TSX:CFW

CALFRAC WELL SERVICES LTD.Investor Presentation – Q3 2017

Certain information contained within this presentation and statements made in conjunction with this presentation constitute forward-looking statements. These statements relate to future events or the future performance of the Company. All statements other than statements of historical fact may be forward-looking statements. Forward-looking statements are often, but not always, identified by the use of words such as “seek”, “anticipate,” “plan”, “continue”, “estimate”, “expect”, “may”, “will”, “project”, “predict”, “potential”, “targeting”, “intend”, “could”, “might”, “should”, “believe”, “forecast”, “can” and similar expressions. In particular, forward-looking statements in this presentation include, but are not limited to, statements with respect to future capital expenditures, future financial resources, anticipated equipment utilization levels, future oil and gas well activity, projections of market prices and costs, outcomes of specific events and trends in the oil and gas industry.

The forward-looking statements within this presentation and made in conjunction with this presentation are derived from certain assumptions and analyses made by the Company based on its experience and perception of historical trends, current conditions, expected future developments and other factors that it believes are appropriate in the circumstances, including assumptions and analyses relating to: the economic and political environment in which the Company operates; the Company’s expectations for its customers’ capital budgets and geographical areas of focus; the effect unconventional oil and gas projects have had on supply and demand fundamentals for oil and natural gas; the Company’s existing contracts and the status of current negotiations with key customers and suppliers; the effectiveness of cost reduction measures instituted by the Company; and the likelihood that the current tax and regulatory regime will remain substantially unchanged. Forward-looking statements 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. Such risks and uncertainties include the items discussed under the heading “Business Risks” in the Company’s 2016 Annual Report and under the heading “Risk Factors” in the Company’s most recently filed Annual Information Form. Consequently, all of the forward-looking statements contained within this presentation and made in conjunction with this presentation are qualified by these cautionary statements and there can be no assurance that actual results or events 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 statements, whether as a result of new information, future events or otherwise.

Forward Looking Statement

Global Pressure Pumping Presence

Canada Fleet:407,000 HHP – 250,000 HHP Active

13 Coiled Tubing Units – 9 Active Units

U.S. Fleet:718,000 HHP – 432,000 HHP Active

11 Cementing Units – 11 Units Idle

5 Coiled Tubing Units – 5 Units Idle

Latin America Fleet:122,000 HHP

14 Cementing Units Active

7 Coiled Tubing Units Active

Russia Fleet:70,000 HHP

7 Coiled Tubing Units – 6 Active Units

As at June 30, 2017

Active Rig Counts: North America

- U.S. land rig count up ~150% from trough, still ~50% below 2014

- WCSB YTD rig count in line with 2015, up ~80% from 2016

- E&P spending plans to be higher by ~40% in 2017

- Capital spending in 2018 is forecast to be relatively consistent with 2017

Source: Baker Hughes

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1,000

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1,400

1,600

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2,000

Jan-14 Jul-14 Jan-15 Jul-15 Jan-16 Jul-16 Jan-17 Jul-17

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f R

igs

Lower 48 Active Land Rig Count

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Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec

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CSB

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igs

2013 2014 2015 2016 2017

Pumping Intensity Could Sell Out Lower 48 Market

2014

- ~900 rigs~6,000 tons/well

- ~2-2.5 rigs / spread

- 400 - 450 spreads required

- Average spread 45,000 HHP+

- ~12MM active HHP

- Demand for full reactivation to

15MM+ HHP

- >2MM HHP Exited US Market

- 1,800 rigs~4,000 tons/well

- 3 rigs / spread

- 600 spreads required

- Spreads typically

30,000 HHP

- Fully booked fracturing

market

- 18MM HHP in Lower 48

2017

- Per well metrics growing

- Sand & Fluid

- Fracture design evolving

- Higher Rates

- Higher Pressure

- Improved Productivity

- More Redundancy

U.S. Intensity Continues To Increase

Source: Evercore ISI

Proppant Tonnage per Well (U.S. Land)

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18

2011 2012 2013 2014 2015 2016 2017

San

d/W

ell

(MM

lbs)

Eagle Ford Bakken

Haynesville Permian

Niobrara Total U.S.

Canadian Intensity Following US Trends

Source: Frac Database, TD Securities

0.0

0.5

1.0

1.5

2.0

2.5

2013 2014 2015 2016 2017F

Well Count Proppant per Well Total Demand

Proppant use per wellmore than double 2013 level

Well count down 43% from 2014 peak

Well count recovery (2016 +40%) impliesfracturing demand in line with 2014WCSB Fleet 10% smaller than 2014

MANAGING THE RECOVERY

Margin Trend Reversal Underway

Source: Company Reports, Morgan Stanley

2017?

CFW Q2 Result

Our License to Operate

Plan ▪ Do ▪ Assess ▪ AdjustHSE

QUALITY

SUPPLY CHAIN Evaluate ▪ Negotiate ▪ Finalize ▪ Implement

Monitor ▪ Refine ▪ Execute ▪ Improve

Calfrac employee on a Canadian hydraulic fracturing job. Calfrac Well Services Photo

TECHNOLOGY Research ▪ Develop ▪ Test ▪ Refine

Calfrac sand terminal in Whitecourt, Alberta. Calfrac Well Services Photo

Field Staff Recruiting

– Added over 600 field personnel across North America

– WCSB local market essentially at full employment

– Safety and operating competency focus for new hires

Increased Field Pay and Salaries

– Fulfills a promise made to employees

Rotational Employee Program Reactivated

Biggest Challenge to Growth in North America

Managing The Recovery – People

Equipment reactivations progressing► Costs meeting expectations (~$2 million per spread)

► Coil Tubing reactivations in Canada to support increased fracturing demand

In discussions in all areas of North America for further reactivations► Re-establish operations in TX in Q3

Will not sacrifice profitability or safety/flawless execution culture

► Seek to use reactivation discussions as pricing catalyst

► Selectively align with key customers

Managing The Recovery - Equipment

Q2/16 Q3/16 Q4/16 Q1/17 Q2/17 Q3/17 Increase

Active Fleets - US 4 5 5 6 8 12 200%

Active Fleets - Canada 4 4 4 6 6 7 75%

Active HHP - North America 381,400 443,900 459,000 526,200 587,750 682,000 79%

Maintain investment in technology

– Have generated 47 new products in 2015-2017

– Research continues in all applications

Increasing focus on equipment

– Intensity increases continue across North America

– Move to stainless steel fluid ends

– API Q2 framework generates significant operating data for analysis/action

Managing The Recovery – Technology

Reactivation costs are consistent with forecasts– Costs driven by previous decisions

► Park in working condition or park at failure

– Less than $2 million for a small (~20,000 HHP) fracturing fleet

– Up to $3 million for a larger (~40,000 HHP) fracturing fleet

Increased capital spend to support larger active fleets– Typical maintenance capital items

– No surprises to date on life-cycle spending (fluid ends, etc.)

Looking at balance sheet in the longer term– Mid-cycle cash flow

– Capital expansion plans

– Interest payments

– Maturity of term debt

– Currency mix

Managing The Recovery – Finance

Canadian Sand Logistics Advantage

Exclusive Sand Terminal Locations:

• Taylor, BC

• Whitecourt, AB

• Kuusamo, AB

• Glidden, SK

Merchant Terminal Location:

• Grande Prairie

FINANCIAL INFORMATION

The Balance Sheet

Neuquén, Argentina Frac Operation (2014). Calfrac Well Services Photo

Term Debt

US$600 million with an interest rate of 7.5%

Matures in 2020

Second Lien Term Loan

$200 million with an interest rate of 9.0%

Matures in 2020

Credit Facilities

Loan facility $300 million (largely undrawn)

Matures in 2018

Recent Equity Financing

Raised $60 million, proceeds used to fund second equity cure ($25 million) and provide additional liquidity

– 1st equity cure elected in Q2

Capital Program

2017 capital budget set at $65 million