Investor PresentationAugust 2012

Martin FerronPresident and CEO

David BlackleyChief Financial Officer

2

Forward-Looking Statements

The information provided in this presentation contains forward-looking statements and information which reflect the current view of North American Energy Partners with respect to future events and financial performance. Actual results could differ materially from those contemplated by such forward-looking statements as a result of any number of factors and uncertainties, many of which are beyond our control. Important factors that could cause actual results to differ materially from those in forward-looking statements include success of business development efforts, changes in oil and gas prices, availability of a skilled labour force, internal controls, general economic conditions, terms of our debt instruments, exchange rate fluctuations, weather conditions, performance of our customers, access to equipment, changes in laws and ability to execute transactions. Undue reliance should not be placed upon forward-looking statements and we undertake no obligation, other than those required by applicable law, to update or revise those statements.

For more complete information about us you should read our disclosure documents filed with the SEC and the CSA. You may obtain these documents by visiting EDGAR on the SEC website at www.sec.gov or on the CSA website at www.sedar.com.

Overview

Founded in 1953

TSX and NYSE listings: “NOA”

Current share price: $3.05

52 week high/low: $8.03/$2.23

Market capitalization: $111 million

Shares outstanding: 36 million

52 week average daily share volume: 134,857

3

Heavy Construction and Mining

Commercial and Industrial Construction

* Data from NYSE in USD as at August 9, 2012

4

Presentation Agenda

Oil sands realities

Opportunities

About the company

Financial results

Segment performance and opportunities

5

Reality #1:Low Sensitivity to Oil Prices

Oil sands mines keep operating despite changes in oil prices

Competitive unit costs achieved at full capacity

High risk of employee loss/ plant damage during shutdowns

Reality #2:SAGD Will Not Replace Mining

SAGD and mining are geologically distinct processes

Mining Typical size: 100-300k bpd Base load production to feed upgrader Draws on full range of NAEP services Construction and recurring services

opportunities

SAGD Typical size: 10-50k bpd Supplements mining production Construction opportunities Draws on NAEP’s recently acquired

screw piling technology

6

Reality #3:Producers Outsource

Outsource

7

Seasonal work

Part-time labour requirement

Non core to oil production

Short-term equipment requirement

Specialized knowledge & equipment

8

Reality #4: Demand is Growing

9

The Opportunity

Largest heavy construction and mining contractor in high growth oil sands market

Poised to benefit from recently announced oil sands development

Position further entrenched by recent competitor difficulties

Significant barriers to new entrants

Proven base of stable recurring services business with recent long-term contract wins

Key Customer Contracts

3-year master services agreement 3-year muskeg removal contract

4-year master services agreement covering mining services & construction

Year 7 of 10-year overburden removal contract

10

5-year master services agreement covering mining services & construction

One-year contract for site preparation Significant earthworks still to be awarded by the client

About the Company

Expertise 30+ years in Northern Alberta’s harsh

operating environment

Knowledge to come up with best solutions for customers

Broad Service Offering Unique suite of services across project

lifecycle

Operational Flexibility Unrivalled equipment fleet

Active on every site

Long-Term Customer Relationships Reliability; on-time delivery

11

12 Months Ended March 31, 2012

Revenue by End Market

Largest Construction & Mining Contractor in the Oil Sands

12%

61%

12%

15%

Commercial & Public Construction

Canadian Oil Sands

Pipeline

Industrial

First On, Last Off

12

Explore and Design Initial Development and Secondary Upgrades / Expansions

Build Relationship Major Projects

Initial mine site development, project site development, airstrips, pipeline construction

Overburden removal, mine infrastructure development, reclamation, tailing ponds remediation, equipment and labour supply

Project Development Phase (3-4 years) Ongoing Operations Phase (30-40 years)

Operation / Ongoing Services

Recurring Services

77% of NAEP’s Oil Sands Revenue

Mine Services

Service NAEP Client Season Haul Truck(tonnes)

Ore Mining Year-round 300 - 400

Overburden Removal Year-round 240 - 400

Muskeg (Removal/Remediation) Winter* 100 - 240

Site Construction Summer 100 - 240

Tailings Management Summer 100 - 240

13

Muskeg & TopsoilActive Mine

Overburden

Ore

* Occasionally we will complete this work outside the winter season for our customers

Swing Supplier

14

NAEP achieves higher equipment utilization rates by working on every major site in the oil sands

NAEP demand

Multiple Customers

Single Customer

Excess production requirement

Fixed production capacity

Active with Every Oil Sands Client

Current or recent NOA job site

Providing estimates

EXXONKEARL

SHELL/ALBIANJACKPINE AND MUSKEG RIVER

SYNCRUDEAURORA

UTS

CANADIAN NATURAL

HORIZON

TOTAL JOSLYN

SUNCORVOYAGEUR

SUNCORMILLENNIUM and

STEEPBANK

SYNCRUDE BASE PLANT

Fort McMurray

70

km

SUNCOR FORT

HILLS

15

Current Activity: 10-year overburden removal and dyke construction, mine operations and projects group support

Future Opportunities: plant site civil projects

Current Activity: site development (ditching, water diversion, reclamation, haul roads, camp grading, etc.)

Future Opportunities: MSE wall, compensation lake, long-term overburden and reclamation (undefined volumes), contract mining (unknown if Total will contract this scope of self perform)

Future Opportunities: Phase 2 Kearl Expansion Project (earthworks), long-term overburden and reclamation (undefined volumes)

MRM Current Activity: major tailings projects (AFD Phase 2 & 3 construction, tailings corridor), plant site civil support

Future Opportunities: major tailings projects, haul road construction, debottlenecking & civil scopes

JPM Current Activity: reclamation, major tailings projects (TTD construction)

Future Opportunities: major tailings projects, starter dyke construction, reclamation

Future Opportunities: site development, haul roads, civil construction, MSE walls, compensation lake, long-term overburden and reclamation (undefined volumes), contract mining

Current Activity: ramp removal, Dyke 12 drains, NSE road, equipment rental (8 x 793s), sump construction

Future Opportunities: overburden and reclamation (undefined volumes), light and heavy civil for mining and tailings operations and projects groups

Future Opportunities: mine train relocations, MSE walls & associated civil scopes

Current Activity: 2012 winter reclamation prep, MLMR shear key construction, MSE wall construction, base mine tailings dam, manmade water shed construction, mine operations support

Future Opportunities: overburden and reclamation (undefined volumes), various construction projects for mining, tailings and projects group

Future Opportunities: civil underground construction

16

Mining Project Lifecycles

Engineering and Design

Initial Construction

Commissioning and Start-up

Operational Phase

Project Development Recurring Services

2-3 3-4 0.5 40+years years years years

Suncor - Original Lease

Suncor – Voyageur South

Shell - Muskeg River MineShell - Jackpine 1

Canadian Natural - Horizon

Suncor - Fort Hills

Total - Joslyn

Syncrude - Aurora

Exxon - Kearl

Suncor - Steepbank

Syncrude - Base

Proceeding

Delayed

Syncrude – Aurora South

Tailings & Environmental Services

Engineered Earth Structures

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Pipeline & infrastructureFluids Transfer &

Hydraulic Transport

Tailings ManagementPond Closure & Land Reforming

Final Reclamation

Fluid Fine Tailings Inventory Projections

New regulations require dramatic reduction in tailings inventory

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Fluid Line Tailings Inventory (After Tailings Directive) Millions of Cubic Metres (LHS)

Bitumen Production Million of Barrels per day (RHS)

Fluid Line Tailings Inventory Millions of Cubic Metres (LHS)

FFT Inventory (millions m3)

6,000

5,000

4,000

3,000

2,000

1,000

02010 2015 2020 2025 2030 2035 2040 20502045 20602055

3.0

2.5

2.0

1.5

1.0

0.5

0

Bitumen Production (millions bbls/d)

Forecast Mined Bitumen Production

Forecast Fluid Tailings Inventory AFTER Directive 74

Source: Silver Birch Energy Presentation – Peter’s & Co. Winter Energy Conference January 28, 2011

Low Risk/High Growth Business Model

Construction & Mining Piling Pipeline

Leveraged to high-growth construction markets

Offers geographic & sector diversification

Proprietary technology and expertise creates high barriers to entry

Suited to cyclical industry with low capital commitment & scalable operating model

Proven environmental & safety record offers significant competitive advantages

Recurring services provide stable base

Oil sands project development provides strong growth potential

Long-term customer relationships create high barrier to entry

19

20

12%

Sep10

Sep10

$862

Financial Performance

Rolling LTM Revenue Rolling LTM EBITDA* C ($) millions C ($) millions

14%

*Consolidated EBITDA as defined within the credit agreementConsolidated EBITDA as percentage of revenue

Jun10

Jun10

$798

8%

Mar10

$761

Mar10

16%

10%

Dec10

Dec10

$904

$105$114

$122

$87

Mar11

$858

10%

Mar11

$84

Jun11

$868

Jun11

$78

9%

Sep11

$879

Sep11

$83

10%

Dec11

$899

Dec11

$73

6%

Mar12

$57

Mar12

$1,007

Operating Leases

Significant growth in operating lease portfolio from 2008-2010

Operating lease expense directly impacts Consolidated EBITDA

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200

150

100

50

0

($) millions

Impact of Operating Leases

Consolidated EBITDA

2008 2009 2010 2011

Lease Expense

150

125

100

75

50

25

0

($) millions

Operating Lease Portfolio

Lease Additions Lease Expense

2008 2009 2010 2011 2012 2013 2014 2015 2016

Fiscal YearFiscal Year

* Future lease expense reflects operating lease commitments as at March 31, 2011

2017 2012

Purchase Price $5.0M $5.0MLease Term / Asset Life 5 years 12 years

Residual / Salvage Value $1.0M $0.3M

Depreciation$1.2M-

$3.0MNBV - End of Period

Interest

Lease Expense

Consolidated EBITDA

$5.2M

($5.2M)

-

$1.0M

$2.0M

-

Cumulative Impact (5 years):-

Operating Leases

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Operating Lease PurchaseLarge Truck Example

Pros: Low cost financing Readily accessible

Cons: Accelerated amortization Consolidated EBITDA impact

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Operating Leases

$66 million of potential equity value in operating lease portfolio

Potential equity value can be realized through future earnings

($) millions

* Values are as at March 31, 2012 and exclude leases related to the Canadian Natural overburden removal contract

$173

$117

Calculated Net Book Value Actual Lease Buyout Value

Current Lease Portfolio Value

$56 million of potential equity

50

100

150

200

0

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Heavy Construction & Mining

Revenue and Gross Margin % Impact of temporary shutdown at Canadian Natural and late

winter freeze-up partially offset by new contracts and increased tailings and environmental work

*Excluding the writedown, FY2011 segment revenue would have been $710 million and segment margin would have been 13%

($) millions

800

700

600

500

400

300

200

100

0FY 2010 FY 2011*

$666

17%

$667

8%

FY 2012

$671

13%

Heavy Construction & Mining Outlook

Expected impacts on mine support services should be offset by: Continued demand for reclamation and tailings services

Mine expansion projects

Resumed overburden removal operations at Canadian Natural

New project development, including initial earthworks at Joslyn, industrial construction activity at Mt. Milligan Copper/Gold project and site development at Dover SAGD

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Source: CAPP

Oil Sands Opportunities

Production capacity increasing

All active oil sands mines expected to be operating later this year

Kearl mine scheduled to begin production in 2012

$124 billion in new investment forecasted over next 5 years

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0

5

10

15

20

25

30

35

1920

27

29

27

2011 2012 2013 2014 2015

($) billions

14

18 18

11

13

2006 2007 2008 2009 2010

Oil Sands Investment

Actuals Forecast

27

Commercial and Industrial Construction

Revenue and Gross Margin % FY 2013 revenue up 130% and segment profit up $10.5 million,

reflecting growing demand, favorable weather, positive impact of Cyntech acquisition and strong project execution

($) millions

200180160140120100

80604020

0FY 2010 FY 2011

$69

17%

$192

8%

FY 2012

$349

9%

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Commercial and Industrial Construction Outlook

Continued demand across all regions and sectors Large backlog of projects expected to contribute to strong Q2

activity levels Continued work on high-margin, low-risk maintenance contract

Investment Highlights

Largest construction and mining contractor in the oil sands

Solid core business of recurring services with high barriers to entry and near-term growth potential

Investment in Canada’s oil sands without direct exposure to the price of oil

Financially secure with the ability to generate strong cash flow

Attractive near-term growth potential

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Thank you

Appendix

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CNRL Contract Resolution

$38 million settlement for past cost escalations and change orders Removal of $10 million letter of credit for 2012 Profitable contract structure with reduced risk

NAEP continues to operate all equipment with guaranteed base margin and upside potential based on performance

~$40 million of additional net proceeds to NACG Early buyout of ~30% of contract-related assets Includes the buyout of contract-related operating leases, owned assets,

inventory and maintenance facility

Strengthened working relationship Opportunities to extend contract beyond 2015 Opportunities to provide broader range of services

CNRL recognized that NACG is the best option for overburden removal & mining services

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Credit Agreement Amendments

Recent amendments to credit facility include:

Temporary relief from Consolidated EBITDA-related covenants

Extension of credit agreement maturity date to October 31, 2013

Temporary facility capacity of $20.8 million to be eliminated by June 30, 2012, in line with receipt of proceeds from asset sale to CNRL

Capacity of the revolving facility after June 30, 2012 will be $85 million less any outstanding letters of credit

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Pipeline Construction Opportunities

2011 TCPL (NW AB, NE BC – 7 projects) 217+ km (20”-48”) TCPL (Tanghe Creek - Sloat) 38 km (48”) Enbridge (Husky (Sunrise)) Norealis Pipeline 112 km (24”) Enbridge (Wood Buffalo/L18) 95 km (30”) Enbridge – Cdn. Mainline Integrity Program 1,875 digs

scheduled Spectra Energy (T-North Looping) 100+ km (36”-48”)

Beyond 2011 TCPL (NW AB, NE BC – 4 projects) 500+ km (24”-48”) Access Pipeline (50/50 JV Devon/MEG Energy) 300 km (42”) Spectra Energy (NE BC) Looping 300-400 km (24”-

36”) Enbridge (Woodland) Extension 385 km (36”) Enbridge (Athabasca) Twinning Project 345 km (36”) Enbridge (Bakken Oil Pipeline) 123 km (24”-30”) Kinder Morgan (TMX Expansion) 800-1,000 km (36”) Pacific Trails Pipeline (PTP) 462 km (36”) Enbridge (Northern Gateway) 1,170 km (36/20”) TCPL Keystone XL 2,673 km (36”) CO2 Pipeline (Enhance Energy) 240 km (12”)

Alliance Pipeline (Fort St. John) 60 km (24”) Alaska Pipeline est. 2020-2025 Mackenzie Valley Pipeline est. 2020-2025 Nova (Vantage Pipeline) 575 km (10/12”)

Anchor Loop

TMX-3TMX-2

Edmonton

Vancouver

TMX Project