Segmented Information

2011 Annual Results

2011 Revenue and EBITDA

Source: Corporate records

Stuart Olson Dominion contributed 62% of Churchill's 2011 consolidated revenue (excluding intersegment eliminations) and 31% of 2011 EBITDA (excluding intersegment eliminations and expenses of the Corporate and Other segment). Canem contributed 13% of Churchill's 2011 consolidated revenue (excluding intersegment eliminations) and 29% of 2011 EBITDA (excluding intersegment eliminations and expenses of the Corporate and Other segment). The Industrial Services segment contributed 25% of Churchill's 2011 consolidated revenue (excluding intersegment eliminations) and 40% of 2011 EBITDA (excluding intersegment eliminations and expenses of the Corporate and Other segment).

2011 Overview

The following table sets out selected annual results by operating segment:

($millions except margin percent)	2011
		Total		General Contracting		Commercial Systems		Industrial Services		Corporate and Other		Intersegment Eliminations
Contract revenue	$	1,409.2	$	907.0	$	192.7	$	367.0	$	-	$	(57.5)
Contract income		157.9		62.1		46.2		49.5		-		(0.1)
Contract income margin		11.2%		6.8%		24.0%		13.4%
Indirect & administrative expense		95.2		40.1		23.2		20.4		12.1		(0.6)
EBITDA ⁽¹⁾		72.0		26.2		24.0		33.4		(12.1)		0.5
EBITDA margin		7.2%		8.0%		14.6%		8.2%
EBT ⁽¹⁾		32.6		22.4		21.8		27.8		(39.5)		0.1
Backlog ⁽¹⁾	$	1,842.6	$	1,445.3	$	133.3	$	264.0	$	-	$	-
	2010
		Total		General Contracting		Commercial Systems		Industrial Services		Corporate and Other		Intersegment Eliminations
Contract revenue	$	1,183.9	$	817.3	$	83.2	$	301.2	$	-	$	(17.8)
Contract income		144.4		88.4		21.2		35.4		-		(0.6)
Contract income margin		12.2%		10.8%	25.5%			11.8%
Indirect & administrative expense		78.4		34.2		8.7		12.9		24.6		(2.1)
EBITDA ⁽¹⁾		71.8		56.7		12.5		25.5		(21.9)		(1.0)
EBITDA margin		6.1%		6.9%	15.0%			8.5%
EBT ⁽¹⁾		49.2		54.1		11.8		21.9		(38.1)		(0.5)
Backlog ⁽¹⁾	$	1,555.0	$	1,251.6	$	127.4	$	176.0	$	-	$	-

Note: ⁽¹⁾ "EBT" is earnings from continuing operations before taxes. "EBITDA" is earnings from continuing operations before interest, taxes, depreciation and amortization. "Backlog" is the total value of work that has not yet been completed that (a) is assessed by the Corporation as having high certainty of being performed by the Corporation or its subsidiaries by either the existence of a contract or work order specifying job scope, value and timing, or (b) has been awarded to the Corporation or its subsidiaries, as evidenced by an executed binding or non-binding letter of intent or agreement, describing the general job scope, value and timing of such work, and with the finalization of a formal contract respecting such work currently assessed by the Corporation as being reasonably assured. EBT, EBITDA and backlog are non-IFRS measures.

2012 Year-to-Date

2012 First Quarter Revenue and EBITDA

Stuart Olson Dominion contributed 56% of Churchill's 2012 first quarter consolidated revenue (excluding intersegment eliminations) and 30% of 2012 first quarter EBITDA (excluding intersegment eliminations and expenses of the Corporate and Other segment). Canem contributed 14% of Churchill's 2012 first quarter consolidated revenue (excluding intersegment eliminations) and 28% of 2012 first quarter EBITDA (excluding intersegment eliminations and expenses of the Corporate and Other segment). The Industrial Services segment contributed 30% of Churchill's 2012 first quarter consolidated revenue (excluding intersegment eliminations) and 42% of 2012 first quarter EBITDA (excluding intersegment eliminations and expenses of the Corporate and Other segment).

2012 First Quarter Overview

The following table sets out selected first quarter results by operating segment:

($millions except margin percent)	First Quarter, 2012
		Total		General Contracting		Commercial Systems		Industrial Services		Corporate and Other		Intersegment Eliminations
Contract revenue	$	333.2	$	194.2	$	46.6	$	104.9	$	-	$	(12.5)
Contract income		35.7		13.0		10.5		10.6		-		1.6
Contract incomemargin		10.7%		6.7%		22.5%		10.1%		-		-
Indirect & administrative expense		26.4		9.6		6.1		5.4		5.3		-
EBITDA ⁽¹⁾		13.9		5.3		4.9		7.3		(5.3)		1.6
EBITDA margin		4.2%		2.7%		10.6%		6.9%		-		-
EBT ⁽¹⁾		4.3		4.4		4.3		5.4		(11.4)		1.5
Backlog ⁽¹⁾	$	1,751.5	$	1,307.6	$	204.4	$	239.5	$	-	$	-
	First Quarter, 2011
		Total		General Contracting		Commercial Systems		Industrial Services		Corporate and Other		Intersegment Eliminations
Contract revenue	$	304.7	$	207.7	$	41.3	$	64.2	$	-	$	(8.7)
Contract income		36.6		14.8		11.8		10.2		-		(0.1)
Contract income margin		12.0%		7.1%		28.4%		15.9%		-		-
Indirect & administrative expense		22.0		7.3		5.7		4.7		4.3		-
EBITDA ⁽¹⁾		17.2		9.0		6.2		6.3		(4.3)		(0.1)
EBITDA margin		5.6%		4.4%		15.1%		9.8%		-		-
EBT ⁽¹⁾		8.2		8.2		5.9		5.2		(10.9)		(0.3)
Backlog ⁽¹⁾⁽²⁾	$	1,842.6	$	1,445.3	$	133.3	$	264.0	$	-	$	-

Notes: ⁽¹⁾ "EBT" is earnings from continuing operations before taxes. "EBITDA" is earnings from continuing operations before interest, taxes, depreciation and amortization. "Backlog" is the total value of work that has not yet been completed that (a) is assessed by the Corporation as having high certainty of being performed by the Corporation or its subsidiaries by either the existence of a contract or work order specifying job scope, value and timing, or (b) has been awarded to the Corporation or its subsidiaries, as evidenced by an executed binding or non-binding letter of intent or agreement, describing the general job scope, value and timing of such work, and with the finalization of a formal contract respecting such work currently assessed by the Corporation as being reasonably assured. EBT, EBITDA and backlog are non-IFRS measures.

⁽²⁾ As of December 31, 2011.