, strong project managers and project management tools, a simple and effective way to bill and collect from clients, and an appropriate insurance
program&#151;must support effective professional practice standards. If we do not manage projects effectively, we may incur additional costs, which may, in turn, result in projects being less profitable than expected. Projects that are not completed
on schedule further reduce profitability: staff must continue to work on them longer<B><I> </I></B>than anticipated; this may prevent them from pursuing and working on new projects. Projects that are over budget<B><I> </I></B>or not on schedule may
also lead to client dissatisfaction. Also, because of the nature of Stantec&#146;s contracts, we commit resources to projects before we receive payments in amounts sufficient to cover our expenditures. Delays<B><I> </I></B>in billings and customer
payments may require Stantec to make a working capital investment. In our experience,<B><I> </I></B>clients who withhold payment are more likely to be dissatisfied with services and to bring claims<B><I> </I></B>against Stantec. </P>
<P STYLE="margin-top:10pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I>The outcome of claims and litigation and the threat of a major loss, even if Stantec is ultimately found not liable, could adversely impact our
business. </I></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The threat of a major loss&#151;such as the filing of a design-defect lawsuit<B><I> </I></B>against Stantec for damages that exceed
Stantec&#146;s professional liability insurance limits&#151;could adversely impact our<B><I> </I></B>business even if, after several years of protracted legal proceedings, Stantec is ultimately not found liable for the loss<B><I> </I></B>or claim.
The threat could be deemed by Stantec&#146;s bankers to be a material adverse event under our<B><I> </I></B>credit facility, and they could immediately cut off the liquidity we need to fund our <FONT STYLE="white-space:nowrap"><FONT
STYLE="white-space:nowrap">day-to-day</FONT></FONT> operations. The threat<B><I> </I></B>could also adversely affect business because of the effect on our Company&#146;s reputation, and our inability to win<B><I> </I></B>or renew contracts pending a
determination of liability could harm our operations and reduce our profits and revenues. </P> <P STYLE="margin-top:10pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I>Stantec bears the risk of cost overruns on fixed-price
contracts. Stantec may experience reduced profits or, in some cases, losses under these contracts if costs increase above our estimates. </I></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">As
Stantec grows, we have<B><I> </I></B>the opportunity to work on larger and more complex projects. Our business has historically followed a <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">fee-for-service</FONT></FONT> model;
however, some clients in select markets and business operating units are demanding alternative project<B><I> </I></B>delivery (APD) methods, such as bundled services of engineering, procurement, and construction; design-builds; and<B><I>
</I></B>public-private partnerships. Failure to respond to these market demands may result in clients awarding projects to<B><I> </I></B>Stantec&#146;s competitors, which would result in lost revenue. Poor project management may result in a higher
probability of cost<B><I> </I></B>overruns and liabilities.<B><I> </I></B> </P> <P STYLE="margin-top:10pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I>Stantec relies heavily on our information technology (IT) infrastructure
and requires highly skilled staff to manage and deploy IT projects. A failure in our IT infrastructure could lead to system interruption and loss of critical data and, therefore, may adversely affect our operating results. </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">To sustain business<B><I> </I></B>operations and remain competitive, we rely heavily on our core and regional networks, complex server infrastructure and
operating systems,<B><I> </I></B>communications and collaboration technology, design </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:7pt" ALIGN="center">

<TR>
<TD WIDTH="33%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="33%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="32%"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:7pt">
<TD VALIGN="bottom"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:7pt; font-family:Times New Roman">Management&#146;s Discussion and Analysis</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:7pt; font-family:Times New Roman">December 31, 2016</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">M-71</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">Stantec Inc.&nbsp;&nbsp;</TD></TR></TABLE>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">
software, and business applications. As the size of our Company changes, if we do not scale this core infrastructure and constantly upgrade our<B><I> </I></B>applications, systems, and network
infrastructure, as well as attract and retain key IT personnel, then our service delivery and revenues could be interrupted or delayed. If we do not have strong IT leadership, we run the risk of failing to adequately plan and respond to the
organization&#146;s IT<B><I> </I></B>infrastructure needs; this may severely impair our ability to meet our clients&#146; needs. Similarly, we must adequately plan for IT initiatives and successfully implement each project. Failure to do this could
cause system interruptions and loss of critical data, could delay or prevent operations, and could adversely affect our operating results, liquidity, or financial position. In addition, Stantec&#146;s computer and communications systems and
operations could be damaged or interrupted by natural disasters, telecommunications failures, acts of war or terrorism, computer viruses, physical or electronic security breaches, or similar events or disruptions. Possible adverse financial impacts
of these events are remediation and litigation costs, costs associated with increased protection, lost<B><I> </I></B>revenues, and reputational damage leading to lost clients. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I>If we fail to attract, retain, and mobilize skilled employees, we would adversely affect our ability to execute our strategy. </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Stantec derives revenue almost exclusively from services performed by our employees.<B><I> </I></B>Therefore, one crucial driver of our success is our ability
to attract, retain, and develop highly qualified people. There is significant competition&#151;from major consulting, boutique consulting, engineering, public agency, research, and other professional services firms&#151;for talented people with the
skills necessary to provide the types of services<B><I> </I></B>that&nbsp;we require to execute our strategy. An inability to attract and retain highly qualified staff could impede our<B><I> </I></B>ability to secure and complete projects and
maintain or expand client relationships. If Stantec&#146;s high-performing,<B><I> </I></B>high-potential employees are not engaged or, worse, are disengaged, unable, or unwilling to continue<B><I> </I></B>employment with our Company&#151;and we do
not have a well-developed succession plan in place before their<B><I> </I></B>departure&#151;our business, operations, and prospects may be adversely affected. We are increasingly facing budgetary pressure to deliver more services for less. We run
the risk of underfunding critical projects that serve as an investment in our people.&nbsp;Critical and collaborative analyses by our operational leadership and our Human Resources leadership is required to ensure we make the right investments for
our future.</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I>Project workplaces are inherently dangerous. Failure to maintain safe work sites could have an adverse impact on Stantec&#146;s
business, reputation, financial condition, and results of operations. </I></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Stantec&#146;s Health, Safety, Security, and Environment (HSSE) program is
aimed at reducing risks to people, the environment, and our business. These risks could result in personal injury, loss of life, or environmental or other damage to our property or the property of others. Because we are a multinational company, our
employees travel to and work in high-security-risk countries around the world that are undergoing political, social, and economic problems resulting in war, civil unrest, criminal activity, acts of terrorism, or public health crises. We may incur
material costs to maintain the safety of our personnel and consultants. If we have inadequate health and safety policies and practices, we could be exposed to civil or statutory liability arising from injuries or deaths. If we cannot or elect not to
insure because of high premium costs or other reasons, we could become liable for damages arising from these events. We risk incurring additional costs if we require additional time to complete projects or lose employee time because of injury on
projects that have sustained environmental, health, and safety incidents. We also risk losing existing projects if our HSSE program and metrics fail to meet our clients&#146; expectations. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I>Force majeure events could negatively impact our ability to complete client work. </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Stantec&#146;s offices, computer and communications systems, and operations could be damaged or interrupted by natural disasters, telecommunications failures,
acts of war or terrorism, or other similar events. If we fail to maintain clear crisis communications plans, effective emergency response plans, and effective pandemic response plans, we put our employees and clients at risk. Failure to quickly
respond to crises could adversely affect our ability to start or complete work for clients, which, in turn, could lead to client dissatisfaction and claims. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:7pt" ALIGN="center">

<TR>
<TD WIDTH="33%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="33%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="32%"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:7pt">
<TD VALIGN="bottom"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:7pt; font-family:Times New Roman">Management&#146;s Discussion and Analysis</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:7pt; font-family:Times New Roman">December 31, 2016</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">M-72</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">Stantec Inc.&nbsp;&nbsp;</TD></TR></TABLE>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I>Stantec has defined benefit plans that currently have a significant deficit. These could grow in the
future, causing us to incur additional costs. </I></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Following the MWH acquisition, Stantec has foreign defined benefit pension plans for certain
employees. At December&nbsp;31, 2016, the defined benefit pension plans had an aggregate deficit (the excess of the project benefit obligations over the fair value of the plan assets) of approximately $50.5&nbsp;million. In the future, our pension
deficits may increase or decrease depending on changes in interest rate levels, pension plan performance, inflation and mortality rates, and other factors. If we are forced or elect to make up all or a portion of the deficit for unfunded benefit
plans over a short time, our cash flow could be materially and adversely affected. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:arial"><B>Compliance and Regulatory Risks </B></P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I>The nature of Stantec&#146;s engineering services performed globally exposes it to various rules and regulations and potential liability, claims, fines,
or sanctions that may reduce its profitability. </I></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Stantec is subject to a variety of regulations and standards. Stantec&#146;s business model
includes a range of business operating units and jurisdictions, each with its own set of rules and regulations. Compliance with additional regulations and standards could materially increase Stantec&#146;s costs, and noncompliance with laws and
regulations could have a significant impact on results. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The United States Foreign Corrupt Practices Act and similar worldwide anticorruption laws,
including the UK&#146;s Bribery Act and the Corruption of Foreign Public Officials Act of 2010 (Canada), generally prohibit companies and their intermediaries from making improper payments to officials for the purpose of obtaining or retaining
business. Stantec operates in many parts of the world that have, to some degree, experienced government corruption. In certain circumstances, strict compliance with anticorruption laws may conflict with local customs and practices. Despite
Stantec&#146;s training and compliance programs, we cannot assure that our internal control policies and procedures will always protect us from inadvertent, reckless, or criminal acts committed by our employees or agents. Stantec&#146;s continued
expansion outside the United States and Canada, including in developing countries, could increase the risk of such violations in the future. Violations of these laws or allegations of such violations could disrupt our business and result in a
material adverse effect on our results of operations or financial condition. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I>Inadequate disclosure controls or internal controls over financial
reporting could result in a material misstatement in our financial statements and related public disclosures; this could lead to a loss of market confidence and a decrease in market value. </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Inadequate disclosure and internal controls could result in system downtime, delayed processing, inappropriate decisions based on <FONT
STYLE="white-space:nowrap">non-current</FONT> internal financial information, fraud, or the inability to continue our business operation. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I>Currency
and interest rate fluctuations, inflation, financial market volatility, or credit market disruptions may limit our access to capital and also negatively affect the ability of our clients to obtain credit to finance their businesses on acceptable
terms. Shareholder activists could disrupt the business and detract from management&#146;s ability to focus on operations. In addition, Stantec is subject to income tax in various foreign jurisdictions; failure to adequately tax plan could
significantly impair Stantec&#146;s overall capital efficiency. </I></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Several capital market risks could affect our business; however, the key drivers
impacting our business are currency risk, interest rate risk, and availability of capital. Although we report our financial results in Canadian dollars, a substantial portion of our revenue and expenses is generated or incurred in <FONT
STYLE="white-space:nowrap">non-Canadian</FONT> dollars. Therefore, if the Canadian dollar strengthened relative to the US dollar and other currencies, the amount of net income from our <FONT STYLE="white-space:nowrap">non-Canadian</FONT> dollar
business could decrease, having a material adverse effect on our business, financial condition, and results of operations. Changes in interest rates also present a risk to our performance. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:7pt" ALIGN="center">

<TR>
<TD WIDTH="33%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="33%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="32%"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:7pt">
<TD VALIGN="bottom"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:7pt; font-family:Times New Roman">Management&#146;s Discussion and Analysis</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:7pt; font-family:Times New Roman">December 31, 2016</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">M-73</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">Stantec Inc.&nbsp;&nbsp;</TD></TR></TABLE>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">
Our revolving credit facility carries a floating rate of interest. We are also subject to interest rate pricing risk to the extent that our investments held for self-insured liabilities contain
fixed-rate government and corporate bonds. If we are unable to obtain additional debt or equity capital on acceptable terms, we may have to reduce the scope of our anticipated expansion, which may negatively affect our competitiveness and results of
operations. We have no assurance that existing debt will continue to be available from our current lenders or other financial institutions on similar favorable terms. Similarly, there is no assurance that equity markets will be available to raise
the level of capital to meet our needs. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">In recent years, shareholder activism has increased in equity markets. Canada, in particular, has a
shareholder-friendly legal framework. If Stantec is unable to provide the market with a compelling business strategy that is attractive to investors, it may be targeted by activist investors who may seek to bring about a change in the strategic
direction, operations, governance, or financial structure of the Company. An activist investor campaign on Stantec could create management distraction, impose a potentially significant cost to defeat it, and disrupt the business. The equity markets
may not support management&#146;s view of the Company&#146;s strategic vision, impacting Stantec&#146;s access to the level of capital required to meet our needs. A successful activist campaign would impact the execution of Stantec&#146;s current
strategic plan. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Stantec is subject to income taxes in various foreign<B><I> </I></B>jurisdictions. The tax legislation, regulations, and interpretations
that apply to Stantec&#146;s operations are continually<B><I> </I></B>changing. As well, future tax benefits and liabilities are dependent on factors that are inherently uncertain and<B><I> </I></B>subject to change, including future earnings,
future tax rates, and anticipated business mix in the various jurisdictions in which we operate. Significant judgment is required to determine the required provision for income taxes, and<B><I> </I></B>management uses accounting and fiscal
principles to determine income tax positions that we believe are likely to be<B><I> </I></B>sustained by applicable tax authorities. However, there is no assurance that Stantec&#146;s tax benefits or tax liability will not materially differ from our
estimates or expectations. In the ordinary course of business, the ultimate tax determination is uncertain for many transactions and calculations. Any of the above factors could affect our operations and profitability, the availability of tax
credits, the cost of the services we provide, and the availability of deductions for operating losses as Stantec grows. This, in turn, could have a material adverse effect on our net income or cash flows. An increase or decrease in Stantec&#146;s
effective tax rate could have a material adverse impact on our financial<B><I> </I></B>condition and results of operations. </P> <P STYLE="margin-top:16pt; margin-bottom:0pt; font-size:10pt; font-family:arial"><B>Construction Services Risks </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">In addition to the above risks, certain risks are unique to our Construction Services business, including the following: </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I>To a significant extent, our prospects depend on our ability to attract a sufficient number of skilled workers. </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The construction industry is increasingly facing a shortage of skilled laborers in some areas and disciplines, particularly in remote locations that require
workers to live in temporary camps. The resulting competition for labor may limit our ability to take advantage of opportunities that would otherwise be available or may impact the profitability of these endeavors as we move forward. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I>A major subcontractor default or failure to properly manage subcontractor performance could materially impact results. </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Profitable completion of some contracts depends largely on the satisfactory performance of the subcontractors and design and engineering consultants who
complete various elements of the work. If these subcontractors and consultants do not perform to accepted standards, we may have to hire others to complete the tasks; this could impact scheduling, add contract costs, impact profitability on a
specific job, and, in certain circumstances, lead to significant losses. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:7pt" ALIGN="center">

<TR>
<TD WIDTH="33%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="33%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="32%"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:7pt">
<TD VALIGN="bottom"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:7pt; font-family:Times New Roman">Management&#146;s Discussion and Analysis</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:7pt; font-family:Times New Roman">December 31, 2016</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">M-74</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">Stantec Inc.&nbsp;&nbsp;</TD></TR></TABLE>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I>Claims and litigation may result in unfavorable outcomes that could materially impact the Company&#146;s
financial position. </I></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Disputes are common in the construction industry; therefore, in the normal course of business, we are involved in various
legal actions and proceedings that arise from time to time. Some of these may be substantial. We have no assurance that our insurance arrangements will be sufficient to cover any particular claim or claims that may arise. Furthermore, we are subject
to the risk of claims and legal actions for various commercial and contractual matters that may arise primarily from construction disputes, in respect of which insurance is not available. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I>Capital requirements may impact the availability of working capital. </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Construction services requires higher capital expenditures which reduces free cash. Although the overall impact to our balance sheet is not material, the
impact to working capital exists. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I>Access to bonding may be unavailable in the future due to economic or other external factors. </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Many construction contracts require sufficient bonding. The construction industry has endured a certain degree of instability and uncertainty that arises from
weak economic conditions; the long-term effects may increase pressures on debt obligations causing delays on projects or failure to complete projects. Additionally, the issuance of bonds under surety facilities is at the sole discretion of the
surety company on a <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">project-by-project</FONT></FONT> basis, and the indemnity agreements can be called at any time. As such, even sizeable surety facilities are no guarantee of surety
support on any specific project.</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I>Extended periods of poor weather can have an adverse effect on a project&#146;s profitability. </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Unfavorable weather conditions are one of the most significant uncontrollable risks for construction services to the extent that the risk is not mitigated in
the contract terms. Delays resulting from extended periods of poor weather can have an adverse effect on the profitability of construction projects. We could be penalized for late completion (imposed by the contract) or incur incremental costs
arising from loss of productivity, compressed schedules, or overtime work used to offset time lost because of the adverse weather. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:11pt; font-family:arial"><B>MANAGING OUR RISKS </B></P>
<P STYLE="margin-top:16pt; margin-bottom:0pt; font-size:10pt; font-family:arial"><B>Global Operations </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">We manage our global Consulting Services
business through a combination of centralized and decentralized controls programs to address the unique aspects of the various markets, cultures, and geographies we operate in. Our matrix-based leadership structure provides distinct yet coordinated
oversight of our business services and geographies. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Construction services are purposefully restricted to primarily two jurisdictions&#151;the United
States and the United Kingdom&#151;to reduce the risks of performing work in jurisdictions where we have little background or&nbsp;experience. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Our
approach to integration involves implementing our Company-wide information technology and financial management systems and providing support services from our corporate and regional offices. </P>
<P STYLE="margin-top:16pt; margin-bottom:0pt; font-size:10pt; font-family:arial"><B>Business Model </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Our business model&#151;based on geographic,
business operating unit specialization, and life-cycle diversification&#151;reduces our dependency on any particular industry or economic driver. We intend to continue diversifying our geographic presence and service offerings and focusing on key
client sectors. We believe this will reduce our susceptibility to industry-specific and regional economic cycles and will help us take advantage of economies of&nbsp;scale in the highly fragmented professional services industry. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:7pt" ALIGN="center">

<TR>
<TD WIDTH="33%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="33%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="32%"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:7pt">
<TD VALIGN="bottom"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:7pt; font-family:Times New Roman">Management&#146;s Discussion and Analysis</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:7pt; font-family:Times New Roman">December 31, 2016</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">M-75</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">Stantec Inc.&nbsp;&nbsp;</TD></TR></TABLE>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">We also differentiate our Consulting Services business from competitors by entering into both large and small
contracts with various fee amounts. We work on tens of thousands of projects for thousands of clients in hundreds of locations. Our broad project mix strengthens our brand identity and ensures that we do not rely on only a few large projects for our
revenue. We expect to continue to pursue selective acquisitions, enabling us to enhance our market penetration and to increase and diversify our revenue base. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Our Construction Services business operates separately; however, Construction Services may be coordinated with our Consulting Services business when
appropriate and advantageous for our client. </P> <P STYLE="margin-top:16pt; margin-bottom:0pt; font-size:10pt; font-family:arial"><B>Effective Processes and Systems </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Our Integrated Management System (IMS) provides a disciplined and accountable framework for managing risks, quality outcomes, and occupational health and
safety and environmental compliance. Our legacy Stantec operations are certified to the following four internationally recognized consensus ISO standards: </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="3%" VALIGN="top" ALIGN="left"><FONT COLOR="#8b8376">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">ISO 9001:2008 (Quality Management) </TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="3%" VALIGN="top" ALIGN="left"><FONT COLOR="#8b8376">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">ISO 14001:2004 (Environmental Management) </TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="3%" VALIGN="top" ALIGN="left"><FONT COLOR="#8b8376">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">OHSAS 18001:2007 (Occupational Health&nbsp;&amp; Safety Management) </TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="3%" VALIGN="top" ALIGN="left"><FONT COLOR="#8b8376">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">ISO/IEC <FONT STYLE="white-space:nowrap">20000-1:2011</FONT> (IT Service Management) </TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">MWH also has a number of
ISO certifications in certain geographies. As part of our integration plan, these will be reviewed and incorporated into Stantec&#146;s Integrated Management System in 2017. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Our legacy Stantec operations use a <FONT STYLE="white-space:nowrap">10-point</FONT> Project Management (PM) Framework that&#151;along with the more detailed
practice frameworks that exist in our business operating units&#151;clearly conveys the steps employees must take to achieve more consistent and successful project outcomes. The PM Framework creates standard principles relating to project execution
and helps ensure consistent application of those principles to all of our projects. To improve PM Framework compliance, improvement plans are issued to address specific corrective actions, with responsibilities and deadlines assigned for completion.
MWH operations use a proprietary handbook of PM practices that will be integrated with our PM framework beginning in 2017 and adopted by all our Consulting Services operations. MWH Construction Services uses a Project Management Administration Plan
(the MAP) to tailor its project management practices to each project and integrate quality, risk, health and safety, IT, and change management procedures. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">In Consulting Services, our largest and most complex projects are supported by our Programs and Business Solutions (PBS) group, which provides specialized
program and project management services. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">All Construction Services projects have a MAP prepared at the outset, a component of which is a project quality
plan. Project quality is assessed throughout the course of the project through a combination of periodic operational and scheduling reviews by management and <FONT STYLE="white-space:nowrap">mid-project</FONT> quality reviews performed by an
independent Global Risk Management team. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Our comprehensive IT security (Cybersecurity) program is designed to predict, prevent, detect, and respond. Key
initiatives of the program include detailed security and acceptable use policies, practices, and procedures; awareness campaigns to staff; and a comprehensive array of security initiatives for enforcing security standards, including regular
penetration tests. We have an integrated security incident response team, linked to our crisis communication plan, to ensure that breach response protocols are aligned with our overall corporate crisis response plans. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:7pt" ALIGN="center">

<TR>
<TD WIDTH="33%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="33%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="32%"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:7pt">
<TD VALIGN="bottom"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:7pt; font-family:Times New Roman">Management&#146;s Discussion and Analysis</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:7pt; font-family:Times New Roman">December 31, 2016</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">M-76</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">Stantec Inc.&nbsp;&nbsp;</TD></TR></TABLE>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">We invest resources in our Risk Management team. Team members are dedicated to providing Company-wide support and
guidance on risk avoidance practices and procedures. Structured risk assessments are conducted before we begin pursuing projects that involve heightened or unique risk factors. </P>
<P STYLE="margin-top:16pt; margin-bottom:0pt; font-size:10pt; font-family:arial"><B>Insurance </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">We maintain insurance coverage for our operations,
including policies covering general, automobile, environmental, workers&#146; compensation and employers&#146;, directors&#146; and officers&#146;, professional, cyber, patent infringement, fiduciary, crime, constructors all risk, wrap up, and
contractors&#146; equipment liability. We have a regulated captive insurance company to insure and fund the payment of any professional liability self-insured retentions related to claims arising after August&nbsp;1, 2003. We&nbsp;or&nbsp;our
clients also obtain project-specific insurance when required. </P> <P STYLE="margin-top:16pt; margin-bottom:0pt; font-size:10pt; font-family:arial"><B>Growth Management </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">We have an acquisition and integration program managed by a dedicated acquisition team to address the risk of being unsuccessful when integrating acquired
companies. A senior regional or business leader is appointed for each acquisition. The team supports and is responsible for </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="3%" VALIGN="top" ALIGN="left"><FONT COLOR="#8b8376">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">Identifying and valuing acquisition candidates </TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="3%" VALIGN="top" ALIGN="left"><FONT COLOR="#8b8376">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">Undertaking and coordinating due diligence </TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="3%" VALIGN="top" ALIGN="left"><FONT COLOR="#8b8376">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">Negotiating and closing transactions </TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="3%" VALIGN="top" ALIGN="left"><FONT COLOR="#8b8376">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">Integrating employees and leadership structures immediately and systems as soon as practical following an acquisition </TD></TR></TABLE>
<P STYLE="margin-top:16pt; margin-bottom:0pt; font-size:10pt; font-family:arial"><B>Capital Liquidity </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">We are able to meet our liquidity needs and
expansion strategy through various sources that include cash generated from operations, short- and long-term borrowings from our $1.25&nbsp;billion syndicated senior secured credit facilities, and the issuance of common shares. </P>
<P STYLE="margin-top:16pt; margin-bottom:0pt; font-size:10pt; font-family:arial"><B>Executive Compensation </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">We seek to align our compensation practices
with our risk mitigation strategies. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">We provide our executives with a mix of fixed, variable, and <FONT STYLE="white-space:nowrap">at-risk</FONT>
compensation. This mix helps us attract and retain highly qualified executives, which is critical for our Company&#146;s ongoing success. Our annual short-term incentive plan (STIP) rewards near-term performance contributions to encourage executives
to achieve profitable business results. Each executive has a target STIP amount, and the actual payment can range from 0% to a maximum of 200% of the target. This maximum STIP payout mitigates the risk of unreasonably high short-term compensation.
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Our annual long-term incentive plan (LTIP), granted to executives, includes a mix of <FONT STYLE="white-space:nowrap">one-third</FONT> share options and <FONT
STYLE="white-space:nowrap">two-thirds</FONT> performance share units (PSUs). These incentives reward long-term performance by aligning the interests of our executives with increased shareholder returns and vest based on the achievement of three-year
performance hurdles related to net income growth and return on equity. Our share options also vest over a three-year period. This deferred vesting for our LTIP further encourages long-term alignment with the interests of our shareholders. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">In addition to our compensation programs, we have adopted share ownership requirements for our executives to further demonstrate their commitment to creating
shareholder value. Our CEO is also required to maintain his share ownership requirements for at least a year following his retirement from Stantec. As well, our executives are prohibited from speculating in the securities of the Company or
purchasing financial instruments that are designed to hedge or offset a decrease in value of equity securities of the Company. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:7pt" ALIGN="center">

<TR>
<TD WIDTH="33%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="33%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="32%"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:7pt">
<TD VALIGN="bottom"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:7pt; font-family:Times New Roman">Management&#146;s Discussion and Analysis</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:7pt; font-family:Times New Roman">December 31, 2016</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">M-77</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">Stantec Inc.&nbsp;&nbsp;</TD></TR></TABLE>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">We also have an executive compensation claw-back policy that shows our commitment to the principle that
compensation paid to our executives&#151;based on financial information that has since been restated&#151;should be&nbsp;returned. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:14pt; font-family:arial"><FONT COLOR="#8b8376"><B>Controls and Procedures </B></FONT></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Disclosure
controls and procedures are designed to ensure that information we are required to disclose in reports filed with securities regulatory agencies is recorded, processed, summarized, and reported on a timely basis and is accumulated and communicated
to management&#151;including our CEO and CFO, as appropriate&#151;to allow timely decisions regarding required disclosure. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Under the supervision and with
the participation of management, including our CEO and CFO, we carried out an evaluation of the effectiveness of our disclosure controls and procedures as of December&nbsp;31, 2016 (as defined in rules adopted by the SEC in the United States and as
defined in Canada by National Instrument <FONT STYLE="white-space:nowrap">52-109,</FONT> Certification of Disclosure in Issuer&#146;s Annual and Interim Filings). Based on this evaluation, our CEO and CFO concluded that the design and operation of
our disclosure controls and procedures were effective. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">As permitted by published guidance of the U.S. Securities and Exchange commission (SEC), our
evaluation of and conclusions on the effectiveness of internal control over financial reporting did not include the internal controls of Bury; MWH, VOA, and Edwards&nbsp;&amp; Zuck, which are included in our 2016 consolidated financial statements.
The aggregate assets acquired were $818.7&nbsp;million, representing 19.1% of our total assets as at December&nbsp;31, 2016. The gross revenue earned from their dates of acquisition to December&nbsp;31, 2016, constituted 32.3% of our gross revenue
for the year ended December&nbsp;31, 2016. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Internal control over financial reporting is a process designed to provide reasonable assurance regarding the
reliability of financial reporting and preparation of financial statements for external purposes in accordance with IFRS. A control system, no matter how well designed and operated, can provide only reasonable, not absolute, assurance with respect
to the reliability of our financial reporting and preparation of our financial statements. Accordingly, management, including our CEO and CFO, does not expect that our internal control over financial reporting will prevent or detect all errors and
all fraud. Management&#146;s Annual Report on Internal Control over Financial Reporting and the Independent Auditors&#146; Report on Internal Controls are included in our 2016 consolidated financial statements. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">There has been no change in our internal control over financial reporting during the year ended December&nbsp;31, 2016, that materially affected or is
reasonably likely to materially affect our internal control over financial reporting. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">We will continue to periodically review our disclosure controls and
procedures and internal control over financial reporting and may make modifications from time to time as considered necessary or desirable. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:14pt; font-family:arial"><FONT COLOR="#8b8376"><B>Corporate Governance </B></FONT></P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:11pt; font-family:arial"><B>DISCLOSURE COMMITTEE
</B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Stantec has a Disclosure Committee, consisting of a cross-section of management. The committee&#146;s mandate is to provide ongoing review of
Stantec&#146;s continuous disclosure policy and to facilitate compliance with applicable legislative and regulatory reporting requirements. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:7pt" ALIGN="center">

<TR>
<TD WIDTH="33%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="33%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="32%"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:7pt">
<TD VALIGN="bottom"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:7pt; font-family:Times New Roman">Management&#146;s Discussion and Analysis</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:7pt; font-family:Times New Roman">December 31, 2016</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">M-78</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">Stantec Inc.&nbsp;&nbsp;</TD></TR></TABLE>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:11pt; font-family:arial"><B>BOARD OF DIRECTORS </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Stantec&#146;s board of directors currently includes nine members&#151;eight are independent under Canadian securities laws and under the rules of the SEC and
the NYSE and are free from any interest or relationship that could materially interfere with their ability to act in the best interest of our Company and shareholders. Bob Gomes is not independent by virtue of his service as the Company&#146;s chief
executive officer. The chair of Stantec&#146;s board of directors, Aram Keith, is an independent director. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The board&#146;s mandate is to supervise
Stantec&#146;s management with a view to the Company&#146;s best interests. The board fulfills its mandate by </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="3%" VALIGN="top" ALIGN="left"><FONT COLOR="#8b8376">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">Overseeing the Company&#146;s strategic planning process </TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="3%" VALIGN="top" ALIGN="left"><FONT COLOR="#8b8376">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">Satisfying itself as to the integrity of the CEO and other executive officers </TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="3%" VALIGN="top" ALIGN="left"><FONT COLOR="#8b8376">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">Ensuring that the Company has a policy in place for communicating effectively with shareholders, other stakeholders, and the public </TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="3%" VALIGN="top" ALIGN="left"><FONT COLOR="#8b8376">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">Reviewing and monitoring the Company&#146;s principal business risks as identified by management, along with the systems for managing such risks </TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="3%" VALIGN="top" ALIGN="left"><FONT COLOR="#8b8376">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">Overseeing senior management succession planning, including the appointment, development, and monitoring of senior management </TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="3%" VALIGN="top" ALIGN="left"><FONT COLOR="#8b8376">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">Ensuring that management maintains the integrity of the Company&#146;s internal controls and management information systems </TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">In 2016, Stantec&#146;s board included two committees: the Audit and Risk Committee and the Corporate Governance and Compensation Committee. Both committees
are composed entirely of independent directors. </P> <P STYLE="margin-top:16pt; margin-bottom:0pt; font-size:11pt; font-family:arial"><B>AUDIT AND RISK COMMITTEE </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The Audit and Risk Committee monitors, evaluates, approves, and makes recommendations on matters affecting Stantec&#146;s external audit, financial reporting,
accounting control policies, and risk management matters. The chair provides regular reports at the Company&#146;s board meetings. The board has determined that each member is financially literate and independent, and two of the four members are
&#147;financial experts&#148; as the term is defined under the rules of the SEC and NYSE. </P> <P STYLE="margin-top:16pt; margin-bottom:0pt; font-size:11pt; font-family:arial"><B>CORPORATE GOVERNANCE AND COMPENSATION COMMITTEE </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The Corporate Governance and Compensation Committee monitors, evaluates, approves, and makes recommendations on matters affecting corporate governance and
board and executive compensation. Governance matters include, but are not limited to, board size, director nominations, orientation, education, and self-evaluation. Compensation matters include, but are not limited to, director and executive
management compensation, performance review, and succession planning. The committee reviews and approves the CEO&#146;s objectives and monitors these objectives quarterly. The chair provides regular reports at the Company&#146;s board&nbsp;meetings.
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">More information about Stantec&#146;s corporate governance can be found on our website (www.stantec.com), and additional information will be available in
the Management Information Circular prepared for our May&nbsp;11, 2017, Annual General Meeting of Shareholders. As well, the following documents are posted on our website: </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="3%" VALIGN="top" ALIGN="left"><FONT COLOR="#8b8376">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">Corporate Governance Guidelines </TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="3%" VALIGN="top" ALIGN="left"><FONT COLOR="#8b8376">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">Audit and Risk Committee Terms of Reference </TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="3%" VALIGN="top" ALIGN="left"><FONT COLOR="#8b8376">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">Corporate Governance and Compensation Committee Terms of Reference </TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="3%" VALIGN="top" ALIGN="left"><FONT COLOR="#8b8376">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">Code of Ethics Policy </TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="3%" VALIGN="top" ALIGN="left"><FONT COLOR="#8b8376">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">Integrity Policy </TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:7pt" ALIGN="center">

<TR>
<TD WIDTH="33%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="33%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="32%"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:7pt">
<TD VALIGN="bottom"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:7pt; font-family:Times New Roman">Management&#146;s Discussion and Analysis</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:7pt; font-family:Times New Roman">December 31, 2016</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">M-79</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">Stantec Inc.&nbsp;&nbsp;</TD></TR></TABLE>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The documents listed above are not and should not be deemed to be incorporated by reference. Copies of these
documents will be made available in print form to any shareholder who requests them. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:14pt; font-family:arial"><FONT COLOR="#8b8376"><B>Subsequent Events </B></FONT></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">On February&nbsp;22, 2017, the Company declared a cash dividend of $0.125 per share, payable on April&nbsp;13, 2017, to shareholders of record on
March&nbsp;31, 2017, an increase of 11.11% from last year. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:14pt; font-family:arial"><FONT COLOR="#8b8376"><B>Cautionary Note Regarding Forward-Looking Statements </B></FONT></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I>Our public communications often include written or verbal forward-looking statements within the meaning of the US Private Securities Litigation Reform Act
and Canadian securities laws. Forward-looking statements are disclosures regarding possible events, conditions, or results of operations that are based on assumptions about future economic conditions or courses of action and include financial
outlook or future-oriented financial information. Any financial outlook or future-oriented financial information in this Management&#146;s Discussion and&nbsp;Analysis has been approved by management of Stantec. Such financial outlook or
future-oriented financial information is provided for the purpose of providing information about management&#146;s current expectations and plans relating to the future. </I></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I>Forward-looking statements may involve, but are not limited to, comments with respect to our objectives for 2017 and beyond, our strategies or future
actions, our targets, our expectations for our financial condition or share price, or the results of or outlook for our operations. Statements of this type may be contained in filings with securities regulators or in other communications and are
contained in this report. Forward-looking statements in this report include, but are not limited to, the following: </I></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="3%" VALIGN="top" ALIGN="left"><FONT COLOR="#8b8376">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"><I>The discussion of our goals in the Core Business and Strategy section, including but not limited to our plan to achieve a compound average growth rate of 15% through a combination of organic and acquisition
growth</I> </TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="3%" VALIGN="top" ALIGN="left"><FONT COLOR="#8b8376">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"><I>Our 2017 target ranges for certain measures in the Outlook section</I> </TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="3%" VALIGN="top" ALIGN="left"><FONT COLOR="#8b8376">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"><I>Our short-term and long-term expectations for our reportable segments under Discussion of Operations &#150; Gross Revenue by Reportable Segment and Gross Revenue by Consulting Services &#150; Business Operating
Units, including but not limited to:</I> </TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left"><FONT COLOR="#8b8376">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"><I>Our expectation that our Transportation and Water sectors in our Infrastructure business unit will continue to benefit from the Canadian federal and certain key provincial budgets recently released</I>
</TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left"><FONT COLOR="#8b8376">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"><I>Our expectation that growth opportunities exist for environmental services work in the power sector in the renewables market in Canada and the United States</I> </TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left"><FONT COLOR="#8b8376">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"><I>Our expectation that the Canadian government&#146;s plans for infrastructure spending will result in new opportunities for us</I> </TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="3%" VALIGN="top" ALIGN="left"><FONT COLOR="#8b8376">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"><I>Our expectations for the costs of software additions and amortization expenses for 2017</I> </TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="3%" VALIGN="top" ALIGN="left"><FONT COLOR="#8b8376">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"><I>Our 2017 overall outlook under the Outlook &#150; Overall Outlook section</I> </TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="3%" VALIGN="top" ALIGN="left"><FONT COLOR="#8b8376">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"><I>Our expectation on the timing for the completion of the MWH integration and the expected synergies and efficiencies of the combined business in the Outlook &#150; Overall Outlook section</I> </TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="3%" VALIGN="top" ALIGN="left"><FONT COLOR="#8b8376">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"><I>Our expectations regarding economic trends, industry trends, and commodity prices in the sectors and regions in which we operate</I> </TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="3%" VALIGN="top" ALIGN="left"><FONT COLOR="#8b8376">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"><I>Our expectations regarding our sources of cash and ability to meet our normal operating and capital expenditures in the Liquidity and Capital Resources section</I> </TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:7pt" ALIGN="center">

<TR>
<TD WIDTH="33%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="33%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="32%"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:7pt">
<TD VALIGN="bottom"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:7pt; font-family:Times New Roman">Management&#146;s Discussion and Analysis</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:7pt; font-family:Times New Roman">December 31, 2016</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">M-80</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">Stantec Inc.&nbsp;&nbsp;</TD></TR></TABLE>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="3%" VALIGN="top" ALIGN="left"><FONT COLOR="#8b8376">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"><I>Our statements about our expectation and abilities to build on the construction capabilities of MWH and expand our current North American acquisition strategy into global markets, and our expectations for revenue
breakdown geographically in the Core Business and Strategy section</I> </TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="3%" VALIGN="top" ALIGN="left"><FONT COLOR="#8b8376">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"><I>Our expectation that the economic impact of the Brexit referendum will not, in the short term, have a significant impact on our UK operations </I> </TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I>These describe the management expectations and targets by which we measure our success and assist our shareholders in understanding our financial position
as at and for the periods ended on the dates presented in&nbsp;this report. Readers are cautioned that this information may not be appropriate for other purposes. </I></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I>By their nature, forward-looking statements require us to make assumptions and are subject to inherent risks and uncertainties. There is a significant risk
that predictions, forecasts, conclusions, projections, and other forward-looking statements will not prove to be accurate. We caution readers of this report not to place undue reliance on our forward-looking statements since a number of factors
could cause actual future results, conditions, actions, or events to differ materially from the targets, expectations, estimates, or intentions expressed in these forward-looking statements. </I></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I>Future outcomes relating to forward-looking statements may be influenced by many factors and material risks, including the risks described in the Risk
Factors section of this report. </I></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I>Assumptions </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I>In determining our forward-looking statements, we consider material factors including assumptions about the performance of the Canadian, US, and Global
economies in 2017 and their effect on our business. The factors and assumptions we used about the performance of Canadian, US, and Global economies in 2017 in determining our annual targets and our outlook for 2017 are listed in the Outlook section
of this report. In addition, our budget is a key input for making certain forward-looking statements, and certain key assumptions underlying our budget are also set forth under Overall Outlook. </I></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I>The preceding list of factors is not exhaustive. Investors and the public should carefully consider these factors, other uncertainties and potential
events, and the inherent uncertainty of forward-looking statements when relying on these statements to make decisions with respect to our Company. The forward-looking statements contained herein represent our expectations as of February&nbsp;22,
2017, and, accordingly, are subject to change after such date. Except as may be required by law, we do not undertake to update any forward-looking statement, whether written or verbal, that may be made from time to time. In the case of the ranges of
expected performance for fiscal year 2017, it is our current practice to evaluate and, where we deem appropriate, provide updates. However, subject to legal requirements, we may change this practice at any time at our sole discretion. </I></P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:7pt" ALIGN="center">

<TR>
<TD WIDTH="33%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="33%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="32%"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:7pt">
<TD VALIGN="bottom"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:7pt; font-family:Times New Roman">Management&#146;s Discussion and Analysis</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:7pt; font-family:Times New Roman">December 31, 2016</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">M-81</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">Stantec Inc.&nbsp;&nbsp;</TD></TR></TABLE>

</BODY></HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.3
<SEQUENCE>4
<FILENAME>d350409dex993.htm
<DESCRIPTION>EX-99.3
<TEXT>
<HTML><HEAD>
<TITLE>EX-99.3</TITLE>
</HEAD>
 <BODY BGCOLOR="WHITE">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:20pt; font-family:ARIAL"><FONT COLOR="#ff9b26">Consolidated Financial Statements </FONT></P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #8b8376;width:14%">&nbsp;</P>
<P STYLE="margin-top:14pt; margin-bottom:0pt; font-size:14pt; font-family:ARIAL"><FONT COLOR="#8b8376"><B>For the Years Ended December&nbsp;31, 2016, and 2015 </B></FONT></P>

<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:15pt; font-family:ARIAL"><FONT COLOR="#ff9b26">Management Report </FONT></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The annual report, including the consolidated financial statements and Management&#146;s Discussion and Analysis (MD&amp;A), is the responsibility of the
management of the Company. The consolidated financial statements were prepared by management in accordance with International Financial Reporting Standards. Where alternative accounting methods exist, management has chosen those it considers most
appropriate in the circumstances. The significant accounting policies used are described in note 4 to the consolidated financial statements. Certain amounts in the financial statements are based on estimates and judgments relating to matters not
concluded by <FONT STYLE="white-space:nowrap">year-end.</FONT> The integrity of the information presented in the financial statements is the responsibility of management. Financial information presented elsewhere in this annual report has been
prepared by management and is consistent with the information in the consolidated financial statements. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The board of directors is responsible for ensuring
that management fulfills its responsibilities and for providing final approval of the annual consolidated financial statements. The board has appointed an Audit and Risk Committee comprising four directors; none are officers or employees of the
Company or its subsidiaries. The Audit and Risk Committee meets at least four times each year to discharge its responsibilities under a written mandate from the board of directors. The Audit and Risk Committee meets with management and with the
external auditors to satisfy itself that it is properly discharging its responsibilities; reviews the consolidated financial statements, MD&amp;A, and Independent Auditors&#146; Report; and examines other auditing and accounting matters. The Audit
and Risk Committee has reviewed the audited consolidated financial statements with management and discussed the quality of the accounting principles as applied and the significant judgments affecting the consolidated financial statements. The Audit
and Risk Committee has discussed with the external auditors the external auditors&#146; judgments of the quality of those principles as applied and the judgments noted above. The consolidated financial statements and MD&amp;A have been reviewed by
the Audit and Risk Committee and approved by the board of directors of Stantec Inc. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The consolidated financial statements have been examined by the
shareholders&#146; auditors, Ernst&nbsp;&amp; Young LLP, Chartered Professional Accountants. The Independent Auditors&#146; Report outlines the nature of their examination and their opinion on the consolidated financial statements of the Company.
The external auditors have full and unrestricted access to the Audit and Risk Committee, with or without management being present. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:11pt; font-family:ARIAL"><FONT COLOR="#8b8476"><B>Management&#146;s Annual Report on Internal Control over Financial Reporting </B></FONT></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Management is responsible for establishing and maintaining an adequate system of internal control over financial reporting. The Company&#146;s internal control
over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with International Financial Reporting
Standards. Management conducted an evaluation of the effectiveness of the system of internal control over financial reporting based on the framework in <I>Internal Control &#150; Integrated Framework</I> issued by the Committee of Sponsoring
Organizations of the Treadway Commission (2013 framework). Based on this evaluation, management concluded that the Company&#146;s system of internal control over financial reporting was effective as at December&nbsp;31, 2016. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Ernst&nbsp;&amp; Young LLP, which has audited the consolidated financial statements of the Company for the year ended December&nbsp;31, 2016, has also issued a
report on the effectiveness of the Company&#146;s internal control over financial reporting. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">As permitted by published guidance of the U.S. Securities and
Exchange Commission (SEC), management&#146;s evaluation of and conclusions on the effectiveness of internal control over financial reporting did not include the internal controls of Bury Holdings, Inc.; MWH Global, Inc.; VOA Associates, Inc.;
Edwards and Zuck, P.C.; and Edwards and Zuck Consulting Engineers, D.P.C. acquisitions which are included in the Company&#146;s 2016 consolidated financial statements. The aggregate assets acquired were $818.7&nbsp;million, representing 19.1% of the
Company&#146;s total assets as at December&nbsp;31, 2016. The gross revenue earned from their dates of acquisition to December&nbsp;31, 2016, constituted 32.3% of the Company&#146;s gross revenue for the year ended December&nbsp;31, 2016. </P>
<P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:9pt" ALIGN="center">


<TR>
<TD WIDTH="50%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="48%"></TD></TR>


<TR STYLE="font-family:ARIAL; font-size:9pt">
<TD VALIGN="bottom">


<IMG SRC="g350409ex99_3pg001a.jpg" ALT="LOGO">
</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">


<IMG SRC="g350409ex99_3pg001b.jpg" ALT="LOGO">
</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:9pt">
<TD VALIGN="bottom">Bob Gomes, P.Eng.</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Dan Lefaivre, FCPA, FCMA</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:9pt">
<TD VALIGN="bottom">President&nbsp;&amp; CEO</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Executive Vice President&nbsp;&amp; CFO</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:9pt">
<TD VALIGN="bottom">February&nbsp;22, 2017</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">February&nbsp;22, 2017</TD></TR>
</TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:7pt" ALIGN="center">

<TR>
<TD WIDTH="35%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="32%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="31%"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:7pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">F-1</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">Stantec Inc.</TD></TR></TABLE>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:15pt; font-family:ARIAL"><FONT COLOR="#ff9b26">Independent Auditors&#146; Report of Registered </FONT></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:15pt; font-family:ARIAL"><FONT COLOR="#ff9b26">Public Accounting Firm </FONT></P> <P STYLE="margin-top:20pt; margin-bottom:0pt; font-size:11pt; font-family:ARIAL"><FONT COLOR="#8b8476"><B>To the
Board of Directors and Shareholders of Stantec Inc.: </B></FONT></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">We have audited the accompanying consolidated financial statements of Stantec Inc., which
comprise the consolidated statements of financial position as at December&nbsp;31, 2016 and 2015, and the consolidated statements of income, comprehensive income, shareholders&#146; equity and cash flows for the years ended December&nbsp;31, 2016
and 2015, and a summary of significant accounting policies and other explanatory information. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:11pt; font-family:ARIAL"><FONT COLOR="#8b8476"><B>Management&#146;s Responsibility for the
Consolidated Financial Statements </B></FONT></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Management is responsible for the preparation and fair presentation of these consolidated financial
statements in accordance with International Financial Reporting Standards as issued by the International Accounting Standards Board, and for such internal control as management determines is necessary to enable the preparation of consolidated
financial statements that are free from material misstatement, whether due to fraud or error. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:11pt; font-family:ARIAL"><FONT COLOR="#8b8476"><B>Auditors&#146; Responsibility </B></FONT></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Our responsibility is to express an opinion on these consolidated financial statements based on our audits. We conducted our audits in accordance with Canadian
generally accepted auditing standards and the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance
about whether the consolidated financial statements are free from material misstatement. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">An audit involves performing procedures to obtain audit evidence
about the amounts and disclosures in the consolidated financial statements. The procedures selected depend on the auditors&#146; judgment, including the assessment of the risks of material misstatement of the consolidated financial statements,
whether due to fraud or error. In making those risk assessments, the auditors consider internal control relevant to the entity&#146;s preparation and fair presentation of the consolidated financial statements in order to design audit procedures that
are appropriate in the circumstances. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the consolidated financial statements, evaluating the appropriateness of accounting policies used and the
reasonableness of accounting estimates made by management, as well as evaluating the overall presentation of the consolidated financial statements. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">We
believe that the audit evidence we have obtained in our audits is sufficient and appropriate to provide a basis for our audit opinion. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:11pt; font-family:ARIAL"><FONT COLOR="#8b8476"><B>Opinion </B></FONT></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">In our opinion, the
consolidated financial statements present fairly, in all material respects, the financial position of Stantec Inc. as at December&nbsp;31, 2016 and 2015, and its financial performance and its cash flows for the years ended December&nbsp;31, 2016 and
2015 in accordance with International Financial Reporting Standards as issued by the International Accounting Standards Board. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:11pt; font-family:ARIAL"><FONT COLOR="#8b8476"><B>Other Matter
</B></FONT></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">We have also audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States), Stantec Inc.&#146;s
internal control over financial reporting as at December&nbsp;31, 2016, based on the criteria established in<I> Internal Control &#151; Integrated Framework</I> issued by the Committee of Sponsoring Organizations of the Treadway Commission (2013
framework) and our report dated February&nbsp;22, 2017 expressed an unqualified opinion on Stantec Inc.&#146;s internal control over financial reporting. </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="margin-top:0pt;margin-bottom:0pt">


<IMG SRC="g350409ex99_3pg002.jpg" ALT="LOGO">
 </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman"><B>Chartered Professional Accountants</B> </P>
<P STYLE="margin-top:2pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman">Edmonton, Canada </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman">February&nbsp;22, 2017 </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:7pt" ALIGN="center">

<TR>
<TD WIDTH="35%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="32%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="31%"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:7pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">F-2</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">Stantec Inc.</TD></TR></TABLE>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:15pt; font-family:ARIAL"><FONT COLOR="#ff9b26">Independent Auditors&#146; Report on Internal Control over </FONT></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:15pt; font-family:ARIAL"><FONT COLOR="#ff9b26">Financial Reporting </FONT></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">(Under the standards of
the Public Company Accounting Oversight Board (United States)) </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:11pt; font-family:ARIAL"><FONT COLOR="#8b8476"><B>To the Board of Directors and Shareholders of Stantec Inc.: </B></FONT></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">We have audited Stantec Inc.&#146;s internal control over financial reporting as at December&nbsp;31, 2016, based on criteria established in <I>Internal
Control&#151;Integrated Framework</I> issued by the Committee of Sponsoring Organizations of the Treadway Commission (2013 framework) (the COSO criteria). Stantec Inc.&#146;s management is responsible for maintaining effective internal control over
financial reporting, and for its assessment of the effectiveness of internal control over financial reporting included in the accompanying Management&#146;s Annual Report on Internal Control over Financial Reporting. Our responsibility is to express
an opinion on the Company&#146;s internal control over financial reporting based on our audit. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">We conducted our audit in accordance with the standards of
the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether effective internal control over financial reporting was maintained in all material
respects. Our audit included obtaining an understanding of internal control over financial reporting, assessing the risk that a material weakness exists, testing and evaluating the design and operating effectiveness of internal control based on the
assessed risk, and performing such other procedures as we considered necessary in the circumstances. We believe that our audit provides a reasonable basis for our opinion. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">A company&#146;s internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial
reporting and the preparation of financial statements for external purposes in accordance with International Financial Reporting Standards as issued by the International Accounting Standards Board (IFRS). A company&#146;s internal control over
financial reporting includes those policies and procedures that (1)&nbsp;pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (2)&nbsp;provide
reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with IFRS, and that receipts and expenditures of the company are being made only in accordance with authorizations of
management and directors of the company; and (3)&nbsp;provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use or disposition of the company&#146;s assets that could have a material effect on the
financial statements. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also,
projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">As indicated in the accompanying Management&#146;s Annual Report on Internal Control over Financial Reporting, management&#146;s assessment of and conclusion
on the effectiveness of internal control over financial reporting did not include the internal controls of Bury Holdings, Inc.; MWH Global, Inc.; VOA Associates, Inc.; Edwards and Zuck, P.C.; and Edwards and Zuck Consulting Engineers, D.P.C. which
are included in the 2016 consolidated financial statements of Stantec Inc. The total assets acquired from these specified acquisitions represented 19.1% of Stantec Inc.&#146;s consolidated total assets at December&nbsp;31, 2016 and 32.3% of Stantec
Inc.&#146;s consolidated gross revenue for the year then ended not subject to management&#146;s assessment of and conclusion on the effectiveness of internal control over financial reporting. Our audit of internal control over financial reporting of
Stantec Inc. also did not include an evaluation of the internal control over financial reporting of these specified acquisitions. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">In our opinion, Stantec
Inc. maintained, in all material respects, effective internal control over financial reporting as at December&nbsp;31, 2016, based on the COSO criteria<B>.</B> </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">We also have audited, in accordance with Canadian generally accepted auditing standards and the standards of the Public Company Accounting Oversight Board
(United States), the consolidated statements of financial position of Stantec Inc. as at December&nbsp;31, 2016 and 2015, and the consolidated statements of income, comprehensive income, shareholders&#146; equity and cash flows for the years ended
December&nbsp;31, 2016 and 2015, and our report dated February&nbsp;22, 2017, expressed an unqualified opinion thereon. </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt;margin-bottom:0pt">


<IMG SRC="g350409ex99_3pg003.jpg" ALT="LOGO">
 </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman"><B>Chartered Professional Accountants</B> </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman">Edmonton, Canada </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman">February&nbsp;22, 2017 </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:7pt" ALIGN="center">

<TR>
<TD WIDTH="35%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="32%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="31%"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:7pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">F-3</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">Stantec Inc.</TD></TR></TABLE>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:15pt; font-family:ARIAL"><FONT COLOR="#ff9b26">Consolidated Statements of Financial Position </FONT></P>
<P STYLE="font-size:3pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:9pt" ALIGN="center">


<TR>
<TD WIDTH="69%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="3%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="12%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="13%"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:9pt">
<TD VALIGN="bottom"><FONT STYLE="font-size:7pt"><I>(In thousands of Canadian dollars)</I></FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">Notes</TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1">&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1"> <P STYLE="font-size:4pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman" ALIGN="right"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;December&nbsp;31<BR>2016</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:9pt; font-family:Times New Roman" ALIGN="right"><B>$</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman" ALIGN="right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;December&nbsp;31<BR>2015</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:9pt; font-family:Times New Roman" ALIGN="right">$</P></TD></TR>


<TR STYLE="font-size:1px; ">
<TD COLSPAN="7" VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2" BGCOLOR="#e5e4e1"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:9pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:Times New Roman"><B>ASSETS</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right"><B></B>17<B>&nbsp;</B></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1">&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:9pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:Times New Roman"><B>Current</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1">&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:9pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:Times New Roman">Cash and cash equivalents</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">8&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right" BGCOLOR="#e5e4e1"><B>210,903&nbsp;</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">67,342&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:9pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:Times New Roman">Cash in escrow</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">8&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right" BGCOLOR="#e5e4e1"><B>8,844&nbsp;</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">8,646&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:9pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:Times New Roman">Trade and other receivables</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">9&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right" BGCOLOR="#e5e4e1"><B>806,417&nbsp;</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">570,577&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:9pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:Times New Roman">Unbilled revenue</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">36&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right" BGCOLOR="#e5e4e1"><B>421,829&nbsp;</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">228,970&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:9pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:Times New Roman">Income taxes recoverable</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right" BGCOLOR="#e5e4e1"><B>46,705&nbsp;</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">19,727&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:9pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:Times New Roman">Prepaid expenses</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right" BGCOLOR="#e5e4e1"><B>62,253&nbsp;</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">29,022&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:9pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:Times New Roman">Other financial assets</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">14&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right" BGCOLOR="#e5e4e1"><B>20,890&nbsp;</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">26,722&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:9pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:Times New Roman">Other assets</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">15&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right" BGCOLOR="#e5e4e1"><B>4,679&nbsp;</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">386&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD COLSPAN="7" VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2" BGCOLOR="#e5e4e1"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:9pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:Times New Roman"><B>Total current assets</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right" BGCOLOR="#e5e4e1"><B>1,582,520&nbsp;</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">951,392&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:9pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:Times New Roman"><B><FONT STYLE="white-space:nowrap">Non-current</FONT></B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1">&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:9pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:Times New Roman">Property and equipment</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">10&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right" BGCOLOR="#e5e4e1"><B>213,931&nbsp;</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">158,085&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:9pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:Times New Roman">Goodwill</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">11&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right" BGCOLOR="#e5e4e1"><B>1,828,061&nbsp;</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">966,480&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:9pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:Times New Roman">Intangible assets</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">12&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right" BGCOLOR="#e5e4e1"><B>449,530&nbsp;</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">138,079&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:9pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:Times New Roman">Investments in joint ventures and associates</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">13&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right" BGCOLOR="#e5e4e1"><B>9,220&nbsp;</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">4,467&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:9pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:Times New Roman">Deferred tax assets</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">28&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right" BGCOLOR="#e5e4e1"><B>26,195&nbsp;</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">11,254&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:9pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:Times New Roman">Other financial assets</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">14&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right" BGCOLOR="#e5e4e1"><B>160,056&nbsp;</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">111,479&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:9pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:Times New Roman">Other assets</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">15&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right" BGCOLOR="#e5e4e1"><B>15,155&nbsp;</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">643&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD COLSPAN="7" VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2" BGCOLOR="#e5e4e1"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:9pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:Times New Roman"><B>Total assets</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right" BGCOLOR="#e5e4e1"><B>4,284,668&nbsp;</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right"><B></B>2,341,879<B>&nbsp;</B></TD></TR>
<TR STYLE="font-size:1px; ">
<TD COLSPAN="7" VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.50pt solid #000000">&nbsp;</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2" BGCOLOR="#e5e4e1"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:9pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:Times New Roman"><B>LIABILITIES AND EQUITY</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1">&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:9pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:Times New Roman"><B>Current</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1">&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:9pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:Times New Roman">Trade and other payables</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">16&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right" BGCOLOR="#e5e4e1"><B>718,197&nbsp;</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">352,199&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:9pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:Times New Roman">Billings in excess of costs</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">36&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right" BGCOLOR="#e5e4e1"><B>201,766&nbsp;</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">109,159&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:9pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:Times New Roman">Income taxes payable</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right" BGCOLOR="#e5e4e1"><B>1,795&nbsp;</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">-&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:9pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:Times New Roman">Long-term debt</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">17&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right" BGCOLOR="#e5e4e1"><B>91,876&nbsp;</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">133,055&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:9pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:Times New Roman">Provisions</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">18&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right" BGCOLOR="#e5e4e1"><B>36,011&nbsp;</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">22,878&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:9pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:Times New Roman">Other financial liabilities</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right" BGCOLOR="#e5e4e1"><B>2,378&nbsp;</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">2,601&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:9pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:Times New Roman">Other liabilities</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">20&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right" BGCOLOR="#e5e4e1"><B>20,795&nbsp;</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">12,162&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD COLSPAN="7" VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2" BGCOLOR="#e5e4e1"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:9pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:Times New Roman"><B>Total current liabilities</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right" BGCOLOR="#e5e4e1"><B>1,072,818&nbsp;</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">632,054&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:9pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:Times New Roman"><B><FONT STYLE="white-space:nowrap">Non-current</FONT></B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1">&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:9pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:Times New Roman">Long-term debt</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">17&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right" BGCOLOR="#e5e4e1"><B>928,586&nbsp;</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">232,301&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:9pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:Times New Roman">Provisions</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">18&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right" BGCOLOR="#e5e4e1"><B>80,664&nbsp;</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">62,572&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:9pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:Times New Roman">Net employee defined benefit liability</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">19&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right" BGCOLOR="#e5e4e1"><B>50,490&nbsp;</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">-&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:9pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:Times New Roman">Deferred tax liabilities</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">28&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right" BGCOLOR="#e5e4e1"><B>79,592&nbsp;</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">21,256&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:9pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:Times New Roman">Other financial liabilities</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right" BGCOLOR="#e5e4e1"><B>7,591&nbsp;</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">2,748&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:9pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:Times New Roman">Other liabilities</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">20&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right" BGCOLOR="#e5e4e1"><B>88,427&nbsp;</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">67,688&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD COLSPAN="7" VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2" BGCOLOR="#e5e4e1"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:9pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:Times New Roman"><B>Total liabilities</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right" BGCOLOR="#e5e4e1"><B>2,308,168&nbsp;</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1,018,619&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD COLSPAN="7" VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2" BGCOLOR="#e5e4e1"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:9pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:Times New Roman"><B>Shareholders&#146; equity</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1">&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:9pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:Times New Roman">Share capital</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">24&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right" BGCOLOR="#e5e4e1"><B>871,822&nbsp;</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">289,118&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:9pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:Times New Roman">Contributed surplus</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">24&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right" BGCOLOR="#e5e4e1"><B>18,736&nbsp;</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">15,788&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:9pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:Times New Roman">Retained earnings</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right" BGCOLOR="#e5e4e1"><B>917,883&nbsp;</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">852,725&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:9pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:Times New Roman">Accumulated other comprehensive income</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right" BGCOLOR="#e5e4e1"><B>167,287&nbsp;</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">165,629&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD COLSPAN="7" VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2" BGCOLOR="#e5e4e1"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:9pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:Times New Roman"><B>Total shareholders&#146; equity</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right" BGCOLOR="#e5e4e1"><B>1,975,728&nbsp;</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1,323,260&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD COLSPAN="7" VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2" BGCOLOR="#e5e4e1"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:9pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:Times New Roman"><B><FONT STYLE="white-space:nowrap">Non-controlling</FONT> interests</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right" BGCOLOR="#e5e4e1"><B>772&nbsp;</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">-&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD COLSPAN="7" VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2" BGCOLOR="#e5e4e1"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:9pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:Times New Roman"><B>Total liabilities and equity</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right" BGCOLOR="#e5e4e1"><B>4,284,668&nbsp;</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">2,341,879&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD COLSPAN="7" VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.50pt solid #000000">&nbsp;</P></TD></TR>
</TABLE> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:7pt; font-family:Times New Roman"><I>See accompanying notes </I></P> <P STYLE="margin-top:4pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">On
behalf of Stantec Inc.&#146;s Board of Directors </P> <P STYLE="font-size:4pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:9pt" ALIGN="center">


<TR>
<TD WIDTH="37%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD WIDTH="61%"></TD></TR>

<TR STYLE="font-family:Times New Roman; font-size:9pt">
<TD VALIGN="bottom">


<IMG SRC="g350409ex99_3pg004a.jpg" ALT="LOGO">
</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">


<IMG SRC="g350409ex99_3pg004b.jpg" ALT="LOGO">
</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:9pt">
<TD VALIGN="bottom">Aram Keith, PE, FASCE, Director</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">Bob Gomes, P.Eng., Director</TD></TR>
</TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:7pt" ALIGN="center">

<TR>
<TD WIDTH="35%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="32%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="31%"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:7pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">F-4</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">Stantec Inc.</TD></TR></TABLE>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:15pt; font-family:ARIAL"><FONT COLOR="#ff9b26">Consolidated Statements of Income </FONT></P>
<P STYLE="font-size:36pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>
<TD WIDTH="69%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="8%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="10%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="10%"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:9pt">
<TD VALIGN="bottom"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Years ended December&nbsp;31</P> <P STYLE="font-size:2pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:7pt; font-family:Times New Roman"><I>(In thousands of Canadian dollars, except per share amounts)</I></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">Notes&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1">&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1"> <P STYLE="font-size:4pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman" ALIGN="right"><B>2016</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:9pt; font-family:Times New Roman" ALIGN="right"><B>$</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman" ALIGN="right">2015</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:9pt; font-family:Times New Roman" ALIGN="right">$</P></TD></TR>


<TR STYLE="font-size:1px; ">
<TD COLSPAN="7" VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2" BGCOLOR="#e5e4e1"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Gross revenue</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right" BGCOLOR="#e5e4e1"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4,300,130&nbsp;</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2,877,245&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Less subconsultant/subcontractor and other direct expenses</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right" BGCOLOR="#e5e4e1"><B>1,201,771&nbsp;</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">503,562&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD COLSPAN="7" VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2" BGCOLOR="#e5e4e1"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Net revenue</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right" BGCOLOR="#e5e4e1"><B>3,098,359&nbsp;</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">2,373,683&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Direct payroll costs</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">30&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right" BGCOLOR="#e5e4e1"><B>1,422,058&nbsp;</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1,081,088&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD COLSPAN="7" VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2" BGCOLOR="#e5e4e1"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Gross margin</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right" BGCOLOR="#e5e4e1"><B>1,676,301&nbsp;</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1,292,595&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Administrative and marketing expenses</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">7,24,30,37&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right" BGCOLOR="#e5e4e1"><B>1,335,098&nbsp;</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">988,571&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Depreciation of property and equipment</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">10&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right" BGCOLOR="#e5e4e1"><B>51,172&nbsp;</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">45,880&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Amortization of intangible assets</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">12&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right" BGCOLOR="#e5e4e1"><B>75,660&nbsp;</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">37,853&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Net interest expense</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">29&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right" BGCOLOR="#e5e4e1"><B>28,648&nbsp;</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">10,929&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Other net finance expense</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">29&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right" BGCOLOR="#e5e4e1"><B>6,356&nbsp;</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">3,308&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Share of income from joint ventures and associates</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">13&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right" BGCOLOR="#e5e4e1"><B>(2,406)</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(2,048)</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Foreign exchange loss (gain)</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right" BGCOLOR="#e5e4e1"><B>685&nbsp;</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(273)</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Other expense (income)</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">31&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right" BGCOLOR="#e5e4e1"><B>272&nbsp;</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(3,232)</TD></TR>
<TR STYLE="font-size:1px; ">
<TD COLSPAN="7" VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2" BGCOLOR="#e5e4e1"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Income before income taxes</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right" BGCOLOR="#e5e4e1"><B>180,816&nbsp;</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">211,607&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD COLSPAN="7" VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2" BGCOLOR="#e5e4e1"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Income taxes</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">28&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1">&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Current</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right" BGCOLOR="#e5e4e1"><B>37,705&nbsp;</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">61,527&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Deferred</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right" BGCOLOR="#e5e4e1"><B>12,562&nbsp;</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(6,298)</TD></TR>
<TR STYLE="font-size:1px; ">
<TD COLSPAN="7" VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2" BGCOLOR="#e5e4e1"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Total income taxes</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right" BGCOLOR="#e5e4e1"><B>50,267&nbsp;</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">55,229&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD COLSPAN="7" VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2" BGCOLOR="#e5e4e1"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Net income for the year</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right" BGCOLOR="#e5e4e1"><B>130,549&nbsp;</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">156,378&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD COLSPAN="7" VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.50pt solid #000000">&nbsp;</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2" BGCOLOR="#e5e4e1"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Earnings per share</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1">&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Basic</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">32&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right" BGCOLOR="#e5e4e1"><B>1.22&nbsp;</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1.66&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD COLSPAN="7" VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2" BGCOLOR="#e5e4e1"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Diluted</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">32&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right" BGCOLOR="#e5e4e1"><B>1.22&nbsp;</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1.65&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD COLSPAN="7" VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.50pt solid #000000">&nbsp;</P></TD></TR>
</TABLE> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:7pt; font-family:Times New Roman"><I>See accompanying notes </I></P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:7pt" ALIGN="center">

<TR>
<TD WIDTH="35%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="32%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="31%"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:7pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">F-5</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">Stantec Inc.</TD></TR></TABLE>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:15pt; font-family:ARIAL"><FONT COLOR="#ff9b26">Consolidated Statements of Comprehensive Income </FONT></P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>
<TD WIDTH="70%"></TD>
<TD VALIGN="bottom" WIDTH="5%"></TD>
<TD WIDTH="4%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="11%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="11%"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:9pt">
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:7pt; font-family:Times New Roman"><I></I><FONT STYLE="font-size:10pt">Years ended
December&nbsp;31</FONT><FONT STYLE="font-size:7pt"><I></I></FONT></P> <P STYLE="font-size:4pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:7pt; font-family:Times New Roman"><I>(In thousands of
Canadian dollars)</I></P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #000000">Notes&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000" BGCOLOR="#e5e4e1"> <P STYLE="font-size:4pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman" ALIGN="right"><B>2016</B></P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:9pt; font-family:Times New Roman" ALIGN="right"><B>$</B></P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman" ALIGN="right">2015</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:9pt; font-family:Times New Roman" ALIGN="right">$</P></TD></TR>


<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2" BGCOLOR="#e5e4e1"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Net income for the year</B></P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #000000" BGCOLOR="#e5e4e1"><B>130,549&nbsp;</B></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #000000">156,378</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2" BGCOLOR="#e5e4e1"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Other comprehensive income</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1">&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2" BGCOLOR="#e5e4e1"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">&nbsp;&nbsp;Items that may be reclassified to net income in subsequent periods<B>: </B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1">&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2" BGCOLOR="#e5e4e1"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Exchange differences on translation of foreign operations</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right" BGCOLOR="#e5e4e1"><B>12,263&nbsp;</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">108,965&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Unrealized loss on foreign currency hedge</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">21&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right" BGCOLOR="#e5e4e1"><B>(10,244)</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">-&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Reclassification of realized loss on foreign currency hedge</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">21&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right" BGCOLOR="#e5e4e1"><B>10,244&nbsp;</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">-&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Net unrealized gain on
<FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">available-for-sale</FONT></FONT> financial assets</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right" BGCOLOR="#e5e4e1"><B>3,919&nbsp;</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">31&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Net realized gain on
<FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">available-for-sale</FONT></FONT> financial assets transferred to income</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right" BGCOLOR="#e5e4e1"><B>(28)&nbsp;</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(4,466)</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Realized exchange difference on sale of subsidiary</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right" BGCOLOR="#e5e4e1"><B>-&nbsp;</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">882&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Income tax effect on <FONT STYLE="white-space:nowrap"><FONT
STYLE="white-space:nowrap">available-for-sale</FONT></FONT> financial assets</P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #000000" BGCOLOR="#e5e4e1"><B>(69)&nbsp;</B></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #000000">77&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2" BGCOLOR="#e5e4e1"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #000000" BGCOLOR="#e5e4e1"><B>16,085&nbsp;</B></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #000000">105,489&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2" BGCOLOR="#e5e4e1"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">&nbsp;&nbsp;Items not to be reclassified to net income:</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1">&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2" BGCOLOR="#e5e4e1"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Remeasurement losses on net employee defined benefit <FONT
STYLE="white-space:nowrap">liability-net</FONT> of deferred tax of $2,955</P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #000000">19&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #000000" BGCOLOR="#e5e4e1"><B>(14,427)&nbsp;</B></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #000000">-&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2" BGCOLOR="#e5e4e1"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Other comprehensive income for the year, net of
tax</B></P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #000000" BGCOLOR="#e5e4e1"><B>1,658&nbsp;</B></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #000000">105,489&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2" BGCOLOR="#e5e4e1"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1.50pt solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Total comprehensive income for the year, net of
tax</B></P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.50pt solid #000000">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.50pt solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1" STYLE="BORDER-BOTTOM:1.50pt solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right" STYLE="BORDER-BOTTOM:1.50pt solid #000000" BGCOLOR="#e5e4e1"><B>132,207&nbsp;</B></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.50pt solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right" STYLE="BORDER-BOTTOM:1.50pt solid #000000">261,867&nbsp;</TD></TR>
</TABLE> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:7pt; font-family:Times New Roman"><I>See accompanying notes </I></P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:7pt" ALIGN="center">

<TR>
<TD WIDTH="35%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="32%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="31%"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:7pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">F-6</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">Stantec Inc.</TD></TR></TABLE>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:15pt; font-family:ARIAL"><FONT COLOR="#ff9b26">Consolidated Statements of Shareholders&#146; Equity </FONT></P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:9pt" ALIGN="center">


<TR>
<TD WIDTH="56%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="7%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:9pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center">Shares<BR>Outstanding<BR>(note 24)</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center">Share<BR>Capital<BR>(note&nbsp;24)</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center">Contributed<BR>Surplus<BR>(note 24)</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD COLSPAN="2" VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center">&nbsp;&nbsp;Retained&nbsp;&nbsp;<BR>Earnings</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center">Accumulated<BR>Other<BR>Comprehensive<BR>Income</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">Total</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:9pt">
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:7pt; font-family:Times New Roman"><I>&nbsp;&nbsp;&nbsp;(In thousands of Canadian dollars,</I></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:7pt; font-family:Times New Roman"><I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;except shares outstanding)</I></P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="BORDER-BOTTOM:1px solid #000000">#</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" NOWRAP ALIGN="center" STYLE="BORDER-BOTTOM:1px solid #000000">$</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" NOWRAP ALIGN="center" STYLE="BORDER-BOTTOM:1px solid #000000">$</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD COLSPAN="2" VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" NOWRAP ALIGN="center" STYLE="BORDER-BOTTOM:1px solid #000000">$</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" NOWRAP ALIGN="center" STYLE="BORDER-BOTTOM:1px solid #000000">$</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="BORDER-BOTTOM:1px solid #000000">$</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD></TR>


<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:9pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; text-indent:-1.50em; font-size:9pt; font-family:Times New Roman"><B>Balance, January&nbsp;1, 2015</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">93,836,258</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">276,698</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">13,490</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">735,917</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">60,140</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1,086,245&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:9pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; text-indent:-1.50em; font-size:9pt; font-family:Times New Roman">Net income</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">156,378</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">156,378&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:9pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; text-indent:-1.50em; font-size:9pt; font-family:Times New Roman">Other comprehensive income</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000" ALIGN="right">105,489</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #000000">105,489&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:9pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; text-indent:-1.50em; font-size:9pt; font-family:Times New Roman">Total comprehensive income</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">156,378</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">105,489</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">261,867&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:9pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; text-indent:-1.50em; font-size:9pt; font-family:Times New Roman">Share options exercised for cash</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">599,640</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">9,480</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">9,480&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:9pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; text-indent:-1.50em; font-size:9pt; font-family:Times New Roman">Share-based compensation expense</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">5,238</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">5,238&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:9pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.67em; text-indent:-1.11em; font-size:9pt; font-family:Times New Roman">Reclassification of fair value of share options previously expensed</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">2,940</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(2,940</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">-&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:9pt">
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; text-indent:-1.50em; font-size:9pt; font-family:Times New Roman">Dividends declared (note 24)</P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000" ALIGN="right">(39,570</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">)&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #000000">(39,570)</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:9pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; text-indent:-1.50em; font-size:9pt; font-family:Times New Roman"><B>Balance, December&nbsp;31, 2015</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">94,435,898</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">289,118</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">15,788</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">852,725</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">165,629</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1,323,260&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8" BGCOLOR="#e5e4e1"></TD>
<TD HEIGHT="8" COLSPAN="4" BGCOLOR="#e5e4e1"></TD>
<TD HEIGHT="8" COLSPAN="4" BGCOLOR="#e5e4e1"></TD>
<TD HEIGHT="8" COLSPAN="4" BGCOLOR="#e5e4e1"></TD>
<TD HEIGHT="8" COLSPAN="4" BGCOLOR="#e5e4e1"></TD>
<TD HEIGHT="8" COLSPAN="4" BGCOLOR="#e5e4e1"></TD>
<TD HEIGHT="8" COLSPAN="4" BGCOLOR="#e5e4e1"></TD>
<TD HEIGHT="8" COLSPAN="2" BGCOLOR="#e5e4e1"></TD>
<TD HEIGHT="8" COLSPAN="2" BGCOLOR="#e5e4e1"></TD>
<TD HEIGHT="8" COLSPAN="2" BGCOLOR="#e5e4e1"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:9pt">
<TD VALIGN="top" BGCOLOR="#e5e4e1"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; text-indent:-1.50em; font-size:9pt; font-family:Times New Roman">Net income</P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1"></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1"></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1"></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1"></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1"></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1"></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1">&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1"></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1"></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1"></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1">&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1"></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1"></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1"></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1">&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1" ALIGN="right">130,549</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#e5e4e1">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1">&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1"></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1"></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1"></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1">&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1"></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right" BGCOLOR="#e5e4e1">130,549&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1">&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:9pt">
<TD VALIGN="top" BGCOLOR="#e5e4e1"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; text-indent:-1.50em; font-size:9pt; font-family:Times New Roman">Other comprehensive income</P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1"></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1"></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1"></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1"></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1"></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1"></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1">&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1"></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1"></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1"></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1">&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1"></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1"></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1"></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000" BGCOLOR="#e5e4e1">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000" BGCOLOR="#e5e4e1">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000" BGCOLOR="#e5e4e1">&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000" BGCOLOR="#e5e4e1">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000" BGCOLOR="#e5e4e1" ALIGN="right">1,658</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000" BGCOLOR="#e5e4e1">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000" BGCOLOR="#e5e4e1">&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #000000" BGCOLOR="#e5e4e1">1,658&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1">&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1"></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8" BGCOLOR="#e5e4e1"></TD>
<TD HEIGHT="8" COLSPAN="4" BGCOLOR="#e5e4e1"></TD>
<TD HEIGHT="8" COLSPAN="4" BGCOLOR="#e5e4e1"></TD>
<TD HEIGHT="8" COLSPAN="4" BGCOLOR="#e5e4e1"></TD>
<TD HEIGHT="8" COLSPAN="4" BGCOLOR="#e5e4e1"></TD>
<TD HEIGHT="8" COLSPAN="4" BGCOLOR="#e5e4e1"></TD>
<TD HEIGHT="8" COLSPAN="4" BGCOLOR="#e5e4e1"></TD>
<TD HEIGHT="8" COLSPAN="2" BGCOLOR="#e5e4e1"></TD>
<TD HEIGHT="8" COLSPAN="2" BGCOLOR="#e5e4e1"></TD>
<TD HEIGHT="8" COLSPAN="2" BGCOLOR="#e5e4e1"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:9pt">
<TD VALIGN="top" BGCOLOR="#e5e4e1"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; text-indent:-1.50em; font-size:9pt; font-family:Times New Roman">Total comprehensive income</P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1"></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1"></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1"></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1"></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1"></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1"></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1">&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1"></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1"></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1"></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1">&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1"></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1"></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1"></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1">&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1" ALIGN="right">130,549</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#e5e4e1">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1">&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1">&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1" ALIGN="right">1,658</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#e5e4e1">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1">&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1"></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right" BGCOLOR="#e5e4e1">132,207&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1">&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:9pt">
<TD VALIGN="top" BGCOLOR="#e5e4e1"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; text-indent:-1.50em; font-size:9pt; font-family:Times New Roman">Share options exercised for cash</P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1">&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1" ALIGN="right">254,156</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#e5e4e1">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1">&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1" ALIGN="right">5,022</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#e5e4e1">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1">&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1"></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1"></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1"></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1">&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1"></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1"></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1"></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1"></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1"></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1"></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1">&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1"></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1"></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1"></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1">&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1"></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right" BGCOLOR="#e5e4e1">5,022&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1">&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:9pt">
<TD VALIGN="top" BGCOLOR="#e5e4e1"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; text-indent:-1.50em; font-size:9pt; font-family:Times New Roman">Share-based compensation expense</P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1"></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1"></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1"></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1"></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1"></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1"></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1">&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1">&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1" ALIGN="right">4,418</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#e5e4e1">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1">&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1"></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1"></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1"></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1"></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1"></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1"></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1">&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1"></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1"></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1"></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1">&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1"></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right" BGCOLOR="#e5e4e1">4,418&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1">&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:9pt">
<TD VALIGN="top" BGCOLOR="#e5e4e1"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.67em; text-indent:-1.11em; font-size:9pt; font-family:Times New Roman">Shares repurchased under Normal Course Issuer Bid (note&nbsp;24)</P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1">&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1" ALIGN="right">(572,825)</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#e5e4e1">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1">&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1" ALIGN="right">(1,754</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#e5e4e1">)&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1">&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1">&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1" ALIGN="right">(95</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#e5e4e1">)&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1">&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1"></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1"></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1"></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1">&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1" ALIGN="right">(16,361</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#e5e4e1">)&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1">&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1"></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1"></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1"></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1">&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1"></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right" BGCOLOR="#e5e4e1">(18,210)</TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1">&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:9pt">
<TD VALIGN="top" BGCOLOR="#e5e4e1"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; text-indent:-1.50em; font-size:9pt; font-family:Times New Roman">Shares issued, net of transaction costs (note 24)</P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1">&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1" ALIGN="right">19,964,000</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#e5e4e1">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1">&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1" ALIGN="right">578,061</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#e5e4e1">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1">&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1"></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1"></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1"></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1">&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1"></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1"></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1"></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1"></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1"></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1"></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1">&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1"></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1"></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1"></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1">&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1"></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right" BGCOLOR="#e5e4e1">578,061&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1">&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:9pt">
<TD VALIGN="top" BGCOLOR="#e5e4e1"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.67em; text-indent:-1.11em; font-size:9pt; font-family:Times New Roman">Reclassification of fair value of share options previously expensed</P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1"></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1"></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1"></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1">&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1" ALIGN="right">1,375</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#e5e4e1">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1">&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1">&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1" ALIGN="right">(1,375</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#e5e4e1">)&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1">&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1"></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1"></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1"></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1"></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1"></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1"></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1">&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1"></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1"></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1"></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1">&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1"></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right" BGCOLOR="#e5e4e1">-&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1">&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:9pt">
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000" BGCOLOR="#e5e4e1"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; text-indent:-1.50em; font-size:9pt; font-family:Times New Roman">Dividends declared (note 24)</P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000" BGCOLOR="#e5e4e1">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000" BGCOLOR="#e5e4e1">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000" BGCOLOR="#e5e4e1">&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000" BGCOLOR="#e5e4e1">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000" BGCOLOR="#e5e4e1">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000" BGCOLOR="#e5e4e1">&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000" BGCOLOR="#e5e4e1">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000" BGCOLOR="#e5e4e1">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000" BGCOLOR="#e5e4e1">&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000" BGCOLOR="#e5e4e1">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000" BGCOLOR="#e5e4e1">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000" BGCOLOR="#e5e4e1">&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000" BGCOLOR="#e5e4e1">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000" BGCOLOR="#e5e4e1" ALIGN="right">(49,030</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000" BGCOLOR="#e5e4e1">)&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000" BGCOLOR="#e5e4e1">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000" BGCOLOR="#e5e4e1">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000" BGCOLOR="#e5e4e1">&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000" BGCOLOR="#e5e4e1">&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #000000" BGCOLOR="#e5e4e1">(49,030)</TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000" BGCOLOR="#e5e4e1">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8" BGCOLOR="#e5e4e1"></TD>
<TD HEIGHT="8" COLSPAN="4" BGCOLOR="#e5e4e1"></TD>
<TD HEIGHT="8" COLSPAN="4" BGCOLOR="#e5e4e1"></TD>
<TD HEIGHT="8" COLSPAN="4" BGCOLOR="#e5e4e1"></TD>
<TD HEIGHT="8" COLSPAN="4" BGCOLOR="#e5e4e1"></TD>
<TD HEIGHT="8" COLSPAN="4" BGCOLOR="#e5e4e1"></TD>
<TD HEIGHT="8" COLSPAN="4" BGCOLOR="#e5e4e1"></TD>
<TD HEIGHT="8" COLSPAN="2" BGCOLOR="#e5e4e1"></TD>
<TD HEIGHT="8" COLSPAN="2" BGCOLOR="#e5e4e1"></TD>
<TD HEIGHT="8" COLSPAN="2" BGCOLOR="#e5e4e1"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:9pt">
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1.50pt solid #000000" BGCOLOR="#e5e4e1"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; text-indent:-1.50em; font-size:9pt; font-family:Times New Roman"><B>Balance, December&nbsp;31,
2016</B></P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1" STYLE="BORDER-BOTTOM:1.50pt solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.50pt solid #000000" BGCOLOR="#e5e4e1"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.50pt solid #000000" BGCOLOR="#e5e4e1" ALIGN="right"><B>114,081,229</B></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1.50pt solid #000000" BGCOLOR="#e5e4e1"><B>&nbsp;&nbsp;</B></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1" STYLE="BORDER-BOTTOM:1.50pt solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.50pt solid #000000" BGCOLOR="#e5e4e1"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.50pt solid #000000" BGCOLOR="#e5e4e1" ALIGN="right"><B>871,822</B></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1.50pt solid #000000" BGCOLOR="#e5e4e1"><B>&nbsp;&nbsp;</B></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1" STYLE="BORDER-BOTTOM:1.50pt solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.50pt solid #000000" BGCOLOR="#e5e4e1"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.50pt solid #000000" BGCOLOR="#e5e4e1" ALIGN="right"><B>18,736</B></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1.50pt solid #000000" BGCOLOR="#e5e4e1"><B>&nbsp;&nbsp;</B></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1" STYLE="BORDER-BOTTOM:1.50pt solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.50pt solid #000000" BGCOLOR="#e5e4e1">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.50pt solid #000000" BGCOLOR="#e5e4e1">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.50pt solid #000000" BGCOLOR="#e5e4e1">&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1" STYLE="BORDER-BOTTOM:1.50pt solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.50pt solid #000000" BGCOLOR="#e5e4e1"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.50pt solid #000000" BGCOLOR="#e5e4e1" ALIGN="right"><B>917,883</B></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1.50pt solid #000000" BGCOLOR="#e5e4e1"><B>&nbsp;&nbsp;</B></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1" STYLE="BORDER-BOTTOM:1.50pt solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.50pt solid #000000" BGCOLOR="#e5e4e1"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.50pt solid #000000" BGCOLOR="#e5e4e1" ALIGN="right"><B>167,287</B></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1.50pt solid #000000" BGCOLOR="#e5e4e1"><B>&nbsp;&nbsp;</B></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1" STYLE="BORDER-BOTTOM:1.50pt solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.50pt solid #000000" BGCOLOR="#e5e4e1">&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1" STYLE="BORDER-BOTTOM:1.50pt solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right" STYLE="BORDER-BOTTOM:1.50pt solid #000000" BGCOLOR="#e5e4e1"><B>1,975,728&nbsp;</B></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1" STYLE="BORDER-BOTTOM:1.50pt solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.50pt solid #000000" BGCOLOR="#e5e4e1">&nbsp;</TD></TR>
</TABLE> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:7pt; font-family:Times New Roman"><I>See accompanying notes </I></P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:7pt" ALIGN="center">

<TR>
<TD WIDTH="35%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="32%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="31%"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:7pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">F-7</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">Stantec Inc.</TD></TR></TABLE>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:15pt; font-family:ARIAL"><FONT COLOR="#ff9b26">Consolidated Statements of Cash Flows </FONT></P>
<P STYLE="font-size:24pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:9pt" ALIGN="center">


<TR>
<TD WIDTH="72%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="3%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="11%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="11%"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:9pt">
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:7pt; font-family:Times New Roman"><I></I><FONT STYLE="font-size:10pt">Years ended
December&nbsp;31</FONT><FONT STYLE="font-size:7pt"><I></I></FONT></P> <P STYLE="font-size:4pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:7pt; font-family:Times New Roman"><I>(In thousands of
Canadian dollars)</I></P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #000000">Notes</TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000" BGCOLOR="#e5e4e1"> <P STYLE="font-size:4pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman" ALIGN="right"><B>2016</B></P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:9pt; font-family:Times New Roman" ALIGN="right"><B>$</B></P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman" ALIGN="right">2015</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:9pt; font-family:Times New Roman" ALIGN="right">$</P></TD></TR>


<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2" BGCOLOR="#e5e4e1"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:9pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:Times New Roman"><B>CASH FLOWS FROM (USED IN) OPERATING ACTIVITIES</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1">&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:9pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:Times New Roman">Cash receipts from clients</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right" BGCOLOR="#e5e4e1"><B>4,459,126&nbsp;</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">2,967,720&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:9pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:Times New Roman">Cash paid to suppliers</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right" BGCOLOR="#e5e4e1"><B>(1,900,937)</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(1,023,416)</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:9pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:Times New Roman">Cash paid to employees</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right" BGCOLOR="#e5e4e1"><B>(2,194,884)</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(1,664,563)</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:9pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:Times New Roman">Interest received</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right" BGCOLOR="#e5e4e1"><B>4,717&nbsp;</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">2,377&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:9pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:Times New Roman">Interest paid</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right" BGCOLOR="#e5e4e1"><B>(30,778)</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(11,048)</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:9pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:Times New Roman">Finance costs paid</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right" BGCOLOR="#e5e4e1"><B>(7,255)</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(2,651)</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:9pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:Times New Roman">Income taxes paid</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right" BGCOLOR="#e5e4e1"><B>(56,788)</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(73,211)</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:9pt">
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:Times New Roman">Income taxes recovered</P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #000000" BGCOLOR="#e5e4e1"><B>12,487&nbsp;</B></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #000000">10,311&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2" BGCOLOR="#e5e4e1"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:9pt">
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:Times New Roman"><B>Cash flows from operating activities</B></P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #000000">33&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #000000" BGCOLOR="#e5e4e1"><B>285,688&nbsp;</B></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #000000">205,519&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2" BGCOLOR="#e5e4e1"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>CASH FLOWS FROM (USED IN) INVESTING ACTIVITIES</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1">&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:9pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:Times New Roman">Business acquisitions, net of cash acquired</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">7&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right" BGCOLOR="#e5e4e1"><B>(1,072,565)</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(203,461)</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:9pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:Times New Roman">Cash in escrow</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">8&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right" BGCOLOR="#e5e4e1"><B>(7,667)</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(8,646)</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:9pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:Times New Roman">Dividend distributions from investments in joint ventures and associates</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">13&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right" BGCOLOR="#e5e4e1"><B>799&nbsp;</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">2,931&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:9pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:Times New Roman">Purchase of investments held for self-insured liabilities</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right" BGCOLOR="#e5e4e1"><B>(12,111)</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(7,487)</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:9pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:Times New Roman">Decrease in other financial assets</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right" BGCOLOR="#e5e4e1"><B>14,179&nbsp;</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">4,922&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:9pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:Times New Roman">Proceeds from lease inducements</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right" BGCOLOR="#e5e4e1"><B>3,229&nbsp;</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">560&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:9pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:Times New Roman">Purchase of intangible assets</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right" BGCOLOR="#e5e4e1"><B>(7,558)</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(3,591)</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:9pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:Times New Roman">Purchase of property and equipment</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right" BGCOLOR="#e5e4e1"><B>(58,267)</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(38,084)</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:9pt">
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:Times New Roman">Proceeds on disposition of property and equipment</P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #000000" BGCOLOR="#e5e4e1"><B>3,379&nbsp;</B></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #000000">462&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2" BGCOLOR="#e5e4e1"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:9pt">
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:Times New Roman"><B>Cash flows used in investing activities</B></P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #000000" BGCOLOR="#e5e4e1"><B>(1,136,582)</B></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #000000">(252,394)</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2" BGCOLOR="#e5e4e1"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:9pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:Times New Roman"><B>CASH FLOWS FROM (USED IN) FINANCING ACTIVITIES</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1">&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:9pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:Times New Roman">Repayment of revolving credit facility</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right" BGCOLOR="#e5e4e1"><B>(282,350)</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(135,854)</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:9pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:Times New Roman">Proceeds from revolving credit facility</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right" BGCOLOR="#e5e4e1"><B>457,378&nbsp;</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">135,758&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:9pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:Times New Roman">Repayment of bank indebtedness</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">8&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right" BGCOLOR="#e5e4e1"><B>-&nbsp;</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(1,986)</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:9pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:Times New Roman">Repayment of senior secured notes</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">17&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right" BGCOLOR="#e5e4e1"><B>(125,000)</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">-&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:9pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:Times New Roman">Proceeds from term loan</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">17&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right" BGCOLOR="#e5e4e1"><B>450,000&nbsp;</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">-&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:9pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:Times New Roman">Transaction costs on long-term debt</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right" BGCOLOR="#e5e4e1"><B>(9,373)</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">-&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:9pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:Times New Roman">Payment of finance lease obligations</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right" BGCOLOR="#e5e4e1"><B>(14,280)</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(13,360)</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:9pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:Times New Roman">Repurchase of shares for cancellation</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">24&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right" BGCOLOR="#e5e4e1"><B>(18,210)</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">-&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:9pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:Times New Roman">Proceeds from issue of share capital</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right" BGCOLOR="#e5e4e1"><B>608,933&nbsp;</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">9,480&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:9pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:Times New Roman">Transaction costs for issue of shares</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right" BGCOLOR="#e5e4e1"><B>(25,850)</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">-&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:9pt">
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:Times New Roman">Payment of dividends to shareholders</P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #000000">24&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #000000" BGCOLOR="#e5e4e1"><B>(46,112)</B></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #000000">(38,334)</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2" BGCOLOR="#e5e4e1"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:9pt">
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:Times New Roman"><B>Cash flows from (used in) financing
activities</B></P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #000000" BGCOLOR="#e5e4e1"><B>995,136&nbsp;</B></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #000000">(44,296)</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2" BGCOLOR="#e5e4e1"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:9pt">
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:Times New Roman"><B>Foreign exchange (loss) gain on cash held in foreign
currency</B></P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #000000" BGCOLOR="#e5e4e1"><B>(681)</B></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #000000">4,809&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2" BGCOLOR="#e5e4e1"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:9pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:Times New Roman"><B>Net increase (decrease) in cash and cash equivalents</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right" BGCOLOR="#e5e4e1"><B>143,561&nbsp;</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(86,362)</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:9pt">
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:Times New Roman">Cash and cash equivalents, beginning of the year</P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #000000" BGCOLOR="#e5e4e1"><B>67,342&nbsp;</B></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #000000">153,704&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2" BGCOLOR="#e5e4e1"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:9pt">
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1.50pt solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:Times New Roman"><B>Cash and cash equivalents, end of the
year</B></P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.50pt solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right" STYLE="BORDER-BOTTOM:1.50pt solid #000000">8&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1" STYLE="BORDER-BOTTOM:1.50pt solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right" STYLE="BORDER-BOTTOM:1.50pt solid #000000" BGCOLOR="#e5e4e1"><B>210,903&nbsp;</B></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.50pt solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right" STYLE="BORDER-BOTTOM:1.50pt solid #000000">67,342&nbsp;</TD></TR>
</TABLE> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:7pt; font-family:Times New Roman"><I>See accompanying notes </I></P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:7pt" ALIGN="center">

<TR>
<TD WIDTH="35%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="32%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="31%"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:7pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">F-8</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">Stantec Inc.</TD></TR></TABLE>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:15pt; font-family:ARIAL"><FONT COLOR="#ff9b26">Index to the Notes of the Consolidated Financial Statements </FONT></P>
<P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV STYLE="position:relative;float:left; width:48%;padding-right:1%;padding-bottom:8pt;overflow:hidden;padding-top:3pt">

<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:8pt" ALIGN="center">


<TR>
<TD WIDTH="8%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD WIDTH="82%"></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom" COLSPAN="3">&nbsp;&nbsp;Note</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">Page</TD></TR>


<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:8pt">
<TD VALIGN="top" ALIGN="right">1&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:8pt; font-family:Times New Roman">Corporate Information</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP><FONT STYLE="white-space:nowrap">F-10</FONT></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:8pt">
<TD VALIGN="top" ALIGN="right">2&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:8pt; font-family:Times New Roman">Basis of Preparation</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP><FONT STYLE="white-space:nowrap">F-10</FONT></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:8pt">
<TD VALIGN="top" ALIGN="right">3&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:8pt; font-family:Times New Roman">Basis of Consolidation</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP><FONT STYLE="white-space:nowrap">F-10</FONT></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:8pt">
<TD VALIGN="top" ALIGN="right">4&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:8pt; font-family:Times New Roman">Summary of Significant Accounting Policies</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP><FONT STYLE="white-space:nowrap">F-10</FONT></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:8pt">
<TD VALIGN="top" ALIGN="right">5&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Significant Accounting Judgments, Estimates, and Assumptions</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" NOWRAP><FONT STYLE="white-space:nowrap">F-19</FONT></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:8pt">
<TD VALIGN="top" ALIGN="right">6&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Recent Accounting Pronouncements and Changes to Accounting Policies</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" NOWRAP><FONT STYLE="white-space:nowrap">F-21</FONT></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:8pt">
<TD VALIGN="top" ALIGN="right">7&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:8pt; font-family:Times New Roman">Business Acquisitions</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP><FONT STYLE="white-space:nowrap">F-23</FONT></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:8pt">
<TD VALIGN="top" ALIGN="right">8&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:8pt; font-family:Times New Roman">Cash and Cash Equivalents</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP><FONT STYLE="white-space:nowrap">F-27</FONT></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:8pt">
<TD VALIGN="top" ALIGN="right">9&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:8pt; font-family:Times New Roman">Trade and Other Receivables</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP><FONT STYLE="white-space:nowrap">F-28</FONT></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:8pt">
<TD VALIGN="top" ALIGN="right">10&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:8pt; font-family:Times New Roman">Property and Equipment</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP><FONT STYLE="white-space:nowrap">F-29</FONT></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:8pt">
<TD VALIGN="top" ALIGN="right">11&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:8pt; font-family:Times New Roman">Goodwill</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP><FONT STYLE="white-space:nowrap">F-30</FONT></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:8pt">
<TD VALIGN="top" ALIGN="right">12&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:8pt; font-family:Times New Roman">Intangible Assets</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP><FONT STYLE="white-space:nowrap">F-32</FONT></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:8pt">
<TD VALIGN="top" ALIGN="right">13&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:8pt; font-family:Times New Roman">Investments in Joint Ventures and Associates</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP><FONT STYLE="white-space:nowrap">F-33</FONT></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:8pt">
<TD VALIGN="top" ALIGN="right">14&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:8pt; font-family:Times New Roman">Other Financial Assets</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP><FONT STYLE="white-space:nowrap">F-33</FONT></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:8pt">
<TD VALIGN="top" ALIGN="right">15&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:8pt; font-family:Times New Roman">Other Assets</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP><FONT STYLE="white-space:nowrap">F-34</FONT></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:8pt">
<TD VALIGN="top" ALIGN="right">16&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:8pt; font-family:Times New Roman">Trade and Other Payables</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP><FONT STYLE="white-space:nowrap">F-35</FONT></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:8pt">
<TD VALIGN="top" ALIGN="right">17&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:8pt; font-family:Times New Roman">Long-Term Debt</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP><FONT STYLE="white-space:nowrap">F-35</FONT></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:8pt">
<TD VALIGN="top" ALIGN="right">18&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:8pt; font-family:Times New Roman">Provisions</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP><FONT STYLE="white-space:nowrap">F-37</FONT></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:8pt">
<TD VALIGN="top" ALIGN="right">19&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:8pt; font-family:Times New Roman">Net Employee Defined Benefit Liability</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP><FONT STYLE="white-space:nowrap">F-39</FONT></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:8pt">
<TD VALIGN="top" ALIGN="right">20&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:8pt; font-family:Times New Roman">Other Liabilities</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP><FONT STYLE="white-space:nowrap">F-42</FONT></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:8pt">
<TD VALIGN="top" ALIGN="right">21&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:8pt; font-family:Times New Roman">Derivative Financial Instruments</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP><FONT STYLE="white-space:nowrap">F-42</FONT></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:8pt">
<TD VALIGN="top" ALIGN="right">22&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:8pt; font-family:Times New Roman">Commitments</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP><FONT STYLE="white-space:nowrap">F-42</FONT></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:8pt">
<TD VALIGN="top" ALIGN="right">23&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:8pt; font-family:Times New Roman">Contingencies and Guarantees</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP><FONT STYLE="white-space:nowrap">F-43</FONT></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:8pt">
<TD VALIGN="top" ALIGN="right">24&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:8pt; font-family:Times New Roman">Share Capital</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP><FONT STYLE="white-space:nowrap">F-43</FONT></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:8pt">
<TD VALIGN="top" ALIGN="right">25&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:8pt; font-family:Times New Roman">Fair Value Measurements</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP><FONT STYLE="white-space:nowrap">F-46</FONT></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:8pt">
<TD VALIGN="top" ALIGN="right">26&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:8pt; font-family:Times New Roman">Financial Instruments</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP><FONT STYLE="white-space:nowrap">F-47</FONT></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:8pt">
<TD VALIGN="top" ALIGN="right">27&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:8pt; font-family:Times New Roman">Capital Management</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP><FONT STYLE="white-space:nowrap">F-49</FONT></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:8pt">
<TD VALIGN="top" ALIGN="right">28&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:8pt; font-family:Times New Roman">Income Taxes</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP><FONT STYLE="white-space:nowrap">F-50</FONT></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:8pt">
<TD VALIGN="top" ALIGN="right">29&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:8pt; font-family:Times New Roman">Net Interest Expense and Other Net Finance Expense</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP><FONT STYLE="white-space:nowrap">F-52</FONT></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:8pt">
<TD VALIGN="top" ALIGN="right">30&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:8pt; font-family:Times New Roman">Employee Costs</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP><FONT STYLE="white-space:nowrap">F-52</FONT></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:8pt">
<TD VALIGN="top" ALIGN="right">31&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:8pt; font-family:Times New Roman">Other Expense (Income)</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP><FONT STYLE="white-space:nowrap">F-53</FONT></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:8pt">
<TD VALIGN="top" ALIGN="right">32&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:8pt; font-family:Times New Roman">Earnings per Share</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP><FONT STYLE="white-space:nowrap">F-53</FONT></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:8pt">
<TD VALIGN="top" ALIGN="right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:8pt; font-family:Times New Roman">Cash Flows from Operating Activities</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP><FONT STYLE="white-space:nowrap">F-54</FONT></TD></TR></TABLE>
</DIV><DIV STYLE="position:relative;float:left; margin-left:2%; width:48%;padding-right:1%;padding-bottom:8pt;overflow:hidden;padding-top:3pt">

<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:8pt" ALIGN="center">


<TR>
<TD WIDTH="7%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD WIDTH="83%"></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD></TR>

<TR STYLE="font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom" ALIGN="center">&nbsp;&nbsp;Note</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">Page</TD></TR>


<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:8pt">
<TD VALIGN="top" ALIGN="right">34&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:8pt; font-family:Times New Roman">Related-Party Disclosures</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP><FONT STYLE="white-space:nowrap">F-54</FONT></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:8pt">
<TD VALIGN="top" ALIGN="right">35&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:8pt; font-family:Times New Roman">Segmented Information</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP><FONT STYLE="white-space:nowrap">F-58</FONT></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:8pt">
<TD VALIGN="top" ALIGN="right">36&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:8pt; font-family:Times New Roman">Amounts Due from Customers</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP><FONT STYLE="white-space:nowrap">F-61</FONT></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:8pt">
<TD VALIGN="top" ALIGN="right">37&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:8pt; font-family:Times New Roman">Investment Tax Credits</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP><FONT STYLE="white-space:nowrap">F-61</FONT></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:8pt">
<TD VALIGN="top" ALIGN="right">38&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:8pt; font-family:Times New Roman">Events after the Reporting Period</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP><FONT STYLE="white-space:nowrap">F-61</FONT></TD></TR>
</TABLE> </DIV><div style="clear:both; height:0pt; font-size:0pt">&nbsp;</div>

 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:7pt" ALIGN="center">

<TR>
<TD WIDTH="35%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="32%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="31%"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:7pt">
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:7pt; font-family:Times New Roman">Notes to the Consolidated Financial Statements</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:7pt; font-family:Times New Roman">December 31, 2016</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">F-9</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">Stantec Inc.</TD></TR></TABLE>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:15pt; font-family:ARIAL"><FONT COLOR="#ff9b26">Notes to the Consolidated Financial Statements </FONT></P>
<P STYLE="margin-top:10pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL"><B>1. CORPORATE INFORMATION </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The consolidated financial statements of
Stantec Inc. (the Company) for the year ended December&nbsp;31, 2016, were authorized for issue in accordance with a resolution of the Company&#146;s board of directors on February&nbsp;22, 2017. The Company was incorporated under the Canada
Business Corporations Act on March&nbsp;23, 1984. Its shares are traded on the Toronto Stock Exchange (TSX) and New York Stock Exchange (NYSE) under the symbol STN. The Company&#146;s registered office is located at 10160 &#150; 112 Street,
Edmonton, Alberta. The Company is domiciled in Canada. </P> <P STYLE="margin-top:10pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The Company is a provider of comprehensive professional services in the area of infrastructure and
facilities for clients in the public and private sectors. The Company&#146;s services include engineering, architecture, interior design, landscape architecture, surveying, environmental sciences, construction services, project management, and
project economics, from initial project concept and planning through to design, construction, commissioning, maintenance, decommissioning, and remediation. </P> <P STYLE="margin-top:10pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL"><B>2.
BASIS OF PREPARATION </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">These consolidated financial statements were prepared in accordance with International Financial Reporting Standards (IFRS) as
issued by the International Accounting Standards Board (IASB). The accounting policies adopted in these consolidated financial statements are based on IFRS effective as at December&nbsp;31, 2016. </P>
<P STYLE="margin-top:10pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The consolidated financial statements have been prepared on a historical cost basis, unless otherwise stated in the significant accounting policies. The
consolidated financial statements are presented in Canadian dollars, and all tabular values are rounded to the nearest thousand ($000). </P> <P STYLE="margin-top:10pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL"><B>3. BASIS OF
CONSOLIDATION </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The consolidated financial statements include the accounts of the Company, its subsidiaries, and its structured entities as at
December&nbsp;31, 2016. </P> <P STYLE="margin-top:10pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Subsidiaries and structured entities are fully consolidated from the date of acquisition, which is the date the Company obtains
control, and continue to be consolidated until the date that such control ceases. The financial statements of the subsidiaries and structured entities are prepared as at December&nbsp;31, 2016. All intercompany balances are eliminated. </P>
<P STYLE="margin-top:10pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Joint ventures are accounted for using the equity method, and joint operations are accounted for by the Company recognizing its share of assets, liabilities,
revenue, and expenses of the joint operation. </P> <P STYLE="margin-top:10pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL"><B>4. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:ARIAL"><B>a) Cash and cash equivalents </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Cash and cash equivalents include cash
and unrestricted investments. Such investments are carried at fair value. </P> <P STYLE="margin-top:10pt; margin-bottom:0pt; font-size:9pt; font-family:ARIAL"><B>b) Property and equipment </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Property and equipment are recorded at cost less accumulated depreciation and any impairment losses. Cost includes the cost of replacing parts of property and
equipment. When significant parts of property and equipment are required to be replaced in intervals, the Company recognizes such parts as individual assets with specific useful lives and depreciation, respectively. All other repair and maintenance
costs are recognized in the consolidated statements of income as incurred. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:7pt" ALIGN="center">

<TR>
<TD WIDTH="35%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="32%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="31%"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:7pt">
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:7pt; font-family:Times New Roman">Notes to the Consolidated Financial Statements</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:7pt; font-family:Times New Roman">December 31, 2016</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">F-10</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">Stantec Inc.</TD></TR></TABLE>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Depreciation is calculated at annual rates designed to write off the costs of assets over their estimated useful
lives as follows: </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="98%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>
<TD WIDTH="27%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD WIDTH="12%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="42%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="12%"></TD></TR>


<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Engineering equipment</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">20%&nbsp;to&nbsp;30%</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Declining balance</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Office equipment</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">20% to 30%</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Declining balance</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Leasehold improvements</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Straight-line over term of lease to a maximum of 15&nbsp;years or the improvement&#146;s economic life</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Other</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">10% to 30%</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Declining balance</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD></TR>
</TABLE> <P STYLE="margin-top:10pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The assets&#146; residual values, useful lives, and methods of depreciation are reviewed at each financial <FONT
STYLE="white-space:nowrap">year-end</FONT> and adjusted prospectively, if appropriate. <B> </B></P> <P STYLE="margin-top:10pt; margin-bottom:0pt; font-size:9pt; font-family:ARIAL"><B>c) Intangible assets </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Intangible assets acquired separately are measured on initial recognition at cost. The cost of a finite and indefinite intangible asset acquired in a business
combination is its fair value as at the date of acquisition. Following initial recognition, finite intangible assets are carried at cost less any accumulated amortization and any impairment losses and indefinite intangible assets are carried at cost
less any impairment loss. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The Company&#146;s intangible assets with finite lives are amortized over their useful economic lives on a straight-line basis.
The amortization period and the amortization method for an intangible asset with a finite useful life are reviewed at least at each financial <FONT STYLE="white-space:nowrap">year-end.</FONT> </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I>Intangible assets acquired from business combinations </I></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The Company&#146;s policy is to amortize client relationships with finite lives over periods ranging from 10 to 15 years. Contract backlog and finite
trademarks are amortized over estimated lives of generally 1 to 3 years. Advantageous leasehold commitments are amortized over estimated lives of 1 to 10 years. The Company assigns value to acquired intangibles using the income approach, which
involves quantifying the present value of net cash flows attributed to the subject asset. This, in turn, involves estimating the revenues and earnings expected from the asset. Recognition of the contributory assets, such as workforce, working
capital, and property and equipment required and used to generate the expected <FONT STYLE="white-space:nowrap">after-tax</FONT> earnings, is included since these assets also require a return based on their fair values. Expected earnings after
contributory charges and income taxes are discounted by the appropriate <FONT STYLE="white-space:nowrap">after-tax</FONT> discount rate to arrive at the fair value. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I>Intangible assets&#151;Software </I></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">For internally generated
software, research costs are expensed as incurred. Development expenditures on an individual project are recognized as an intangible asset when the Company can demonstrate </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT COLOR="#8b8476">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">The technical feasibility of completing the intangible asset so that it will be available for use </TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT COLOR="#8b8476">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">Its intention to complete and its ability to use the asset </TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT COLOR="#8b8476">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">How the asset will generate future economic benefits </TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT COLOR="#8b8476">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">The availability of resources to complete the asset </TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT COLOR="#8b8476">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">The ability to reliably measure the expenditure during development </TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Following the initial recognition of the
development expenditure as an asset, it is carried at cost less any accumulated amortization and any impairment losses. Amortization of the asset begins when development is complete and the asset is available for use. The Company amortizes certain
purchased and internally generated software on a straight-line basis over periods ranging from three to seven years. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The Company also incurs costs for
third-party internet-based cloud computing services. These costs are expensed as incurred in administrative and marketing expenses. </P> <P STYLE="margin-top:10pt; margin-bottom:0pt; font-size:9pt; font-family:ARIAL"><B>d) Leases </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The determination of whether an arrangement is or contains a lease is based on the substance of the arrangement at the inception date. A lease is an agreement
whereby the lessor conveys to the lessee, in return for a payment or series of payments, the right to use an asset for an agreed period of time. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:7pt" ALIGN="center">

<TR>
<TD WIDTH="35%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="32%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="31%"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:7pt">
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:7pt; font-family:Times New Roman">Notes to the Consolidated Financial Statements</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:7pt; font-family:Times New Roman">December 31, 2016</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">F-11</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">Stantec Inc.</TD></TR></TABLE>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Finance leases, which transfer to the Company substantially all the risks and benefits incidental to ownership of
the leased items, are capitalized at the inception of the lease at the fair value of the leased asset or, if lower, at the present value of the minimum lease payments. Lease payments are apportioned between finance charges and reduction of the lease
liability, achieving a constant rate of interest on the remaining balance of the liability. Finance charges are recognized in the consolidated statements of income. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Leased assets are depreciated over their useful lives. However, if there is no reasonable certainty that the Company will obtain ownership of the asset by the
end of the lease term, the asset is depreciated over the shorter of either its estimated useful life or the lease term. The Company&#146;s finance leases are for certain office and automotive equipment and are depreciated on a <FONT
STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">20%-to-30%</FONT></FONT> declining balance basis. The Company also has finance leases for software, which are depreciated on a straight-line basis over periods ranging from three to seven
years. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Rental payments under operating leases are expensed evenly over the lease term. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">From time to time, the Company enters into or renegotiates premises operating leases that result in receiving lease inducement benefits. These benefits are
accounted for as a reduction of rental expense over the terms of the associated leases. As well, from time to time, the Company enters into or renegotiates premises operating leases that include escalation clauses. The scheduled rent increases
pursuant to lease escalation clauses are recognized on a straight-line basis over the lease terms. </P> <P STYLE="margin-top:10pt; margin-bottom:0pt; font-size:9pt; font-family:ARIAL"><B>e) Investments in joint arrangements and associates </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Each joint arrangement of the Company is classified as either a joint venture or joint operation based on the rights and obligations arising from the
contractual obligations between the parties to the arrangement. A joint arrangement that provides the Company with rights to the net assets of the arrangement is classified as a joint venture, and a joint arrangement that provides the Company with
rights to the individual assets and obligations arising from the arrangement is classified as a joint operation. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The Company accounts for a joint venture
using the equity method (described below). The Company accounts for a joint operation by recognizing its share of assets, liabilities, revenues, and expenses of the joint operation and combining them line by line with similar items in the
Company&#146;s consolidated financial statements. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Investments in associated companies, over which the Company is able to exercise significant influence
but not control, are accounted for using the equity method, which reflects the Company&#146;s investment at original cost plus postacquisition changes in the Company&#146;s share of the net assets of the associate. The share of the profit of
associates is recorded in the consolidated statements of income. Since this is profit attributable to the equity holders of the associate, it is profit after tax. Adjustments are made in the Company&#146;s consolidated financial statements to
eliminate its share of unrealized gains and losses resulting from transactions with its associates. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">If the financial statements of associates or joint
arrangements are prepared for a date that is different from the Company&#146;s date, adjustments are made for the effects of significant transactions or events that occur between that date and the date of the Company&#146;s financial statements.
When necessary, adjustments are made to bring the accounting policies in line with the Company&#146;s. <B> </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:9pt; font-family:ARIAL"><B>f) Investments held for self-insured liabilities
</B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">In other financial assets, the Company has investments held for self-insured liabilities that are categorized as available for sale and are recorded
at fair value, with associated unrealized gains or losses reported in other comprehensive income until disposed of, at which time realized gains or losses are recognized in income. These investments consist of government and corporate bonds, equity
securities, and term deposits. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:9pt; font-family:ARIAL"><B>g) Provisions </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I>General
</I></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Provisions are recognized when the Company has a present legal or constructive obligation as a result of a past event, it is probable that an outflow
of resources embodying economic benefits will be required to settle the obligation, and a reliable estimate can be made of the amount of the obligation. When the Company expects some or all of a provision to be reimbursed&#151;for example, under an
insurance contract&#151;and when the reimbursement is virtually certain, the reimbursement is recognized as a separate asset. The expense relating to any provision is presented in the consolidated statements of income net of any reimbursement. If
the effect of the time value of money </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:7pt" ALIGN="center">

<TR>
<TD WIDTH="35%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="32%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="31%"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:7pt">
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:7pt; font-family:Times New Roman">Notes to the Consolidated Financial Statements</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:7pt; font-family:Times New Roman">December 31, 2016</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">F-12</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">Stantec Inc.</TD></TR></TABLE>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">
is material, provisions are discounted using a current pretax rate that reflects, where appropriate, the risks specific to the liability. When discounting is used, the increase in the provision
due to the passage of time is recognized as a finance cost. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I>Provision for self-insured liabilities </I></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The Company self-insures certain risks related to professional liability, automobile physical damages, and employment practices liability. The provision for
self-insured liabilities includes estimates of the costs of reported claims (including potential claims that are probable of being asserted) and is based on estimates of loss using assumptions made by management, including consideration of actuarial
projections. The provision for self-insured liabilities does not include unasserted claims where assertion by a third party is not probable. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The Company
invests funds to support the provision for self-insured liabilities. These investments are recorded at fair value in other financial assets as investments held for self-insured liabilities. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I>Provisions for claims </I></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The Company has claims that are
not covered by its provisions for self-insured liabilities, including claims that are subject to exclusions under the Company&#146;s commercial and captive insurance policies. Provisions are recognized for these claims in accordance with the
preceding description of provisions under General. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I>Contingent liabilities recognized in a business combination </I></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">A contingent liability recognized in a business combination is initially measured at its fair value. Subsequently, it is measured in accordance with the
preceding description of provisions under General. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I>Onerous contracts </I></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The Company&#146;s onerous contracts consist of lease exit liabilities and sublease losses. For lease exit liabilities, the Company accrues charges when it
ceases to use an office space under an operating lease arrangement. Included in the liability is the present value of the remaining lease payments offset by the present value of estimated future rental income. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">From time to time, the Company may sublet a portion of office space that is under an operating lease arrangement. The Company accrues a liability, a sublease
loss, if the costs to be incurred under an operating lease will exceed the anticipated revenue on the sublease. Included in the liability is the present value of the remaining lease payments offset by the present value of the future rental income.
<B> </B></P> <P STYLE="margin-top:10pt; margin-bottom:0pt; font-size:9pt; font-family:ARIAL"><B>h) Foreign currency translation </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The Company&#146;s
consolidated financial statements are presented in Canadian dollars, which is also the parent Company&#146;s functional currency. Each entity in the Company determines its own functional currency, and items included in the financial statements of
each entity are measured using that functional currency. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I>Transactions and balances </I></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Transactions in foreign currencies (i.e., different than an entity&#146;s functional currency) are initially translated into the functional currency of an
entity using the foreign exchange rate at the transaction date. Subsequent to the transaction date, foreign currency transactions are measured as follows: </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT COLOR="#8b8476">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">On the consolidated statements of financial position, monetary items are translated at the rate of exchange in effect at the reporting date. <FONT STYLE="white-space:nowrap">Non-monetary</FONT> items at cost are
translated at historical exchange rates. <FONT STYLE="white-space:nowrap">Non-monetary</FONT> items at fair value are translated at rates in effect at the date the fair value is determined. Any resulting realized and unrealized foreign exchange
gains or losses are included in income in the period incurred. The exception is unrealized foreign exchange gains and losses on <FONT STYLE="white-space:nowrap">non-monetary</FONT> investments (equity investments) classified as available for sale,
which are included in other comprehensive income. </TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT COLOR="#8b8476">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">Revenue and expense items are translated at the exchange rate on the transaction date, except for depreciation and amortization, which are translated at historical exchange rates. </TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:7pt" ALIGN="center">

<TR>
<TD WIDTH="35%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="32%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="31%"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:7pt">
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:7pt; font-family:Times New Roman">Notes to the Consolidated Financial Statements</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:7pt; font-family:Times New Roman">December 31, 2016</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">F-13</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">Stantec Inc.</TD></TR></TABLE>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I>Foreign operations </I></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The Company&#146;s foreign operations are translated into its reporting currency (Canadian dollar) as follows: </P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT COLOR="#8b8476">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">Assets and liabilities are translated at the rate of exchange in effect at each consolidated statement of financial position date </TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT COLOR="#8b8476">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">Revenue and expense items (including depreciation and amortization) are translated at the average rate of exchange for the month </TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The resulting unrealized exchange gains and losses on foreign subsidiaries are recognized in other comprehensive income. </P>
<P STYLE="margin-top:10pt; margin-bottom:0pt; font-size:9pt; font-family:ARIAL"><B>i) Financial instruments </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I>Initial recognition and subsequent
measurement </I></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The Company classifies its financial instruments as follows: </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT COLOR="#8b8476">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">Cash and cash equivalents and cash in escrow are classified as financial assets at fair value through profit and loss (FVPL) and are recorded at fair value, with realized and unrealized gains and losses reported in
income. </TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT COLOR="#8b8476">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">Trade and other receivables are classified as receivables and are initially accounted for at fair value and subsequently adjusted for any allowance for doubtful accounts, with allowances reported in administrative and
marketing expenses. </TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT COLOR="#8b8476">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">Investments held for self-insured liabilities, consisting of bonds, equity securities, and term deposits, are classified as financial assets available for sale and are recorded at fair value, with accumulated unrealized
gains and losses reported in other comprehensive income until disposed of; at this time, the realized gains and losses are recognized in other income for equity securities and in finance income for bonds and term deposits. Interest income is
recorded in finance income, and dividends are recorded in other income. </TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT COLOR="#8b8476">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">Trade and other payables are classified as other financial liabilities and are recorded at fair value and subsequently recorded at amortized cost using the effective interest rate (EIR) method. Realized gains and losses
are reported in income. The EIR method discounts estimated future cash payments or receipts through the expected life of a financial instrument, thereby calculating the amortized cost and subsequently allocating the interest income or expense over
the life of the instrument. </TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT COLOR="#8b8476">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">Long-term debts are classified as loans and borrowings and are initially recorded at fair value and subsequently recorded at amortized cost using the EIR method. EIR amortization and realized gains and losses are
reported in net finance expense. </TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I>Fair value </I></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">All financial assets are recognized initially at fair value plus directly attributable transaction costs, except for financial assets at FVPL, for which
transaction costs are expensed. Purchases or sales of financial assets are accounted for at trade dates. All financial liabilities are recognized initially at fair value and, in the case of loans and borrowings, net of directly attributable
transaction costs. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">After initial recognition, the fair values of financial instruments are based on the bid prices in quoted active markets for financial
assets and on the ask prices for financial liabilities. For financial instruments not traded in active markets, fair values are determined using appropriate valuation techniques, which may include recent
<FONT STYLE="white-space:nowrap">arm&#146;s-length</FONT> market transactions, reference to the current fair value of another instrument that is substantially the same, and discounted cash flow analysis; however, other valuation models may be used.
The fair values of the Company&#146;s derivatives are based on third-party indicators and forecasts. The fair values of cash and cash equivalents, cash in escrow, trade and other receivables, and trade and other payables approximate their carrying
amounts because of the short-term maturity of these instruments. The carrying amounts of bank loans approximate their fair values because the applicable interest rate is based on variable reference rates. The carrying amounts of other financial
assets and financial liabilities approximate their fair values except as otherwise disclosed in the consolidated financial statements. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:7pt" ALIGN="center">

<TR>
<TD WIDTH="35%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="32%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="31%"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:7pt">
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:7pt; font-family:Times New Roman">Notes to the Consolidated Financial Statements</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:7pt; font-family:Times New Roman">December 31, 2016</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">F-14</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">Stantec Inc.</TD></TR></TABLE>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I>Derivatives </I></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">From time to time, the Company enters into foreign currency forward contracts to manage risk associated with net operating assets or liabilities denominated in
foreign currencies. The Company&#146;s policy is not to use these derivatives for trading or speculative purposes. In addition, the Company enters into software licensing agreements that have foreign currency&#150;embedded derivatives. During 2016,
these software licensing derivatives did not have a material impact on the Company&#146;s financial position or performance. </P> <P STYLE="margin-top:10pt; margin-bottom:0pt; font-size:9pt; font-family:ARIAL"><B>j) Impairment </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The carrying amounts of the Company&#146;s assets or group of assets, other than deferred tax assets, are reviewed at each reporting date to determine whether
there is an indication of impairment. An asset may be impaired if there is objective evidence of impairment as a result of one or more events that have occurred after the initial recognition of the asset (referred to as a &#147;loss event&#148;) and
if that loss event has an impact on the estimated future cash flows of the financial asset. When an indication of impairment exists or annual impairment testing for an asset is required, the asset&#146;s recoverable amount is estimated. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I>Trade and other receivables </I></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The Company maintains an
allowance for doubtful accounts on trade receivables. The estimate is based on the best assessment of the collectibility of the related receivable balance based in part on the age of the outstanding receivables and the Company&#146;s historical
collection and loss experience. When the carrying amount of the receivable is reduced through the allowance, the reduction is recognized in administrative and marketing expenses in the consolidated statements of income. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I><FONT STYLE="white-space:nowrap">Non-financial</FONT> assets </I></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">For <FONT STYLE="white-space:nowrap">non-financial</FONT> assets such as property and equipment, goodwill, investments in joint ventures and associates, and
intangible assets, the recoverable amount is the higher of an asset&#146;s or cash-generating unit&#146;s (CGU&#146;s) value in use or its fair value less costs of disposal. The recoverable amount is determined for an individual asset, unless the
asset does not generate cash inflows that are largely independent of those from other assets or groups of assets. Where the carrying amount of an asset or CGU exceeds its recoverable amount, the asset is considered impaired and is written down to
its recoverable amount. To assess value in use, the estimated future cash flows are discounted to their present value using a pretax discount rate that reflects current market assessments of the time value of money and the risks specific to the
asset. To determine fair value less costs of disposal, an appropriate valuation model is used. The results of these valuation techniques are corroborated by the market capitalization of comparable public companies and arm&#146;s-length transactions
of comparable companies. Impairment losses are recognized in the consolidated statements of income in those expense categories that are consistent with the nature of the impaired asset. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Goodwill is not amortized but is evaluated for impairment annually (as at October 1) or more frequently if circumstances indicate that an impairment may occur
or if a significant acquisition occurs between the annual impairment test date and December 31. The Company considers the relationship between its market capitalization and its book value, as well as other factors, when reviewing for indicators of
impairment. Goodwill is assessed for impairment based on the CGUs or group of CGUs to which the goodwill relates. Any potential goodwill impairment is identified by comparing the recoverable amount of a CGU or a group of CGUs to its carrying value
including the allocated goodwill. If the recoverable amount is less than its carrying value, an impairment loss is recognized. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">An impairment loss of
goodwill is not reversed. For other assets, an impairment loss may be reversed if the estimates used to determine the recoverable amount have changed. The reversal is limited so that the carrying amount of the asset does not exceed its recoverable
amount or the carrying amount that would have been determined, net of amortization or depreciation, had no impairment loss been recognized for the asset in prior years. The reversal is recognized in the consolidated statements of income. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">Available-for-sale</FONT></FONT> financial investments </I></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">For equity investments classified as available for sale, objective evidence of impairment includes a significant or prolonged decline in the fair value of the
investment below its cost. &#147;Significant&#148; is evaluated against the original cost of the investment and &#147;prolonged&#148; against the period in which the fair value has been below its original cost. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:7pt" ALIGN="center">

<TR>
<TD WIDTH="35%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="32%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="31%"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:7pt">
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:7pt; font-family:Times New Roman">Notes to the Consolidated Financial Statements</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:7pt; font-family:Times New Roman">December 31, 2016</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">F-15</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">Stantec Inc.</TD></TR></TABLE>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Where there is evidence of impairment, the cumulative loss is removed from other comprehensive income and
recognized in the consolidated statements of income. Impairment losses on equity investments are not reversed through the consolidated statements of income; increases in their fair value after impairment are recognized directly in other
comprehensive income. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">For debt instruments (such as bonds) classified as available for sale, the Company first assesses individually whether objective
evidence of impairment exists for debt instruments that are individually significant or collectively for debt instruments that are not individually significant. If an impairment loss has occurred, the amount recorded is the cumulative loss, measured
as the difference between the amortized cost and the current fair value, less any previously recognized impairment loss. This amount is removed from other comprehensive income and recognized in the consolidated statements of income. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Future interest income continues to be accrued based on the reduced carrying amount of the asset applying the rate of interest used to discount the future
cash flows for the purpose of measuring the impairment loss. If the fair value of a debt instrument increases in a subsequent year and the increase can be objectively related to an event occurring after the impairment loss was recognized, the
impairment loss is reversed in the consolidated statements of income. <B> </B></P> <P STYLE="margin-top:10pt; margin-bottom:0pt; font-size:9pt; font-family:ARIAL"><B>k) Revenue recognition </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">While providing services, the Company incurs certain direct costs for subconsultants, subcontractors, and other expenditures that are recoverable directly from
clients. These direct costs are included in the Company&#146;s gross revenue. Since these direct costs can vary significantly from contract to contract, changes in gross revenue may not be indicative of the Company&#146;s revenue trends. Therefore,
the Company also reports net revenue, which is gross revenue less subconsultants, subcontractors, and other direct expenses. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Revenue is recognized to the
extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured at the fair value of the consideration received, excluding discounts, duty, and taxes collected from clients
that are reimbursable to government authorities. The Company assesses its revenue arrangements against specific criteria to determine if it is acting as a principal or an agent. The Company has concluded that it is acting as a principal in all of
its revenue arrangements. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Revenue from <FONT STYLE="white-space:nowrap">fixed-fee</FONT> and <FONT STYLE="white-space:nowrap"><FONT
STYLE="white-space:nowrap">variable-fee-with-ceiling</FONT></FONT> contracts is recognized by referring to the stage of completion using the revenue cost approach. Stage of completion is measured using labor costs incurred to date as a percentage of
total estimated labor costs for each contract. Where the contract outcome cannot be measured reliably, revenue is recognized only to the extent that the expenses incurred are eligible to be recovered. Provisions for estimated losses on incomplete
contracts are made in the period that the losses are determined. Revenue from <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">time-and-material</FONT></FONT> contracts without stated ceilings is recognized as costs are incurred.
Revenue is calculated based on billing rates for the services performed. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Unbilled revenue represents work in progress that has been recognized as revenue
but has not yet been invoiced to clients. Billings in excess of costs represent amounts that have been invoiced to clients but not yet recognized as revenue. </P> <P STYLE="margin-top:10pt; margin-bottom:0pt; font-size:9pt; font-family:ARIAL"><B>l)
Employee benefits plans </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I>Defined benefit plans </I></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The Company sponsors defined benefit pension plans covering certain full-time employees and past employees, primarily in the United Kingdom. Benefits are based
on final compensation and years of service. Benefit costs (determined separately for each plan using the projected unit credit method) are recognized over the periods that employees are expected to render services in return for those benefits. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Remeasurements, comprising of actuarial gains and losses and the return on the plan assets (excluding interest), are recognized immediately in the
consolidated statements of financial position with a corresponding debit or credit to other comprehensive income in the period in which they occur. Remeasurements are not reclassified to net income in subsequent periods. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Past service costs are recognized in net income on the earlier of the date of the plan amendment or curtailment and the date that the Company recognizes
related restructuring costs. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:7pt" ALIGN="center">

<TR>
<TD WIDTH="35%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="32%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="31%"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:7pt">
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:7pt; font-family:Times New Roman">Notes to the Consolidated Financial Statements</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:7pt; font-family:Times New Roman">December 31, 2016</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">F-16</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">Stantec Inc.</TD></TR></TABLE>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Net interest is calculated by applying the discount rate to the net defined benefit liability or asset, adjusted
for benefit and contribution payments during the year. The Company recognizes the following changes in the net defined benefit obligations under administrative and marketing expenses in the consolidated statements of income: service costs comprising
current service costs, past service costs, gains and losses on curtailments and <FONT STYLE="white-space:nowrap">non-routine</FONT> settlements; net interest expense or income; and administrative expenses paid directly by the pension plans. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I>Defined contribution plans </I></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The Company also contributes
to group retirement savings plans and an employee share purchase plan. Certain plans are based on the amount of employee contributions and subject to maximum limits per employee. The Company accounts for defined contributions as an expense in the
period in which the contributions are made. <B> </B></P> <P STYLE="margin-top:10pt; margin-bottom:0pt; font-size:9pt; font-family:ARIAL"><B>m) Taxes </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I>Current income tax </I></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Current income tax assets and
liabilities for the current and prior periods are measured at the amount expected to be recovered from or paid to the taxation authorities. The tax rates and tax laws used to compute the amount are those that are enacted or substantively enacted at
the reporting date in the countries where the Company operates and generates taxable income. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Current income tax that relates to items recognized directly
in equity is recognized in equity and not in the consolidated statements of income. Management periodically evaluates positions taken in the tax returns with respect to situations in which applicable tax regulations are subject to interpretation and
establishes an uncertain tax liability where appropriate. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I>Deferred tax </I></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Deferred tax is determined using the liability method for temporary differences at the reporting date between the tax bases of assets and liabilities and their
carrying amounts for financial reporting purposes. Deferred tax liabilities are generally recognized for all taxable temporary differences. Deferred tax assets are recognized for all deductible temporary differences, carryforward of unused tax
credits and unused tax losses, to the extent that it is probable that taxable profit will be available against which the deductible temporary differences and the carryforward of unused tax credits and unused tax losses can be utilized. Deferred
taxes are not recognized for the initial recognition of goodwill; the initial recognition of assets or liabilities, outside of a business combination, that affect neither accounting nor taxable profit; or the differences relating to investments in
associates and interests in joint ventures to the extent that the reversal can be controlled and it is probable that it will not reverse in the foreseeable future. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The carrying amount of deferred tax assets is reviewed at each reporting date and reduced to the extent that it is no longer probable that sufficient taxable
profit will be available to allow all or part of the deferred tax asset to be utilized. Unrecognized deferred tax assets are reassessed at each reporting date and are recognized to the extent that it has become probable that future taxable profits
will allow the deferred tax asset to be recovered. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the
year when the asset is realized or the liability is settled and are based on tax rates and tax laws that have been enacted or substantively enacted at the reporting date. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Deferred tax relating to items recognized in equity is also recognized in equity. Deferred tax items are recognized in correlation to the underlying
transaction either in other comprehensive income or directly in equity. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Deferred tax assets and deferred tax liabilities are offset if a legally
enforceable right exists to set off tax assets against tax liabilities and the deferred taxes relate to the same taxable entity and the same taxation authority. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I>Sales tax </I></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Revenues, expenses, and assets, except trade
receivables, are recognized net of the amount of sales tax recoverable from or payable to a taxation authority. Trade receivables and trade payables include sales tax. The net amount of sales tax recoverable from or payable to a taxation authority
is included as part of trade receivables or trade payables (as appropriate) in the consolidated statements of financial position. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:7pt" ALIGN="center">

<TR>
<TD WIDTH="35%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="32%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="31%"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:7pt">
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:7pt; font-family:Times New Roman">Notes to the Consolidated Financial Statements</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:7pt; font-family:Times New Roman">December 31, 2016</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">F-17</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">Stantec Inc.</TD></TR></TABLE>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:ARIAL"><B>n) Share-based payment transactions </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Under the Company&#146;s share option plan, the board of directors may grant to officers and employees remuneration in the form of share-based payment
transactions, whereby officers and employees render services as consideration for equity instruments (equity-settled transactions). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Under the
Company&#146;s deferred share unit plan, the directors of the board of the Company may receive deferred share units (DSUs) equal to one common share. Before 2014, the chief executive officer could also receive DSUs. For the restricted share unit
plan, senior vice presidents may be granted share units that are to be settled after a <FONT STYLE="white-space:nowrap">two-year</FONT> period. Under the Company&#146;s long-term incentive plan, certain members of the senior leadership teams,
including the chief executive officer, are granted performance share units (PSUs) that vest and are to be settled after a three-year period. The DSUs, restricted share units (RSUs), and PSUs are share appreciation rights that can be settled only in
cash (cash-settled transactions). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I>Equity-settled transactions </I></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The cost of equity-settled transactions awards is measured at fair value at the grant date using a Black-Scholes option-pricing model. The cost of
equity-settled transactions, together with a corresponding increase in equity, is recognized over the period in which the service conditions are fulfilled (the vesting period). For equity-settled transactions, the cumulative expense recognized at
each reporting date until the vesting date reflects the extent to which the vesting period has expired and reflects the Company&#146;s best estimate of the number of equity instruments that will ultimately vest. The expense or credit to income for a
period represents the movement in cumulative expense recognized as at the beginning and end of that period and is recorded in administrative and marketing expenses. No expense is recognized for awards that do not ultimately vest. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I>Cash-settled transactions </I></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The cost of cash-settled
transactions is measured initially at fair value at the grant date using a Black-Scholes option-pricing model. This fair value is expensed upon issue with the recognition of a corresponding liability. The liability is remeasured to fair value at
each reporting date, up to and including the settlement date, with changes in fair value recognized in administrative and marketing expenses. </P> <P STYLE="margin-top:10pt; margin-bottom:0pt; font-size:9pt; font-family:ARIAL"><B>o) Earnings per
share </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Basic earnings per share is computed based on the weighted average number of common shares outstanding during the year. Diluted earnings per
share is computed using the treasury stock method, which assumes that the cash that would be received on the exercise of options is applied to purchase shares at the average price during the year and that the difference between the number of shares
issued on the exercise of options and the number of shares obtainable under this computation, on a weighted average basis, is added to the number of shares outstanding. Antidilutive options are not considered in computing diluted earnings per share.
</P> <P STYLE="margin-top:10pt; margin-bottom:0pt; font-size:9pt; font-family:ARIAL"><B>p) Business combinations and goodwill </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Business combinations
are accounted for using the acquisition method. The cost of an acquisition is measured as the consideration transferred at fair value at the acquisition date. Any contingent consideration to be transferred by the Company is recognized at fair value
at the acquisition date. Subsequent changes to the fair value of the contingent consideration are recognized in other income. Acquisition costs are expensed when incurred in administrative and marketing expenses. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Goodwill is initially measured at cost, which is the excess of the consideration transferred over the fair value of a Company&#146;s net identifiable assets
acquired and liabilities assumed. If this consideration is lower than the fair value of the net assets acquired, the difference is recognized in income. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">After initial recognition, goodwill is measured at cost less any accumulated impairment losses. For the purpose of impairment testing, goodwill acquired in a
business combination is, from the acquisition date, allocated to each CGU or group of CGUs that is expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the acquiree are assigned to those
units. Each CGU or group of CGUs represents the lowest level at which management monitors the goodwill. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:7pt" ALIGN="center">

<TR>
<TD WIDTH="35%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="32%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="31%"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:7pt">
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:7pt; font-family:Times New Roman">Notes to the Consolidated Financial Statements</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:7pt; font-family:Times New Roman">December 31, 2016</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">F-18</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">Stantec Inc.</TD></TR></TABLE>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:ARIAL"><B>q) Dividends </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Dividends
on common shares are recognized in the Company&#146;s consolidated financial statements in the period the dividends are declared by the Company&#146;s board of directors. </P>
<P STYLE="margin-top:10pt; margin-bottom:0pt; font-size:9pt; font-family:ARIAL"><B>5. SIGNIFICANT ACCOUNTING JUDGMENTS, ESTIMATES, AND ASSUMPTIONS </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Preparation of the Company&#146;s consolidated financial statements requires management to make judgments, estimates, and assumptions that affect the reported
amounts of revenues, expenses, assets, and liabilities, as well as the disclosure of contingent liabilities at the end of the reporting year. However, uncertainty about these assumptions and estimates could result in outcomes that require a material
adjustment to the carrying amount of the asset or liability affected in future periods. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Discussed below are the key management judgments and assumptions
concerning the future and other key sources of estimation uncertainty at the reporting date that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year. </P>
<P STYLE="margin-top:10pt; margin-bottom:0pt; font-size:9pt; font-family:ARIAL"><B>a) Revenue recognition </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The Company accounts for its revenue in
accordance with IAS 11<I> Construction Contracts</I>, which requires estimates to be made for contract costs and revenues. Revenue from <FONT STYLE="white-space:nowrap">fixed-fee</FONT> and <FONT STYLE="white-space:nowrap"><FONT
STYLE="white-space:nowrap">variable-fee-with-ceiling</FONT></FONT> contracts is recognized using the percentage of completion method based on the ratio of labor costs incurred to total estimated labor costs. Estimating total direct labor costs is
subjective and requires the use of management&#146;s best judgments based on the information available at that time. The Company also provides for estimated losses on incomplete contracts in the period in which such losses are determined. Changes in
the estimates are reflected in the period in which they are made and affect the Company&#146;s revenue and unbilled revenue. </P> <P STYLE="margin-top:10pt; margin-bottom:0pt; font-size:9pt; font-family:ARIAL"><B>b) Allowance for doubtful accounts
</B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The Company maintains an allowance for doubtful accounts for estimated losses resulting from the inability to collect on its trade receivables. The
Company uses estimates in arriving at its allowance for doubtful accounts. The estimates are based on the age of the outstanding receivables and on the Company&#146;s historical collection and loss experience. Future collections of receivables that
differ from the Company&#146;s current estimates would affect the results of its operations in future periods as well as the Company&#146;s trade receivables and administrative and marketing expenses. </P>
<P STYLE="margin-top:10pt; margin-bottom:0pt; font-size:9pt; font-family:ARIAL"><B>c) Provision for self-insured liabilities </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The Company self-insures
certain risks, including professional liability, automobile liability, and employment practices liability. The accrual for self-insured liabilities includes estimates of the costs of reported claims and is based on estimates of loss using
management&#146;s assumptions, including consideration of actuarial projections. These estimates of loss are derived from loss history that is then subjected to actuarial techniques to determine the proposed liability. Estimates of loss may vary
from those used in the actuarial projections and result in a larger loss than estimated. Any increase in loss would be recognized in the period in which the loss is determined and increase the Company&#146;s self-insured liabilities and reported
expenses. </P> <P STYLE="margin-top:10pt; margin-bottom:0pt; font-size:9pt; font-family:ARIAL"><B>d) Share-based payment transactions </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The Company
measures the cost of share-based payment transactions by reference to the fair value of the equity instruments at the grant date. Estimating fair value for share-based payment transactions requires determining the most appropriate valuation model,
which is dependent on the terms and conditions of the grant. The Company has chosen the Black-Scholes option-pricing model for equity-settled and cash-settled share-based payment transactions. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Estimating fair value also requires determining the most appropriate inputs to the valuation model&#151;including volatility in the price of the
Company&#146;s shares, a risk-free interest rate, and the expected hold period to exercise&#151;and making assumptions about them. The expected volatility is based on the historical volatility of the Company&#146;s shares over a period commensurate
with the expected term of the share option. The risk-free interest rate for the expected life of the options is based on the yield available on government bonds, with an approximate equivalent remaining term at the time of the grant. Historical data
is used to estimate the expected life of the option. As well, the Company estimates its forfeiture rate for equity-settled transactions based on historical experience to determine the </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:7pt" ALIGN="center">

<TR>
<TD WIDTH="35%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="32%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="31%"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:7pt">
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:7pt; font-family:Times New Roman">Notes to the Consolidated Financial Statements</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:7pt; font-family:Times New Roman">December 31, 2016</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">F-19</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">Stantec Inc.</TD></TR></TABLE>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">
compensation expense arising from the share-based awards. Changes to estimates are recorded in the period in which they are made and would affect the Company&#146;s administrative and marketing
expenses, contributed surplus, and other liabilities. </P> <P STYLE="margin-top:10pt; margin-bottom:0pt; font-size:9pt; font-family:ARIAL"><B>e) Business combinations </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">In a business combination, the Company may acquire certain assets and assume certain liabilities of an acquired entity. The estimate of fair values for these
transactions involves judgment to determine the fair values assigned to the tangible and intangible assets (i.e., backlog, client relationships, and favorable and unfavorable leases) acquired and the liabilities assumed on the acquisition.
Determining fair values involves a variety of assumptions, including revenue growth rates, expected operating income, and discount rates. During a measurement period, not to exceed one year, adjustments of the initial estimates may be required to
finalize the fair value of assets acquired and liabilities assumed. After the measurement period, a revision of fair value may impact the Company&#146;s net income. <B> </B></P>
<P STYLE="margin-top:10pt; margin-bottom:0pt; font-size:9pt; font-family:ARIAL"><B>f) Impairment of <FONT STYLE="white-space:nowrap">non-financial</FONT> assets </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Impairment exists when the carrying amount of an asset or CGU exceeds its recoverable amount, which is the higher of its fair value less costs of disposal or
its value in use. Fair value less costs of disposal is based on available data from binding sales transactions in an <FONT STYLE="white-space:nowrap">arm&#146;s-length</FONT> transaction of similar assets or observable market prices less incremental
costs for disposing of the asset. In the absence of this data, other valuation techniques can be used to estimate fair value less costs of disposal. The value in use calculation is based on a discounted cash flow model. The cash flows are derived
from budgets over an appropriate number of years and do not include restructuring activities that the Company is not yet committed to or significant future investments that will enhance the asset&#146;s performance of the CGU being tested. </P>
<P STYLE="margin-top:10pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">When based on a discounted cash flow methodology, the recoverable amount is most sensitive to the expected future cash inflows, the growth rate used for
extrapolation purposes, and the discount rate. To arrive at cash flow projections, the Company uses estimates of economic and market information over the projection period, including growth rates in revenues, estimates of future expected changes in
operating margins, and cash expenditures. Other significant estimates and assumptions include future estimates of capital expenditures and changes in future working capital requirements. </P>
<P STYLE="margin-top:10pt; margin-bottom:0pt; font-size:9pt; font-family:ARIAL"><B>g) Employee benefit plans </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The cost of the defined benefit pension
plans and the present value of the pension obligations are determined separately for each plan using actuarial valuations. An actuarial valuation involves making various assumptions that may differ from actual future developments. These include
determining the discount rate, mortality rates, future salary increases, inflation, and future pension increases. Due to the complexities involved in the valuation and its long-term nature, the defined benefit obligation and cost are highly
sensitive to changes in these assumptions, particularly to the discount and mortality rates (although a portion of the pension plans has protection against improving mortality rates by utilizing guaranteed annuity rate contracts with an insurance
company). All assumptions are reviewed annually. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">In determining the appropriate discount rate, management considers the interest rates of corporate bonds
in currencies consistent with the currencies of the post-employment obligation with an &#145;AA&#146; rating or above, as set by an internationally acknowledged rating agency, and extrapolated as needed along the yield curve to correspond with the
expected term of the benefit obligation. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The mortality rate is based on publicly available information in the actuarial profession&#146;s publications
plus any special geographical or occupational features of each plan&#146;s membership. Mortality tables tend to change only at intervals in response to demographic changes. Future salary increases reflect the current estimate of management. Pension
increases are calculated based on the terms of the individual plans and estimated future inflation rates. </P> <P STYLE="margin-top:10pt; margin-bottom:0pt; font-size:9pt; font-family:ARIAL"><B>h) Fair value of financial instruments </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">When the fair value of financial assets and financial liabilities recorded in the consolidated statements of financial position cannot be derived from active
markets, it is determined using valuation techniques, including the discounted cash flow model. The inputs to these models are taken from observable markets if possible, but when this is not feasible, a degree of judgment is required to establish
fair values. The judgments include considering inputs such as liquidity risk, credit risk, and volatility. Changes in assumptions about these factors could affect the reported fair value of financial instruments and reported expenses and income.
</P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:7pt" ALIGN="center">

<TR>
<TD WIDTH="35%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="32%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="31%"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:7pt">
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:7pt; font-family:Times New Roman">Notes to the Consolidated Financial Statements</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:7pt; font-family:Times New Roman">December 31, 2016</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">F-20</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">Stantec Inc.</TD></TR></TABLE>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:ARIAL"><B>i) Taxes </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Uncertainties
exist with respect to the interpretation of complex tax regulations and the amount and timing of deferred taxable income. The Company&#146;s income tax assets and liabilities are based on interpretations of income tax legislation across various
jurisdictions, primarily in Canada and the United States. The Company&#146;s effective tax rate can change from year to year based on the mix of income among different jurisdictions, changes in tax laws in these jurisdictions, and changes in the
estimated value of deferred tax assets and liabilities. The Company&#146;s income tax expense reflects an estimate of the taxes it expects to pay for the current year, as well as a provision for changes arising in the values of deferred tax assets
and liabilities during the year. The tax value of these assets and liabilities is impacted by factors such as accounting estimates inherent in these balances, management&#146;s expectations about future operating results, previous tax audits, and
differing interpretations of tax regulations by the taxable entity and the responsible tax authorities. Differences in interpretation may arise for a wide variety of issues, depending on the conditions prevailing in the respective legal
entity&#146;s domicile. On a regular basis, management assesses the likelihood of recovering value from deferred tax assets, such as loss carryforwards, as well as from deferred tax depreciation of capital assets, and adjusts the tax provision
accordingly. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Deferred tax assets are recognized for all unused tax losses to the extent that it is probable that taxable profit will be available against
which the losses can be utilized. Significant management judgment is required to determine the amount of deferred tax assets that can be recognized based on the likely timing and the level of future taxable profits, together with future <FONT
STYLE="white-space:nowrap">tax-planning</FONT> strategies. If estimates change, the Company may be required to recognize an adjustment to its deferred income tax asset or liability and income tax expense. </P>
<P STYLE="margin-top:10pt; margin-bottom:0pt; font-size:9pt; font-family:ARIAL"><B>j) Interests in other entities </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The Company determines whether it
has control over another entity by making judgments about what the relevant activities of that entity are and which party or parties have power to direct those activities, as well as whether the Company is exposed to variable returns of the entity.
The Company assesses whether it has control, significant influence, or joint control over an entity based on the individual facts and circumstances of each agreement. In the case of a joint arrangement, the Company makes judgments to determine if
the arrangement is a joint venture or joint operation, including whether it has rights to the individual assets or liabilities or to the net assets of the entity and whether unanimous consent is required to make decisions about relevant activities.
</P> <P STYLE="margin-top:10pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL"><B>6. RECENT ACCOUNTING PRONOUNCEMENTS AND CHANGES TO ACCOUNTING POLICIES </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:ARIAL"><B>Recently adopted </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The following amendments have been adopted by the
Company effective January&nbsp;1, 2016. The adoption of these amendments did not have an impact on the financial position or performance of the Company. </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT COLOR="#8b8476">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">In May 2014, the IASB issued <I>Accounting for Acquisitions of Interests in Joint Operations (Amendments to IFRS 11)</I>. The amendments provide guidance on accounting for acquisitions of interests in joint operations
in which the activity constitutes a business, as defined by IFRS 3 <I>Business Combinations </I>(IFRS 3). The acquirer applies all principles on business combinations accounting in IFRS 3 and other IFRSs, except for those principles that conflict
with the guidance in IFRS 11 <I>Joint Arrangements</I>. In addition, the acquirer must disclose the information required by IFRS 3 and other IFRSs for business combinations. </TD></TR></TABLE>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT COLOR="#8b8476">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">In September 2014, the IASB issued Annual Improvements (2012-2014 Cycle) to make necessary but <FONT STYLE="white-space:nowrap">non-urgent</FONT> amendments to IFRS 5
<I><FONT STYLE="white-space:nowrap">Non-current</FONT> Assets Held for Sale and Discontinued Operations</I>; IFRS 7 <I>Financial Instrument: Disclosures</I>; IAS 19 <I>Employee Benefits</I>; and IAS 34 <I>Interim Financial Reporting</I>.
</TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT COLOR="#8b8476">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">In December 2014, the IASB issued <I>Disclosure Initiative (Amendments to IAS 1)</I>. It provides amended guidance about materiality and the order of the notes to the financial statements. </TD></TR></TABLE>
<P STYLE="margin-top:10pt; margin-bottom:0pt; font-size:9pt; font-family:ARIAL"><B>Future adoptions </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The listing below includes standards, amendments,
and interpretations that the Company reasonably expects to be applicable at a future date and intends to adopt when they become effective. The Company is currently considering the impact of adopting these standards, amendments, and interpretations
on its consolidated financial statements and cannot reasonably estimate the effect at this time unless specifically mentioned below. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:7pt" ALIGN="center">

<TR>
<TD WIDTH="35%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="32%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="31%"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:7pt">
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:7pt; font-family:Times New Roman">Notes to the Consolidated Financial Statements</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:7pt; font-family:Times New Roman">December 31, 2016</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">F-21</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">Stantec Inc.</TD></TR></TABLE>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT COLOR="#8b8476">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">In May 2014, the IASB issued IFRS 15 <I>Revenue from Contracts with Customers </I>(IFRS 15). In April 2016, the IASB issued amendments to clarify the standard and provide additional transition relief for modified
contracts and completed contracts. IFRS 15 applies to all revenue contracts with customers and provides a model for the recognition and measurement of the sale of some <FONT STYLE="white-space:nowrap">non-financial</FONT> assets such as property,
plant, and equipment, and intangible assets. It sets out a five-step model for revenue recognition and applies to all industries. The core principle is that revenue should be recognized to depict the transfer of promised goods or services to
customers in an amount that reflects the consideration that the entity expects to be entitled to in exchange for those goods or services. IFRS 15 requires numerous disclosures, such as the disaggregation of total revenue, disclosures about
performance obligations, changes in contract asset and liability account balances, and key judgments and estimates. The Company has established a cross-functional IFRS 15 implementation team that provides regular updates to the Audit and Risk
Committee, including reports on the progress made on the implementation project&#146;s detailed work plan. </TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:2%; font-size:10pt; font-family:Times New Roman">Major provisions
of IFRS 15 include determining which goods and services are distinct and require separate accounting (performance obligations), determining the total transaction price, estimating and recognizing variable consideration, identifying and accounting
for contract modifications, and determining whether revenue should be recognized at a point in time or over time (including guidance on measuring the stage of completion). The Company is currently assessing the potential effect of these requirements
on its consolidated financial statements. It is also in the process of formulating policies and practices for estimating variable consideration and applying the constraint thereto. At this time, the Company expects to continue to recognize revenue
over time for <FONT STYLE="white-space:nowrap">fixed-fee</FONT> and <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">variable-fee-with-ceiling</FONT></FONT> contracts by referring to the stage of completion. For <FONT
STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">time-and-material</FONT></FONT> contracts without stated ceilings, the Company is currently assessing whether a practical expedient could be applied which would allow the recognition of
revenue in the amount for which it has the right to invoice, consistent with current practices for such contracts. As the Company&#146;s assessment of IFRS 15 is in process, the above may not fully describe the potential effect of IFRS 15 on the
Company&#146;s accounting policies and is subject to change with new facts and circumstances. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:2%; font-size:10pt; font-family:Times New Roman">The mandatory effective date of IFRS 15 is
January&nbsp;1, 2018, with earlier application permitted. This standard may be adopted using a full retrospective or modified retrospective approach. The Company has not yet selected which transition method it will apply or quantified the financial
reporting impact of adopting this standard. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT COLOR="#8b8476">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">In July 2014, the IASB issued IFRS 9 <I>Financial Instruments </I>(IFRS 9) to introduce new requirements for the classification and measurement of financial assets and financial liabilities, including derecognition.
IFRS 9 requires that all financial assets be subsequently measured at amortized cost or fair value. The new standard also requires that changes in fair value attributable to a financial liability&#146;s credit risk be presented in other
comprehensive income, rather than in profit or loss. In addition, it includes a single expected-loss impairment model and a reformed approach to hedge accounting. This standard is effective on or after January&nbsp;1, 2018, on a retrospective basis
subject to certain exceptions. </TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:2%; font-size:10pt; font-family:Times New Roman">The Company is in the process of completing an initial diagnostic assessment on IFRS 9. As a
result, the Company is assessing the impact the new expected-loss impairment model will have on the timing of recognition of allowance for doubtful accounts. The Company has investments held for self-insured liabilities including equity securities
and bonds. The Company is in the process of evaluating whether to classify these equities at fair value through profit and loss (FVTPL) or at fair value through other comprehensive income (FVTOCI). If the election for FVTOCI is chosen, any
subsequent gains or losses on disposal will not be recycled to income. In addition, these equity securities will no longer require an impairment test under either option. With regards to bonds, the Company is in the process of determining whether
they will be classified at amortized cost, FVTOCI, or at FVTPL. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT COLOR="#8b8476">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">In January 2016, the IASB issued IFRS 16 <I>Leases </I>(IFRS 16) which requires lessees to recognize assets and
liabilities for most leases. Lessees will have a single accounting model for all leases, with certain exemptions. For lessors, there is little change to the existing accounting in IAS 17 <I>Leases. </I>The new standard is effective January&nbsp;1,
2019, with limited early application permitted. The new standard permits lessees to use either a full </P></TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:7pt" ALIGN="center">

<TR>
<TD WIDTH="35%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="32%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="31%"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:7pt">
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:7pt; font-family:Times New Roman">Notes to the Consolidated Financial Statements</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:7pt; font-family:Times New Roman">December 31, 2016</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">F-22</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">Stantec Inc.</TD></TR></TABLE>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="2%">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">
retrospective or a modified retrospective approach on transition for leases existing at the date of transition, with options to use certain transition reliefs. </P></TD></TR></TABLE>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT COLOR="#8b8476">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">In January 2016, the IASB issued <I>Recognition of Deferred Tax Assets for Unrealized Losses (Amendments to IAS 12). </I>The amendments clarify requirements for the recognition of deferred tax assets for unrealized
losses on debt instruments measured at fair value. These amendments are effective January&nbsp;1, 2017, on a retrospective basis subject to certain exceptions. </TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT COLOR="#8b8476">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">In January 2016, the IASB issued <I>Disclosure Initiative (Amendments to IAS 7)</I>. These amendments clarify IAS 7 in order to improve information provided to users of financial statements about an entity&#146;s
financing activities. These amendments are effective January&nbsp;1, 2017, with earlier application permitted. </TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT COLOR="#8b8476">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">In June 2016, the IASB issued <I>Classification and Measurement of Share-based Payment Transactions (Amendments to IFRS 2)</I>. The amendments clarify how to account for the effects of vesting and <FONT
STYLE="white-space:nowrap">non-vesting</FONT> conditions on the measurement of cash-settled share-based payments, share-based payment transactions with a net settlement feature for withholding tax obligations, and a modification to the terms and
conditions of a share-based payment that changes the classification of the transaction from cash-settled to equity-settled. This amendment is effective on or after January&nbsp;1, 2018, with earlier application permitted. </TD></TR></TABLE>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT COLOR="#8b8476">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">In December 2016, the IASB issued Annual Improvements (2014-2016 Cycle) to make necessary but <FONT STYLE="white-space:nowrap">non-urgent</FONT> amendments to IFRS 1 <I>First-time Adoption of International Financial
Reporting Standards </I>(IFRS 1), IFRS 12 <I>Disclosure of Interests in Other Entities </I>(IFRS 12), and IAS 28 <I>Investments in Associates and Joint</I> <I>Ventures </I>(IAS 28). The amendment to IFRS 12 is effective January&nbsp;1, 2017, on a
retrospective basis. The amendments to IFRS 1 and IAS 28 are effective January&nbsp;1, 2018, on a retrospective basis. </TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT COLOR="#8b8476">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">In December 2016, the International Financial Reporting Interpretations Committee (IFRIC) issued an interpretation <I>IFRIC 22 Foreign Currency Transactions and Advance Consideration </I>(IFRIC 22). This interpretation
clarifies that for <FONT STYLE="white-space:nowrap">non-monetary</FONT> assets or <FONT STYLE="white-space:nowrap">non-monetary</FONT> liabilities, the transaction date is the date used to determine the exchange rate on which a company initially
recognizes a prepayment or deferred income arising from an advance consideration. The interpretation is effective January&nbsp;1, 2018, and entities may use either a retrospective or prospective approach on transition, with earlier application
permitted. </TD></TR></TABLE> <P STYLE="margin-top:10pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL"><B>7. BUSINESS ACQUISITIONS </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Acquisitions are accounted for under the acquisition method of accounting and the results of operations since the respective dates of acquisition are included
in the consolidated statements of income. From time to time, as a result of the timing of acquisitions in relation to the Company&#146;s reporting schedule, certain estimates of fair values of assets and liabilities acquired may not be finalized at
the initial time of reporting. These estimates are completed after the vendors&#146; final financial statements and income tax returns have been prepared and accepted by the Company, after detail project portfolio reviews are performed, and when the
valuations of intangible assets and other assets and liabilities acquired are finalized. The preliminary fair values are based on management&#146;s best estimates of the acquired identifiable assets and liabilities at the acquisition date. During a
measurement period not to exceed one year, adjustments to the initial estimates may be required to finalize the fair value of assets and liabilities acquired. The Company will revise comparative information if these measurement period adjustments
are material. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The consideration paid for acquisitions may be subject to price adjustment clauses included in the purchase agreements and may extend over
a number of years. At each consolidated statement of financial position date, these price adjustment clauses are reviewed. This may result in an increase in or a reduction of the notes payable consideration (recorded on the acquisition date) to
reflect either more or less <FONT STYLE="white-space:nowrap">non-cash</FONT> working capital than was originally recorded. Since these adjustments are a result of facts and circumstances occurring after the acquisition date, they are not considered
measurement period adjustments. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">For some acquisitions, additional payments may be made to the employees of an acquired company that are based on the
employees&#146; continued service over an agreed time period. These additional payments are not included in the purchase price. They are expensed as compensation when services are provided by the employees. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:7pt" ALIGN="center">

<TR>
<TD WIDTH="35%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="32%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="31%"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:7pt">
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:7pt; font-family:Times New Roman">Notes to the Consolidated Financial Statements</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:7pt; font-family:Times New Roman">December 31, 2016</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">F-23</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">Stantec Inc.</TD></TR></TABLE>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:ARIAL"><B>Acquisitions in 2016 </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">On March&nbsp;11, 2016, the Company acquired all the shares and business of Bury Holdings, Inc. (Bury) for cash consideration and notes payable. Bury is based
in Austin, Texas, with additional offices in Dallas, Houston, and San Antonio, Texas; Phoenix, Arizona; and Orlando, Florida. Bury is a multidisciplinary design firm with professionals in civil, mechanical, electrical, plumbing design, and
structural engineering; surveying; land planning; and landscape architecture. This addition expands the Company&#146;s Infrastructure business operating unit in the United States. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">On May&nbsp;6, 2016, the Company acquired all the shares and business of MWH Global, Inc. (MWH) for cash consideration of US$792,613,000. Pursuant to the
acquisition agreement, each share unit and share appreciation right of MWH outstanding immediately prior to the close of the acquisition became fully vested in the form of MWH&#146;s common shares. All notes receivable from MWH&#146;s shareholders
(US$14,993,000) and the grant price related to all outstanding share appreciation rights (US$12,010,000) were offset against and reduced the <FONT STYLE="white-space:nowrap">per-share</FONT> acquisition consideration payable to such shareholders.
This resulted in a net purchase price of US$765,610,000 (CDN $999,385,000). Headquartered in Broomfield, Colorado, MWH is a global engineering, consulting, and construction management firm providing services in program management and management
consulting, construction management services, and engineering and technical services, particularly in the water, renewable energy, and sustainability sectors. The MWH acquisition adds 187 offices operating in 26 countries across 6 continents. It
expands the Company&#146;s Energy&nbsp;&amp; Resources, Environmental Services, and Infrastructure business operating units and creates a new service offering: Construction Services. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">On May&nbsp;26, 2016, the Company acquired all the shares and business of VOA Associates, Inc. (VOA) for cash consideration and notes payable. VOA is based in
Chicago, Illinois, and has additional offices in New York City, New York; Orlando, Florida; Washington, DC; and Highland, Indiana. VOA provides expertise in architecture, interior design, landscaping, and planning. This addition enhances the
Company&#146;s Buildings business operating unit in the United States. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">On September&nbsp;16, 2016, the Company acquired all the shares and business of
Edwards and Zuck, P.C. and Edwards and Zuck Consulting Engineers, D.P.C. (collectively called Edwards&nbsp;&amp; Zuck) for cash consideration and notes payable. Edwards&nbsp;&amp; Zuck is based in New York City, New York; Miami, Florida; Morristown,
New Jersey; and Stamford, Connecticut. Edwards&nbsp;&amp; Zuck provides expertise in mechanical, electrical, and plumbing design. This addition enhances the Company&#146;s Buildings business operating unit in the United States. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">On December&nbsp;2, 2016, the Company acquired all the assets of Architecture | Tkalcic Bengert (Arch|TB) for cash consideration and notes payable. Based in
Edmonton, Alberta, Arch|TB provides expertise in architecture, interior design, creative services, urban planning, and technical consulting. This addition enhances the Company&#146;s Buildings business operating unit in Canada. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:7pt" ALIGN="center">

<TR>
<TD WIDTH="35%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="32%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="31%"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:7pt">
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:7pt; font-family:Times New Roman">Notes to the Consolidated Financial Statements</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:7pt; font-family:Times New Roman">December 31, 2016</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">F-24</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">Stantec Inc.</TD></TR></TABLE>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:ARIAL"><B>Consideration for assets acquired and liabilities assumed </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Details of the consideration transferred and the fair value of the identifiable assets and liabilities acquired at the date of acquisition are as follows: </P>
<P STYLE="margin-top:10pt; margin-bottom:0pt; font-size:9pt; font-family:ARIAL"><B>For acquisitions completed year to date </B></P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>
<TD WIDTH="60%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:9pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="10" STYLE="BORDER-BOTTOM:1px solid #000000" BGCOLOR="#e5e4e1"> <P STYLE="font-size:4pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:9pt; font-family:Times New Roman" ALIGN="center"><B>December&nbsp;31, 2016</B></P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000" BGCOLOR="#e5e4e1">&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:9pt">
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT STYLE="font-size:7pt"><I>(In thousands of Canadian dollars)</I></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" STYLE="BORDER-BOTTOM:1px solid #000000" BGCOLOR="#e5e4e1"> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman" ALIGN="right"><B>MWH</B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman" ALIGN="right"><B>acquisition</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:9pt; font-family:Times New Roman" ALIGN="right"><B>$</B></P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000" BGCOLOR="#e5e4e1">&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #000000" BGCOLOR="#e5e4e1"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman" ALIGN="right"><B>Other</B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman" ALIGN="right"><B>acquisitions</B></P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:9pt; font-family:Times New Roman" ALIGN="right"><B>$</B></P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000" BGCOLOR="#e5e4e1">&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #000000" BGCOLOR="#e5e4e1"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman" ALIGN="right"><B>Total</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:9pt; font-family:Times New Roman" ALIGN="right"><B>$</B></P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000" BGCOLOR="#e5e4e1">&nbsp;</TD></TR>


<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Cash consideration</P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1" ALIGN="right"><B>999,385</B></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#e5e4e1"><B>&nbsp;&nbsp;</B></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1">&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1" ALIGN="right"><B>119,997</B></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#e5e4e1"><B>&nbsp;&nbsp;</B></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1">&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1" ALIGN="right"><B>1,119,382</B></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#e5e4e1"><B>&nbsp;&nbsp;</B></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Notes payable</P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000" BGCOLOR="#e5e4e1"><B>&nbsp;</B></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000" BGCOLOR="#e5e4e1" ALIGN="right"><B>-</B></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000" BGCOLOR="#e5e4e1"><B>&nbsp;&nbsp;</B></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000" BGCOLOR="#e5e4e1"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000" BGCOLOR="#e5e4e1" ALIGN="right"><B>51,124</B></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000" BGCOLOR="#e5e4e1"><B>&nbsp;&nbsp;</B></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000" BGCOLOR="#e5e4e1"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000" BGCOLOR="#e5e4e1" ALIGN="right"><B>51,124</B></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000" BGCOLOR="#e5e4e1"><B>&nbsp;&nbsp;</B></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1.50pt solid #000000"> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Consideration</B></P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1" STYLE="BORDER-BOTTOM:1.50pt solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.50pt solid #000000" BGCOLOR="#e5e4e1"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.50pt solid #000000" BGCOLOR="#e5e4e1" ALIGN="right"><B>999,385</B></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1.50pt solid #000000" BGCOLOR="#e5e4e1"><B>&nbsp;&nbsp;</B></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1" STYLE="BORDER-BOTTOM:1.50pt solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.50pt solid #000000" BGCOLOR="#e5e4e1"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.50pt solid #000000" BGCOLOR="#e5e4e1" ALIGN="right"><B>171,121</B></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1.50pt solid #000000" BGCOLOR="#e5e4e1"><B>&nbsp;&nbsp;</B></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1" STYLE="BORDER-BOTTOM:1.50pt solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.50pt solid #000000" BGCOLOR="#e5e4e1"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.50pt solid #000000" BGCOLOR="#e5e4e1" ALIGN="right"><B>1,170,506</B></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1.50pt solid #000000" BGCOLOR="#e5e4e1"><B>&nbsp;&nbsp;</B></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Assets and liabilities
acquired</B></P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1"></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1"></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1"></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1">&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1"></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1"></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1"></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1">&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1"></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1"></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Cash acquired</P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1" ALIGN="right"><B>94,319</B></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#e5e4e1"><B>&nbsp;&nbsp;</B></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1">&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1" ALIGN="right"><B>4,170</B></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#e5e4e1"><B>&nbsp;&nbsp;</B></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1">&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1" ALIGN="right"><B>98,489</B></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#e5e4e1"><B>&nbsp;&nbsp;</B></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><FONT STYLE="white-space:nowrap">Non-cash</FONT> working capital</P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1" ALIGN="right"><B>30,664</B></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#e5e4e1"><B>&nbsp;&nbsp;</B></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1">&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1" ALIGN="right"><B>39,490</B></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#e5e4e1"><B>&nbsp;&nbsp;</B></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1">&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1" ALIGN="right"><B>70,154</B></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#e5e4e1"><B>&nbsp;&nbsp;</B></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Property and equipment</P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1" ALIGN="right"><B>46,245</B></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#e5e4e1"><B>&nbsp;&nbsp;</B></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1">&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1" ALIGN="right"><B>8,155</B></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#e5e4e1"><B>&nbsp;&nbsp;</B></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1">&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1" ALIGN="right"><B>54,400</B></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#e5e4e1"><B>&nbsp;&nbsp;</B></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Investments in joint ventures and associates</P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1" ALIGN="right"><B>2,989</B></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#e5e4e1"><B>&nbsp;&nbsp;</B></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#e5e4e1"><B>&nbsp;</B></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#e5e4e1" ALIGN="right"><B>-</B></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#e5e4e1"><B>&nbsp;&nbsp;</B></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1">&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1" ALIGN="right"><B>2,989</B></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#e5e4e1"><B>&nbsp;&nbsp;</B></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Other financial assets</P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1" ALIGN="right"><B>36,058</B></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#e5e4e1"><B>&nbsp;&nbsp;</B></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1">&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1" ALIGN="right"><B>1,532</B></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#e5e4e1"><B>&nbsp;&nbsp;</B></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1">&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1" ALIGN="right"><B>37,590</B></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#e5e4e1"><B>&nbsp;&nbsp;</B></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Other assets</P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1" ALIGN="right"><B>14,674</B></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#e5e4e1"><B>&nbsp;&nbsp;</B></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#e5e4e1"><B>&nbsp;</B></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#e5e4e1" ALIGN="right"><B>-</B></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#e5e4e1"><B>&nbsp;&nbsp;</B></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1">&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1" ALIGN="right"><B>14,674</B></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#e5e4e1"><B>&nbsp;&nbsp;</B></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Intangible assets</P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1"></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1"></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1"></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1">&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1"></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1"></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1"></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1">&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1"></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1"></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Client relationships</P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1" ALIGN="right"><B>220,575</B></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#e5e4e1"><B>&nbsp;&nbsp;</B></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1">&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1" ALIGN="right"><B>26,328</B></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#e5e4e1"><B>&nbsp;&nbsp;</B></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1">&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1" ALIGN="right"><B>246,903</B></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#e5e4e1"><B>&nbsp;&nbsp;</B></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Contract backlog</P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1" ALIGN="right"><B>42,066</B></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#e5e4e1"><B>&nbsp;&nbsp;</B></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1">&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1" ALIGN="right"><B>8,523</B></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#e5e4e1"><B>&nbsp;&nbsp;</B></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1">&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1" ALIGN="right"><B>50,589</B></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#e5e4e1"><B>&nbsp;&nbsp;</B></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Trademarks</P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1" ALIGN="right"><B>9,431</B></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#e5e4e1"><B>&nbsp;&nbsp;</B></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1">&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1" ALIGN="right"><B>652</B></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#e5e4e1"><B>&nbsp;&nbsp;</B></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1">&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1" ALIGN="right"><B>10,083</B></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#e5e4e1"><B>&nbsp;&nbsp;</B></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Trademarks &#150; indefinite life</P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1" ALIGN="right"><B>10,400</B></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#e5e4e1"><B>&nbsp;&nbsp;</B></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#e5e4e1"><B>&nbsp;</B></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#e5e4e1" ALIGN="right"><B>-</B></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#e5e4e1"><B>&nbsp;&nbsp;</B></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1">&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1" ALIGN="right"><B>10,400</B></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#e5e4e1"><B>&nbsp;&nbsp;</B></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Software</P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1" ALIGN="right"><B>27,641</B></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#e5e4e1"><B>&nbsp;&nbsp;</B></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#e5e4e1"><B>&nbsp;</B></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#e5e4e1" ALIGN="right"><B>-</B></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#e5e4e1"><B>&nbsp;&nbsp;</B></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1">&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1" ALIGN="right"><B>27,641</B></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#e5e4e1"><B>&nbsp;&nbsp;</B></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Lease advantages</P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1" ALIGN="right"><B>5,823</B></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#e5e4e1"><B>&nbsp;&nbsp;</B></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1">&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1" ALIGN="right"><B>885</B></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#e5e4e1"><B>&nbsp;&nbsp;</B></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1">&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1" ALIGN="right"><B>6,708</B></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#e5e4e1"><B>&nbsp;&nbsp;</B></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Lease disadvantages</P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1" ALIGN="right"><B>(2,464</B></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#e5e4e1"><B>)&nbsp;</B></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1">&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1" ALIGN="right"><B>(316</B></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#e5e4e1"><B>)&nbsp;</B></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1">&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1" ALIGN="right"><B>(2,780</B></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#e5e4e1"><B>)&nbsp;</B></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Other</P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1" ALIGN="right"><B>1,873</B></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#e5e4e1"><B>&nbsp;&nbsp;</B></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#e5e4e1"><B>&nbsp;</B></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#e5e4e1" ALIGN="right"><B>-</B></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#e5e4e1"><B>&nbsp;&nbsp;</B></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1">&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1" ALIGN="right"><B>1,873</B></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#e5e4e1"><B>&nbsp;&nbsp;</B></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Long-term debt</P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1" ALIGN="right"><B>(141,231</B></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#e5e4e1"><B>)&nbsp;</B></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1">&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1" ALIGN="right"><B>(7,260</B></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#e5e4e1"><B>)&nbsp;</B></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1">&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1" ALIGN="right"><B>(148,491</B></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#e5e4e1"><B>)&nbsp;</B></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Provisions</P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1" ALIGN="right"><B>(27,475</B></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#e5e4e1"><B>)&nbsp;</B></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1">&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1" ALIGN="right"><B>(7,783</B></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#e5e4e1"><B>)&nbsp;</B></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1">&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1" ALIGN="right"><B>(35,258</B></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#e5e4e1"><B>)&nbsp;</B></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Net employee defined benefit liability</P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1" ALIGN="right"><B>(43,823</B></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#e5e4e1"><B>)&nbsp;</B></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#e5e4e1"><B>&nbsp;</B></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#e5e4e1" ALIGN="right"><B>-</B></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#e5e4e1"><B>&nbsp;&nbsp;</B></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1">&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1" ALIGN="right"><B>(43,823</B></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#e5e4e1"><B>)&nbsp;</B></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Other employee-related liabilities</P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1" ALIGN="right"><B>(26,274</B></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#e5e4e1"><B>)&nbsp;</B></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#e5e4e1"><B>&nbsp;</B></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#e5e4e1" ALIGN="right"><B>-</B></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#e5e4e1"><B>&nbsp;&nbsp;</B></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1">&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1" ALIGN="right"><B>(26,274</B></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#e5e4e1"><B>)&nbsp;</B></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Other financial liabilities</P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1" ALIGN="right"><B>(6,865</B></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#e5e4e1"><B>)&nbsp;</B></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#e5e4e1"><B>&nbsp;</B></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#e5e4e1" ALIGN="right"><B>-</B></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#e5e4e1"><B>&nbsp;&nbsp;</B></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1">&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1" ALIGN="right"><B>(6,865</B></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#e5e4e1"><B>)&nbsp;</B></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Other liabilities</P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1" ALIGN="right"><B>(19,877</B></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#e5e4e1"><B>)&nbsp;</B></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1">&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1" ALIGN="right"><B>(194</B></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#e5e4e1"><B>)&nbsp;</B></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1">&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1" ALIGN="right"><B>(20,071</B></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#e5e4e1"><B>)&nbsp;</B></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><FONT STYLE="white-space:nowrap">Non-controlling</FONT> interests</P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1" ALIGN="right"><B>(880</B></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#e5e4e1"><B>)&nbsp;</B></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#e5e4e1"><B>&nbsp;</B></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#e5e4e1" ALIGN="right"><B>-</B></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#e5e4e1"><B>&nbsp;&nbsp;</B></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1">&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1" ALIGN="right"><B>(880</B></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#e5e4e1"><B>)&nbsp;</B></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Deferred income taxes</P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000" BGCOLOR="#e5e4e1"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000" BGCOLOR="#e5e4e1" ALIGN="right"><B>(18,648</B></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000" BGCOLOR="#e5e4e1"><B>)&nbsp;</B></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000" BGCOLOR="#e5e4e1"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000" BGCOLOR="#e5e4e1" ALIGN="right"><B>(9,605</B></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000" BGCOLOR="#e5e4e1"><B>)&nbsp;</B></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000" BGCOLOR="#e5e4e1"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000" BGCOLOR="#e5e4e1" ALIGN="right"><B>(28,253</B></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000" BGCOLOR="#e5e4e1"><B>)&nbsp;</B></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Total identifiable net
assets at fair value</B></P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1" ALIGN="right"><B>255,221</B></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#e5e4e1"><B>&nbsp;&nbsp;</B></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1">&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1" ALIGN="right"><B>64,577</B></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#e5e4e1"><B>&nbsp;&nbsp;</B></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1">&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1" ALIGN="right"><B>319,798</B></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#e5e4e1"><B>&nbsp;&nbsp;</B></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Goodwill arising on acquisitions</P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000" BGCOLOR="#e5e4e1"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000" BGCOLOR="#e5e4e1" ALIGN="right"><B>744,164</B></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000" BGCOLOR="#e5e4e1"><B>&nbsp;&nbsp;</B></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000" BGCOLOR="#e5e4e1"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000" BGCOLOR="#e5e4e1" ALIGN="right"><B>106,544</B></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000" BGCOLOR="#e5e4e1"><B>&nbsp;&nbsp;</B></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000" BGCOLOR="#e5e4e1"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000" BGCOLOR="#e5e4e1" ALIGN="right"><B>850,708</B></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000" BGCOLOR="#e5e4e1"><B>&nbsp;&nbsp;</B></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1.50pt solid #000000"> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Consideration</B></P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1" STYLE="BORDER-BOTTOM:1.50pt solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.50pt solid #000000" BGCOLOR="#e5e4e1"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.50pt solid #000000" BGCOLOR="#e5e4e1" ALIGN="right"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;999,385</B></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1.50pt solid #000000" BGCOLOR="#e5e4e1"><B>&nbsp;&nbsp;</B></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1" STYLE="BORDER-BOTTOM:1.50pt solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.50pt solid #000000" BGCOLOR="#e5e4e1"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.50pt solid #000000" BGCOLOR="#e5e4e1" ALIGN="right"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;171,121</B></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1.50pt solid #000000" BGCOLOR="#e5e4e1"><B>&nbsp;&nbsp;</B></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1" STYLE="BORDER-BOTTOM:1.50pt solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.50pt solid #000000" BGCOLOR="#e5e4e1"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.50pt solid #000000" BGCOLOR="#e5e4e1" ALIGN="right"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,170,506</B></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1.50pt solid #000000" BGCOLOR="#e5e4e1"><B>&nbsp;&nbsp;</B></TD></TR>
</TABLE> <P STYLE="margin-top:10pt; margin-bottom:0pt; font-size:9pt; font-family:ARIAL"><B>Measurement period adjustments </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The
preliminary fair values of the net assets recognized in the Company&#146;s consolidated financial statements were based on management&#146;s best estimates of the acquired identifiable assets and liabilities at the acquisition date. At
December&nbsp;31, 2016, management has finalized the fair value assessment for the following assets and liabilities acquired from MWH: other financial assets, long-term debt, net employee defined benefit liability, and other financial liabilities.
For all other assets and liabilities acquired from the MWH acquisition the fair value estimates are still preliminary. As well, for all other acquisitions (Bury, Edwards&nbsp;&amp; Zuck, VOA and Arch|TB) the fair value estimates are still
preliminary pending the preparation of their final tax returns, a detailed review of their project portfolio, and the valuation of intangible assets and other assets and liabilities. From the date of acquisition to December&nbsp;31, 2016,
adjustments to acquisitions were identified as follows. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:7pt" ALIGN="center">

<TR>
<TD WIDTH="35%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="32%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="31%"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:7pt">
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:7pt; font-family:Times New Roman">Notes to the Consolidated Financial Statements</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:7pt; font-family:Times New Roman">December 31, 2016</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">F-25</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">Stantec Inc.</TD></TR></TABLE>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I>MWH acquisition </I></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">In September 2016, the Company obtained actuarial valuations of its defined benefit pension plans (the Plans) at May&nbsp;6, 2016 (the date of the MWH
acquisition). The fair value of the Plans was $43,823,000, which was $15,382,000 more than the preliminary estimate. As a result, the Company revised the purchase price allocation for MWH by increasing the net employee defined-benefit liability by
$15,382,000, deferred tax assets by $2,835,000, and goodwill by $12,547,000. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Management is in the process of finalizing the valuation of acquired
intangibles related to the MWH acquisition. As a result, the Company revised the purchase price allocation for MWH by increasing client relationships by $36,518,000 and software by $13,991,000, and decreasing backlog by $12,713,000, other
intangibles by $601,000, deferred tax assets by $13,341,000, and goodwill by $23,854,000. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Management is in the process of performing a detailed review of
MWH&#146;s major projects portfolio and has identified that, for certain projects, the <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">cost-to-complete</FONT></FONT> estimates for revenue recognition, provisions for receivables,
and project claims did not reflect all the facts and circumstances at the acquisition date. Based on the review performed to date, the Company revised the purchase price allocation for MWH by decreasing the fair value of accounts receivable by
$4,151,000 and costs in excess of billing by $3,347,000, and increasing billings in excess of costs by $8,005,000, trade and other payables by $2,340,000 provisions by $4,654,000, deferred tax assets by $5,495,000, and goodwill by $17,002,000. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Management is in the process of finalizing the income tax returns for MWH and assessing uncertain tax liabilities at May&nbsp;6, 2016. As a result, the
Company revised the preliminary purchase price for MWH by increasing the estimates used for the fair value of deferred tax assets by $6,715,000 and investment tax credits by $10,807,000 and decreasing other liabilities by $2,506,000, trade and other
receivables by $2,984,000, current income taxes recoverable by $9,218,000 and goodwill by $7,826,000. </P> <P STYLE="margin-top:10pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I>Other acquisitions </I></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Management has completed a detailed review of Kellogg Brown&nbsp;&amp; Root Services, Inc.&#146;s (KBR) major projects portfolio and has identified that, for
certain projects, the <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">cost-to-complete</FONT></FONT> estimates for revenue recognition and provisions for claims did not reflect all the facts and circumstances at the acquisition
date. Based on the review performed to date, the Company revised the purchase price allocation for KBR by increasing billings in excess of costs by $597,000, provisions by $4,844,000, and goodwill by $6,441,000 and decreasing deferred tax assets by
$1,000,000. Measurement period adjustments impacting goodwill for all other acquisitions were immaterial. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">For all the above measurement period
adjustments from the date of acquisition to December&nbsp;31, 2016, management does not consider the impact to net income and other comprehensive income to be material for restating prior periods. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:9pt; font-family:ARIAL"><B>Other information </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Trade receivables assumed from acquired companies
are recognized at fair value at the time of acquisition. Trade receivables acquired from MWH had a fair value of $209,325,000 and gross value of $219,265,000. In 2016, trade receivables acquired from other companies had a fair value of $54,111,000
and gross value of $59,390,000. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Goodwill consists of the value of expected synergies arising from an acquisition, the expertise and reputation of the
assembled workforce acquired, and the geographic location of the acquiree. No amount of goodwill and intangible assets resulting from the MWH acquisition is deductible for income tax purposes. For all other acquisitions completed during 2016,
$110,214,000 is deductible for income tax purposes. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The fair values of provisions are determined at the acquisition date. These liabilities relate to
claims that are subject to legal arbitration and onerous contracts. The Company assumed $16,493,000 in provisions for claims relating to MWH. For all other acquisitions completed during 2016, the Company assumed $7,146,000 in provisions. At the
reporting date, provisions for claims outstanding relating to all prior acquisitions were reassessed and determined to be $31,037,000 based on their expected probable outcome. Certain of these claims are indemnified by the acquiree (note 14). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The Company estimates that gross revenue earned since the date of acquisition for MWH is $1,293,110,000 and for all other acquisitions completed during 2016
is $95,741,000. The Company is in the process of integrating the </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:7pt" ALIGN="center">

<TR>
<TD WIDTH="35%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="32%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="31%"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:7pt">
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:7pt; font-family:Times New Roman">Notes to the Consolidated Financial Statements</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:7pt; font-family:Times New Roman">December 31, 2016</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">F-26</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">Stantec Inc.</TD></TR></TABLE>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">
operations and systems of MWH and has substantially integrated the other acquisitions; therefore, it is impracticable to disclose the acquirees&#146; earnings in the Company&#146;s consolidated
financial statements since the acquisition date. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">If the business combinations that occurred in 2016 had taken place at the beginning of 2016, gross
revenue from continuing operations for 2016 would have been $4,984,600,000 and profit from continuing operations would have been $136,614,000. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">In 2016,
directly attributable acquisition-related costs of $14,110,000 for MWH and $438,000 for all other acquisitions have been expensed and are included in administrative and marketing expenses. These costs consist primarily of legal, accounting, and
financial advisory fees and costs directly related to the acquisitions. </P> <P STYLE="margin-top:10pt; margin-bottom:0pt; font-size:9pt; font-family:ARIAL"><B>Consideration paid and outstanding </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Details of the consideration paid for current and past acquisitions are as follows: </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>
<TD WIDTH="84%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD WIDTH="14%"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT STYLE="font-size:7pt"><I>(In thousands of Canadian dollars)</I></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #000000" BGCOLOR="#e5e4e1">
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;December&nbsp;31&nbsp;<BR>2016</B>&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>$</B>&nbsp;</P></TD></TR>


<TR STYLE="font-size:1pt">
<TD HEIGHT="13"></TD>
<TD HEIGHT="13" COLSPAN="2" BGCOLOR="#e5e4e1"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Cash consideration (net of cash acquired)</P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right" BGCOLOR="#e5e4e1"><B>1,020,893&nbsp;</B></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Payments on notes payable from previous
acquisitions</P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #000000" BGCOLOR="#e5e4e1"><B>51,672&nbsp;</B></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="13"></TD>
<TD HEIGHT="13" COLSPAN="2" BGCOLOR="#e5e4e1"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1.50pt solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Total net cash paid</B></P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1" STYLE="BORDER-BOTTOM:1.50pt solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right" STYLE="BORDER-BOTTOM:1.50pt solid #000000" BGCOLOR="#e5e4e1"><B>1,072,565&nbsp;</B></TD></TR></TABLE>
<P STYLE="margin-top:10pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Total notes payable and adjustments to these obligations are as follows: </P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>
<TD WIDTH="84%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD WIDTH="14%"></TD></TR>

<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT STYLE="font-size:7pt"><I>(In thousands of Canadian dollars)</I></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #000000" BGCOLOR="#e5e4e1">
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;December&nbsp;31&nbsp;<BR>2016</B>&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>$</B>&nbsp;</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="13"></TD>
<TD HEIGHT="13" COLSPAN="2" BGCOLOR="#e5e4e1"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Balance, beginning of the year</P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right" BGCOLOR="#e5e4e1"><B>122,714&nbsp;</B></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Additions for acquisitions in the year</P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right" BGCOLOR="#e5e4e1"><B>51,124&nbsp;</B></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Other adjustments</P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right" BGCOLOR="#e5e4e1"><B>2,025&nbsp;</B></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Payments</P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right" BGCOLOR="#e5e4e1"><B>(51,672)</B></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Interest</P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right" BGCOLOR="#e5e4e1"><B>1,544&nbsp;</B></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Impact of foreign exchange</P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #000000" BGCOLOR="#e5e4e1"><B>(3,370)</B></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="13"></TD>
<TD HEIGHT="13" COLSPAN="2" BGCOLOR="#e5e4e1"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1.50pt solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Total notes payable</B></P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1" STYLE="BORDER-BOTTOM:1.50pt solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right" STYLE="BORDER-BOTTOM:1.50pt solid #000000" BGCOLOR="#e5e4e1"><B>122,365&nbsp;</B></TD></TR>
</TABLE> <P STYLE="margin-top:10pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL"><B>8. CASH AND CASH EQUIVALENTS </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The
Company&#146;s policy is to invest cash in excess of operating requirements in highly liquid investments. For the purpose of the consolidated statements of cash flows, cash and cash equivalents consist of the following: </P>
<P STYLE="font-size:10pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>
<TD WIDTH="72%"></TD>
<TD VALIGN="bottom" WIDTH="4%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="4%"></TD>
<TD WIDTH="14%"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT STYLE="font-size:7pt"><I>(In thousands of Canadian dollars)</I></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" STYLE="BORDER-BOTTOM:1px solid #000000" BGCOLOR="#e5e4e1"> <P STYLE="font-size:4pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>&nbsp;&nbsp;&nbsp;&nbsp;December&nbsp;31<BR>2016</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>$</B></P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000" BGCOLOR="#e5e4e1">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #000000">
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B></B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;December&nbsp;31&nbsp;<BR>2015<B>&nbsp;</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B></B>$<B>&nbsp;</B></P></TD></TR>


<TR STYLE="font-size:1pt">
<TD HEIGHT="13"></TD>
<TD HEIGHT="13" COLSPAN="4" BGCOLOR="#e5e4e1"></TD>
<TD HEIGHT="13" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Cash</P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1" ALIGN="right"><B>207,113</B></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#e5e4e1"><B>&nbsp;&nbsp;</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">66,232&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Unrestricted investments</P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000" BGCOLOR="#e5e4e1"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000" BGCOLOR="#e5e4e1" ALIGN="right"><B>3,790</B></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000" BGCOLOR="#e5e4e1"><B>&nbsp;&nbsp;</B></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #000000">1,110&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="13"></TD>
<TD HEIGHT="13" COLSPAN="4" BGCOLOR="#e5e4e1"></TD>
<TD HEIGHT="13" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1.50pt solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Cash and cash equivalents</B></P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1" STYLE="BORDER-BOTTOM:1.50pt solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.50pt solid #000000" BGCOLOR="#e5e4e1"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.50pt solid #000000" BGCOLOR="#e5e4e1" ALIGN="right"><B>210,903</B></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1.50pt solid #000000" BGCOLOR="#e5e4e1"><B>&nbsp;&nbsp;</B></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.50pt solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right" STYLE="BORDER-BOTTOM:1.50pt solid #000000"><B></B>67,342&nbsp;<B></B></TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Unrestricted investments consist of short-term bank deposits with initial maturities of three months or less. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">At December&nbsp;31, 2016, and pursuant to acquisition agreements, $2,551,000 (US$1,900,000) was in an escrow account for the KBR acquisition and $6,293,000
(US$4,687,000) was in an escrow account for the Bury acquisition. These escrow funds cover potential indemnification claims and will be settled in accordance with an escrow agreement. A corresponding obligation was recorded on acquisition and is
included in notes payable. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:7pt" ALIGN="center">

<TR>
<TD WIDTH="35%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="32%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="31%"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:7pt">
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:7pt; font-family:Times New Roman">Notes to the Consolidated Financial Statements</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:7pt; font-family:Times New Roman">December 31, 2016</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">F-27</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">Stantec Inc.</TD></TR></TABLE>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL"><B>9. TRADE AND OTHER RECEIVABLES </B></P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>
<TD WIDTH="76%"></TD>
<TD VALIGN="bottom" WIDTH="6%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="6%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT STYLE="font-size:7pt"><I>(In thousands of Canadian dollars)</I></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" STYLE="BORDER-BOTTOM:1px solid #000000" BGCOLOR="#e5e4e1"> <P STYLE="font-size:4pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>&nbsp;December&nbsp;31<BR>2016</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>$</B></P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000" BGCOLOR="#e5e4e1">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B></B>&nbsp;December&nbsp;31<BR>2015<B></B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B></B>$<B></B></P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD></TR>


<TR STYLE="font-size:1pt">
<TD HEIGHT="13"></TD>
<TD HEIGHT="13" COLSPAN="4" BGCOLOR="#e5e4e1"></TD>
<TD HEIGHT="13" COLSPAN="4"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Trade receivables, net of allowance</P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1" ALIGN="right"><B>740,665</B></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#e5e4e1"><B>&nbsp;&nbsp;</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">558,844</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Holdbacks, current</P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1" ALIGN="right"><B>45,049</B></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#e5e4e1"><B>&nbsp;&nbsp;</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">6,908</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Other</P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000" BGCOLOR="#e5e4e1"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000" BGCOLOR="#e5e4e1" ALIGN="right"><B>20,703</B></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000" BGCOLOR="#e5e4e1"><B>&nbsp;&nbsp;</B></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000" ALIGN="right">4,825</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="13"></TD>
<TD HEIGHT="13" COLSPAN="4" BGCOLOR="#e5e4e1"></TD>
<TD HEIGHT="13" COLSPAN="4"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1.50pt solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Trade and other receivables</B></P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1" STYLE="BORDER-BOTTOM:1.50pt solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.50pt solid #000000" BGCOLOR="#e5e4e1"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.50pt solid #000000" BGCOLOR="#e5e4e1" ALIGN="right"><B>806,417</B></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1.50pt solid #000000" BGCOLOR="#e5e4e1"><B>&nbsp;&nbsp;</B></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.50pt solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.50pt solid #000000"><B></B><B>&nbsp;</B></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.50pt solid #000000" ALIGN="right"><B></B>570,577<B></B></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1.50pt solid #000000"><B></B><B>&nbsp;&nbsp;</B></TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The Company maintains an allowance for estimated losses on trade receivables. The estimate is based on the best assessment of
the collectibility of the related receivable balance, which is determined in part based on the age of the outstanding receivables and the Company&#146;s historical collection and loss experience. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The following table provides a reconciliation of changes to the Company&#146;s allowance for doubtful accounts. </P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>
<TD WIDTH="78%"></TD>
<TD VALIGN="bottom" WIDTH="6%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="6%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT STYLE="font-size:7pt"><I>(In thousands of Canadian dollars)</I></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" STYLE="BORDER-BOTTOM:1px solid #000000" BGCOLOR="#e5e4e1"> <P STYLE="font-size:4pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>December&nbsp;31<BR>2016</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>$</B></P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000" BGCOLOR="#e5e4e1">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right">December&nbsp;31<BR>2015</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="right">$</P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD></TR>


<TR STYLE="font-size:1pt">
<TD HEIGHT="13"></TD>
<TD HEIGHT="13" COLSPAN="4" BGCOLOR="#e5e4e1"></TD>
<TD HEIGHT="13" COLSPAN="4"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Balance, beginning of the year</P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1" ALIGN="right"><B>20,858</B></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#e5e4e1"><B>&nbsp;&nbsp;</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">18,152</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Provision for doubtful accounts</P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1" ALIGN="right"><B>17,013</B></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#e5e4e1"><B>&nbsp;&nbsp;</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">7,590</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Deductions</P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1" ALIGN="right"><B>(8,048</B></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#e5e4e1"><B>)&nbsp;</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(7,800</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Impact of foreign exchange</P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000" BGCOLOR="#e5e4e1"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000" BGCOLOR="#e5e4e1" ALIGN="right"><B>(1,578</B></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000" BGCOLOR="#e5e4e1"><B>)&nbsp;</B></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000" ALIGN="right">2,916</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="13"></TD>
<TD HEIGHT="13" COLSPAN="4" BGCOLOR="#e5e4e1"></TD>
<TD HEIGHT="13" COLSPAN="4"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1.50pt solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Balance, end of the year</B></P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1" STYLE="BORDER-BOTTOM:1.50pt solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.50pt solid #000000" BGCOLOR="#e5e4e1"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.50pt solid #000000" BGCOLOR="#e5e4e1" ALIGN="right"><B>28,245</B></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1.50pt solid #000000" BGCOLOR="#e5e4e1"><B>&nbsp;&nbsp;</B></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.50pt solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.50pt solid #000000"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.50pt solid #000000" ALIGN="right"><B>20,858</B></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1.50pt solid #000000"><B>&nbsp;&nbsp;</B></TD></TR>
</TABLE> <P STYLE="margin-top:10pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The aging analysis of gross trade receivables is as follows: </P>
<P STYLE="font-size:10pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>
<TD WIDTH="47%"></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="5%"></TD>
<TD WIDTH="5%"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:9pt">
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT STYLE="font-size:7pt"><I>(In thousands of Canadian dollars)</I></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman" ALIGN="right">Total</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:9pt; font-family:Times New Roman" ALIGN="right">$</P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman" ALIGN="right">1&#150;30</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:9pt; font-family:Times New Roman" ALIGN="right">$</P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman" ALIGN="right">31&#150;60</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:9pt; font-family:Times New Roman" ALIGN="right">$</P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman" ALIGN="right">61&#150;90</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:9pt; font-family:Times New Roman" ALIGN="right">$</P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #000000">91&#150;120<BR>$</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman" ALIGN="right">121+</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:9pt; font-family:Times New Roman" ALIGN="right">$</P></TD></TR>


<TR STYLE="font-size:1pt" BGCOLOR="#e5e4e1">
<TD HEIGHT="13"></TD>
<TD HEIGHT="13" COLSPAN="4"></TD>
<TD HEIGHT="13" COLSPAN="4"></TD>
<TD HEIGHT="13" COLSPAN="4"></TD>
<TD HEIGHT="13" COLSPAN="4"></TD>
<TD HEIGHT="13" COLSPAN="4"></TD>
<TD HEIGHT="13" COLSPAN="2"></TD></TR>
<TR BGCOLOR="#e5e4e1" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1.50pt solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>December&nbsp;31, 2016</B></P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.50pt solid #000000">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.50pt solid #000000"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.50pt solid #000000" ALIGN="right"><B>768,910&nbsp;</B></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1.50pt solid #000000"><B>&nbsp;&nbsp;</B></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.50pt solid #000000">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.50pt solid #000000"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.50pt solid #000000" ALIGN="right"><B>413,631&nbsp;</B></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1.50pt solid #000000"><B>&nbsp;&nbsp;</B></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.50pt solid #000000">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.50pt solid #000000"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.50pt solid #000000" ALIGN="right"><B>159,492&nbsp;</B></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1.50pt solid #000000"><B>&nbsp;&nbsp;</B></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.50pt solid #000000">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.50pt solid #000000"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.50pt solid #000000" ALIGN="right"><B>61,726&nbsp;</B></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1.50pt solid #000000"><B>&nbsp;&nbsp;</B></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.50pt solid #000000">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.50pt solid #000000"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.50pt solid #000000" ALIGN="right"><B>44,055&nbsp;</B></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1.50pt solid #000000"><B>&nbsp;&nbsp;</B></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.50pt solid #000000">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right" STYLE="BORDER-BOTTOM:1.50pt solid #000000"><B>90,006&nbsp;</B></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">December&nbsp;31, 2015</P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000" ALIGN="right">579,702&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000" ALIGN="right">311,215&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000" ALIGN="right">133,796&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000" ALIGN="right">43,703&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000" ALIGN="right">30,922&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #000000">60,066&nbsp;</TD></TR>
</TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:7pt" ALIGN="center">

<TR>
<TD WIDTH="35%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="32%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="31%"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:7pt">
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:7pt; font-family:Times New Roman">Notes to the Consolidated Financial Statements</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:7pt; font-family:Times New Roman">December 31, 2016</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">F-28</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">Stantec Inc.</TD></TR></TABLE>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL"><B>10. PROPERTY AND EQUIPMENT </B></P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:9pt" ALIGN="center">


<TR>
<TD WIDTH="58%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom"><I>(In thousands of Canadian dollars)</I></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right"><B>Engineering<BR>Equipment<BR>$</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right"><B>Office<BR>Equipment<BR>$</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right"><B>Leasehold<BR>Improvements<BR>$</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right"><B>Assets<BR>under<BR>Finance<BR>Leases<BR>$</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="right"><B>Other</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="right"><B>$</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="right"><B>Total&nbsp;</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="right"><B>$&nbsp;</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>


<TR STYLE="font-size:1px; ">
<TD COLSPAN="24" VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:9pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:Times New Roman"><B>Cost</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:9pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:Times New Roman">December&nbsp;31, 2014</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">109,647&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">61,331&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">117,898&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">2,318&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">29,273&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">320,467&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:9pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:Times New Roman">Additions</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">14,580&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">6,072&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">12,915&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">48&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">3,927&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">37,542&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:9pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:Times New Roman">Additions arising on acquisitions</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1,212&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1,156&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">4,295&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">227&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">563&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">7,453&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:9pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:Times New Roman">Disposals</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(6,597)</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(1,535)</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(10,672)</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(408)</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(4,506)</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(23,718)&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:9pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:Times New Roman">Transfers</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">945&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(17)</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">-&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(140)</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(788)</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">-&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:9pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:Times New Roman">Impact of foreign exchange</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">9,212&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">3,671&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">6,490&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">201&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">3,257&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">22,831&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD COLSPAN="24" VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:9pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:Times New Roman">December&nbsp;31, 2015</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">128,999&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">70,678&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">130,926&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">2,246&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">31,726&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">364,575&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:9pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:Times New Roman">Additions</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">15,804&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">12,008&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">27,744&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">3&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">3,188&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">58,747&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:9pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:Times New Roman">Additions arising on acquisitions</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">15,742&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">6,201&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">28,514&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">779&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">3,164&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">54,400&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:9pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:Times New Roman">Disposals</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(27,129)</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(5,856)</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(18,663)</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(628)</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(4,240)</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(56,516)&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:9pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:Times New Roman">Transfers</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1,431&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">512&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(507)</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(1,355)</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(81)</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">-&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:9pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:Times New Roman">Impact of foreign exchange</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(2,937)</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(1,537)</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(1,060)</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(125)</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(665)</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(6,324)&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD COLSPAN="24" VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:9pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:Times New Roman"><B>December&nbsp;31, 2016</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>131,910&nbsp;</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;&nbsp;</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>82,006&nbsp;</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;&nbsp;</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>166,954&nbsp;</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;&nbsp;</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>920&nbsp;</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;&nbsp;</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>33,092&nbsp;</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;&nbsp;</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>414,882&nbsp;&nbsp;</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;&nbsp;</B></TD></TR>
<TR STYLE="font-size:1px; ">
<TD COLSPAN="24" VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:9pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:Times New Roman"><B>Accumulated depreciation</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:9pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:Times New Roman">December&nbsp;31, 2014</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">66,919&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">37,037&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">48,762&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">560&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">14,482&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">167,760&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:9pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:Times New Roman">Current year depreciation</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">15,982&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">6,693&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">19,401&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">524&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">3,280&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">45,880&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:9pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:Times New Roman">Disposals</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(6,148)</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(813)</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(9,766)</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(179)</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(2,502)</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(19,408)&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:9pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:Times New Roman">Transfers</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">83&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(9)</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">-&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(35)</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(39)</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">-&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:9pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:Times New Roman">Impact of foreign exchange</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">5,433&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">2,210&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">2,841&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">71&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1,703&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">12,258&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD COLSPAN="24" VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:9pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:Times New Roman">December&nbsp;31, 2015</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">82,269&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">45,118&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">61,238&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">941&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">16,924&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">206,490&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:9pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:Times New Roman">Current year depreciation</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">17,609&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">8,456&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">22,186&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">164&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">2,757&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">51,172&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:9pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:Times New Roman">Disposals</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(25,499)</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(5,209)</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(17,549)</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(325)</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(3,056)</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(51,638)&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:9pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:Times New Roman">Transfers</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">683&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">68&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(61)</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(646)</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(44)</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">-&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:9pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:Times New Roman">Impact of foreign exchange</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(1,922)</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(2,813)</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(907)</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(18)</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">587&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(5,073)&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD COLSPAN="24" VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:9pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:Times New Roman"><B>December&nbsp;31, 2016</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>73,140&nbsp;</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;&nbsp;</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>45,620&nbsp;</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;&nbsp;</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>64,907&nbsp;</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;&nbsp;</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>116&nbsp;</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;&nbsp;</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>17,168&nbsp;</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;&nbsp;</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>200,951&nbsp;&nbsp;</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;&nbsp;</B></TD></TR>
<TR STYLE="font-size:1px; ">
<TD COLSPAN="24" VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="13"></TD>
<TD HEIGHT="13" COLSPAN="4"></TD>
<TD HEIGHT="13" COLSPAN="4"></TD>
<TD HEIGHT="13" COLSPAN="4"></TD>
<TD HEIGHT="13" COLSPAN="4"></TD>
<TD HEIGHT="13" COLSPAN="4"></TD>
<TD HEIGHT="13" COLSPAN="4"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:9pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:Times New Roman"><B>Net book value</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:9pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:Times New Roman">December&nbsp;31, 2015</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">46,730&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">25,560&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">69,688&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1,305&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">14,802&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">158,085&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD COLSPAN="24" VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="font-size:1pt" BGCOLOR="#e5e4e1">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR BGCOLOR="#e5e4e1" STYLE="font-family:Times New Roman; font-size:9pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:Times New Roman"><B>December&nbsp;31, 2016</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>58,770&nbsp;</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;&nbsp;</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>36,386&nbsp;</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;&nbsp;</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>102,047&nbsp;</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;&nbsp;</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>804&nbsp;</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;&nbsp;</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>15,924&nbsp;</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;&nbsp;</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>213,931&nbsp;&nbsp;</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;&nbsp;</B></TD></TR>
<TR STYLE="font-size:1px; ">
<TD COLSPAN="24" VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.50pt solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
</TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Included in Leasehold Improvements is construction work in progress for $2,481,000 (2015 &#150; $4,055,000), on which
depreciation has not started. The Company entered into finance leases for certain office and automotive equipment. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Included in Other are automotive
equipment, buildings, land, and fractional ownership of an aircraft. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:7pt" ALIGN="center">

<TR>
<TD WIDTH="35%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="32%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="31%"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:7pt">
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:7pt; font-family:Times New Roman">Notes to the Consolidated Financial Statements</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:7pt; font-family:Times New Roman">December 31, 2016</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">F-29</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">Stantec Inc.</TD></TR></TABLE>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL"><B>11. GOODWILL </B></P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>
<TD WIDTH="76%"></TD>
<TD VALIGN="bottom" WIDTH="5%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="5%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT STYLE="font-size:7pt"><I>(In thousands of Canadian dollars)</I></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" STYLE="BORDER-BOTTOM:1px solid #000000" BGCOLOR="#e5e4e1"> <P STYLE="font-size:4pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>&nbsp;&nbsp;December&nbsp;31<BR>2016</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>$</B></P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000" BGCOLOR="#e5e4e1">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right">&nbsp;&nbsp;December&nbsp;31<BR>2015</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="right">$</P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD></TR>


<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="4" BGCOLOR="#e5e4e1"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Net goodwill, beginning of the year</P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1"><B></B>&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1" ALIGN="right"><B>966,480</B></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#e5e4e1"><B></B>&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">760,631</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Current year acquisitions</P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1" ALIGN="right"><B>850,708</B></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#e5e4e1"><B>&nbsp;&nbsp;</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">108,563</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Impact of foreign exchange</P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000" BGCOLOR="#e5e4e1"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000" BGCOLOR="#e5e4e1" ALIGN="right"><B>10,873</B></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000" BGCOLOR="#e5e4e1"><B>&nbsp;&nbsp;</B></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000" ALIGN="right">97,286</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="4" BGCOLOR="#e5e4e1"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1.50pt solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Net goodwill, end of the year</B></P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1" STYLE="BORDER-BOTTOM:1.50pt solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.50pt solid #000000" BGCOLOR="#e5e4e1"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.50pt solid #000000" BGCOLOR="#e5e4e1" ALIGN="right"><B>1,828,061</B></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1.50pt solid #000000" BGCOLOR="#e5e4e1"><B>&nbsp;&nbsp;</B></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.50pt solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.50pt solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.50pt solid #000000" ALIGN="right">966,480</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1.50pt solid #000000">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="4" BGCOLOR="#e5e4e1"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Gross goodwill, end of the year</P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1" ALIGN="right"><B>2,006,061</B></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#e5e4e1"><B>&nbsp;&nbsp;</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1,144,480</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Accumulated impairment losses</P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000" BGCOLOR="#e5e4e1"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000" BGCOLOR="#e5e4e1" ALIGN="right"><B>(178,000</B></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000" BGCOLOR="#e5e4e1"><B>)&nbsp;</B></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000" ALIGN="right">(178,000</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">)&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="4" BGCOLOR="#e5e4e1"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1.50pt solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Net goodwill, end of the year</B></P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1" STYLE="BORDER-BOTTOM:1.50pt solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.50pt solid #000000" BGCOLOR="#e5e4e1"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.50pt solid #000000" BGCOLOR="#e5e4e1" ALIGN="right"><B>1,828,061</B></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1.50pt solid #000000" BGCOLOR="#e5e4e1"><B>&nbsp;&nbsp;</B></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.50pt solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.50pt solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.50pt solid #000000" ALIGN="right">966,480</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1.50pt solid #000000">&nbsp;&nbsp;</TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Goodwill arising from acquisitions includes factors such as the expertise and reputation of the assembled workforce acquired,
the geographic location of the acquiree, and the expected synergies. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">CGUs are defined based on the smallest identifiable group of assets that generates
cash inflows that are largely independent of the cash inflows from other assets or groups of assets. Other factors are considered, including how management monitors the entity&#146;s operations. In 2015 and the first quarter of 2016, the Company had
three CGUs: Canada, the United States, and International. Effective the second quarter of 2016, in connection with the MWH acquisition, the Company has six CGUs. Three of the six CGUs are grouped into Consulting Services&#150;Global for the purposes
of allocating goodwill and impairment testing. The Company does not monitor goodwill at, or allocate goodwill to, its business operating units. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">On
October&nbsp;1, 2016, and October&nbsp;1, 2015, the Company performed its annual goodwill impairment test in accordance with its policy described in note 4. Based on the results of the 2016 and 2015 tests, the Company concluded that the recoverable
amount of each CGU or group of CGUs exceeded its carrying amount and, therefore, goodwill was not impaired. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Goodwill is allocated to each CGU or group of
CGUs as follows: </P> <P STYLE="font-size:10pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>
<TD WIDTH="77%"></TD>
<TD VALIGN="bottom" WIDTH="5%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="5%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT STYLE="font-size:7pt"><I>(In thousands of Canadian dollars)</I></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" STYLE="BORDER-BOTTOM:1px solid #000000" BGCOLOR="#e5e4e1"> <P STYLE="font-size:4pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>&nbsp;&nbsp;December&nbsp;31<BR>2016</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>$</B></P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000" BGCOLOR="#e5e4e1">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right">&nbsp;&nbsp;December&nbsp;31<BR>2015</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="right">$</P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD></TR>


<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="4" BGCOLOR="#e5e4e1"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Consulting Services</P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1"></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1"></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">&nbsp;&nbsp;Canada</P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1" ALIGN="right"><B>337,626</B></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#e5e4e1"><B>&nbsp;&nbsp;</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">330,240</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">&nbsp;&nbsp;United States</P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1" ALIGN="right"><B>1,073,235</B></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#e5e4e1"><B>&nbsp;&nbsp;</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">636,240</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">&nbsp;&nbsp;Global</P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1" ALIGN="right"><B>287,796</B></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#e5e4e1"><B>&nbsp;&nbsp;</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">-</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Construction Services</P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000" BGCOLOR="#e5e4e1"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000" BGCOLOR="#e5e4e1" ALIGN="right"><B>129,404</B></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000" BGCOLOR="#e5e4e1"><B>&nbsp;&nbsp;</B></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000" ALIGN="right">-</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="4" BGCOLOR="#e5e4e1"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1.50pt solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Allocated</B></P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1" STYLE="BORDER-BOTTOM:1.50pt solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.50pt solid #000000" BGCOLOR="#e5e4e1"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.50pt solid #000000" BGCOLOR="#e5e4e1" ALIGN="right"><B>1,828,061</B></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1.50pt solid #000000" BGCOLOR="#e5e4e1"><B>&nbsp;&nbsp;</B></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.50pt solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.50pt solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.50pt solid #000000" ALIGN="right">966,480</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1.50pt solid #000000">&nbsp;&nbsp;</TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Management believes that the methodology used to test impairment of goodwill, which involves a significant number of judgments
and estimates, provides a reasonable basis for determining whether an impairment has occurred. Many factors used to determine whether goodwill is impaired are outside of management&#146;s control and involve inherent uncertainty. Therefore, actual
results could differ from those estimated. </P> <P STYLE="margin-top:10pt; margin-bottom:0pt; font-size:9pt; font-family:ARIAL"><B>Valuation techniques </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">When performing the goodwill impairment test, if the carrying amount of a CGU or group of CGUs is higher than its recoverable amount, an impairment charge is
recorded as a reduction in the carrying amount of the goodwill on the consolidated statements of financial position and recognized as a <FONT STYLE="white-space:nowrap">non-cash</FONT> impairment charge in income. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:7pt" ALIGN="center">

<TR>
<TD WIDTH="35%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="32%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="31%"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:7pt">
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:7pt; font-family:Times New Roman">Notes to the Consolidated Financial Statements</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:7pt; font-family:Times New Roman">December 31, 2016</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">F-30</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">Stantec Inc.</TD></TR></TABLE>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The Company estimates the recoverable amount by using the fair value less costs of disposal approach. It
estimates fair value using market information and discounted <FONT STYLE="white-space:nowrap">after-tax</FONT> cash flow projections, which is known as the income approach. The income approach uses a CGU&#146;s projection of estimated operating
results and discounted cash flows based on a discount rate that reflects current market conditions and the risk of achieving the cash flows. The Company uses cash flow projections covering a five-year period from financial forecasts approved by
senior management. For its October&nbsp;1, 2016, and October&nbsp;1, 2015, impairment tests, the Company discounted the cash flows for each CGU or group of CGUs using an <FONT STYLE="white-space:nowrap">after-tax</FONT> discount rate ranging from
9.0% to 13.7%. To arrive at cash flow projections, the Company used estimates of economic and market information over the projection period (note 5). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The
Company validates its estimate of the fair value of each CGU or group of CGUs under the income approach by comparing the resulting multiples to multiples derived from comparable public companies and comparable company transactions. The Company
reconciles the total fair value of all CGUs with its market capitalization to determine if the sum is reasonable. If the reconciliation indicates a significant difference between the external market capitalization and the fair value of the CGUs or
group of CGUs, the Company reviews and adjusts, if appropriate, the discount rate of the CGU or group of CGUs and considers whether the implied acquisition premium is reasonable in light of current market conditions. The fair value measurement was
categorized as a level 3 fair value based on the significant inputs in the valuation technique used (note 25). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">If market and economic conditions
deteriorate or if volatility in the financial markets causes declines in the Company&#146;s share price, increases the weighted average cost of capital, or changes valuation multiples or other inputs to its goodwill assessment, the Company may need
to test its goodwill for impairment between its annual test dates. In addition, changes in the numerous variables associated with the judgments, assumptions, and estimates made by management in assessing the fair value could cause them to be
impaired. Goodwill impairment charges are <FONT STYLE="white-space:nowrap">non-cash</FONT> charges that could have a material adverse effect on the Company&#146;s consolidated financial statements but in themselves do not have any adverse effect on
its liquidity, cash flows from operating activities, or debt covenants and will not have an impact on its future operations. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:9pt; font-family:ARIAL"><B>Key assumptions </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The calculation of fair value less costs of disposal is most sensitive to the following assumptions: </P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%">&nbsp;</TD>
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT COLOR="#8b8476">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">Operating margins based on actual experience and management&#146;s long-term projections. </TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%">&nbsp;</TD>
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT COLOR="#8b8476">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">Discount rates reflecting investors&#146; expectations when discounting future cash flows to a present value, taking into consideration market rates of return, capital structure, company size, and industry risk. If
necessary, a discount rate is further adjusted to reflect risks specific to a CGU or group of CGUs when future estimates of cash flows have not been adjusted. </TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%">&nbsp;</TD>
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT COLOR="#8b8476">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">Growth rate estimates based on actual experience and market analysis. Projections are extrapolated beyond five years using a growth rate that typically does not exceed 3.0%. </TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:9pt; font-family:ARIAL"><B>Sensitivity to changes in assumptions </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">As at October&nbsp;1, 2016,
the recoverable amount of each CGU and group of CGUs exceeded their carrying amount. For the assessment of fair value less costs of disposal, management believes that no reasonably possible change in any of the above key assumptions would have
caused the carrying amount of a CGU or group of CGUs to exceed its recoverable amount. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:7pt" ALIGN="center">

<TR>
<TD WIDTH="35%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="32%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="31%"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:7pt">
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:7pt; font-family:Times New Roman">Notes to the Consolidated Financial Statements</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:7pt; font-family:Times New Roman">December 31, 2016</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">F-31</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">Stantec Inc.</TD></TR></TABLE>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL"><B>12. INTANGIBLE ASSETS </B></P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:9pt" ALIGN="center">


<TR>
<TD WIDTH="52%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:9pt">
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT STYLE="font-size:7pt"><I>(In thousands of Canadian dollars)</I></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #000000"><B>Client<BR>Relationships<BR>$</B></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #000000"><B>Contract<BR>Backlog<BR>$</B></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #000000"><B>Software<BR>$</B></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #000000"><B>Other<BR>$</B></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman" ALIGN="right"><B>Total</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:9pt; font-family:Times New Roman" ALIGN="right"><B>$</B></P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman" ALIGN="right"><B>Total Lease<BR>Disadvantage&nbsp;<BR></B>(note
20)<B></B></P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:9pt; font-family:Times New Roman" ALIGN="right"><B>$</B></P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD></TR>


<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:9pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:Times New Roman"><B>Cost</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:9pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:Times New Roman">December&nbsp;31, 2014</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">115,934&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">9,233&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">42,360&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">3,928&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">171,455&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(7,773)</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:9pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:Times New Roman">Additions</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">-&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">-&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">25,290&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">-&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">25,290&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">-&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:9pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:Times New Roman">Additions &#150; internal development</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">-&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">-&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">685&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">-&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">685&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">-&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:9pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:Times New Roman">Additions arising on acquisitions</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">28,261&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">8,842&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">-&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">6,682&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">43,785&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">365&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:9pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:Times New Roman">Disposals</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">-&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">-&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(167)</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">-&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(167)</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">-&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:9pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:Times New Roman">Removal of fully amortized assets</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(14,309)</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(7,198)</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(5,161)</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(1,374)</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(28,042)</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">721&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:9pt">
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:Times New Roman">Impact of foreign exchange</P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000" ALIGN="right">16,421&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000" ALIGN="right">2,059&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000" ALIGN="right">42&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000" ALIGN="right">623&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000" ALIGN="right">19,145&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000" ALIGN="right">(1,395)</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:9pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:Times New Roman">December&nbsp;31, 2015</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">146,307&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">12,936&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">63,049&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">9,859&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">232,151&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(8,082)</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:9pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:Times New Roman">Additions</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">-&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">-&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">25,696&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">-&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">25,696&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">-&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:9pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:Times New Roman">Additions &#150; internal development</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">-&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">-&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">566&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">-&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">566&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">-&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:9pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:Times New Roman">Additions arising on acquisitions</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">246,903&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">50,589&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">27,641&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">29,063&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">354,196&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(2,780)</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:9pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:Times New Roman">Removal of fully amortized assets</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(322)</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(9,508)</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(16,458)</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(1,527)</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(27,815)</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">450&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:9pt">
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:Times New Roman">Impact of foreign exchange</P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000" ALIGN="right">6,130&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000" ALIGN="right">1,505&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000" ALIGN="right">(2,944)</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000" ALIGN="right">1,012&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000" ALIGN="right">5,703&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000" ALIGN="right">138&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:9pt">
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1.50pt solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:Times New Roman"><B>December&nbsp;31, 2016</B></P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.50pt solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.50pt solid #000000"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.50pt solid #000000" ALIGN="right"><B>399,018&nbsp;</B></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1.50pt solid #000000"><B>&nbsp;&nbsp;</B></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.50pt solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.50pt solid #000000"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.50pt solid #000000" ALIGN="right"><B>55,522&nbsp;</B></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1.50pt solid #000000"><B>&nbsp;&nbsp;</B></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.50pt solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.50pt solid #000000"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.50pt solid #000000" ALIGN="right"><B>97,550&nbsp;</B></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1.50pt solid #000000"><B>&nbsp;&nbsp;</B></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.50pt solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.50pt solid #000000"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.50pt solid #000000" ALIGN="right"><B>38,407&nbsp;</B></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1.50pt solid #000000"><B>&nbsp;&nbsp;</B></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.50pt solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.50pt solid #000000"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.50pt solid #000000" ALIGN="right"><B>590,497&nbsp;</B></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1.50pt solid #000000"><B>&nbsp;&nbsp;</B></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.50pt solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.50pt solid #000000"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.50pt solid #000000" ALIGN="right"><B>(10,274)</B></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1.50pt solid #000000"><B>&nbsp;&nbsp;</B></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:9pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:Times New Roman"><B>Accumulated amortization</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:9pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:Times New Roman">December&nbsp;31, 2014</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">51,281&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">3,435&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">17,669&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1,827&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">74,212&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(2,989)</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:9pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:Times New Roman">Current year amortization</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">14,985&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">8,618&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">12,956&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">2,458&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">39,017&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(1,164)</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:9pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:Times New Roman">Disposals</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">-&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">-&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(80)</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">-&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(80)</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">-&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:9pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:Times New Roman">Removal of fully amortized assets</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(14,309)</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(7,198)</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(5,161)</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(1,374)</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(28,042)</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">721&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:9pt">
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:Times New Roman">Impact of foreign exchange</P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000" ALIGN="right">7,380&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000" ALIGN="right">1,193&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000" ALIGN="right">32&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000" ALIGN="right">360&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000" ALIGN="right">8,965&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000" ALIGN="right">(656)</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:9pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:Times New Roman">December&nbsp;31, 2015</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">59,337&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">6,048&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">25,416&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">3,271&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">94,072&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(4,088)</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:9pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:Times New Roman">Current year amortization</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">26,817&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">22,328&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">21,613&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">6,787&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">77,545&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(1,885)</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:9pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:Times New Roman">Removal of fully amortized assets</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(322)</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(9,508)</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(16,458)</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(1,527)</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(27,815)</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">450&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:9pt">
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:Times New Roman">Impact of foreign exchange</P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000" ALIGN="right">(871)</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000" ALIGN="right">349&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000" ALIGN="right">(2,393)</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000" ALIGN="right">80&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000" ALIGN="right">(2,835)</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000" ALIGN="right">89&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:9pt">
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1.50pt solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:Times New Roman"><B>December&nbsp;31, 2016</B></P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.50pt solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.50pt solid #000000"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.50pt solid #000000" ALIGN="right"><B>84,961&nbsp;</B></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1.50pt solid #000000"><B>&nbsp;&nbsp;</B></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.50pt solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.50pt solid #000000"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.50pt solid #000000" ALIGN="right"><B>19,217&nbsp;</B></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1.50pt solid #000000"><B>&nbsp;&nbsp;</B></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.50pt solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.50pt solid #000000"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.50pt solid #000000" ALIGN="right"><B>28,178&nbsp;</B></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1.50pt solid #000000"><B>&nbsp;&nbsp;</B></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.50pt solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.50pt solid #000000"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.50pt solid #000000" ALIGN="right"><B>8,611&nbsp;</B></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1.50pt solid #000000"><B>&nbsp;&nbsp;</B></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.50pt solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.50pt solid #000000"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.50pt solid #000000" ALIGN="right"><B>140,967&nbsp;</B></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1.50pt solid #000000"><B>&nbsp;&nbsp;</B></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.50pt solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.50pt solid #000000"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.50pt solid #000000" ALIGN="right"><B>(5,434)</B></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1.50pt solid #000000"><B>&nbsp;&nbsp;</B></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="13"></TD>
<TD HEIGHT="13" COLSPAN="4"></TD>
<TD HEIGHT="13" COLSPAN="4"></TD>
<TD HEIGHT="13" COLSPAN="4"></TD>
<TD HEIGHT="13" COLSPAN="4"></TD>
<TD HEIGHT="13" COLSPAN="4"></TD>
<TD HEIGHT="13" COLSPAN="4"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:9pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:Times New Roman"><B>Net book value</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:9pt">
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:Times New Roman">December&nbsp;31, 2015</P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000" ALIGN="right">86,970&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000" ALIGN="right">6,888&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000" ALIGN="right">37,633&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000" ALIGN="right">6,588&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000" ALIGN="right">138,079&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000" ALIGN="right">(3,994)</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-size:1pt" BGCOLOR="#e5e4e1">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR BGCOLOR="#e5e4e1" STYLE="font-family:Times New Roman; font-size:9pt">
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1.50pt solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:Times New Roman"><B>December&nbsp;31, 2016</B></P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.50pt solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.50pt solid #000000"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.50pt solid #000000" ALIGN="right"><B>314,057&nbsp;</B></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1.50pt solid #000000"><B>&nbsp;&nbsp;</B></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.50pt solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.50pt solid #000000"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.50pt solid #000000" ALIGN="right"><B>36,305&nbsp;</B></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1.50pt solid #000000"><B>&nbsp;&nbsp;</B></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.50pt solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.50pt solid #000000"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.50pt solid #000000" ALIGN="right"><B>69,372&nbsp;</B></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1.50pt solid #000000"><B>&nbsp;&nbsp;</B></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.50pt solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.50pt solid #000000"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.50pt solid #000000" ALIGN="right"><B>29,796&nbsp;</B></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1.50pt solid #000000"><B>&nbsp;&nbsp;</B></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.50pt solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.50pt solid #000000"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.50pt solid #000000" ALIGN="right"><B>449,530&nbsp;</B></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1.50pt solid #000000"><B>&nbsp;&nbsp;</B></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.50pt solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.50pt solid #000000"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.50pt solid #000000" ALIGN="right"><B>(4,840)</B></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1.50pt solid #000000"><B>&nbsp;&nbsp;</B></TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Once an intangible asset is fully amortized, the gross carrying amount and related accumulated amortization are removed from
the accounts. A $10,433,000 trademark intangible asset with an indefinite life has been recorded in Other. Included in Software are finance leases with a net book value of $23,018,000 (2015 &#150; $22,560,000) and $117,000 (2015 &#150; $1,099,000)
in internally generated software that is not ready for use and, therefore, is not being amortized. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">In accordance with its accounting policies in note 4,
the Company tests intangible assets for recoverability when events or changes in circumstances indicate that their carrying amount may not be recoverable. To determine indicators of impairment of intangible assets, the Company considers external
sources of information such as prevailing economic and market conditions and internal sources of information such as the historical and expected financial performance of the intangible assets. If indicators of impairment are present, the Company
determines recoverability based on an estimate of discounted cash flows, using the higher of either the value in use or the fair value less costs of disposal methods. The measurement of impairment loss is based on the amount that the carrying amount
of an intangible asset exceeds its recoverable amount. As part of the impairment test, the Company updates its future cash flow assumptions and estimates, including factors such as current and future contracts with clients, margins, market
conditions, and the useful lives of the assets. During 2016, the Company concluded that there were no material indicators of impairment to intangible assets. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:7pt" ALIGN="center">

<TR>
<TD WIDTH="35%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="32%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="31%"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:7pt">
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:7pt; font-family:Times New Roman">Notes to the Consolidated Financial Statements</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:7pt; font-family:Times New Roman">December 31, 2016</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">F-32</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">Stantec Inc.</TD></TR></TABLE>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL"><B>13. INVESTMENTS IN JOINT VENTURES AND ASSOCIATES </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The Company has interests in a number of individually immaterial joint ventures and associates. The Company&#146;s joint ventures and associates are private
entities that are not listed on any public exchange. All operations are continuing. The Company has no share of any contingent liabilities or capital commitments in its joint ventures as at December&nbsp;31, 2016, and December&nbsp;31, 2015. </P>
<P STYLE="margin-top:10pt; margin-bottom:0pt; font-size:9pt; font-family:ARIAL"><B>Movement in investments in joint ventures and associates </B></P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>
<TD WIDTH="77%"></TD>
<TD VALIGN="bottom" WIDTH="6%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="6%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"><FONT STYLE="font-size:7pt"><I>(In thousands of Canadian dollars)</I></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" BGCOLOR="#e5e4e1"> <P STYLE="font-size:4pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>December&nbsp;31<BR>2016</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>$</B></P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2"> <P STYLE="font-size:4pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>&nbsp;&nbsp;<SUP
STYLE="font-size:85%; vertical-align:top">&nbsp;</SUP></B><SUP STYLE="font-size:85%; vertical-align:top"></SUP>December&nbsp;31&nbsp;<BR>2015<B>&nbsp;</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B></B>$<B>&nbsp;</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>


<TR STYLE="font-size:1px; ">
<TD COLSPAN="8" VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="4" BGCOLOR="#e5e4e1"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Balance, beginning of the year</P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1" ALIGN="right"><B>4,467</B></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#e5e4e1"><B>&nbsp;&nbsp;</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">4,975&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Additions arising on acquisitions</P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1" ALIGN="right"><B>2,989</B></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#e5e4e1"><B>&nbsp;&nbsp;</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">262&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Share of total comprehensive income</P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1" ALIGN="right"><B>2,406</B></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#e5e4e1"><B>&nbsp;&nbsp;</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">2,048&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Dividends and distributions received</P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1" ALIGN="right"><B>(799</B></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#e5e4e1"><B>)&nbsp;</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(2,931)</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Impact of foreign exchange</P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1" ALIGN="right"><B>157</B></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#e5e4e1"><B>&nbsp;&nbsp;</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">113&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD COLSPAN="8" VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="4" BGCOLOR="#e5e4e1"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Balance, end of the year</B></P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1" ALIGN="right"><B>&nbsp;&nbsp;&nbsp;&nbsp;9,220</B></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#e5e4e1"><B>&nbsp;&nbsp;</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><SUP STYLE="font-size:85%; vertical-align:top"></SUP>&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right"><SUP STYLE="font-size:85%; vertical-align:top"></SUP>&nbsp;&nbsp;4,467&nbsp;</TD>
<TD NOWRAP VALIGN="bottom"><SUP STYLE="font-size:85%; vertical-align:top"></SUP>&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD COLSPAN="8" VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.50pt solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
</TABLE> <P STYLE="margin-top:10pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">To support the activities of certain joint ventures and associates, the Company and the other investors in the joint ventures
have agreed to make additional contributions in proportion to their interests to make up any losses, if required. In addition, for certain joint ventures and associates, the profits will not be distributed until the parties to the arrangement
provide consent for distribution. </P> <P STYLE="margin-top:10pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL"><B>14. OTHER FINANCIAL ASSETS </B></P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>
<TD WIDTH="76%"></TD>
<TD VALIGN="bottom" WIDTH="6%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="6%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"><FONT STYLE="font-size:7pt"><I>(In thousands of Canadian dollars)</I></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" BGCOLOR="#e5e4e1"> <P STYLE="font-size:4pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B><SUP
STYLE="font-size:85%; vertical-align:top"></SUP><SUP STYLE="font-size:85%; vertical-align:top"></SUP><SUP STYLE="font-size:85%; vertical-align:top"></SUP>December&nbsp;31<SUP STYLE="font-size:85%; vertical-align:top"></SUP><SUP
STYLE="font-size:85%; vertical-align:top">&nbsp;</SUP><BR>2016<SUP STYLE="font-size:85%; vertical-align:top">&nbsp;</SUP></B></P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>$<SUP
STYLE="font-size:85%; vertical-align:top"></SUP><SUP STYLE="font-size:85%; vertical-align:top">&nbsp;</SUP></B></P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2"> <P STYLE="font-size:4pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right">&nbsp;&nbsp;<SUP
STYLE="font-size:85%; vertical-align:top"></SUP>December&nbsp;31&nbsp;<BR>2015&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="right">$&nbsp;</P></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>


<TR STYLE="font-size:1px; ">
<TD COLSPAN="8" VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="4" BGCOLOR="#e5e4e1"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Investments held for self-insured liabilities</P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1"><B><SUP STYLE="font-size:85%; vertical-align:top"></SUP>&nbsp;</B></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1" ALIGN="right"><B>141,142<SUP STYLE="font-size:85%; vertical-align:top"></SUP></B></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#e5e4e1"><B><SUP STYLE="font-size:85%; vertical-align:top"></SUP>&nbsp;&nbsp;</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">126,489&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Holdbacks on long-term contracts</P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1"><B><SUP STYLE="font-size:85%; vertical-align:top"></SUP>&nbsp;</B></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1" ALIGN="right"><B>33,876<SUP STYLE="font-size:85%; vertical-align:top"></SUP></B></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#e5e4e1"><B><SUP STYLE="font-size:85%; vertical-align:top"></SUP>&nbsp;&nbsp;</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">8,814&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Indemnifications</P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1"><B><SUP STYLE="font-size:85%; vertical-align:top"></SUP>&nbsp;</B></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1" ALIGN="right"><B>2,350<SUP STYLE="font-size:85%; vertical-align:top"></SUP></B></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#e5e4e1"><B><SUP STYLE="font-size:85%; vertical-align:top"></SUP>&nbsp;&nbsp;</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">757&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Other</P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1"><B><SUP STYLE="font-size:85%; vertical-align:top"></SUP>&nbsp;</B></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1" ALIGN="right"><B>3,578<SUP STYLE="font-size:85%; vertical-align:top"></SUP></B></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#e5e4e1"><B><SUP STYLE="font-size:85%; vertical-align:top"></SUP>&nbsp;&nbsp;</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">2,141&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD COLSPAN="8" VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="4" BGCOLOR="#e5e4e1"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1"><B><SUP STYLE="font-size:85%; vertical-align:top"></SUP>&nbsp;</B></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1" ALIGN="right"><B>180,946<SUP STYLE="font-size:85%; vertical-align:top"></SUP></B></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#e5e4e1"><B><SUP STYLE="font-size:85%; vertical-align:top"></SUP>&nbsp;&nbsp;</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">138,201&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Less current portion</P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1"><B><SUP STYLE="font-size:85%; vertical-align:top"></SUP>&nbsp;</B></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1" ALIGN="right"><B>20,890<SUP STYLE="font-size:85%; vertical-align:top"></SUP></B></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#e5e4e1"><B><SUP STYLE="font-size:85%; vertical-align:top"></SUP>&nbsp;&nbsp;</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">26,722&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD COLSPAN="8" VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="4" BGCOLOR="#e5e4e1"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Long-term portion</P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1"><B><SUP STYLE="font-size:85%; vertical-align:top"></SUP>&nbsp;</B></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1" ALIGN="right"><B>160,056<SUP STYLE="font-size:85%; vertical-align:top"></SUP></B></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#e5e4e1"><B><SUP STYLE="font-size:85%; vertical-align:top"></SUP>&nbsp;&nbsp;</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">111,479&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD COLSPAN="8" VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.50pt solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
</TABLE> <P STYLE="margin-top:10pt; margin-bottom:0pt; font-size:9pt; font-family:ARIAL"><B>Investments held for self-insured liabilities </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Investments held for self-insured liabilities consist of government and corporate bonds, equity securities, and term deposits. These investments are classified
as available for sale and are stated at fair value with unrealized gains (losses) recorded in other comprehensive income. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:7pt" ALIGN="center">

<TR>
<TD WIDTH="35%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="32%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="31%"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:7pt">
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:7pt; font-family:Times New Roman">Notes to the Consolidated Financial Statements</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:7pt; font-family:Times New Roman">December 31, 2016</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">F-33</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">Stantec Inc.</TD></TR></TABLE>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Their fair value and amortized cost are as follows: </P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>
<TD WIDTH="32%"></TD>
<TD VALIGN="bottom" WIDTH="4%"></TD>
<TD WIDTH="13%"></TD>
<TD VALIGN="bottom" WIDTH="4%"></TD>
<TD WIDTH="13%"></TD>
<TD VALIGN="bottom" WIDTH="4%"></TD>
<TD WIDTH="13%"></TD>
<TD VALIGN="bottom" WIDTH="4%"></TD>
<TD WIDTH="13%"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:9pt">
<TD VALIGN="bottom" ROWSPAN="2" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:7pt; font-family:Times New Roman"><I>(In thousands of Canadian dollars)</I></P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="3" STYLE="BORDER-BOTTOM:1px solid #000000" BGCOLOR="#e5e4e1"> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>December&nbsp;31</B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>2016</B></P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>$</B></P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="3" ALIGN="center" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">December&nbsp;31</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">2015</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">$</P></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom" BGCOLOR="#e5e4e1" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #000000" BGCOLOR="#e5e4e1">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fair&nbsp;Value</TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #000000" BGCOLOR="#e5e4e1">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amortized<BR>Cost/Cost</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fair&nbsp;Value</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amortized<BR>Cost/Cost</TD></TR>


<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2" BGCOLOR="#e5e4e1"></TD>
<TD HEIGHT="8" COLSPAN="2" BGCOLOR="#e5e4e1"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Bonds</P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="right" BGCOLOR="#e5e4e1"><B>93,005&nbsp;&nbsp;</B></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="right" BGCOLOR="#e5e4e1"><B>93,105&nbsp;&nbsp;</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">88,081&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">87,522&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Equity securities</P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="right" BGCOLOR="#e5e4e1"><B>46,641&nbsp;&nbsp;</B></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="right" BGCOLOR="#e5e4e1"><B>39,896&nbsp;&nbsp;</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">38,408&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">36,758&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Term deposits</P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #000000" BGCOLOR="#e5e4e1"><B>1,496&nbsp;&nbsp;</B></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #000000" BGCOLOR="#e5e4e1"><B>1,496&nbsp;&nbsp;</B></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #000000">-&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #000000">-&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1.50pt solid #000000"> <P STYLE="font-size:4pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Total</B></P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1" STYLE="BORDER-BOTTOM:1.50pt solid #000000">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right" STYLE="BORDER-BOTTOM:1.50pt solid #000000" BGCOLOR="#e5e4e1"><B>141,142&nbsp;&nbsp;</B></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1" STYLE="BORDER-BOTTOM:1.50pt solid #000000">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right" STYLE="BORDER-BOTTOM:1.50pt solid #000000" BGCOLOR="#e5e4e1"><B>134,497&nbsp;&nbsp;</B></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.50pt solid #000000">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right" STYLE="BORDER-BOTTOM:1.50pt solid #000000">126,489&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.50pt solid #000000">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right" STYLE="BORDER-BOTTOM:1.50pt solid #000000">124,280&nbsp;&nbsp;</TD></TR>
</TABLE> <P STYLE="margin-top:10pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The bonds bear interest at rates ranging from 0.88% to 4.88% per annum (December 31, 2015 &#150; 0.38% to 5.10%). </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Term deposits mature on or before June 2017. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The terms to
maturity of the bond portfolio, stated at fair value, are as follows: </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>
<TD WIDTH="76%"></TD>
<TD VALIGN="bottom" WIDTH="7%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="7%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT STYLE="font-size:7pt"><I>(In thousands of Canadian dollars)</I></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" STYLE="BORDER-BOTTOM:1px solid #000000" BGCOLOR="#e5e4e1"> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>December&nbsp;31</B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>2016</B></P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>$</B></P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000" BGCOLOR="#e5e4e1">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right">December&nbsp;31</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right">2015</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="right">$</P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD></TR>


<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="4" BGCOLOR="#e5e4e1"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Within one year</P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1" ALIGN="right"><B>18,600</B></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#e5e4e1"><B>&nbsp;&nbsp;</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">26,321</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">After one year but not more than five years</P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1" ALIGN="right"><B>64,762</B></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#e5e4e1"><B>&nbsp;&nbsp;</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">61,760</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">More than five years</P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000" BGCOLOR="#e5e4e1"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000" BGCOLOR="#e5e4e1" ALIGN="right"><B>9,643</B></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000" BGCOLOR="#e5e4e1"><B>&nbsp;&nbsp;</B></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000" ALIGN="right">-</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1.50pt solid #000000"> <P STYLE="font-size:4pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Total</B></P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1" STYLE="BORDER-BOTTOM:1.50pt solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.50pt solid #000000" BGCOLOR="#e5e4e1"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.50pt solid #000000" BGCOLOR="#e5e4e1" ALIGN="right"><B>93,005</B></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1.50pt solid #000000" BGCOLOR="#e5e4e1"><B>&nbsp;&nbsp;</B></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.50pt solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.50pt solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.50pt solid #000000" ALIGN="right">88,081</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1.50pt solid #000000">&nbsp;&nbsp;</TD></TR>
</TABLE> <P STYLE="margin-top:10pt; margin-bottom:0pt; font-size:9pt; font-family:ARIAL"><B>Indemnifications </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The Company&#146;s
indemnifications relate to certain legal claims (note 18). During 2016, the Company increased provisions and indemnification assets relating to prior acquisitions by $1,233,000 (2015 &#150; increased by $230,000) due to new information obtained in
the year. </P> <P STYLE="margin-top:10pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL"><B>15. OTHER ASSETS </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>
<TD WIDTH="77%"></TD>
<TD VALIGN="bottom" WIDTH="7%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="7%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:7pt; font-family:Times New Roman"><I>&nbsp;&nbsp;(In thousands of Canadian dollars)</I></P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" STYLE="BORDER-BOTTOM:1px solid #000000" BGCOLOR="#e5e4e1"> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>December&nbsp;31</B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>2016</B></P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>$</B></P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000" BGCOLOR="#e5e4e1">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right">December&nbsp;31</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right">2015</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="right">$</P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD></TR>


<TR STYLE="font-size:1pt">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4" BGCOLOR="#e5e4e1"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">&nbsp;Investment tax credits</P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1" ALIGN="right"><B>14,056</B></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#e5e4e1"><B>&nbsp;&nbsp;</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">-</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">&nbsp;Transaction costs on long-term debt</P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000" BGCOLOR="#e5e4e1"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000" BGCOLOR="#e5e4e1" ALIGN="right"><B>5,778</B></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000" BGCOLOR="#e5e4e1"><B>&nbsp;&nbsp;</B></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000" ALIGN="right">1,029</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1" ALIGN="right"><B>19,834</B></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#e5e4e1"><B>&nbsp;&nbsp;</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1,029</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">&nbsp;Less current portion</P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000" BGCOLOR="#e5e4e1"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000" BGCOLOR="#e5e4e1" ALIGN="right"><B>4,679</B></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000" BGCOLOR="#e5e4e1"><B>&nbsp;&nbsp;</B></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000" ALIGN="right">386</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.50pt solid #000000"> <P STYLE="font-size:4pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">&nbsp;Long-term portion</P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1" STYLE="BORDER-BOTTOM:1.50pt solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.50pt solid #000000" BGCOLOR="#e5e4e1"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.50pt solid #000000" BGCOLOR="#e5e4e1" ALIGN="right"><B>15,155</B></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1.50pt solid #000000" BGCOLOR="#e5e4e1"><B>&nbsp;&nbsp;</B></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.50pt solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.50pt solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.50pt solid #000000" ALIGN="right">643</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1.50pt solid #000000">&nbsp;&nbsp;</TD></TR>
</TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:7pt" ALIGN="center">

<TR>
<TD WIDTH="35%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="32%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="31%"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:7pt">
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:7pt; font-family:Times New Roman">Notes to the Consolidated Financial Statements</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:7pt; font-family:Times New Roman">December 31, 2016</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">F-34</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">Stantec Inc.</TD></TR></TABLE>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL"><B>16. TRADE AND OTHER PAYABLES </B></P> <P STYLE="font-size:10pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>
<TD WIDTH="71%"></TD>
<TD VALIGN="bottom" WIDTH="8%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="8%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT STYLE="font-size:7pt"><I>(In thousands of Canadian dollars)</I></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" STYLE="BORDER-BOTTOM:1px solid #000000" BGCOLOR="#e5e4e1"> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>December&nbsp;31</B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>2016</B></P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>$</B></P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000" BGCOLOR="#e5e4e1">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right">December&nbsp;31</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right">2015</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="right">$</P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD></TR>


<TR STYLE="font-size:1pt">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4" BGCOLOR="#e5e4e1"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Trade accounts payable</P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1" ALIGN="right"><B>363,940</B></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#e5e4e1"><B>&nbsp;</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">123,402</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Employee and payroll liabilities</P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1" ALIGN="right"><B>270,732</B></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#e5e4e1"><B>&nbsp;</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">188,182</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Accrued liabilities</P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000" BGCOLOR="#e5e4e1"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000" BGCOLOR="#e5e4e1" ALIGN="right"><B>83,525</B></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000" BGCOLOR="#e5e4e1"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000" ALIGN="right">40,615</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1.50pt solid #000000"> <P STYLE="font-size:4pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Trade and other payables</B></P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1" STYLE="BORDER-BOTTOM:1.50pt solid #000000">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.50pt solid #000000" BGCOLOR="#e5e4e1"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.50pt solid #000000" BGCOLOR="#e5e4e1" ALIGN="right"><B>718,197</B></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1.50pt solid #000000" BGCOLOR="#e5e4e1"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.50pt solid #000000">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.50pt solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.50pt solid #000000" ALIGN="right">352,199</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1.50pt solid #000000">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="font-size:10pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL"><B>17. LONG-TERM DEBT</B></P>
<P STYLE="font-size:10pt; margin-top:0pt; margin-bottom:1pt">&nbsp;</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="top"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT STYLE="font-size:7pt"><I>(In thousands of Canadian dollars)</I></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" STYLE="BORDER-BOTTOM:1px solid #000000" BGCOLOR="#e5e4e1"> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>December&nbsp;31</B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>2016</B></P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>$</B></P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000" BGCOLOR="#e5e4e1">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right">December&nbsp;31</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right">2015</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="right">$</P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="4" BGCOLOR="#e5e4e1"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Notes payable</P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1" ALIGN="right"><B>127,153</B></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#e5e4e1"><B>&nbsp;</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">124,454</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Revolving credit facilities</P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1" ALIGN="right"><B>416,130</B></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#e5e4e1"><B>&nbsp;</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">96,968</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Term loan</P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1" ALIGN="right"><B>454,106</B></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#e5e4e1"><B>&nbsp;</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">-</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Senior secured notes</P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#e5e4e1"><B>&nbsp;</B></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#e5e4e1" ALIGN="right"><B>-</B></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#e5e4e1"><B>&nbsp;</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">124,792</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Finance lease obligations</P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000" BGCOLOR="#e5e4e1"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000" BGCOLOR="#e5e4e1" ALIGN="right"><B>23,073</B></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000" BGCOLOR="#e5e4e1"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000" ALIGN="right">19,142</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="4" BGCOLOR="#e5e4e1"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1" ALIGN="right"><B>1,020,462</B></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#e5e4e1"><B>&nbsp;</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">365,356</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Less current portion</P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000" BGCOLOR="#e5e4e1"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000" BGCOLOR="#e5e4e1" ALIGN="right"><B>91,876</B></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000" BGCOLOR="#e5e4e1"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000" ALIGN="right">133,055</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.50pt solid #000000"> <P STYLE="font-size:4pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Long-term portion</P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1" STYLE="BORDER-BOTTOM:1.50pt solid #000000">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.50pt solid #000000" BGCOLOR="#e5e4e1"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.50pt solid #000000" BGCOLOR="#e5e4e1" ALIGN="right"><B>928,586</B></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1.50pt solid #000000" BGCOLOR="#e5e4e1"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.50pt solid #000000">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.50pt solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.50pt solid #000000" ALIGN="right">232,301</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1.50pt solid #000000">&nbsp;</TD></TR>
</TABLE> <P STYLE="margin-top:10pt; margin-bottom:0pt; font-size:9pt; font-family:ARIAL"><B>Notes payable </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Notes payable
consists primarily of notes payable for acquisitions (note 7). The weighted average rate of interest on the notes payable at December&nbsp;31, 2016, was 3.45% (2015 &#150; 3.63%). The notes may be supported by promissory notes and are due at various
times from 2017 to 2019. The aggregate maturity value of the notes at December&nbsp;31, 2016, was $129,413,000 (2015 &#150; $126,840,000). At December&nbsp;31, 2016, $122,333,000 (US$91,110,000) (2015 &#150; $117,282,000 (US$84,741,000)) of the
notes&#146; carrying amount was payable in US funds. </P> <P STYLE="margin-top:10pt; margin-bottom:0pt; font-size:9pt; font-family:ARIAL"><B>Revolving credit facilities and term loan </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">On May&nbsp;6, 2016, the Company entered into an agreement for new $1.25&nbsp;billion syndicated senior secured credit facilities (New Credit Facilities)
consisting of a senior secured revolving credit facility in the maximum amount of $800&nbsp;million and a $450&nbsp;million senior secured term loan in three tranches. This agreement allows the Company access to an additional $200&nbsp;million,
subject to approval, under the same terms and conditions. The revolving credit facility expires on May&nbsp;6, 2020, and may be repaid from time to time at the option of the Company. The facility is available for future acquisitions, working capital
needs, and general corporate purposes. Tranches A and B of the term loan were drawn in Canadian funds of $150&nbsp;million each (due May&nbsp;6, 2018, and May&nbsp;6, 2019, respectively), and tranche C was drawn in US funds of $116.7&nbsp;million
(due May&nbsp;6, 2020). The term loan was recorded net of transaction costs of $3,341,000, which are amortized over the life of the three tranches. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The
New Credit Facilities may be drawn in Canadian dollars as either a prime rate loan or a bankers&#146; acceptance; in US dollars as either a US base rate or a LIBOR advance; or, in the case of the revolving credit facility, in sterling or euros as a
LIBOR advance; and by way of letters of credit. Depending on the form under which the credit facilities are accessed, rates of interest vary between Canadian prime, US base rate, and LIBOR or bankers&#146; acceptance rates, plus specified basis
points. The specified basis points vary, depending on the Company&#146;s leverage ratio (a <FONT STYLE="white-space:nowrap">non-IFRS</FONT> measure), from 0 to 175 for Canadian prime and US base rate loans, and from 100 to 275 for bankers&#146;
acceptances, LIBOR advances, and letters of credit. As security for the obligations under these facilities, the Company and certain of its subsidiaries granted the lenders a first-ranking security interest over all present and after-acquired assets,
property, and undertakings subject to customary carve-outs. The New Credit Facilities contain restrictive covenants (note 27). </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:7pt" ALIGN="center">

<TR>
<TD WIDTH="35%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="32%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="31%"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:7pt">
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:7pt; font-family:Times New Roman">Notes to the Consolidated Financial Statements</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:7pt; font-family:Times New Roman">December 31, 2016</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">F-35</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">Stantec Inc.</TD></TR></TABLE>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The Company previously entered into an agreement for a $350&nbsp;million revolving credit facility expiring in
August 2018. This facility allowed the Company access to an additional $150&nbsp;million under the same terms and conditions on approval from its lenders. Depending on the form under which the credit facility was accessed, rates of interest varied
between Canadian prime, US base rate, and LIBOR or bankers&#146; acceptance rates, plus specified basis points. The specified basis points varied, depending on the Company&#146;s level of consolidated debt to EBITDA (a
<FONT STYLE="white-space:nowrap">non-IFRS</FONT> measure), from 20 to 125 for Canadian prime and US base rate loans, and from 120 to 225 for bankers&#146; acceptances, LIBOR loans, and letters of credit. EBITDA represents net income before interest
expense, income taxes, depreciation of property and equipment, amortization of intangible assets, and goodwill and intangible impairment. This revolving credit facility was repaid with the proceeds from the New Credit Facilities. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">At December&nbsp;31, 2016, $114,130,000 (US$85,000,000) of the revolving credit facility was payable in US funds and $302,000,000 was payable in Canadian
funds. At December&nbsp;31, 2015, $71,968,000 (US$52,000,000) of the revolving credit facility was payable in US funds and $25,000,000 was payable in Canadian funds. At December&nbsp;31, 2016, $156,693,000 (US$116,700,000) (2015 &#150; nil) of the
term loan was payable in US funds and $300,000,000 (2015 &#150; nil) was payable in Canadian funds. The average interest rate applicable at December&nbsp;31, 2016, for the New Credit Facilities was 3.13% (2015 &#150; 1.72%). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The funds available under the revolving credit facility are reduced by any outstanding letters of credit issued pursuant to the facility agreement. At
December&nbsp;31, 2016, the Company had issued and outstanding letters of credit that expire at various dates before January 2018, are payable in various currencies, and total $54,729,000 (2015 &#150; $919,000). These letters of credit were issued
in the normal course of operations, including the guarantee of certain office rental obligations. At December&nbsp;31, 2016, $329,141,000 (2015 &#150; $252,113,000) was available in the new revolving credit facility for future activities. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">At December&nbsp;31, 2016, there were $3,628,000 (2015 &#150; nil) in additional letters of credit issued and outstanding, outside of the Company&#146;s
revolving credit facility. These were issued in various currencies and expire at various dates before November 2017. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The Company previously had a bid
bond facility expiring on August&nbsp;31, 2018, in the amount of $15&nbsp;million. This facility allowed the Company access to an additional $5&nbsp;million under the same terms and conditions upon approval from its lenders. It was used for the
issuance of bid bonds, performance guarantees, letters of credit, and documentary credits in foreign currencies. As a result of entering into the agreement for the New Credit Facilities, this facility was cancelled during the quarter ended
June&nbsp;30, 2016. At December&nbsp;31, 2015, $10,828,000 was issued under this bid bond facility, which was payable in various currencies and set to expire at various dates before April 2017. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:9pt; font-family:ARIAL"><B>Senior secured notes </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The Company previously issued $70&nbsp;million
of 4.332% senior secured notes due May&nbsp;10, 2016, and $55&nbsp;million of 4.757% senior secured notes due May&nbsp;10, 2018. These amounts were recorded net of transaction costs of $1,115,000. The senior secured notes were issued pursuant to an
indenture dated May&nbsp;13, 2011, between the Company, as issuer, and BNY Trust Company of Canada, as trustee and collateral agent; they were ranked <I>pari passu </I>with the Company&#146;s existing revolving credit facility; and they contained
restrictive covenants (note 27). Interest on the senior secured notes was payable semi-annually in arrears on May&nbsp;10 and November&nbsp;10 until maturity or the earlier of payment, redemption, or purchase in full of the senior secured notes.
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The senior secured notes were redeemable by the Company, in whole at any time or in part from time to time, at specified redemption prices and subject to
certain conditions required by the indenture, with an option for the Company to purchase the notes for cancellation at any time. The senior secured notes were redeemed with the proceeds from the New Credit Facilities (described above). The breakage
fee paid on redemption was $3,926,000 and was recorded in net interest expense. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:9pt; font-family:ARIAL"><B>Surety facilities </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The Company has surety facilities to facilitate, as part of the normal course of operations, the issuance of bonds for certain types of project work. At
December&nbsp;31, 2016, the Company issued bonds under these surety facilities </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:7pt" ALIGN="center">

<TR>
<TD WIDTH="35%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="32%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="31%"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:7pt">
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:7pt; font-family:Times New Roman">Notes to the Consolidated Financial Statements</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:7pt; font-family:Times New Roman">December 31, 2016</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">F-36</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">Stantec Inc.</TD></TR></TABLE>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">
totaling $162,000 (2015 &#150; $387,000) in Canadian funds and $430,630,000 (US$320,719,000) (2015 &#150; $4,726,000 (US$3,415,000)) in US funds and $1,320,000 in other foreign currencies. These
bonds expire at various dates before November 2020. </P> <P STYLE="margin-top:10pt; margin-bottom:0pt; font-size:9pt; font-family:ARIAL"><B>Finance lease obligations </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The Company has finance leases for software and for automotive and office equipment. At December&nbsp;31, 2016, finance lease obligations included finance
leases bearing interest at rates ranging from 1.37% to 5.93% (2015 &#150; 0.66% to 9.08%). These finance leases expire at various dates before November 2021. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Future minimum lease payments under finance leases and the present value of the net minimum lease payments are as follows: </P>
<P STYLE="font-size:10pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>
<TD WIDTH="70%"></TD>
<TD VALIGN="bottom" WIDTH="9%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="10%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:7pt; font-family:Times New Roman"><I>(In thousands of Canadian dollars)</I></P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" STYLE="BORDER-BOTTOM:1px solid #000000" BGCOLOR="#e5e4e1"> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>December&nbsp;31</B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>2016</B></P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>$</B></P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000" BGCOLOR="#e5e4e1">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right">December&nbsp;31</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right">2015</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="right">$</P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD></TR>


<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="4" BGCOLOR="#e5e4e1"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Within one year</P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1" ALIGN="right"><B>12,902</B></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#e5e4e1"><B>&nbsp;&nbsp;</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">8,807</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">After one year but not more than five years</P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000" BGCOLOR="#e5e4e1"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000" BGCOLOR="#e5e4e1" ALIGN="right"><B>10,405</B></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000" BGCOLOR="#e5e4e1"><B>&nbsp;&nbsp;</B></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000" ALIGN="right">10,611</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.50pt solid #000000"> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Total minimum lease payments</P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1" STYLE="BORDER-BOTTOM:1.50pt solid #000000">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.50pt solid #000000" BGCOLOR="#e5e4e1"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.50pt solid #000000" BGCOLOR="#e5e4e1" ALIGN="right"><B>23,307</B></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1.50pt solid #000000" BGCOLOR="#e5e4e1"><B>&nbsp;&nbsp;</B></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.50pt solid #000000">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.50pt solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.50pt solid #000000" ALIGN="right">19,418</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1.50pt solid #000000">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.50pt solid #000000"> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Present value of minimum lease payments</P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1" STYLE="BORDER-BOTTOM:1.50pt solid #000000">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.50pt solid #000000" BGCOLOR="#e5e4e1"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.50pt solid #000000" BGCOLOR="#e5e4e1" ALIGN="right"><B>23,073</B></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1.50pt solid #000000" BGCOLOR="#e5e4e1"><B>&nbsp;&nbsp;</B></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.50pt solid #000000">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.50pt solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.50pt solid #000000" ALIGN="right">19,142</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1.50pt solid #000000">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="font-size:10pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL"><B>18. PROVISIONS</B></P>
<P STYLE="font-size:10pt; margin-top:0pt; margin-bottom:1pt">&nbsp;</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT STYLE="font-size:7pt"><I>(In thousands of Canadian dollars)</I></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" STYLE="BORDER-BOTTOM:1px solid #000000" BGCOLOR="#e5e4e1"> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>December&nbsp;31</B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>2016</B></P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>$</B></P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000" BGCOLOR="#e5e4e1">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right">December&nbsp;31</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right">2015</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="right">$</P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="4" BGCOLOR="#e5e4e1"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Provision for self-insured liabilities</P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1" ALIGN="right"><B>69,394</B></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#e5e4e1"><B>&nbsp;&nbsp;</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">61,480</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Provisions for claims</P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1" ALIGN="right"><B>25,210</B></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#e5e4e1"><B>&nbsp;&nbsp;</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">13,277</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Onerous contracts</P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1" ALIGN="right"><B>10,792</B></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#e5e4e1"><B>&nbsp;&nbsp;</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">10,693</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">End of employment benefit plans</P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000" BGCOLOR="#e5e4e1"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000" BGCOLOR="#e5e4e1" ALIGN="right"><B>11,279</B></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000" BGCOLOR="#e5e4e1"><B>&nbsp;&nbsp;</B></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000" ALIGN="right">-</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="4" BGCOLOR="#e5e4e1"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1" ALIGN="right"><B>116,675</B></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#e5e4e1"><B>&nbsp;&nbsp;</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">85,450</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Less current portion</P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000" BGCOLOR="#e5e4e1"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000" BGCOLOR="#e5e4e1" ALIGN="right"><B>36,011</B></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000" BGCOLOR="#e5e4e1"><B>&nbsp;&nbsp;</B></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000" ALIGN="right">22,878</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.50pt solid #000000"> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Long-term portion</P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1" STYLE="BORDER-BOTTOM:1.50pt solid #000000">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.50pt solid #000000" BGCOLOR="#e5e4e1"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.50pt solid #000000" BGCOLOR="#e5e4e1" ALIGN="right"><B>80,664</B></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1.50pt solid #000000" BGCOLOR="#e5e4e1"><B>&nbsp;&nbsp;</B></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.50pt solid #000000">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.50pt solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.50pt solid #000000" ALIGN="right">62,572</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1.50pt solid #000000">&nbsp;&nbsp;</TD></TR>
</TABLE> <P STYLE="margin-top:10pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">In the normal conduct of operations, various legal claims are pending against the Company, alleging, among other things,
breaches of contract or negligence in connection with the performance of consulting and construction services. The Company carries professional liability insurance, subject to certain deductibles and policy limits, and has a captive insurance
company that provides insurance protection against such claims. In some cases, the Company may be subject to claims for which it is only partly insured or completely insured. Damages assessed in connection with, and the cost of defending, such
actions could be substantial and possibly in excess of policy limits, for which a range of possible outcomes are either not able to be estimated or not expected to be significant. However, based on advice and information provided by legal counsel,
the Company&#146;s previous experience with the settlement of similar claims, and the results of the annual actuarial review, management believes that the Company has recognized adequate provisions for probable and reasonably estimated liabilities
associated with these claims. In addition, management believes that it has appropriate insurance in place to respond to and offset the cost of resolving these claims. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Due to uncertainties in the nature of the Company&#146;s legal claims, such as the range of possible outcomes and the progress of the litigation, provisions
accrued involve estimates. The ultimate cost to resolve these claims may exceed or be less than that recorded in the consolidated financial statements. Management believes that the ultimate cost to resolve these claims will not materially exceed the
insurance coverage or provisions accrued and, therefore, would not have a material adverse effect on the Company&#146;s consolidated statements of income and financial position. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:7pt" ALIGN="center">

<TR>
<TD WIDTH="35%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="32%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="31%"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:7pt">
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:7pt; font-family:Times New Roman">Notes to the Consolidated Financial Statements</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:7pt; font-family:Times New Roman">December 31, 2016</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">F-37</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">Stantec Inc.</TD></TR></TABLE>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Management regularly reviews the timing of the outflows of these provisions. Cash outflows for existing
provisions are expected to occur within the next one to five years, although this is uncertain and depends on the development of the various claims. These outflows are not expected to have a material impact on the Company&#146;s cash flows. </P>
<P STYLE="margin-top:10pt; margin-bottom:0pt; font-size:9pt; font-family:ARIAL"><B>Provision for self-insured liabilities </B></P> <P STYLE="font-size:2pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>
<TD WIDTH="76%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="11%"></TD>
<TD VALIGN="bottom" WIDTH="8%"></TD>
<TD WIDTH="4%"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT STYLE="font-size:7pt"><I>(In thousands of Canadian dollars)</I></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000" BGCOLOR="#e5e4e1"> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;December&nbsp;31&nbsp;</B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>2016&nbsp;</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>$&nbsp;</B></P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #000000">
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;December&nbsp;31&nbsp;&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right">2015&nbsp;&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="right">$&nbsp;&nbsp;</P></TD></TR>


<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2" BGCOLOR="#e5e4e1"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Provision, beginning of the year</P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right" BGCOLOR="#e5e4e1"><B>61,480&nbsp;</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">50,074&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Current-year provision</P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right" BGCOLOR="#e5e4e1"><B>10,453&nbsp;</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">12,125&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Claims from acquisitions</P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right" BGCOLOR="#e5e4e1"><B>8,046&nbsp;</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right"> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="right">-&nbsp;&nbsp;</P></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Payment for claims settlement</P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right" BGCOLOR="#e5e4e1"><B>(9,612)</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(7,056)&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Impact of foreign exchange</P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #000000" BGCOLOR="#e5e4e1"><B>(973)</B></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #000000">6,337&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2" BGCOLOR="#e5e4e1"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1.50pt solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Provision, end of the year</B></P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1" STYLE="BORDER-BOTTOM:1.50pt solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right" STYLE="BORDER-BOTTOM:1.50pt solid #000000" BGCOLOR="#e5e4e1"><B>69,394&nbsp;</B></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.50pt solid #000000">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right" STYLE="BORDER-BOTTOM:1.50pt solid #000000">61,480&nbsp;&nbsp;</TD></TR>
</TABLE> <P STYLE="margin-top:10pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The current and long-term portions of provision for self-insured liabilities are determined based on an actuarial estimate. At
December&nbsp;31, 2016, the long-term portion was $64,037,000 (2015 &#150; $56,722,000). </P> <P STYLE="margin-top:10pt; margin-bottom:0pt; font-size:9pt; font-family:ARIAL"><B>Provisions for claims </B></P>
<P STYLE="font-size:2pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>
<TD WIDTH="76%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="11%"></TD>
<TD VALIGN="bottom" WIDTH="8%"></TD>
<TD WIDTH="4%"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT STYLE="font-size:7pt"><I>(In thousands of Canadian dollars)</I></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000" BGCOLOR="#e5e4e1"> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;December&nbsp;31&nbsp;<BR>2016&nbsp;</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>$&nbsp;</B></P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #000000">
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;December&nbsp;31&nbsp;&nbsp;<BR>2015&nbsp;&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="right">$&nbsp;&nbsp;</P></TD></TR>


<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2" BGCOLOR="#e5e4e1"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Provisions, beginning of the year</P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right" BGCOLOR="#e5e4e1"><B>13,277&nbsp;</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">4,506&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Current-year provisions</P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right" BGCOLOR="#e5e4e1"><B>2,316&nbsp;</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">2,087&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Claims from acquisitions</P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right" BGCOLOR="#e5e4e1"><B>23,639&nbsp;</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">8,746&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Claims paid or otherwise settled</P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right" BGCOLOR="#e5e4e1"><B>(11,289)</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(4,255)&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Impact of foreign exchange</P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #000000" BGCOLOR="#e5e4e1"><B>(2,733)</B></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #000000">2,193&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2" BGCOLOR="#e5e4e1"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1.50pt solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Provisions, end of the year</B></P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1" STYLE="BORDER-BOTTOM:1.50pt solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right" STYLE="BORDER-BOTTOM:1.50pt solid #000000" BGCOLOR="#e5e4e1"><B>25,210&nbsp;</B></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.50pt solid #000000">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right" STYLE="BORDER-BOTTOM:1.50pt solid #000000">13,277&nbsp;&nbsp;</TD></TR>
</TABLE> <P STYLE="margin-top:10pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Provisions for claims include an estimate for costs associated with legal claims covered by third-party insurance. Often,
these legal claims are from previous acquisitions and may be indemnified by the acquiree (notes 7 and 14). </P> <P STYLE="margin-top:10pt; margin-bottom:0pt; font-size:9pt; font-family:ARIAL"><B>Onerous contracts </B></P>
<P STYLE="font-size:2pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>
<TD WIDTH="76%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="11%"></TD>
<TD VALIGN="bottom" WIDTH="8%"></TD>
<TD WIDTH="4%"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT STYLE="font-size:7pt"><I>(In thousands of Canadian dollars)</I></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000" BGCOLOR="#e5e4e1"> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;December&nbsp;31&nbsp;</B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>2016&nbsp;</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>$&nbsp;</B></P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #000000">
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;December&nbsp;31&nbsp;&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right">2015&nbsp;&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="right">$&nbsp;&nbsp;</P></TD></TR>


<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2" BGCOLOR="#e5e4e1"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Liability, beginning of the year</P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right" BGCOLOR="#e5e4e1"><B>10,693&nbsp;</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">7,812&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Current-year provisions</P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right" BGCOLOR="#e5e4e1"><B>4,319&nbsp;</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">3,724&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Resulting from acquisitions</P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right" BGCOLOR="#e5e4e1"><B>2,462&nbsp;</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1,450&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Costs paid or otherwise settled</P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right" BGCOLOR="#e5e4e1"><B>(6,582)</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(3,290)&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Impact of foreign exchange</P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #000000" BGCOLOR="#e5e4e1"><B>(100)</B></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #000000">997&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2" BGCOLOR="#e5e4e1"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1.50pt solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Liability, end of the year</B></P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1" STYLE="BORDER-BOTTOM:1.50pt solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right" STYLE="BORDER-BOTTOM:1.50pt solid #000000" BGCOLOR="#e5e4e1"><B>10,792&nbsp;</B></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.50pt solid #000000">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right" STYLE="BORDER-BOTTOM:1.50pt solid #000000">10,693&nbsp;&nbsp;</TD></TR>
</TABLE> <P STYLE="margin-top:10pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Onerous contracts consist of lease exit liabilities and sublease losses. Payments for these onerous contracts will occur until
2024. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:7pt" ALIGN="center">

<TR>
<TD WIDTH="35%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="32%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="31%"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:7pt">
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:7pt; font-family:Times New Roman">Notes to the Consolidated Financial Statements</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:7pt; font-family:Times New Roman">December 31, 2016</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">F-38</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">Stantec Inc.</TD></TR></TABLE>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL"><B>19. NET EMPLOYEE DEFINED BENEFIT LIABILITY </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Resulting from the MWH acquisition on May&nbsp;6, 2016, the Company became the sponsor of defined benefit pension plans (the Plans) covering certain full-time
employees and past employees, primarily in the United Kingdom. The benefits for the defined benefit pension plans are based on final compensation and years of service. The Plans ceased all future service benefits, although the future salary link has
been retained for certain continuing active members. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The Plans are governed by the laws of the United Kingdom. Each pension plan has a board of trustees,
consisting of four employer-appointed trustees (of which one is a professional trustee) and <FONT STYLE="white-space:nowrap">two-member</FONT> nominated trustees, that is responsible for administering the plan assets and defining the Plans&#146;
investment policies. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The funding objective of each pension plan is to have sufficient and appropriate assets to meet actuarial liabilities. The board of
trustees reviews the level of funding required based on separate triennial actuarial valuations for funding purposes; the most recent was completed as at March&nbsp;31, 2014. The Plans require that contributions be made to separately administered
funds, which are maintained independently with custodians. The Company expects to contribute $11,800,000 to the Plans in 2017. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The Plans expose the
Company to a number of risks, including: changes to long-term UK interest rates and inflation expectations, movements in global investment markets, changes in life expectancy rates, foreign exchange risk, and regulatory risk from changes in UK
pension legislation. As the plan assets include significant investments in equities, the Company is also exposed to price risk. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Guaranteed annuities are
purchased for certain plan members upon retirement which protects a portion of the Plans from changes in interest rates and longevity post retirement. Post-retirement benefits that are fully matched with insurance policies have been included in both
the asset and liability figures in the following tables. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">A program of liability-driven investments (LDIs) has been implemented to hedge a portion of the
Plans&#146; long-term interest rate risk. The LDI program is at a relatively early stage and relates to only a portion of the Plans&#146; investments; therefore, the Plans remain exposed to significant interest rate risk, along with the other risks
mentioned above. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:7pt" ALIGN="center">

<TR>
<TD WIDTH="35%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="32%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="31%"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:7pt">
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:7pt; font-family:Times New Roman">Notes to the Consolidated Financial Statements</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:7pt; font-family:Times New Roman">December 31, 2016</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">F-39</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">Stantec Inc.</TD></TR></TABLE>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The following table shows a reconciliation from the opening balances to the closing balances for the net defined
benefit liability and its components: </P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>
<TD WIDTH="53%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="3%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="12%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="14%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="14%"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right"><B>Defined&nbsp;Benefit&nbsp;<BR>Obligation&nbsp;</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>Fair&nbsp;Value&nbsp;of&nbsp;</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>Plan&nbsp;Assets&nbsp;</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right"><B>Net&nbsp;Defined&nbsp;&nbsp;<BR>Benefit&nbsp;Liability&nbsp;&nbsp;</B></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="2"></TD>
<TD HEIGHT="5" COLSPAN="2" BGCOLOR="#e5e4e1"></TD>
<TD HEIGHT="5" COLSPAN="2" BGCOLOR="#e5e4e1"></TD>
<TD HEIGHT="5" COLSPAN="2" BGCOLOR="#e5e4e1"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:7pt; font-family:Times New Roman"><B></B><I>(In thousands of Canadian dollars)</I><B></B></P>
<P STYLE="font-size:2pt; margin-top:0pt; margin-bottom:1pt">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman" ALIGN="right"><B></B>Note<B>&nbsp;</B></P>
<P STYLE="font-size:2pt; margin-top:0pt; margin-bottom:1pt" align="left">&nbsp;</P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #000000" BGCOLOR="#e5e4e1"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>2016&nbsp;</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>$&nbsp;</B></P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #000000" BGCOLOR="#e5e4e1"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>2016&nbsp;</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>$&nbsp;</B></P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #000000" BGCOLOR="#e5e4e1"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>2016&nbsp;&nbsp;</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>$&nbsp;&nbsp;</B></P></TD></TR>


<TR STYLE="font-size:1pt">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="2"></TD>
<TD HEIGHT="5" COLSPAN="2" BGCOLOR="#e5e4e1"></TD>
<TD HEIGHT="5" COLSPAN="2" BGCOLOR="#e5e4e1"></TD>
<TD HEIGHT="5" COLSPAN="2" BGCOLOR="#e5e4e1"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">&nbsp;&nbsp;Acquisition of MWH</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">7&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right" BGCOLOR="#e5e4e1"><B>383,609&nbsp;</B></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right" BGCOLOR="#e5e4e1"><B>(339,786)</B></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right" BGCOLOR="#e5e4e1"><B>43,823&nbsp;&nbsp;</B></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="2"></TD>
<TD HEIGHT="5" COLSPAN="2" BGCOLOR="#e5e4e1"></TD>
<TD HEIGHT="5" COLSPAN="2" BGCOLOR="#e5e4e1"></TD>
<TD HEIGHT="5" COLSPAN="2" BGCOLOR="#e5e4e1"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>&nbsp;Included in profit or loss</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1">&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1"></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1">&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1"></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1">&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">&nbsp;Service costs</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right" BGCOLOR="#e5e4e1"><FONT STYLE="font-family:Times New Roman; "><B>3&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right" BGCOLOR="#e5e4e1"><FONT STYLE="font-family:Times New Roman; "><B>-&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right" BGCOLOR="#e5e4e1"><FONT STYLE="font-family:Times New Roman; "><B>3&nbsp;&nbsp;</B></FONT></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">&nbsp;Interest expense (income)</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right" BGCOLOR="#e5e4e1"><FONT STYLE="font-family:Times New Roman; "><B>7,517&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right" BGCOLOR="#e5e4e1"><FONT STYLE="font-family:Times New Roman; "><B>(6,700)</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right" BGCOLOR="#e5e4e1"><FONT STYLE="font-family:Times New Roman; "><B>817&nbsp;&nbsp;</B></FONT></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">&nbsp;Administrative expenses paid by the
Plans</P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #000000" BGCOLOR="#e5e4e1"><FONT STYLE="font-family:Times New Roman; "><B>-&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #000000" BGCOLOR="#e5e4e1"><FONT STYLE="font-family:Times New Roman; "><B>907&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #000000" BGCOLOR="#e5e4e1"><FONT STYLE="font-family:Times New Roman; "><B>907&nbsp;&nbsp;</B></FONT></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="2"></TD>
<TD HEIGHT="5" COLSPAN="2" BGCOLOR="#e5e4e1"></TD>
<TD HEIGHT="5" COLSPAN="2" BGCOLOR="#e5e4e1"></TD>
<TD HEIGHT="5" COLSPAN="2" BGCOLOR="#e5e4e1"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #000000" BGCOLOR="#e5e4e1"><B>7,520&nbsp;</B></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #000000" BGCOLOR="#e5e4e1"><B>(5,793)</B></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #000000" BGCOLOR="#e5e4e1"><B>1,727&nbsp;&nbsp;</B></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="2"></TD>
<TD HEIGHT="5" COLSPAN="2" BGCOLOR="#e5e4e1"></TD>
<TD HEIGHT="5" COLSPAN="2" BGCOLOR="#e5e4e1"></TD>
<TD HEIGHT="5" COLSPAN="2" BGCOLOR="#e5e4e1"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>&nbsp;Included in other comprehensive income</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1">&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1"></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1">&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1"></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1">&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">&nbsp;Return on plan assets (excluding interest income)</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right" BGCOLOR="#e5e4e1"><FONT STYLE="font-family:Times New Roman; "><B>-&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right" BGCOLOR="#e5e4e1"><FONT STYLE="font-family:Times New Roman; "><B>(19,521)</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right" BGCOLOR="#e5e4e1"><FONT STYLE="font-family:Times New Roman; "><B>(19,521)&nbsp;</B></FONT></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">&nbsp;Actuarial (gains) losses arising from:</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1">&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1"></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1">&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1"></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1">&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">&nbsp;Changes in demographic assumptions</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right" BGCOLOR="#e5e4e1"><FONT STYLE="font-family:Times New Roman; "><B>(1,306)</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right" BGCOLOR="#e5e4e1"><FONT STYLE="font-family:Times New Roman; "><B>-&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right" BGCOLOR="#e5e4e1"><FONT STYLE="font-family:Times New Roman; "><B>(1,306)&nbsp;</B></FONT></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">&nbsp;Changes in financial assumptions</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right" BGCOLOR="#e5e4e1"><FONT STYLE="font-family:Times New Roman; "><B>35,015&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right" BGCOLOR="#e5e4e1"><FONT STYLE="font-family:Times New Roman; "><B>-&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right" BGCOLOR="#e5e4e1"><FONT STYLE="font-family:Times New Roman; "><B>35,015&nbsp;&nbsp;</B></FONT></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">&nbsp;Experience adjustments</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right" BGCOLOR="#e5e4e1"><FONT STYLE="font-family:Times New Roman; "><B>3,194&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right" BGCOLOR="#e5e4e1"><FONT STYLE="font-family:Times New Roman; "><B>-&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right" BGCOLOR="#e5e4e1"><FONT STYLE="font-family:Times New Roman; "><B>3,194&nbsp;&nbsp;</B></FONT></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">&nbsp;Effect of movement in exchange rates</P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #000000" BGCOLOR="#e5e4e1"><FONT STYLE="font-family:Times New Roman; "><B>(44,985)</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #000000" BGCOLOR="#e5e4e1"><FONT STYLE="font-family:Times New Roman; "><B>40,140&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #000000" BGCOLOR="#e5e4e1"><FONT STYLE="font-family:Times New Roman; "><B>(4,845)&nbsp;</B></FONT></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="2"></TD>
<TD HEIGHT="5" COLSPAN="2" BGCOLOR="#e5e4e1"></TD>
<TD HEIGHT="5" COLSPAN="2" BGCOLOR="#e5e4e1"></TD>
<TD HEIGHT="5" COLSPAN="2" BGCOLOR="#e5e4e1"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #000000" BGCOLOR="#e5e4e1"><B>(8,082)</B></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #000000" BGCOLOR="#e5e4e1"><B>20,619&nbsp;</B></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #000000" BGCOLOR="#e5e4e1"><B>12,537&nbsp;&nbsp;</B></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="2"></TD>
<TD HEIGHT="5" COLSPAN="2" BGCOLOR="#e5e4e1"></TD>
<TD HEIGHT="5" COLSPAN="2" BGCOLOR="#e5e4e1"></TD>
<TD HEIGHT="5" COLSPAN="2" BGCOLOR="#e5e4e1"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>&nbsp;Other</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1">&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1"></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1">&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1"></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1">&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">&nbsp;Effect of movement in exchange rates</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right" BGCOLOR="#e5e4e1"><FONT STYLE="font-family:Times New Roman; "><B>(8,431)</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right" BGCOLOR="#e5e4e1"><FONT STYLE="font-family:Times New Roman; "><B>8,431&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right" BGCOLOR="#e5e4e1"><FONT STYLE="font-family:Times New Roman; "><B>-&nbsp;&nbsp;</B></FONT></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">&nbsp;Contributions by employer</P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #000000" BGCOLOR="#e5e4e1"><FONT STYLE="font-family:Times New Roman; "><B>-&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #000000" BGCOLOR="#e5e4e1"><FONT STYLE="font-family:Times New Roman; "><B>(7,597)</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #000000" BGCOLOR="#e5e4e1"><FONT STYLE="font-family:Times New Roman; "><B>(7,597)&nbsp;</B></FONT></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="2"></TD>
<TD HEIGHT="5" COLSPAN="2" BGCOLOR="#e5e4e1"></TD>
<TD HEIGHT="5" COLSPAN="2" BGCOLOR="#e5e4e1"></TD>
<TD HEIGHT="5" COLSPAN="2" BGCOLOR="#e5e4e1"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #000000" BGCOLOR="#e5e4e1"><B>(8,431)</B></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #000000" BGCOLOR="#e5e4e1"><B>834&nbsp;</B></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #000000" BGCOLOR="#e5e4e1"><B>(7,597)&nbsp;</B></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="2"></TD>
<TD HEIGHT="5" COLSPAN="2" BGCOLOR="#e5e4e1"></TD>
<TD HEIGHT="5" COLSPAN="2" BGCOLOR="#e5e4e1"></TD>
<TD HEIGHT="5" COLSPAN="2" BGCOLOR="#e5e4e1"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" STYLE="BORDER-BOTTOM:2.00pt solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>&nbsp;Balance, end of the year</B></P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:2.00pt solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:2.00pt solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1" STYLE="BORDER-BOTTOM:2.00pt solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right" STYLE="BORDER-BOTTOM:2.00pt solid #000000" BGCOLOR="#e5e4e1"><B>374,616&nbsp;</B></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1" STYLE="BORDER-BOTTOM:2.00pt solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right" STYLE="BORDER-BOTTOM:2.00pt solid #000000" BGCOLOR="#e5e4e1"><B>(324,126)</B></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1" STYLE="BORDER-BOTTOM:2.00pt solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right" STYLE="BORDER-BOTTOM:2.00pt solid #000000" BGCOLOR="#e5e4e1"><B>50,490&nbsp;&nbsp;</B></TD></TR>
</TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Comparative figures have not been included in the above table and the supporting tables in this note as the Company did not
sponsor defined benefit pension plans in 2015. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:7pt" ALIGN="center">

<TR>
<TD WIDTH="35%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="32%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="31%"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:7pt">
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:7pt; font-family:Times New Roman">Notes to the Consolidated Financial Statements</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:7pt; font-family:Times New Roman">December 31, 2016</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">F-40</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">Stantec Inc.</TD></TR></TABLE>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The major categories of plan assets, measured at fair value, are as follows: </P>
<P STYLE="font-size:2pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>
<TD WIDTH="88%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="11%"></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="10"></TD>
<TD HEIGHT="10" COLSPAN="2" BGCOLOR="#e5e4e1"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT STYLE="font-size:7pt"><B></B><I>(In thousands of Canadian dollars)</I><B></B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #000000" BGCOLOR="#e5e4e1"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>December&nbsp;31&nbsp;</B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>2016&nbsp;</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>$&nbsp;</B></P></TD></TR>


<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2" BGCOLOR="#e5e4e1"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Cash and cash equivalents</P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right" BGCOLOR="#e5e4e1"><B>8,807&nbsp;</B></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2" BGCOLOR="#e5e4e1"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Investments quoted in active markets (mutual funds and exchange-traded funds):</P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.50em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Equities</P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right" BGCOLOR="#e5e4e1"><B>80,804&nbsp;</B></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.50em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Corporate bonds and fixed income</P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right" BGCOLOR="#e5e4e1"><B>36,110&nbsp;</B></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.50em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Property funds</P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right" BGCOLOR="#e5e4e1"><B>7,979&nbsp;</B></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2" BGCOLOR="#e5e4e1"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Unquoted investments (insurance contract):</P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.50em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Annuity policies</P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right" BGCOLOR="#e5e4e1"><B>90,520&nbsp;</B></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.50em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Equities and property</P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right" BGCOLOR="#e5e4e1"><B>59,045&nbsp;</B></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.50em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Corporate bonds</P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right" BGCOLOR="#e5e4e1"><B>19,083&nbsp;</B></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.50em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Cash and cash equivalents</P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #000000" BGCOLOR="#e5e4e1"><B>21,778&nbsp;</B></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2" BGCOLOR="#e5e4e1"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" STYLE="BORDER-BOTTOM:2.00pt solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.50em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Fair value of plan assets</B></P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1" STYLE="BORDER-BOTTOM:2.00pt solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right" STYLE="BORDER-BOTTOM:2.00pt solid #000000" BGCOLOR="#e5e4e1"><B>324,126&nbsp;</B></TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The investment policy for the Plans is to balance risk and return. Approximately 40% of the Plans&#146; assets are invested in
mutual funds and exchange-traded funds (both of which are fair valued using quoted market prices) or held in cash. Approximately 30% of the Plans&#146; assets are held in annuity policies which are purchased for certain plan members upon retirement.
The fair value of these policies reflects the value of the obligation for these retired plan members determined using actuarial techniques and guaranteed annuity rates. The remaining assets of the Plans are invested in a wholly insured with-profits
insurance contract with a major insurance company. Contributions made to this contract are invested in insurance policies administered by third parties, which provide for a declared rate of interest. The yields on the investments are intended to
provide for a steady return on the assets, which is not wholly dependent on stock market fluctuations, to reflect the long-term performance of the investment. The insurance contract is fair valued using valuation techniques with market observable
inputs. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The present value of the defined benefit obligation is determined by discounting the estimated future cash flows using actuarial valuations. The
principal assumptions used in determining pension benefit obligations for the Plans are shown below (expressed as weighted averages): </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>
<TD WIDTH="88%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="11%"></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="10"></TD>
<TD HEIGHT="10" COLSPAN="2" BGCOLOR="#e5e4e1"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #000000" BGCOLOR="#e5e4e1"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>December&nbsp;31&nbsp;&nbsp;</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>2016&nbsp;&nbsp;</B></P></TD></TR>


<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2" BGCOLOR="#e5e4e1"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Discount rate</P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right" BGCOLOR="#e5e4e1"><B>2.68%&nbsp;</B></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Rate of increase in salaries</P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right" BGCOLOR="#e5e4e1"><B>4.50%&nbsp;</B></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Rate of inflation, <FONT STYLE="white-space:nowrap">pre-retirement</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right" BGCOLOR="#e5e4e1"><B>2.45%&nbsp;</B></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Rate of inflation, post-retirement</P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right" BGCOLOR="#e5e4e1"><B>3.25%&nbsp;</B></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Rate of increase in future pensions payment</P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right" BGCOLOR="#e5e4e1"><B>3.58%&nbsp;</B></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2" BGCOLOR="#e5e4e1"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Life expectancy at age 65 for current pensioners:</P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.50em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Male</P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right" BGCOLOR="#e5e4e1"><B>22 years&nbsp;</B></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.50em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Female</P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right" BGCOLOR="#e5e4e1"><B>24 years&nbsp;</B></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2" BGCOLOR="#e5e4e1"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Life expectancy at age 65 for current members aged 40:</P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.50em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Male</P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right" BGCOLOR="#e5e4e1"><B>24 years&nbsp;</B></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.50em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Female</P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #000000" BGCOLOR="#e5e4e1"><B>26 years&nbsp;</B></TD></TR>
</TABLE> <P STYLE="margin-top:10pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">At December&nbsp;31, 2016, the weighted average duration of the defined benefit obligation was 14 years. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:7pt" ALIGN="center">

<TR>
<TD WIDTH="35%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="32%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="31%"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:7pt">
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:7pt; font-family:Times New Roman">Notes to the Consolidated Financial Statements</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:7pt; font-family:Times New Roman">December 31, 2016</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">F-41</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">Stantec Inc.</TD></TR></TABLE>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Quantitative sensitivity analyses showing the impact on the defined benefit obligation for significant
assumptions are as follows: </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>
<TD WIDTH="62%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="5%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="15%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="15%"></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4" BGCOLOR="#e5e4e1"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="3" ALIGN="center" STYLE="BORDER-BOTTOM:1px solid #000000" BGCOLOR="#e5e4e1"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>December&nbsp;31</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>2016</B></P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="10"></TD>
<TD HEIGHT="10" COLSPAN="2"></TD>
<TD HEIGHT="10" COLSPAN="2" BGCOLOR="#e5e4e1"></TD>
<TD HEIGHT="10" COLSPAN="2" BGCOLOR="#e5e4e1"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT STYLE="font-size:7pt"><B></B><I>(In thousands of Canadian dollars)</I><B></B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #000000" BGCOLOR="#e5e4e1"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>Increase&nbsp;</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>$&nbsp;</B></P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #000000" BGCOLOR="#e5e4e1"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>Decrease</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>$</B></P></TD></TR>


<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2" BGCOLOR="#e5e4e1"></TD>
<TD HEIGHT="8" COLSPAN="2" BGCOLOR="#e5e4e1"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">&nbsp;Change in discount rate by 0.25%</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right" BGCOLOR="#e5e4e1"><B>(10,514)&nbsp;</B></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right" BGCOLOR="#e5e4e1"><B>11,042<SUP STYLE="font-size:85%; vertical-align:top">&nbsp;&nbsp;</SUP></B></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">&nbsp;Change in <FONT STYLE="white-space:nowrap">pre-retirement</FONT> inflation rate by
0.25%</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right" BGCOLOR="#e5e4e1"><B>3,497<SUP STYLE="font-size:85%; vertical-align:top">&nbsp;&nbsp;</SUP>&nbsp;</B></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right" BGCOLOR="#e5e4e1"><B>(3,279)</B></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">&nbsp;Change in post-retirement inflation rate by 0.25%</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right" BGCOLOR="#e5e4e1"><B>5,027<SUP STYLE="font-size:85%; vertical-align:top">&nbsp;&nbsp;</SUP>&nbsp;</B></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right" BGCOLOR="#e5e4e1"><B>(4,590)</B></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">&nbsp;Change in salary growth by 0.25%</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right" BGCOLOR="#e5e4e1"><B>773<SUP STYLE="font-size:85%; vertical-align:top">&nbsp;&nbsp;</SUP>&nbsp;</B></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right" BGCOLOR="#e5e4e1"><B>(618)</B></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">&nbsp;Change in pension increase assumption by 0.25%</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right" BGCOLOR="#e5e4e1"><B>773<SUP STYLE="font-size:85%; vertical-align:top">&nbsp;&nbsp;</SUP>&nbsp;</B></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right" BGCOLOR="#e5e4e1"><B>(773)</B></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">&nbsp;Increase of one year in the life
expectancy</P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #000000" BGCOLOR="#e5e4e1"><B>4,635<SUP STYLE="font-size:85%; vertical-align:top">&nbsp;&nbsp;</SUP>&nbsp;</B></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #000000" BGCOLOR="#e5e4e1"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>n/a<SUP
STYLE="font-size:85%; vertical-align:top">&nbsp;&nbsp;</SUP></B></P></TD></TR>
</TABLE> <P STYLE="margin-top:10pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The sensitivity analyses above have been determined based on a method that extrapolates the impact on the defined benefit
obligation as a result of reasonable changes in key assumptions occurring at the end of the reporting period. The sensitivity analyses are based on a change in a significant assumption, keeping all other assumptions constant, and may not be
representative of an actual change in the defined benefit obligation as it is unlikely that changes in assumptions would occur in isolation of one another. </P> <P STYLE="margin-top:10pt; margin-bottom:0pt; font-size:9pt; font-family:ARIAL"><B>20.
OTHER LIABILITIES </B></P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>
<TD WIDTH="64%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="3%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="15%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="15%"></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2" BGCOLOR="#e5e4e1"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT STYLE="font-size:7pt"><B></B><I>(In thousands of Canadian dollars)</I><B></B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="BORDER-BOTTOM:1px solid #000000"><B></B>Note<B></B></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #000000" BGCOLOR="#e5e4e1"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>December&nbsp;31&nbsp;</B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>2016&nbsp;</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>$&nbsp;</B></P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right">December&nbsp;31&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right">2015&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="right">$&nbsp;</P></TD></TR>


<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2" BGCOLOR="#e5e4e1"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:ARIAL; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Deferred gain on sale leaseback</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right" BGCOLOR="#e5e4e1"><FONT STYLE="font-family:Times New Roman; "><B>1,080&nbsp;</B></FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman; ">1,790&nbsp;</FONT></TD></TR>
<TR STYLE="font-family:ARIAL; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Lease inducement benefits</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right" BGCOLOR="#e5e4e1"><FONT STYLE="font-family:Times New Roman; "><B>50,322&nbsp;</B></FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman; ">44,967&nbsp;</FONT></TD></TR>
<TR STYLE="font-family:ARIAL; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Lease disadvantages</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right" BGCOLOR="#e5e4e1"><FONT STYLE="font-family:Times New Roman; "><B>4,840&nbsp;</B></FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman; ">3,994&nbsp;</FONT></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Deferred share units payable</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">24</TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right" BGCOLOR="#e5e4e1"><B>16,150&nbsp;</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">16,550&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Other cash-settled share-based compensation</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">24</TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right" BGCOLOR="#e5e4e1"><B>8,042&nbsp;</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">5,882&nbsp;</TD></TR>
<TR STYLE="font-family:ARIAL; font-size:10pt">
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Liability for uncertain tax positions</P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #000000" BGCOLOR="#e5e4e1"><FONT STYLE="font-family:Times New Roman; "><B>28,788&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT STYLE="font-family:Times New Roman; ">6,667&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2" BGCOLOR="#e5e4e1"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right" BGCOLOR="#e5e4e1"><B>109,222&nbsp;</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">79,850&nbsp;</TD></TR>
<TR STYLE="font-family:ARIAL; font-size:10pt">
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Less current portion</P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #000000" BGCOLOR="#e5e4e1"><FONT STYLE="font-family:Times New Roman; "><B>20,795&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT STYLE="font-family:Times New Roman; ">12,162&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2" BGCOLOR="#e5e4e1"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:ARIAL; font-size:10pt">
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:2.00pt solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Long-term portion</P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:2.00pt solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:2.00pt solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1" STYLE="BORDER-BOTTOM:2.00pt solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right" STYLE="BORDER-BOTTOM:2.00pt solid #000000" BGCOLOR="#e5e4e1"><FONT STYLE="font-family:Times New Roman; "><B>88,427&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:2.00pt solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right" STYLE="BORDER-BOTTOM:2.00pt solid #000000"><FONT STYLE="font-family:Times New Roman; ">67,688&nbsp;</FONT></TD></TR>
</TABLE> <P STYLE="margin-top:10pt; margin-bottom:0pt; font-size:9pt; font-family:ARIAL"><B>21. DERIVATIVE FINANCIAL INSTRUMENTS </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">During the year ended December&nbsp;31, 2016, the Company entered into US$773&nbsp;million foreign currency forward contract agreements to purchase
US$773&nbsp;million for $1,009&nbsp;million at fixed rates varying from 1.3236 to 1.28655 that matured on May&nbsp;6, 2016. These derivative financial instruments were entered into to mitigate foreign currency fluctuation risk on the purchase price
of MWH that was to be paid in US dollars. The fair value of the contracts resulted in a realized loss of $10,244,000. The Company designated these foreign currency forward contracts as a cash flow hedge against the purchase price of MWH; therefore,
the unrealized loss relating to these derivative financial instruments was recorded in other comprehensive income until it was realized on the maturity date. The hedging relationship was effective to the date of maturity. </P>
<P STYLE="margin-top:10pt; margin-bottom:0pt; font-size:9pt; font-family:ARIAL"><B>22. COMMITMENTS </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The Company has various operating lease
commitments, including commitments for annual basic premises rent under long-term leases and equipment and vehicle operating leases. The Company also has purchase obligations for cloud services, software support, and equipment. Depending on the
agreement, the Company may enter into renewal options or escalation clauses. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:7pt" ALIGN="center">

<TR>
<TD WIDTH="35%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="32%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="31%"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:7pt">
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:7pt; font-family:Times New Roman">Notes to the Consolidated Financial Statements</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:7pt; font-family:Times New Roman">December 31, 2016</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">F-42</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">Stantec Inc.</TD></TR></TABLE>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Future minimum rental payments payable under noncancellable operating leases and purchase obligations as at
December&nbsp;31, 2016, are as follows: </P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>
<TD WIDTH="86%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD WIDTH="12%"></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2" BGCOLOR="#e5e4e1"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT STYLE="font-size:7pt"><B></B><I>(In thousands of Canadian dollars)</I><B></B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #000000" BGCOLOR="#e5e4e1"><B></B>$<B></B></TD></TR>


<TR STYLE="font-size:1pt">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="2" BGCOLOR="#e5e4e1"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Within one year</P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right" BGCOLOR="#e5e4e1">220,668<SUP STYLE="font-size:85%; vertical-align:top">&nbsp;&nbsp;</SUP></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">After one year but not more than five years</P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right" BGCOLOR="#e5e4e1">534,915<SUP STYLE="font-size:85%; vertical-align:top">&nbsp;&nbsp;</SUP></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">More than five years</P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #000000" BGCOLOR="#e5e4e1">381,952<SUP STYLE="font-size:85%; vertical-align:top">&nbsp;&nbsp;</SUP></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="2" BGCOLOR="#e5e4e1"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" STYLE="BORDER-BOTTOM:2.00pt solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1" STYLE="BORDER-BOTTOM:2.00pt solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right" STYLE="BORDER-BOTTOM:2.00pt solid #000000" BGCOLOR="#e5e4e1">1,137,535<SUP STYLE="font-size:85%; vertical-align:top">&nbsp;&nbsp;</SUP></TD></TR>
</TABLE> <P STYLE="margin-top:10pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The premises rental expense for the year ended December&nbsp;31, 2016, was $164,988,000 (2015 &#150; $134,035,000). </P>
<P STYLE="margin-top:10pt; margin-bottom:0pt; font-size:9pt; font-family:ARIAL"><B>23. CONTINGENCIES AND GUARANTEES </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The nature of the Company&#146;s
legal claims and the provisions recorded for these claims are described in note 18. Although the Company accrues adequate provisions for probable legal claims, it has contingent liabilities relating to reported legal incidents that, based on current
known facts, are not probable to result in future cash outflows. The Company is monitoring these incidents and will accrue no provision until further information results in a situation in which the criteria required to record a provision is met. Due
to the nature of these incidents, such as the range of possible outcomes and the possibility of litigation, it is not practicable for management to estimate the financial effects of these incidents, the amount and timing of future outflows, and the
possibility of any reimbursement of these outflows. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">In the normal course of business, the Company provides indemnifications and, in limited
circumstances, surety bonds and guarantees. These are often standard contractual terms and are provided to counterparties in transactions such as purchase and sale contracts for assets or shares, service agreements, and leasing transactions. The
Company also indemnifies its directors and officers against any and all claims or losses reasonably incurred in the performance of their service to the Company to the extent permitted by law. These indemnifications may require the Company to
compensate the counterparty for costs incurred as a result of various events, including changes to or in the interpretation of laws and regulations, or as a result of damages or statutory sanctions that may be suffered by the counterparty as a
consequence of the transaction. The terms of these indemnifications and guarantees will vary based on the contract, the nature of which prevents the Company from making a reasonable estimate of the maximum potential amount that it could be required
to pay to counterparties. In most cases, the potential payment amount of an outstanding indemnification or guarantee is limited to the remaining cost of work to be performed under engineering and construction contracts. The Company carries liability
insurance, subject to certain deductibles and policy limits, that provides protection against certain insurable indemnifications. Historically, the Company has not made any material payments under such indemnifications or guarantees, and no amounts
have been accrued in the consolidated financial statements with respect to these indemnifications and guarantees. </P> <P STYLE="margin-top:10pt; margin-bottom:0pt; font-size:9pt; font-family:ARIAL"><B>24. SHARE CAPITAL </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:ARIAL"><B>Authorized </B></P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>
<TD WIDTH="9%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD WIDTH="89%"></TD></TR>


<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Unlimited</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Common shares, with no par value</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Unlimited</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Preferred shares issuable in series, with attributes designated by the board of directors</TD></TR>
</TABLE> <P STYLE="margin-top:10pt; margin-bottom:0pt; font-size:9pt; font-family:ARIAL"><B>Common shares </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">During 2015, the
Company filed a Normal Course Issuer Bid with the TSX, which enabled it to purchase up to 3,774,179 common shares during the period of November&nbsp;10, 2015, to November&nbsp;9, 2016. During 2016, 572,825 common shares were repurchased for
cancellation pursuant to the ongoing Normal Course Issuer Bid at a cost of $18,210,000. Of this amount, $1,754,000 and $95,000 reduced the share capital and contributed surplus accounts, respectively, with $16,361,000 being charged to retained
earnings. On November&nbsp;9, 2016, the Company received approval from the TSX respecting the renewal of the Company&#146;s Normal Course Issuer Bid which enables it to purchase up to 3,418,357 common shares during the period November&nbsp;14, 2016,
to November&nbsp;13, 2017. No common shares were repurchased for cancellation in 2015. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">During 2016, the Company filed a short-form prospectus with
securities regulators in Canada and the United States to allow for the issuance of 17,360,000 in subscription receipts for $525,140,000, representing the right of the holder to </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:7pt" ALIGN="center">

<TR>
<TD WIDTH="35%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="32%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="31%"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:7pt">
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:7pt; font-family:Times New Roman">Notes to the Consolidated Financial Statements</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:7pt; font-family:Times New Roman">December 31, 2016</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">F-43</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">Stantec Inc.</TD></TR></TABLE>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">receive, without payment of additional consideration, one common share of the Company upon closing of the MWH
acquisition. After share issuance costs of $22,781,000, the net proceeds to the Company were $502,359,000. The underwriters exercised their option to purchase an overallotment of 2,604,000 subscription receipts for $78,771,000 under the same terms
as above. After share issuance costs of $3,069,000, the net proceeds on the overallotment were $75,702,000. Therefore, the total price to the public, the issuance costs, and the net proceeds to the Company were $603,911,000, $25,850,000, and
$578,061,000, respectively. </P> <P STYLE="margin-top:10pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">During 2016, the Company recognized a share-based compensation expense of $8,912,000 (2015 &#150; $11,200,000) in
administrative and marketing expenses in the consolidated statements of income. Of the amount expensed, $4,418,000 (2015 &#150; $5,238,000) related to the fair value of options granted and $4,494,000 (2015 &#150; $5,962,000) related to the
cash-settled share-based compensation (DSUs, RSUs, and PSUs). </P> <P STYLE="margin-top:10pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The fair value of options granted was reflected through contributed surplus, and the
cash-settled share-based compensation was reflected through other liabilities. Upon the exercise of share options, for which a share-based compensation expense has been recognized, the cash paid, together with the related portion of contributed
surplus, is credited to share capital. </P> <P STYLE="margin-top:10pt; margin-bottom:0pt; font-size:9pt; font-family:ARIAL"><B>Dividends </B></P> <P STYLE="margin-top:2pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Holders of
common shares are entitled to receive dividends when declared by the Company&#146;s board of directors. </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The table below describes the dividends declared
and recorded in the consolidated financial statements in 2016. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center" BGCOLOR="#e5e4e1">


<TR>
<TD WIDTH="16%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD WIDTH="16%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD WIDTH="23%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD WIDTH="23%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD WIDTH="14%"></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><B>&nbsp;Date Declared</B></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><B>Record Date</B></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><B>Payment Date</B></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>Dividend per Share</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>$</B></P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>Paid</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>$</B></P></TD></TR>


<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">&nbsp;February&nbsp;24, 2016</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">March&nbsp;31, 2016</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">April&nbsp;14, 2016</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">0.1125<SUP STYLE="font-size:85%; vertical-align:top">&nbsp;&nbsp;</SUP></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">10,563,000<SUP STYLE="font-size:85%; vertical-align:top">&nbsp;&nbsp;</SUP></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">&nbsp;May&nbsp;11, 2016</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">June&nbsp;30, 2016</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">July&nbsp;14, 2016</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">0.1125<SUP STYLE="font-size:85%; vertical-align:top">&nbsp;&nbsp;</SUP></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">12,814,000<SUP STYLE="font-size:85%; vertical-align:top">&nbsp;&nbsp;</SUP></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">&nbsp;August&nbsp;3, 2016</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">September&nbsp;30, 2016</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">October&nbsp;13, 2016</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">0.1125<SUP STYLE="font-size:85%; vertical-align:top">&nbsp;&nbsp;</SUP></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">12,819,000<SUP STYLE="font-size:85%; vertical-align:top">&nbsp;&nbsp;</SUP></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" STYLE="BORDER-BOTTOM:2.00pt solid #000000">&nbsp;November&nbsp;9, 2016</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:2.00pt solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:2.00pt solid #000000">December&nbsp;30, 2016</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:2.00pt solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:2.00pt solid #000000">January&nbsp;12, 2017</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:2.00pt solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="right" STYLE="BORDER-BOTTOM:2.00pt solid #000000">0.1125<SUP STYLE="font-size:85%; vertical-align:top">&nbsp;&nbsp;</SUP></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:2.00pt solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="right" STYLE="BORDER-BOTTOM:2.00pt solid #000000">-<SUP STYLE="font-size:85%; vertical-align:top">&nbsp;&nbsp;</SUP></TD></TR>
</TABLE> <P STYLE="margin-top:10pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">At December&nbsp;31, 2016, trade and other payables included $12,834,000 (2015 &#150; $9,916,000) related to the dividends
declared on November&nbsp;9, 2016. </P> <P STYLE="margin-top:10pt; margin-bottom:0pt; font-size:9pt; font-family:ARIAL"><B>Share-based payment transactions </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">In 2016, under the long-term incentive program, the Company granted share options and PSUs. The Company also has a DSU plan for the board of directors. <B>
</B></P> <P STYLE="margin-top:10pt; margin-bottom:0pt; font-size:9pt; font-family:ARIAL"><B>a) Share options </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The Company has granted share options to
officers and employees to purchase 3,655,020 shares at prices from $14.33 to $32.90 per share. These options expire on dates between January&nbsp;28, 2018, and March&nbsp;3, 2022. </P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>
<TD WIDTH="52%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="10%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="12%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="10%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="12%"></TD></TR>


<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="4" BGCOLOR="#e5e4e1"></TD>
<TD HEIGHT="16" COLSPAN="4"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="3" ALIGN="center" BGCOLOR="#e5e4e1"><B>December&nbsp;31</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="3" ALIGN="center">December&nbsp;31</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="3" ALIGN="center" STYLE="BORDER-BOTTOM:1px solid #000000" BGCOLOR="#e5e4e1"><B>2016</B></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="3" ALIGN="center" STYLE="BORDER-BOTTOM:1px solid #000000">2015</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right" BGCOLOR="#e5e4e1"><B>Shares</B></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right" BGCOLOR="#e5e4e1"><B>Weighted Average&nbsp;Exercise Price</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">Shares</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">Weighted Average&nbsp;Exercise Price</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right" BGCOLOR="#e5e4e1"><B>#</B></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right" BGCOLOR="#e5e4e1"><B>$</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">#</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">$</TD></TR>
<TR STYLE="font-size:1px; ">
<TD COLSPAN="9" VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2" BGCOLOR="#e5e4e1"></TD>
<TD HEIGHT="8" COLSPAN="2" BGCOLOR="#e5e4e1"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom">Share options, beginning of the year</TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right" BGCOLOR="#e5e4e1"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2,980,601&nbsp;</B></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right" BGCOLOR="#e5e4e1"><B>26.17&nbsp;</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2,676,568&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">21.82<SUP STYLE="font-size:85%; vertical-align:top">&nbsp;&nbsp;</SUP></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom">Granted</TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right" BGCOLOR="#e5e4e1"><B>995,904&nbsp;</B></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right" BGCOLOR="#e5e4e1"><B>32.83&nbsp;</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">965,064&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">32.01<SUP STYLE="font-size:85%; vertical-align:top">&nbsp;&nbsp;</SUP></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom">Exercised</TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right" BGCOLOR="#e5e4e1"><B>(254,156)</B></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right" BGCOLOR="#e5e4e1"><B>19.76&nbsp;</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(599,640)</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">15.81<SUP STYLE="font-size:85%; vertical-align:top">&nbsp;&nbsp;</SUP></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">Forfeited</TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #000000" BGCOLOR="#e5e4e1"><B>(67,329)</B></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #000000" BGCOLOR="#e5e4e1"><B>31.45&nbsp;</B></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #000000">(61,391)</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #000000">29.48<SUP STYLE="font-size:85%; vertical-align:top">&nbsp;&nbsp;</SUP></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2" BGCOLOR="#e5e4e1"></TD>
<TD HEIGHT="8" COLSPAN="2" BGCOLOR="#e5e4e1"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" STYLE="BORDER-BOTTOM:2.00pt solid #000000"><B>Share options, end of the year</B></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1" STYLE="BORDER-BOTTOM:2.00pt solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right" STYLE="BORDER-BOTTOM:2.00pt solid #000000" BGCOLOR="#e5e4e1"><B>3,655,020&nbsp;</B></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1" STYLE="BORDER-BOTTOM:2.00pt solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right" STYLE="BORDER-BOTTOM:2.00pt solid #000000" BGCOLOR="#e5e4e1"><B>28.33&nbsp;</B></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:2.00pt solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right" STYLE="BORDER-BOTTOM:2.00pt solid #000000">2,980,601&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:2.00pt solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right" STYLE="BORDER-BOTTOM:2.00pt solid #000000">26.17<SUP STYLE="font-size:85%; vertical-align:top">&nbsp;&nbsp;</SUP></TD></TR>
</TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:7pt" ALIGN="center">

<TR>
<TD WIDTH="35%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="32%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="31%"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:7pt">
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:7pt; font-family:Times New Roman">Notes to the Consolidated Financial Statements</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:7pt; font-family:Times New Roman">December 31, 2016</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">F-44</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">Stantec Inc.</TD></TR></TABLE>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The options held by officers and employees at December&nbsp;31, 2016, were as follows: </P>
<P STYLE="font-size:4pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center" BGCOLOR="#e5e4e1">


<TR>
<TD WIDTH="14%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD WIDTH="11%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD WIDTH="11%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD WIDTH="8%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD WIDTH="3%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD WIDTH="10%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD WIDTH="11%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD WIDTH="8%"></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="10" COLSPAN="7"></TD>
<TD HEIGHT="10" COLSPAN="2"></TD>
<TD HEIGHT="10" COLSPAN="6"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom" COLSPAN="7" ALIGN="center" STYLE="BORDER-BOTTOM:1px solid #000000"><B>Options Outstanding</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="5" ALIGN="center" STYLE="BORDER-BOTTOM:1px solid #000000"><B>Options Exercisable</B></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>Range of</B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>Exercise&nbsp;Prices</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>$</B></P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>Outstanding</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>#</B></P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>Weighted</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>Average<BR>Remaining<BR>Contractual<BR>Life&nbsp;in&nbsp;Years</B></P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>Weighted<BR>Average<BR>Exercise</B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>Price </B></P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>$</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT STYLE="font-size:10pt"><B>Shares<BR>Exercisable<BR>#&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>Weighted<BR>Average<BR>Remaining<BR>Contractual</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>Life&nbsp;in&nbsp;Years</B></P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>Weighted</B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>Average</B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>Exercise</B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>Price </B></P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>$</B></P></TD></TR>


<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom" ALIGN="right"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>14.33 </B>&#150; <B>14.88 </B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right"><B>505,980&nbsp;</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right"><B>1.73<SUP STYLE="font-size:85%; vertical-align:top">&nbsp;&nbsp;</SUP></B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right"><B>14.66&nbsp;</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right"><B>505,980&nbsp;</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right"><B>1.73<SUP STYLE="font-size:85%; vertical-align:top">&nbsp;&nbsp;</SUP></B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right"><B>14.66&nbsp;&nbsp;</B></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" ALIGN="right"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>20.88</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right"><B>548,136&nbsp;</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right"><B>3.16<SUP STYLE="font-size:85%; vertical-align:top">&nbsp;&nbsp;</SUP></B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right"><B>20.88&nbsp;</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right"><B>548,136&nbsp;</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right"><B>3.16<SUP STYLE="font-size:85%; vertical-align:top">&nbsp;&nbsp;</SUP></B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right"><B>20.88&nbsp;&nbsp;</B></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>32.01 </B>&#150;
<B>32.90 </B></P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #000000"><B>2,600,904&nbsp;</B></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #000000"><B>4.60<SUP STYLE="font-size:85%; vertical-align:top">&nbsp;&nbsp;</SUP></B></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #000000"><B>32.56&nbsp;</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #000000"><B>774,275&nbsp;</B></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #000000"><B>4.56<SUP STYLE="font-size:85%; vertical-align:top">&nbsp;&nbsp;</SUP></B></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #000000"><B>32.56&nbsp;&nbsp;</B></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom" ALIGN="right" STYLE="BORDER-BOTTOM:2.00pt solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>14.33 </B>&#150;
<B>32.90 </B></P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:2.00pt solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right" STYLE="BORDER-BOTTOM:2.00pt solid #000000"><B>3,655,020&nbsp;</B></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:2.00pt solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right" STYLE="BORDER-BOTTOM:2.00pt solid #000000"><B>3.99<SUP STYLE="font-size:85%; vertical-align:top">&nbsp;&nbsp;</SUP></B></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:2.00pt solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right" STYLE="BORDER-BOTTOM:2.00pt solid #000000"><B>28.33&nbsp;</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:2.00pt solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right" STYLE="BORDER-BOTTOM:2.00pt solid #000000"><B>1,828,391&nbsp;</B></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:2.00pt solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right" STYLE="BORDER-BOTTOM:2.00pt solid #000000"><B>3.36<SUP STYLE="font-size:85%; vertical-align:top">&nbsp;&nbsp;</SUP></B></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:2.00pt solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right" STYLE="BORDER-BOTTOM:2.00pt solid #000000"><B>24.09&nbsp;&nbsp;</B></TD></TR>
</TABLE> <P STYLE="margin-top:10pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The fair value of options granted is determined at the date of grant using the Black-Scholes option-pricing model. The model
was developed to use when estimating the fair value of traded options that have no vesting restrictions and are fully transferable. Option valuation models require the input of highly subjective assumptions. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">In 2016, the Company granted 995,904 (2015 &#150; 965,064) share options. The estimated fair value of options granted at the share market price on the grant
date was $5.22 (2015 &#150; $5.86) and was determined using the weighted average assumptions indicated below: </P> <P STYLE="font-size:2pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>
<TD WIDTH="84%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="7%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="7%"></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="10"></TD>
<TD HEIGHT="10" COLSPAN="2" BGCOLOR="#e5e4e1"></TD>
<TD HEIGHT="10" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #000000" BGCOLOR="#e5e4e1"><B>2016&nbsp;</B></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #000000"><B></B>2015&nbsp;<B></B></TD></TR>


<TR STYLE="font-size:1pt">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="2" BGCOLOR="#e5e4e1"></TD>
<TD HEIGHT="5" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Volatility in the price of the Company&#146;s shares (%)</P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right" BGCOLOR="#e5e4e1"><B>23.73&nbsp;</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">24.73&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Risk-free interest rate (%)</P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right" BGCOLOR="#e5e4e1"><B>0.76&nbsp;</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">0.59&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Expected hold period to exercise (years)</P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right" BGCOLOR="#e5e4e1"><B>3.50&nbsp;</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">4.50&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Dividend yield (%)</P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right" BGCOLOR="#e5e4e1"><B>1.370&nbsp;</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1.310&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:2.00pt solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Exercise price ($)</P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1" STYLE="BORDER-BOTTOM:2.00pt solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right" STYLE="BORDER-BOTTOM:2.00pt solid #000000" BGCOLOR="#e5e4e1"><B>32.83&nbsp;</B></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:2.00pt solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right" STYLE="BORDER-BOTTOM:2.00pt solid #000000">32.01&nbsp;</TD></TR>
</TABLE> <P STYLE="margin-top:10pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The expected volatility was based on the historical volatility of the Company&#146;s shares over a period commensurate with
the expected hold period of the share options. The risk-free interest rate for the expected hold period of the options was based on the yield available on government bonds, with an approximate equivalent remaining term at the time of the grant.
Historical data was used to estimate the expected hold period before exercising the options. The options have a contractual life of five years. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">A summary
of the status of the Company&#146;s <FONT STYLE="white-space:nowrap">non-vested</FONT> options as at December&nbsp;31, 2016, and of changes in the period are as follows: </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>
<TD WIDTH="68%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD WIDTH="14%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD WIDTH="14%"></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="10"></TD>
<TD HEIGHT="10" COLSPAN="2" BGCOLOR="#e5e4e1"></TD>
<TD HEIGHT="10" COLSPAN="2" BGCOLOR="#e5e4e1"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #000000" BGCOLOR="#e5e4e1"><B>Number&nbsp;of&nbsp;Shares<BR>Subject to Option<BR>#</B></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #000000" BGCOLOR="#e5e4e1"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>Weighted&nbsp;Average<BR>Grant
Date<BR>Fair&nbsp;Value</B></P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>$</B></P></TD></TR>


<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2" BGCOLOR="#e5e4e1"></TD>
<TD HEIGHT="8" COLSPAN="2" BGCOLOR="#e5e4e1"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><FONT STYLE="white-space:nowrap">Non-vested</FONT> share options, beginning of the
year</P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right" BGCOLOR="#e5e4e1"><B>1,722,237<SUP STYLE="font-size:85%; vertical-align:top">&nbsp;&nbsp;</SUP></B></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right" BGCOLOR="#e5e4e1"><B>6.33&nbsp;</B></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Granted</P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right" BGCOLOR="#e5e4e1"><B>995,904<SUP STYLE="font-size:85%; vertical-align:top">&nbsp;&nbsp;</SUP></B></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right" BGCOLOR="#e5e4e1"><B>5.22&nbsp;</B></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Vested</P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right" BGCOLOR="#e5e4e1"><B>(840,267)</B></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right" BGCOLOR="#e5e4e1"><B>6.23&nbsp;</B></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Forfeited</P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #000000" BGCOLOR="#e5e4e1"><B>(51,245)</B></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #000000" BGCOLOR="#e5e4e1"><B>5.89&nbsp;</B></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" STYLE="BORDER-BOTTOM:2.00pt solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B><FONT STYLE="white-space:nowrap">Non-vested</FONT>
share options, end of the year</B></P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1" STYLE="BORDER-BOTTOM:2.00pt solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right" STYLE="BORDER-BOTTOM:2.00pt solid #000000" BGCOLOR="#e5e4e1"><B>1,826,629</B></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1" STYLE="BORDER-BOTTOM:2.00pt solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right" STYLE="BORDER-BOTTOM:2.00pt solid #000000" BGCOLOR="#e5e4e1"><B>5.78&nbsp;</B></TD></TR>
</TABLE> <P STYLE="margin-top:10pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">As at December&nbsp;31, 2016, 1,826,629 (2015 &#150; 1,722,237) options remained unvested. As at December&nbsp;31, 2016, a
total compensation cost of $3,938,000 (2015 &#150; $3,501,000) relating to the Company&#146;s share option plans remained unrecognized. This cost is expected to be recognized over a weighted average period of 0.98 years (2015 &#150; 0.86 years).
</P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:7pt" ALIGN="center">

<TR>
<TD WIDTH="35%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="32%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="31%"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:7pt">
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:7pt; font-family:Times New Roman">Notes to the Consolidated Financial Statements</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:7pt; font-family:Times New Roman">December 31, 2016</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">F-45</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">Stantec Inc.</TD></TR></TABLE>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:ARIAL"><B>b) Restricted share units </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Under the Company&#146;s restricted share unit (RSU) plan, senior vice presidents (SVPs) received RSUs. An RSU is equal to one common share. After two years
from the date granted, SVPs received a cash payment equivalent to the <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">weighted-by-volume</FONT></FONT> average of the closing price of the Company&#146;s common shares for the last 10
trading days before the units&#146; release date. The RSUs vested on their grant date since the SVPs were not required to complete a specified period of service. The units were recorded at fair value. RSUs were adjusted for dividends as they arose,
based on the number of units outstanding on the record date. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">During 2016, no RSU&#146;s (2015 &#150; 494) were issued and 38,450 RSUs were paid at an
intrinsic value of $1,137,000 (2015 &#150; 50,535 units paid at an intrinsic value of $1,647,000). At December&nbsp;31, 2016, no RSUs were outstanding (2015 &#150; 38,450 RSUs were outstanding at a fair value of $1,135,000). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL"><B>c) Performance share units</B> </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Under the Company&#146;s Long-Term
Incentive Plan, certain members of the senior leadership teams, including the chief executive officer (CEO), may be granted performance share units (PSUs). These units are adjusted for dividends as they arise, based on the number of units held on
the record date. PSUs vest upon completing a three-year service condition that starts on the grant date. The number of units that vest is subject to a percentage that can range from 0% to 200%, depending on achieving two equally weighted three-year
performance objectives based on net income growth and return on equity. For units that vest, unit holders receive a cash payment based on the closing price of the Company&#146;s common shares on the third anniversary date of issue. The fair value of
these units is expensed over their three-year vesting period. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">During 2016, 233,255 PSUs were issued (2015 &#150; 197,370) and 5,243 units were forfeited
(2015 &#150; 5,064). At December&nbsp;31, 2016, 576,055 PSUs were outstanding at a fair value of $15,452,000 (2015 &#150; 348,043 PSUs were outstanding at a fair value of $9,962,000). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL"><B>d) Deferred share units </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The Company also has a deferred share unit
(DSU) plan; directors of the board may receive DSUs. A DSU is equal to one common share. Before 2014, the CEO could also receive DSUs. These units vest on their grant date and are paid in cash to the CEO and directors of the board on their death or
retirement, or in the case of the CEO, in cash on termination. They are valued at the <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">weighted-by-volume</FONT></FONT> average of the closing market price of the Company&#146;s common
shares for the last 10 trading days of the month of death, retirement, or termination. These units are recorded at fair value. DSUs are adjusted for dividends as they arise, based on the number of units outstanding on the record date. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">During 2016, 37,325 DSUs (2015 &#150; 57,073) were issued. At December&nbsp;31, 2016, 466,365 DSUs were outstanding at the fair value of $16,150,000 (2015
&#150; 476,777 DSUs were outstanding at a fair value of $16,550,000). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL"><B>25. FAIR VALUE MEASUREMENTS </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL">All financial instruments carried at fair value are categorized into one of the following three categories: </P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT COLOR="#8b8476">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">Level&nbsp;1 &#150; quoted market prices in active markets for identical assets or liabilities at the measurement date </TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT COLOR="#8b8476">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">Level&nbsp;2 &#150; observable inputs other than quoted prices included within level 1, such as quoted prices for similar assets and liabilities in active markets, quoted prices for identical assets or liabilities that
are not active, or other inputs that are observable directly or indirectly </TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT COLOR="#8b8476">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">Level&nbsp;3 &#150; unobservable inputs for the assets and liabilities that reflect the reporting entity&#146;s own assumptions and are not based on observable market data </TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">When forming estimates, the Company uses the most observable inputs available for valuation purposes. If a fair value measurement reflects inputs of different
levels within the hierarchy, the financial instrument is categorized based on the lowest level of significant input. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:7pt" ALIGN="center">

<TR>
<TD WIDTH="35%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="32%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="31%"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:7pt">
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:7pt; font-family:Times New Roman">Notes to the Consolidated Financial Statements</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:7pt; font-family:Times New Roman">December 31, 2016</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">F-46</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">Stantec Inc.</TD></TR></TABLE>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">When determining fair value, the Company considers the principal or most advantageous market in which it would
transact and the assumptions that market participants would use when pricing the asset or liability. The Company measures certain financial assets at fair value on a recurring basis. During 2016, no change was made to the method of determining fair
value. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">For financial instruments recognized at fair value on a recurring basis, the Company determines whether transfers have occurred between levels in
the hierarchy by reassessing categorizations at the end of each reporting period. During the year ended December&nbsp;31, 2016, no transfers were made between levels 1 and 2 fair value measurements. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The following table summarizes the Company&#146;s fair value hierarchy for those assets and liabilities measured and adjusted to fair value on a recurring
basis as at December&nbsp;31, 2016: </P> <P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>
<TD WIDTH="55%"></TD>
<TD VALIGN="bottom" WIDTH="6%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="6%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="6%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="6%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="6%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="13" BGCOLOR="#e5e4e1"></TD>
<TD HEIGHT="13" COLSPAN="4" BGCOLOR="#e5e4e1"></TD>
<TD HEIGHT="13" COLSPAN="4" BGCOLOR="#e5e4e1"></TD>
<TD HEIGHT="13" COLSPAN="4" BGCOLOR="#e5e4e1"></TD>
<TD HEIGHT="13" COLSPAN="4" BGCOLOR="#e5e4e1"></TD>
<TD HEIGHT="13" COLSPAN="4" BGCOLOR="#e5e4e1"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.00pt solid #000000" BGCOLOR="#e5e4e1"><FONT STYLE="font-size:7pt"><I>(In thousands of Canadian dollars)</I></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1" STYLE="BORDER-BOTTOM:1.00pt solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1.00pt solid #000000" BGCOLOR="#e5e4e1"><FONT STYLE="font-size:9pt">Notes</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.00pt solid #000000" BGCOLOR="#e5e4e1">&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1" STYLE="BORDER-BOTTOM:1.00pt solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1.00pt solid #000000" BGCOLOR="#e5e4e1"><B>Carrying<BR>Amount<BR>$</B></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.00pt solid #000000" BGCOLOR="#e5e4e1">&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1" STYLE="BORDER-BOTTOM:1.00pt solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1.00pt solid #000000" BGCOLOR="#e5e4e1"><B>Quoted&nbsp;Prices<BR>in Active<BR>Markets</B><br><B>for</B><br><B>Identical<BR>Items<BR>(Level 1)</B><br><B>$</B></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.00pt solid #000000" BGCOLOR="#e5e4e1">&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1" STYLE="BORDER-BOTTOM:1.00pt solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1.00pt solid #000000" BGCOLOR="#e5e4e1">
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>Significant<BR>Other<BR>Observable<BR>Inputs<BR>(Level 2)</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>$</B></P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.00pt solid #000000" BGCOLOR="#e5e4e1">&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1" STYLE="BORDER-BOTTOM:1.00pt solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1.00pt solid #000000" BGCOLOR="#e5e4e1">
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>Significant<BR>Unobservable<BR>Inputs</B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>(Level 3)</B></P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>$</B></P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.00pt solid #000000" BGCOLOR="#e5e4e1">&nbsp;</TD></TR>


<TR STYLE="font-size:1pt" BGCOLOR="#e5e4e1">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="4"></TD>
<TD HEIGHT="16" COLSPAN="4"></TD>
<TD HEIGHT="16" COLSPAN="4"></TD>
<TD HEIGHT="16" COLSPAN="4"></TD>
<TD HEIGHT="16" COLSPAN="4"></TD></TR>
<TR BGCOLOR="#e5e4e1" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Assets</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-family:ARIAL; font-size:10pt">
<TD VALIGN="top" STYLE="BORDER-BOTTOM:2.00pt solid #000000" BGCOLOR="#e5e4e1"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:Times New Roman">Investments held for self-insured
liabilities</P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1" STYLE="BORDER-BOTTOM:2.00pt solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:2.00pt solid #000000" BGCOLOR="#e5e4e1"><FONT STYLE="font-family:Times New Roman; ">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:2.00pt solid #000000" BGCOLOR="#e5e4e1" ALIGN="right"><FONT STYLE="font-family:Times New Roman; ">14</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:2.00pt solid #000000" BGCOLOR="#e5e4e1"><FONT STYLE="font-family:Times New Roman; ">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1" STYLE="BORDER-BOTTOM:2.00pt solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:2.00pt solid #000000" BGCOLOR="#e5e4e1"><FONT STYLE="font-family:Times New Roman; "><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:2.00pt solid #000000" BGCOLOR="#e5e4e1" ALIGN="right"><FONT STYLE="font-family:Times New Roman; "><B>141,142&nbsp;&nbsp;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:2.00pt solid #000000" BGCOLOR="#e5e4e1"><FONT STYLE="font-family:Times New Roman; "><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1" STYLE="BORDER-BOTTOM:2.00pt solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:2.00pt solid #000000" BGCOLOR="#e5e4e1"><FONT STYLE="font-family:Times New Roman; "><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:2.00pt solid #000000" BGCOLOR="#e5e4e1" ALIGN="right"><FONT STYLE="font-family:Times New Roman; "><B>-&nbsp;&nbsp;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:2.00pt solid #000000" BGCOLOR="#e5e4e1"><FONT STYLE="font-family:Times New Roman; "><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1" STYLE="BORDER-BOTTOM:2.00pt solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:2.00pt solid #000000" BGCOLOR="#e5e4e1"><FONT STYLE="font-family:Times New Roman; "><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:2.00pt solid #000000" BGCOLOR="#e5e4e1" ALIGN="right"><FONT STYLE="font-family:Times New Roman; "><B>141,142&nbsp;&nbsp;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:2.00pt solid #000000" BGCOLOR="#e5e4e1"><FONT STYLE="font-family:Times New Roman; "><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1" STYLE="BORDER-BOTTOM:2.00pt solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:2.00pt solid #000000" BGCOLOR="#e5e4e1"><FONT STYLE="font-family:Times New Roman; "><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:2.00pt solid #000000" BGCOLOR="#e5e4e1" ALIGN="right"><FONT STYLE="font-family:Times New Roman; "><B>-&nbsp;&nbsp;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:2.00pt solid #000000" BGCOLOR="#e5e4e1"><FONT STYLE="font-family:Times New Roman; "><B>&nbsp;&nbsp;</B></FONT></TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Investments held for self-insured liabilities consist of government and corporate bonds, equity securities, and term deposits.
Fair value of equities is determined using the reported net asset value per share of the investment funds. The funds derive their value from the observable quoted prices of the equities owned that are traded in an active market. Fair value of bonds
is determined using observable prices of debt with characteristics and maturities that are similar to the bonds being valued. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The following table
summarizes the Company&#146;s fair value hierarchy for those liabilities that were not measured at fair value but are required to be disclosed at fair value on a recurring basis as at December&nbsp;31, 2016: </P>
<P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>
<TD WIDTH="55%"></TD>
<TD VALIGN="bottom" WIDTH="6%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="6%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="6%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="6%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="6%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="13" BGCOLOR="#e5e4e1"></TD>
<TD HEIGHT="13" COLSPAN="4" BGCOLOR="#e5e4e1"></TD>
<TD HEIGHT="13" COLSPAN="4" BGCOLOR="#e5e4e1"></TD>
<TD HEIGHT="13" COLSPAN="4" BGCOLOR="#e5e4e1"></TD>
<TD HEIGHT="13" COLSPAN="4" BGCOLOR="#e5e4e1"></TD>
<TD HEIGHT="13" COLSPAN="4" BGCOLOR="#e5e4e1"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.00pt solid #000000" BGCOLOR="#e5e4e1"><FONT STYLE="font-size:7pt"><I>(In thousands of Canadian dollars)</I></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1" STYLE="BORDER-BOTTOM:1.00pt solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1.00pt solid #000000" BGCOLOR="#e5e4e1"><FONT STYLE="font-size:9pt">Note</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.00pt solid #000000" BGCOLOR="#e5e4e1">&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1" STYLE="BORDER-BOTTOM:1.00pt solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1.00pt solid #000000" BGCOLOR="#e5e4e1">
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>Fair&nbsp;Value<BR>Amount&nbsp;of<BR>Liability</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>$</B></P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.00pt solid #000000" BGCOLOR="#e5e4e1">&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1" STYLE="BORDER-BOTTOM:1.00pt solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1.00pt solid #000000" BGCOLOR="#e5e4e1"><B>Quoted&nbsp;Prices<BR>in Active<BR>Markets</B><br><B>for</B><br><B>Identical<BR>Items<BR>(Level 1)</B><br><B>$</B></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.00pt solid #000000" BGCOLOR="#e5e4e1">&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1" STYLE="BORDER-BOTTOM:1.00pt solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1.00pt solid #000000" BGCOLOR="#e5e4e1">
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>Significant<BR>Other<BR>Observable<BR>Inputs<BR>(Level 2)</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>$</B></P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.00pt solid #000000" BGCOLOR="#e5e4e1">&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1" STYLE="BORDER-BOTTOM:1.00pt solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1.00pt solid #000000" BGCOLOR="#e5e4e1">
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>Significant<BR>Unobservable<BR>Inputs</B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>(Level 3)</B></P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>$</B></P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.00pt solid #000000" BGCOLOR="#e5e4e1">&nbsp;</TD></TR>


<TR STYLE="font-size:1pt">
<TD HEIGHT="16" BGCOLOR="#e5e4e1"></TD>
<TD HEIGHT="16" COLSPAN="4" BGCOLOR="#e5e4e1"></TD>
<TD HEIGHT="16" COLSPAN="4" BGCOLOR="#e5e4e1"></TD>
<TD HEIGHT="16" COLSPAN="4" BGCOLOR="#e5e4e1"></TD>
<TD HEIGHT="16" COLSPAN="4" BGCOLOR="#e5e4e1"></TD>
<TD HEIGHT="16" COLSPAN="4" BGCOLOR="#e5e4e1"></TD></TR>
<TR STYLE="font-family:ARIAL; font-size:10pt">
<TD VALIGN="top" STYLE="BORDER-BOTTOM:2.00pt solid #000000" BGCOLOR="#e5e4e1"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:Times New Roman">Notes payable</P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1" STYLE="BORDER-BOTTOM:2.00pt solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:2.00pt solid #000000" BGCOLOR="#e5e4e1"><FONT STYLE="font-family:Times New Roman; ">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:2.00pt solid #000000" BGCOLOR="#e5e4e1" ALIGN="right"><FONT STYLE="font-family:Times New Roman; ">17</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:2.00pt solid #000000" BGCOLOR="#e5e4e1"><FONT STYLE="font-family:Times New Roman; ">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1" STYLE="BORDER-BOTTOM:2.00pt solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:2.00pt solid #000000" BGCOLOR="#e5e4e1"><FONT STYLE="font-family:Times New Roman; "><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:2.00pt solid #000000" BGCOLOR="#e5e4e1" ALIGN="right"><FONT STYLE="font-family:Times New Roman; "><B>127,565&nbsp;&nbsp;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:2.00pt solid #000000" BGCOLOR="#e5e4e1"><FONT STYLE="font-family:Times New Roman; "><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1" STYLE="BORDER-BOTTOM:2.00pt solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:2.00pt solid #000000" BGCOLOR="#e5e4e1"><FONT STYLE="font-family:Times New Roman; "><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:2.00pt solid #000000" BGCOLOR="#e5e4e1" ALIGN="right"><FONT STYLE="font-family:Times New Roman; "><B>-&nbsp;&nbsp;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:2.00pt solid #000000" BGCOLOR="#e5e4e1"><FONT STYLE="font-family:Times New Roman; "><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1" STYLE="BORDER-BOTTOM:2.00pt solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:2.00pt solid #000000" BGCOLOR="#e5e4e1"><FONT STYLE="font-family:Times New Roman; "><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:2.00pt solid #000000" BGCOLOR="#e5e4e1" ALIGN="right"><FONT STYLE="font-family:Times New Roman; "><B>127,565&nbsp;&nbsp;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:2.00pt solid #000000" BGCOLOR="#e5e4e1"><FONT STYLE="font-family:Times New Roman; "><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1" STYLE="BORDER-BOTTOM:2.00pt solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:2.00pt solid #000000" BGCOLOR="#e5e4e1"><FONT STYLE="font-family:Times New Roman; "><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:2.00pt solid #000000" BGCOLOR="#e5e4e1" ALIGN="right"><FONT STYLE="font-family:Times New Roman; "><B>-&nbsp;&nbsp;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:2.00pt solid #000000" BGCOLOR="#e5e4e1"><FONT STYLE="font-family:Times New Roman; "><B>&nbsp;&nbsp;</B></FONT></TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The fair values of notes payable are determined by calculating the present value of future payments using observable benchmark
interest rates and credit spreads for debt with similar characteristics and maturities. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:9pt; font-family:ARIAL"><B>26. FINANCIAL INSTRUMENTS </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL"><B>Credit risk </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Credit risk is the risk of financial loss to the
Company if a counterparty to a financial instrument fails to meet its contractual obligation. Financial instruments that subject the Company to credit risk consist primarily of cash and cash equivalents, cash in escrow, trade and other receivables,
investments held for self-insured liabilities, holdbacks on long-term contracts, and indemnifications. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:7pt" ALIGN="center">

<TR>
<TD WIDTH="35%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="32%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="31%"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:7pt">
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:7pt; font-family:Times New Roman">Notes to the Consolidated Financial Statements</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:7pt; font-family:Times New Roman">December 31, 2016</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">F-47</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">Stantec Inc.</TD></TR></TABLE>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The Company&#146;s maximum amount of credit risk exposure is limited to the carrying amount of these financial
instruments, which, at December&nbsp;31, 2016, was $1,203,532,000 (2015 &#150; $785,795,000). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The Company limits its exposure to credit risk by placing
its cash and cash equivalents in and entering into derivative agreements with high-quality credit institutions. Investments held for self-insured liabilities include corporate bonds, equities, and term deposits. The risk associated with corporate
bonds, equities, and term deposits is mitigated by the overall quality and mix of the Company&#146;s investment portfolio. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The Company mitigates the risk
associated with trade and other receivables and holdbacks on long-term contracts by providing services to diverse clients in various industries and sectors of the economy. The Company does not concentrate its credit risk in any particular client,
industry, or economic or geographic sector. In addition, management reviews trade and other receivables past due on an ongoing basis to identify matters that could potentially delay the collection of funds at an early stage. The Company monitors
trade receivables to an internal target of days of revenue in trade receivables, which, at December&nbsp;31, 2016, was 57 days (2015 &#150; 68 days). </P> <P STYLE="margin-top:10pt; margin-bottom:0pt; font-size:9pt; font-family:ARIAL"><B>Liquidity
risk </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Liquidity risk is the risk that the Company will not be able to meet obligations associated with its financial liabilities as they fall due. The
Company meets its liquidity needs through a variety of sources, including cash generated from operations, long- and short-term borrowings from its $800&nbsp;million revolving credit facility and term loan, and the issuance of common shares. The
unused capacity of the revolving credit facility at December&nbsp;31, 2016, was $329,141,000 (2015 &#150; $252,113,000). The Company believes that it has sufficient resources to meet its obligations associated with its financial liabilities.
Liquidity risk is managed according to the Company&#146;s internal guideline of maintaining a net debt to EBITDA ratio of less than 2.5 (note 7). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The
timing of undiscounted cash outflows relating to financial liabilities is outlined in the table below: </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>
<TD WIDTH="47%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="7%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="16%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="12%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="14%"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right"><B>Total</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><B>Less&nbsp;than&nbsp;1&nbsp;Year</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><B>1&nbsp;to&nbsp;3&nbsp;Years</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><B>After&nbsp;3&nbsp;Years&nbsp;&nbsp;</B></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:9pt">
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT STYLE="font-size:7pt"><B><SUP STYLE="font-size:85%; vertical-align:top">&nbsp;&nbsp;&nbsp;&nbsp;</SUP></B><I>(In thousands of Canadian dollars)</I><B></B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #000000"><B>$</B></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #000000"><B>$</B></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #000000"><B>$</B></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #000000"><B>$&nbsp;&nbsp;</B></TD></TR>


<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">&nbsp;<SUP STYLE="font-size:85%; vertical-align:top"></SUP>December&nbsp;31, 2015</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">&nbsp;Trade and other payables</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">352,199</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">352,199</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">-</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">-&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">&nbsp;Long-term debt</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">368,226</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">133,557</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">233,523</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1,146&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">&nbsp;Other financial liabilities</P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #000000">5,349</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #000000">2,601</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #000000">247</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #000000">2,501&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">&nbsp;<B>Total contractual obligations</B></P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #000000">725,774</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #000000">488,357</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #000000">233,770</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #000000">3,647&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8" BGCOLOR="#e5e4e1"></TD>
<TD HEIGHT="8" COLSPAN="2" BGCOLOR="#e5e4e1"></TD>
<TD HEIGHT="8" COLSPAN="2" BGCOLOR="#e5e4e1"></TD>
<TD HEIGHT="8" COLSPAN="2" BGCOLOR="#e5e4e1"></TD>
<TD HEIGHT="8" COLSPAN="2" BGCOLOR="#e5e4e1"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" BGCOLOR="#e5e4e1"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>&nbsp;December&nbsp;31, 2016</B></P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1"></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1">&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1"></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1">&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1"></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1">&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom" BGCOLOR="#e5e4e1"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">&nbsp;Trade and other payables</P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right" BGCOLOR="#e5e4e1"><B>718,197</B></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right" BGCOLOR="#e5e4e1"><B>718,197</B></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right" BGCOLOR="#e5e4e1"><B>-</B></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right" BGCOLOR="#e5e4e1"><B>-&nbsp;&nbsp;</B></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom" BGCOLOR="#e5e4e1"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">&nbsp;Long-term debt</P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right" BGCOLOR="#e5e4e1"><B>1,022,956</B></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right" BGCOLOR="#e5e4e1"><B>92,390</B></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right" BGCOLOR="#e5e4e1"><B>929,478</B></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right" BGCOLOR="#e5e4e1"><B>1,088&nbsp;&nbsp;</B></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000" BGCOLOR="#e5e4e1"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">&nbsp;Other financial
liabilities</P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #000000" BGCOLOR="#e5e4e1"><B>9,969</B></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #000000" BGCOLOR="#e5e4e1"><B>2,378</B></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #000000" BGCOLOR="#e5e4e1"><B>7,591</B></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #000000" BGCOLOR="#e5e4e1"><B>-&nbsp;&nbsp;</B></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8" BGCOLOR="#e5e4e1"></TD>
<TD HEIGHT="8" COLSPAN="2" BGCOLOR="#e5e4e1"></TD>
<TD HEIGHT="8" COLSPAN="2" BGCOLOR="#e5e4e1"></TD>
<TD HEIGHT="8" COLSPAN="2" BGCOLOR="#e5e4e1"></TD>
<TD HEIGHT="8" COLSPAN="2" BGCOLOR="#e5e4e1"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" STYLE="BORDER-BOTTOM:2.00pt solid #000000" BGCOLOR="#e5e4e1"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>&nbsp;Total contractual
obligations</B></P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1" STYLE="BORDER-BOTTOM:2.00pt solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right" STYLE="BORDER-BOTTOM:2.00pt solid #000000" BGCOLOR="#e5e4e1"><B>1,751,122</B></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1" STYLE="BORDER-BOTTOM:2.00pt solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right" STYLE="BORDER-BOTTOM:2.00pt solid #000000" BGCOLOR="#e5e4e1"><B>812,965</B></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1" STYLE="BORDER-BOTTOM:2.00pt solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right" STYLE="BORDER-BOTTOM:2.00pt solid #000000" BGCOLOR="#e5e4e1"><B>937,069</B></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1" STYLE="BORDER-BOTTOM:2.00pt solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right" STYLE="BORDER-BOTTOM:2.00pt solid #000000" BGCOLOR="#e5e4e1"><B>1,088&nbsp;&nbsp;</B></TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">In addition to the financial liabilities listed in the table, the Company will pay interest on the revolving credit facility
</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">and term loan outstanding in future periods. Further information on long-term debt is included in note 17. </P>
<P STYLE="margin-top:10pt; margin-bottom:0pt; font-size:9pt; font-family:ARIAL"><B>Interest rate risk </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Interest rate risk is the risk that the fair
value of the future cash flows of a financial instrument will fluctuate because of changes in market interest rates. The Company is subject to interest rate cash flow risk to the extent that its revolving credit facility and term loan are based on
floating interest rates. The Company is also subject to interest rate pricing risk to the extent that its investments held for self-insured liabilities include fixed-rate government and corporate bonds and term deposits. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">If the interest rate on the Company&#146;s revolving credit facility and term loan balances at December&nbsp;31, 2016, was 0.5% higher, with all other
variables held constant, net income would have decreased by $2,390,000. If it was 0.5% lower, an equal and opposite impact on net income would have occurred. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:7pt" ALIGN="center">

<TR>
<TD WIDTH="35%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="32%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="31%"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:7pt">
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:7pt; font-family:Times New Roman">Notes to the Consolidated Financial Statements</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:7pt; font-family:Times New Roman">December 31, 2016</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">F-48</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">Stantec Inc.</TD></TR></TABLE>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:ARIAL"><B>Foreign exchange risk </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Foreign exchange risk is the risk that the fair value of the future cash flows of a financial instrument will fluctuate because of changes in foreign exchange
rates. Foreign exchange gains or losses in net income arise on the translation of foreign currency&#150;denominated assets and liabilities (such as trade and other receivables, trade and other payables, and long-term debt) held in the Company&#146;s
Canadian operations and foreign subsidiaries. The Company minimizes its exposure to foreign exchange fluctuations on these items by matching foreign currency assets with foreign currency liabilities and, when appropriate, by entering into forward
contracts. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">If exchange rates were 1.0% lower at December&nbsp;31, 2016, with all other variables held constant, net income would have decreased by
$129,000. If they were 1.0% higher, an equal and opposite impact on net income would have occurred. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Foreign exchange fluctuations may also arise on the
translation of the Company&#146;s <FONT STYLE="white-space:nowrap">US-based</FONT> subsidiaries or other foreign subsidiaries, where the functional currency is different from the Canadian dollar, and are recorded in other comprehensive income. The
Company does not hedge for this foreign exchange risk. </P> <P STYLE="margin-top:10pt; margin-bottom:0pt; font-size:9pt; font-family:ARIAL"><B>Price risk </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The Company&#146;s investments held for self-insured liabilities are exposed to price risk arising from changes in the market values of the equity funds. This
risk is mitigated because the portfolio of equity funds is monitored regularly and is appropriately diversified. A 1.0% increase in equity prices at December&nbsp;31, 2016, would have increased the Company&#146;s comprehensive income by $337,000. A
1.0% decrease would have had an equal and opposite impact on comprehensive income. </P> <P STYLE="margin-top:10pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL"><B>27. CAPITAL MANAGEMENT </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The Company&#146;s objective when managing capital is to provide sufficient capacity to cover normal operating and capital expenditures, acquisition growth,
and payment of dividends, while maintaining an adequate return for shareholders. The Company defines its capital as the aggregate of long-term debt (including the current portion) and shareholders&#146; equity. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The Company manages its capital structure to maintain the flexibility to adjust to changes in economic conditions and acquisition growth and to respond to
interest rate, foreign exchange, credit, and other risks. To maintain or adjust its capital structure, the Company may purchase shares for cancellation pursuant to Normal Course Issuer Bids, issue new shares, or raise or retire debt. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The Company periodically monitors capital by maintaining the following ratio targets: </P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT COLOR="#8b8476">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">Net debt to EBITDA ratio below 2.5 </TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT COLOR="#8b8476">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">Return on equity (ROE) at or above 12% </TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">These targets are established annually and monitored quarterly. The
Company revised its target for ROE from at or above 14% that was set for 2015 to at or above 12% for 2016. ROE is impacted by net income and by fluctuations in the Canadian dollar since the resulting unrealized gains or losses on the translation of
the Company&#146;s foreign subsidiaries impacts shareholders&#146; equity. As well, ROE is impacted by remeasurements of the Company&#146;s defined benefit pension plans. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Net debt to EBITDA ratio, a <FONT STYLE="white-space:nowrap">non-IFRS</FONT> measure, is calculated as the sum of (1)&nbsp;long-term debt, including current
portion, plus bank indebtedness, less cash and cash equivalents and cash in escrow, divided by (2)&nbsp;EBITDA, calculated as income before income taxes, net interest expense, amortization of intangible assets, depreciation of property and
equipment, and goodwill and intangible asset impairment. The Company&#146;s net debt to EBITDA ratio at December&nbsp;31, 2016, was 2.38 (2015 &#150; 0.94), calculated on a trailing four-quarter basis. Going forward, there may be occasions when the
Company exceeds its target by completing acquisitions that increase its debt level above the target for a period of time. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">ROE, a <FONT
STYLE="white-space:nowrap">non-IFRS</FONT> measure, is calculated as net income for the last four quarters, divided by average shareholders&#146; equity over each of those quarters. The Company&#146;s ROE for the year ended December&nbsp;31, 2016,
was 7.8% </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:7pt" ALIGN="center">

<TR>
<TD WIDTH="35%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="32%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="31%"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:7pt">
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:7pt; font-family:Times New Roman">Notes to the Consolidated Financial Statements</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:7pt; font-family:Times New Roman">December 31, 2016</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">F-49</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">Stantec Inc.</TD></TR></TABLE>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">
(2015 &#150; 12.9%). The Company did not meet its ROE target since net income was impacted by acquisition-related costs and additional shares issued that primarily related to the MWH acquisition.
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The Company is subject to restrictive covenants related to its New Credit Facilities that are measured quarterly. These covenants include, but are not
limited to, a leverage ratio and an interest coverage ratio <FONT STYLE="white-space:nowrap">(non-IFRS</FONT> measures). The leverage ratio is calculated as consolidated debt to EBITDA, and the interest coverage ratio is calculated as EBITDA to
interest expense. Failure to meet the terms of one or more of these covenants may constitute a default, potentially resulting in accelerating the repayment of the debt obligation. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The Company was also subject to restrictive covenants related to its $350&nbsp;million revolving credit facility and its senior secured notes that were
measured quarterly. These facilities were repaid and redeemed, respectively, during the second quarter of 2016. These covenants included, but were not limited to, consolidated debt to EBITDA and EBITDAR to consolidated debt service ratio <FONT
STYLE="white-space:nowrap">(non-IFRS</FONT> measures). EBITDAR was calculated as EBITDA, plus building rental obligations net of common area costs, taxes, charges, and levies. Failure to meet the terms of one or more of these covenants may have
constituted a default, potentially resulting in accelerating the repayment of the debt obligation. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The Company was in compliance with the covenants under
these agreements as at and throughout the year ended December&nbsp;31, 2016. </P> <P STYLE="margin-top:10pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL"><B>28. INCOME TAXES </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The effective income tax rate in the consolidated statements of income differs from statutory Canadian tax rates as a result of the following: </P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>
<TD WIDTH="70%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="5%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="9%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="7%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="5%"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="7" ALIGN="center" STYLE="BORDER-BOTTOM:1px solid #000000">
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B></B>&nbsp;For&nbsp;the&nbsp;year&nbsp;ended<B></B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B></B>&nbsp;December&nbsp;31<B></B></P></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD COLSPAN="7" VALIGN="bottom">&nbsp;</TD></TR>


<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1">&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1"></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1">&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1"> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>2016<SUP
STYLE="font-size:85%; vertical-align:top">&nbsp;</SUP>&nbsp;</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">2015&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000" BGCOLOR="#e5e4e1"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #000000" BGCOLOR="#e5e4e1"><B>%<SUP STYLE="font-size:85%; vertical-align:top">&nbsp;</SUP>&nbsp;</B></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #000000">%&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2" BGCOLOR="#e5e4e1"></TD>
<TD HEIGHT="8" COLSPAN="2" BGCOLOR="#e5e4e1"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Income tax expense at statutory Canadian rates</P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1">&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1"></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right" BGCOLOR="#e5e4e1"><B>27.0<SUP STYLE="font-size:85%; vertical-align:top">&nbsp;</SUP>&nbsp;</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">26.5&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Increase (decrease) resulting from:</P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1">&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1"></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1">&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.10em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Rate differential on foreign income</P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1">&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1"></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right" BGCOLOR="#e5e4e1"><B>5.2<SUP STYLE="font-size:85%; vertical-align:top">&nbsp;</SUP>&nbsp;</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">2.0&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.10em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Unrecognized tax losses and temporary differences</P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1">&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1"></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right" BGCOLOR="#e5e4e1"><B>1.1<SUP STYLE="font-size:85%; vertical-align:top">&nbsp;</SUP>&nbsp;</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right"> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="right">-&nbsp;</P></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.10em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><FONT STYLE="white-space:nowrap">Non-deductible</FONT> acquisition related costs</P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1">&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1"></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right" BGCOLOR="#e5e4e1"><B>1.2<SUP STYLE="font-size:85%; vertical-align:top">&nbsp;</SUP>&nbsp;</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right"> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="right">-&nbsp;</P></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.10em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><FONT STYLE="white-space:nowrap">Non-deductible</FONT> meals and entertainment</P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1">&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1"></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right" BGCOLOR="#e5e4e1"><B>1.0<SUP STYLE="font-size:85%; vertical-align:top">&nbsp;</SUP>&nbsp;</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">0.6&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.10em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Income from associated companies</P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1">&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1"></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right" BGCOLOR="#e5e4e1"><B>0.7<SUP STYLE="font-size:85%; vertical-align:top">&nbsp;</SUP>&nbsp;</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(0.2)</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.10em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><FONT STYLE="white-space:nowrap">Non-taxable</FONT> foreign income</P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1">&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1"></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right" BGCOLOR="#e5e4e1"><B>(7.3)<SUP STYLE="font-size:85%; vertical-align:top">&nbsp;</SUP></B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(1.7)</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.10em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Research and development and other tax credits</P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1">&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1"></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right" BGCOLOR="#e5e4e1"><B>(1.3)<SUP STYLE="font-size:85%; vertical-align:top">&nbsp;</SUP></B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(1.7)</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.10em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Other</P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000" BGCOLOR="#e5e4e1"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #000000" BGCOLOR="#e5e4e1"><B>0.2<SUP STYLE="font-size:85%; vertical-align:top">&nbsp;</SUP>&nbsp;</B></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #000000">0.6&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000" BGCOLOR="#e5e4e1"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #000000" BGCOLOR="#e5e4e1"><B>27.8<SUP STYLE="font-size:85%; vertical-align:top">&nbsp;</SUP>&nbsp;</B></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #000000">26.1&nbsp;</TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The major components of deferred income tax expense (recovery) are as follows: </P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>
<TD WIDTH="70%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="5%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="9%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="7%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="5%"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="7" ALIGN="center" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B></B>For&nbsp;the&nbsp;year&nbsp;ended<B></B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B></B>December&nbsp;31<B></B></P></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD COLSPAN="7" VALIGN="bottom">&nbsp;</TD></TR>


<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1">&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1"></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1">&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1"> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>2016&nbsp;</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right"><B></B>2015<B>&nbsp;</B></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:7pt; font-family:Times New Roman"><I>(In thousands of Canadian dollars)</I></P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000" BGCOLOR="#e5e4e1"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #000000" BGCOLOR="#e5e4e1"><B>$&nbsp;</B></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #000000">$&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2" BGCOLOR="#e5e4e1"></TD>
<TD HEIGHT="8" COLSPAN="2" BGCOLOR="#e5e4e1"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Origination and reversal of timing differences</P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1">&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1"></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right" BGCOLOR="#e5e4e1"><B>12,655&nbsp;</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(10,067)</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Carryback of tax losses</P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1">&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1"></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right" BGCOLOR="#e5e4e1"> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>-&nbsp;</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">3,335&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Unrecognized tax losses and temporary differences</P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1">&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1"></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right" BGCOLOR="#e5e4e1"><B>1,804&nbsp;</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right"> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="right">-&nbsp;</P></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Change of tax rates</P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000" BGCOLOR="#e5e4e1"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #000000" BGCOLOR="#e5e4e1"><B>(1,897)</B></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #000000">434&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2" BGCOLOR="#e5e4e1"></TD>
<TD HEIGHT="8" COLSPAN="2" BGCOLOR="#e5e4e1"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" STYLE="BORDER-BOTTOM:2.00pt solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Total deferred income tax expense
(recovery)</B></P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1" STYLE="BORDER-BOTTOM:2.00pt solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:2.00pt solid #000000" BGCOLOR="#e5e4e1"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1" STYLE="BORDER-BOTTOM:2.00pt solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right" STYLE="BORDER-BOTTOM:2.00pt solid #000000" BGCOLOR="#e5e4e1"><B>12,562&nbsp;</B></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:2.00pt solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:2.00pt solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:2.00pt solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right" STYLE="BORDER-BOTTOM:2.00pt solid #000000"><B></B>(6,298)<B></B></TD></TR>
</TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:7pt" ALIGN="center">

<TR>
<TD WIDTH="35%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="32%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="31%"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:7pt">
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:7pt; font-family:Times New Roman">Notes to the Consolidated Financial Statements</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:7pt; font-family:Times New Roman">December 31, 2016</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">F-50</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">Stantec Inc.</TD></TR></TABLE>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Significant components of the Company&#146;s net deferred income tax assets (liabilities) are as follows: </P>
<P STYLE="font-size:10pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>
<TD WIDTH="78%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="10%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="10%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1"> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>December&nbsp;31&nbsp;
2016&nbsp;</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">December&nbsp;31<SUP STYLE="font-size:85%; vertical-align:top"></SUP>&nbsp; 2015<SUP STYLE="font-size:85%; vertical-align:top"></SUP>&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT STYLE="font-size:7pt"><B></B><I>(In thousands of Canadian dollars)</I><B></B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #000000" BGCOLOR="#e5e4e1"><B>$&nbsp;</B></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #000000">$&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2" BGCOLOR="#e5e4e1"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Deferred income tax assets (liabilities)</B></P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Differences in timing of taxability of revenue and deductibility of expenses</P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right" BGCOLOR="#e5e4e1"><B>69,306&nbsp;</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">46,257&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Loss carryforwards</P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right" BGCOLOR="#e5e4e1"><B>22,202&nbsp;</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">9,168&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Employee defined benefit plan</P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right" BGCOLOR="#e5e4e1"><B>8,695&nbsp;</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">-&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Carrying value of property and equipment less than (in excess of) tax cost</P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right" BGCOLOR="#e5e4e1"><B>4,610&nbsp;</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">543&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Carrying value of intangible assets in excess of tax cost</P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right" BGCOLOR="#e5e4e1"><B>(150,725)</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(53,006)</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Cash to accrual adjustment on acquisition of US subsidiaries</P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right" BGCOLOR="#e5e4e1"><B>(7,801)</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(10,731)</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Other</P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #000000" BGCOLOR="#e5e4e1"><B>316&nbsp;</B></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #000000">(2,233)</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2" BGCOLOR="#e5e4e1"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" STYLE="BORDER-BOTTOM:2.00pt solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1" STYLE="BORDER-BOTTOM:2.00pt solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right" STYLE="BORDER-BOTTOM:2.00pt solid #000000" BGCOLOR="#e5e4e1"><B>(53,397)</B></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:2.00pt solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right" STYLE="BORDER-BOTTOM:2.00pt solid #000000">(10,0 02)</TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The following is a reconciliation of net deferred tax assets (liabilities): </P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>
<TD WIDTH="78%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="10%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="10%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1"> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>December&nbsp;31&nbsp;</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">December&nbsp;31&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right" BGCOLOR="#e5e4e1"><B>2016&nbsp;</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">2015&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT STYLE="font-size:7pt"><B></B><I>(In thousands of Canadian dollars)</I><B></B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #000000" BGCOLOR="#e5e4e1"><B>$&nbsp;</B></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #000000">$&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2" BGCOLOR="#e5e4e1"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Balance, beginning of the year</P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right" BGCOLOR="#e5e4e1"><B>(10,002)</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(15,801)</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Tax recovery during the year recognized in net income</P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right" BGCOLOR="#e5e4e1"><B>(12,562)</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">6,298&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Tax effect on other comprehensive income</P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right" BGCOLOR="#e5e4e1"><B>2,886&nbsp;</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">77&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Deferred taxes acquired through business combinations</P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right" BGCOLOR="#e5e4e1"><B>(28,253)</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">851&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Impact of foreign exchange</P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right" BGCOLOR="#e5e4e1"><B>(4,459)</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(985)</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Other</P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #000000" BGCOLOR="#e5e4e1"><B>(1,007)</B></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #000000">(442)</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2" BGCOLOR="#e5e4e1"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" STYLE="BORDER-BOTTOM:2.00pt solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Balance, end of the year</B></P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1" STYLE="BORDER-BOTTOM:2.00pt solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right" STYLE="BORDER-BOTTOM:2.00pt solid #000000" BGCOLOR="#e5e4e1"><B>(53,397)</B></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:2.00pt solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right" STYLE="BORDER-BOTTOM:2.00pt solid #000000">(10,002)</TD></TR>
</TABLE> <P STYLE="margin-top:2pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">At December&nbsp;31, 2016, except as noted below, all loss carryforwards and deductible temporary differences available to
reduce the taxable income of Canadian, US, and foreign subsidiaries were recognized in the consolidated financial statements. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>
<TD WIDTH="78%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="10%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="10%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1"> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>December&nbsp;31&nbsp;</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">December&nbsp;31&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right" BGCOLOR="#e5e4e1"><B>2016&nbsp;</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">2015&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT STYLE="font-size:7pt"><B></B><I>(In thousands of Canadian dollars)</I><B></B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #000000" BGCOLOR="#e5e4e1"><B>$&nbsp;</B></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #000000">$&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2" BGCOLOR="#e5e4e1"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Deductible temporary differences</P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #000000" BGCOLOR="#e5e4e1"><B>8,812&nbsp;</B></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #000000">153&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Non-capital tax losses:</P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">&nbsp;&nbsp;Expire (2017-2036)</P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right" BGCOLOR="#e5e4e1"><B>36,804&nbsp;</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right"> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="right">8,044&nbsp;</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">&nbsp;&nbsp;Never expire</P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #000000" BGCOLOR="#e5e4e1"><B>53,991&nbsp;</B></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #000000">8,840&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #000000" BGCOLOR="#e5e4e1"><B>90,795&nbsp;</B></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #000000">16,884&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Capital tax losses:</P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">&nbsp;&nbsp;Never expire</P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #000000" BGCOLOR="#e5e4e1"><B>10,292&nbsp;</B></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #000000">-&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2" BGCOLOR="#e5e4e1"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" STYLE="BORDER-BOTTOM:2.00pt solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1" STYLE="BORDER-BOTTOM:2.00pt solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right" STYLE="BORDER-BOTTOM:2.00pt solid #000000" BGCOLOR="#e5e4e1"><B>109,899&nbsp;</B></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:2.00pt solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right" STYLE="BORDER-BOTTOM:2.00pt solid #000000">17,037&nbsp;<SUP STYLE="font-size:85%; vertical-align:top"></SUP></TD></TR>
</TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:7pt" ALIGN="center">

<TR>
<TD WIDTH="35%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="32%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="31%"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:7pt">
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:7pt; font-family:Times New Roman">Notes to the Consolidated Financial Statements</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:7pt; font-family:Times New Roman">December 31, 2016</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">F-51</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">Stantec Inc.</TD></TR></TABLE>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL"><B>29. NET INTEREST EXPENSE AND OTHER NET FINANCE EXPENSE </B></P>
<P STYLE="font-size:4pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>
<TD WIDTH="76%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="11%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="11%"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="3" ALIGN="center" STYLE="BORDER-BOTTOM:1px solid #000000"><B></B>For&nbsp;the&nbsp;year&nbsp;ended<BR>December&nbsp;31<B></B></TD></TR>


<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Net interest expense</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="2" BGCOLOR="#e5e4e1"></TD>
<TD HEIGHT="5" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT STYLE="font-size:7pt"><B></B><I>(In thousands of Canadian dollars)</I><B></B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #000000" BGCOLOR="#e5e4e1"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>2016&nbsp;</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>$&nbsp;</B></P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right">2015&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="right">$&nbsp;</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2" BGCOLOR="#e5e4e1"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Interest on notes payable</P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right" BGCOLOR="#e5e4e1"><B>4,407<SUP STYLE="font-size:85%; vertical-align:top">&nbsp;&nbsp;</SUP></B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">4,327<SUP STYLE="font-size:85%; vertical-align:top">&nbsp;&nbsp;</SUP></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Interest on revolving credit facilities</P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right" BGCOLOR="#e5e4e1"><B>19,791<SUP STYLE="font-size:85%; vertical-align:top">&nbsp;&nbsp;</SUP></B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">2,365<SUP STYLE="font-size:85%; vertical-align:top">&nbsp;&nbsp;</SUP></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Interest on senior secured notes</P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right" BGCOLOR="#e5e4e1"><B>5,809<SUP STYLE="font-size:85%; vertical-align:top">&nbsp;&nbsp;</SUP></B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">5,649<SUP STYLE="font-size:85%; vertical-align:top">&nbsp;&nbsp;</SUP></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Interest on finance leases</P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right" BGCOLOR="#e5e4e1"><B>327<SUP STYLE="font-size:85%; vertical-align:top">&nbsp;&nbsp;</SUP></B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">288<SUP STYLE="font-size:85%; vertical-align:top">&nbsp;&nbsp;</SUP></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Other</P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #000000" BGCOLOR="#e5e4e1"><B>1,194<SUP STYLE="font-size:85%; vertical-align:top">&nbsp;&nbsp;</SUP></B></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #000000">676<SUP STYLE="font-size:85%; vertical-align:top">&nbsp;&nbsp;</SUP></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2" BGCOLOR="#e5e4e1"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Total interest expense</P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #000000" BGCOLOR="#e5e4e1"><B>31,528<SUP STYLE="font-size:85%; vertical-align:top">&nbsp;&nbsp;</SUP></B></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #000000">13,305<SUP STYLE="font-size:85%; vertical-align:top">&nbsp;&nbsp;</SUP></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="2" BGCOLOR="#e5e4e1"></TD>
<TD HEIGHT="5" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Interest income on
<FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">available-for-sale</FONT></FONT> investment debt securities</P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right" BGCOLOR="#e5e4e1"><B>(2,140)</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(1,738)</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Other</P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #000000" BGCOLOR="#e5e4e1"><B>(740)</B></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #000000">(638)</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2" BGCOLOR="#e5e4e1"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Total interest income</P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #000000" BGCOLOR="#e5e4e1"><B>(2,880)</B></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #000000">(2,376)</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2" BGCOLOR="#e5e4e1"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" STYLE="BORDER-BOTTOM:2.00pt solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Net interest expense</B></P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1" STYLE="BORDER-BOTTOM:2.00pt solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right" STYLE="BORDER-BOTTOM:2.00pt solid #000000" BGCOLOR="#e5e4e1"><B>28,648<SUP STYLE="font-size:85%; vertical-align:top">&nbsp;&nbsp;</SUP></B></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:2.00pt solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right" STYLE="BORDER-BOTTOM:2.00pt solid #000000"><B></B>10,929<SUP STYLE="font-size:85%; vertical-align:top">&nbsp;&nbsp;</SUP><B></B></TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Other net finance expense </B></P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>
<TD WIDTH="76%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="11%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="11%"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="3" ALIGN="center" STYLE="BORDER-BOTTOM:1px solid #000000"><B></B>For&nbsp;the&nbsp;year&nbsp;ended<BR>December&nbsp;31<B></B></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD COLSPAN="3" VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="2" BGCOLOR="#e5e4e1"></TD>
<TD HEIGHT="5" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT STYLE="font-size:7pt"><B></B><I>(In thousands of Canadian dollars)</I><B></B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #000000" BGCOLOR="#e5e4e1"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>2016&nbsp;</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>$&nbsp;</B></P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right">2015&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="right">$&nbsp;</P></TD></TR>


<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2" BGCOLOR="#e5e4e1"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Amortization on
<FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">available-for-sale</FONT></FONT> investment debt securities</P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right" BGCOLOR="#e5e4e1"><B>409<SUP STYLE="font-size:85%; vertical-align:top">&nbsp;&nbsp;</SUP></B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">682<SUP STYLE="font-size:85%; vertical-align:top">&nbsp;&nbsp;</SUP></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Bank charges</P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #000000" BGCOLOR="#e5e4e1"><B>7,255<SUP STYLE="font-size:85%; vertical-align:top">&nbsp;&nbsp;</SUP></B></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #000000">2,651<SUP STYLE="font-size:85%; vertical-align:top">&nbsp;&nbsp;</SUP></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2" BGCOLOR="#e5e4e1"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Total other finance expense</P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #000000" BGCOLOR="#e5e4e1"><B>7,664<SUP STYLE="font-size:85%; vertical-align:top">&nbsp;&nbsp;</SUP></B></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #000000">3,333<SUP STYLE="font-size:85%; vertical-align:top">&nbsp;&nbsp;</SUP></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2" BGCOLOR="#e5e4e1"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Realized gain on sale of
<FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">available-for-sale</FONT></FONT> investment debt securities</P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right" BGCOLOR="#e5e4e1"><B>(51)</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(25)</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Derecognition of notes payable</P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #000000" BGCOLOR="#e5e4e1"><B>(1,257)</B></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="right">-&nbsp;&nbsp;</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2" BGCOLOR="#e5e4e1"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" STYLE="BORDER-BOTTOM:2.00pt solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Other net finance expense</B></P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1" STYLE="BORDER-BOTTOM:2.00pt solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right" STYLE="BORDER-BOTTOM:2.00pt solid #000000" BGCOLOR="#e5e4e1"><B>6,356<SUP STYLE="font-size:85%; vertical-align:top">&nbsp;&nbsp;</SUP></B></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:2.00pt solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right" STYLE="BORDER-BOTTOM:2.00pt solid #000000"><B></B>3,308<SUP STYLE="font-size:85%; vertical-align:top">&nbsp;&nbsp;</SUP><B></B></TD></TR>
</TABLE> <P STYLE="margin-top:10pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL"><B>30. EMPLOYEE COSTS </B></P> <P STYLE="font-size:10pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>
<TD WIDTH="71%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="4%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="11%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="11%"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="3" ALIGN="center" STYLE="BORDER-BOTTOM:1px solid #000000"><B></B>For&nbsp;the&nbsp;year&nbsp;ended<BR>December&nbsp;31<B></B></TD></TR>


<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2" BGCOLOR="#e5e4e1"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:7pt; font-family:Times New Roman"><B></B><I>(In thousands of Canadian
dollars)</I><B></B></P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #000000"><B></B>Note<B>&nbsp;</B></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #000000" BGCOLOR="#e5e4e1"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>2016&nbsp;</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>$&nbsp;</B></P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B></B>2015<B>&nbsp;</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B></B>$<B>&nbsp;</B></P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="2"></TD>
<TD HEIGHT="5" COLSPAN="2" BGCOLOR="#e5e4e1"></TD>
<TD HEIGHT="5" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:ARIAL; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Wages, salaries, and benefits</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right" BGCOLOR="#e5e4e1"><FONT STYLE="font-family:Times New Roman; "><B>2,211,728<SUP STYLE="font-size:85%; vertical-align:top">&nbsp;&nbsp;</SUP></B></FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman; ">1,666,251<SUP STYLE="font-size:85%; vertical-align:top">&nbsp;&nbsp;</SUP></FONT></TD></TR>
<TR STYLE="font-family:ARIAL; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Pension costs</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right" BGCOLOR="#e5e4e1"><FONT STYLE="font-family:Times New Roman; "><B>58,852<SUP STYLE="font-size:85%; vertical-align:top">&nbsp;&nbsp;</SUP></B></FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman; ">46,608<SUP STYLE="font-size:85%; vertical-align:top">&nbsp;&nbsp;</SUP></FONT></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Share-based compensation</P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #000000">24&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #000000" BGCOLOR="#e5e4e1"><B>8,912<SUP STYLE="font-size:85%; vertical-align:top">&nbsp;&nbsp;</SUP></B></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #000000">11,200<SUP STYLE="font-size:85%; vertical-align:top">&nbsp;&nbsp;</SUP></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2" BGCOLOR="#e5e4e1"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" STYLE="BORDER-BOTTOM:2.00pt solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Total employee costs</B></P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:2.00pt solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:2.00pt solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1" STYLE="BORDER-BOTTOM:2.00pt solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right" STYLE="BORDER-BOTTOM:2.00pt solid #000000" BGCOLOR="#e5e4e1"><B>2,279,492<SUP STYLE="font-size:85%; vertical-align:top">&nbsp;&nbsp;</SUP></B></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:2.00pt solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right" STYLE="BORDER-BOTTOM:2.00pt solid #000000"><B></B>1,724,059<B><SUP STYLE="font-size:85%; vertical-align:top">&nbsp;&nbsp;</SUP></B></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2" BGCOLOR="#e5e4e1"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:ARIAL; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Direct labor</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right" BGCOLOR="#e5e4e1"><FONT STYLE="font-family:Times New Roman; "><B>1,422,058<SUP STYLE="font-size:85%; vertical-align:top">&nbsp;&nbsp;</SUP></B></FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman; ">1,081,088<SUP STYLE="font-size:85%; vertical-align:top">&nbsp;&nbsp;</SUP></FONT></TD></TR>
<TR STYLE="font-family:ARIAL; font-size:10pt">
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Indirect labor</P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #000000" BGCOLOR="#e5e4e1"><FONT STYLE="font-family:Times New Roman; "><B>857,434<SUP STYLE="font-size:85%; vertical-align:top">&nbsp;&nbsp;</SUP></B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT STYLE="font-family:Times New Roman; ">642,971<SUP STYLE="font-size:85%; vertical-align:top">&nbsp;&nbsp;</SUP></FONT></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2" BGCOLOR="#e5e4e1"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" STYLE="BORDER-BOTTOM:2.00pt solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Total employee costs</B></P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:2.00pt solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:2.00pt solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1" STYLE="BORDER-BOTTOM:2.00pt solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right" STYLE="BORDER-BOTTOM:2.00pt solid #000000" BGCOLOR="#e5e4e1"><B>2,279,492<SUP STYLE="font-size:85%; vertical-align:top">&nbsp;&nbsp;</SUP></B></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:2.00pt solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right" STYLE="BORDER-BOTTOM:2.00pt solid #000000"><B></B>1,724,059<SUP STYLE="font-size:85%; vertical-align:top">&nbsp;&nbsp;</SUP><B></B></TD></TR>
</TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:7pt" ALIGN="center">

<TR>
<TD WIDTH="35%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="32%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="31%"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:7pt">
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:7pt; font-family:Times New Roman">Notes to the Consolidated Financial Statements</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:7pt; font-family:Times New Roman">December 31, 2016</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">F-52</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">Stantec Inc.</TD></TR></TABLE>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Direct labor costs include salaries, wages, and related fringe benefits for labor hours directly associated with
the completion of projects. Bonuses, share-based compensation, termination payments, and salaries, wages, and related fringe benefits for labor hours not directly associated with the completion of projects are included in indirect labor costs.
Indirect labor costs are included in administrative and marketing expenses in the consolidated statements of income. Included in pension costs are $57,125,000 (2015 &#150; $46,608,000) related to defined contribution plans. </P>
<P STYLE="margin-top:10pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL"><B>31. OTHER EXPENSE (INCOME) </B></P> <P STYLE="font-size:2pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>
<TD WIDTH="68%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD WIDTH="14%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD WIDTH="14%"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="3" ALIGN="center" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">For&nbsp;the year ended</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">December&nbsp;31</P></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT STYLE="font-size:7pt"><I>(In thousands of Canadian dollars)</I></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000" BGCOLOR="#e5e4e1"> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>2016&nbsp;</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>$&nbsp;</B></P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right">2015&nbsp;&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="right">$&nbsp;&nbsp;</P></TD></TR>


<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2" BGCOLOR="#e5e4e1"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Loss (gain) on sale of property and equipment</P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right" BGCOLOR="#e5e4e1"><B>1,452&nbsp;</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(1,888)&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Realized gain on
<FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">available-for-sale</FONT></FONT> equity securities</P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right" BGCOLOR="#e5e4e1"><B>(28)</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(4,466)&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Loss on sale of a subsidiary</P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right" BGCOLOR="#e5e4e1"> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>-&nbsp;</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">4,096&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Other</P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #000000" BGCOLOR="#e5e4e1"><B>(1,152)</B></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #000000">(974)&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2" BGCOLOR="#e5e4e1"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1.50pt solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Total other expense (income)</B></P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1" STYLE="BORDER-BOTTOM:1.50pt solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right" STYLE="BORDER-BOTTOM:1.50pt solid #000000" BGCOLOR="#e5e4e1"><B>272&nbsp;</B></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.50pt solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right" STYLE="BORDER-BOTTOM:1.50pt solid #000000">(3,232)&nbsp;</TD></TR>
</TABLE> <P STYLE="margin-top:10pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL"><B>32. EARNINGS PER SHARE </B></P> <P STYLE="margin-top:2pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The number
of basic and diluted common shares outstanding, calculated on a weighted average basis, is as follows: </P> <P STYLE="font-size:10pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>
<TD WIDTH="68%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD WIDTH="14%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD WIDTH="14%"></TD></TR>


<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000" BGCOLOR="#e5e4e1"> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>December&nbsp;31&nbsp; 2016&nbsp;</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>#&nbsp;</B></P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right">December&nbsp;31&nbsp;&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right">2015&nbsp;&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="right">#&nbsp;&nbsp;</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2" BGCOLOR="#e5e4e1"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Basic shares outstanding</B></P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right" BGCOLOR="#e5e4e1"><B>107,006,168&nbsp;</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">94,143,455&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Share options (dilutive effect of 3,655,020 options;
2015 &#150; 2,980,601 options)</P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #000000" BGCOLOR="#e5e4e1"><B>319,623&nbsp;</B></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #000000">450,480&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2" BGCOLOR="#e5e4e1"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1.50pt solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Diluted shares outstanding</B></P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1" STYLE="BORDER-BOTTOM:1.50pt solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right" STYLE="BORDER-BOTTOM:1.50pt solid #000000" BGCOLOR="#e5e4e1"><B>107,325,791&nbsp;</B></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.50pt solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right" STYLE="BORDER-BOTTOM:1.50pt solid #000000">94,593,935&nbsp;&nbsp;</TD></TR>
</TABLE> <P STYLE="margin-top:10pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">At December&nbsp;31, 2016, and 2015, no options were antidilutive. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:7pt" ALIGN="center">

<TR>
<TD WIDTH="35%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="32%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="31%"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:7pt">
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:7pt; font-family:Times New Roman">Notes to the Consolidated Financial Statements</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:7pt; font-family:Times New Roman">December 31, 2016</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">F-53</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">Stantec Inc.</TD></TR></TABLE>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL"><B>33. CASH FLOWS FROM OPERATING ACTIVITIES </B></P>
<P STYLE="margin-top:2pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Cash flows from operating activities determined by the indirect method are as follows: </P>
<P STYLE="font-size:10pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>
<TD WIDTH="79%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD WIDTH="9%"></TD>
<TD VALIGN="bottom" WIDTH="7%"></TD>
<TD WIDTH="3%"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="3" ALIGN="center" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">For the year ended</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">December&nbsp;31</P></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD COLSPAN="3" VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom"><FONT STYLE="font-size:7pt"><I>(In thousands of Canadian dollars)</I></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1"> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="right"><B><FONT STYLE="font-size:10pt">2016</FONT>&nbsp;<SUP STYLE="font-size:85%; vertical-align:top"></SUP></B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="right"><FONT STYLE="font-size:10pt"><B>$</B></FONT>&nbsp;<SUP STYLE="font-size:85%; vertical-align:top"></SUP></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="right"><FONT STYLE="font-size:10pt">2015</FONT>&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="right"><FONT STYLE="font-size:10pt">$</FONT>&nbsp;</P></TD></TR>


<TR STYLE="font-size:1px; ">
<TD COLSPAN="5" VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2" BGCOLOR="#e5e4e1"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"><FONT STYLE="font-family:ARIAL; font-size:9pt"><B>CASH FLOWS FROM (USED IN) OPERATING ACTIVITIES</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Net income for the year</B></P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right" BGCOLOR="#e5e4e1"><B>130,549&nbsp;</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">156,378&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Add (deduct) items not affecting cash:</P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.20em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Depreciation of property and equipment</P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right" BGCOLOR="#e5e4e1"><B>51,172&nbsp;</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">45,880&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.20em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Amortization of intangible assets</P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right" BGCOLOR="#e5e4e1"><B>75,660&nbsp;</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">37,853&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.20em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Deferred income taxes</P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right" BGCOLOR="#e5e4e1"><B>12,562&nbsp;</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(6,298)</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.20em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Loss (gain) on sale of property and equipment</P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right" BGCOLOR="#e5e4e1"><B>1,452&nbsp;</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(1,888)</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.20em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Realized gain on
<FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">available-for-sale</FONT></FONT> equity securities</P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right" BGCOLOR="#e5e4e1"><B>(28)</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(4,466)</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.20em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Loss on sale of a subsidiary</P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right" BGCOLOR="#e5e4e1"><B>-&nbsp;</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">4,096&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.20em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Share-based compensation</P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right" BGCOLOR="#e5e4e1"><B>8,912&nbsp;</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">11,200&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.20em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Provision for self-insured liabilities and claims</P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right" BGCOLOR="#e5e4e1"><B>12,769&nbsp;</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">14,212&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.20em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Share of income from joint ventures and associates</P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right" BGCOLOR="#e5e4e1"><B>(2,406)</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(2,048)</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.20em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Other <FONT STYLE="white-space:nowrap">non-cash</FONT> items</P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right" BGCOLOR="#e5e4e1"><B>(2,426)</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(9,434)</TD></TR>
<TR STYLE="font-size:1px; ">
<TD COLSPAN="5" VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2" BGCOLOR="#e5e4e1"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right" BGCOLOR="#e5e4e1"><B>288,216&nbsp;</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">245,485&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD COLSPAN="5" VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2" BGCOLOR="#e5e4e1"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.20em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Trade and other receivables</P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right" BGCOLOR="#e5e4e1"><B>32,766&nbsp;</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(7,897)</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.20em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Unbilled revenue</P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right" BGCOLOR="#e5e4e1"><B>1,890&nbsp;</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">12,736&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.20em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Prepaid expenses</P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right" BGCOLOR="#e5e4e1"><B>(1,536)</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(665)</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.20em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Income taxes recoverable</P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right" BGCOLOR="#e5e4e1"><B>(4,791)</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(6,606)</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.20em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Trade and other payables</P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right" BGCOLOR="#e5e4e1"><B>1,699&nbsp;</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(21,103)</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.20em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Billings in excess of costs</P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right" BGCOLOR="#e5e4e1"><B>(32,556)</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(16,431)</TD></TR>
<TR STYLE="font-size:1px; ">
<TD COLSPAN="5" VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2" BGCOLOR="#e5e4e1"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right" BGCOLOR="#e5e4e1"><B>(2,528)</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(39,966)</TD></TR>
<TR STYLE="font-size:1px; ">
<TD COLSPAN="5" VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2" BGCOLOR="#e5e4e1"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" STYLE="BORDER-BOTTOM:2.00pt solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Cash flows from operating activities</B></P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1" STYLE="BORDER-BOTTOM:2.00pt solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right" STYLE="BORDER-BOTTOM:2.00pt solid #000000" BGCOLOR="#e5e4e1"><B>285,688&nbsp;</B></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:2.00pt solid #000000">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right" STYLE="BORDER-BOTTOM:2.00pt solid #000000">205,519&nbsp;</TD></TR>
</TABLE> <P STYLE="margin-top:10pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL"><B>34. RELATED-PARTY DISCLOSURES </B></P> <P STYLE="margin-top:2pt; margin-bottom:0pt; font-size:9pt; font-family:ARIAL"><B>Subsidiaries
</B></P> <P STYLE="margin-top:2pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">At December&nbsp;31, 2016, the Company has subsidiaries that are controlled by the Company and are consolidated in its financial statements. Control
is established when the Company is exposed to the variable returns of the entity and can use its power to influence the variable returns. </P> <P STYLE="margin-top:10pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The Company
owns 100% of the voting and restricted securities of the entities below, except for certain <FONT STYLE="white-space:nowrap">non-controlling</FONT> interests as noted. Based on facts and circumstances, management determined that the Company controls
these entities and that the <FONT STYLE="white-space:nowrap">non-controlling</FONT> interests are immaterial. </P> <P STYLE="font-size:10pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>
<TD WIDTH="51%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD WIDTH="47%"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:9pt">
<TD VALIGN="bottom"><B>&nbsp;&nbsp;Name</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><B>Jurisdiction of Incorporation</B></TD></TR>


<TR STYLE="font-size:1px; ">
<TD COLSPAN="3" VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">&nbsp;&nbsp;58053 Newfoundland&nbsp;&amp; Labrador Inc.</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Newfoundland and Labrador, Canada</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">&nbsp;&nbsp;59991 Newfoundland&nbsp;&amp; Labrador Ltd.</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Newfoundland and Labrador, Canada</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">&nbsp;&nbsp;3221969 Nova Scotia Company</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Nova Scotia, Canada</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">&nbsp;&nbsp;9073-4195 Qu&eacute;bec Inc.</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Qu&eacute;bec, Canada</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">&nbsp;&nbsp;AIVEK Stantec Limited Partnership*</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Newfoundland and Labrador, Canada</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">&nbsp;&nbsp;Azimut Services (Central) Inc.</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Canada</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">&nbsp;&nbsp;Brycon-MWHC Joint Venture*</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Unincorporated</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">&nbsp;&nbsp;Bury &#150; AUS, Inc.</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Texas, United States</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">&nbsp;&nbsp;Bury &#150; DFW, Inc.</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Texas, United States</TD></TR>
<TR STYLE="font-size:1px; ">
<TD COLSPAN="3" VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD></TR>
</TABLE> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:7pt; font-family:Times New Roman"><B>&nbsp;&nbsp;&nbsp;</B><I><FONT STYLE="white-space:nowrap">*Non-controlling</FONT> interest</I><B> </B></P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:7pt" ALIGN="center">

<TR>
<TD WIDTH="35%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="32%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="31%"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:7pt">
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:7pt; font-family:Times New Roman">Notes to the Consolidated Financial Statements</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:7pt; font-family:Times New Roman">December 31, 2016</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">F-54</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">Stantec Inc.</TD></TR></TABLE>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>
<TD WIDTH="50%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="49%"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:9pt">
<TD VALIGN="bottom" NOWRAP STYLE="BORDER-BOTTOM:1px solid #000000"><B>&nbsp;&nbsp;Name</B></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><B>Jurisdiction of Incorporation</B></TD></TR>


<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">&nbsp;&nbsp;Bury &#150; HOU, Inc.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Texas, United States</P></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">&nbsp;&nbsp;Bury &#150; SAN, Inc.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Texas, United States</P></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">&nbsp;&nbsp;Bury + <FONT STYLE="white-space:nowrap">Partners-HS&amp;A,</FONT> Inc.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Texas, United States</P></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">&nbsp;&nbsp;Bury + Partners-International, Inc.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Texas, United States</P></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">&nbsp;&nbsp;Bury + Partners-Public Works, Inc.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Delaware, United States</P></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">&nbsp;&nbsp;Bury + Partners-Virginia, Inc.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Texas, United States</P></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">&nbsp;&nbsp;Bury Holdings, Inc.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Texas, United States</P></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">&nbsp;&nbsp;Edwards and Zuck Consulting Engineers, D.P.C.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">New York, United States</P></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">&nbsp;&nbsp;ENTRAN of Virginia, PLLC</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Virginia, United States</P></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">&nbsp;&nbsp;FST Engineers, Inc.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">New York, United States</P></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">&nbsp;&nbsp;Harza Associates of New York PLLC</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">New York, United States</P></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">&nbsp;&nbsp;Harza International Development Company, LLC</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Delaware, United States</P></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">&nbsp;&nbsp;Hawksley Consulting Limited</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">New Zealand</P></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">&nbsp;&nbsp;Hawksley Consulting Pty Limited</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Australia</P></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">&nbsp;&nbsp;Houston Airport Alliance*</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Unincorporated</P></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">&nbsp;&nbsp;Innovyze Limited</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">United Kingdom</P></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">&nbsp;&nbsp;Innovyze Pty Limited</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Australia</P></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">&nbsp;&nbsp;Innovyze, Inc.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">California, United States</P></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">&nbsp;&nbsp;International Insurance Group Inc.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Barbados</P></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">&nbsp;&nbsp;Land Design <FONT STYLE="white-space:nowrap">Partners-San</FONT> Antonio,
Inc.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Delaware, United States</P></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">&nbsp;&nbsp;Land Design Partners, Inc.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Texas, United States</P></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">&nbsp;&nbsp;Montgomery Engineers Limited</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Bermuda</P></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">&nbsp;&nbsp;Montgomery Watson (Bermuda) Ltd.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Bermuda</P></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">&nbsp;&nbsp;Montgomery Watson Brasil, Ltda.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Brazil</P></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">&nbsp;&nbsp;Montgomery Watson Engineers of New York, P.C.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">New York, United States</P></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">&nbsp;&nbsp;Montgomery Watson Harza (MWH) M&uuml;hendislik ve M&uuml;savirlik</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;<SUP STYLE="font-size:85%; vertical-align:top">&nbsp;</SUP><SUP
STYLE="font-size:85%; vertical-align:top">&nbsp;</SUP>Limited Sirketi</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Turkey</P></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">&nbsp;&nbsp;Mustang Acquisition Holdings Inc.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Delaware, United States</P></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">&nbsp;&nbsp;MWH (DRC) S.P.R.L.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Congo</P></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">&nbsp;&nbsp;MWH (Fiji) Limited</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Fiji</P></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">&nbsp;&nbsp;MWH/AGS SFDPW*</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Unincorporated</P></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">&nbsp;&nbsp;MWH/AGS/LEE*</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Unincorporated</P></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><FONT STYLE="white-space:nowrap">&nbsp;&nbsp;MWH-AGS,</FONT> Inc. JV*</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Unincorporated</P></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">&nbsp;&nbsp;MWH Americas, Inc. Chile, Limitada</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Chile</P></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">&nbsp;&nbsp;MWH Americas of Costa Rica, S.A.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Costa Rica</P></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">&nbsp;&nbsp;MWH Americas, A New York Corporation</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">New York, United States</P></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">&nbsp;&nbsp;MWH Americas, Inc.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">California, United States</P></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">&nbsp;&nbsp;MWH Architects and Engineers of New York, P.C.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">New York, United States</P></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">&nbsp;&nbsp;MWH Architects and Engineers, Inc.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Delaware, United States</P></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">&nbsp;&nbsp;MWH Argentina, S.A.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Argentina</P></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">&nbsp;&nbsp;MWH Asia Limited</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Hong Kong</P></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">&nbsp;&nbsp;MWH Australia Pty Limited</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Australia</P></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">&nbsp;&nbsp;MWH B.V.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Netherlands</P></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">&nbsp;&nbsp;MWH Canada, Inc.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Canada</P></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">&nbsp;&nbsp;MWH Constructors Australia Pty Limited</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Australia</P></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">&nbsp;&nbsp;MWH Constructors Canada Ltd.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Canada</P></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">&nbsp;&nbsp;MWH Constructors Holding B.V.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Netherlands</P></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">&nbsp;&nbsp;MWH Constructors Holdings Limited</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Hong Kong</P></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">&nbsp;&nbsp;MWH Constructors Israel, Inc.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Delaware, United States</P></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">&nbsp;&nbsp;MWH Constructors Limited</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">United Kingdom</P></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">&nbsp;&nbsp;MWH Constructors Nevada, Inc.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Nevada, United States</P></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">&nbsp;&nbsp;MWH Constructors NZ Limited</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">New Zealand</P></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">&nbsp;&nbsp;MWH Constructors, Inc.</P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Delaware, United States</P></TD></TR>
</TABLE> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:7pt; font-family:Times New Roman"><I><FONT STYLE="white-space:nowrap">&nbsp;&nbsp;*Non-controlling</FONT> interest </I></P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:7pt" ALIGN="center">

<TR>
<TD WIDTH="35%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="32%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="31%"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:7pt">
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:7pt; font-family:Times New Roman">Notes to the Consolidated Financial Statements</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:7pt; font-family:Times New Roman">December 31, 2016</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">F-55</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">Stantec Inc.</TD></TR></TABLE>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>
<TD WIDTH="50%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="49%"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:9pt">
<TD VALIGN="bottom" NOWRAP STYLE="BORDER-BOTTOM:1px solid #000000"><B>&nbsp;&nbsp;Name</B></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><B>Jurisdiction of Incorporation</B></TD></TR>


<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">&nbsp;&nbsp;MWH Constructors, Inc. &amp; J.A. Tiberti Construction Co., Inc.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;<SUP STYLE="font-size:85%; vertical-align:top">&nbsp;&nbsp;</SUP>DBA
Nevada Water Solutions Joint Venture*</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Unincorporated</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">&nbsp;&nbsp;MWH Constructors, Inc. &amp; Slayden Construction Group Inc.,</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;<SUP STYLE="font-size:85%; vertical-align:top">&nbsp;&nbsp;</SUP>Joint
Venture*</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Unincorporated</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">&nbsp;&nbsp;MWH Consultants (Singapore) Pte Limited</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Singapore</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">&nbsp;&nbsp;MWH Consulting (Shanghai) Co., Limited</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">China</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><FONT STYLE="white-space:nowrap">&nbsp;&nbsp;MWH-Delta*</FONT></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Unincorporated</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">&nbsp;&nbsp;MWH Energy Solutions, Inc.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Delaware, United States</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">&nbsp;&nbsp;MWH Engineers of D.C., P.C.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">District of Columbia, United States</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">&nbsp;&nbsp;MWH Enterprises, Inc.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Delaware, United States</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">&nbsp;&nbsp;MWH Environmental Engineering (Shanghai) Co., Limited</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">China</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">&nbsp;&nbsp;MWH Environmental Technologies Taiwan Ltd.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Taiwan</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">&nbsp;&nbsp;MWH Europe Limited</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">United Kingdom</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">&nbsp;&nbsp;MWH Farrer Limited</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">United Kingdom</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">&nbsp;&nbsp;MWH Holding B.V.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Netherlands</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">&nbsp;&nbsp;MWH Holdings Limited</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">New Zealand</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">&nbsp;&nbsp;MWH IFI Limited</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Hong Kong</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">&nbsp;&nbsp;MWH India Private Ltd.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">India</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">&nbsp;&nbsp;MWH International, Inc.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Delaware, United States</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">&nbsp;&nbsp;MWH.JHCE JV*</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Unincorporated</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">&nbsp;&nbsp;MWH/Khafra Joint Venture*</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Unincorprated</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">&nbsp;&nbsp;MWH Limited</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">United Kingdom</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">&nbsp;&nbsp;MWH New Zealand Limited</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">New Zealand</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">&nbsp;&nbsp;MWH NZ International Limited</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">New Zealand</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">&nbsp;&nbsp;MWH Pakistan (Private) Limited</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Pakistan</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">&nbsp;&nbsp;MWH Panama S.A.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Panama</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">&nbsp;&nbsp;MWH Peru, S.A.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Peru</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">&nbsp;&nbsp;MWH Rateware, Inc.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Delaware, United States</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">&nbsp;&nbsp;MWH Recovery Limited</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">New Zealand</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">&nbsp;&nbsp;MWH ResourceNet (India) Private Limited</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">India</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">&nbsp;&nbsp;MWH Societ&agrave; Per Azioni</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Italy</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">&nbsp;&nbsp;MWH Soci&eacute;t&eacute; Anonyme</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Belgium</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">&nbsp;&nbsp;MWH Treatment Limited</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">United Kingdom</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><FONT STYLE="white-space:nowrap">&nbsp;&nbsp;MWH-TRSE*</FONT></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Unincorporated</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">&nbsp;&nbsp;MWH UK Limited</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">United Kingdom</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">&nbsp;&nbsp;MWH Venezuela C.A.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Venezuela</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">&nbsp;&nbsp;MWH Venezuela (SA) LLC</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Delaware, United States</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><FONT STYLE="white-space:nowrap">&nbsp;&nbsp;MWH-WRE*</FONT></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Unincorporated</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">&nbsp;&nbsp;R.G. Consulting Group Limited</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">New Zealand</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">&nbsp;&nbsp;RDC of Nepal</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Cayman Islands</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">&nbsp;&nbsp;Saenz+Bury Engineering, LLC</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Texas, United States</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">&nbsp;&nbsp;Servicios de Infraestructura SDI C.A.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Venezuela</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">&nbsp;&nbsp;Slayden Constructors, Inc.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Oregon, United States</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">&nbsp;&nbsp;Stantec Aircraft Holdings Ltd.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Alberta, Canada</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">&nbsp;&nbsp;Stantec Consulting Caribbean Ltd.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Barbados</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">&nbsp;&nbsp;Stantec Consulting Cayman Islands Ltd.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Cayman Islands</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">&nbsp;&nbsp;Stantec Consulting International LLC</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Arizona, United States</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">&nbsp;&nbsp;Stantec Consulting International Ltd.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Canada</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">&nbsp;&nbsp;Stantec Consulting Labrador Ltd.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Newfoundland and Labrador, Canada</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">&nbsp;&nbsp;Stantec Consulting Ltd./Stantec Experts-conseils lt&eacute;e</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Canada</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">&nbsp;&nbsp;Stantec Consulting M&eacute;xico, S. de R.L. de C.V.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Mexico</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">&nbsp;&nbsp;Stantec Consulting Michigan Inc.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Michigan, United States</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">&nbsp;&nbsp;Stantec Consulting Services Inc.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">New York, United States</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">&nbsp;&nbsp;Stantec Delaware II LLC</P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">Delaware, United States</TD></TR>
</TABLE> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:7pt; font-family:Times New Roman"><I><FONT STYLE="white-space:nowrap">&nbsp;&nbsp;*Non-controlling</FONT> interest </I></P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:7pt" ALIGN="center">

<TR>
<TD WIDTH="35%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="32%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="31%"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:7pt">
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:7pt; font-family:Times New Roman">Notes to the Consolidated Financial Statements</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:7pt; font-family:Times New Roman">December 31, 2016</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">F-56</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">Stantec Inc.</TD></TR></TABLE>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>
<TD WIDTH="51%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD WIDTH="47%"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:9pt">
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><B>&nbsp;&nbsp;Name</B></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><B>Jurisdiction of Incorporation</B></TD></TR>


<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">&nbsp;&nbsp;Stantec Delaware III LLC</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Delaware, United States</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">&nbsp;&nbsp;Stantec Delaware IV LLC</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Delaware, United States</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">&nbsp;&nbsp;Stantec Energy&nbsp;&amp; Resources Inc.</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Delaware, United States</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">&nbsp;&nbsp;Stantec Holdings II Ltd.</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Alberta, Canada</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">&nbsp;&nbsp;Stantec Limited</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">England and Wales</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">&nbsp;&nbsp;Stantec Newfoundland&nbsp;&amp; Labrador Ltd.</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Newfoundland and Labrador, Canada</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">&nbsp;&nbsp;Stantec Technology International Inc.</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Delaware, United States</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">&nbsp;&nbsp;Stassinu Stantec Limited Partnership*</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Newfoundland and Labrador, Canada</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">&nbsp;&nbsp;Thomas Hawksley Consulting Limited</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">United Kingdom</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">&nbsp;&nbsp;UEI Associates, Inc.</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Texas, United States</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">&nbsp;&nbsp;UEI Global I, Inc.</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Texas, United States</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;Universal Energy do Brasil Ltda.</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000">Brazil</TD></TR>
</TABLE> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:7pt; font-family:Times New Roman">&nbsp;&nbsp;&nbsp;<I><FONT STYLE="white-space:nowrap">*Non-controlling</FONT> interest</I> </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">There are no significant restrictions on the Company&#146;s ability to access or use assets or to settle liabilities of its subsidiaries. The financial
statements of all subsidiaries are prepared as at the same reporting date as the Company&#146;s. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:9pt; font-family:ARIAL"><B>Structured entities </B></P>
<P STYLE="margin-top:2pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">At December&nbsp;31, 2016, the Company has management agreements in place with several entities to provide various services, including architecture,
engineering, planning, and project management. These entities have been designed so that voting rights are not the dominant factor in deciding who controls the entity. Each entity has a management agreement in place that provides the Company with
control over the relevant activities of the entity where it has been assessed that the Company is exposed to variable returns of the entity and can use its power to influence the variable returns. The Company receives a management fee generally
equal to the net income of the entities and has an obligation regarding the liabilities and losses of the entities. Based on these facts and circumstances, management determined that the Company controls these entities, and they are consolidated in
the Company&#146;s consolidated financial statements. The Company does not have any unconsolidated structured entities. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The following is a list of
structured entities that are consolidated in the Company&#146;s financial statements. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>
<TD WIDTH="51%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD WIDTH="47%"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:9pt">
<TD VALIGN="bottom" COLSPAN="3" NOWRAP> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-bottom:1.00px solid #000000; width:424.75pt; font-size:9pt; font-family:Times New Roman"><B>&nbsp;&nbsp;Name
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Jurisdiction of
Incorporation&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B></P></TD></TR>


<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">&nbsp;&nbsp;Architecture Stantec Qu&eacute;bec Lt&eacute;e</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Qu&eacute;bec, Canada</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">&nbsp;&nbsp;MWH Consultancy (Malaysia) Sdn Bhd</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Malaysia</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">&nbsp;&nbsp;SHW Group LLC</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Michigan, United States</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">&nbsp;&nbsp;Stantec Architecture and Engineering LLC</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Pennsylvania, United States</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">&nbsp;&nbsp;Stantec Architecture and Engineering P.C.</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Massachusetts, United States</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">&nbsp;&nbsp;Stantec Architecture Inc.</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">North Carolina, United States</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">&nbsp;&nbsp;Stantec Architecture Ltd.</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Canada</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">&nbsp;&nbsp;Stantec Connecticut Inc.</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Connecticut, United States</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">&nbsp;&nbsp;Stantec Engineering (Puerto Rico) P.S.C.</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Puerto Rico</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">&nbsp;&nbsp;Stantec Geomatics Ltd.</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Alberta, Canada</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">&nbsp;&nbsp;Stantec International Inc.</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Pennsylvania, United States</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">&nbsp;&nbsp;Stantec Planning and Landscape Architecture P.C.</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Maine, United States</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3">&nbsp;&nbsp;<U>Stantec Planning and Landscape Architecture
P.C.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New York, United
States&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></TD></TR>
</TABLE> <P STYLE="margin-top:10pt; margin-bottom:0pt; font-size:9pt; font-family:ARIAL"><B>Joint ventures and associates </B></P> <P STYLE="margin-top:2pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The
Company enters into transactions through its investments in joint ventures and associates. These transactions involve providing or receiving services and these transactions were entered into in the normal course of business and on an <FONT
STYLE="white-space:nowrap">arm&#146;s-length</FONT> basis. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:7pt" ALIGN="center">

<TR>
<TD WIDTH="35%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="32%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="31%"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:7pt">
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:7pt; font-family:Times New Roman">Notes to the Consolidated Financial Statements</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:7pt; font-family:Times New Roman">December 31, 2016</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">F-57</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">Stantec Inc.</TD></TR></TABLE>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The following table provides the total dollar amount for transactions that have been entered into with related
parties for the year ended December&nbsp;31, 2016: </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>
<TD WIDTH="65%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="12%"></TD>
<TD VALIGN="bottom" WIDTH="4%"></TD>
<TD WIDTH="7%"></TD>
<TD VALIGN="bottom" WIDTH="4%"></TD>
<TD WIDTH="7%"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000" BGCOLOR="#e5e4e1"><FONT STYLE="font-size:7pt"><I>(In thousands of Canadian dollars)</I></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #000000" BGCOLOR="#e5e4e1"><B>Sales&nbsp;to<BR>Related&nbsp;Parties<BR>$</B></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #000000" BGCOLOR="#e5e4e1"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>Distributions<BR>Paid</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>$</B></P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000" BGCOLOR="#e5e4e1"> <P STYLE="font-size:4pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>Amounts<BR>Owed&nbsp;by<BR>Related<BR>Parties</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>$</B></P></TD></TR>


<TR STYLE="font-size:1pt">
<TD HEIGHT="8" BGCOLOR="#e5e4e1"></TD>
<TD HEIGHT="8" COLSPAN="2" BGCOLOR="#e5e4e1"></TD>
<TD HEIGHT="8" COLSPAN="2" BGCOLOR="#e5e4e1"></TD>
<TD HEIGHT="8" COLSPAN="2" BGCOLOR="#e5e4e1"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom" BGCOLOR="#e5e4e1"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Joint ventures</P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right" BGCOLOR="#e5e4e1"><B>41,506&nbsp;</B></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right" BGCOLOR="#e5e4e1"><B>348&nbsp;</B></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right" BGCOLOR="#e5e4e1"><B>28,088&nbsp;</B></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000" BGCOLOR="#e5e4e1"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Associates</P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #000000" BGCOLOR="#e5e4e1"><B>11,875&nbsp;</B></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #000000" BGCOLOR="#e5e4e1"><B>451&nbsp;</B></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #000000" BGCOLOR="#e5e4e1"><B>2,443&nbsp;</B></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="13" COLSPAN="7"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="7">The following table provides the total dollar amount for transactions that have been entered into with related parties for the year ended December&nbsp;31, 2015:</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"><FONT STYLE="font-size:7pt"><I>(In thousands of Canadian dollars)</I></FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>Sales&nbsp;to<BR>Related</B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>Parties</B></P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>$</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>Distributions<BR>Paid</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>$</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>Amounts<BR>Owed&nbsp;by<BR>Related<BR>Parties</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>$</B></P></TD></TR>
<TR STYLE="font-size:1px; ">
<TD COLSPAN="7" VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Joint ventures</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">14,753&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">2,225&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">5,352&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Associates</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">20,735&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">706&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">3,985&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD COLSPAN="7" VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16" COLSPAN="7"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="7"><FONT STYLE="font-family:ARIAL; font-size:9pt"><B>Compensation of key management personnel and directors of the Company</B></FONT></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="3" ALIGN="center" STYLE="BORDER-BOTTOM:1px solid #000000">
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For&nbsp;the&nbsp;year&nbsp;ended&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">December&nbsp;31</P></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="2"></TD>
<TD HEIGHT="5" COLSPAN="2" BGCOLOR="#e5e4e1"></TD>
<TD HEIGHT="5" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right" BGCOLOR="#e5e4e1"><B>2016</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">2015</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:7pt; font-family:Times New Roman"><I>(In thousands of Canadian dollars)</I></P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #000000">Note</TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #000000" BGCOLOR="#e5e4e1"><B>$</B></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #000000">$</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2" BGCOLOR="#e5e4e1"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:ARIAL; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Salaries and other short-term employment benefits</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right" BGCOLOR="#e5e4e1"><FONT STYLE="font-family:Times New Roman; "><B>12,333&nbsp;</B></FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman; ">10,062&nbsp;</FONT></TD></TR>
<TR STYLE="font-family:ARIAL; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Directors&#146; fees</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right" BGCOLOR="#e5e4e1"><FONT STYLE="font-family:Times New Roman; "><B>906&nbsp;</B></FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman; ">240&nbsp;</FONT></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Share-based compensation</P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #000000">24</TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #000000" BGCOLOR="#e5e4e1"><B>3,243&nbsp;</B></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #000000">5,825&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2" BGCOLOR="#e5e4e1"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1.50pt solid #000000"><B>Total compensation</B></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.50pt solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.50pt solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1" STYLE="BORDER-BOTTOM:1.50pt solid #000000">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right" STYLE="BORDER-BOTTOM:1.50pt solid #000000" BGCOLOR="#e5e4e1"><B>16,482&nbsp;</B></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.50pt solid #000000">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right" STYLE="BORDER-BOTTOM:1.50pt solid #000000">16,127&nbsp;</TD></TR>
</TABLE> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The Company&#146;s key management personnel include its CEO, chief operating officer, chief business officer, chief financial
officer, and executive vice presidents. The amounts disclosed in the table are the amounts recognized as an expense related to key management personnel and directors during the reporting year. Share-based compensation includes the fair value
adjustment for the year. </P> <P STYLE="margin-top:10pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL"><B>35. SEGMENTED INFORMATION </B></P> <P STYLE="margin-top:2pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The
Company provides comprehensive professional services in the area of infrastructure and facilities throughout North America and globally. It considers the basis on which it is organized, including geographic areas and service offerings, to identify
its reportable segments. Operating segments of the Company are defined as components of the Company for which separate financial information is available and are evaluated regularly by the chief operating decision maker when allocating resources and
assessing performance. The chief operating decision maker is the CEO of the Company, and the Company&#146;s operating segments are based on its two primary service offerings and regional geographic areas. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">In 2015 and the first quarter of 2016, the Company had three operating segments: Canada, the United States, and International. These operating segments were
aggregated into one reportable segment: Consulting Services. Effective the second quarter of 2016, in connection with the MWH acquisition, the Company has four reportable segments: Construction Services and Consulting Services by
geography<I>&#151;</I>Canada, the United States, and Global. No operating </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:7pt" ALIGN="center">

<TR>
<TD WIDTH="35%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="32%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="31%"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:7pt">
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:7pt; font-family:Times New Roman">Notes to the Consolidated Financial Statements</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:7pt; font-family:Times New Roman">December 31, 2016</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">F-58</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">Stantec Inc.</TD></TR></TABLE>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">
segments are aggregated to form the reportable segments. Comparative information was restated to conform to this presentation. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The three Consulting Services reportable segments provide professional consulting in engineering, architecture, interior design, landscape architecture,
surveying, environmental sciences, project management, and project economics services in the area of infrastructure and facilities. The Construction Services reportable segment provides construction management
<FONT STYLE="white-space:nowrap">at-risk</FONT> services primarily on water-related projects. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Segment performance is evaluated by the CEO based on gross
margin and is measured consistently with gross margin in the consolidated financial statements. Transfer prices between reportable segments are on an <FONT STYLE="white-space:nowrap">arm&#146;s-length</FONT> basis in a manner similar to transactions
with third parties. Inter-segment revenues are eliminated on consolidation and reflected in the &#147;adjustments and eliminations&#148; column. </P> <P STYLE="margin-top:16pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL"><B>Reportable
segments </B></P> <P STYLE="font-size:1pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>
<TD WIDTH="37%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD WIDTH="8%"></TD></TR>


<TR STYLE="font-family:Times New Roman; font-size:9pt">
<TD VALIGN="top" BGCOLOR="#e5e4e1"></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1"> <P STYLE="font-size:4pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-bottom:1pt; margin-top:0pt; font-size:9pt; font-family:Times New Roman">&nbsp;</P></TD>
<TD VALIGN="bottom" COLSPAN="24" BGCOLOR="#e5e4e1"> <P STYLE="font-size:4pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-bottom:1pt; margin-top:0pt; font-size:9pt; font-family:Times New Roman" ALIGN="center">For the year ended
December&nbsp;31, 2016</P></TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom" BGCOLOR="#e5e4e1"></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD COLSPAN="24" VALIGN="bottom" BGCOLOR="#e5e4e1"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="5" BGCOLOR="#e5e4e1"></TD>
<TD HEIGHT="5" COLSPAN="12" BGCOLOR="#e5e4e1"></TD>
<TD HEIGHT="5" COLSPAN="4" BGCOLOR="#e5e4e1"></TD>
<TD HEIGHT="5" COLSPAN="4" BGCOLOR="#e5e4e1"></TD>
<TD HEIGHT="5" COLSPAN="4" BGCOLOR="#e5e4e1"></TD>
<TD HEIGHT="5" COLSPAN="2" BGCOLOR="#e5e4e1"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:9pt">
<TD VALIGN="top" BGCOLOR="#e5e4e1"></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1.00px solid #000000" BGCOLOR="#e5e4e1">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="9" ALIGN="center" STYLE="border-bottom:1.00px solid #000000" BGCOLOR="#e5e4e1">Consulting Services</TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1"></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1"></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1"></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1"></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1"></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1"></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1">&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1" ALIGN="right">Adjustments</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#e5e4e1">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:9pt">
<TD VALIGN="bottom" BGCOLOR="#e5e4e1"><FONT STYLE="font-size:7pt"><B>&nbsp;</B><I>(In thousands of Canadian dollars) </I><B></B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" BGCOLOR="#e5e4e1"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman" ALIGN="right">Canada</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:9pt; font-family:Times New Roman" ALIGN="right">$</P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1">&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" BGCOLOR="#e5e4e1">United&nbsp;States<BR>$</TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1">&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" BGCOLOR="#e5e4e1"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman" ALIGN="right">Global</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:9pt; font-family:Times New Roman" ALIGN="right">$</P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1">&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" BGCOLOR="#e5e4e1"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman" ALIGN="right">Construction<BR>Services</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:9pt; font-family:Times New Roman" ALIGN="right">$</P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1">&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" BGCOLOR="#e5e4e1"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman" ALIGN="right">Total<BR>Segments</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:9pt; font-family:Times New Roman" ALIGN="right">$</P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1">&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" BGCOLOR="#e5e4e1">and<BR>Eliminations<BR>$</TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1">&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right" BGCOLOR="#e5e4e1">Consolidated<BR>$</TD></TR>
<TR BGCOLOR="#e5e4e1" STYLE="font-size:1px; ">
<TD COLSPAN="27" VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="6" BGCOLOR="#e5e4e1"></TD>
<TD HEIGHT="6" COLSPAN="4" BGCOLOR="#e5e4e1"></TD>
<TD HEIGHT="6" COLSPAN="4" BGCOLOR="#e5e4e1"></TD>
<TD HEIGHT="6" COLSPAN="4" BGCOLOR="#e5e4e1"></TD>
<TD HEIGHT="6" COLSPAN="4" BGCOLOR="#e5e4e1"></TD>
<TD HEIGHT="6" COLSPAN="4" BGCOLOR="#e5e4e1"></TD>
<TD HEIGHT="6" COLSPAN="4" BGCOLOR="#e5e4e1"></TD>
<TD HEIGHT="6" COLSPAN="2" BGCOLOR="#e5e4e1"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" BGCOLOR="#e5e4e1"><B>Total gross revenue</B></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1" ALIGN="right"><B>1,200,318&nbsp;</B></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#e5e4e1"><B>&nbsp;&nbsp;</B></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1" ALIGN="right"><B>2,085,942&nbsp;</B></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#e5e4e1"><B>&nbsp;&nbsp;</B></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1" ALIGN="right"><B>488,322&nbsp;</B></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#e5e4e1"><B>&nbsp;&nbsp;</B></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1" ALIGN="right"><B>656,864&nbsp;</B></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#e5e4e1"><B>&nbsp;&nbsp;</B></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1" ALIGN="right"><B>4,431,446&nbsp;</B></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#e5e4e1"><B>&nbsp;&nbsp;</B></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1" ALIGN="right"><B>(131,316)</B></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#e5e4e1"><B>&nbsp;&nbsp;</B></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right" BGCOLOR="#e5e4e1"><B>4,300,130&nbsp;</B></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" BGCOLOR="#e5e4e1"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Less inter-segment revenue</P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1" ALIGN="right"><B>31,457&nbsp;</B></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#e5e4e1"><B>&nbsp;&nbsp;</B></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1" ALIGN="right"><B>15,537&nbsp;</B></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#e5e4e1"><B>&nbsp;&nbsp;</B></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1" ALIGN="right"><B>72,651&nbsp;</B></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#e5e4e1"><B>&nbsp;&nbsp;</B></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1" ALIGN="right"><B>11,671&nbsp;</B></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#e5e4e1"><B>&nbsp;&nbsp;</B></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1" ALIGN="right"><B>131,316&nbsp;</B></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#e5e4e1"><B>&nbsp;&nbsp;</B></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1" ALIGN="right"><B>(131,316)</B></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#e5e4e1"><B>&nbsp;&nbsp;</B></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right" BGCOLOR="#e5e4e1"><B>-&nbsp;</B></TD></TR>
<TR STYLE="font-size:1px; ">
<TD COLSPAN="27" VALIGN="bottom" BGCOLOR="#e5e4e1"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="6" BGCOLOR="#e5e4e1"></TD>
<TD HEIGHT="6" COLSPAN="4" BGCOLOR="#e5e4e1"></TD>
<TD HEIGHT="6" COLSPAN="4" BGCOLOR="#e5e4e1"></TD>
<TD HEIGHT="6" COLSPAN="4" BGCOLOR="#e5e4e1"></TD>
<TD HEIGHT="6" COLSPAN="4" BGCOLOR="#e5e4e1"></TD>
<TD HEIGHT="6" COLSPAN="4" BGCOLOR="#e5e4e1"></TD>
<TD HEIGHT="6" COLSPAN="4" BGCOLOR="#e5e4e1"></TD>
<TD HEIGHT="6" COLSPAN="2" BGCOLOR="#e5e4e1"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" BGCOLOR="#e5e4e1"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Gross revenue from external customers</B></P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1" ALIGN="right"><B>1,168,861&nbsp;</B></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#e5e4e1"><B>&nbsp;&nbsp;</B></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1" ALIGN="right"><B>2,070,405&nbsp;</B></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#e5e4e1"><B>&nbsp;&nbsp;</B></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1" ALIGN="right"><B>415,671&nbsp;</B></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#e5e4e1"><B>&nbsp;&nbsp;</B></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1" ALIGN="right"><B>645,193&nbsp;</B></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#e5e4e1"><B>&nbsp;&nbsp;</B></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1" ALIGN="right"><B>4,300,130&nbsp;</B></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#e5e4e1"><B>&nbsp;&nbsp;</B></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#e5e4e1"><B>&nbsp;</B></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#e5e4e1" ALIGN="right"><B>-&nbsp;</B></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#e5e4e1"><B>&nbsp;&nbsp;</B></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right" BGCOLOR="#e5e4e1"><B>4,300,130&nbsp;</B></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" BGCOLOR="#e5e4e1"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Less subconsultants and other direct expenses</P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1" ALIGN="right"><B>148,271&nbsp;</B></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#e5e4e1"><B>&nbsp;&nbsp;</B></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1" ALIGN="right"><B>471,799&nbsp;</B></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#e5e4e1"><B>&nbsp;&nbsp;</B></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1" ALIGN="right"><B>108,245&nbsp;</B></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#e5e4e1"><B>&nbsp;&nbsp;</B></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1" ALIGN="right"><B>473,456&nbsp;</B></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#e5e4e1"><B>&nbsp;&nbsp;</B></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1" ALIGN="right"><B>1,201,771&nbsp;</B></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#e5e4e1"><B>&nbsp;&nbsp;</B></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#e5e4e1"><B>&nbsp;</B></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#e5e4e1" ALIGN="right"><B>-&nbsp;</B></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#e5e4e1"><B>&nbsp;&nbsp;</B></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right" BGCOLOR="#e5e4e1"><B>1,201,771&nbsp;</B></TD></TR>
<TR STYLE="font-size:1px; ">
<TD COLSPAN="27" VALIGN="bottom" BGCOLOR="#e5e4e1"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" BGCOLOR="#e5e4e1"><B>Total net revenue</B></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1" ALIGN="right"><B>1,020,590&nbsp;</B></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#e5e4e1"><B>&nbsp;&nbsp;</B></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1" ALIGN="right"><B>1,598,606&nbsp;</B></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#e5e4e1"><B>&nbsp;&nbsp;</B></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1" ALIGN="right"><B>307,426&nbsp;</B></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#e5e4e1"><B>&nbsp;&nbsp;</B></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1" ALIGN="right"><B>171,737&nbsp;</B></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#e5e4e1"><B>&nbsp;&nbsp;</B></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1" ALIGN="right"><B>3,098,359&nbsp;</B></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#e5e4e1"><B>&nbsp;&nbsp;</B></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#e5e4e1"><B>&nbsp;</B></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#e5e4e1" ALIGN="right"><B>-&nbsp;</B></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#e5e4e1"><B>&nbsp;&nbsp;</B></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right" BGCOLOR="#e5e4e1"><B>3,098,359&nbsp;</B></TD></TR>
<TR STYLE="font-size:1px; ">
<TD COLSPAN="27" VALIGN="bottom" BGCOLOR="#e5e4e1"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.50pt solid #000000">&nbsp;</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="6" BGCOLOR="#e5e4e1"></TD>
<TD HEIGHT="6" COLSPAN="4" BGCOLOR="#e5e4e1"></TD>
<TD HEIGHT="6" COLSPAN="4" BGCOLOR="#e5e4e1"></TD>
<TD HEIGHT="6" COLSPAN="4" BGCOLOR="#e5e4e1"></TD>
<TD HEIGHT="6" COLSPAN="4" BGCOLOR="#e5e4e1"></TD>
<TD HEIGHT="6" COLSPAN="4" BGCOLOR="#e5e4e1"></TD>
<TD HEIGHT="6" COLSPAN="4" BGCOLOR="#e5e4e1"></TD>
<TD HEIGHT="6" COLSPAN="2" BGCOLOR="#e5e4e1"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" BGCOLOR="#e5e4e1"><B>Gross margin</B></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1" ALIGN="right"><B>549,683&nbsp;</B></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#e5e4e1"><B>&nbsp;&nbsp;</B></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1" ALIGN="right"><B>884,558&nbsp;</B></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#e5e4e1"><B>&nbsp;&nbsp;</B></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1" ALIGN="right"><B>178,541&nbsp;</B></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#e5e4e1"><B>&nbsp;&nbsp;</B></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1" ALIGN="right"><B>63,519&nbsp;</B></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#e5e4e1"><B>&nbsp;&nbsp;</B></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1" ALIGN="right"><B>1,676,301&nbsp;</B></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#e5e4e1"><B>&nbsp;&nbsp;</B></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#e5e4e1"><B>&nbsp;</B></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#e5e4e1" ALIGN="right"><B>-&nbsp;</B></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#e5e4e1"><B>&nbsp;&nbsp;</B></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right" BGCOLOR="#e5e4e1"><B>1,676,301&nbsp;</B></TD></TR>
<TR STYLE="font-size:1px; ">
<TD COLSPAN="27" VALIGN="bottom" BGCOLOR="#e5e4e1"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.50pt solid #000000">&nbsp;</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="13"></TD>
<TD HEIGHT="13" COLSPAN="26"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:9pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1.00px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="24" ALIGN="center" STYLE="border-bottom:1.00px solid #000000">For the year ended December&nbsp;31, 2015</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="12"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:9pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1.00px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="9" ALIGN="center" STYLE="border-bottom:1.00px solid #000000">Consulting Services</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">Adjustments</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:9pt">
<TD VALIGN="bottom"><FONT STYLE="font-size:7pt"><I>(In thousands of Canadian dollars) </I></FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman" ALIGN="right">Canada</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:9pt; font-family:Times New Roman" ALIGN="right">$</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right">United States<BR>$</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman" ALIGN="right">Global</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:9pt; font-family:Times New Roman" ALIGN="right">$</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman" ALIGN="right">Construction<BR>Services</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:9pt; font-family:Times New Roman" ALIGN="right">$</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman" ALIGN="right">Total<BR>Segments</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:9pt; font-family:Times New Roman" ALIGN="right">$</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right">and<BR>Eliminations<BR>$</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">Consolidated<BR>$</TD></TR>
<TR STYLE="font-size:1px; ">
<TD COLSPAN="27" VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="6"></TD>
<TD HEIGHT="6" COLSPAN="4"></TD>
<TD HEIGHT="6" COLSPAN="4"></TD>
<TD HEIGHT="6" COLSPAN="4"></TD>
<TD HEIGHT="6" COLSPAN="4"></TD>
<TD HEIGHT="6" COLSPAN="4"></TD>
<TD HEIGHT="6" COLSPAN="4"></TD>
<TD HEIGHT="6" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"><B>Total gross revenue</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1,343,066&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1,477,383&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">126,352&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">-&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">2,946,801&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(69,556)</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">2,877,245&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Less inter-segment revenue</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">26,044&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">16,408&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">27,104&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">-&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">69,556&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(69,556)</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">-&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD COLSPAN="27" VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="6"></TD>
<TD HEIGHT="6" COLSPAN="4"></TD>
<TD HEIGHT="6" COLSPAN="4"></TD>
<TD HEIGHT="6" COLSPAN="4"></TD>
<TD HEIGHT="6" COLSPAN="4"></TD>
<TD HEIGHT="6" COLSPAN="4"></TD>
<TD HEIGHT="6" COLSPAN="4"></TD>
<TD HEIGHT="6" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Gross revenue from external customers</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1,317,022&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1,460,975&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">99,248&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">-&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">2,877,245&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">-&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">2,877,245&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Less subconsultants and other direct expenses</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">154,905&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">326,215&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">22,442&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">-&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">503,562&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">-&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">503,562&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD COLSPAN="27" VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"><B>Total net revenue</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1,162,117&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1,134,760&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">76,806&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">-&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">2,373,683&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">-&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">2,373,683&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD COLSPAN="27" VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.50pt solid #000000">&nbsp;</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="6"></TD>
<TD HEIGHT="6" COLSPAN="4"></TD>
<TD HEIGHT="6" COLSPAN="4"></TD>
<TD HEIGHT="6" COLSPAN="4"></TD>
<TD HEIGHT="6" COLSPAN="4"></TD>
<TD HEIGHT="6" COLSPAN="4"></TD>
<TD HEIGHT="6" COLSPAN="4"></TD>
<TD HEIGHT="6" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"><B>Gross margin</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">639,155&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">612,424&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">41,016&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">-&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1,292,595&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">-&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1,292,595&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD COLSPAN="27" VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.50pt solid #000000">&nbsp;</P></TD></TR>
</TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:7pt" ALIGN="center">

<TR>
<TD WIDTH="35%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="32%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="31%"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:7pt">
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:7pt; font-family:Times New Roman">Notes to the Consolidated Financial Statements</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:7pt; font-family:Times New Roman">December 31, 2016</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">F-59</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">Stantec Inc.</TD></TR></TABLE>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:ARIAL"><B>Geographic information: <FONT STYLE="white-space:nowrap">Non-current</FONT> assets </B></P>
<P STYLE="font-size:2pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>
<TD WIDTH="74%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD WIDTH="10%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD WIDTH="12%"></TD></TR>


<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:7pt; font-family:Times New Roman"><B></B><I>(In thousands of Canadian
dollars)</I><B></B></P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000" BGCOLOR="#e5e4e1"> <P STYLE="font-size:4pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>December&nbsp;31&nbsp;</B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>2016&nbsp;</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>$</B>&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right">December&nbsp;31&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right">2015&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="right">$&nbsp;</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="6"></TD>
<TD HEIGHT="6" COLSPAN="2" BGCOLOR="#e5e4e1"></TD>
<TD HEIGHT="6" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Canada</P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right" BGCOLOR="#e5e4e1"><B>471,166&nbsp;</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">476,392&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">United States</P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right" BGCOLOR="#e5e4e1"><B>1,479,834&nbsp;</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">784,993&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Other countries</P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #000000" BGCOLOR="#e5e4e1"><B>540,522&nbsp;</B></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #000000">1,259&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="6"></TD>
<TD HEIGHT="6" COLSPAN="2" BGCOLOR="#e5e4e1"></TD>
<TD HEIGHT="6" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1.50pt solid #000000"><B>Total <FONT STYLE="white-space:nowrap">non-current</FONT> assets</B></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1" STYLE="BORDER-BOTTOM:1.50pt solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right" STYLE="BORDER-BOTTOM:1.50pt solid #000000" BGCOLOR="#e5e4e1"><B>2,491,522&nbsp;</B></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.50pt solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right" STYLE="BORDER-BOTTOM:1.50pt solid #000000"><B></B>1,262,644&nbsp;<B></B></TD></TR>
</TABLE> <P STYLE="margin-top:10pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><FONT STYLE="white-space:nowrap">Non-current</FONT> assets in the table above consist of property and equipment, goodwill, and
intangible assets. Geographic information is attributed to countries based on the location of the assets. </P> <P STYLE="margin-top:14pt; margin-bottom:0pt; font-size:9pt; font-family:ARIAL"><B>Geographic information: Gross revenue </B></P>
<P STYLE="font-size:2pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>
<TD WIDTH="74%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD WIDTH="10%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD WIDTH="12%"></TD></TR>


<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="3" ALIGN="center" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">For the year ended</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">December&nbsp;31</P></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="6"></TD>
<TD HEIGHT="6" COLSPAN="2" BGCOLOR="#e5e4e1"></TD>
<TD HEIGHT="6" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT STYLE="font-size:7pt"><B></B><I>(In thousands of Canadian dollars)</I><B></B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #000000" BGCOLOR="#e5e4e1"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>2016&nbsp;</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>$&nbsp;</B></P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right">2015&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="right">$&nbsp;</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="6"></TD>
<TD HEIGHT="6" COLSPAN="2" BGCOLOR="#e5e4e1"></TD>
<TD HEIGHT="6" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Canada</P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right" BGCOLOR="#e5e4e1"><B>1,168,861&nbsp;</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1,317,022&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">United States</P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right" BGCOLOR="#e5e4e1"><B>2,475,565&nbsp;</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1,460,975&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Other countries</P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #000000" BGCOLOR="#e5e4e1"><B>655,704&nbsp;</B></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #000000">99,248&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="6"></TD>
<TD HEIGHT="6" COLSPAN="2" BGCOLOR="#e5e4e1"></TD>
<TD HEIGHT="6" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1.50pt solid #000000"><B>Total gross revenue from external customers</B></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1" STYLE="BORDER-BOTTOM:1.50pt solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right" STYLE="BORDER-BOTTOM:1.50pt solid #000000" BGCOLOR="#e5e4e1"><B>4,300,130&nbsp;</B></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.50pt solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right" STYLE="BORDER-BOTTOM:1.50pt solid #000000">2,877,245&nbsp;</TD></TR>
</TABLE> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Gross revenue is attributed to countries based on the location of the project. </P>
<P STYLE="margin-top:10pt; margin-bottom:0pt; font-size:9pt; font-family:ARIAL"><B>Gross revenue by services </B></P> <P STYLE="font-size:2pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>
<TD WIDTH="74%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD WIDTH="10%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD WIDTH="12%"></TD></TR>


<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="3" ALIGN="center" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">For the year ended</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">December&nbsp;31</P></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="6"></TD>
<TD HEIGHT="6" COLSPAN="2" BGCOLOR="#e5e4e1"></TD>
<TD HEIGHT="6" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT STYLE="font-size:8pt"><B></B><I>(In thousands of Canadian dollars)</I><B></B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #000000" BGCOLOR="#e5e4e1"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>2016&nbsp;</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>$&nbsp;</B></P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right">2015&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="right">$&nbsp;</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="6"></TD>
<TD HEIGHT="6" COLSPAN="2" BGCOLOR="#e5e4e1"></TD>
<TD HEIGHT="6" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Consulting Services</P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">&nbsp;&nbsp;Buildings</P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right" BGCOLOR="#e5e4e1"><B>816,248&nbsp;</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">763,678&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">&nbsp;&nbsp;Energy&nbsp;&amp; Resources</P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right" BGCOLOR="#e5e4e1"><B>428,620&nbsp;</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">430,335&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">&nbsp;&nbsp;Environmental Services</P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right" BGCOLOR="#e5e4e1"><B>636,511&nbsp;</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">566,473&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">&nbsp;&nbsp;Infrastructure</P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right" BGCOLOR="#e5e4e1"><B>1,773,558&nbsp;</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1,116,759&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Construction Services</P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #000000" BGCOLOR="#e5e4e1"><B>645,193&nbsp;</B></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #000000">-&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="6"></TD>
<TD HEIGHT="6" COLSPAN="2" BGCOLOR="#e5e4e1"></TD>
<TD HEIGHT="6" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1.50pt solid #000000"><B>Total gross revenue from external customers</B></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1" STYLE="BORDER-BOTTOM:1.50pt solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right" STYLE="BORDER-BOTTOM:1.50pt solid #000000" BGCOLOR="#e5e4e1"><B>4,300,130&nbsp;</B></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.50pt solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right" STYLE="BORDER-BOTTOM:1.50pt solid #000000"><B></B>2,877,245&nbsp;<B></B></TD></TR>
</TABLE> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The Company&#146;s organizational structure was realigned from three to four business operating units effective January&nbsp;1,
2016. Effective the second quarter of 2016, in connection with the MWH acquisition, the Company was organized into two primary service offerings&#151;Consulting Services and Construction Services. Consulting Services is divided into four business
operating units. The allocation of gross revenue to services was reclassified for comparative figures due to these changes. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:9pt; font-family:ARIAL"><B>Customers </B></P>
<P STYLE="margin-top:2pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The Company has a large number of clients in various industries and sectors of the economy. Gross revenue is not concentrated in any particular client. </P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="font-size:12pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:7pt" ALIGN="center">

<TR>
<TD WIDTH="35%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="32%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="31%"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:7pt">
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:7pt; font-family:Times New Roman">Notes to the Consolidated Financial Statements</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:7pt; font-family:Times New Roman">December 31, 2016</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">F-60</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">Stantec Inc.</TD></TR></TABLE>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL"><B>36. AMOUNTS DUE FROM CUSTOMERS </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The net amount due from customers, excluding trade receivables, for contracts in progress at each consolidated statement of financial position date is as
follows: </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>
<TD WIDTH="76%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD WIDTH="10%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD WIDTH="10%"></TD></TR>


<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right" BGCOLOR="#e5e4e1"><B>December&nbsp;31&nbsp;</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">December&nbsp;31&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right" BGCOLOR="#e5e4e1"><B>2016&nbsp;</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">2015&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:7pt; font-family:Times New Roman"><I>(In thousands of Canadian dollars)</I></P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #000000" BGCOLOR="#e5e4e1"><B>$&nbsp;</B></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #000000">$&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2" BGCOLOR="#e5e4e1"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Gross amount due from customers (unbilled revenue)</P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right" BGCOLOR="#e5e4e1"><B>421,829&nbsp;</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">228,970&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Gross amount due to customers (billings in excess of
costs)</P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #000000" BGCOLOR="#e5e4e1"><B>(201,766)</B></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #000000">(109,159)</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2" BGCOLOR="#e5e4e1"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1.50pt solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Net amount due from customers</B></P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1" STYLE="BORDER-BOTTOM:1.50pt solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right" STYLE="BORDER-BOTTOM:1.50pt solid #000000" BGCOLOR="#e5e4e1"><B>220,063&nbsp;</B></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.50pt solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right" STYLE="BORDER-BOTTOM:1.50pt solid #000000">119,811&nbsp;</TD></TR>
</TABLE> <P STYLE="margin-top:10pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">At December&nbsp;31, 2016, the current portion of holdbacks held by customers included in trade and other receivables was
$45,049,000 (2015 &#150; $6,908,000). </P> <P STYLE="margin-top:10pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL"><B>37. INVESTMENT TAX CREDITS </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Investment tax credits, arising from qualifying scientific research and experimental development efforts pursuant to existing tax legislation, are recorded as
a reduction of the applicable administrative and marketing expenses when there is reasonable assurance of their ultimate realization. In 2016, investment tax credits of $5,914,000 (2015 &#150; $3,938,000) were recorded and reduced administrative and
marketing expenses. </P> <P STYLE="margin-top:10pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL"><B>38. EVENTS AFTER THE REPORTING PERIOD </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">On
February&nbsp;22, 2017, the Company declared a dividend of $0.125 per share, payable on April&nbsp;13, 2017, to shareholders of record on March&nbsp;31, 2017. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:7pt" ALIGN="center">

<TR>
<TD WIDTH="35%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="32%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="31%"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:7pt">
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:7pt; font-family:Times New Roman">Notes to the Consolidated Financial Statements</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:7pt; font-family:Times New Roman">December 31, 2016</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">F-61</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">Stantec Inc.</TD></TR></TABLE>

</BODY></HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.4
<SEQUENCE>5
<FILENAME>d350409dex994.htm
<DESCRIPTION>EX-99.4
<TEXT>
<HTML><HEAD>
<TITLE>EX-99.4</TITLE>
</HEAD>
 <BODY BGCOLOR="WHITE">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="right"><B>Exhibit 99.4 </B></P>
<P STYLE="margin-top:10pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="justify"><B>CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM </B></P>
<P STYLE="margin-top:10pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="justify">We consent to the incorporation by reference in the following Registration Statements: </P>
<P STYLE="font-size:10pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:10pt" ALIGN="center">


<TR>
<TD WIDTH="3%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="3%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="92%"></TD></TR>


<TR STYLE="font-family:ARIAL; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:10pt">1)&nbsp;&nbsp;</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:10pt">Registration Statement (Form <FONT STYLE="white-space:nowrap">S-8</FONT> <FONT STYLE="white-space:nowrap">No.&nbsp;333-143082)</FONT>
pertaining to the Employee Share Option Plan of Stantec Inc., and</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="13"></TD>
<TD HEIGHT="13" COLSPAN="2"></TD>
<TD HEIGHT="13" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:ARIAL; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:10pt">2)</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:10pt">Registration Statement (Form <FONT STYLE="white-space:nowrap">S-8</FONT> <FONT STYLE="white-space:nowrap">No.&nbsp;333-143084)</FONT>
pertaining to the Employee Share Option Plan of Stantec Inc.</P></TD></TR>
</TABLE> <P STYLE="margin-top:10pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="justify">of our reports dated February&nbsp;22, 2017, with respect to the consolidated financial statements of Stantec Inc. and
the effectiveness of internal control over financial reporting of Stantec Inc., included in this Annual Report (Form <FONT STYLE="white-space:nowrap">40-F)</FONT> of Stantec Inc. for the year ended December&nbsp;31, 2016. </P>
<P STYLE="margin-top:10pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="justify">We also consent to the use of our reports dated February&nbsp;22, 2017, with respect to the consolidated financial statements of Stantec Inc. and the
effectiveness of internal control over financial reporting of Stantec Inc., included in the Annual Report (Form <FONT STYLE="white-space:nowrap">40-F)</FONT> for the year ended December&nbsp;31, 2016, filed with the Securities and Exchange
Commission. </P> <P STYLE="font-size:24pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:10pt" ALIGN="center">


<TR>
<TD WIDTH="51%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD WIDTH="47%"></TD></TR>


<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:10pt">Edmonton, Canada</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD></TR>
<TR STYLE="font-family:ARIAL; font-size:10pt">
<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:10pt">February&nbsp;22, 2017</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">Chartered Professional Accountants</TD></TR>
</TABLE>
</BODY></HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.5
<SEQUENCE>6
<FILENAME>d350409dex995.htm
<DESCRIPTION>EX-99.5
<TEXT>
<HTML><HEAD>
<TITLE>EX-99.5</TITLE>
</HEAD>
 <BODY BGCOLOR="WHITE">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:11pt; font-family:ARIAL" ALIGN="right"><B>Exhibit 99.5 </B></P>
<P STYLE="margin-top:10pt; margin-bottom:0pt; font-size:11pt; font-family:ARIAL" ALIGN="center"><B>CERTIFICATION </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:11pt; font-family:ARIAL" ALIGN="center"><B>REQUIRED BY RULE <FONT
STYLE="white-space:nowrap">13a-14(a)</FONT> </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:11pt; font-family:ARIAL" ALIGN="center"><B>OR RULE <FONT STYLE="white-space:nowrap">15d-14(a),</FONT> PURSUANT TO SECTION 302 </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:11pt; font-family:ARIAL" ALIGN="center"><B>OF THE SARBANES-OXLEY ACT OF 2002 </B></P> <P STYLE="margin-top:10pt; margin-bottom:0pt; font-size:11pt; font-family:ARIAL" ALIGN="justify">I,
<B>ROBERT J. GOMES</B>, certify that: </P> <P STYLE="font-size:10pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">1.</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:10pt">I have reviewed this annual report on Form 40-F of Stantec Inc.; </P></TD></TR></TABLE>
<P STYLE="font-size:10pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:11pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">2.</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:11pt">Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material
fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; </P></TD></TR></TABLE>
<P STYLE="font-size:10pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:11pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">3.</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:11pt">Based on my knowledge, the financial statements, and other financial information included in this report, fairly present
in all material respects the financial condition, results of operations and cash flows of the issuer as of, and for, the periods presented in this report; </P></TD></TR></TABLE> <P STYLE="font-size:10pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:11pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">4.</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:11pt">The issuer&#146;s other certifying officer and I are responsible for establishing and maintaining disclosure controls
and procedures (as defined in Exchange Act Rules <FONT STYLE="white-space:nowrap">13a-15(e)</FONT> and <FONT STYLE="white-space:nowrap">15d-15(e))</FONT> and internal control over financial reporting (as defined in Exchange Act Rules <FONT
STYLE="white-space:nowrap">13a-15(f)</FONT> and <FONT STYLE="white-space:nowrap">15d-15(f))</FONT> for the issuer and have: </P></TD></TR></TABLE> <P STYLE="font-size:10pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:11pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(a)</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:11pt">Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under
our supervision, to ensure that material information relating to the issuer, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
</P></TD></TR></TABLE> <P STYLE="font-size:10pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:11pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(b)</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:11pt">Designed such internal control over financial reporting, or caused such internal control over financial reporting to be
designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
</P></TD></TR></TABLE> <P STYLE="font-size:10pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:11pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(c)</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:11pt">Evaluated the effectiveness of the issuer&#146;s disclosure controls and procedures and presented in this report our
conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and </P></TD></TR></TABLE>
<P STYLE="font-size:10pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:11pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(d)</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:11pt">Disclosed in this report any change in the issuer&#146;s internal control over financial reporting that occurred during
the period covered by the annual report that has materially affected, or is reasonably </P></TD></TR></TABLE>

<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center">2 </P>
<P STYLE="font-size:14pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>

<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="8%">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:10pt">likely to materially affect, the issuer&#146;s internal control over financial reporting; and </P></TD></TR></TABLE>
<P STYLE="font-size:10pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">5.</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:10pt">The issuer&#146;s other certifying officer and I have disclosed, based on our most recent evaluation of internal control
over financial reporting, to the issuer&#146;s auditors and the audit committee of the issuer&#146;s board of directors (or persons performing the equivalent functions): </P></TD></TR></TABLE>
<P STYLE="font-size:10pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(a)</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:10pt">All significant deficiencies and material weaknesses in the design or operation of internal control over financial
reporting which are reasonably likely to adversely affect the issuer&#146;s ability to record, process, summarize and report financial information; and </P></TD></TR></TABLE> <P STYLE="font-size:10pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(b)</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:10pt">Any fraud, whether or not material, that involves management or other employees who have a significant role in the
issuer&#146;s internal control over financial reporting. </P></TD></TR></TABLE> <P STYLE="margin-top:10pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL">Date: February 22, 2017 </P>
<P STYLE="font-size:14pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV ALIGN="right">
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="40%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt">


<TR>
<TD WIDTH="98%"></TD></TR>


<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman" ALIGN="justify">/s/ Robert J. Gomes</P></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">ROBERT J. GOMES, P. ENG</P></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">President&nbsp;&amp; Chief Executive Officer</P></TD></TR>
</TABLE></DIV>
</BODY></HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.6
<SEQUENCE>7
<FILENAME>d350409dex996.htm
<DESCRIPTION>EX-99.6
<TEXT>
<HTML><HEAD>
<TITLE>EX-99.6</TITLE>
</HEAD>
 <BODY BGCOLOR="WHITE">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:11pt; font-family:ARIAL" ALIGN="right"><B>Exhibit 99.6 </B></P>
<P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:11pt; font-family:ARIAL" ALIGN="center"><B>CERTIFICATION PURSUANT TO </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:11pt; font-family:ARIAL" ALIGN="center"><B>18 U.S.C. SECTION
1350, </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:11pt; font-family:ARIAL" ALIGN="center"><B>AS ENACTED PURSUANT TO </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:11pt; font-family:ARIAL" ALIGN="center"><B>SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002 </B></P>
<P STYLE="margin-top:10pt; margin-bottom:0pt; text-indent:4%; font-size:11pt; font-family:ARIAL" ALIGN="justify">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<SUP STYLE="font-size:85%; vertical-align:top">&nbsp;</SUP>Stantec Inc. (the &#147;Company&#148;) is
filing its annual report on Form <FONT STYLE="white-space:nowrap">40-F</FONT> for the fiscal year ended December&nbsp;31, 2016 (the &#147;Report&#148;) with the United States Securities and Exchange Commission. </P>
<P STYLE="margin-top:10pt; margin-bottom:0pt; text-indent:4%; font-size:11pt; font-family:ARIAL" ALIGN="justify">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<SUP STYLE="font-size:85%; vertical-align:top">&nbsp;</SUP>I, Robert J. Gomes, President and Chief
Executive Officer of the Company, certify, pursuant to 18 U.S.C. Section&nbsp;1350, as enacted pursuant to section 906 of the Sarbanes-Oxley Act of 2002, that, to the best of my knowledge: </P>
<P STYLE="font-size:10pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:11pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="7%" VALIGN="top" ALIGN="left">1.</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:11pt">The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and
</P></TD></TR></TABLE> <P STYLE="font-size:10pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:11pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="7%" VALIGN="top" ALIGN="left">2.</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:11pt">The information contained in the Report fairly presents, in all material respects, the financial condition and results
of operations of the Company. </P></TD></TR></TABLE> <P STYLE="font-size:24pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:11pt">


<TR>
<TD WIDTH="4%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD WIDTH="27%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="38%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD WIDTH="23%"></TD></TR>


<TR STYLE="font-family:ARIAL; font-size:11pt">
<TD VALIGN="top">Date:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">February&nbsp;22, 2017</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:11pt; font-family:ARIAL">&nbsp;/s/ Robert J. Gomes</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD></TR>
<TR STYLE="font-family:ARIAL; font-size:11pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">&nbsp;ROBERT J. GOMES, P. ENG</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD></TR>
<TR STYLE="font-family:ARIAL; font-size:11pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">&nbsp;President&nbsp;&amp; Chief Executive Officer</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD></TR>
</TABLE>
</BODY></HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.7
<SEQUENCE>8
<FILENAME>d350409dex997.htm
<DESCRIPTION>EX-99.7
<TEXT>
<HTML><HEAD>
<TITLE>EX-99.7</TITLE>
</HEAD>
 <BODY BGCOLOR="WHITE">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:11pt; font-family:ARIAL" ALIGN="right"><B>Exhibit 99.7 </B></P>
<P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:11pt; font-family:ARIAL" ALIGN="center"><B>CERTIFICATION </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:11pt; font-family:ARIAL" ALIGN="center"><B>REQUIRED BY RULE <FONT
STYLE="white-space:nowrap">13a-14(a)</FONT> </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:11pt; font-family:ARIAL" ALIGN="center"><B>OR RULE <FONT STYLE="white-space:nowrap">15d-14(a),</FONT> PURSUANT TO SECTION 302 </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:11pt; font-family:ARIAL" ALIGN="center"><B>OF THE SARBANES-OXLEY ACT OF 2002 </B></P> <P STYLE="margin-top:10pt; margin-bottom:0pt; font-size:11pt; font-family:ARIAL"><SUP
STYLE="font-size:85%; vertical-align:top">&nbsp;</SUP>I, <B>DANIEL J. LEFAIVRE</B>, certify that: </P> <P STYLE="font-size:10pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:11pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="6%" VALIGN="top" ALIGN="left">1.</TD>
<TD ALIGN="left" VALIGN="top">I have reviewed this annual report on Form <FONT STYLE="white-space:nowrap">40-F</FONT> of Stantec Inc.; </TD></TR></TABLE> <P STYLE="font-size:10pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:11pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="6%" VALIGN="top" ALIGN="left">2.</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:11pt">Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material
fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; </P></TD></TR></TABLE>
<P STYLE="font-size:10pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:11pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="6%" VALIGN="top" ALIGN="left">3.</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:11pt">Based on my knowledge, the financial statements, and other financial information included in this report, fairly present
in all material respects the financial condition, results of operations and cash flows of the issuer as of, and for, the periods presented in this report; </P></TD></TR></TABLE> <P STYLE="font-size:10pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:11pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="6%" VALIGN="top" ALIGN="left">4.</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:11pt">The issuer&#146;s other certifying officer and I are responsible for establishing and maintaining disclosure controls
and procedures (as defined in Exchange Act Rules <FONT STYLE="white-space:nowrap">13a-15(e)</FONT> and <FONT STYLE="white-space:nowrap">15d-15(e))</FONT> and internal control over financial reporting (as defined in Exchange Act Rules <FONT
STYLE="white-space:nowrap">13a-15(f)</FONT> and <FONT STYLE="white-space:nowrap">15d-15(f))</FONT> for the issuer and have: </P></TD></TR></TABLE> <P STYLE="font-size:10pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:11pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="6%">&nbsp;</TD>
<TD WIDTH="6%" VALIGN="top" ALIGN="left">(a)</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:11pt">Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under
our supervision, to ensure that material information relating to the issuer, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
</P></TD></TR></TABLE> <P STYLE="font-size:10pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:11pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="6%">&nbsp;</TD>
<TD WIDTH="6%" VALIGN="top" ALIGN="left">(b)</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:11pt">Designed such internal control over financial reporting, or caused such internal control over financial reporting to be
designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
</P></TD></TR></TABLE> <P STYLE="font-size:10pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:11pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="6%">&nbsp;</TD>
<TD WIDTH="6%" VALIGN="top" ALIGN="left">(c)</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:11pt">Evaluated the effectiveness of the issuer&#146;s disclosure controls and procedures and presented in this report our
conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and </P></TD></TR></TABLE>
<P STYLE="font-size:10pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:11pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="6%">&nbsp;</TD>
<TD WIDTH="6%" VALIGN="top" ALIGN="left">(d)</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:11pt">Disclosed in this report any change in the issuer&#146;s internal control over financial reporting that occurred during
the period covered by the annual report that has materially affected, or is reasonably </P></TD></TR></TABLE>

<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:11pt; font-family:ARIAL" ALIGN="center">2 </P>
<P STYLE="font-size:14pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>

<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:11pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="12%">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:11pt">likely to materially affect, the issuer&#146;s internal control over financial reporting; and </P></TD></TR></TABLE>
<P STYLE="font-size:10pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:11pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="6%" VALIGN="top" ALIGN="left">5.</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:11pt">The issuer&#146;s other certifying officer and I have disclosed, based on our most recent evaluation of internal control
over financial reporting, to the issuer&#146;s auditors and the audit committee of the issuer&#146;s board of directors (or persons performing the equivalent functions): </P></TD></TR></TABLE>
<P STYLE="font-size:10pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:11pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="6%">&nbsp;</TD>
<TD WIDTH="6%" VALIGN="top" ALIGN="left">(a)</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:11pt">All significant deficiencies and material weaknesses in the design or operation of internal control over financial
reporting which are reasonably likely to adversely affect the issuer&#146;s ability to record, process, summarize and report financial information; and </P></TD></TR></TABLE> <P STYLE="font-size:10pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:11pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="6%">&nbsp;</TD>
<TD WIDTH="6%" VALIGN="top" ALIGN="left">(b)</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:11pt">Any fraud, whether or not material, that involves management or other employees who have a significant role in the
issuer&#146;s internal control over financial reporting. </P></TD></TR></TABLE> <P STYLE="margin-top:10pt; margin-bottom:0pt; font-size:11pt; font-family:ARIAL">Date:&nbsp;&nbsp;February 22, 2017 </P>
<P STYLE="font-size:10pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV ALIGN="right">
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="40%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:11pt">


<TR>
<TD WIDTH="100%"></TD></TR>


<TR STYLE="font-family:ARIAL; font-size:11pt">
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:11pt; font-family:ARIAL">/s/ Daniel J. Lefaivre</P></TD></TR>
<TR STYLE="font-family:ARIAL; font-size:11pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:11pt; font-family:ARIAL">DANIEL J. LEFAIVRE</P></TD></TR>
<TR STYLE="font-family:ARIAL; font-size:11pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:11pt; font-family:ARIAL">Executive Vice President&nbsp;&amp; Chief </P></TD></TR>
<TR STYLE="font-family:ARIAL; font-size:11pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:11pt; font-family:ARIAL">Financial Officer</P></TD></TR>
</TABLE></DIV>
</BODY></HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.8
<SEQUENCE>9
<FILENAME>d350409dex998.htm
<DESCRIPTION>EX-99.8
<TEXT>
<HTML><HEAD>
<TITLE>EX-99.8</TITLE>
</HEAD>
 <BODY BGCOLOR="WHITE">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:11pt; font-family:ARIAL" ALIGN="right"><B>Exhibit 99.8 </B></P>
<P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:11pt; font-family:ARIAL" ALIGN="center"><B>CERTIFICATION PURSUANT TO </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:11pt; font-family:ARIAL" ALIGN="center"><B>18 U.S.C. SECTION
1350, </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:11pt; font-family:ARIAL" ALIGN="center"><B>AS ENACTED PURSUANT TO </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:11pt; font-family:ARIAL" ALIGN="center"><B>SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002 </B></P>
<P STYLE="margin-top:10pt; margin-bottom:0pt; text-indent:4%; font-size:11pt; font-family:ARIAL" ALIGN="justify">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<SUP STYLE="font-size:85%; vertical-align:top">&nbsp;</SUP>Stantec Inc. (the &#147;Company&#148;) is
filing its annual report on Form <FONT STYLE="white-space:nowrap">40-F</FONT> for the fiscal year ended December&nbsp;31, 2016 (the &#147;Report&#148;) with the United States Securities and Exchange Commission. </P>
<P STYLE="margin-top:10pt; margin-bottom:0pt; text-indent:4%; font-size:11pt; font-family:ARIAL" ALIGN="justify">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<SUP STYLE="font-size:85%; vertical-align:top">&nbsp;</SUP>I, Daniel J. Lefaivre, Executive Vice President
and Chief Financial Officer of the Company, certify, pursuant to 18 U.S.C. Section&nbsp;1350, as enacted pursuant to section 906 of the Sarbanes-Oxley Act of 2002, that, to the best of my knowledge: </P>
<P STYLE="font-size:10pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:11pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="7%" VALIGN="top" ALIGN="left">1.</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:11pt">The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and
</P></TD></TR></TABLE> <P STYLE="font-size:10pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:11pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="7%" VALIGN="top" ALIGN="left">2.</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:11pt">The information contained in the Report fairly presents, in all material respects, the financial condition and results
of operations of the Company. </P></TD></TR></TABLE> <P STYLE="font-size:24pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:11pt">


<TR>
<TD WIDTH="4%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="27%"></TD>
<TD VALIGN="bottom"></TD>
<TD WIDTH="45%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="21%"></TD></TR>


<TR STYLE="font-family:ARIAL; font-size:11pt">
<TD VALIGN="top">Date:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">&nbsp;&nbsp;February&nbsp;22, 2017</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:11pt; font-family:ARIAL">&nbsp;&nbsp;/s/ Daniel J. Lefaivre</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD></TR>
<TR STYLE="font-family:ARIAL; font-size:11pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">&nbsp;DANIEL J. LEFAIVRE</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD></TR>
<TR STYLE="font-family:ARIAL; font-size:11pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">&nbsp;Executive Vice President&nbsp;&amp; Chief Financial</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD></TR>
<TR STYLE="font-family:ARIAL; font-size:11pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">&nbsp;Officer</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD></TR>
</TABLE>
</BODY></HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.9
<SEQUENCE>10
<FILENAME>d350409dex999.htm
<DESCRIPTION>EX-99.9
<TEXT>
<HTML><HEAD>
<TITLE>EX-99.9</TITLE>
</HEAD>
 <BODY BGCOLOR="WHITE">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:11.5pt; font-family:ARIAL" ALIGN="right"><B>Exhibit 99.9 </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:9.5pt" ALIGN="center">


<TR>
<TD WIDTH="50%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="48%"></TD></TR>


<TR STYLE="font-family:ARIAL; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9.5pt; font-family:ARIAL"><B>Stantec Inc.</B></P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:9.5pt; font-family:ARIAL"><B><U>Code of Ethics Policy</U></B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">


<IMG SRC="g350409imr1.jpg" ALT="LOGO">
</TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10.5pt; font-family:ARIAL">May&nbsp;11, 2016 </P> <P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:11.5pt; font-family:ARIAL"><B>Policy </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:11.5pt; font-family:ARIAL">Stantec conducts business in accordance with high ethical, moral and legal standards, efficiently, in good faith, with due care, and in the best interests of the
Company, its employees, shareholders, and other stakeholders. Stantec maintains business practice standards that will earn the respect of everyone with whom the Company conducts business. </P>
<P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:11.5pt; font-family:ARIAL"><B>Practice </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:11.5pt; font-family:ARIAL">The following standards are intended to protect the
Company&#146;s reputation and the quality of its services, as well as to serve the best interests of its clients, employees, shareholders and other stakeholders. </P>
<P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:11.5pt; font-family:ARIAL"><B>Application </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:11.5pt; font-family:ARIAL">The Stantec Code of Ethics applies to all employees and is
not intended to be exhaustive. Employees are expected to conduct themselves in the performance of their duties with high ethical, moral, and legal standards. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:11.5pt; font-family:ARIAL"><B>Dealing with Each Other </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:11.5pt; font-family:ARIAL">Stantec understands that effective
relationships are based on the recognition of the value and worth of each individual and that it is necessary to provide a working climate that is conducive to the success and well-being of all employees. Stantec works to create an atmosphere of
mutual trust and respect by being honest, fair, and consistent. Stantec treats all employees fairly and impartially and strives to consistently follow Company policies and practices, Stantec employees listen to one another and foster open and honest
communications. Stantec values the opinion of employees, respects their diverse backgrounds, encourages communication among employees, and solicits ideas and suggestions to improve or benefit the Company. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:11.5pt; font-family:ARIAL">Stantec prohibits the use by its employees of any social or other media to post or display comments about coworkers, supervisors, clients or the Company that <FONT
STYLE="white-space:nowrap">(non-exhaustively)</FONT> </P> <P STYLE="font-size:2pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:11.5pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="3%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">Are vulgar, obscene, threatening, intimidating, harassing </TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:11.5pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="3%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">Portray the Company or individuals in a negative light </TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:11.5pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="3%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:11.5pt">Are a violation of Stantec&#146;s Conflict of Interest Policy or other workplace policies against discrimination,
harassment, and violence </P></TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9.5pt; font-family:ARIAL" ALIGN="center">Page 1 of 4 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">



<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:9.5pt" ALIGN="center">

<TR>
<TD WIDTH="50%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="48%"></TD></TR>
<TR STYLE="font-family:ARIAL; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9.5pt; font-family:ARIAL"><B>Stantec Inc.</B></P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:9.5pt; font-family:ARIAL"><B><U>Code of Ethics Policy</U></B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">


<IMG SRC="g350409imr1.jpg" ALT="LOGO">
</TD></TR></TABLE> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:11.5pt; font-family:ARIAL">Posting or displaying such comments could result in disciplinary action being taken against an employee. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:11.5pt; font-family:ARIAL"><B>Dealing with Shareholders </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:11.5pt; font-family:ARIAL">Stantec is committed to protecting and
improving shareholder value through the prudent use of Company resources and by observing high standards of legal and ethical conduct in all its business dealings. The Company communicates with shareholders regularly, candidly, and promptly,
providing the information necessary to evaluate its management and investment value. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:11.5pt; font-family:ARIAL"><B>Dealing with Clients </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:11.5pt; font-family:ARIAL">Serving clients is the essence of Stantec&#146;s business. Meeting our clients&#146; expectations and providing good value are the best ways to ensure ongoing demand
for our services. Stantec will accurately represent its services and clearly communicate the terms under which these services are provided. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:11.5pt; font-family:ARIAL"><B>Dealing with
Subconsultants and Suppliers </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:11.5pt; font-family:ARIAL">Stantec is committed to the fair treatment of subconsultants and suppliers and will select subconsultants and suppliers who
provide the best value for the Company and its clients while also respecting its clients&#146; wishes. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:11.5pt; font-family:ARIAL"><B>Proprietary Information Belonging to the Company
</B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:11.5pt; font-family:ARIAL">Employees must maintain the confidentiality of the Company&#146;s proprietary information. Examples of proprietary information include strategic plans,
client lists, marketing plans, rate tables, and much of the technical information that the Company generates or uses in its business. The disclosure or misuse of Stantec&#146;s business information can harm the Company&#146;s competitive position
and/or reputation and may be a violation of applicable laws. Employees, therefore, must not disclose business information outside the Company unless they are authorized and legal to do so. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:11.5pt; font-family:ARIAL"><B>Proprietary Information of Others </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:11.5pt; font-family:ARIAL">Stantec regularly receives
proprietary information from its clients, subconsultants, and suppliers. The wrongful possession or use of any proprietary information of any third party is prohibited. Employees may use lawfully obtained proprietary information only for the purpose
for which it is provided. If an employee is offered, or comes into, unauthorized possession of </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9.5pt; font-family:ARIAL" ALIGN="center">Page 2 of 4 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">



<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:9.5pt" ALIGN="center">

<TR>
<TD WIDTH="50%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="48%"></TD></TR>
<TR STYLE="font-family:ARIAL; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9.5pt; font-family:ARIAL"><B>Stantec Inc.</B></P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:9.5pt; font-family:ARIAL"><B><U>Code of Ethics Policy</U></B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">


<IMG SRC="g350409imr1.jpg" ALT="LOGO">
</TD></TR></TABLE> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:11.5pt; font-family:ARIAL">third-party proprietary information, the employee must decline the offer and take appropriate steps, if applicable,
to return the information. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:11.5pt; font-family:ARIAL"><B>Abiding by the Law </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:11.5pt; font-family:ARIAL">Wherever Stantec
operates, it will at all times comply with applicable laws and regulations. In acting on behalf of Stantec, no employee shall, at any time, take any action which they know or reasonably should know to be in violation of any applicable law or
regulation. Any time an employee is uncertain about the application or interpretation of a law or regulation, they should consult their supervisor who, in case of doubt, should seek the opinion of the Company&#146;s Risk Management team. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:11.5pt; font-family:ARIAL"><B>Improper Payments </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:11.5pt; font-family:ARIAL">No payment will be made by, or improper benefit
conferred on behalf of, the Company either directly or indirectly to government officials, political candidates, or officers or employees of clients, subcontractors, suppliers, or competitors that violates applicable laws, Bribes, facilitation
payments and trading in influence are strictly prohibited. Employees working outside North America should familiarize themselves with Stantec&#146;s policy regarding foreign business practices. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:11.5pt; font-family:ARIAL"><B>Personal Business </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:11.5pt; font-family:ARIAL">Personal business should not be conducted during
normal working hours. Any/all personal business activities should be confined to after hours or lunch breaks and should be consistent with Stantec&#146;s Conflict of Interest Policy and Practice, paying particular attention to the Moonlighting
without Permission section. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:11.5pt; font-family:ARIAL"><B>Reporting Violations of the Stantec Code of Ethics </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:11.5pt; font-family:ARIAL">An employee who becomes aware of a violation of this code, or who believes that a violation may take place in the future, must report the matter. Ordinarily, the
report should be made to the employee&#146;s immediate supervisor who, in turn, must report it to the Company&#146;s general counsel. If the supervisor takes no action or the employee feels that it would be appropriate to report to a person in
higher authority, the employee should bring the matter to the attention of the general counsel. Requests for anonymity will be respected to the extent that this does not result in the violation of the rights of another employee. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9.5pt; font-family:ARIAL" ALIGN="center">Page 3 of 4 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">



<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:9.5pt" ALIGN="center">

<TR>
<TD WIDTH="50%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="48%"></TD></TR>
<TR STYLE="font-family:ARIAL; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9.5pt; font-family:ARIAL"><B>Stantec Inc.</B></P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:9.5pt; font-family:ARIAL"><B><U>Code of Ethics Policy</U></B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">


<IMG SRC="g350409imr1.jpg" ALT="LOGO">
</TD></TR></TABLE> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:11.5pt; font-family:ARIAL"><B>Reporting Violations of the Law </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:11.5pt; font-family:ARIAL">In addition to reporting violations of the Company&#146;s Code of Ethics, it is Stantec&#146;s policy to protect employees against unlawful discrimination or
retaliation by their employer as a result of lawfully reporting information regarding, or participating in, investigations that involve corporate fraud or other violations of applicable law by the Company or its employees. For further information,
refer to Stantec&#146;s Integrity policy. </P> <P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:11.5pt; font-family:ARIAL"><B>Compliance Responsibilities </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:11.5pt; font-family:ARIAL">Stantec&#146;s Code of Ethics is to be strictly followed at all times and under all circumstances. Any violation will subject an employee to disciplinary action up to
and including termination. To protect its employees, shareholders, and other stakeholders, the Company has designated its general counsel as the individual who is responsible for administering and overseeing the compliance and reporting process of
this code. The general counsel will report submitted, material complaints as he or she determines to be appropriate, or as required under the directives of the Stantec Board of Directors, to the chief executive officer, the chief operating officer,
the chief business officer, the chief human resources officer, the chair of the board, or an appropriate committee of the board. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:11.5pt; font-family:ARIAL">Stantec and all of its employees
benefit from an atmosphere of good ethical conduct. Employees are encouraged to discuss with their supervisor or regional Human Resources coordinator, or, if they prefer, with the Company&#146;s general counsel, any situations of existing or
potential noncompliance involving themselves or others. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9.5pt; font-family:ARIAL" ALIGN="center">Page 4 of 4 </P>

</BODY></HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>11
<FILENAME>g350409ex991pg01.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 g350409ex991pg01.jpg
M_]C_X  02D9)1@ ! @  9 !D  #_[  11'5C:WD  0 $    9   _^X #D%D
M;V)E &3      ?_; (0  0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$!
M 0$! 0$! 0$! 0$! 0(" @(" @(" @(" P,# P,# P,# P$! 0$! 0$" 0$"
M @(! @(# P,# P,# P,# P,# P,# P,# P,# P,# P,# P,# P,# P,# P,#
M P,# P,# P,#_\  $0@"Q@(E P$1  (1 0,1 ?_$ 0T    %!0$!
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M&%:=C$BK(#[*<*V/,<-Z-KV"J)H0/1)-*:J;AKB5&(JUA>!QI80TA022M*@
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M>FA1UX-C?^G?I]@IH4*H6&ZU<K3THK06B+0>-4#30IP I]O7[22-"@ !PJO
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M0GO:S@M3(P9/"3P^6%&S*&FZ C8=>( )]:[;]=0GE[C4G*X!&\*,6T1J<MD
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M6OR]:_PK_.OV:+&CP^:E!;IW=11P_EGH:@5J.H]=.RLRDMIIC^#OR3VT:%2
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MM05T*%4!'+8\?M.]=NI^_P"[0H5XGI45^TU%1H4*]4;T3UVZGU^SKH4*M/\
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M5.@W,1CPH.=$0HK"F.P 0&ZFG1(02"#OU.]-+0TC,Q,*+7K:MZH3L%5-"DU
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M*]L?6@W^;C2O\M"A5*?ZP*=?4>NA0JX TH13[O7[ZUK30H5;57*G(\>G7_G
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M(]3O73$=UY^'C<\<DJ5)"+?$9 "F/&FINV0!$IQCBI0944-J3V%-.))W7Q2
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M.H4M1!KD4(="376F?5@7R]#-58XD@W%ES/\ A45;N]%,$7^L5I :UH/V/4.
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MB;E<PE2UQ<TI67[%ZY]0>G.SM7V)MF6V9H>LA_G>9"))8W21>1(Z!^89'/B
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MHN:<Z"BBF7F+("40F75+.Q41P"3]H*>E=+##S-%F[*M@7F3)=+<L. . BO,
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MQ"M39*?E)4WQ2!N-J[5(.JZ: /".J?#<(? >7LH<[E-RG5:D/D,5 ;C)(2T
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M?Y?Y>GQ/P!^ T]2*]4]02?LZFE?7[="A7O45'$^JOMIM]FA0JOIO56_7IO\
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MK.H@TH/3_D/NT5+K$IMT[U"4D5J.I_[FA0JX"GK7[_\ ETT*%7I /6O\-_\
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MPE,KIP;D7$IVK4AP(<66R?B2*4ZZR1NZ]NE_E,F#3W-K&SM#<8CSR19NXO\
MI3\=,Q.1D.-W*3;;@U*MTZ$\6GX3Y45L'924JY5Y#@H$$&A!KZZR2(6-]"V:
M M?$X8.'/E^OV5B\YOM.NG02YF2M.+3W_3[:<2T>8,BLEK1;;5%CQ*D*E36B
MI4R8OJ2ZI=>#9!H4)HF@_CJFN-N6=S<&>X)<> ;R [OQU<P[DOK:W$,0:!Q)
M"J3WT?Q_/&8JM;UK,V(RE[Y52$PFTS$I]4MOJ)**UIMZ:ANVIIWG"<,<2.68
MI\*D1;NO_*,+W@ _M<?C26_QIDO9E1;=?I,"//=#TQN"I$1<AVB05NOMI3(4
MM82*DK.IWZ,L\S7S0M>Y@0%V*#V</FJ-^DKF1KFPSN8UV) P7WC'YZ2#KUT,
MI4A<F0^IU14XMQ];CA/Q*W%%2B*#<DZG!MODR  )PPJO+KH2_6+GGO7Z:5=H
MSRZVUQ#;#CE4#CQY%8(KOMN0=5]QI-O.TN>!CV59VVM3Q$-:JBGGMWDR(6VQ
M<D)4XH ?+LI)VW42 *G6-W.A2@GR#@*RF'6VY0)N/=2Q@WV!<TA;#[1"J<65
M^M>G*O755+:30E'@^VK:&]@F"@I2E9?0A():17T+:AQ)^ %:4&H$D3G' GWU
M.8\#Q +1I'ELN$<T\%_[7RJ%*[5'H3J++$\<.%/MF#_"0AI1L18SB.0#;AIL
M=P0=^@^.H$CWC *!5A V)S4.+_HK-^F-KIU)   504)_IZZ;\]S<>5+=!&,2
MJ>V@,FSMTXE*VU>JARH1OZ=!73C+D]Q%)\ECFAK5S=M(VYV1U=0T%J2:TV51
M1KL:D[[CKJPANFCZR5 DMRW%@*?3\N^D9)Q=U2OG2*JK0DJ/$CKQKM4TU8-O
M6)@:@2V3LWZB^V@+F.!D$#YE<=B0":G^R$4H5'3C;D.QILVP;]4H>^A<3'VW
M$)0B/PW%2$I+A^*E'I3XZ;ENB'*XX4ZRW:?"UJT:BT1(I([RV^!!45#>OIT(
MJ /OWU%^TO>>"U(,#(^8 ]E&,=Q+5 W( WJ.Y\Q4*5*BGXZ8>USE)%/QN8 @
M/'MHU#ZY0H67'"0 '&R12E*#>I4!J.6AF*_&I+7EPRG$4:Q8Y30D+'I0T%?M
M(.XVU%F>$2I$8\L9G*IHV3%"Q7N"E.B1_7OJ&O919C641@A!XT.W6I!Z'XG2
M5H%IXU1"%I51)&R@#4UK7< ?;OHZ*A*V^%5*%":;]?OH-]$M&6D<:\DE2NBB
M .@K]_IHC2V+[JRIYU'+8?;M3X4]1HJ75_7\5=OY_#U^W0H5<"!L*FM*5]#]
MNA0JM"D&H-#Z@53_  K]NA0JPBM*;U%33;[/CU^[0H56A %.I^'H#TJ:TWT*
M%7!/'YCN=ZCU'VZ%"J$BORUK_1_K&VA0JE=OQ$_80?\ 73;0H545_P!G;X4)
M_H)^&A0KP^("33KZ?UT T*%4%*;4)ZT(/^NFVA0KVQZ ?T]?LIH4*J"$_ FA
M%1\?3T&VA0JT5) K_/0H5<01L: ?&@]1M]NA0JRNA0K(4I30UJ/AMUKT/_>T
M*%6 ;<OM^&V_V= *:(491<.%>H:_ GT'H>H&CHJN&P&VYZ;#J2:'XZ%#Z:H#
M2M1L3OUZT^_UT5&JU7I4@$TZE5#0CX?=HZ*J_)3YE$'X>O4UV^_0H5;0UV-3
MTZ[_ -.A0JAI05K7EU_T5_AHC1CG[*]M\2/CZ_RIHZ*JT_YVW2N]/NT*%;.R
MI?JA2A\%;;_"AUCX7G5Q17,=DM#FEL)!-"?@>7&O$)6% C1T*!A=T^4I2PL.
M*34J)20CE4\Q0J!*0*4T,*%9PIP.A+P2ZA5/[MI7%DBIJI:T[I('\]"A0@M-
MKZ<4KW*$"@4>NY(^S14*Q?3W!6ZGTI0G8!*O3^O;1E??0K(AG@1S>7S&^RE
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M[80!N*<0 :?::  Z<;F/&B*"D/(?<7(Y.I[492@VV&UM_FD@T*@A%4( &QJ
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M1YB>=#+0)V&A\D%LCH"L\.8]/M_ITL2)BN-)+:*GK!&4KFON%0 H5\'  #U
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MQ<*;+7M.()H+&Q>YRW1_N1())_,+:0D;"BB%;'3KIXF-Q-,?9Y7/4C"E3;\
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M*I-6_K+_ -,1R^>H37D.M#\WW_;HOL[,_"E^=X47P_+G6T23AV41@#',&4
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M<!]9<SQ%**!4I2EK"CO\Q-#TU6C[UCJ> @VCMW^<WW[ZI)]*.UG%7:OJ)_\
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M\!KY,=X$G>&L$\?TM>_TJ6O6C2/^B+/_ !2'^*919K'3@%JPJ?.$^W3Q??\
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MV)#5_9"H1WZQW3&KS<K!>HRH=TM4I<29'*@L)<2 I*VW$_*ZP^TI*VUC9:%
MCKKQQWKLS<?3S=E_LC=UN;7<>FW#H9XUS ."$.8X8/CD86R1/&#XW-<.-=CZ
M+K.G;ATFWUO2)!+IMS&'QNX%#Q#AQ:YI!:YIQ:X$44ZQ>K2M@OMSN9O_ (T$
M"3R>>QJ[3+2W0<U"$\AJXP4FI/RM"4M ] E(&OH"^[DWY=;K]/#-"O9"^ZVY
MJL]BTG$BW>&75NWV,$\D;>QK . KS_\ 4=H,6E=0SJ$#4BU&TCG*8?G&DQ2'
MWY&N/>XFFM]SD01F,4(! 7/NXH=OPQH9_P!.M-?>L.+MI[([/TGJ7]'MJS+T
MI-#=4UPCB;:V_C):B9KQBKLZG!\;XS;,KODJW702/IVK8]+1],\6%]UN1&:3
M582NJ>+IJ-=B>B3HCL/KUU5O]G]0V7C]%M]"FNV"VG-O)YS+BVB:2\-<K<DK
MU:F)0KA6GNMN]M>V%M2#6-NNA;>R7[(CYL?F-R.CE<4:H0JP8KP6GE?\/8>T
ME2@FZGB#UN*OZ3V>FO4K_P -CTO'_P!7W#_UH_\ D:Y9/J3ZH@+YFG?S4?OZ
M2,[QSC4<_EBX>NQG$[5_]]==2&?=I>EPXFWW%_UH[^1J*_U-=4PY&R:=_-1^
M_K/#A1[1%1!B%7T[:G'$AYPN.<W%%:QRXBHJ=M=@=(NDFS^BNQK?I[L5ETS;
M=M-/*P7$IGES7$AEDS2EK5&<G*$\(PQK3^[]X:OO/7I=PZX8G:G+&QKBQGEM
M2-H:T!H)_)1<<35RG*]>(_HUM%K WA6+F=Q[*!/AM0K5/(FE:UV]?73S%!3E
M3+BIS'C1.ZTTGF 4BH^8[';UH#TU-8]SL.RH3V!A\)P^>B28^&$*XN@)I_8
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M>A2H4UXW /;X901*,' \01@0>\'"NR"6DJTJT\#VCD:V4^R_(D2?'^36&0X
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MYOYZ]WI=)N850,+>UKE^BN#8M5MIB!XVN/)S4^>EI;KG$FI8>CE*FW%(4D[
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M4"V@_.2-=AAYB-B'$+)2C    Z 4'W#7R*>+BXESN9)4D\R3S).)/,U[.X#
M  <@. [AW571T*I0? ?R&EB69H1KWAHY!Q ^ -)+6'$M:3[!5P4H=%* ZT"B
M!_($:'FR_LW_ -L[\=#*S]BWX"J:1WGC2J]H4*<#'_,>58+:V[7%+T^SLNN.
M-0U J9C!]PN.I4M"@\VPMU:E #Y4J)/KKWH^Z@ZCVF].GVM=%M8E UC;UQ]M
MLE/B=87KSYS&@\1;7BN*<!=M' 5Y\^K[0;O;VX;'?&GL+K#4HO(G08-N(!X'
M'L\V'#CQA/,ULE\/>1'<KQFTW*;&=:N$E+1DI2PXAAOFK\MMDJ*B6FV4"JCN
M:U.O2?4-.;::EY$;@6!X [>(X]]<[:?>.NK$32-(<68X)V\*U6WP\KY?%?&]
MW<_SN,DZ^1/>7_;+6?\ .][_ $J6O7_2/^A[/_%(/XIE%FL;/"K 4Y.3^.KM
M9,2QC-$QU&U7R%%,S@0Z($J0@*AO.J14-Q[HUNGE0I>"D^J==C=?O36_8G2G
M977#:,<C]F;@V_IIU!N+OL>J26S"YY)4BWOB"]A/ACN ^/!KXA6G.G_4G]/;
MKUO8^L.:W6M/U&Y^SG >=:-E<@_X2 $-<.+H\KL2UYIMM<=5N.GR\*>4#@UU
M79[J](3C-Z?;[JV7Q'-KN2BAMJ<IT@_[@Z*(DI]$@+&Z2#WQZ%_52WH;NUVQ
MMYS!G2[7)V^9,1CIUVX!C+I0,WV:1&QW;,0P!EP L;P_0?73I6=\Z0-=T9A=
MNFQC.5@/_&80I,2</-;BZ$\25C)\039=CUP4U$*YSK7YCA4P6UA;!96 IG\\
MJ4'24G90-"*:]_WEDB.A(=&YH((((<#B' C M(0@@D$%1A7 #26J'X$$C'!$
MX@KP(X$'$47WCR7BMA9D&==(J$-\FP6G$O*<?()["4M\@'!3>O33\-A=3D"-
MA4_1VU'EO;:(*YP3NQQ[,*U^^?<Y.:BQNAI#+$.XW3Z5* D*4R['BI[BU#=:
MBIOUZ:\JOO8[(V6TMC-=]8ZGJ2^W[/:UU3Z2;HW.KZ]^Q^S6R?W26HXZ\5J[
M:IT?$JDIR.9SJ4FT2!\NY_\ *H?0?';7I9]UA%)+Z@M7;&"7?U2N3@%_]=L:
MYH]5#FMZ?6A<0!^EHN/_  ,]2)_**D]CY2:D<JA9ITI0;]*:]]OLMV/K1O\
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M)[8;=C0332RM:3?0@E'O<F"A0%2N8?5396]OLW3GV$$+)_TB[ZC&,)_,/0*
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M?!*JXK]!QPHD7XC\NXNXZUBDAO(K<TM$N)<<:O"&GG02YV7T1''8TIA[@/F
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MW[WM;6.22YDV]<M:QC7/>YR-0-:T%SB>P!:V'TJDCBZD:)+*YK8FZA$2XD
M8XDG #O-:I/T*^__ !#O7_QIN'_FVOFF_JINS_).J_S.Y_DJ]+/TMI/^%VO]
MVC_?5X6.^'I8[T?NM-P/]4;0_JINS_).J_S.Y_DJ'Z6TG_"[7^[1_OJ]^A7W
M_P"(5[_^-%Q_\VT/ZJ;L_P DZK_,[G^2H?I72O\ "[7^[1_OJ]^A7W_XAWK_
M .-%Q_\ -M#^JF[/\DZK_,[G^2H?I72?\+M?[M'^^J8_LNMLV'G&:*N-NN$-
MEW#F6TF9 DQTO*-[A$M(,AE"5KXU-!4TWUZ4_=C:+K>F=5MQS:G97EM"[;K
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MO&@4=4XBE>_\XH';W]Y_#5BY[0WP8GL[JRLH;>1SE=EI+B.2F^)+W; !(62
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M[>4"0NCCM+YK>;HIX&MA>X#'+- 0[@9&<1K+='INV5JT#Y-N.FTO4>+4<Z:
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MN2H4:\K:ZKJU2TIIR4E->G(@5^ZITA\D<>,C@T'M('TTIK7.^J"?95O=:_\
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M.5<,@BR[;"CO*5/;E-P9UQ[497%P.B(]<Y<IIUL;4Y*<YT'6NE3P^59F*=Q
MRIF:U3V*&@'Z$I%LXF\;/&&?64!SD':A<2#\ZU+:P^X^WS'V+9D+URQLPZLO
M7"TWC]4:<=8<0V8T=:F):W$/J30+4% )W!.L'NMJ3QL,UJ&RAV(#FY2 >9Q
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M]UOJ]M/1].!=?W.YM+C8 JYG7T Y8X<5Y(M8QO>\BT_96L7\Y AATJ[>XE.
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M>I_#7T;_ '=>Y[O<GI4TFWNG%\FD:C?Z>TD\(HY_/B;[&QW(8!R:T 85YO\
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M9?YOY[DW K[U%1Q)=^8&EC?)YNQ7^U"_JTZ5ON4>ZM%:9;:NVK@^EII27$+
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M'VPXH#DI@1V42'$+!W!(X*^(U;6NY;*X<&31O;(3R3XKA57<[?NK=I?#(TL
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M-7M/H32W0K%IXBR@_BF5@UC)P"U:CC3D0,/$B#"DF IPOQ&)%27!W0ZVE04
M5)J"2>FVOI']/GHV]*6[>A.SMT;GV9IMWN+4=MV%Q=3OFO0Z6XEMV/ED<&73
M6 N<22&M:W'  5Y>]2>MG6/1NH.MZ3I.MW,.EVVJ7$<,89 0R-DC@QH+H22
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MHBT5^!N1_P#-CI+ONQ?4\WC_ %83_.;O^2TX/5)TL=P_2G\U'\K3P>(,-S;
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MT7^LWZ=?^_&V/Y_#^^H_]&/47GH>J?S=_P"*KW?,GBY*4B/Y.PA2O4N7V%Q
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MR6\K&O8]ML\M<QPS-<"A4.!!!&!%"!EN!K5R_P 38TWT'$W".@&FP)2E0WU
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M[>46:OH1<&>5/@%A5176HQZG/38N._-J8?\ Q"#]]68_Z,.IH&&@:NO^+/\
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MWIGU&.)T'50>^W?^*JN>5/&2Q_\ +GC0K\+BP/X42JHT0]3/IU7+_7K:Y/\
MG"#]]1GIGU%YZ%JO\W?^*B&3G^)35!%KR6P2UK5P2$WB(BO4 \5O!5-93H_7
M3H=K4@ATO>6UYYG<&MU.S#B?8Z4$_355>;&WS8@NN=%U1C!S-K,GQ##0M+,I
MQ@2&EH=[GS)<0KNL$&A';6@J2K;X'6V8+BUNH&W-H^.6T=]62-P?&[]R]I+7
M>XFL0?#<12&.4.9,.+7 M</:"AK &YC2RIS@:C:BCM3J FG73F:-V%((D8CL
M5K/QEN#HH#T*5I!].@(KU-=(_--]M+_/'LRT$5%D#JJ0>I.[=/LWT69B*@6C
MR.48N^-6E@(222Z2!T)!)]*B@WT@NS'D*<#<HXDT&YH"N(#I)VH HG^(IH9#
M0SCO6L_:-.7%?QI3YOY=:Z0HX\J52UL7GW#[JZ&)-MDVZ25I2TA=M#X6M0KR
M3(CK"$[G?EQV%=3[G;.HVS<X+'L3B"GS&J>UW-I]R[(X/9(3A@H^(_"E.-!\
ME81.XLIOEJ2%)!6DOJ0EI*E!%'^ZV&VU%9 H5;$ZK'Z9J$85T3T]B_"K1FJ:
M=+@R9GOP^/*E5!>M"64/07D*8<2"R]'0EU"T+)4GMJ2"DI).U*[=-0GY@XAZ
MA_->-3FEI:"Q,O).%&#CS(',NN?(#R'; 4?MI0$4^S14=>1,@FBA(6W4"JR*
M#T'S$@I%#\-QH4*JFX0 ^@KDD)2X!S2>2%DD;GC0C;[/73D/\,U..8?327D9
M">ZM*V<J2O-\S6DU2K+<D4D]:I-ZFD&OK4:^5/JX/_ZL[J__ %DU/^G3UZJ[
M2*[4TO\ S;:_Q#*2VM>H*R"O:""A7M!!0KV@@H5*WV<4_P"+,WD:#_!=\KM4
M'_?;/UH*@:]!ONTA_P#W$W2?]V+W^/LZY]]2R_Z.X_\ .<'^TFK9JHEQ?%H(
M) ^4 J21O2E.%:T&O>3V5P=45/-ON6MN /S,7Q!B#>\S;!9N$MQ9D63'72-V
M97;+9N5V1ZQTJ2VR?[Q5?RSY[>JCUT:'T>NKC8/31EMJ_4J-63RO5]EIK_V,
MN1P-S=MYV[7-9$4\]^8&$]"=*^A=]O"*/7]RNDM-M.QC:W">Y':U0?+B/^^$
M%S_R GC&NS*<PRC-K@JZ97?+A?)A)*#,>)C1DU)#<&$V$0X+*:T"6FT"GQUX
ML=0>IN_^JNL.U[J'JUYJNHDDM\Y_YJ)<<L$#<L$#!R;%&P=JG&NT]O[9T#:M
MF+#;MI#:6R8Y&^)W>^0J]Y[WN-)O6#5>5[0H50@*%% $? @$?TZ2YK7!' $=
M]&"1B,*>[QOY^\@^.'8\:/<G,@QUM20[CE\?>DQD,@CD+7,6I<NTNA/X>V5,
MU_$VK75G0WUB=9.B%Q#96MZ_6=DL(#]-OI'R1ABXBUG.::T>BY<A="OUX'5J
MG?/1W9N]XWSRP-LM;(\-S T-<7<O-8$9,.W, _L>*V:^,O)V*>4K(;UCLI:9
M$;M-WBQRN"+K9Y"P2EJ8T@J0['=*267VR6G0-B%!21[J]#NOG3_K_M;^LFR9
MW-NX<K;NRFRMNK.5PP;*P$AT;D/E3L)BE *$.#F-X5WSL'<'3_5?T9K3 8GJ
M89V*8IFCFPG$.'Y<;D<SF""'%QEK*0GYE  ?A'7K6AVZZW56$I5SCG!*5E2T
M^@&Q455IOL: Z-:),: 7&[PK/;IEVNTZ+;K; CN2ID^6YV(L2.R.2W7WB0D)
M%=O52C0 D@:JM<UW1]M:/<[@W#=066A64+I9YYGAD44;0KGO<< !RYDHUH+B
M 9=C87FI7D6GZ?$^>_F>&,C8"YSW'@&@?K *20 M:\_+'NXO]Y=DV3QDM['[
M*DK9<R=YD)R"Z 52IRWM.A;=EB+'X%%*I2A0U:/RZ\9/4/\ >*;KW-=S[7Z%
M&32-KM)8[4WL'V^YX@NMV/!;91._)<6NNB$<L!\%=G=//3II.F11ZIOO+>:H
M4<+5KO[WB[I"$,[QS"B(<$DXU#B9+EW&6]/N$N5<)TA97(FSI#TR8^M1J5.R
M9"W'W"3\5'7FCJ>I:EK6H2:MK5Q<7FJS.+I)IY'S3/)XE\DA<]Q/>XUTO;6U
MM96[;2RCCAM&!&LC:&,:.YK0&CW"@^H=/5[0H5EC2)$.2U,AR)$.9'6%L2XC
M[L64PM)JE;,EA;;S2@1U2H'4FQO;W2[V/4]+FFMM2A<'1S0O=%*QPQ!9(PM>
MTCM:X4W/##<P.MKEC);9X1S'M#F.!Y%K@6D>T5+[Q1[M<FQU^-9_(ZI&58^2
MED7Q"$*R>U()2$NO*'!%]BMC\27.,JFX<6?E/H[Z??O$-\;-N8-M]:C+KVT"
M0S[<&@ZE:A<'O(RMOHV_E!X%RF+99"!&>;^H/IVT/68I-2V3DT_6,3Y!)^RR
MGL:,3 X\BU8NUC?K#8W9;W:<DM,&]V&Y1KK:+DRF1 N,1Q+K$ELD@T-.2'&U
M@I6A02MM8*5 *! ]J-L[GV]O30+3=.U+R#4-O7T0D@N(79HY&'L.!:YI5KV.
M >QX+'M:X$5Q7J>F:CHNH2Z5JT,EOJ,#RV2-X1S2/I!&+7!6N!!:2"M#E-I<
M%%)2OX#H!\>M*ZO5(P%04J(7O00$^-,<IRH,WACYM_\ X27K7G#]YWCT,T;_
M /6J'^@WM='^F'_MU>_YJ?\ Q\%:T->&*"NYZ]H(*%>T$%"O:""A4R/!V*3+
MSX=SNZ1[BS':A/90'(CC#JRY]/C49]:@ZA82DN(5Q (.XU[6>A&]CM_17OR%
M["2ZXUW$'@NC0CA7$77RQDN.MNWYVO1K8[#!#BE\_FM0U1NA!^*4_P!0UXG0
M >0S]P/HKN"3^$=[35VG4%(KV@@H5[004*]H(*%2P]L\!V=%R]+8<4$SK)R2
MAPM@UCSS\_$U/37M+]TP]L>A;W)0?\XZ7_$W=<2^KJ)TNH:$ O\ Q:[YI^7#
M4<,N1V\KR=LBA;R&]((ZT*+E)216IK2FO*?K6AZS[O/;NC5?Z=/76>R FRM'
M'_PJT_B(Z3VM9(*R>IQ>#XJ7/'%J<4I2>4^\[@5'RW!U/38;_?KZ,_NYG)Z4
M-%;_ /$]5_ILE>;7J18#U;O3S^RVG\2VGC;HP0ILO5ZU"0JOPVH!0Z[?<"X)
MA6C 2.%7_P"[ON)#L5P$J')ULI2I55#=30JE77[-.6P>V9A:?RQ](HI2UT;E
M'Y)^BM:.2@)R/(4I_"+[> *BAH+C) J/0TU\E/5K'JONDGC_ %DU3^G3UZ\;
M1_[):4G#]&6O\1'1+K7Z"LAJ77B62MK!K8GB.(E70\A0JWGO?'7TA_=SQM/I
M*T+_ #AJO]/FKS,]2LCF=8;]/\&M/Z.RAWE*47L"OR2I'X()("0#_P"D8GJ/
MAJ\]?$36>DK=Y"KY5C_^96=0/3W.Z3K#HS2B9KC^BS5#?7S0(*]0J]H(*%>T
M$%"O:%"I2>V=AI]W- [2@:L5*JXC==TJ:Z]?/NHRYMQOK)Q,>D_[:_KD'U7Y
M#%H68IXKOZ(*?_.(,1.'Y4OY M&.7M22""24VZ13>@]=>F/7=\AZ&[S7@=JZ
MK_0IJYCV''%_7O12#XAJMI_'LK6V.@^X?U:^4^,?FV^P?17JV[ZQ]M5TM!15
M[004*H4@]0#]X!_KTET<;L'-!'>*,.<.!(H^L.49#C$A,FPW>;;5@CDTRZ50
MW@#7A(@N<XCZ#Z\D$_ C6R^G'6#J=TCU-NJ].M;O],F:X$QQR%UM*!^3-:OS
M6\K3P(?&2G @XUC6Y-G[8W=:FTW'9073",'.:!*WO9*U)&$<LKAW@U+/QYY=
M7EC:H-Q0Q&OD9ON/1VDE$>='3Q"I4(*6I25()_,:))14$$IZ>\?I"]7VB>HW
M3I-L;BB@TSJU8P>9-;QDB"^A:@==V0>2YN0D?:+9SG.AS!['/B<K.!^L72+4
M>FMTW5=-<^ZVA<2!K)'?PD#RI$,Q  .;'RY0 'H6D->/$[K%T;D@I2E04/L
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M2:G7@,YSY'NDD<YTCG%SG.)+G.)5SG.*ESG$DDDDDDDDFN^@ T!K0 T   !
M ,  !@ !P P%6D@ DD #<D[ #XDZ22 %. H^. XT\V%^ O*&<Q6KC;+!^FVE
M](6Q=<@?%IC26CT=ALN-N3Y;2AT6ADMJ]%'74G2KT:]?^KNGQ:WH.D-L-MS
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M9-DU&W=EEB<3Y-W;N(\VUG:/K1R 8'ZT4@;*Q'L!K&MW;3TC>NA3:!K+%MY
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M!F6">5P.1CW*6AN"*J"L@VUU#V;O"[DL-MWS+J[BB\QS0R5J,S!N97L:/K.
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MW-8TN."O<UHYD5"U+4;+1]/GU74I!%I]M$Z21Y!(:QH5SD:"XH.0!/=3F_\
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M?1;S0-6N=$O0MU9W$D3^\QO+2?8Y,P[C5LF,A2J"*X#T*T+5MM]IW/\ #62
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MTS!?45L<(I_K/8?QS:P?J8%Z=:X.'_-<_P#M#6V-419)J%5)-?E/\?37T_\
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MMS?[& :CIVK/LGOYF"]A=*&D]C9K8%O87N3B:Z@]+NKRVVX-2V^7$VUQ:-G
MY"2%X83[2R5#^Y'96OS7BI7:M.SX*G.P/+V!J94$F9>TVIRJBE*FKK%DP%)6
M1_9)?!^\:Z8]&^OR[<]3VS;R,D,GU7[(].;+R&6W<#W$R ^ZM9]9-/9J73#6
M87 %T=KYK5_90O9(#_L34D_>0_)B0,"M+G;2W*G7VYJ0T5'DN%'@PVBL$T^4
M3ET^\Z[V^]/UZ5F@;,VQ&YPAFO=0NWCD3#%;P1_VOGR)[:T)Z5]/:;_6M4<!
MG9#;P@]@>Z1[OCY;?A4$]>.-=CT^/MQL#60>7L::D-AUFTMW+(%-D!04[:XB
MC#)2=CPG/M+'VIUU_P"A#:5IN[U.Z V_:'VNELNM2RD*#):0DP*/VMQ)$\=[
M16H.N^K3:3TPU P$MENC%;*,#EF>,_QC:]OL-;1"PI!4$L[5WYBJJ_'J1OKZ
M,O-+N96O.,M<. PIEO+?EFW^)TV W#&9][_7C<0A4>>Q;^Q^GB(5%?=COAWN
MB6*4 I3[=<L>ISU6:5Z9FZ*_4]&NM9_3)N@T07$=OY/V40+F\V.3/G\X(B)E
M*JH3:W3#I3=]33>BWO8[+[$(ESQNDS^;G1,KFIER8JO$4RY]W&-UJGQW>$GX
MC(8'\Q_V;KE$?>L[81';*U0__P 1MO\ D];5_P!5#405&M6J_P"+2?RM6CW;
MXZ#R& WU*MMT9'!1_P"YM]='_P"*UM=$_J3J?_6-M_R:B/I/U(E1K=L#_B\G
M\K60^[VR$ #!;ZD U_\ ECADD_\ ._W'?1?^*OM1<=D:F?\ ^(VW_)J5_JHZ
MIP_3=KQ_P>7^5JG_ +7MDZ# +L?B57V 5'KZ_I^C/WK&U#_\DZK_ -8VW_)J
M/_52U7C^F[7^;2?RE.EXA\S6[RS?+K8X>+R[*[;K3^JJD2;@Q,#S9F1X992&
M(S*VU!4@*J24[=-=&^FOUI:+ZDMUZAM73= O='GT_3OMADFNHKALC?/CA\L-
MCBC+2L@=F)(0(E:WZE=%+SIKI%OJL]_!>1W%SY.5D3XRT^6Y^8ESW*$:B8=M
M)CW>6]43QYC[BMN68Q44*U*-/T:[JW!J =M:H^\_G,G0S1FX)_6J'^@WU97Z
M7HLF^KT__"G\_P#R\%:[]>%E=UT*ASIUND)EVZ;+M\M"5I1*@R7XDE"7$\7$
MI?CK;=2E:=E &A'75IHVNZYMO4&ZMMV]N]/U5C7-;/;3203-:\97M;+$YCP'
M-P< Y'# J*B7MA8ZE;FTU&"&XM"02R5C9&$@J"6O!:2#B"F!X4=?XSS+I_B_
M*J? 9%>1]FW^^[;:S$]8NKQQ.[-S+_G6_P#^453_ -3]H#AI.F?S2W_DZK_C
M3,__ )K\J_\ QCO/_GNA_IAZN_\ >O<W_6M__P HH_ZG[1_R5IG\U@_DZV-^
MVU-VO7B>UW&=-DSY#MVR%I<NX3)$N6XAFXN(0A;\A;KI0V!1(K0#8:]Z?03N
M/6=P>FG3-3W)>7FH:N_4]2#I[F:2>4M;=.#&F25SGD-;@T$HT8!!7!G7S3;+
M3^IEU;:;##;V@M;8AD3&QL!,0)(:P!H).)**3B:>XV20DGMN-MIV)*:A73?<
MJ'KKLDW;",6DGVUI4VSN#2 %^6-13]W%O=B8-C*UN%:596A &YW_ $>Y'EO7
M?;XZ\TOO1)Q)T6V^U$/]:6_T&ZKICTM0F/>FHDE?^:O_ -XBK7[KPUKN>G7\
M&H<<\M8.AJO<5=)'&@!-1:YY- :"M!KJ/T4%K?55LHN^K^DY?Z%=5JWK8">E
M.MY?K?96_P =%6T%,>Y  !MY157\7;V/45'+D!KZ7?-MNT5YEAEP!@M9VXMR
M4M)6VD@J3LNI4#7J.*4IWT;);82LQYCA[:467.4KV<ZU$YR",VS$*%%#*LA"
MA\"+O,!_IU\I'6=#UCW:1P_K/JG].GKU?V6O]3=(7C^B[7^(CI+:UK62T81[
MO>(;08AW>[0V$E2DL1+G.C,)4L\EJ2RP^VVE2U;D@5)ZZOK#=>Z]*MA9:5JN
MIVMDTDB.&[N(HP25)#(Y&M!)Q) 4G$XU!GTO2[J0S75K:RS$!7/BC>XIP5SF
MDE!PQPK/_B'(O_FAO_\ \>[I_P"=:F?U\WY_EW6_Y_=_RU,_H+0O\!LOYO#^
M\KW^(<A_^:&_?_'JY_\ G6A_7W?O^7M;_P"L+O\ EJ+]!:#_ (!8_P WA_>4
M5+6MQ:G'%K<<6I2UN.*4M:UJ)4I:UJ)4M:E&I))).L8EEEGE=-.YSYGN+G.<
M2YSG$J7.<5+G$DDDDDDDDK5FUK6-#& -8T   ( !@  ,  , !@*MTBE5LS]M
M:TH\/X^2H?\ I+(OE*:[F\R?6H]-?0W]WTTGTL:&G^':G_3IJ\\?4&4ZJ7V/
M^X6O\0RC/W"K"O#V9>I[5H-0#3>^VS<G_OZO/7,/_P"U;=G_  5G_P#F%K4/
MH65ZJ:5^ZF_H\M:N=?.17HU65B0_%?9E17WHLF.XEZ/)C.N,2&'D'DAUA]I2
M'6G4'<*200>FI5C?WVEWL6I:9--;:C \/BEB>Z.6-[2K7QR,(>Q[3B'-(<#B
M#34\$%U"ZVN6,DMWM+7,< YKFGB'-(((/,$$&E!_C3,__FPRK_\ &.\_^>ZS
MG_2]U;_[U;E_ZTOOY>J/^J.T_P#)6F_S6#^3JG^,\R_^:_*O_P 8[S_Y[H?Z
M7NK?_>K<O_6E]_+T/ZH;2_R5IO\ -8/Y.IH^UZZ7*\8UECEXNERN;S-_AML/
M7&=+GN,MJMB%EMM<IUTH;*S4@$"N^O8;[M3=6Z=T].MT76Y]2U#4[B'7H&1O
MN[F:Y>QALVN+6.F>]S6EWB+6D G'C7'GJ6TK2M*W%I<>F6T%M&^PD+A#&R,.
M(F(5P8UH)3!3BE/7Y!;"<$S7YJ@8ID!_"?\ XE2O6E!KM#KJ\GHCO$)_\K:I
M_0IJTOL,?_IQHW^=+7^/96IY/X1]P_JU\L<?\&WV"O4T\30J'M-A'_\ G(G_
M -T-ZM-&_P"FK)>'VV#^.94:[_XG-_P,G^T-2L]RWC;&\<\(>1;S9+IFMGN,
M&SP6+7*;\D^2R+:]<,@LUO)MR6<K1^G=Y,@H5V^+92=^/4?7$\R&5"J9QV?L
MAW5Y$F*$6TK\K<PMYG=R^4\@HJ!#3ZR<:P#QBN;F,Z7=XRX;<UI,N]9AEU["
MT2$M(=@VJU7Z_P!QAF3)$9"4);:+O*I*A51UAO4#J%M'I9M:YWIOZ^BL-OVK
M"XN>0'RN&+8;>/!TT\A1L<48+BXA4:"X76W=MZGNG5(='V_;NGU&0@#*#E8"
M$+Y'8AD;027.=@!VE!6N[([R[D607N_/-]IR\72;<2U6O93)?6MIDGH2RR4I
M)]2-?+GU)WI<]1^H>N;_ +MGE3ZSJES=^6J^6V:1SF1KS,<>5A(P):HKU*VW
MHL6W-O6.@0NS1V5K'#F_9%C0'._LG*??1*2 "3T )/W#6$.<&M+G?5 6KL D
MH.-;(?%MF=L7CW$[?(26Y)M:)TAL[*;>NCKMR4VH$5"FQ* ->A&OIO\ 2CLR
MZV%Z=-H[<U!ACU+]%-N9FD(6R7LC[PM(.*M$[6D=H(KS'ZL:Q%K_ %'U?4K=
MP=;?:S$PC@6P-;"".XEA/OI<D4V('QUT(E:[RGD:QJ2D@U&W_+^O18]E'E:,
M36!5 :>GIM_7MZZ+Q=U&,HX5A^;E6G]'V??\-)1W"E4UC61/))^5] /4)%!]
M]  -]96ZT["%K%?M;?VP%#4Y&Z>*2J3Q VZFE?0#:I(TG[(>.'QH_MC"?RJN
M1D9J$UD[*'5M74#I]^A]D/=\:/[8WZOB^%7KN[3Y*GFWG"K:BV^O_C4WKH-M
MW-Q!&;VT?GLYJM86Y$4.]T17&UD4JCDE) _YA53^6EF.0MRY@?;38FCS*UI4
M]U"3.8"JH:<2>A("=A\>)]=$('IB0:6;A@X@K[*SHF1G11P34@="DUW^P :+
MRGMX9:4)HW#$.I*>3I4;_AQE+3?=6I<&/Q+[7S)(N,,U2O;B:#7)WKA8_P#U
M4=ZN* ?HZ#A_CUK6WNA+Q_I<T,=MP_\ H\U09U\S->G]"81I-A'X38A_E):/
M^C5QMW_M'IW^<;7^/CJ)J'_1US_B\O\ %NK:.C)K@TNB&6D@'IP53;H*DJU]
M>L]K$Z1RJJFO'AES*&CAP[*3'DF]7&Z^.LTMX;8496/SA\@*5#MI2^H D  \
M6CK0'JDV]/K/IQWMIU@,UX_;MT6A47RVB4X\O"PUL3I3JGV3J5H<URGDC4H@
M2G#.2P?.X5K6U\N)!!0\:]3R""AXU[D4?.!4H(6!\2GY@/XD:(O,?YUN+F^(
M>T8_@H !QRG@</CA6X"PY +Q:[9<&VW5,3;; EM+86TXE:),5IY'$5"A\JM]
M?6WM;4+/<.T]*W#I[V/L[_3;6X8X<"V:".0(1@?K)7D;JD%QIVKW>G7#2)K>
MZEB<.8+)'-.!]E'7U"%$!T3(X/10!X=:UJE1IJ^\LY3DRN/?4'S J.#A0MIU
MM0 ;N2AQ/JL#?[>=#IES7#C&*<#F$8.H>E3R@E294=>VY+BJ[;^E:_;I"-'U
MFNI8S'$.%1=]W%T+/CNR6QY]I;MTRN*ZTV@DJ[=MM\YY]SY@#Q0J0VD_:L:\
MX?O.-<L['H;I6@.*7NH[DA<QO/):V]P^1WL!DC:>]PKI#TQ64T^^+N_"&"WT
MUX<1^REDC:T>\-<?<:UW $UI38$[D#I]^O#6.VEE!+0,H!*D@#"NZ$*+3E^&
M8;\[ROX_CQA^=_B:#(23T2F$')KBU?!*6XY)UOOTGZ=+JGJ7V1:Q DMW#;RN
M3]A!FG>?<V,FM?=5[AMKTTUR5Q _YND:/:]&-^=PJ2GO'B32UX^N$DMK0AW(
MX/)M0(2ZXFU24I.Y(YH:417X'7?OWJ>F.-MLC7(P[[,)-3MR3P#G-LY6CWAC
M_@:T#Z5+I':W8O(\TMM9![ 9F'X$CXU!_7D!77]2!]L5R1;O+UH0I:4&Z6B^
MVMHJ(35]R&)C2 5;<G#!('Q)UV[]WCK=KH_J@TRVNR&C4=,U"T83_OCH//8T
M=I=]G( YDUI#U#V4UYTNNI(0IMKJWF/[D29''W>8IJ4GFSW,V/Q.PQ!A6Y[)
ML@EN/ *1,#-O@*B]OO-N% 6N0\I3HW!"1OZZ^B_2M$.H.)>X,C"<L2M>;&IZ
MT+%HRM+WE?8$J%?DKW$V[SA"Q)EZU/8]?[([>DRK>^\'HTP31![;UN>*4J64
MIA'FA0"A44KO3S6^\ZZ#=0MU[*T/?&R[)VIZ#MO[?)J'DD&X@@G;;$7 @^O)
M#'Y+S,Z/,Z)J/<W)F<WI;TL=2]MV.MWVW]=F%IJFI^0VV#P1'(^,RK'YG!KW
M9VY Y \^$',@+7:\&P00HX5Z <,*]HZ%>T9!''LH5[1$)V4*F=[+6%)RO.;D
M4@MQL;ML'D1L'9UV[Z4UH:'A;U'7J)]UMI4TW4+=NN ?WM;Z';0$_MKB[\P#
M^UMR:Y>]4=VQFW=)L2?SDE]*].Z.'*3\9!3M>\IY+WC7'N(2"C-(2B0=S6RW
ME-!\:DUVUT7]YPPNZ%Z0X$ -W3 <3B?[RO1@.?'X8UKKTQD?UYO!VZ4_^.AK
M6OKPQ:TO=E"+7<PQKVBH52HT$/8?@:"5ZHT$/8?@:"5M/]JCB!X6LH4H#_MO
M)MC\/U5SIZ^NOH0^[U!_U7=*7_*FI_TMU>?7J&_^J-U_BMK_ !0J0KC[=*"M
M1T(!^WX;5H?YZ[9K2"BH@^\1\.^/\8316V9(()  (_1+F.G6NO-C[T )T9V_
M_P#K.W^@W5=*>E]P.\M1'_PO_P!/%6NK7A[7<%/#[?RD>9< *MDB[R2K[OTF
MX_Z==/\ HN"^J79@_P#B4O\ 0[JM8=:"!TMUHNX?96_QT5;9/JV >(5L>BJ&
MA_D!KZ3?+<BUYK^8U4J\2&PI/)Q"3R32I2.AKMN:Z7%&_P UJ _6'TT'O:&E
M3RK3'GI"LZS50((5EN2*!&X(-YFD$4^.OE8ZS!.L.[/_ -9M4_IL]>J>S,=G
MZ2?_ (9:_P 0RDGK6]9)65+#ZT\D,/K2:T4AEU:338_,E!%0=28K&_G9YD$$
M\D9YMC>X?%K2/GIMTT+797O8UW87-!^!*U=]+*_^U)7_ ,#/_P#UO3GZ+U3_
M  2Z_N,O[VD_:+;_ 'V+^W;^.O?2RO\ [4E__ S_ /\ 6]#]&:I_@MU_<9?W
MM#[1;?[[%_;M_'6 @@D$$$&A!%"".H(.X(.H9!:2UP(<"A!P(/81R/:*=!!"
MC$5[14=;(_;E/0SXFL+*F2KC<,@//DE*?FN\D[G:@%>OIKZ(ON][9TGI4T-X
M(']_ZG_3IJ\ZO4-<"/JO?,(7^][7^(91KY^ELO>(LN;0KYE-6JB.0*?EO5N6
MJG2I &VL@]<MG,[TK[L8U%\FS[N&H6IJ%T)FC=U5TD#B7S?T>6M8VOG$?;OC
M;F<B5Z2%I 6JZ8I->Z]-]/1V\LK<T84?#Z:-,%JE?^6W]>E_9)DX!:/*>.%3
MB]J:PC%LOKZY%"-*CI^E(J?N&O:C[KF"1G37=8>$)W#;_P!";7$OJG<&[FTE
M?\GR?QYI\<_F-JPC,D<ZUQ6_@5._(VN2*?+4>OKKNSKK;R?Z$=XE/_E?5/Z%
M-6AMAS,.^M&:.)U6U_CV5JK3^$?</ZM?+(8G1,:'(I%>J;P0<:O2I25)4DE*
MDJ2I*@:%*DD*2H'T*2*C0CD?%(V6(ELK'!S2,"'-*@@\B" 0>VD.:US2UP5I
M!!':#@1[Z4%\RW*LGMDFRY'D=YOMGF=DR[9=9[TV#),:0U+CEZ.\I3;A8E,(
M<22/E6@$=-;L/J8]11X[YW1_UA/^^K"!TRZ= $?H/2T((_XO&B$(0B<",#W4
M6W*[76\O_57>YW"ZR16C]RFR9KJ>6ZN"Y+CA1R)WI2NM8[CW;NO>-Z-2W?JF
MHZK?CA)>7,UR]J\<IF>_*#V-05E&FZ3I6C0&VT>UM[2W/%L,;(P?:& +[UH!
MK'ZL*=_Q%XVE9O>V+A.C+3BMIDMO7%]8*6[E(94'&[1&41^:75@=]0J&VJ@_
M,I(UVIZ-O2]JW7+?5ON37X'-Z3:1<MDNYG AMY+&0]FGP$CQE[@W[4YJB&#,
MUQ$DC =*]:.J%IL/0I--L)&NW=>1%L+ 5,+'!'7#_P!CE"^4#B]Z$>%KC4_%
M!TFJ1QZ42$I"13H ./X0/AKZ'% [ WL 0#N ' #D.5>=P<X]Y[_PFL"DNFO)
MTC_HH2*?97B#H!.1I7B[JP*:43N\Z=J4"0/Y_+H\*;3F5K$J.@D_.\?_ *HH
M?SXE.B-*#!WT%^D8Y=':[_\ 6O\ J1_:[G+TTWG-*R-I'Q<99[@2XF9(1_:"
M&I".2?6@"R4$'K^+62/O7H4+1\*Q^.SC<0"TD>^EC'Q#&W6DJ[<V,Y7<2'9K
M201^+YG8R0=_@=5[M1O6N0%KAW9?P&I[=.L2T>%S7=^;\54F8+;T-)7$=2\I
M5-F;@5!/VK0M!6-CT&G(M5E+LL@(]K?Q4W-I4  \L\>QU A@324)?<NK+25\
MBEL+4XH<?]HJ*%C_ ,73@U5Y=E;&21[J;_1,8 <9 /?\OHK#_A1EI2.=YCN)
M)I1!54;]#4]:?PTZ+UQ!_-D'OI/V%@/\*M7*Q:+R"OU5 03QJ4 _=U6D#^K2
MA?/1"S&D_8HBY?,*+\N=#?\  Y4I/8O5M[:@".^^AMP5 _$EMY0TU^E</%%(
MO<,/G%.'3 3X96(>TX_,:0OEO$#;_&F635WBW/JBP(ZOIV'BMQPJN4%'! +J
MJD<J]#L-<I>MW4?.]*>](A&]H.G0XD)_Z]:UMOH;IXBZL:)*96.<VY?@#Q_,
M2\*U_P"OFBKTWH3!3RG04_[4Z&G?H.4EH5/V"NK?;O\ VBT[_.%M_'QU$U +
MIUR/_9Y?XMU;3DX8X%$?5PDBIW2XZY4_&@=W&VOKSFU0"1WA><3R'XJ\?(].
M.4>)O#M_5K'+P9^5&DP'),94>=&?AO$*>'Y4EE3*ZCE4_*X=5&LV^G;CT2]V
M_J37?8+^SFMI1_Y.XB=$]/8UYJ99-N],OX-0M'#[1;S,E:?VT;P]OSMK5]>;
M1+L%WNEBGH+<VSSY5MDH(I^;$>4R5"O]AP)"DGU2H'7R7[QVIJFQ-VZGLK6V
MN9JVDWTUI*#Q+H)',S8\G@![3S:X'G7KCH^K6NO:3;:W9'-:7<#)FGN>T.3V
MM)+3V$$46ZQRK&IR^W+.WKY8AA#]S;9N^/-.*M3#X)<N%D*U.<8Z@DEQRUN+
M*%HZADH5T"J>ZWW<_J$TO>'3R/HGN*8-WGMYC_L8>X W>F%Q>T1J?%)9.<Z.
M1@5WD&)X&5KRWA#U'].[[2-Q.WOI;2=%U%S?.08170"$N3@V< .:3AYF=O$M
M63*1?4@@K;= ]*N@#;;?AZ#7I5GM#CP=[OQUS,&78/%:R<+RL$AV,FG]@A:R
M?O*FZ"FE!]N.1^;\=#R[@KX@*PH_7:J)^E2A 4I2W.*4)0D56HJ*?E2D DD[
M "NC<^T:TO>4: 222   %)<20   222@ 4H*2UEV7!HXJ@[SR  "E3P'$UKO
M\Z^1/\>Y8AF%(;D6/&VGK;;7F*_3S9#CJ5W*Y-5 *FGW6TMM*I\S;04-E:^=
M/UU]?=/ZW]7!9;5F\[8.W8GVEI(#X+F=S@Z\NV=L<CV,BA=^5#"V0825Z.]"
M-@76Q]G^=J[,FX=1>V:9I&,3 $AA/8YK2Y[QR>\M_)ID]<7/E.4,83DRX]YX
MFMW$X(.%2.]LV-2+KF\S(!&+T3&;8]115VT?J5W2N'%0%]2XB(E]=!T%/CKT
M8^[+Z=3;DZW7G4&Y8?T1MK3),KR/";R^!MX6 \,S;?[5)VA&GF*YL]3VXAIV
MQ8MNPD&\U.Z:K5Q\F B1Y]AD\IO?CV5(7W!8K+OGC:?)8MZS*QN6QD"%)<+B
MA$82Y&N02G<GC"DJ</K1O7H7]X1TXFZ@^G"_U'3F&35]MW<6J,: KC!&'0W@
M;[+:5TI'9#7.OIVW'_5WJ3!;77@LM3A?:N*X![D?"3RQD8&#O?6NS7SJ\:]'
M*66$WZUXG=#D]U<D-&"N!:+,Y'9+Q;R7*IS5@LBW0%)+;*5R7"5[]LT50TUW
M]]V_L?3]S^H1NY=5;FMMNZ<^YB'_ +7</;:6[B/V@DF>.Q[6GE6C?4)=:DWI
MW/I>E%K9[LN,A<[+_>UNPSSAO:YP:P ?E D+C2"SO*\<;FN1<KO,:+*BK?N*
M!<'PSSC7"5$BEU#KGRN!,YYI"J$]M3R.=.:"KZ)X-1@CNA9Q. NW19LF*EK2
MA(Y%"0#BH4+Q%>94^FW<EG^D'1G[$)<F?EG<"0T\P2&N(4(4<AP*(2(G%\IE
M<L;N;;[MM0F2Z^VS.;0UR4A33B9$B''CO!5*A32W$TWK2FKJ.Y?D<R9N9C@0
M04(((0AP.!!!0@A""AJFELVES96$M>TJ#B"",00<#@<>VMC7C#Q!XLSG#;1>
M5-KGW/LI8O*X-ZN#;:+BE(6KDPW(X1B^RM+@2 $D*J!37 .N?=[^E>]U>YOI
MM!O())YWRED6HW<433(XO+8HVR98XP20QC?"QJ-:  !72NG>HOJS'8Q0Q:A;
MR-CC:S,^VA>\Y0 KWEJN<>)<<2<3C2FR7P9X?Q3'[IDMV@7!JW6F*N0\3?[D
ME3[E"F-#8'U *Y,R04MMI J5*UK3J/Z+O1?TKV/J?4#=FEZC%H>EVKYGKJMZ
M'2O 2*WC_.>*6XE+8HFC$N<.0-93MKK7UOW9KMKM_2+JU?>W4H8/[S@1H_+D
M=X<&1M5[B<$'?4!E$*4I24=M*E*4EOD5]I*E$I;YJJI?;2:5.YI4Z\#IGLEF
M?+$P11.>XM8"7!C220S,5+LH1N8E2BG$UZ ,:YC QSL[@ "Y ,Q Q<@P"G%!
M@%05335*K8M[5K!<<=\?S;Z8+O>S"Z_6LDI0%+M5K0N#!4 OY^#T@R%I^*5
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M3ER%%2BD@_\ 8UR33Y?6NO-7[T.!S.BN@/P(&Z&\/\2NJZ6]+<N?>FH!"/\
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M_P#!1_O:\Q1+>M^K-)_;N_'5H@LH_L0R34#C#:53XT!;(W^_39L=))PM;?\
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MO>M@7#?2KO,2/4?HZ%1_[[:UM+HB(?\ 2MHQ8Q/[X>G]PEK6KKYKJ]*J%V\
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M5>+^ZB[,,-Q<QMCD]Q"4H-VLHC,/O4 '<E6U\M1E.GJ5-.-I)_L#7JMTE^]
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MYQ31*5%UI*D+*%E"P"*^N,=1-TS;?V5JVXH(!<RZ9IMS=MB+O+$AMH7S>69
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MD\?2YE@X7SKW[<9A_!>5D\KR_P#RC\V;/W(G-:5^=R^6$Y@ Q3EC%]34N J
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MJ#[._M%7OG-[#1:Z^D5*4*H?M I]W7?2A;.YD41F'(47.O%2MDK%/M)KTZT
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MWMVDMB:227R.>]WG-U$ZB:YU'ULZKJQ$=I&K;>W:28X(R50+]9[L#)(0KBB
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M+[$=2L;,,) CE8X$EWU3YC"XM * JH1%YUT1IWJ=WS;63S=-LKJ\S >)CFE
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M[LP[);<BW<AMZ&O($K2L)$4J 0MMM:UJ4$DDE*=2].U&TT>"9NH2O,!<L;"
MA8B$1]J\P2@X]II+K6264>1BTCB.1[^T@5N^_:A]HGMT]W7E]W'?<'YQQG"\
M=\8V;!LUQS ;_*M%BA^:LZMT^:J194S<DB0\??QB%>;9W;K$97^HOPW@Q'0E
M"WG6Z?;S_+U5VHSF..4R2C*3XW,<06H2Y1E:F;BI*\JOF6\,<+KYGCGB+?+#
MAX6N0GS'!,0UPP:$!*9D&!ZUL[L>16:Z2)'T$5ZSNN<;<_;9,&6U(::0E*%L
M-VYUU#3/; *0D!*4D!.PUN73F6EU$/+>L@&/96OKXW,,[GRH07$XE25XDIS/
M?SILIV96:RQ5OW]]NQA((^KO(3;[>A7H7I<QR.SQ]310)'KJ;-9L@;YDLD;(
M1Q)>UOTD5'CN7R_FXV2&4\ UKC\P&/NJ)WF#]Q;V;>WI=N_XK^X;QQ8I%S?0
MU;TP57.^(6L/M,.J6C'6LA26V%N5<*UM!I&ZJ#?5"[5= E<YL5W$\MXM:\2.
M[OJ!![ZMAI>NQ/8)+.X:Z1$+XW1M]N9Z!.WL'&HP>[#SICGOI\ 9W[=O". Y
M%Y!@Y%=H5\L'E^XY7C?C[QW:;WAM[@7&WY19 M=[R7,,=<##@C=J) 3<67U=
MF0$K%==;AZE;1TB22RD>YTX:A1I<,0OUL6KR1?;5_:;.UZ_=%+>,%O#$]LOY
MPN82W$%6  D.:26@GL<A2M+?F+V9^[C._(4.;8L&ENXUB-FQ^QXW*FY9CI9>
M3CK;23)>7>,@C7,.W6;WI16H!S\^JA44UK'0M[;-TS3?L\T_Y]SY'/ B>$#R
M3@&LR@!4 X%*M-9TZZO-2=-:L MPUK6 G@&@ *N..))/;1.Y^W-[O;L]-NT+
MQG%MMWNUIGVZ[2)?D'%(D9UA1B.V]Z,IZ>\GN-/1U.NJ0"$I(%5*-1;/ZF;)
M$$-O-<N=%$_. V&0GGQ"#!"@^/"H#]OWX:H+"XMQ&;AC@F'<%HV\7?M1>[95
M[+V4+\16:W]Q2G6+QG%TR*89"E)6IX1\=QJXEH!U27"DT4LCH?5O5.K.R[FV
M\NQ?=>: B^6(PT?V3E/9PPI,&W[MKP93'D[/$3W\DJ8#'[4WG!MFY!6?^-[8
MY<GFNP+-@7DV9&MMO90Q$';<&-0.<UQA@I4M+094GAR22%5PBXZCZ(UT8D9=
M2!C25+F^,J<3Q\*X@<>_LLAHKW,+S]7-V(B\ JX%*1N0?M*^X5^5)?M/GZR.
MH?#;4B$KQ%G;*RW52VPY<4L1I*RXA0JO@WR("@FO2;%U7V='"&2V+WO:%!$K
M1B>QI"#WKA@M-_U>EE 'G'WM;^!V/M/PJ<G[8_[;/F7Q1[I\+\L^2IF.WS"/
M$F+9==;6_2]VIZX^3+A9)%JQ:YIC95&C(7,MCEQDSDI2^XMA4=M0I\NMB; W
M1I&Z[J=^G6TS?)0EYR%C%*-8"TJ7$ \&]YY*S<Z=^B(WSN>U7QEC OB4IG=W
M(Q02OY7?6[O*>^\;FYW6'7Y8[S:93KGTSKS:^XPEYU@+<[!6?F4@*-.@.MY
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MS$[,<R?G6  (!6BM/W5<1ZO)JVFPYA9:JK8FXN%OYARAN.):QR\<4/,UKO\
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M4I5R@8I-L\:Z2.TM3 5)2\$QU%KCQ)&LD;9VK7!S8XPX%?JCC\,*PEUY=O\
MK/<?>5^/'\5&I]J_M\^A:@'P[@Y89C-PT!=FHZ&6F41T\G4<"IPH0*KK4J^;
MKJ,[2--?QA9Q7!1C[C3C=3OF_P"Z.X)BAP]XQI-6KV?>W.P0(-JLWC6U6V%
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M0<[D+8P?PIF7D.W8C;;GATC++1C-RR#'H.20W6OKHBTV5,F$Y<;2^\MQ<92
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MOL2(R]%NLJ+'^LDP%K>@F4\M+=$'D;O7NF-E=V(;"\PZRUF+\<KW\?&TXHN
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M0XD  %_@7&I>/^>LRAQ[/<1B^6X#&EQKK&MTE%L9N%LN<13#:+BA@0Q+:07
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M"6VF0D!*1RJ5*45#>FB:-:Z38MM[0$E@0O=]8]^ K2V]M0,T3G/07$[P2 <
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MH/:'#$AWM*D&I'S;];+EAEQQK)A-M%PNBXR'YPESK'+2(KB7T.P<ABD(86Z
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M8FY9)2"['B0T-&'+ "J*]UB^U'3+'2KUP?;Z>R5D)1'!LTIF>'''-^<<XM[
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M6V&3Z@ZSZD>EV^>H&UNC]RV&_P!&W7:6MW<L<?S0MKR-LMG%-R>)9S'') Y
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MEN;5W,B>'.Q,0)/+=Q:"/*S7M'U'HKU3N-+U!KVQV-]+8WPRAA<Z.4Q/D0*
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MN$AQGDV6PIEL CE4ZY.](?7<[P]-.K:BVTMK36MI:)E8R(#)(^VLY )I(T:
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M>UYF"#1;B\MF3^6 T16LD[&.R-:%:1%F>,HYA 36X;V7>P'QU[9;)?;OXO\
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M5=5M,&BOE:*E=14<[=>.C6M]:.D<FVMD6T+[N[W1#-?NDG;"#%Y$<$(5V/\
M"O7PC!'$CQ*-D[9DZ8,U&"7JK?W]MI%M9I!%:1%\DKWW23YG9'AH9 X/8J9G
M@-"XM,.;O9?)EOO%TOG_  NMQ.12/U:XIP_+H[<&7,?;0)-Q3;KVW?D1Y$YH
M!3RD)1W%_,1R))UOTMZ1^M'T\:3+MW9UC!J6V97!QMYG6E]&"&Y5C++J"=N9
MB,*YE8U@(\+4Z3W+<^E/JIHVDZ;?;^U&QU#1+?[/:7%Y8G[0RW!S1P23_9XA
M+' [&'.XNC4@/+2E%=KR["[7C4OQ?=_'#N'V"WW=,.]RLER*+=T7&[7*= OC
M\.4VBV6N-SM";A$_-3Q2TIUMM0[G)2:_T[^FX[(ZV,ZD>J&#2].V?K,-_965
MAJ+&QL;<"*"1A#WR.;'&&!X@=(]LA>UY#L N']9M4W1NKJ9;;[]/^X[[<_4^
M#3V&[GT>T=&8+.VB-N'-'FRF9\CG+/"R-X:'JN4Y&##XNQBVS&KCX_ON1XF'
MI33:)V&Y/-BPW.Y'[B74H;?D1E*4ZGI^$]*?#O/='H9]-W4&V==Z!#-9^9B)
M;&Z;<Q(1R;/]I;E[F/9W$5@7^N9UQTP_H/JWI>C[BMF>$P:WI3&3!.6<,A<#
MWNC=C1?ES?D:"JUHFYY8LUD2XDYEEOR)X\PS(9S42.TXXJ"[?)EIG7)QMWD0
M$A:!R43U).N>I_N[-;V)J?Z<Z/[O?IVK,>YS'9+BRE:XMR$^?;338N8<A_-
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M"5+?3HG:QJ(:01YDN>WL(GM7B(VW$J=DT;NPU7W#WSWY=)XH;5A11B)90K^
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MR_#O5B5=,\QSR*V;7Y*38["6K?#BB$'+%EOU  C6YFV2UK^I>6Z>XRM9%5*
M/=_WCW1[;FDVEMUDTB5@GUJ0BX;F;_?$AA;)%/!$?$DT3'"1S4:)1&Y097$P
M= UW1^KG0O6>C'462"PWKLF)UWH,DSS'*0R0Q7NE%#FGD?@RWC:TD.R+X801
M)1GR[XIM/ZQ<I7D;%6XD:2<?;>E7-IQD79#8G3(@DQ0ZW)D0XI;*T)Y%(<.^
M]->-D^SMR?97SVEA<R2W)C:PRL)<(WD/D> T9@S,&J'8..8MS+6D]L>F'K_>
M/SV^U=;<9[5LT4<D+8I#$YQ:R1[)'M>T$@M:9&,=@2 E,IDGFGQT&\AN&/9Y
MBV37!VQW=-LC1[];(;C]Q^CD)@QTJN4B*RRVN0A '<4VE(%#\-$-G;DFUB!V
ML6MX;47,?F2.MY,IC:X!6M8'NR-8!E "Y4"!*L-H>D_KSI'5/18MX[5UNUV>
M=4M77=Q]CFEBAMA/')<.>Z!DQ?\ F@_!H)<2 !C7*Y^Y?Y)NV,8%XL\2N-3F
M57>]7?-<@2EVW38S\NQMN6F&U#GVV7<8TAAZ3=G'?Q <FP0=P!],OI-U+:NH
M=&]+TK:][#>/LHB^[9&U[703W4DDPCE:]C'"1K"&D$89>* &L^]7>Z6;TZ^;
M@W);1W<>B/N606KIX9X/,@M(8H0^-D[(WY'/:YX\(3,% )(K6/[%_,>'^$_?
M3[=/+/D>Y/6G#,-\AO/Y%<H[+TMV' OV,Y#C"'RS'0MUQE,V\L]TI22ALJ5T
M!UGGJ-T'7-T]$MR:%MR#[3KT^EO\F%0WS'L<R3*"2@<0QR8XE!Q(KF*ZA$]L
M^,%&D*/I6NG;//.MPQS);=<\D=;E8=D5LE0[A)3W$76RI69$+&[[<(2AS:$N
MSR&/JVE)[C:/GH"AQ(YX]*>ZG'9&H].IFGS?L;YV!0?%- (YV-(^MDE0KP()
M(P2MGZ!<:7J.UML;GM)_^==!OXK2\8X8,@^V275G,QZD&,1F6$\$?&&@(03L
MN\&946?;=XRN\:2!<L2RA^(7%* WDO/SXJ"K8*9F)(92?P$+--CKC'5=/O(=
MPR75KF9<PO> "O8T@$?NV(G'C43UJ6C;7U :E=1D>5?6FG73".#O,LXVAP(Y
M$QD*,,5I<6+#?%'AN-[HO+6 )2Q>O=#F[7DK+)T9?%R5=CA-DPIB+$)9[4F!
M(D6V;,5O439SQH H$Y[IFZ]:WCI%G97CLT5E!);6S20K+<S/F=F':2_)F'!L
M; N%<XZSJ/G:;'(XC,( T'%>8^*<:1GF+R'%;\+XA:D.H:1D.2V]3[3!0EIJ
MWV]IV&RE:T<>(2(H50 <?L/3&K32Y]9W9;;?:F:YU.&'F20<K $X8+[>)KK[
MT 16^E;XU_>%P#Y&B;2O)_W+WOA8W'B"C7CXUK2Q3R9+OGFS.;4RXZMJQYAE
M+$-SO4X0)&*JALH;34]M96A:R36B74^FY[5]7VLENF66T8018L)N7D(B1N;!
M"TMX(W,]W]KV5C4<$.G=#]U;UOG+J5]>6&G1=JRS-N[@@\2HA:WV!W;7$G#H
MAR:]]4HO?7W5UX)0%N%;UP=4JBP5)2% A*0-J#7:FF!@T^,?^39@/W(K7''C
M@M;B?VH_,[F(Y=Y*P9<S'H[6;6.UNM,WN8S ;)L=P*751+B\XU';O3(N27H[
M+CS(=[3G!UIX(6->]47.T[2F[FTN[T^PUVU#F12WIR6\OF#&WED5N0/+6N8Y
M4;(T%"":V!TRT"\W7NJ#0VZ5J^NZ=$)9Y;'3G$7)8U@;)-$!'-]492\^6Y6!
M"6CQ#ID]NBU^5+-<K]/\XXCY/F6&^WG \D;Q/'U,Y;9)UCN*K5<,1\BR)=YD
M!-^L$QAQ(+UM:>>2KDEUUM04?*O?_P!XKU9Z>WC=*U79EJVZN+1LL5U=RRQQ
M74$K ^&:W$/@GA>"'![9B45KLKN$3=EWL*YU*2'9=IJNFV[)$,-]-#)(P@HX
M961-R_VQ"]A45R'^\[,4YS[LO<+E5@DRGH4/R%E=EMC]L8N#\M5MQ:6_8X!<
MN&#^6(]Q;6W"M* 0JVL<-_RVRD@>X/2/4-7U;I3MO6MPQQPZY>Z%9W5Q'&"(
MV37-NR>1D8=F(8UTA:W,YQ08DFM3:B8Y-0E<I.61!Q'U0@.!QX+A\*8GVQ^#
MH'G;W.8#XVR20_:\9GW6X3/(*Y<B[1IS^'8O*<[UL=9OT*RY'<';J_ B6V-%
MN+$]D+ED)EQU-EA&L/4;N[7=C]-]5UG:5K)>;LEA,5G$QI<?.D!:)2&J<L#,
MTSRT$HQ "2 <CVMM/5=_:U:;'T&\L-.UC47F&&ZO9?)M8#D<YTLKRI :QKBU
MH#G.DRM#2M=<N3^0\8Q2#]!%4S 4O&7K)]#CJI(L,0M1F8UM,:P21%9C"/'C
MI;4TAO@$;!R@U\_.C["WG%?^9+,]KVWHF<)RZ.9QSESP^1S?'F)+LSBJ\6UL
M[:OIF]2/0_J7H.Y/T*ZYM++5K64ZAIKX]1MXH@]C))@R,/>\-B+R]CH@YP)&
M52E1%QY_(<CO[=V@8[9)>0)GM2V[?.L,H"])A1FH(D.RA=8,&%!H 4A3Z^)
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MM:Y\LGESVKVYYWN?-([RY'$%TA<AP-:SZ'[5LM7]*W5RP?:POU_36:?=1O+
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MJ4P73+ZY@EEC#/-:^>U\^YDC+@4=G9D:BDES,H+@*I'R?;+J6<D?54 \$!
MJ.-TR",X7(%J0&(I<2MXU*WY!_$ER2[4]Q1K6G0$[?'7@YKNNMOXGZ?I%O\
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M>;^.'8%BSBQ8S>95CFW.RVS,X+93!?;G-R+)D=NN=CE=RVK?0A3S:^PX4N(
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M0;A#ES;=.9>[8DQWG$-.H4RI2 V\IP)0L)Y$@#?6[]XQ2OTYEQ"0'QO^9U:
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M2O=OC2F4,U1&5/<-0%*"L'ZFZ5K0VCH'7?:CW6]U#<SZ1=&)@:))VQ-N8C,
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MR3-96$]O8PE0C76MM$)D<>#6SOE4<,V8C%:/7;YUO<"YA<]DT)!:]CG->QP
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MS(YDM/*0T8DV*P\S^8D)UZ!Q1PVMX;ES0&.!Q[3SP7@$[,:7=7 +OLY)#0\
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MEB TV\Y(=05U%$FG4@TUK#K#%++T^O&1%'9X3[O-:OZU9-L)X9NZS/:YX_\
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MERRWA%V?&Y"P.#B,2A\+CS. YX5N+<MG:W6WCKT%I+=7'V-I#&$MDR%H=F:
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M:ZIN*@EP*0XX I"VD.%"E(43Q6VZCDEM( Z5)Z]-;1M""XLY+6OI"C&O8W#
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M2)3+ )V0EP)3Z :N+?4[VV8YK)'97-0@DG#$)QPX\JQZ?2[&X<QTL358[,$
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M=L6(6*+:L9MLEQ!*2\W$#Y1L5D'77'2_H7TFZ,V<UKTRT&PT@SX32QM<^XF
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M]^;F>=/1M ;X<5QQ^7S4CUEJ.Z$!!"5I"5H6*J"30!25<:%(/W[;Z,!Y4]G
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M3T1]< 6S%+JW@$2$7X_Y;#[EKO 470@I4YN.15KMW;L,<<[+")H^SL@+6MX
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MO>'/9^+W5I)\;-+BVQ!5VD*2^\>?(@!I#2>:@JH0LA9/3H=9=B E8],]X<&
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M<1B .TJG#@!61[^W#:1Z==6#)5O[H90P(2UA(SEZ?549@!Q/8F-=C/<AT_\
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M+,_$!R904136^;]]2PYGE_[8ON03B$U+*[7(\<Y/E<50<ERIN$6?R'C\N^1
MY7MQGTK7$DNN<:=EAQ.W*NMW:"6?I)K7<7-<![47Z 1[ZY4W$ VSADD/YF.Z
MB+D[R6M7N#W-)]E?.&NOU+7=D2$)/-Q*?RXD8K2E*?F4>8<J"E5#\OS??K/
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M"2PD? _J4X,1]*IE^8EH0TY%?D)6VML) "'UMMG@"2115:"I^&KV&9S)2U/
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M#+2V$K;#?*@*'TNI0I+B1\Q6:H4:D'421@1Q>C3CQQ_76K"VDS- &+*^@/\
ML90;]9/V\L(^J$41+KY-\J7>S%M;9>DVER]PK<]*D<$!9D+NULEH!*B2TA)Z
M4&IVG!PM1F"*2GL6L9U0L.HS9?JC*">\,:M<SG[G=Y\>V3]UWW8VV*W*0Y=<
MDPV[WUJW,.W)+612?'N)KO-P4E"FTMF5/E.*<0%#@X**%2H#:&BE=/A:/$_+
MW#!2E81K36MO"XD#\VWCQ. _4J('DK,_'_B?-/$V;7"X(,?#O)^,9T]!B2WV
M;S&@6J\VJ=*2S 2A4V)]0U 6\@N]M*G4T2>.YR6*>..%T+_"TAV'%"0GPK%K
MZTGN ][3^<+1B.P<@#Q/?RJ5?[H\CQ)X&_<SSK(O#6473)\&\_63%//V;6*7
M!C)A6"^>;X?^.3%Q.XQGUR+G%EVNZQ;MQ=8:5'7<#%47.V'13[>N;C]'_9IP
M%C<6 KQ#5'T_'C5[K\4$T\6H0G\Y-$UY7@AP!Q3%P"D=M1;\VW*TRH4I5YC3
MTP'&+9+;$)]N+'O;!?BH=$:<ZAS]-6(*OE4X#Q50TIMJX:US7JX@8X'E[ZHY
M7,<QV0@N+'!/<43DA^'?7T3K!)MR,6Q46[Z]=J:Q;&3:E22\])%M:LT$V[ZE
MZB5OSA$#9<7Q3W%U4:5H-.SKY[\WUL[E]JE:V/9Y?L4(C)\KRF(IQ3*$7DJ5
M\R/]Z7P];O!O[FONJQC'\7GXGB5^SF%Y%QBWR+:JW0G[;Y$QZS9=<+A864M,
MM/V%_);G<$,+;JE*VU-D\T* ?@<0W#$_15E?)G9*TKGC8YQ[7%J.^<%>^M5=
M[;2_!4IQSE5M\)J D@%"@1Q3N5$'U]-/D$@$8&H<9&;' +76_P#OXX#DE\_:
MM_:&\GW&T\Y.,X#A>)Y5=Q%3(EVJ3FOM^P*Y66%)O*&W%1X=Q=Q*0H,..)0Y
M(2"D%8-&0YK;IZ<":3H>=^VFM=@]IC)'/*?,;A\&K[17(M 02I(4":'\73:@
M2">E1MJ2TJ$';1D$@+]8?174U_E:+5(<][?F6[HC/O,VGVNWYE]2 DM-.7?R
M)X^CL]Y7R\.[].KC3U&H\H(A<3VM_#^*J^51?VK3P28^Q&M'N^M7>,RM*5J4
M*MJ#83VUJX@I&XX\3Q*!6F^U=0P1SJS[JRI5(XJ6MML#J.0[:"0">%"L$*(&
MP--!>=!* R7YC0YA)<HE!*4)2L"JJK+?S<R*"HKTZ:"\^=$1SKD]_P T%C,I
MW'/:-GPA%YEJY>5\'?N27@A49YUC$,GM\ Q$H%5/(8EJ0X2 D-J3OK)- DS&
M2/N!^FID@#M)*_69<#W![/QL^2UQ^+4*\ED+V'S)W'"B2$UV/(&M=J:RQK0&
MISK&9'$N)*%."=E'UCM,N[-N0+(EUVZW-M$"V,,A)<7<Y;S;-O%22H(3,<1\
MHW6HA J54TL9BTAHP2JZY?%';2R2D>4R%[G+@  TD_-\:F-^^IBT?%/W+?/E
MMA6R- >B#QTK)9$2&N'&N&;2O&>)2LJE\0I39G3+T\_*E<547*?=60"O6*AR
ML9(%0@I[,Q3YDK*RUS+"Q9+_ ,8_1MKGP0EWDM!)[R1C6LC'FBOMJK2M#38
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MO#.'Q^^)Q"7(JXKZT*96E:>VJJJ@ZBSKY8_9([\-':D?;%0D!\9]OR[/QUS
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MYLS\5\04!H3D.*U<:5MY^G7S[JX<LP;E 0J%Q)*@)AR[\>5:-_\ ,4>S"_\
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MKTK\#HT'NH5ST_YE;$HM]]G'B>Z.-$R+5YHFPX:VV^YV5W;";K+[/RT*>^;
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M"Q[-=K@R7%E#5SOEF>B.W1Z.E%$N.U62=Z5.L7B;:C^%#E/,)4YQF:<T36?
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MM%KB,P+= A1FUA$:%;8,=MEEL"B6T #IJ*2223B2:FQ11P1-@A:&Q,:&M Y
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M<CR)#*7E/-OE+RFTUGD6\DMQ$\#(4)5<JEI*D*G:O!<%& -6D,LXAB</KL)
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MFF1MO=>8? 8F $?LO-80T]J@./NKZ$=CL\.WI3+E%]IT<7642''2I*:<2X4
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M/9G>[7.1840%B1=;1 =<2W(5/:$:&I*%,NCNE.FMOA\4EPV<L:&R-< 2I1[
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M>!(-\=B_X61Y)\16"=+EO2#CMC\G8E-?M#:9'?<F+MEFOMWG+!/X&E<&S1(
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MND>KD.<II XJ/)"FWE- +4RNE2D E"MQ\-.L):5'&FG?&M27N1]LF*>0F/\
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MY_-18\T@42XAOO)!*@NI24%1X+=^52TI6-]C4[TTGG2DP]IK47^]=DWCF/\
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MX<P"N'XJR#<[8V6%DP-1I,I7DH\L(.(*@8X\0".)!Z"WW)\QYLOO T)6P6R
MVG[$NA2RM?;5T( 'QU9K6&!>"8TH(\./#0EUY:4(^51:6V-U*3Q6IU2E)4H
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MCF14YA5JV%[!<-0GB,0?E]%13\@?L\>RS*LE_P 48'8#XY:DN(FB+CGZ5?[
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ME^XRILE*KJ]?$2IDYM^-;D,F78T++CL0(<#J$H7S-!D&V!&[4R7D!(G)R4E
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MUO.1VI$:,54;>;<8<;"BDE:: 6>G:I-IQR@!\1*H?Q_@JJO]-COO'F+91S7
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MC3AQQK99XG]SN-^2PU;;HE&/Y>>VTY:YLA9MER#H">%MN*VUC<.$(:<350(
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MJ$@$5--C2I.H%XAF*<:3'A&A[:E]%<:#:>2.) JDD()*5FA%-^25$5%3TU&
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M$<QS$.XI[_92JOOB?"O,#<B78&K;B&:E)YM1@46N]NI )4]!0X4093A/5A/
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MX5U(?L&9>JX8K[D+-:EH9CLW[QK.&//,BW7> \[:\L@O79UF2VT\[;I;49*
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M.QH/38:MHY20CN*U6OA#>"_A%.MXT\OYKXQFA>)9!<8L1QQM=PM,EUB?;)?
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M<:8C0(4UR3=)S@8,: PGNORDRGGT-=B(VDE2W20E K4TW,!Q*#$FE>8,7/*
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M)"^0V25]$UT IHS1>_(6M"W(T52U,.*CJ"QW0EU/_P!C.=L<4T!*AZ@CX]%
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M/<?)+MM#A:8>B?J)=;F-($1,E;3D?MAIX+?=&VVEC,)/B<A"JH[:9!?.QXE
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M<?"DGQG:,WM=LQ+)I]XDWOS3$D7#Q=B>#6Z!&FRLYRK*FH;G;B6]#CB%H5W
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M2R>-P[C;O!/U"'><]7(\>CBU$E5 #4$BVM'AS,OY0-1'APDR<!Q7Y<ZC:\;
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M:TM-K02-S0$_*=JK:\C@B4DL!.8TVL[QLX0I2)* ^E? BB 74 +*4&A2I*4
M@D==J5)WTX)@BTG(I\/ TDI'C^X%!4RVPZLA?;*W$A/<57@2&N:/D<_Z5/05
M&I+;@@JXE*;+%"(,* K\=WIT@EAAE*4)4%.*6[W#VSRH$.I6"E2E%)X_A.]>
MFG/M49:O-:+(\$8!*2TO!KE'"6Y1C(>=[C<9A84IV9(X.R$M-DN=M;I:CE::
M@%-*J]-$;IJH.% ,<GB2D0XQ';D=MUI3;[Z=VR2%..ME;:D5]7&CZBJ:4I\=
M20]0"<!24'#\H?3013:6E(60PJC:>W'3WUKJIQ*N1[ "2@K0#4[!2>OQ4"E
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MA@1H:66FFGB93L=UR"I2%J2)S*'D.MR'':D$5"13^U6K9>5(%&$X(4IYL/\
M);UG9+;\UF>&T)<=APF)G=:<>5P80VXVX]^4XING0^JC3IIAS"Y2.5.-0<4
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M=""$T&RC\9+7$84DMYX]N'X: K8<"NT\^MQ2NT"VR'$,MJ!+BE!Q,=1<6X:
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MI7Y=]1"&APRXX88]_L^7LIOGF.ZM8C3FXI4A24JBQXKZFQ\J7W$#@A+OSD*
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M 'W I\[OP4!;:D.W:S*:D*C7!"5*BI3](67T&*A$I"A,BR&6E(25KJI96H@
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MP%*['0/''ZM)5P.()'L/'%/RA58Y[DMH36TLM(;^11=6H/.)4OCLTT[':<6
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1'A^7?0S'L?\  ]G[K\-?_]D!

end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>12
<FILENAME>g350409ex991pg32.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 g350409ex991pg32.jpg
M_]C_X  02D9)1@ ! @  9 !D  #_[  11'5C:WD  0 $    9   _^X #D%D
M;V)E &3      ?_; (0  0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$!
M 0$! 0$! 0$! 0$! 0(" @(" @(" @(" P,# P,# P,# P$! 0$! 0$" 0$"
M @(! @(# P,# P,# P,# P,# P,# P,# P,# P,# P,# P,# P,# P,# P,#
M P,# P,# P,#_\  $0@"Q@(E P$1  (1 0,1 ?_$ (P  0$  P # 0
M       $!P@) P8*!0$!  ,! 0$               $" P0%!A !  $# P0"
M @(" @(#      0" P4!!@>S-'0($1(3"2$4(B,Q%4$684(D$0$  @( ! 0$
M!@,!         0(1 R$Q$@1!46%QD2(R$_"!H=%"(['A% 7_V@ , P$  A$#
M$0 _ ,#2^ZD^1>ZE3Y=NG
M                            !1+[J3Y%[J5 G
M                                                !1+[J3Y%[J5
MG
M        !1+[J3Y%[J5 G
M                            !1+[J3Y%[J5 G
M                                                !1+[J3Y%[J5
MG
M        !1+[J3Y%[J5 G
M                            !1+[J3Y%[J5 G
M                                                !1+[J3Y%[J5
MG
M        !1+[J3Y%[J5 G
M                            !1+[J3Y%[J5 G
M                                                !1+[J3Y%[J5
MG
M        !1+[J3Y%[J5 G
M                            !1+[J3Y%[J5 G
M                                                !1+[J3Y%[J5
MG
M        !1+[J3Y%[J5 G
M                            !1+[J3Y%[J5 G
M                                                !1+[J3Y%[J5
MG
M        !1+[J3Y%[J5 G
M                            !1+[J3Y%[J5 G
M                                                !1+[J3Y%[J5
MG
M        !1+[J3Y%[J5 G
M                            !1+[J3Y%[J5 G
M                                                !1+[J3Y%[J5
MG
M        !1+[J3Y%[J5 G
M                            !1+[J3Y%[J5 G
M                                                !1+[J3Y%[J5
MG
M        !1+[J3Y%[J5 G
M                            !1+[J3Y%[J5 G
M                                                !1+[J3Y%[J5
MG
M        !1+[J3Y%[J5 G
M                            !1+[J3Y%[J5 G
M                                                !1+[J3Y%[J5
MG
M        !1+[J3Y%[J5 G
M                            !1+[J3Y%[J5 G
M                                                !1+[J3Y%[J5
MG
M        !1+[J3Y%[J5 G
M                            !1+[J3Y%[J5 G
M                                                !1+[J3Y%[J5
MG
M        !1+[J3Y%[J5 G
M                            !1+[J3Y%[J5 G
M                                                !1+[J3Y%[J5
MG
M        !1+[J3Y%[J5 G
M                            !1+[J3Y%[J5 G
M                                                !1+[J3Y%[J5
MG
M        !1+[J3Y%[J5 G
M                            !1+[J3Y%[J5 G
M                                                !1+[J3Y%[J5
MG
M        !1+[J3Y%[J5 G
M                            !1+[J3Y%[J5 G
M                                                !1+[J3Y%[J5
MG
M        !1+[J3Y%[J5 G
M                            !1+[J3Y%[J5 G
M                                                !1+[J3Y%[J5
MG
M        !1+[J3Y%[J5 G
M                            !1+[J3Y%[J5 G
M                                                !1+[J3Y%[J5
MG
M        !1+[J3Y%[J5 G
M                            !1+[J3Y%[J5 G
M                                                !1+[J3Y%[J5
MG
M        !1+[J3Y%[J5 G
M                            !1+[J3Y%[J5 G
M                                                !1+[J3Y%[J5
MG
M        !1+[J3Y%[J5 G
M                            !1+[J3Y%[J5 G
M                                                !1+[J3Y%[J5
MG
M        !1+[J3Y%[J5 G
M                            !1+[J3Y%[J5 G
M                                                !1+[J3Y%[J5
MG
M        !1+[J3Y%[J5 G
M                            !1+[J3Y%[J5 G
M                                                !1+[J3Y%[J5
MG
M        !1+[J3Y%[J5 G
M                            !1+[J3Y%[J5 G
M                                                !1+[J3Y%[J5
MG
M        !1+[J3Y%[J5 G
M                            !1+[J3Y%[J5 G
M                                                !1+[J3Y%[J5
MG
M        !1+[J3Y%[J5 G
M                            !1+[J3Y%[J5 G
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M^FU)MVZ]*_I5;UIN5<6W3?3/S<IY3'*5XG+7-DD
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M$F[)WG&R<^9,AXB#*VEN&)/S=<*]^&]KB(%_'42\C]?M355I9IN:T:5T_/\
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M$\)'Y:$@                         *)?=2?(O=2H$X
M           .D6UJ*]T_JAY6Q.%MUWI_%GN3LG?>\[-FG[56MK[PX_HV?@\G
M*TI_RTC49ZO\--6O^.FM-7_'PZHX]G,1X;(F?SC"O\OR<W7*L^DC]!&_=S7\
M=[%<9RKDB_LW"S=B[UQ&ERNK6+B=P[DHSV%S,:/\Z_2W5F8FWXEVJC3X^:X^
MM7Q\U:ZZ^I_YUIQ:GAPEG=V8]D."(/,E_@W<5J/'HW3PISWQIRG@<M7I;MR(
M>)Q&X8=G>^/IDU?6NF'EMJ7;_P"2UIK];EVS9UUTUUHI^._;KB_3/\JVB?W_
M $5B</AYY\S^,WCSSS;N?!Z4W</NCF#DG,X?\-/VHOX[+;SS,J!79IITU^],
MFQ>IJITT^?M]M/A\_LF+;+6CE-I_RUCDZL\0^UF\,!C..?1O]A'J=G>4]E6Y
M.V=K;#N9_:69Q?+NS,;EJH>*V[(Q-B]8LR-Q1<3!OT6K,K&R8&2LQ:/QU7;^
MM'T=E-UHQV_<TS7P\X_'HK,>,2Z ^I'%F0]/?V'\C^J/'/(&;R? FX^#LCSW
MC-CY6O'9"9@MTY+.;;VK:HRF5T@TY.7+Q\+#UT1[E5RC\L.[:_+37=IUNU=.
MFDZ>ZG36?ZIKG'Z*S.:Y\7-_U$W-[P^Y_M+1E[WLCN?8N3XWX\Y&^G*&6V?A
M<M>PW'>0W'C<'N3$[+VU1AL9@\]FIV7_ *E-=^K2JY$KB4U57/O;MVZN71/<
M;]V9M,3$3Q]/1:>F(;C[NW]L'V$_67[DT4<Q\J^S-OB2=1-PG('-O'>WMFY_
M [HQU6'R$;7:=_%1[$V7"CZZW-=;LJBB9:MRKD:O_55]--[6KM[39\UK]/C,
M81RM#U'W3]L>=/5_U9_7E(X/W7!V7DMW<"8.1N+-:;9V]F\QDH6T-E<:2,3@
M:IN>QV2JCX&Y(RUVN1'M4T:WM=*?\]-*?YKOW;-.G5]N<3-?\1!$1,SEL7RY
MR1NW:_[(?0[,[1GV=JW_ &5X@PL'FNSAL?CJ+6^\;A[6;S6%@Y6Y*B297UP\
MN?738O6[E$C2SI3:UN:VZ*:=-;WM'=:YKPZZ\?4CZ98)P/(V_N>_VUY#@WG#
M<^5WCP-Q5S%O_/<;[$SN+QU&R8?(&U./IF0V=#NW[&*C49?)XN)+ESHD:9?D
M5_ZM:Z:==/G77.+7V=Y]O9.=46G$>&8C@?QS'-D_,>P_"$?>_MIQ5[->W._N
M=-J[IQV\\%N'@G)^J.^\9"X3O8[)R:8F8PV:Q.+SEZ)BMLP-::+<ZY318OW:
M+$^F_37II55>=NOJO3=>;1.>'3/#\?[,3SAJSDM[;U]4?U->ON__ %5O_P#K
M&;Y<WE?KYUYAV_BX,S=,293?W1:MPIV2E1)O_36J<IBK.+M7:Z:=(MNQI:MZ
MT7)-556/5;3V=;:>$VGC*>=N+CSS;ROS;S1G]N[YYUSFYMS[AN[0QN'VYN+<
M^'HQ-[+;1QDS(UP9$"[8QF,B9B+I/F2?M,MTW-;UW6K[W*JM/XXME]FR8MLS
M,X6B(CDPTS2                          HE]U)\B]U*@3@
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M#!BZWZ]:Z]?K5=N5?&M==7Q3\5V;;[9ZMDYE,1$<F$F:0
M          %$ONI/D7NI4"<                          &0>.N6N4N(<
MK=S?%7(V]N.<K?TTTE3-F;DRN JFTZ:?&E.0LP)-F+D:-*?X^M^BY3\?Q\+5
MO>DYI,Q/HC&>;,6[?=WW WWB+V W7[)\NY/"RK.L>7CK&ZY6%L3;%6GQ59FU
M8"C%7IENO3^*J;M56E7_ )^6D]QOM&)O;'NC$-7/_-56OSK5755775KKKK57
M775K57775K\U5UUU:ZZZZZ_.NNNOSJQ6
M          42^ZD^1>ZE0)P
M                              42^ZD^1>ZE0)P
M                                                  42^ZD^1>ZE
M0)P
M          42^ZD^1>ZE0)P
M                              42^ZD^1>ZE0)P
H                                                  ?_V0$!

end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>13
<FILENAME>g350409ex99_2pg020.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 g350409ex99_2pg020.jpg
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M -T  0 # 0$! 0$! 0         ("0H'!@4$ @,! 0$  @(# 0$!
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M:MX'9A8-)XNS(2E($Q8C-F*%P%S6 , 8 P!@# & , 8 P!@# & , 8 P!@#
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M/K@D<?;6%NCC(P0U0_0.M)"B)?U+&D3LPW!UT4B++3DEDD@6:X P!@# & ,
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M,"%F2.ZW8$QW_1^W0-& 2.P!@# & , 8 P!@# & , 8 P!@# & , 8 P!@#
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M+)M_>6UFT\OBW0]HF9JVXJ4WU@[*]%B\).3WSC.[ONAWV;P#T& , 8 P!@#
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M\?[$?%?6O^3_ $TD^^S_ .7> 3AP!@# & , 8 P!@# & , 8 P!@# & , 8
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MKAW\3=S=WYG>:NR\JRDRC6NB*R9A/<B.>V&EC&N55_:>WF]'+Z"3^>D3HT8
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MECD?D )Q&DSDB NABLU]3GG,*5T,- (2Y#LM:3LO7ACUK>]; L7P!@# & ,
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MH1.JHR2/H"VP@3>F-;T"M.E,T<[)P]Y2,DO^]U^-V:%V 62X P!@# & , 8
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MB]?^^ISQ_M2<5]Z_M_\ 9I)M>C_RZP"<. , 8!_S>]:UO>_P:UO>_P#DUZ<
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M]03X_%>P,:^GOV:;>.OSR;W'*>]F39[PC>4KN]IGW< YGP_\R56_:;U[J/\
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M\5T-6,3>H<?K(^.Z%_T0276M=@'S>I5K>^"?)C6M;W_[.C_P?V.[5O?_ ,V
M3BP##K=WQKN3YL61[YO>46/MWXUO4LT/9MPI<7!=$?\ F/D3]BUK]-F>3-#U
MHFAO21U2U6:5Z#01EA(HB%SZ\FG(KY;NW[9+F'4,E%PJ9$IF68C''E,+ :X>
MF)Y(Z9_)G']0Y7EOI619[;U(&=S+O9<3XR0,4SJ];'XHT1[ S'WB:,KE<VL/
M"MY+4W4=I0ID8OWZQ?;C-]Y)<A&ZR:4O))>8WBY?BKC ,9?-[S?\C?FD]_L4
M64N>SD7&I8I;+LPG>.E%YTX5[%V+]P9D4G.MPK<<4]EETH:O,MA!'/K:^%5F
M?+Z9^[CEE$\4?++>+N*?[)%+=X?_ (]HG>\GVB&9H2OT9?Y /S=9_.Y#U&Z$
M-V#]==*EO739_D:S?;-M^X$V;5O[>WX+WC[WA=E8:\N-'\4T3NV)[]Q9+FP@
M\7$<N1=8V3:[5$8S#'.J4L4#)V]TLQFM"&2:7$RMB97!M>6=C;=1R8Q'U-.!
M^;BE:PI3M00O"F+3&!T08=H8$(KAZ<,FY"2]OLJ;V*SP^2 OOC_RU/C[ S.+
MRU%7]QCB[K!:V1[<%3RC//J9]CAJ,][9]@&K]>).TG6]P_8M >JXY].$BA+-
M9IV*SQR1N17A<G*5Q:0QW;:N57M?-<#K"=D)'$3LL+2U6WL:E2H:6H1)BPA4
M:#Q%1@"=:$!ZOJFU76,_X5WO(YW74%FLAKFLI=(*]?99$F&1/,$?AE-YPGN'
M.;N@6+8R[B-;$XMJ40R#M[(+_&_$#V 3?LN3+(57%@3)N(2JG")0F5R9 E6Z
M-VC4K&%B7NJ4A7H@PD_:4X]*$)G<&$?<WOLWK?ISXBN5D-STYT:J_$A],:CG
MHU>951#.V5UIN1@RBQ[J^E-;&6 6]:23KLUL0=;WV=LO_!Z<KGWW,_N,_3\I
M+_=T']YWZ/D+3NGMR[GW+F)62_SV-Q".*H9*&AC;B8@4]%)U29P9M.)IJW3R
MZNIFSP'?BA\,0 ]W\.M[].2M.G(DXQSHB(BM6SDM]7PF#-R[)=S48JK:GI+#
M,D3$*-NMQ_)O'KVOG7W"S9!5S4AXEN).FZS]"=)0-'OYBCOM Q_>J3*^W632
MA*KS+H4WA9?2KC ,97-WS?<C?FD^_LD>4J>SD7&I8I;+LPDWNBYYB[/^2ROW
MXB.9]$S#L'2AC5'8IBZ%-*^68AB&O4(\EW(7V$'][M>851R43"9$IF&:3'AE
M-+ :[.F?Y(J-_P A,/ZARW+A2\C#T+>I SN9=[+B=N9YBE(?4$^/Q7L#&OI[
M]FFWCK\\F]QRGO9DV>\(WE*[O:9]W .9\/\ S)5;]IO7NH_YUUPI?F$W9^TS
M'8IDNW$3Y+UWZB#VJ :",WKFHP8 P!@# & >8FS@I:89+G5&O):EC9&']P2.
MB@L@Y.VJ4;4K4D+SR5(@)C249I>C!!,WH @AWH6^SMP"G"5<RN3R.$\5[3CL
M@@<IAMM\?>.*FR 0C^''5VJJ>W,JA:J>7Q:\05M"UR:*:BD$?'!P95#>[ITQ
M#NB 2Y)U2)1XJ8"RSBC9<PMVBXQ.YTD((?UK_9C&!<D0C;4DJCL*M*:0B&6
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M&O91&%SA9S.XQXF=\=9:N.>7V136Q(>T<:[4FUKLT9;[ <H^Q.-H*+&538;
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M%W%/]DBEN\/_ ,>T3O>3[1#,T)7Z,O\ (!^;K/YW(>HW0ANP?KKI4MZZ;/\
M(UF^V;;]P)LVK?V]OP7O'WO"[*PUY<:/XIHG=L3W[BR7-A!XN.9V74T2MD$$
M+ENG?8*ZLJ(VO'--#NL:.R70E0H5,)CEM&,&W-J+.4BV<C-[2%&NS0P[UK6
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M[0=(UX#2- ..UH/]X+M F3?GP*NGY36-[GO.<,QL'X%N4Y(6U;B2\P])_P!
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MC*&!IBAD96(5SC'EQJU(BG\1ET@BS+8-;.*CN)G=H]?2*]DG!5I#TZI(2I)
MCKQTI7E#7LY?I/;\'?G9"^5KR 8+(9(!9B%X1SQ\L"P6:=T0U1!SD\QCKTE;
M:(J5D7P%(X+S$*XM4Z)QEB&E]87$ <IJOBOR/:;!@$@B=?S^G82"R*GF4>B$
MML"$&(..[.U7O9]D<FX+&F*$6'.VS4$N6LI6R1AI3MYZGUHYO/-6)FLC2<&
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M&O+C1_%-$[MB>_<62YL(/%PP#_(\\M,0<H-\3PDY1AYGA$FJ#?#*!LP?AD$
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MUE3 SR6-T9S3>H])69O?F!Y;^'E['H'=E>4)+BU.:([41UXJ1>A4EFEB]':
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M5&;V KOC#O6I4PCGW)RS^2=T<?[8JN,=/[DLBD,YB"YA9U+W8?#)*T%+5)I
M@#<%23E.O4D)M!+WVB 0:+M[-=WT]NN":A.CR[X3;$<YMG*<L!Z0HK8CN9%*
M#?\ @%ZBG_<DGW_;/Q7_ /YSRO\ W+-?O,^-?D)3[Q@>IWQ?K+S>'4VY.\?>
M.M?U),N '(]?)(KJ1Z<5<=L;AJN9C?K>5/;XF]35+N4;6J-[B1R $?>(!V&:
M%K7;KLWN=DH#Y:6;!?8KDMYN;G52,F(C8L98C;>JOKT':6#FW9TGE%@0YFX
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M"DC<IF"1O0.2I!&#7A*E<&EI?'TI()B;Y&XM2TE:4V&*=.&T)I:G9.B#"S!
M>K2M36A6.;@B;4"->]'IU3RN2HTZ=8[*4B,AN2*'-246 Y>>F;TI1!8S1#$
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MP#BM_5S.K6KQ7!X)/X_7JAX7I2I*ODT 56.T2&'[+4 ?8:M844XKY64BDH#
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M#'*;/$4 *5JZED,PEU1*9<AA<+AS4Y*JRE=@/+FWGDITRA6O<!GN0UY@2A
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M , 8 P!@# & , 8 P!@# & , 8 P!@# & , 8 P!@# & , 8 P!@# & , 8
3P!@# & , 8 P!@# & , 8!__V0$!

end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>14
<FILENAME>g350409ex99_2pg027.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 g350409ex99_2pg027.jpg
M_]C_X0 817AI9@  24DJ  @              /_L !%$=6-K>0 !  0   !D
M  #_X00@:'1T<#HO+VYS+F%D;V)E+F-O;2]X87 O,2XP+P \/WAP86-K970@
M8F5G:6X](N^[OR(@:60](E<U33!-<$-E:&E(>G)E4WI.5&-Z:V,Y9"(_/B \
M>#IX;7!M971A('AM;&YS.G@](F%D;V)E.FYS.FUE=&$O(B!X.GAM<'1K/2)!
M9&]B92!835 @0V]R92 U+C4M8S R,2 W.2XQ-30Y,3$L(#(P,3,O,3 O,CDM
M,3$Z-#<Z,38@(" @(" @("(^(#QR9&8Z4D1&('AM;&YS.G)D9CTB:'1T<#HO
M+W=W=RYW,RYO<F<O,3DY.2\P,B\R,BUR9&8M<WEN=&%X+6YS(R(^(#QR9&8Z
M1&5S8W)I<'1I;VX@<F1F.F%B;W5T/2(B('AM;&YS.GAM<$U-/2)H='1P.B\O
M;G,N861O8F4N8V]M+WAA<"\Q+C O;6TO(B!X;6QN<SIS=%)E9CTB:'1T<#HO
M+VYS+F%D;V)E+F-O;2]X87 O,2XP+W-4>7!E+U)E<V]U<F-E4F5F(R(@>&UL
M;G,Z>&UP/2)H='1P.B\O;G,N861O8F4N8V]M+WAA<"\Q+C O(B!X;6QN<SID
M8STB:'1T<#HO+W!U<FPN;W)G+V1C+V5L96UE;G1S+S$N,2\B('AM<$U-.D1O
M8W5M96YT240](GAM<"YD:60Z-#0P,S,S.$9&,S8Y,3%%-D(Q04)"0D9%0S Y
M1D1#,C4B('AM<$U-.DEN<W1A;F-E240](GAM<"YI:60Z-#0P,S,S.$5&,S8Y
M,3%%-D(Q04)"0D9%0S Y1D1#,C4B('AM<#I#<F5A=&]R5&]O;#TB36EC<F]S
M;V9TPJX@3V9F:6-E(%=O<F0@,C P-R(^(#QX;7!-33I$97)I=F5D1G)O;2!S
M=%)E9CII;G-T86YC94E$/2)U=6ED.F9E8C9B-#@T+65E86,M-#%C,"TY9C R
M+3 U-#1B-3(P.3EF-2(@<W12968Z9&]C=6UE;G1)1#TB=75I9#HV,S)A,#8S
M."UC9C8S+31A-C0M.#<Y,BTY,3(W8S5A964V8C@B+SX@/&1C.F-R96%T;W(^
M(#QR9&8Z4V5Q/B \<F1F.FQI/D%D;6EN:7-T<F%T;W(\+W)D9CIL:3X@/"]R
M9&8Z4V5Q/B \+V1C.F-R96%T;W(^(#QD8SIT:71L93X@/')D9CI!;'0^(#QR
M9&8Z;&D@>&UL.FQA;F<](G@M9&5F875L="(^36%N86=E;65N=.* F7,@1&ES
M8W5S<VEO;B!A;F0@06YA;'ES:7,\+W)D9CIL:3X@/"]R9&8Z06QT/B \+V1C
M.G1I=&QE/B \+W)D9CI$97-C<FEP=&EO;CX@/"]R9&8Z4D1&/B \+W@Z>&UP
M;65T83X@/#]X<&%C:V5T(&5N9#TB<B(_/O_M $A0:&]T;W-H;W @,RXP #A"
M24T$!       #QP!6@ #&R5'' (   (  @ X0DE-!"4      !#\X1^)R+?)
M>"\T8C0'6'?K_^X #D%D;V)E &3      ?_; (0  0$! 0$! 0$! 0$! 0$!
M 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0(" @(" @(" @(" P,# P,#
M P,# P$! 0$! 0$" 0$" @(! @(# P,# P,# P,# P,# P,# P,# P,# P,#
M P,# P,# P,# P,# P,# P,# P,# P,#_\  $0@ U0)8 P$1  (1 0,1 ?_$
M ,H  0 !! ,! 0$            (!08'"0,$"@L! @$!  (" @,!
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MZG;JS'76J6BNV>FS$<$Q$VVO3<;-5F4B3$,H64CIZ-<N8I['"F03 NDJ9+P
MCZOIPBZU*O=(TFNLKAG5RJM^J4D=TG&VFE6&(M-<D%&+I9B](QFX-V^C'9F;
MUNHBJ":IA35(8AO!BB $6*[_ -K^KF4WV#RO4.Q^%9UIME]C]OY[>=9H=4NL
MS]T4IF@QM7G9YC-.P> </9$B(@J(^">H>$6?BF P 8H@8I@ Q3%$! P"'D!
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M\!#56J5B)80-;K5=C6<- P$)%-4F49#PT3'(MV$;&1[-$B2*"*9$TDR@4H
M '"+M'F8=*60@5)6-3G73):2;0IWS4DLXCFRJ:#B00CC*@\69(+JE(=4I!3*
M<P (@(APBJ7")PB<(G")PB<(G")PB<(G")PB<(G")PB<(G"+QQXW6>_S_M;\
M\V@]0>[N(]7:KB/<*:TRP470<1K&JO=,M<3A%0E10TJSV6>CG&88\[@*_P#;
M)2$6W._,\*\5]P"-?08BJUN^?'LYE6?43?=(J$,A3>^_QKP.O]#LY8TTZB\9
MW]A;#!9?9\)+,)E&8NM7N\[<8VUQ)GIA7"%,*(&\@8YB+:1\G,=M$3\!/;1A
MV-L\1<=[1Z)6@VPV.OPC"N0,CHSBGHN;:6#A8SRR8P[*865;M0)_C02*<WYC
M#PB\N?4'L;(]/\^[E_)1TXZ@->H=)Z;]),NZP[=URLNA.)YUO/<K1K=F@T/L
M+H>/0;X!I^?U:L69260E@%JM9&RJB+5P(&<J)$6Q7,_E7^4#,%]?A])=[SM5
M=G^AW9WL36]8WKX[4^F)<%V+'LIF=!IJE4C26B;A]KPRU.V L4W#U,C\CO[8
M#K"58Q3D6;*SWE^3[K;F?QK=Y>Q':[!>U.-]^;UB.;7/J3E6#UVE3="+NE)?
M6*NV3!M$A;%*6S1[+1UF0?N5G)D^T]PRQ$$TB%(9,BM"M?)%\FT5U-PGYC+7
MV*P*V=:=Q[!4*CO/CKKF.0C>6K&3:=M(8]#1%.WQ*;5T&S]CJL"OZC(1[EM^
MFB=!P3V (@*8D44_D*VGO[V]^,OY6-*T?LCG$?BV+?)=!]6,RR&)P>#3F2U'
M%NX5&@F,]8;X290D%YQ><M=;6 "HF3,SKJZ9_P \B<Z1%L.2[,?*QN=@^0.U
MY9W6ZZX55_BQ>.L:L%$O/7&NSS;M#I688U#WS1M?UJ1D;>RGL+S;195RY&N)
M0"ZB;5!,WJ%<&R@K$4".AUL^0COKWEM6N8QW*RWJALNT?%+T"V3;[R\P&HZU
M/W2>=$T$T7'43.[--1-8KM-3F'YQGWA"KK-R+-$6X)F7]92*B3ORCZ[+ZQTW
M[^ZA2*?=]OZH]*/FEJMI;9Z,@VRG8[QUEM6>TEMH%/6*HN_99Y=7$>@_=BB<
MX-$RNP1-Z"$\$4M_CR^3OY+K;VAZ:P>V!N>^XWW.BI9:]I7CX\WG4FA8&[=T
M8EVJ]NZ\[$A:IPV[9@U<F*P?K2Z)G)V"B;]-4IE2I\(KS^=[K(QV?LW$;7'U
MSK)W:9]<^C.M+[Q\=6Q;(XS#7*SB$Y9G$]-=N^NLE'JN!I^DQA8!2'0G'C=,
MJ1FJ2;8ZK@2D2(L&ZO\ +3V/O-YZK=8N@LQV?Q+&&/QU=?NT[&[4+I<^^1/L
MI<HW162,/3ZM>8">LL7'0=(I\;%)H3MH.H[?RLL90B:Q?44XD6>L_P#DR^1[
MN'4/C1ZSUB4I'1#LSV[C>TT[L6_WK'TK9Z*UU1FV->(.&XM?9@D(M<]@1E49
M19C*.71(1NBX*E[A2%.!%&V3^2GY;HW:[ITJ-VIZ]2FO0ORF=:N@\?V%KW7>
MO.ZRC0]3ZZZEH%GNCS/%+ NR-HK"7K3)R]COO09LIIJY8$$K01 I$OW>+YG<
M:SKY']?G>ZV'7F!^'[7Z;GMFJ1NJ%4@G?=.$LCFK6J4DM$FV5A5'(I1A1[PR
M9M$ZLBBF=Z@J94P_18Y%Q]FOF.^1R[[_ -V7W5Q39\\H_2BXM*-2\=H_Q[O>
MS^<:_-Q=-C+7*.>SW8K]VP+["XBZO7IVL4,.BB=I&BF]4,KX$3D63-7^1#Y7
M=MM7>&\X/LF=]2*ATEZ ]4^\DE@FA=?:[I=KL]PU/!9?6KMA=HM\O+,GM>K8
M.:G*H*2#=$TF151H")D4P6$2++/3NX;IV"^>^E=E5M&K%=H^S_"/UGW:;REO
MGK=T[8T/3+*HX;9<RN2TT#U-[7]GD7-C":,BHLXCE"19D@(3[@2+U3\(G")P
MB<(G")PB<(G")PB<(G")PB<(G")PB<(G")PB<(O*),9KW2U/YU/E5KO3KN/F
M_3Q^RZY]$[+>)VU8E5MTMMT6AL_N2--BX2NW&9BXF"H+!Y)N_P!RR29%GA!<
M,4D!3%0QN$5@57YZ.Q.39AU&[F=K H'_ &KZIFW<_KWKQ,^JYCUO_O=ZGS5U
M<YW>,\N8G<3*V?\ :*&H[F,B(M0RZ+65!3TJ"4I1$BVI.YWM-;_@CW"^=TI6
M%=]D=&Z$=C-&T*.K]694Z*I7[YR.]6:MT%.$8J+@F^HU5DF4<^544.LN_;K'
M,/U  (O*G\3NC1V1F<=V^LG4E7K P^-+XJ+!/=VZ:ZTLHV?Y M+O6&0-XPBZ
M+Y/&.EG$70)-_%.;86V*(#ZTG0M@,95$" 13_P"L/RX?*4O8L OV@J[5MF>=
MJ<TT6Q66&MOQTNNMF0X"_+CLWH](O/7;=36Z:5W_ #ZK3#1LWE@F4E%'L4)G
MB:B8G*!2+)^6=^/E<S_IQT4^4[9^W?7?;\D[):?U^S2_]+JA@=:IK@:SMEY9
MYLC)YMK45/O[E.;U77;D\G*PQVZ<2BHW=($1*DT,!R*Z-!^0KY.;3U\[H_*E
MF'9'KUF?7/IKV"V'-XCH1<<<AYA_HU Z_P"@IT&V-=9W1U.MK_0=KT0Z)G4-
M&QC<K1$[IHEZ% < /"+%?<WLQWK[E]>OGY23W.EYIU:ZS=>8B IN)2&&P<M?
MYIEK'7?.=OML;;+ZM*L)&*>QM5>2L(T422442?2YG*A1!D@F8BR7TSVCY3NP
MHV[K[D'>'KYUWK_QM=7.IA+"^N76RMVUWV8M>IX!$[)%2=^CYJWLW648=5::
M^9UXTI!."OWB[)=_ZP,/M)D4->L>U=\/D5[K?&7L]-[293UL[.[I\4/9=;1]
MG+C-9T-FI4ZGWIN<(:$QW*;!,,*K(6IRVJ448%W:JZ:40V>NA(=3QX(LFW;N
MQO5_W3HJR[0/*CLVQ_'3\K/;_$+3J6,U\M7J_8AIE_2"W:A$3T/5T'4G'52\
MNHV5+%S,6T45:L9%,/0  <2 1<?47YD_E#TN[=.>PL]$[1K6/]MMMJ=&O'7Q
M#X]I/,NO67YMH-AD8!"RX'W2&VOIO5[3F@II.)!*3:J-9--)T4A4?8]?"+9[
M\Y/5R4[2:KTF:T%?JOV T[&O^X#0F_QN]JM!6IE:[;4J<H\96+-:::BQ=INA
MT#&VI5'47(.43,(U9\9=55+T"54BU?,?E?T2.Z[_ !9=5/CAK79/KIGVR]?=
MHO4C8:]@DG\CW92AQV"Z7/Y<]Q?.*?/2\+%WN+@;3"/Q<6-][J;.O),/901\
MBF!%G?+OE9^2W=J!U8ZF+J1'6;L]V([G[]UG0[G[/UX-38]_D^#9I$ZBVT"(
MZUVBPNH2!WO0VDZG"DK3UZM'-I1DX*0G^83V"+$^R?)9\M77W9^TO3F0[6]>
M=3T_(NS/QC]>LVW:/Z]UV+8*1O<Z4TMC99W3\]CI]TP:WB.291(OX]DY1:MS
M-!,U!(KD0*17-IG:3YL\NG?E/J ]_L.L2/P_YI0]W>6=YTZI;*=[=0VH9@\V
MQCGNA1S.R%A<QCZO4J^]C".ZV1)ZX>.4CJ*B4GK B_OLC\Q/?+9.RMLR;K-(
M;1@=9Q7JEUFWN3)@O09QWJE]'O787)(O7?MM/?2%F@FV0X?7$)5**3D&:9Y%
MZLBZ6!8 3 A"*_JGW^^6CO-J/7_),BTZ@= K5:OBL?\ =+6HJW]?H/6I@NP4
MCL!?\@/$U1I<)<OZ/0-,-!QKSRZ%ZXCHE0_L^ZY,"O"+&723?^S?>KY7/B4[
M@V+2*32C:_\ $QJ]TT#/HK,$'C1S'U7:8^C:C68&;=6,SR*)H6A,XZ?8O#%5
M5A6C11@!%RK"J!%[,^$3A$X1.$3A$X1.$3A$X1.$3A$X1.$3A$X1.$6I;<?@
MW^,7L3IEUV#3^N:S[0M0MR]SUB=K^L;+3@U9^Y0C&Z\3HD;5K_$Q5FJ9R1")
MBQ*R'Z>FI[AR)%,LL*A%=W87XX:]OG8_X\[PZE*55^M7Q^RUFO\ 3>OL10VY
M#3VHH55A4,>?-)Y-ZBPK-+R5FS^[;1;=D/W+Q-$3G B)  BG9M.,YKV'R?0,
M.V.L(73+-2K$E3;Y4W+Z5C&\_6Y='V)&,5D(-]&2[,CE+Z>XV<(JE_$I@'A%
M'@?CJZ6&M=XN:N!U5S,Z?U_K_5S34'K^ROJ[H^&5.-;P]7I-]J+R<7JEN/7H
MAHFU9RC]DO,-VQ"I$=@0 +PBB.S^$+I'D^']J<_ZM9PVR73^R/7/3NN;'7[E
M:-'V6<SJEWZKRD(QJ]3/HMUG)*MYW"2#Y-T:$B7,>W<^P0IQ'T)B0BX.D'P9
M="^E\CA>GPF2L;/V&QK.*W6V6@REHT:7ID3?R5&/K^AZ;F63VRZ62CYC8-"D
MT7+UTK&M4W"9W1_0H!C&,8BR;6_A>^->I=D&_:B ZU0K'4&%[<ZK#1O[MOJ^
M45W5GJYG+K3ZWB;BT*Y-!7M1T<5BR#:'352<#[R?H6 % (LX2GQT],9K%-@Z
MZRF(1#O&M[VN4[%:W23V2[D:7+9YJ\U[292\.Y-*S$G&#UW=JK'OQ;LW3=D!
MVX$*B"1CD,18>[$?#E\=':G<'W8?;^O#*TZ988N,AKZ[CKQH]/KFK1T$U395
M]#6Z93;; U72A@FJ*:;8TNT='*FF0AA.1,A2D6/-#^!_XM=)95=O+];'$'(4
MK.J/D-5LU(V#;J5;87+L]82$77*$ULM=T5A+&K0QLHL@]044/^I$] NA6,DD
M8A%*BJ?'5TGHXXH2J=>*-#,>O&2Z1A>10K<)A2N5?*=@1;(:A4'-:<RJ\#:&
MM\*U TFO+MG[MVJHJH=43K*F.18LZN_$3\?/3;5E]JZ_X$TJNB(QTO!U28G+
MMH=^:YC7I\YE)RNY%"WVUV2&RZ%EQ.8KA&$09 HD84A'V1%,2*Y>Y/Q<=&^_
M=BI=O[2XFWOUKH<6[KD/9(JXWN@3CZER3S]0E,_L\GGUFK#NVT*3>B*JT3(F
M<L_<.<Q2%%53UD5,[,?$_P!".VL9E4;L&#,"GQ*HM\ZS"7S:V7C'+'5<S;MT
M&89BUL.562H2[O.E&C<J8PSA99B0HF$B9#'.)B*'WR5?$^^W7K5UNP;IWF?4
MV#H76:P*/JKA^MQ&EYY#-XH[)-LV=Y5OV$S41LF*7!FL"RKMTR%XE/F<F-(>
MI1,#G(K<^,WX.,HZITAQ8^QE6RVX[A(]I*OVXK</D;[3F&4X9H6?49_GF=,J
M+*6ZRJWW17T) SDJXDYBTJNUYJ4E5W#A 3E(H)%LOMGQ]]/[Q4^T]&M.,QDM
M5>ZUCC;;V=B5+)=6Z>IV&(CH**CI)^X9V1N\@%&K"M,B 2)48)B* &$HF,<3
M$6"M[^&KXX.S.M-MLV/KC&6.]J1U6A[8I'W71:M6]2B:.W:M*=';'3*M;8>J
M:RVK;9DBDV">9OS"BF5)05$BE(!%(V0Z,=49.9[&S[G'((DEVTR>K8;V!,RD
M[)&L[_D])J,U0ZI2C1<=--8NLQD)4;"\8HFAT8]<$E?J<3$(8I%5,OZ9]:,9
MT:MZUF>71U6T.H=<:-U)KMD;S5H>KQG7G-I,)BDYNFSE)Q]&K,(*2*"I'BB)
MY)40\*N#E^G"*3W")PB<(G")PB<(G")PB<(G")PB<(G")PB<(G")PB<(G"+6
M#VB^'#X\>XFGV?;-QPQ]*[%<V5<A[3IM1U37,YM\U6ZO#?MZ/J;N0HEYKZ05
M5U"E*@]8$3(W?@FF=<JBB:9RD5M]K?BMS;L#EO2/JU1"T3'NFO5G>\_V*Y89
M$TD9(FAU[(V4HZH6:PTLK*)%KD/(6F5.ZGW:Z;UY*I"<IS^M98YR+9AH>?T_
M5\_N^6Z!"HV.A:/4+'0[I75W#QFWG*E;8=Y 6&'6=1KEG(-49*(?K(F40526
M(!_)#E, "!%%^D?'ATTSBZY[H5)PVOP%MS'K@PZB5B1;S%K7;.NML4S38162
M7*'>S[F%T6LQ35(I6PV!O)N4/'Y%0X11ES[X3/CWPJ0TBZ=?,,C<]U"UYQI^
M?4.SS-LT6_P6*,]2KDM!6(N04JY7"8K>9QLF,J<7:$"A'F60$[<IR(G,02+"
MG0O^W\Z*=.8+K7:['F\9J?8O *O7_3HCJPZ4EF[W68EJ#9]M%<P^=O,_G=7O
MTD)2J?J"3(SI-8H+%."X H!%)+2_AB^-K7NP[SL]?^MD/-:9,VJ,OUN8$MU^
MC,PO]_A5$UHF]:'CD5:&677>ULUTBJ&>242X.Y4#UN/=,(B)%)&6Z+]5)R)[
M7P4KDD<ZBN\/H_[I6@V"X)%U?VZ8AGQ/OU$;"FM7@+4&I&8!#FCP])?7_P P
M1.)%''<_AG^.+L9<<^O>I]>&TA8\ZSZL9*Q=5Z_:924+9EE,9-HZK9YI[2G7
M"$0U&J0K%FDBFVG@?^M$@)*&.E^3A%;5Y^#CXOK_ $_,*5*=9F\/'8C1Y?.<
M9E*=IVPT^TY94IZ^SVF2T?2+37[^PG(==]<;3(KG<@L=R+=ZJT]?VAO8X19V
MR_XRNC>-5;KO3LXP*OUN$ZKWVSZIBA6\W;UG]>TRZP3^MW"^3DJZL*TC?+/9
M8:261=N9Y62,H4Q? ![:7H(L:Y)\-OQP8;O[7LMF76R$K^EPT_,VVG-E;7?9
MG.<WN%C%<T_;<QR2;M$CF6>626.Y.8[N)BFJJ(F'V!2X19C[G?'?U%^0"$I<
M-VERL+TMG$E)RE!L\+:[CGUXJ*L\T1C[(S@[M0)ZM6=I#V>-0(WD67W0M'J1
M2@JF82$$I%8FO?$_T!VW#\9Z\6_KW!Q>:]=&QFF")9_8KGFEOR%%PB5O)EHV
MA42Q0%ZBOU](OF4\R"@2BH^Z[!9;PH!%#_O1\/U9O'1[-.HO1[+NK5*IF3Z<
MSTQKE.YU[15J[<9$OW:TG.QVY9Y966[9=L3E^Y,X)<V+Q_)./6H@Z!1)3R0B
MQ#\;?P,YQ@4-K-R[=4W'K5H^L;3@.TPF:XU8=E?9ICL[UB5GI3))1KHVB6@=
M:UO03VJUR,M.S-A7.E).E4TA;"@D4HD6X"S=&NJUQDNV$O8\DC9*2[Q4RM9]
MVG='GK<W/K-/I])?YU6X:1*TL"!(%*+IDFNQ*K$!'KG(IZSG,J ' BCMV"^'
M+XZNSKC,WNM=?47LCE&;U[&:U*U+0-.SN7DL<J[1%C"Y3>)>AW*NR6AT-HT0
M*0&,VJ^+X]7U#UG]1%):I=*>K-!T2 U6CXS5JA=JIUR9=2*R^K1I6%BX#KI'
M6$]J8Y;#U>/D6]6CX1K/J&<$529%>@8?3[WH_+PBM;%/CXZ>]=9_&[1C6+Q=
M)GNO^/VG \AD&MDNTF>FY)=;@2_6>GMTIRRR;>3;RMM(#PSE\1R]3/Y(FL5,
M1)PBF;PB<(G")PB<(G")PB<(G")PB<(G")PB<(G")PB<(G")PB<(G")PB<(G
M")PB<(G")PB<(G")PB<(G")PB<(G")PB<(G")PB<(G")PB<(G")PB<(G")PB
M<(G")PB<(G")PB<(G")PB<(G")PB<(G")PB<(G")PB<(G")PB<(G")PB<(G"
M)PB<(G")PB<(G")PB<(G")PB<(G")PB<(G")PB<(G")PB<(G")PB<(G")PB<
M(G")PB<(G")PB<(G")PB<(G")PB<(G")PB<(G")PB<(G")PB<(G")PB<(G")
MPB<(G")PB<(G")PB<(G")PB<(G")PB<(G")PB<(G")PB<(G")PB<(G")PB<(
MG")PB<(G")PB<(G")PB<(G")PB<(G")PB<(G")PB<(G")PB<(G")PB<(G")P
MB<(G")PB<(G")PB<(G")PB<(G")PB<(G")PB<(G")PB<(G")PB<(G")PB<(G
M")PB<(G")PB<(G")PB<(G")PB<(G")PB<(G")PB<(G")PB<(G")PB<(G")PB
M<(G")PB<(G")PB<(G")PB<(G")PB<(G")PB<(G")PB<(G")PB<(G")PB<(G"
M)PB<(G")PB<(G")PB<(G")PB<(G")PB<(G")PB<(G")PB<(G")PB<(G")PB<
M(G")PB<(G")PB<(G")PB<(G")PB<(G")PB<(G")PB<(G")PB<(G")PB<(G")
MPB<(G"+S>;C\SG8;'[/\E$+,9-@M+DNGF<Z_=\ERO3IK6ZWM=YKV;6:D0M1V
MA]"O:S$TS4\&UF)M#B13D*7,+/*S]N@UD"G5= 9,BQUV!^;7<L2SCK7:([6?
MC8MP[+0NX&B/-,D'78.D8_='_6UWE:%7PW)49J17O2NOWY:\O&A <M'R:CIJ
M3[9JI^9,Q%*61^63;8RHZ]69G ZU4.STQ*]$5>I.-6M]/M#WF [YQ-985E#1
M2 LWDTYG$]#C+O'VU2.!!!)K604 J!EO'"+\SKY,^V'8JX0O77KUDN!&[$R.
MA=UW=EN&GV"_1>)9]@O4OL@ZZYPUI=PM=)(7NZ:%J%J5:IHQK)RS:,"E<.%U
MBIE224(J)V)^3'N#U]V+IUU_UZ%Z4]9]&W2G;'8- F]0LVQZOGDI*9GIN8T:
MK0^-RN=,ZK.).M0A+ZI*-D; R1/%BV%NX,<Y0,J13J[4]IMZKW8;'^F_4BAY
M;9=ZT_,]!W2R7;=YRS1&1Y5CF<S]4I[J6?1%);*W*]VZUW.YLH^.C&*S))!,
MB[ETY33(0BA%J_VKYH.P672.;8[;Z[U0Z];O%]J=8ZN=C+AKTMK>A=?8*3H^
M#UC?<^N>8/<^1KMZ?Q.P5*XQQ6K23;INXAXL=N[ ?:]Y0BLK0_F\[ 4^&[^V
M!M+=)$G/4C>FF'06=3$=OAKM%PKCLAE.(#NNK2+&5_0E\X&'OKF2*RABA*>M
M)$OC_&02+C[*?.#O77__ $8)$V?H'IZEPZH6/LH15B_W.HE[/6:(WN7RF,P7
MJ-%R3R6L[C39R&8E%LC*Q\C[DF101(1IY43(LKZK\VFMY'?8%&=Z_5^2S:+[
M\]C>N.PGAUY]Q?<\Z[=?\#RK9K=L01Q)%5C(VG/VE^?O; S23604BH=4&Q"J
MB*@$5\-/ESU_1B?L#'ZGUO9:--;;WM;M]<UR_P!@K/6?+NI?2K1X6C/M]T:;
MCE7$Y8)2Y*6^%1:,8YRQ9'5=JN5735JAY.16+L7S*;YFV$YK>8VM='[%+K;+
MH&;[+OU&["6O<NF-"A*S44K3E]@M=[Q2JVJ\8<3L.Y6/&1KBXL4F-6<M5EI%
M1P@9(RA%Z'*M-!9*Q7+$7]-$)Z!B)H!AI=M8(<0E(]N^#]*GV1$V<W&^%_\
M(>)%*DY2]*A0 I@X15WA$X1.$3A$X1.$3A$X1.$3A%;-BN=2J2 N+/9(6!2
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MF[Y^3S5S<7F2D-72SR/FD<3S)?(7./RK?%M;6UE VVLXXX;9HH&,:&- \&M
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M:O*(D6D6Z3%202)&)_>N'R)&YG"9(])(1^[6<D  2*4?\PQ@ /QX116C^[N
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MB$#^7"+*V4?.C\NV,2#5_3N__8M^5HLFL6+T&ZK:O!*^@2B*2T)IJ%MC3(J
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M"#9"*S!G5$!;I@;P4%?<-^'D1$//"+ E4^5;Y,:1(?JE7[]]OXQZ+@KHY_\
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M"H^:J^5Y:LE,;Z'<&*'E]$AY  7\>M+\% $/SC1_ZL?0[F-G(I]?[;F?);:
MET\3JONL:">;R!6>U%:>=3KBY3 M_>&<6TV^-GK-S,!J/R[;4Q%&.'PQ7)[F
MCZDOV/HN^IQ^$1 Y7LI")PBK%?GI6K3D58X-T9G+PKU!^P<%$?RK(&]7H4#_
M 'T%B>2*%'Z'(80'\>9%I'5>>T+J>PUCIB=UOG\;<LG@D'8]A^BX?68]M62-
M/!S'.:>!77Y;%6&<QD^'R;!)C[F)T;VGM:X<QW.!H6GF' $+>AF-]C=+I$%<
M8WTD+)M0!ZT P&/'RC<?9D6"GU$0,V=$,!?/U,02F_ >?4!LMNGAMY]M,7N)
MA:-BOH!YL5:F"Y9\%Q [MK'(' 5XN9TOY."J]UKI6\T7J:ZT[>U+H)/@?_$B
M=QCD'ZS2*]SJCL5^\VDL53A%TCQT>H]))*,&1Y%-O]HF_.U0,](T%<CD6I'1
MB"N5O]RF53T ;T^LH&\>0 >?E!6M.*_:FE.Q=WGZOQ6>7/* 65@9TM&IY9NJ
ML'455YDM9A0E:W%OBG(]C8&0!E]W#L'9%# JBW.FFH!A P#Y'A%VXRETZ$DO
MUJ&J=:B)C]'95W]6C(*+827[?C/'Z;!??-&J3K]'C_ >PU]?L)>/RE#A%T8[
M.,\AYNPV6)H=,B[';2*)VNP1U7@V,W9DU1\JIV&5;,4G\T10?\0.5%0'^/"+
M^H;.\_KD:UAJ]1:= P[%O+M&43#5B$BXUFUGS)'G6S5BQ8H-6[>:.@079"$
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MP'Q%0*WBUN[7&LI;N'S&XJU'DP,>"US0WZ9<P_1>Z3J+AS% .Q?&IV;8-$[
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MX1.$3A$X1.$3A$X1>S;^R;(^'Y >TZB0./TXG3]\1Z8OK^U!RILV6"P*M_\
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M.WRK)I.3C-XPMRD5$TI$I_TIRP3?@W8,S1($%-^22:>@YEQ QS>OUE.'@/%
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M?(^1)ZK;56^O')PB<(G")PB<(G"*^\OS.];/HU&R7,:U)W'1-(M4'2J55X=
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M6EO':PBD,;&M:/!H 'S!5#GA7F3A$X1.$3A%$J?[==9('6T\ZF;/&IWIJ_)
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M/A3]V->?@(^6<@DDK]/K^7F&[AZ0M-?:(RFCKR@BR%G)$"?J2$5B?^Q(&/\
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M)<F;QEL:)!^;VP(H9.,F!* ^ ,D=%4WC_E>>5P;F^B36^G7R9#;R=N:PXJ1
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M?!DOBX%C^_J*UI:#BVI98Y40O-*FH9$AS$)*E;B_@G %'QZV\TP^XCCE-^(
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M=I.\?T+<7J]F?%Z==11LI6=ME"?9-D+6,^^CEZ BCZB@8?Q,'J'_ &F^H_\
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M6@+46>B<-C<5;TH1;6\41(^TYC0Y_M<XE:NS&I-0:@E\[-WMS=/K_>R.>![
M30>X!7-S,UTB<(G")PB<(G")PB<(G")PB<(G")PB<(G")PB<(G")PB<(G")P
MB<(G")PB<(G")PB<(G")PB<(G")PB<(G")PB<(G")PB<(G")PB<(G")PB<(G
M")PB<(G")PB<(G")PB<(G")PB<(G")PB<(G")PB<(G")PB<(G")PB<(G")PB
0<(G")PB<(G")PB<(G"+_V0$!

end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>15
<FILENAME>g350409ex99_2pg030.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 g350409ex99_2pg030.jpg
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M -$  0 " @(# 0$            '" 8)!0H" P0!"P$!  $$ P$!
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MX5V26(=5LTG&\2\<.XE1ZBF91N+A-,KA,HG2$Y0$> 6-X X X X X X X X
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MSEY5Q<&\D48]^R;.(DG@/N'*7K)Y SSI?VNS[O!U@QOM/F"#F.J&QTV-MK*
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M&X9L9%.WR<@/N/E':8.CJ?\ ,^H   ;4^ . . . . . . . . . . . . .
M. . 4,^4JF6_1?C9[Y4'/Z[-6Z\W/J3OM9J%7KD8ZF9^PV2:S.QQ\-#0L0Q2
M7>R<I(OUR)(()$.HJH8"E 1$ X!U:.NF"TF\V3X@<-ZE_%9O_3/MOU6U;)+=
MW4[ 7_KTYRFHQ.+5R@R$;V.J=WV]V5)MV+)V*6DO981ZKAZHH1V8IR-1*J@
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MS$WI;E;5?DU>=Q=,91CVM:)^>+?<?;#]R:DY.0DY5)^* ? &79+LI9(O\1]
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M X X X!\SQXTCFCE^_=-V3)FBHY=O':R;=JV;HE$ZJ[A=8Q$D44B%$3&,(
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M-?Q+NG;]Z3U4=(]].N19) C@#@#@%P>OO_R@VS_^2Y9_^9:>5CFW_E8YC_\
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M^X8.ZX-.Y[9;"_;[ZU.NR#UC.$EJI)K_ *T^QZ-,]4;&R,R_:Q</'O963>J
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MZM^:%E5D5.$XOQC*+37Q[37]E8N1@Y-F'EPE7E53<)Q?8XRB]&G[TT?7RI'
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M^6/X2*/,^13Y'O4\F#?[C4W"I>'E3[9:>V;[7[M%X%8.8N+3/S_Q_(0$!$!
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MB^U/W:,X#EDE6' +]]1](.]9/LWE7 G6BTU)2MF4-Y,:.,H'[A'$$1^H,EU
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M1FF[I+X5J4?C)%A=1]XEM/&[*ZGIDY3^E'VI--S?]A-?:CK@@     >  /
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MVPN%Y.TV[ADQXUG3CIC^9^6<:WV2EV]J<E\J]D>UM:(V5\E 7>. . . . .
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M.%G8<WXM46470U^'U[-/B2T]-F=*>W;IMC?RUW4VKW>>,X/\OD12CFH0DT.
M;)^H#PR^:RC0P^08VN1*3_RD<LHYQX_D'N&,/^WGH(_A8[K/,]/6X;9-ZK"Y
M-E*/NC;1BVZ?VI3?VD+/43C*KFU&0EVV[?7K\8SLC^C0M;S988$/P
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M ]KU%$H^U]/Z?DHB ^/'T'@'D"293'.5,A3*& YS 0H&.8"@4#'$ \F,!2@
M"/U\!P#Q]A#^M_12_P"H_P"?_3)_7_0"?];Z?U/Z8>G]7GZ?3@'D5-,HE$J9
M"B4@)E$I2@)4P\>$RB ?0@> ^GX?3@'GP!P!P"GO?9NHXZHZM[11,+=K7G)P
M //])&UP9E!_P*4?(_R#F(.O5<K.E&[>5:^6%3?P5]6I974.+EP_,T\(P?\
M[2!UI.:SR+(X!L#^,]\BU[,I-E! #R5 M;5 !_WE$58E\8H?S]EJ<?\  .2"
M],]T*NIBKD_FLV^^*^*=<OT19D?I99&'*E!]\L:Q+[/*_P!".PUS8:24' '
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MXV+Z:_/(W'<]6YKC' ' ' ' ' ' ' ' ' ' ' ' ' ' ' ' ' ' ' ' ' '
M' (3[(U52ZX)KM91)[CB1H5B,T3\>14>L&"LDR( ?\1W3,@!_/EE=1]JEO?
MMWVR"ULMP+O*O;*,'./^E%%!Y1B/.X[FXL?O2QYZ?%+S+\Z1U3"CZBE-_P 1
M0'_Q#SS5(GJM2(2>JU/+GT$_]6+\CF?8/++:[7^WC4;,A#RZPCX*E$V1): >
MJG'R >A DB"@^?IX)S(/2K?X<9ZA;5NUTO+C+)5=C]E=R=4F_<O/J_@7'Q'<
M5M7),3,F]*E:HR?]&?R/\FNOV':>YM.)<#@#@#@#@#@#@#@#@&L?MA94YO32
M1+=0%$*K#MHY3TCY*#]Z89%V'\/6FDJB0?YE\?ESSO\ \37J%1R[U#0XOA34
M\3C6U58T]'JEDY#>5<OC&$Z(2]CBUX$WN@6R3VSA#W"U:6Y^3*Q:_P"[@OIP
M^QM3:^)6/FNLS@. ;1NJT6>.R&-<'+Z1F9>9E"^?Q,F+H&"1O\!(P\A_(>>C
M[^&SQNW8?2UMV;='RSW7<\_,7M<7=^[P?P<<=->YH@MUXSXYG4.ZF+U6-CTU
M?;Y?J/\ /,L=R>QAH< < < < < < < < < < < < < < < < < UB_)N2G4S
M-ZGM5BR1'6'52G2U0C%_;)BLP<2TM0>XA)3R,"A^Y33$DK&HHD1*X;%*HX^I
MA]7CF-^>]/N)\PNQ=RY)BRR9X?FC"/U)5Q:L<6_/Y-)22<5HM4NU^THVX\0V
M3D^759N\)3E3&7E2DXIIZ-J6FC?=JNWVFA^:[P;FHV6C,]6IV&P:I13_ &_&
MJC%U.0%(0$OH<V]8DE<W9Q*/@QS/P$P_7G%M.T[-Q^KZ.P86)@UZ?[&J,9/X
MST<W\7(N7;>-[%M$5';L6FK3Q45K^7O?VLJM.ST[:)%68L\Y,6267.8ZTI/R
MCZ9D%3F'R8QWDBNY<#Y'_P W*A.<['YIMRE[WJ5Q)+L78B]WQM]CVW7SL-'-
M[&_*RS_4D&U(M2ZZGH:13Y9T"E6L+@3"!$TH^55%!90?^6V=J&'Z%YW]LR5C
MY&DO]7/L?\C.KF4_5I[/OQ[5_*CMJ (" " @(" " @/D! ?P$!_,!Y=Q03]X
M X X X X X X!KV[<:(E*R\;GT8N"C:!.$G/&3/Y3/+KI"1DR-Z1$HF8-%#'
M,'Y'6 /Q+S1C_%#Z[8_(^3[?T+X]<IX&S369N3C+6,LVR#6/CO1Z-X],Y637
MA.^,7I*#)>^GSA\\#;KN7YL-+\M?2HU7:JHO6<U[K)I17M4&^YE-.:F22(X!
M:SJ-632N@O[$HF(M:Q#K>@XE\E_<9<PM$" (_3U%9D7-_+Z<V8?PN>GEO(^N
M6?SV^#>W<=VF:C+3L_>LYNFM?%41R)>[L]I@3U";W'!XA3L\'^WSLE:KQ^G3
M\\G\/.X(V4<] A"P< < < < < < < < < < < < < < < < < < < < < <
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MT[;;9.=EDWXRE)MO\B[">&/CT8F/#$Q81KQJH*$(Q6BC&*T22]B2T/FY3SF
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MM$HU(R,A+OG4G*O7,C(O53+NWKQ4Z[EPJ;\3J*'$1'^ !^ !]   YILW_?\
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M))>Y$9<_)RDUX5V%U?KC;R7+*K*M#.U?:2FH9R4SVMV9DD;U PL$.<Y$7B0
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M1VR9HE]G R+E.+NE/%;[A_F-V,E[KJOO!_YBL!)#ZEXEV( 5=N/H'PH0Q0T
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M]'JM5KWEW>5@Z0X X X X X X X X X X X X X X X X X X X X X X X
MX!0?LA\<W7GL0L]L"D.KG&@N_6H>ZT=%JR/(.3 'A:Q0!T_V><,(AY,H)$71
MO/U6Y3\G;<;)^;3RV>U?RKQ.U3F75=FOFC[&:6-B^)[L_G"KIY26D)L=>2$Y
MT7%5=IQ5E*B CZ <U>;70.HX$OXE:.77U_#E%NVC*K[:])Q]W8_R,J->?3/[
MVL7[_P"<U\V_-]#S]VJQO5#N-.=HF$BB5EK<O#@4Q1$!]*SYHB@H'D/Q*8P?
MSY39UV5O2R,D_>F=N,X3[8-/X&#^\C^'NI^?X>LO_P!?/P?LG#K/:$:AV,PF
MR&733)$ZS0UEA%3P MU[$Q9N2F]!@,)#H.3 8/S*(@/T\\[.$XK,J\WW?/%/
MX-Z/\S.'(3E1-+O\K_0;QY^MR9;A9H.-C9"17C['-,"HL&3EXI_T\FY2(7T-
MDE!\^DH?ESRH\RX!R1=4N0<1X[MV?GYF'OV?CJO&Q[;Y?L\JV"6E4)/N2\$;
M"MIWG!EQW!W3-OIIJNPJ9ZV3C!?-7%OMDT255>MVKV<Z9U((M;9'$HF>V-8&
M1BD-_O%CTP6D3CX^O@4RA_/DA.FW\/\ ]3'42RNW(V:/']HFUK?NEBH:B_%8
MT/J94GIVI.J"?C):EE;]UHX#L<91AE/-RE^#'7G[?8['I6O[3^!;>@=5*36#
MH2%H6/<I1(2*%1=)?;0:"I? ^21I3G,[])@^GOG.4?\ @#FT'HC_  U>CW3J
MVG>^HML^6<EK:DH7P^EM]<UVZQQ(RD[M'W/)LLB_]TB/G+>O7)]\C+$V**VW
M EJM8/S7R7OL:2A_4BG_ $BT"**+9)-!NDF@@B0J:2*)"I)))D#TD333(!2$
M(4 \     '-C&+BXN#C5X>%773AU0480A%0A",5I&,8Q2C&*78DDDEV(P;99
M9=9*VZ4IVR>KDVVVWWMM]K;]K/;SG/P. . . . . . . . . . . . . . .
M . . . . . . . . . . . . . . . <?*Q,7.QSR'FXUA,1,B@=K(1<HS;O
MX]\V4#PHW=LW2:K=RB</Q*<HE'^'/C2DO+):IGU-IZKO-5>\_$;A&CK/9S*9
M*1QBQN!46&/C4?WRBN7!_)O UYVX1=Q)#J#]?LG221 _RH_ERDY&SX]K\U3<
M)?E7Y/YCO59]L.R:\T?S_E-4FG?%AVXSU5RK"U6%U&(1,;VY"AS38[Y5,//I
M,>O3HQ,J500_$J0+@ _0##RDV[3F5_=2FO<_Y'H=Z&=CS[VXOWE,[-B>RTM9
M1O;<FTFNJI")3_NM)L39(HE\@/AR,<+8WCQ_NG$.=*=%]?WX27V,[$;*Y?=E
M%_:8 :*EB&$AXF6(<!\"0\8^*<!_@)3-P, \X_++V,_>J,I@LRTNT+$;UK.K
MY/KJ" $3AZ?89 3>KZ!^IK'*$ !_B(@'/W&JV?W8R?V,_+G"/>TOM+99S\;?
M<+1E4#)Y6XI$<J)/7*Z)),JPFBF?Q_5&+,=W/J@ #Y\$:"(\[=>V9EGX/*O?
MV?Y3@GF8\/Q:OW=IM!P_X:Z!7EV<SO-Z?:"\1,14]1J1'-:JHG*)3>R^ECJ#
M8I5 ?J @F+#R'XA^7*K1LM<?FR).3]B[%_/^@Z-NXS?94M%[7VLV_4;/Z1F5
M=95+/JK!T^MQY *UB("/;Q[0H@4"BLJ5 A3N7*@!^M943JJ#]3&$?KRL0KA5
M'R5I*/N.A*4IOS3;;,PY^S\C@#@#@#@#@#@#@#@#@#@#@#@#@#@#@#@#@#@#
M@#@#@#@#@#@#@#@#@'&2_P"S?9*?OW[9^W>!][]W^U^R\>!\^Y]Y_0\>/X_E
MSX]-/FTT/JUU[.\J]:?^QKWC_P!X?]K?W7J-[G[S_I;]WZO/ZO<]_P#ZCSZO
MQ\_GSJR_<?Q_2U_JG-']Y_#Y_P Y\57_ .PO]R:_VE_VJ_NWW*/V/[3_ *6?
MN'WGN$^W^R]K_J/N?>]/H]O]?J\>/KSY#]P\WR?2\W]74^R_>M/F\^GVEMV_
MV/K7^U^U]SW3_<_;^UZ_>]0^Y[_M_7W?7Y]7J^OG\><>%_A7U+?\-_=_J_4E
M]7Z7DU^IK\WU/+V^?7[WF[=>\^7?O/EC^\?4\GE7E\VNGET[/+KV::=VG8?5
MRH' . . . . . . . . . . . . . . . . . . . . . . . . . . . .
M. . . . . . . . ?@^/ ^?'CP/GS^'C\_/GZ>/' .)-^P>L?7^T>YY^OJ^R
M]?J_GY_5YY\^7W:@Y-+VO07V?;]OQ^GVO3Z/'_E]'Z?'^'/H/9P!P!P!P!P!
%P!P#_]D!

end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>16
<FILENAME>g350409ex99_3pg001a.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 g350409ex99_3pg001a.jpg
M_]C_X  02D9)1@ ! @  9 !D  #_[  11'5C:WD  0 $    9   _^X #D%D
M;V)E &3      ?_; (0  0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$!
M 0$! 0$! 0$! 0$! 0(" @(" @(" @(" P,# P,# P,# P$! 0$! 0$" 0$"
M @(! @(# P,# P,# P,# P,# P,# P,# P,# P,# P,# P,# P,# P,# P,#
M P,# P,# P,#_\  $0@ + ", P$1  (1 0,1 ?_$ &P   (" @(#
M       )!P@&"@(% 0,$ 0$                     $   !@("  8" @(#
M       " P0%!@<!"  )$1(3%!46%Q@A(B,D)34F$0$
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M:'E$DC2.F.M*O-@8B<ZW0]&.Y)L<0[?7&RO8(E>3](5OI !5$+<ET5$;Y2'
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M+S_L=U0AKZY0R)S*4;%6,S.)S.^5KJ/6EA;53.+/"?*#UVRP$M%1N<-54J"
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
end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>17
<FILENAME>g350409ex99_3pg001b.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 g350409ex99_3pg001b.jpg
M_]C_X  02D9)1@ ! @  9 !D  #_[  11'5C:WD  0 $    9   _^X #D%D
M;V)E &3      ?_; (0  0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$!
M 0$! 0$! 0$! 0$! 0(" @(" @(" @(" P,# P,# P,# P$! 0$! 0$" 0$"
M @(! @(# P,# P,# P,# P,# P,# P,# P,# P,# P,# P,# P,# P,# P,#
M P,# P,# P,#_\  $0@ -@"G P$1  (1 0,1 ?_$ &P  0 " @(#
M       ("0<*!08! P0! 0                     0   & @(" @(! @<
M      (#! 4&!P$(  D1$A,4(14B(Q8Q08$T%R<8$0$
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MUDN:T01@3)31%F^@1+5+^[#L(.PV02<I](:)=4Y@7"V4E9/5.+%S>H+5_"5
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M9?X'59PT/#]$9 SL$U=:Y>5[<<0WSED;XRZNT7/SZB_;(6^9,TABRH]. .?
M5R)2G\9\B!GQP-=294GIWLDXOT;<;1[!.[B:LSNXM4CB4<V"(BNJ<<D LJ .
M3-/7FD%^I.AS;EC4A&4M83AODJ3I1^GZI9X 6(,T5#T]2%0Z1)[DMD2'1&L8
MLE6(6O3[K6OV_P"OX(O9%HEIF66W[M='Z)K[$\&KQ'A%%877IR13CQA6L#C!
M@@E*=TR=="%A<VZ!:]LE2RYXD*24.5VULY.C5L8K>$N%6!*3-@GA2_6Y\JT2
MTPP\S]O\QA_@_P!\'A"9@)*U7IA4U0OR*3,$WVME#RB5'KO^V=XMS+GCZM8H
MP7\AJR"6I>\NKXTDL901DI\-04J4>/8DHO/G/ R+?&R5$:Q1(B;WW:42K&/K
MUX&AC%(7#/[J6/QP?9-&(-%D!:V4SN6+0_[=I9D:YQ4>/Z9(N!6)=##L)VI0
M=PK G4^KZ(U0<'(A8EM;L"I=EMF[I0H2Y4)T4XI72^0X"V5:XI49JG]3(+(=
M&Y^0&*0&CB9A?N$89.UFZ8=%=;'"MIN;!I1?EZU:\!DD5V*V-FK[:%LL\CP+
MY,KHL>L4(8A7;66=G(B6F-M+0TD"SD04WOD0Q!W>^>L.I]HY5('78._-S[%@
M$@=USD*A6[9R=5#2*%"N3@39C08Q0F:I?'Q@3%X'\07AT<U./F'@1XL9\8#[
MZDZB^L2C&8EBK+1/69C2$C(&-8Y59&Y?(%WUB1$%%N\JF:20R9[3^HO812Q6
M>6,S&#!!R,(18#H>V%[Z(=35<FV*QT75<<N&R1.$7I.CJ"JZ$QBY-B)Z2C$J
M2Q"-((C'TCAEF2#&6:\O2P/ZIC1C^=29@0B2C@I ZVV#;RX'BZ;TUV1126;C
M[N25>_[>]ITL: RG5C5>%I3\)8EJEH(PO"LX>V2NH4B<: QT;%0Z_*?F_'[!
MX>"TJ5/@-D3431BF-/&N1.,5-E%FW98IQ3A=6S]R.B>;;"74\%8+^$^=3\U$
MD4!CS7\6 -4?;BD+ S%8]$:,G(C!#"9G <!P' <!P' KZFKAVE/>Q<C9*TCV
MC%<ZHH&E.CCEAV,\7E;%[OS^>E;E)T@.JR)IZE@S8Q(%(U:0369*?LG>A2@*
MX.!C( 'L%H#'+/.6N6X]P6GN 8ZY!E;6,V=0U_JRA3XR 1C$DUAK<;' IU&L
MFEX, "Q39\Y@'D6/OY!G  A.MA8&**LC3&HPRM,<CC"W(VAC8&%N1M#*RM+>
M0!*@;&EJ;R4Z%N;T*8H)9)))8"RRPX"'&,8QC@<MP(V;.;>:[Z=PYIFVPUD(
M(*VR5XS&X<T%-KY*)I/)-],]P_MR"02)-CY,)@\A1)AG&%($1_UR0Y-.R65C
M(\!'--)M_-H"7?\ M"/,G7[42X("8Y-K&;8Q=FW,G;#@@&)_::K0NJ^B:',-
M+S@: 4C<)^O$6+(7!A;C\9*"&6Z+T8H:C)>9:X4<NN+8!8WFM;KLCL%+7*W+
MN4MR@9YBMH8I3(O+;6D55#4"R)@B""/1X/X]$(/&.!,3@. X&OWV$=]].:^3
M8S4K1J&KNP#L-D+@OC4=H*FTKU+8K7KPC3X.<'FXI;$D:\I,BC1/RG+FAK-.
M<2?JF <#&DG.5@ BEJ!TD[-[43=3N9W=6L;.[JL%N"W.6L%:/(&Z&Q^N,B+7
M-5+S^9Q=;A*EK5 J.,RXPB%FHV1\4E!4R)VDY@\ 3AM,1R.1Z'L#)$XDPLT6
MBT::D#%'(U'6M"R,# R-24I$UL[*SMI"9N:FIM1D@)(3D%EDDE "$ <!QC'
MYG@. X#@. X#@. X#@. X'C/K_GX_P!?' \\!P' <"A3M"I7?Z[G*:DR?<@6
MDO6M$V]$?-E.E557I?N]]R1PYE)%-$;^="JQ=%U/,"92)442*+))'ZH"_L.0
MCRS1(TX<YTE-O20SU:]M74;(*BE:UN;B$=J24)$@3;-OR9.YGE%.UNI[598W
F=)+&O? FF(@JF]$P8-%G#>265Z@P%Y_ <!P' <!P' <!P' __]D!

end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>18
<FILENAME>g350409ex99_3pg002.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 g350409ex99_3pg002.jpg
M_]C_X  02D9)1@ ! @  9 !D  #_[  11'5C:WD  0 $    9   _^X #D%D
M;V)E &3      ?_; (0  0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$!
M 0$! 0$! 0$! 0$! 0(" @(" @(" @(" P,# P,# P,# P$! 0$! 0$" 0$"
M @(! @(# P,# P,# P,# P,# P,# P,# P,# P,# P,# P,# P,# P,# P,#
M P,# P,# P,#_\  $0@ 00#Y P$1  (1 0,1 ?_$ *$   $$ @,! 0
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M@#0#>T.[N]N@': !Z (^[0";]-_AO^S0"=W0!V]1VT [0""/4 ]^_P"S0"Z
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M$QN*H\D-?YF8A()-T*5@3KM]L=4J+.A1TLO_ %&6D;TE'-$XU RAA<N5^X#
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M<A/)+SRYQ<S<C\'_ !,,JW7J7@PYJAG[E/=8$)2I0-O,]E8^70KSY94K8&L
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B)_9#]/[QT [0#2_WO^H= .T : - &@,/_P"W_;H#-H#_V0$!

end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>19
<FILENAME>g350409ex99_3pg003.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 g350409ex99_3pg003.jpg
M_]C_X  02D9)1@ ! @  9 !D  #_[  11'5C:WD  0 $    9   _^X #D%D
M;V)E &3      ?_; (0  0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$!
M 0$! 0$! 0$! 0$! 0(" @(" @(" @(" P,# P,# P,# P$! 0$! 0$" 0$"
M @(! @(# P,# P,# P,# P,# P,# P,# P,# P,# P,# P,# P,# P,# P,#
M P,# P,# P,#_\  $0@ /P#Y P$1  (1 0,1 ?_$ *$   $$ @,! 0
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M#\= '0 'T';UVT -]R[^W;[?_G0"W-L7UWWZ]/9UT [??]P[:  [[A[NN_\
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M[;;;A\_30DH=H69V (=0'W;Z 0" ^@@/R'?0"[0^W?Y#H Z  B =1$ ]G40
M.OS]O30#>\A0ZG*&P>TP>G\= '<G4=R]=MQW#]WMT 1WV'MVW]GNT @WV#<=
MQ]HZ 6X;[;AO[NF_\- +H'N /7W: 0" ]0$!#X== '0  -@ /V]^@#H!O0OJ
M(!N._40#0#M  0WV'W: 1MMOO;;?$=@T @,4>@"'R 0T = +0 $.H#OMMO\
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M)%W:4/*OXN/!K%&F';N=C2KUN0*NLG-1J,G6GC<ZQ0* *)!Z@8- ;QGV3#O
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M=:/0:-BO"F.I=A,3]0H./ZE%-X16&=J5YDC%Q:Z[)N03*1R3H[PR9 6.4I"
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M)()@4H%*5,@;% =@ "@  4!]  /9K!#G#KUT ! !]?GH&IT8NT/=[Q_B._\
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MTRFZ&+OL;</A[O0="<5IY;"$A-R@)?8(!\MNOMT*<9TR*%,0"[;;@.P=-AV
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7$=@W'_30"W^]V[&^>WW?X^_0!T!__]D!

end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>20
<FILENAME>g350409ex99_3pg004a.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 g350409ex99_3pg004a.jpg
M_]C_X  02D9)1@ ! @  9 !D  #_[  11'5C:WD  0 $    9   _^X #D%D
M;V)E &3      ?_; (0  0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$!
M 0$! 0$! 0$! 0$! 0(" @(" @(" @(" P,# P,# P,# P$! 0$! 0$" 0$"
M @(! @(# P,# P,# P,# P,# P,# P,# P,# P,# P,# P,# P,# P,# P,#
M P,# P,# P,#_\  $0@ -0"7 P$1  (1 0,1 ?_$ '8   (" P$! 0
M       )!P@%!@H#! $! 0                     0   & @$# @0$!0('
M      (#! 4&!P$( !$2"1,4(146%S$B)!A!(R49"D,G<<$R4R8H&A$!
M                 /_:  P# 0 "$0,1 #\ [^. < X!P#@' . < X!P#@'
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M'C9_<1V)NRQDZTA5EQ "N&20)!U]2C&WN!IGR]%$VAJ]FE$$C)IH0XSD&CA
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M>R+#)7+!S#XV)_9BHH6L[['T^!J$[%KHHK!VCL)FAYIF ,S\D3NZA0%*,PH
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,@' . < X!P#@?__9

end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>21
<FILENAME>g350409ex99_3pg004b.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 g350409ex99_3pg004b.jpg
M_]C_X  02D9)1@ ! @  9 !D  #_[  11'5C:WD  0 $    9   _^X #D%D
M;V)E &3      ?_; (0  0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$!
M 0$! 0$! 0$! 0$! 0(" @(" @(" @(" P,# P,# P,# P$! 0$! 0$" 0$"
M @(! @(# P,# P,# P,# P,# P,# P,# P,# P,# P,# P,# P,# P,# P,#
M P,# P,# P,#_\  $0@ * ", P$1  (1 0,1 ?_$ &H   (# 0$! 0
M       )!@<("@,%! $!                     !   00#  (!! $#!0$
M    !0,$!@<! @@ "1,1$A05%B$B%S%!(R08"A$!
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)P#P#P#P#P/_9

end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>22
<FILENAME>g350409imr1.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 g350409imr1.jpg
M_]C_X  02D9)1@ ! @  9 !D  #_[  11'5C:WD  0 $    9   _^X #D%D
M;V)E &3      ?_; (0  0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$!
M 0$! 0$! 0$! 0$! 0(" @(" @(" @(" P,# P,# P,# P$! 0$! 0$" 0$"
M @(! @(# P,# P,# P,# P,# P,# P,# P,# P,# P,# P,# P,# P,# P,#
M P,# P,# P,#_\  $0@ * ". P$1  (1 0,1 ?_$ )\   $$ P$!
M      @  0<) @8*! 4!  $#!0$                $!0@! @,'"080   &
M @$# @8! @<       $" P0%!@<($0 2$R$),4%1(A05(W&1H3)28C46&!$
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M7BPF$0$X +;A\0+W(74+IYHVQ.(W-<CG>HCU>?13\:57M[]O;0R"-CMX5"%
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M.M,C^['F_.<SD+,>1\;:YXAFDZY4<:8OG35E>72G%YMO$+2[X$SHO7@L:_\
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H0@HI^ ^G0@HIN ^@=""BEP'T#H044N ^@=""BGX#Z=504(*7117_V0$!

end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
