CALFRAC WELL SERVICES LTD.

Investor Presentation – June 2014

TSX:CFW

Forward Looking Statement

Certain information contained within this presentation and statements made in conjunction with this presentation, including information and statements that contain words such as “anticipates,” “can,” “may,” “believe” or “believes,” “forecast,” “will” and similar expressions, are forward-looking statements.

These statements may include, but are not limited to, future capital expenditures, future financial resources, future oil and gas well activity, outcome of specific events and trends in the oil and gas industry. These statements are derived from certain assumptions and analyses made by the Company based on its experience and interpretation of historical trends, current conditions and expected future developments, and other factors that it believes are appropriate in the circumstances. These statements or predictions are subject to a number of known and unknown risks and uncertainties that could cause actual results to differ materially from the Company’s expectations. These risks and uncertainties include the items discussed under the heading “Business Risks” in the Company’s 2013 Annual Report and most recently filed Annual Information Form. Consequently, all of the forward-looking information contained within this presentation and statements made in conjunction with this presentation are qualified by these cautionary statements and there can be no assurance that actual results or developments anticipated by the Company will be realized or that they will have the expected consequences or effects on the Company or its business or operations. Other than as required by applicable securities laws, the Company assumes no obligation to update publicly any such forward-looking information or statements, whether as a result of new information, future events or otherwise.

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Company Snapshot

TSX Stock Symbol CFW

Share Price $19.15 (6/3/2014)

Market Capitalization $1.8 billion

Quarterly Dividend $0.125 per share

Dividend Yield 2.6 percent (6/3/2014)

Shares Outstanding 94.2 million (6/2/2014)

30-Day Avg. Volume 513,750 (6/3/2014)

Insider Ownership ~25%

Note: A two-for-one share split was approved and trading in the common shares on a split-adjusted basis commenced on June 2, 2014. The quarterly dividend has been adjusted to reflect the share split.

Suppliers

Calfrac’s Size and Scope

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24 hours ops

80% US

30% Canada

Lab Facilities Sixteen

In Horsepower (North America)

7th Largest

Primary 450

Employees ~4,600

Years of Service Fifteen

1.2 Million Hydraulic Horsepower

Revenue 92% Fracturing 5% Coiled Tubing 3% Cementing

Customers +175 Worldwide

24 Hour 80% United States

Ope

ratio

ns

25% Canada Proppant Pumped +1.2MM Sh

ort T

ons

2013 North America

1.85 2014 TRIF

GROWING OPERATIONAL SCALE

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Full Service Hydraulic Pressure Pumping

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Canada Fleet: 17 Fracturing Spreads

392,000 Hydraulic Horsepower

17 Coiled Tubing Crews

U.S. Fleet: 15 Fracturing Spreads

674,450 Hydraulic Horsepower

18 Cementing Crews

7 Coiled Tubing Crews

Latin America Fleet: 81,000 Hydraulic Horsepower

13 Cementing Crews

3 Coiled Tubing Crews

Russia Fleet: 7 Fracturing Spreads

70,000 Hydraulic Horsepower

7 Coiled Tubing Crews

FACTS Founded 1999

Employees ~4,600

Countries 6

Headquarters Calgary

Horsepower 1.2 Million

Canadian Operations

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One of the Largest Pressure Pumpers by

HHP Market Activity

• Six largest companies control 85% of the market

• Exposure to LNG through strong relationships with a number of key operators in NE B.C. and NW Alberta

• Montney and Duvernay are creating incremental HHP demand

Pricing & Utilization

• Positive pricing momentum

• Activity levels are expected to remain robust in the back half of 2014

Canada – Update

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Calfrac, 18%

Competitor 1, 19%

Other, 15%

Competitor 2, 14%

Competitor 3, 12%

Competitor 4, 11%

Competitor 5, 10%

Source: PacWest Consulting Partners

• Well count is not the only factor for increasing utilization of Calfrac’s equipment

• Market continues to trend towards more stages per well and greater tonnage per stage which positively impacts equipment utilization

• In Canada, 24-hour operations comprise ~25% of the fracturing fleets and the Company believes this can move higher

Canada – Key Trends

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United States Operations

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Growing U.S. Presence Market Approach

• Sustainable and meaningful market share in each operating area

• Target a contracted status of ~70% in the U.S. and an equal mix of oil/gas exposure

• Growing coiled tubing and cementing business

Pricing & Utilization

• Pricing is competitive, but stable

• Positive momentum

• Utilization expected to remain robust

United States – Update

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Source: PacWest Consulting Partners

United States – Regional Update

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Highlights

• Adding a fifth crew in the

Marcellus that will become

active in 2H14

• Leading market share position

in the Fayetteville

• Rockies activity increasing due

to Niobrara exposure

• Growing presence in the Eagle

Ford

• Increasing customer

diversification in North Dakota

Meaningful Market Share (4/30/2014)

Region HHP Crews

Mkt. Share

Rank by

HHP (1)

Marcellus/Utica 262,950 5 3

Eagle Ford 157,500 3 8

Fayetteville 87,750 2 1

Rockies Area 89,750 2 5

U.S. Bakken 76,500 3 8

U.S. Total 674,450 15

(1) Source: PacWest Consulting Partners

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Latin American Operations

Market Activity

• One of the largest pressure pumping companies in Argentina

• Contract win with YPF in fall of 2013 – High rate fracturing crew for tight

gas operations

• Capital spending by IOCs creating opportunities to deploy equipment

Other Considerations

• Contracts based in USD

• 2H14 – Adding 32,000 HHP to meet incremental demand

Argentina – Update

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Argentina Fleet: 68,000 Hydraulic Horsepower*

7 Cementing Crews

3 Coiled Tubing Crews

* Includes 32,000 hhp to be added in 2H14

Market Overview

• Long-term opportunity with the

ongoing reform of the Mexican

energy industry

• Technology Opportunity

– Latest technological

advancement improves

play economics

• One of only two service

providers to perform horizontal

completions work in the

Mexican Eagle Ford trend

• Expect 2014 activity levels to

be lower compared to 2013

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Mexico – Update

Mexico Fleet: 45,000 Hydraulic Horsepower

2 Cementing Crews

Poza Rica

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Russian Operations

Market Overview and Outlook

• 34% of fracturing work on horizontal wells in 2013

• Expect horizontal completions to trend towards 50% of fracturing work in 2014

• Highly contracted status creates stable utilization levels

• Operating margins are expected to improve during the remainder of the year due to a reduction in weather related issues

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Russia – Update

LICENSE TO OPERATE

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Health, Safety & Environment

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Excellent HSE Performance • Outperforming industry benchmark

groups

• US experience modification rate of 0.7 – 30% below industry average for insurance

claims

• Objective is zero incidents

HSE Advancements

• Implementation of SandStorm in

fracturing operations

– Virtually eliminates potential exposure to

respirable crystalline silica

TRIF LTIR

Calfrac Global HSE Performance (2013) 2.00 0.38

Alberta Workers Compensation Board (wcb.ab.ca) 2.66 0.49

Association of Energy Service Companies (aesc.net) 2.29 0.72

US Bureau of Labour Statistics (bls.gov) 1.90 0.60

What is API-Q2?

• A quality management system that reinforces specific guidelines for safety, environmental and regulatory concerns

• API’s goal for Q2 is that service companies will need to be certified in order to work for the major oil and gas companies

Quality Leadership

• Expect to be among the first pressure pumpers in the world to be certified in API-Q2

• Submitted first set of applications for API Spec Q2 in March 2014

Quality Commitment At Calfrac

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Supply Chain and Logistics

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• Provide key direction on network optimization

• Leveraging the supplier landscape to manage growth opportunities

• Managing infrastructure and storage to enhance service levels

• Key suppliers in place to help provide efficient services to our customers

U.S

. To

ns

PROPPANT PUMPED M . M 2 1

2013 North America RAILCARS 12,200 filled with sand

=

PEOPLE WHO MAKE A DIFFERENCE

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The Calfrac Team • Culture of innovation, growth and

continuous improvement

• Build and maintain strong client relationships at all levels

• Commitment to employee safety

Three Es Culture: • Energy, Ethics and Entrepreneurship

Learning & Development • Structured development program from

Field Competencies to Supervisor to Management

People & Service

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TECHNOLOGIES THAT WORK IN THE FIELD

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Develop technologies to:

• Meet and exceed safety and environmental goals

• Continually advance our technical expertise

Engineering & Geoscience:

• In-house multidisciplinary team supports program development and field operations

• Continually advancing our knowledge of reservoirs to optimize productivity and economics

Benefits to this Strategy:

• Allows Calfrac’s customers to complete wells more efficiently

• Production comes on stream earlier

• Production comes on at better rates

• More cash flow to reinvest in additional development

Technology Commitment

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Create Operational Efficiencies

Optimize Fluid Chemistries

Gain a Thorough Reservoir

Understanding

Commitment To Continuous Improvement In Technology

STRONG FINANCIAL PERFORMANCE

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Financial Results

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(C$ millions – except per share amounts)

Income Statement

For the Three Months Ended March 31

2014 2013 % Change

Revenue $548 $423 29

Operating Income $64 $63 2

Net Income $8.9 $24.6 (64)

Earnings Per Share (Diluted) $0.19 $0.54 (65)

Balance Sheet - As at March 31, 2014

Working Capital $339

Total Assets $1,912

Long-Term Debt $667

Total Equity $804

Available Credit Facilities $257

CALFRAC’S OPPORTUNITIES

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• Increase market share in unconventional resource plays

• Grow global footprint

• Expand customer base in key markets where we operate

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Strategic Focus

Top 10 Countries - Technically Recoverable

Shale Oil Resources

Rank Country

Shale oil

(BN BBL)

1 Russia 75

2 U.S. 58

3 China 32

4 Argentina 27

5 Libya 26

6 Australia 18

7 Venezuela 13

8 Mexico 13

9 Pakistan 9

10 Canada 9

World Total 345

Top 10 Countries - Technically Recoverable

Shale Gas Resources

Rank Country

Shale Gas

(TCF)

1 China 1,115

2 Argentina 802

3 Algeria 707

4 U.S 665

5 Canada 573

6 Mexico 545

7 Australia 437

8 South Africa 390

9 Russia 285

10 Brazil 245

World Total 7,299

Source: EIA “Technically Recoverable Shale Oil and Shale Gas Resources,” June 2013

• Optimize return on capital employed for our investors

• Create an environment that fosters dedicated employees

• Develop long-term relationships with our customers

• Cultivate strong supply chain alliances

Value Creation

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• Management team with depth and breadth of experience – Strong operational

backgrounds

– Global experience

• History of capital discipline – Targeted, strategic investments

in equipment and growth

• Geographic and commodity diversification

• Leadership position in the global adoption of unconventional resource development

Investment Advantages

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Ian Gillies

Manager, Investor Relations

403-218-3422

igillies@calfrac.com

www.calfrac.com

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