-----BEGIN PRIVACY-ENHANCED MESSAGE-----
Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
Originator-Key-Asymmetric:
 MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen
 TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB
MIC-Info: RSA-MD5,RSA,
 CzfiSsZJmRxaKZw31Tu53zl8/KPXODpYt/vKbFdmSUZf/93GkjFXMSIDpcq/F+tP
 D1d3U7GRCaNgVtQC0aTyaA==

<SEC-DOCUMENT>0001193125-10-177226.txt : 20100804
<SEC-HEADER>0001193125-10-177226.hdr.sgml : 20100804
<ACCEPTANCE-DATETIME>20100804162008
ACCESSION NUMBER:		0001193125-10-177226
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		3
CONFORMED PERIOD OF REPORT:	20100803
FILED AS OF DATE:		20100804
DATE AS OF CHANGE:		20100804

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			North American Energy Partners Inc.
		CENTRAL INDEX KEY:			0001368519
		STANDARD INDUSTRIAL CLASSIFICATION:	OIL, GAS FIELD SERVICES, NBC [1389]
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			A0
		FISCAL YEAR END:			0331

	FILING VALUES:
		FORM TYPE:		6-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-33161
		FILM NUMBER:		10991323

	BUSINESS ADDRESS:	
		STREET 1:		ZONE 3, ACHESON INDUSTRIAL AREA
		STREET 2:		2-53016 HIGHWAY 60
		CITY:			ACHESON
		STATE:			A0
		ZIP:			T7X 5A7
		BUSINESS PHONE:		780-960-7171

	MAIL ADDRESS:	
		STREET 1:		ZONE 3, ACHESON INDUSTRIAL AREA
		STREET 2:		2-53016 HIGHWAY 60
		CITY:			ACHESON
		STATE:			A0
		ZIP:			T7X 5A7

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	NORTH AMERICAN ENERGY PARTNERS INC.
		DATE OF NAME CHANGE:	20061129

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	NACG Holdings Inc.
		DATE OF NAME CHANGE:	20060707
</SEC-HEADER>
<DOCUMENT>
<TYPE>6-K
<SEQUENCE>1
<FILENAME>d6k.htm
<DESCRIPTION>FORM 6-K
<TEXT>
<HTML><HEAD>
<TITLE>Form 6-K</TITLE>
</HEAD>
 <BODY BGCOLOR="WHITE">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>

 <P STYLE="line-height:0px;margin-top:0px;margin-bottom:0px;border-bottom:0.5pt solid #000000">&nbsp;</P>
<P STYLE="line-height:3px;margin-top:0px;margin-bottom:2px;border-bottom:0.5pt solid #000000">&nbsp;</P> <P STYLE="margin-top:6px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="5"><B>UNITED STATES </B></FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="5"><B>SECURITIES AND EXCHANGE COMMISSION </B></FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="3"><B>Washington, D.C. 20549 </B></FONT></P> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P><center>
<P STYLE="line-height:6px;margin-top:0px;margin-bottom:2px;border-bottom:1pt solid #000000;width:21%">&nbsp;</P></center> <P STYLE="margin-top:12px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="5"><B>FORM 6-K </B>
</FONT></P> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P><center> <P STYLE="line-height:6px;margin-top:0px;margin-bottom:2px;border-bottom:1pt solid #000000;width:21%">&nbsp;</P></center>
<P STYLE="margin-top:12px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="3"><B>Report of Foreign Private Issuer </B></FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="3"><B>Pursuant to Rule 13a-16 or 15d-16 </B></FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="3"><B>under the Securities Exchange Act of 1934 </B></FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">For the month of August 2010 </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">Commission File Number 001-33161 </FONT></P> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P><center>
<P STYLE="line-height:6px;margin-top:0px;margin-bottom:2px;border-bottom:1pt solid #000000;width:21%">&nbsp;</P></center> <P STYLE="margin-top:12px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="5"><B>NORTH
AMERICAN ENERGY PARTNERS INC. </B></FONT></P> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P><center> <P STYLE="line-height:6px;margin-top:0px;margin-bottom:2px;border-bottom:1pt solid #000000;width:21%">&nbsp;</P></center>
<P STYLE="margin-top:12px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">Zone 3 Acheson Industrial Area </FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">2-53016 Highway 60 </FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">Acheson, Alberta </FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">Canada T7X 5A7 </FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">(Address of principal executive offices) </FONT></P> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P><center>
<P STYLE="line-height:6px;margin-top:0px;margin-bottom:2px;border-bottom:1pt solid #000000;width:21%">&nbsp;</P></center> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Indicate by check mark whether
the registrant files or will file annual reports under cover of Form 20-F or Form 40-F. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">Form
20-F&nbsp;&nbsp;<U></U><FONT STYLE="FONT-FAMILY:WINGDINGS">&#168;</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Form 40-F&nbsp;&nbsp;<U><FONT STYLE="FONT-FAMILY:WINGDINGS">&#120;</FONT></U> </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule
101(b)(1):&nbsp;&nbsp;<FONT STYLE="FONT-FAMILY:WINGDINGS">&#168;</FONT> </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Indicate by check mark if the registrant is submitting the Form 6-K
in paper as permitted by Regulation S-T Rule 101(b)(7):&nbsp;&nbsp;<FONT STYLE="FONT-FAMILY:WINGDINGS">&#168;</FONT> </FONT></P> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<P STYLE="line-height:0px;margin-top:0px;margin-bottom:0px;border-bottom:0.5pt solid #000000">&nbsp;</P> <P STYLE="line-height:3px;margin-top:0px;margin-bottom:2px;border-bottom:0.5pt solid #000000">&nbsp;</P>

<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>

 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Documents Included as Part of this Report </B></FONT></P>
<P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">1.</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Interim consolidated financial statements of North American Energy Partners Inc. for the three months ended June&nbsp;30, 2010. </FONT></TD></TR></TABLE>
<P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">2.</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Management&#146;s Discussion and Analysis for the three months ended June&nbsp;30, 2010. </FONT></TD></TR></TABLE>
<P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">3.</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Canadian Supplement to Management&#146;s Discussion and Analysis for the three months ended June&nbsp;30, 2010. </FONT></TD></TR></TABLE>

<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>

 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>SIGNATURES </B></FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its
behalf by the undersigned, thereunto duly authorized. </FONT></P> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P><DIV ALIGN="right">
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="40%" BORDER="0">

<TR>
<TD WIDTH="12%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="87%"></TD></TR>
<TR>
<TD VALIGN="top" COLSPAN="3"><FONT STYLE="font-family:Times New Roman" SIZE="2">NORTH AMERICAN ENERGY PARTNERS INC.</FONT></TD></TR>
<TR>
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">By:</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="2">/s/ David Blackley</FONT></TD></TR>
<TR>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Name:</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">David Blackley</FONT></TD></TR>
<TR>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Title:</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">Chief Financial Officer</FONT></TD></TR></TABLE></DIV> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Date: August 4, 2010
</FONT></P>

<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>

 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:115px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="3"><B>NORTH AMERICAN ENERGY PARTNERS INC.
</B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="3"><B>Interim Consolidated Financial Statements </B></FONT></P>
<P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="3"><B>For the three months ended June&nbsp;30, 2010 </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="3"><B>(Expressed
in thousands of Canadian Dollars) </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="3"><B>(Unaudited) </B></FONT></P>
 <P STYLE="margin-top:9px;margin-bottom:0px">

<IMG SRC="g48973g55p46.jpg" ALT="LOGO"> </P>




<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


 <P STYLE="margin-top:0px;margin-bottom:0px">

<IMG SRC="g48973g68t48.jpg" ALT="LOGO"> </P>
 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:9px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="3" COLOR="#a03245"><B>Interim Consolidated Balance Sheets
</B></FONT></P> <P STYLE="margin-top:5px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">(Expressed in thousands of Canadian Dollars) </FONT></P> <P STYLE="font-size:5px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" ALIGN="center">

<TR>
<TD WIDTH="74%"></TD>
<TD VALIGN="bottom" WIDTH="6%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="6%"></TD>
<TD></TD>
<TD></TD></TR>
<TR>
<TD VALIGN="bottom" STYLE="border-bottom:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:ARIAL" SIZE="1">June&nbsp;30,&nbsp;2010</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:ARIAL" SIZE="1">March&nbsp;31,&nbsp;2010</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center"><FONT STYLE="font-family:ARIAL" SIZE="1">(Unaudited)</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top" COLSPAN="6"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>ASSETS</B></FONT></P></TD>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>&nbsp;&nbsp;</B></FONT></P></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:0.89em; text-indent:-0.89em"><FONT STYLE="font-family:ARIAL" SIZE="2">Current assets:</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.78em; text-indent:-0.89em"><FONT STYLE="font-family:ARIAL" SIZE="2">Cash and cash equivalents</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">$78,868</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">$103,005</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.78em; text-indent:-0.89em"><FONT STYLE="font-family:ARIAL" SIZE="2">Accounts receivable, net (allowance for doubtful accounts of $773, March 2010 &#150; $1,691)</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">89,925</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">111,884</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.78em; text-indent:-0.89em"><FONT STYLE="font-family:ARIAL" SIZE="2">Unbilled revenue</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">90,284</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">84,702</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.78em; text-indent:-0.89em"><FONT STYLE="font-family:ARIAL" SIZE="2">Inventories </FONT><FONT STYLE="font-family:ARIAL" SIZE="1">(note 5)</FONT><FONT STYLE="font-family:ARIAL" SIZE="2"></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">10,385</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">5,659</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.78em; text-indent:-0.89em"><FONT STYLE="font-family:ARIAL" SIZE="2">Prepaid expenses and deposits</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">10,744</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">6,881</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.78em; text-indent:-0.89em"><FONT STYLE="font-family:ARIAL" SIZE="2">Deferred tax assets</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">2,843</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">3,481</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">283,049</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">315,612</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:0.89em; text-indent:-0.89em"><FONT STYLE="font-family:ARIAL" SIZE="2">Prepaid expenses and deposits</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">3,573</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">4,005</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:0.89em; text-indent:-0.89em"><FONT STYLE="font-family:ARIAL" SIZE="2">Assets held for sale</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">838</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">838</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:0.89em; text-indent:-0.89em"><FONT STYLE="font-family:ARIAL" SIZE="2">Property, plant and equipment </FONT><FONT STYLE="font-family:ARIAL" SIZE="1">(note
6)</FONT><FONT STYLE="font-family:ARIAL" SIZE="2"></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">326,550</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">328,743</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:0.89em; text-indent:-0.89em"><FONT STYLE="font-family:ARIAL" SIZE="2">Intangible assets, net (accumulated amortization of $5,179, March 2010 &#150; $4,591)</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">7,652</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">7,669</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:0.89em; text-indent:-0.89em"><FONT STYLE="font-family:ARIAL" SIZE="2">Deferred financing costs </FONT><FONT STYLE="font-family:ARIAL" SIZE="1">(note
7)</FONT><FONT STYLE="font-family:ARIAL" SIZE="2"></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">8,539</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">6,725</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:0.89em; text-indent:-0.89em"><FONT STYLE="font-family:ARIAL" SIZE="2">Investment in and advances to unconsolidated joint venture </FONT><FONT STYLE="font-family:ARIAL" SIZE="1">(note
8)</FONT><FONT STYLE="font-family:ARIAL" SIZE="2"></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">3,215</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">2,917</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:0.89em; text-indent:-0.89em"><FONT STYLE="font-family:ARIAL" SIZE="2">Goodwill</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">25,111</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">25,111</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:0.89em; text-indent:-0.89em"><FONT STYLE="font-family:ARIAL" SIZE="2">Deferred tax assets</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">24,112</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">10,997</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD></TR>
<TR>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>$682,639</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>$702,617</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>&nbsp;&nbsp;</B></FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>LIABILITIES AND SHAREHOLDERS&#146; EQUITY</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:0.89em; text-indent:-0.89em"><FONT STYLE="font-family:ARIAL" SIZE="2">Current liabilities:</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.78em; text-indent:-0.89em"><FONT STYLE="font-family:ARIAL" SIZE="2">Accounts payable</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">$71,847</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">$66,876</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.78em; text-indent:-0.89em"><FONT STYLE="font-family:ARIAL" SIZE="2">Accrued liabilities</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">32,818</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">47,191</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.78em; text-indent:-0.89em"><FONT STYLE="font-family:ARIAL" SIZE="2">Billings in excess of costs incurred and estimated earnings on uncompleted contracts</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">3,067</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">1,614</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.78em; text-indent:-0.89em"><FONT STYLE="font-family:ARIAL" SIZE="2">Current portion of capital lease obligations</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">4,699</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">5,053</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.78em; text-indent:-0.89em"><FONT STYLE="font-family:ARIAL" SIZE="2">Current portion of derivative financial instruments </FONT><FONT STYLE="font-family:ARIAL" SIZE="1">(note
12(a))</FONT><FONT STYLE="font-family:ARIAL" SIZE="2"></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">2,550</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">22,054</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.78em; text-indent:-0.89em"><FONT STYLE="font-family:ARIAL" SIZE="2">Current portion of term facilities </FONT><FONT STYLE="font-family:ARIAL" SIZE="1">(note
9(a))</FONT><FONT STYLE="font-family:ARIAL" SIZE="2"></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">10,000</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">6,072</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.78em; text-indent:-0.89em"><FONT STYLE="font-family:ARIAL" SIZE="2">Deferred tax liabilities</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">21,527</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">16,781</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD></TR>
<TR>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">146,508</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">165,641</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:0.89em; text-indent:-0.89em"><FONT STYLE="font-family:ARIAL" SIZE="2">Deferred lease inducements</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">734</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">761</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:0.89em; text-indent:-0.89em"><FONT STYLE="font-family:ARIAL" SIZE="2">Long term accrued liabilities</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">15,317</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">14,943</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:0.89em; text-indent:-0.89em"><FONT STYLE="font-family:ARIAL" SIZE="2">Capital lease obligations</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">7,314</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">8,340</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:0.89em; text-indent:-0.89em"><FONT STYLE="font-family:ARIAL" SIZE="2">Term facilities </FONT><FONT STYLE="font-family:ARIAL" SIZE="1">(note 9(a))</FONT><FONT STYLE="font-family:ARIAL" SIZE="2"></FONT></P></TD>

<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">65,946</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">22,374</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top">
<P STYLE="margin-left:0.89em; text-indent:-0.89em"><FONT STYLE="font-family:ARIAL" SIZE="2">8<FONT SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">&nbsp;
3</SUP></FONT><FONT SIZE="2">/</FONT><FONT SIZE="1">4</FONT><FONT STYLE="font-family:ARIAL" SIZE="2">% senior notes </FONT><FONT STYLE="font-family:ARIAL" SIZE="1">(note 9(b))</FONT><FONT STYLE="font-family:ARIAL" SIZE="2"></FONT></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&#150;</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">203,120</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:0.89em; text-indent:-0.89em"><FONT STYLE="font-family:ARIAL" SIZE="2">Series 1 debentures </FONT><FONT STYLE="font-family:ARIAL" SIZE="1">(note
9(c))</FONT><FONT STYLE="font-family:ARIAL" SIZE="2"></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">225,000</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&#150;</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:0.89em; text-indent:-0.89em"><FONT STYLE="font-family:ARIAL" SIZE="2">Director deferred stock unit liability </FONT><FONT STYLE="font-family:ARIAL" SIZE="1">(note
15(d))</FONT><FONT STYLE="font-family:ARIAL" SIZE="2"></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">2,674</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">2,548</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:0.89em; text-indent:-0.89em"><FONT STYLE="font-family:ARIAL" SIZE="2">Restricted share unit liability </FONT><FONT STYLE="font-family:ARIAL" SIZE="1">(note
15(c))</FONT><FONT STYLE="font-family:ARIAL" SIZE="2"></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">1,333</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">1,030</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:0.89em; text-indent:-0.89em"><FONT STYLE="font-family:ARIAL" SIZE="2">Derivative financial instruments </FONT><FONT STYLE="font-family:ARIAL" SIZE="1">(note
12(a))</FONT><FONT STYLE="font-family:ARIAL" SIZE="2"></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">14,291</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">75,001</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:0.89em; text-indent:-0.89em"><FONT STYLE="font-family:ARIAL" SIZE="2">Asset retirement obligation</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">368</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">360</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:0.89em; text-indent:-0.89em"><FONT STYLE="font-family:ARIAL" SIZE="2">Deferred tax liabilities</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">31,931</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">27,441</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD></TR>
<TR>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">511,416</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">521,559</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:0.89em; text-indent:-0.89em"><FONT STYLE="font-family:ARIAL" SIZE="2">Shareholders&#146; equity:</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-0.89em"><FONT STYLE="font-family:ARIAL" SIZE="2">Common shares (authorized &#150; unlimited number of voting and non-voting common shares; issued and outstanding &#150; June&nbsp;30, 2010
&#150; 36,062,036 voting common shares (March&nbsp;31, 2010 &#150; 36,049,276 voting common shares) </FONT><FONT STYLE="font-family:ARIAL" SIZE="1">(note 10(a))</FONT><FONT STYLE="font-family:ARIAL" SIZE="2"></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">303,593</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">303,505</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-0.89em"><FONT STYLE="font-family:ARIAL" SIZE="2">Additional paid-in capital</FONT><FONT STYLE="font-family:ARIAL" SIZE="1"> (note 10(b))</FONT><FONT STYLE="font-family:ARIAL" SIZE="2">
</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">7,825</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">7,439</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-0.89em"><FONT STYLE="font-family:ARIAL" SIZE="2">Deficit</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">(140,195</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">(129,886</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">)&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">171,223</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">181,058</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD></TR>
<TR>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>$682,639</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>$702,617</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>&nbsp;&nbsp;</B></FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:0.84em; text-indent:-0.84em"><FONT STYLE="font-family:ARIAL" SIZE="2">Contingencies </FONT><FONT STYLE="font-family:ARIAL" SIZE="1">(note 16)</FONT><FONT STYLE="font-family:ARIAL" SIZE="2"></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:0.84em; text-indent:-0.84em"><FONT STYLE="font-family:ARIAL" SIZE="2">Subsequent events </FONT><FONT STYLE="font-family:ARIAL" SIZE="1">(note 20)</FONT><FONT STYLE="font-family:ARIAL" SIZE="2"></FONT></P></TD>

<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:0.84em; text-indent:-0.84em"><FONT STYLE="font-family:ARIAL" SIZE="2">United States and Canadian accounting policy differences </FONT><FONT STYLE="font-family:ARIAL" SIZE="1">(note
21)</FONT><FONT STYLE="font-family:ARIAL" SIZE="2"></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:0.84em; text-indent:-0.84em"><FONT STYLE="font-family:ARIAL" SIZE="2">See accompanying notes to unaudited interim consolidated financial statements.</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR></TABLE> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="1">2&nbsp;&nbsp;</FONT><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#a03245"><B>Financial
Statements</B></FONT><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;North American Energy Partners Inc. </FONT></P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


 <P STYLE="margin-top:0px;margin-bottom:0px">

<IMG SRC="g48973g68t48.jpg" ALT="LOGO"> </P>
 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="3" COLOR="#a03245"><B>Interim Consolidated Statements of
Operations and Comprehensive (Loss) Income </B></FONT></P> <P STYLE="margin-top:5px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">(Expressed in thousands of Canadian Dollars, except per share amounts) </FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">(Unaudited) </FONT></P> <P STYLE="font-size:9px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" ALIGN="center">

<TR>
<TD WIDTH="80%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD></TR>
<TR>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="4" ALIGN="right" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:ARIAL" SIZE="1">Three months ended<BR>June&nbsp;30,</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="bottom" STYLE="border-bottom:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:ARIAL" SIZE="1">2010</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:ARIAL" SIZE="1">2009</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:0.84em; text-indent:-0.84em"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>Revenue</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>$183,594</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>$146,519</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>&nbsp;&nbsp;</B></FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:0.84em; text-indent:-0.84em"><FONT STYLE="font-family:ARIAL" SIZE="2">Project costs</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">77,277</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">54,262</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:0.84em; text-indent:-0.84em"><FONT STYLE="font-family:ARIAL" SIZE="2">Equipment costs</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">65,003</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">46,044</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:0.84em; text-indent:-0.84em"><FONT STYLE="font-family:ARIAL" SIZE="2">Equipment operating lease expense</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">17,491</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">12,349</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:0.84em; text-indent:-0.84em"><FONT STYLE="font-family:ARIAL" SIZE="2">Depreciation</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">8,203</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">8,724</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>Gross profit</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>15,620</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>25,140</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>&nbsp;&nbsp;</B></FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:0.84em; text-indent:-0.84em"><FONT STYLE="font-family:ARIAL" SIZE="2">General and administrative costs</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">13,729</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">14,976</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:0.84em; text-indent:-0.84em"><FONT STYLE="font-family:ARIAL" SIZE="2">(Gain) loss on disposal of property, plant and equipment</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">(4</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">41</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:0.84em; text-indent:-0.84em"><FONT STYLE="font-family:ARIAL" SIZE="2">Gain on disposal of assets held for sale</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&#150;</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">(317</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">)&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:0.84em; text-indent:-0.84em"><FONT STYLE="font-family:ARIAL" SIZE="2">Amortization of intangible assets</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">588</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">493</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:0.84em; text-indent:-0.84em"><FONT STYLE="font-family:ARIAL" SIZE="2">Equity in loss (earnings) of unconsolidated joint venture </FONT><FONT STYLE="font-family:ARIAL" SIZE="1">(note
8)</FONT><FONT STYLE="font-family:ARIAL" SIZE="2"></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">243</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">(191</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">)&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>Operating income before the undernoted</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>1,064</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>10,138</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>&nbsp;&nbsp;</B></FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:0.84em; text-indent:-0.84em"><FONT STYLE="font-family:ARIAL" SIZE="2">Interest expense, net </FONT><FONT STYLE="font-family:ARIAL" SIZE="1">(note
11)</FONT><FONT STYLE="font-family:ARIAL" SIZE="2"></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">7,729</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">6,552</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:0.84em; text-indent:-0.84em"><FONT STYLE="font-family:ARIAL" SIZE="2">Foreign exchange gain</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">(1,697</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">(19,436</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">)&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:0.84em; text-indent:-0.84em"><FONT STYLE="font-family:ARIAL" SIZE="2">Realized and unrealized loss on derivative financial instruments </FONT><FONT STYLE="font-family:ARIAL" SIZE="1">(note
12(a))</FONT><FONT STYLE="font-family:ARIAL" SIZE="2"></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">3,008</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">10,021</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:0.84em; text-indent:-0.84em"><FONT STYLE="font-family:ARIAL" SIZE="2">Loss on debt extinguishment </FONT><FONT STYLE="font-family:ARIAL" SIZE="1">(note 7</FONT><FONT STYLE="font-family:ARIAL" SIZE="2"> and
</FONT><FONT STYLE="font-family:ARIAL" SIZE="1">9(b))</FONT><FONT STYLE="font-family:ARIAL" SIZE="2"></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">4,346</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&#150;</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:0.84em; text-indent:-0.84em"><FONT STYLE="font-family:ARIAL" SIZE="2">Other expense</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&#150;</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">533</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>(Loss) income before income taxes</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>(12,322</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>)&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>12,468</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>&nbsp;&nbsp;</B></FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:0.84em; text-indent:-0.84em"><FONT STYLE="font-family:ARIAL" SIZE="2">Income taxes (benefit) </FONT><FONT STYLE="font-family:ARIAL" SIZE="1">(note
13(c)):</FONT><FONT STYLE="font-family:ARIAL" SIZE="2"></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.68em; text-indent:-0.84em"><FONT STYLE="font-family:ARIAL" SIZE="2">Current</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">1,228</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&#150;</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.68em; text-indent:-0.84em"><FONT STYLE="font-family:ARIAL" SIZE="2">Deferred</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">(3,241</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">2,541</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>Net (loss) income and comprehensive (loss) income for the period</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>(10,309</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>)&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>9,927</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>&nbsp;&nbsp;</B></FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>Net (loss) income per share &#150; basic <FONT STYLE="font-family:ARIAL" SIZE="1">(note
10(c))</FONT><FONT STYLE="font-family:ARIAL" SIZE="2"></FONT></B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>$(0.29</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>)&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>$0.28</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>&nbsp;&nbsp;</B></FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>Net (loss) income per share &#150; diluted <FONT STYLE="font-family:ARIAL" SIZE="1">(note
10(c))</FONT><FONT STYLE="font-family:ARIAL" SIZE="2"></FONT></B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>$(0.29</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>)&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>$0.27</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>&nbsp;&nbsp;</B></FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD></TR></TABLE> <P STYLE="margin-top:18px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">See accompanying notes to unaudited interim consolidated financial statements. </FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">North American Energy Partners
Inc.&nbsp;&nbsp;</FONT><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#a03245"><B>Financial Statements</B></FONT><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;3 </FONT></P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


 <P STYLE="margin-top:0px;margin-bottom:0px">

<IMG SRC="g48973g68t48.jpg" ALT="LOGO"> </P>
 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="3" COLOR="#a03245"><B>Interim Consolidated Statements of
Changes in Shareholders&#146; Equity </B></FONT></P> <P STYLE="margin-top:5px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">(Expressed in thousands of Canadian Dollars) </FONT></P>
<P STYLE="font-size:5px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" ALIGN="center">

<TR>
<TD WIDTH="62%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD></TR>
<TR>
<TD VALIGN="bottom" STYLE="border-bottom:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:ARIAL" SIZE="1">Common<BR>shares</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:ARIAL" SIZE="1">Additional<BR>paid-in<BR>capital</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:ARIAL" SIZE="1">Deficit</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:ARIAL" SIZE="1">Total</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:0.84em; text-indent:-0.84em"><FONT STYLE="font-family:ARIAL" SIZE="2">Balance at March&nbsp;31, 2008</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">$301,894</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">$4,351</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">$(22,701</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">$283,544</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.68em; text-indent:-0.84em"><FONT STYLE="font-family:ARIAL" SIZE="2">Net loss</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">&#150;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&#150;</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">(135,404</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">(135,404</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">)&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.68em; text-indent:-0.84em"><FONT STYLE="font-family:ARIAL" SIZE="2">Stock-based compensation</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">&#150;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">1,888</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&#150;</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">1,888</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.68em; text-indent:-0.84em"><FONT STYLE="font-family:ARIAL" SIZE="2">Deferred performance share unit plan</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">&#150;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">61</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&#150;</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">61</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.68em; text-indent:-0.84em"><FONT STYLE="font-family:ARIAL" SIZE="2">Reclassification on exercise of stock options</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">834</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">(834</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&#150;</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&#150;</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.68em; text-indent:-0.84em"><FONT STYLE="font-family:ARIAL" SIZE="2">Issued upon exercise of stock options</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">703</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&#150;</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&#150;</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">703</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:0.84em; text-indent:-0.84em"><FONT STYLE="font-family:ARIAL" SIZE="2">Balance at March&nbsp;31, 2009</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">$303,431</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">$5,466</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">$(158,105</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">$150,792</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.68em; text-indent:-0.84em"><FONT STYLE="font-family:ARIAL" SIZE="2">Net income</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">&#150;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&#150;</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">28,219</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">28,219</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.68em; text-indent:-0.84em"><FONT STYLE="font-family:ARIAL" SIZE="2">Stock-based compensation</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">&#150;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">2,135</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&#150;</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">2,135</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.68em; text-indent:-0.84em"><FONT STYLE="font-family:ARIAL" SIZE="2">Deferred performance share unit plan</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">&#150;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">123</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&#150;</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">123</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.68em; text-indent:-0.84em"><FONT STYLE="font-family:ARIAL" SIZE="2">Reclassified to restricted share unit liability</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">&#150;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">(20</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&#150;</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">(20</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">)&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.68em; text-indent:-0.84em"><FONT STYLE="font-family:ARIAL" SIZE="2">Reclassification on exercise of stock options</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">21</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">(21</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&#150;</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&#150;</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.68em; text-indent:-0.84em"><FONT STYLE="font-family:ARIAL" SIZE="2">Cash settlement of stock options</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">&#150;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">(244</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&#150;</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">(244</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">)&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.68em; text-indent:-0.84em"><FONT STYLE="font-family:ARIAL" SIZE="2">Issued upon exercise of stock options</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">53</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&#150;</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&#150;</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">53</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:0.84em; text-indent:-0.84em"><FONT STYLE="font-family:ARIAL" SIZE="2">Balance at March&nbsp;31, 2010</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">$303,505</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">$7,439</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">$(129,886</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">$181,058</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.68em; text-indent:-0.84em"><FONT STYLE="font-family:ARIAL" SIZE="2">Net loss</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">&#150;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&#150;</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">(10,309</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">(10,309</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">)&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.68em; text-indent:-0.84em"><FONT STYLE="font-family:ARIAL" SIZE="2">Stock-based compensation</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">&#150;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">405</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&#150;</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">405</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.68em; text-indent:-0.84em"><FONT STYLE="font-family:ARIAL" SIZE="2">Deferred performance share unit plan</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">&#150;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">5</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&#150;</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">5</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.68em; text-indent:-0.84em"><FONT STYLE="font-family:ARIAL" SIZE="2">Reclassification on exercise of stock options</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">24</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">(24</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&#150;</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&#150;</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.68em; text-indent:-0.84em"><FONT STYLE="font-family:ARIAL" SIZE="2">Issued upon exercise of stock options</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">64</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&#150;</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&#150;</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">64</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:0.84em; text-indent:-0.84em"><FONT STYLE="font-family:ARIAL" SIZE="2">Balance at June&nbsp;30, 2010</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">$303,593</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">$7,825</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">$(140,195</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">$171,223</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD></TR></TABLE> <P STYLE="margin-top:18px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">See accompanying notes to unaudited interim consolidated financial statements. </FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="1">4&nbsp;&nbsp;</FONT><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#a03245"><B>Financial
Statements</B></FONT><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;North American Energy Partners Inc. </FONT></P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


 <P STYLE="margin-top:0px;margin-bottom:0px">

<IMG SRC="g48973g68t48.jpg" ALT="LOGO"> </P>
 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="3" COLOR="#a03245"><B>Interim Consolidated Statements of
Cash Flows </B></FONT></P> <P STYLE="margin-top:5px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">(Expressed in thousands of Canadian Dollars) </FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">(Unaudited) </FONT></P> <P STYLE="font-size:5px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" ALIGN="center">

<TR>
<TD WIDTH="82%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD></TR>
<TR>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="4" ALIGN="right" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:ARIAL" SIZE="1">Three months ended<BR>June&nbsp;30,</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="bottom" NOWRAP STYLE="border-bottom:1px solid #000000"> <P STYLE="margin-top:0px;margin-bottom:1px"><FONT STYLE="font-family:ARIAL" SIZE="1">Cash provided by (used in):</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:ARIAL" SIZE="1">2010</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:ARIAL" SIZE="1">2009</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>Operating activities:</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:0.84em; text-indent:-0.84em"><FONT STYLE="font-family:ARIAL" SIZE="2">Net (loss) income for the period</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>$(10,309</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>)&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>$9,927</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>&nbsp;&nbsp;</B></FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:0.84em; text-indent:-0.84em"><FONT STYLE="font-family:ARIAL" SIZE="2">Items not affecting cash:</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.68em; text-indent:-0.84em"><FONT STYLE="font-family:ARIAL" SIZE="2">Depreciation</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">8,203</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">8,724</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.68em; text-indent:-0.84em"><FONT STYLE="font-family:ARIAL" SIZE="2">Equity in loss (earnings) of unconsolidated joint venture</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">243</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">(191</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">)&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.68em; text-indent:-0.84em"><FONT STYLE="font-family:ARIAL" SIZE="2">Amortization of intangible assets</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">588</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">493</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.68em; text-indent:-0.84em"><FONT STYLE="font-family:ARIAL" SIZE="2">Amortization of deferred lease inducements</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">(27</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">(26</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">)&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.68em; text-indent:-0.84em"><FONT STYLE="font-family:ARIAL" SIZE="2">Amortization of deferred financing costs</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">526</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">805</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.68em; text-indent:-0.84em"><FONT STYLE="font-family:ARIAL" SIZE="2">(Gain) loss on disposal of property, plant and equipment</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">(4</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">41</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.68em; text-indent:-0.84em"><FONT STYLE="font-family:ARIAL" SIZE="2">Gain on disposal of assets held for sale</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&#150;</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">(317</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">)&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.68em; text-indent:-0.84em"><FONT STYLE="font-family:ARIAL" SIZE="2">Unrealized foreign exchange gain on
8<FONT SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">&nbsp;3</SUP></FONT><FONT SIZE="2">/</FONT><FONT SIZE="1">4</FONT><FONT STYLE="font-family:ARIAL" SIZE="2">% senior notes</FONT></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">(732</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">(19,540</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">)&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.68em; text-indent:-0.84em"><FONT STYLE="font-family:ARIAL" SIZE="2">Unrealized loss on derivative financial instruments measured at fair value</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">3,008</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">6,685</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.68em; text-indent:-0.84em"><FONT STYLE="font-family:ARIAL" SIZE="2">Loss on debt extinguishment</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">4,346</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&#150;</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.68em; text-indent:-0.84em"><FONT STYLE="font-family:ARIAL" SIZE="2">Stock-based compensation expense </FONT><FONT STYLE="font-family:ARIAL" SIZE="1">(note 15)</FONT><FONT STYLE="font-family:ARIAL" SIZE="2">
</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">839</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">1,817</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.68em; text-indent:-0.84em"><FONT STYLE="font-family:ARIAL" SIZE="2">Accretion of asset retirement obligation</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">8</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">9</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.68em; text-indent:-0.84em"><FONT STYLE="font-family:ARIAL" SIZE="2">Deferred income taxes (benefit)</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">(3,241</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">2,541</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:0.84em; text-indent:-0.84em"><FONT STYLE="font-family:ARIAL" SIZE="2">Net changes in non-cash working capital </FONT><FONT STYLE="font-family:ARIAL" SIZE="1">(note
13(b))</FONT><FONT STYLE="font-family:ARIAL" SIZE="2"></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">12,356</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">(18,690</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">)&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD></TR>
<TR>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>15,804</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>(7,722</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>)&nbsp;</B></FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>Investing activities:</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:0.84em; text-indent:-0.84em"><FONT STYLE="font-family:ARIAL" SIZE="2">Purchase of property, plant and equipment</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">(6,018</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">(19,221</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">)&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:0.84em; text-indent:-0.84em"><FONT STYLE="font-family:ARIAL" SIZE="2">Addition to intangible assets</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">(571</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">(489</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">)&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:0.84em; text-indent:-0.84em"><FONT STYLE="font-family:ARIAL" SIZE="2">Investment in and advances to unconsolidated joint venture </FONT><FONT STYLE="font-family:ARIAL" SIZE="1">(note
8)</FONT><FONT STYLE="font-family:ARIAL" SIZE="2"></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">(541</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">(500</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">)&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:0.84em; text-indent:-0.84em"><FONT STYLE="font-family:ARIAL" SIZE="2">Proceeds on disposal of property, plant and equipment</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">60</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">138</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:0.84em; text-indent:-0.84em"><FONT STYLE="font-family:ARIAL" SIZE="2">Proceeds on disposal of assets held for sale</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&#150;</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">960</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:0.84em; text-indent:-0.84em"><FONT STYLE="font-family:ARIAL" SIZE="2">Net changes in non-cash working capital </FONT><FONT STYLE="font-family:ARIAL" SIZE="1">(note
13(b))</FONT><FONT STYLE="font-family:ARIAL" SIZE="2"></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">(2,768</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">(1,272</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">)&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD></TR>
<TR>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>(9,838</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>)&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>(20,384</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>)&nbsp;</B></FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>Financing activities:</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:0.84em; text-indent:-0.84em"><FONT STYLE="font-family:ARIAL" SIZE="2">Repayment of term facilities</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">(2,500</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&#150;</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:0.84em; text-indent:-0.84em"><FONT STYLE="font-family:ARIAL" SIZE="2">Increase in term facilities</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">50,000</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">11,800</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:0.84em; text-indent:-0.84em"><FONT STYLE="font-family:ARIAL" SIZE="2">Financing costs </FONT><FONT STYLE="font-family:ARIAL" SIZE="1">(note 9(a)</FONT><FONT STYLE="font-family:ARIAL" SIZE="2"> and
</FONT><FONT STYLE="font-family:ARIAL" SIZE="1">9(c))</FONT><FONT STYLE="font-family:ARIAL" SIZE="2"></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">(7,704</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">(1,115</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">)&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:0.84em; text-indent:-0.84em"><FONT STYLE="font-family:ARIAL" SIZE="2">Redemption of 8<FONT SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">&nbsp;3</SUP></FONT><FONT SIZE="2">/
</FONT><FONT SIZE="1">4</FONT><FONT STYLE="font-family:ARIAL" SIZE="2">% senior notes </FONT><FONT STYLE="font-family:ARIAL" SIZE="1">(note 9(b))</FONT><FONT STYLE="font-family:ARIAL" SIZE="2"></FONT></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">(202,410</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&#150;</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:0.84em; text-indent:-0.84em"><FONT STYLE="font-family:ARIAL" SIZE="2">Issuance of series 1 debentures </FONT><FONT STYLE="font-family:ARIAL" SIZE="1">(note 9(c))</FONT><FONT STYLE="font-family:ARIAL" SIZE="2">
</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">225,000</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&#150;</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:0.84em; text-indent:-0.84em"><FONT STYLE="font-family:ARIAL" SIZE="2">Settlement of swap liabilities </FONT><FONT STYLE="font-family:ARIAL" SIZE="1">(note 12(a))</FONT><FONT STYLE="font-family:ARIAL" SIZE="2">
</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">(91,125</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&#150;</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:0.84em; text-indent:-0.84em"><FONT STYLE="font-family:ARIAL" SIZE="2">Proceeds from stock options exercised</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">64</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&#150;</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:0.84em; text-indent:-0.84em"><FONT STYLE="font-family:ARIAL" SIZE="2">Repayment of capital lease obligations</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">(1,428</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">(1,470</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">)&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD></TR>
<TR>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>(30,103</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>)&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>9,215</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>&nbsp;&nbsp;</B></FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>Decrease in cash and cash equivalents</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>(24,137</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>)&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>(18,891</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>)&nbsp;</B></FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:0.84em; text-indent:-0.84em"><FONT STYLE="font-family:ARIAL" SIZE="2">Cash and cash equivalents, beginning of period</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">103,005</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">98,880</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>Cash and cash equivalents, end of period</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>$78,868</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>$79,989</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>&nbsp;&nbsp;</B></FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:0.84em; text-indent:-0.84em"><FONT STYLE="font-family:ARIAL" SIZE="2">Supplemental cash flow information </FONT><FONT STYLE="font-family:ARIAL" SIZE="1">(note
13(a))</FONT><FONT STYLE="font-family:ARIAL" SIZE="2"></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR></TABLE> <P STYLE="margin-top:18px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">See accompanying notes to unaudited interim consolidated financial statements. </FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">North American Energy Partners
Inc.&nbsp;&nbsp;</FONT><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#a03245"><B>Financial Statements</B></FONT><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;5 </FONT></P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>

 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="4" COLOR="#a03245"><B>Notes to Interim
Consolidated Financial Statements </B></FONT></P> <P STYLE="margin-top:18px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">For the three months ended June 30, 2010 </FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">(Expressed in thousands of Canadian Dollars, except per share amounts or unless otherwise specified) </FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">(Unaudited) </FONT></P> <P STYLE="margin-top:9px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="3"><B>1. Nature of operations </B></FONT></P>
<P STYLE="margin-top:5px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">North American Energy Partners Inc. (the &#147;Company&#148;), formerly NACG Holdings Inc., was incorporated under the Canada Business Corporations Act on
October&nbsp;17, 2003. On November&nbsp;26, 2003, the Company purchased all the issued and outstanding shares of North American Construction Group Inc. (&#147;NACGI&#148;), including subsidiaries of NACGI, from Norama Ltd. which had been operating
continuously in Western Canada since 1953. The Company had no operations prior to November&nbsp;26, 2003. The Company undertakes several types of projects including heavy construction, industrial and commercial site development and pipeline and
piling installations in Canada. </FONT></P> <P STYLE="margin-top:9px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="3"><B>2. Basis of presentation </B></FONT></P>
<P STYLE="margin-top:5px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">These unaudited interim consolidated financial statements are prepared in accordance with US&nbsp;GAAP for interim financial statements and do not include all of
the disclosures normally contained in the Company&#146;s annual consolidated financial statements and as such these interim consolidated financial statements should be read in conjunction with the most recent annual financial statements. Material
items that give rise to measurement differences to the consolidated financial statements under Canadian GAAP are outlined in note 21. </FONT></P> <P STYLE="margin-top:5px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">These consolidated
financial statements include the accounts of the Company, its wholly-owned subsidiaries, North American Construction Group Inc. (&#147;NACGI&#148;) and North American Fleet Company Ltd. (&#147;NAFCL&#148;), and the following 100% owned subsidiaries
of NACGI: </FONT></P> <P STYLE="font-size:5px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" ALIGN="center">

<TR>
<TD WIDTH="33%"></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD WIDTH="27%"></TD>
<TD VALIGN="bottom" WIDTH="4%"></TD>
<TD WIDTH="33%"></TD></TR>
<TR>
<TD VALIGN="top">
<P STYLE="margin-top:0px;margin-bottom:0px; margin-left:0.95em; text-indent:-0.95em"><FONT STYLE="font-family:ARIAL" SIZE="2"><FONT STYLE="font-family:Times New Roman" SIZE="3"><SUB STYLE="vertical-align:baseline; position:relative; top:.4ex"></SUB>
</FONT><FONT STYLE="font-family:WINGDINGS" SIZE="3" COLOR="#000000"><SUB STYLE="vertical-align:baseline; position:relative; top:.4ex">&#159;</SUB></FONT><FONT STYLE="font-family:Times New Roman" SIZE="3"><SUB STYLE="vertical-align:baseline; position:relative; top:.4ex">
<FONT STYLE="font-family:ARIAL" SIZE="3"></FONT></SUB><FONT STYLE="font-family:ARIAL" SIZE="3"></FONT></FONT>North American Caisson Ltd.</FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px; margin-left:0.95em; text-indent:-0.95em"><FONT STYLE="font-family:ARIAL" SIZE="2"><FONT STYLE="font-family:Times New Roman" SIZE="3"><SUB STYLE="vertical-align:baseline; position:relative; top:.4ex"></SUB>
</FONT><FONT STYLE="font-family:WINGDINGS" SIZE="3" COLOR="#000000"><SUB STYLE="vertical-align:baseline; position:relative; top:.4ex">&#159;</SUB></FONT><FONT STYLE="font-family:Times New Roman" SIZE="3"><SUB STYLE="vertical-align:baseline; position:relative; top:.4ex">
<FONT STYLE="font-family:ARIAL" SIZE="3"></FONT></SUB><FONT STYLE="font-family:ARIAL" SIZE="3"></FONT></FONT>North American Construction Ltd.</FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px; margin-left:0.95em; text-indent:-0.95em"><FONT STYLE="font-family:ARIAL" SIZE="2"><FONT STYLE="font-family:Times New Roman" SIZE="3"><SUB STYLE="vertical-align:baseline; position:relative; top:.4ex"></SUB>
</FONT><FONT STYLE="font-family:WINGDINGS" SIZE="3" COLOR="#000000"><SUB STYLE="vertical-align:baseline; position:relative; top:.4ex">&#159;</SUB></FONT><FONT STYLE="font-family:Times New Roman" SIZE="3"><SUB STYLE="vertical-align:baseline; position:relative; top:.4ex">
<FONT STYLE="font-family:ARIAL" SIZE="3"></FONT></SUB><FONT STYLE="font-family:ARIAL" SIZE="3"></FONT></FONT>North American Engineering Inc.</FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px; margin-left:0.95em; text-indent:-0.95em"><FONT STYLE="font-family:ARIAL" SIZE="2"><FONT STYLE="font-family:Times New Roman" SIZE="3"><SUB STYLE="vertical-align:baseline; position:relative; top:.4ex"></SUB>
</FONT><FONT STYLE="font-family:WINGDINGS" SIZE="3" COLOR="#000000"><SUB STYLE="vertical-align:baseline; position:relative; top:.4ex">&#159;</SUB></FONT><FONT STYLE="font-family:Times New Roman" SIZE="3"><SUB STYLE="vertical-align:baseline; position:relative; top:.4ex">
<FONT STYLE="font-family:ARIAL" SIZE="3"></FONT></SUB><FONT STYLE="font-family:ARIAL" SIZE="3"></FONT></FONT>North American Enterprises Ltd.</FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px; margin-left:0.95em; text-indent:-0.95em"><FONT STYLE="font-family:ARIAL" SIZE="2"><FONT STYLE="font-family:Times New Roman" SIZE="3"><SUB STYLE="vertical-align:baseline; position:relative; top:.4ex"></SUB>
</FONT><FONT STYLE="font-family:WINGDINGS" SIZE="3" COLOR="#000000"><SUB STYLE="vertical-align:baseline; position:relative; top:.4ex">&#159;</SUB></FONT><FONT STYLE="font-family:Times New Roman" SIZE="3"><SUB STYLE="vertical-align:baseline; position:relative; top:.4ex">
<FONT STYLE="font-family:ARIAL" SIZE="3"></FONT></SUB><FONT STYLE="font-family:ARIAL" SIZE="3"></FONT></FONT>North American Industries Inc.</FONT></P>
<P STYLE="margin-top:0px;margin-bottom:1px; margin-left:0.95em; text-indent:-0.95em"><FONT STYLE="font-family:ARIAL" SIZE="2"><FONT STYLE="font-family:Times New Roman" SIZE="3"><SUB STYLE="vertical-align:baseline; position:relative; top:.4ex"></SUB>
</FONT><FONT STYLE="font-family:WINGDINGS" SIZE="3" COLOR="#000000"><SUB STYLE="vertical-align:baseline; position:relative; top:.4ex">&#159;</SUB></FONT><FONT STYLE="font-family:Times New Roman" SIZE="3"><SUB STYLE="vertical-align:baseline; position:relative; top:.4ex">
<FONT STYLE="font-family:ARIAL" SIZE="3"></FONT></SUB><FONT STYLE="font-family:ARIAL" SIZE="3"></FONT></FONT>North American Maintenance Ltd.</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top">
<P STYLE="margin-top:0px;margin-bottom:0px; margin-left:0.95em; text-indent:-0.95em"><FONT STYLE="font-family:ARIAL" SIZE="2"><FONT STYLE="font-family:Times New Roman" SIZE="3"><SUB STYLE="vertical-align:baseline; position:relative; top:.4ex"></SUB>
</FONT><FONT STYLE="font-family:WINGDINGS" SIZE="3" COLOR="#000000"><SUB STYLE="vertical-align:baseline; position:relative; top:.4ex">&#159;</SUB></FONT><FONT STYLE="font-family:Times New Roman" SIZE="3"><SUB STYLE="vertical-align:baseline; position:relative; top:.4ex">
<FONT STYLE="font-family:ARIAL" SIZE="3"></FONT></SUB><FONT STYLE="font-family:ARIAL" SIZE="3"></FONT></FONT>North&nbsp;American&nbsp;Mining&nbsp;Inc.</FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px; margin-left:0.95em; text-indent:-0.95em"><FONT STYLE="font-family:ARIAL" SIZE="2"><FONT STYLE="font-family:Times New Roman" SIZE="3"><SUB STYLE="vertical-align:baseline; position:relative; top:.4ex"></SUB>
</FONT><FONT STYLE="font-family:WINGDINGS" SIZE="3" COLOR="#000000"><SUB STYLE="vertical-align:baseline; position:relative; top:.4ex">&#159;</SUB></FONT><FONT STYLE="font-family:Times New Roman" SIZE="3"><SUB STYLE="vertical-align:baseline; position:relative; top:.4ex">
<FONT STYLE="font-family:ARIAL" SIZE="3"></FONT></SUB><FONT STYLE="font-family:ARIAL" SIZE="3"></FONT></FONT>North&nbsp;American&nbsp;Mining&nbsp;U.S.&nbsp;Inc.</FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px; margin-left:0.95em; text-indent:-0.95em"><FONT STYLE="font-family:ARIAL" SIZE="2"><FONT STYLE="font-family:Times New Roman" SIZE="3"><SUB STYLE="vertical-align:baseline; position:relative; top:.4ex"></SUB>
</FONT><FONT STYLE="font-family:WINGDINGS" SIZE="3" COLOR="#000000"><SUB STYLE="vertical-align:baseline; position:relative; top:.4ex">&#159;</SUB></FONT><FONT STYLE="font-family:Times New Roman" SIZE="3"><SUB STYLE="vertical-align:baseline; position:relative; top:.4ex">
<FONT STYLE="font-family:ARIAL" SIZE="3"></FONT></SUB><FONT STYLE="font-family:ARIAL" SIZE="3"></FONT></FONT>North&nbsp;American&nbsp;Pile&nbsp;Driving&nbsp;Inc.</FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px; margin-left:0.95em; text-indent:-0.95em"><FONT STYLE="font-family:ARIAL" SIZE="2"><FONT STYLE="font-family:Times New Roman" SIZE="3"><SUB STYLE="vertical-align:baseline; position:relative; top:.4ex"></SUB>
</FONT><FONT STYLE="font-family:WINGDINGS" SIZE="3" COLOR="#000000"><SUB STYLE="vertical-align:baseline; position:relative; top:.4ex">&#159;</SUB></FONT><FONT STYLE="font-family:Times New Roman" SIZE="3"><SUB STYLE="vertical-align:baseline; position:relative; top:.4ex">
<FONT STYLE="font-family:ARIAL" SIZE="3"></FONT></SUB><FONT STYLE="font-family:ARIAL" SIZE="3"></FONT></FONT>North American Pipeline Inc.</FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px; margin-left:0.95em; text-indent:-0.95em"><FONT STYLE="font-family:ARIAL" SIZE="2"><FONT STYLE="font-family:Times New Roman" SIZE="3"><SUB STYLE="vertical-align:baseline; position:relative; top:.4ex"></SUB>
</FONT><FONT STYLE="font-family:WINGDINGS" SIZE="3" COLOR="#000000"><SUB STYLE="vertical-align:baseline; position:relative; top:.4ex">&#159;</SUB></FONT><FONT STYLE="font-family:Times New Roman" SIZE="3"><SUB STYLE="vertical-align:baseline; position:relative; top:.4ex">
<FONT STYLE="font-family:ARIAL" SIZE="3"></FONT></SUB><FONT STYLE="font-family:ARIAL" SIZE="3"></FONT></FONT>North American Road Inc.</FONT></P>
<P STYLE="margin-top:0px;margin-bottom:1px; margin-left:0.95em; text-indent:-0.95em"><FONT STYLE="font-family:ARIAL" SIZE="2"><FONT STYLE="font-family:Times New Roman" SIZE="3"><SUB STYLE="vertical-align:baseline; position:relative; top:.4ex"></SUB>
</FONT><FONT STYLE="font-family:WINGDINGS" SIZE="3" COLOR="#000000"><SUB STYLE="vertical-align:baseline; position:relative; top:.4ex">&#159;</SUB></FONT><FONT STYLE="font-family:Times New Roman" SIZE="3"><SUB STYLE="vertical-align:baseline; position:relative; top:.4ex">
<FONT STYLE="font-family:ARIAL" SIZE="3"></FONT></SUB><FONT STYLE="font-family:ARIAL" SIZE="3"></FONT></FONT>North American Services Inc.</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top">
<P STYLE="margin-top:0px;margin-bottom:0px; margin-left:0.95em; text-indent:-0.95em"><FONT STYLE="font-family:ARIAL" SIZE="2"><FONT STYLE="font-family:Times New Roman" SIZE="3"><SUB STYLE="vertical-align:baseline; position:relative; top:.4ex"></SUB>
</FONT><FONT STYLE="font-family:WINGDINGS" SIZE="3" COLOR="#000000"><SUB STYLE="vertical-align:baseline; position:relative; top:.4ex">&#159;</SUB></FONT><FONT STYLE="font-family:Times New Roman" SIZE="3"><SUB STYLE="vertical-align:baseline; position:relative; top:.4ex">
<FONT STYLE="font-family:ARIAL" SIZE="3"></FONT></SUB><FONT STYLE="font-family:ARIAL" SIZE="3"></FONT></FONT>North&nbsp;American&nbsp;Site&nbsp;Development&nbsp;Ltd.</FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px; margin-left:0.95em; text-indent:-0.95em"><FONT STYLE="font-family:ARIAL" SIZE="2"><FONT STYLE="font-family:Times New Roman" SIZE="3"><SUB STYLE="vertical-align:baseline; position:relative; top:.4ex"></SUB>
</FONT><FONT STYLE="font-family:WINGDINGS" SIZE="3" COLOR="#000000"><SUB STYLE="vertical-align:baseline; position:relative; top:.4ex">&#159;</SUB></FONT><FONT STYLE="font-family:Times New Roman" SIZE="3"><SUB STYLE="vertical-align:baseline; position:relative; top:.4ex">
<FONT STYLE="font-family:ARIAL" SIZE="3"></FONT></SUB><FONT STYLE="font-family:ARIAL" SIZE="3"></FONT></FONT>North&nbsp;American&nbsp;Site&nbsp;Services&nbsp;Inc.</FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px; margin-left:0.95em; text-indent:-0.95em"><FONT STYLE="font-family:ARIAL" SIZE="2"><FONT STYLE="font-family:Times New Roman" SIZE="3"><SUB STYLE="vertical-align:baseline; position:relative; top:.4ex"></SUB>
</FONT><FONT STYLE="font-family:WINGDINGS" SIZE="3" COLOR="#000000"><SUB STYLE="vertical-align:baseline; position:relative; top:.4ex">&#159;</SUB></FONT><FONT STYLE="font-family:Times New Roman" SIZE="3"><SUB STYLE="vertical-align:baseline; position:relative; top:.4ex">
<FONT STYLE="font-family:ARIAL" SIZE="3"></FONT></SUB><FONT STYLE="font-family:ARIAL" SIZE="3"></FONT></FONT>North&nbsp;American&nbsp;Tailing&nbsp;and Environmental Ltd.</FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px; margin-left:0.95em; text-indent:-0.95em"><FONT STYLE="font-family:ARIAL" SIZE="2"><FONT STYLE="font-family:Times New Roman" SIZE="3"><SUB STYLE="vertical-align:baseline; position:relative; top:.4ex"></SUB>
</FONT><FONT STYLE="font-family:WINGDINGS" SIZE="3" COLOR="#000000"><SUB STYLE="vertical-align:baseline; position:relative; top:.4ex">&#159;</SUB></FONT><FONT STYLE="font-family:Times New Roman" SIZE="3"><SUB STYLE="vertical-align:baseline; position:relative; top:.4ex">
<FONT STYLE="font-family:ARIAL" SIZE="3"></FONT></SUB><FONT STYLE="font-family:ARIAL" SIZE="3"></FONT></FONT>DF Investments Limited</FONT></P>
<P STYLE="margin-top:0px;margin-bottom:1px; margin-left:0.95em; text-indent:-0.95em"><FONT STYLE="font-family:ARIAL" SIZE="2"><FONT STYLE="font-family:Times New Roman" SIZE="3"><SUB STYLE="vertical-align:baseline; position:relative; top:.4ex"></SUB>
</FONT><FONT STYLE="font-family:WINGDINGS" SIZE="3" COLOR="#000000"><SUB STYLE="vertical-align:baseline; position:relative; top:.4ex">&#159;</SUB></FONT><FONT STYLE="font-family:Times New Roman" SIZE="3"><SUB STYLE="vertical-align:baseline; position:relative; top:.4ex">
<FONT STYLE="font-family:ARIAL" SIZE="3"></FONT></SUB><FONT STYLE="font-family:ARIAL" SIZE="3"></FONT></FONT>Drillco Foundation Co. Ltd.</FONT></P></TD></TR></TABLE>
<P STYLE="margin-top:9px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="3"><B>3. United States accounting pronouncements recently adopted </B></FONT></P>
<P STYLE="margin-top:5px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2"><I>i) Improvements to financial reporting by enterprises involved with variable interest entities </I></FONT></P>
<P STYLE="margin-top:3px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">In December 2009, the FASB issued ASU No.&nbsp;2009-17, &#147;Improvements to Financial Reporting by Enterprises Involved with Variable Interest Entities&#148;,
which amends ASC 810, &#147;Consolidation&#148;. The amendments give guidance and clarification of how to determine when a reporting entity should include the assets, liabilities, non-controlling interests and results of activities of a variable
interest entity in its consolidated financial statements. The Company adopted this ASU effective April&nbsp;1, 2010. The adoption of this standard did not have a material effect on the Company&#146;s interim consolidated financial statements.
</FONT></P> <P STYLE="margin-top:9px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="3"><B>4. Recent United States accounting pronouncements not yet adopted </B></FONT></P>
<P STYLE="margin-top:5px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2"><I>i) Revenue recognition </I></FONT></P> <P STYLE="margin-top:3px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">In October 2009, the FASB issued ASU
No.&nbsp;2009-13, &#147;Revenue Recognition: Multiple-Deliverable Revenue Arrangements&#148;, which addresses the accounting for multiple-deliverable arrangements to enable vendors to account for products or services separately rather than as a
combined unit. The amendments establish a selling price hierarchy for determining the selling price of a deliverable. The amendments also eliminate the residual method of allocation and require that arrangement consideration be allocated at the
inception of the arrangement to all deliverables using the relative selling price method. For the Company, this ASU is effective prospectively for revenue arrangements entered into or materially modified on or after April&nbsp;1, 2011. The Company
is currently evaluating the effect of this ASU on its interim consolidated financial statements. </FONT></P> <P STYLE="margin-top:5px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2"><I>ii) Embedded credit derivatives </I></FONT></P>
<P STYLE="margin-top:3px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">In March 2010, the FASB issued ASU No.&nbsp;2010-11, &#147;Scope Exception Related to Embedded Credit Derivatives&#148;, which clarifies that financial instruments
that contain embedded credit-derivative features related only to the transfer of credit risk in the form of subordination of one instrument to another are not subject to bifurcation and separate accounting. The scope exception only applies to an
embedded derivative feature that relates to subordination between tranches of debt issued by an entity and other features that relate to another type of risk must be evaluated for separation as an embedded derivative. The ASU is effective for the
Company beginning on July&nbsp;1, 2010, with early adoption permitted in the first fiscal quarter beginning after March&nbsp;5, 2010. The Company is currently evaluating the effect of this ASU on its interim consolidated financial statements.
</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="1">6&nbsp;&nbsp;</FONT><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#a03245"><B>Notes to Consolidated Financial
Statements</B></FONT><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;North American Energy Partners Inc. </FONT></P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>

 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="4" COLOR="#a03245"><B>Notes to Interim Consolidated Financial Statements </B></FONT></P>
<P STYLE="margin-top:18px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">For the three months ended June 30, 2010 </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">(Expressed in thousands
of Canadian Dollars, except per share amounts or unless otherwise specified) </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">(Unaudited) </FONT></P>
<P STYLE="line-height:3px;margin-top:0px;margin-bottom:2px;border-bottom:6pt solid #ffffff">&nbsp;</P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2"><I>iii) Share based payment awards </I></FONT></P> <P STYLE="margin-top:3px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">In April 2010, the FASB
issued ASU No.&nbsp;2010-13, &#147;Effect of Denominating the Exercise Price of Share-Based Payment Award in the Currency of the Market in Which the Underlying Equity Security Trades&#148;, which clarifies that an employee share-based payment award
with an exercise price denominated in the currency of a market in which a substantial portion of the entity&#146;s equity securities trades should not be considered to contain a condition that is not a market, performance, or service condition.
Therefore, an entity would not classify such an award as a liability if it otherwise qualifies as equity. This ASU will amend ASC 718, &#147;Compensation &#150; Stock Compensation&#148; and it is effective for the Company beginning on April&nbsp;1,
2011. The Company is currently evaluating the effect of this ASU on its interim consolidated financial statements. </FONT></P> <P STYLE="margin-top:9px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="3"><B>5. Inventories </B></FONT></P>
<P STYLE="font-size:5px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" ALIGN="center">

<TR>
<TD WIDTH="75%"></TD>
<TD VALIGN="bottom" WIDTH="6%"></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="6%"></TD>
<TD></TD></TR>
<TR>
<TD VALIGN="bottom" STYLE="border-bottom:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:ARIAL" SIZE="1">June&nbsp;30,&nbsp;2010</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:ARIAL" SIZE="1">March&nbsp;31,&nbsp;2010</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:0.84em; text-indent:-0.84em"><FONT STYLE="font-family:ARIAL" SIZE="2">Tracks, undercarriage and other</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">$5,855</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">$2,612</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:0.84em; text-indent:-0.84em"><FONT STYLE="font-family:ARIAL" SIZE="2">Spare tires</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">3,351</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">1,868</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:0.84em; text-indent:-0.84em"><FONT STYLE="font-family:ARIAL" SIZE="2">Job materials</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">1,179</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">1,179</FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD></TR>
<TR>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">$10,385</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">$5,659</FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD></TR></TABLE> <P STYLE="margin-top:9px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="3"><B>6. Property, plant and equipment </B></FONT></P>
<P STYLE="font-size:5px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" ALIGN="center">

<TR>
<TD WIDTH="67%"></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD></TR>
<TR>
<TD VALIGN="bottom" NOWRAP STYLE="border-bottom:1px solid #000000"> <P STYLE="margin-top:0px;margin-bottom:1px"><FONT STYLE="font-family:ARIAL" SIZE="1">June&nbsp;30, 2010</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:ARIAL" SIZE="1">Cost</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:ARIAL" SIZE="1">Accumulated</FONT><br><FONT STYLE="font-family:ARIAL" SIZE="1">Depreciation</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:ARIAL" SIZE="1">Net&nbsp;Book&nbsp;Value</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:0.84em; text-indent:-0.84em"><FONT STYLE="font-family:ARIAL" SIZE="2">Heavy equipment</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">$342,562</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">$99,177</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">$243,385</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:0.84em; text-indent:-0.84em"><FONT STYLE="font-family:ARIAL" SIZE="2">Major component parts in use</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">33,766</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">9,707</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">24,059</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:0.84em; text-indent:-0.84em"><FONT STYLE="font-family:ARIAL" SIZE="2">Other equipment</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">27,299</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">11,716</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">15,583</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:0.84em; text-indent:-0.84em"><FONT STYLE="font-family:ARIAL" SIZE="2">Licensed motor vehicles</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">18,123</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">12,521</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">5,602</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:0.84em; text-indent:-0.84em"><FONT STYLE="font-family:ARIAL" SIZE="2">Office and computer equipment</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">10,471</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">8,575</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">1,896</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:0.84em; text-indent:-0.84em"><FONT STYLE="font-family:ARIAL" SIZE="2">Buildings</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">21,657</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">2,872</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">18,785</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:0.84em; text-indent:-0.84em"><FONT STYLE="font-family:ARIAL" SIZE="2">Land</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">281</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">&#150;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">281</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:0.84em; text-indent:-0.84em"><FONT STYLE="font-family:ARIAL" SIZE="2">Leasehold improvements</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">9,311</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">3,207</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">6,104</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:0.84em; text-indent:-0.84em"><FONT STYLE="font-family:ARIAL" SIZE="2">Assets under capital lease</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">22,497</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">11,642</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">10,855</FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD></TR>
<TR>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">$485,967</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">$159,417</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">$326,550</FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD></TR></TABLE> <P STYLE="font-size:9px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" ALIGN="center">

<TR>
<TD WIDTH="67%"></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD></TR>
<TR>
<TD VALIGN="bottom" NOWRAP STYLE="border-bottom:1px solid #000000"> <P STYLE="margin-top:0px;margin-bottom:1px"><FONT STYLE="font-family:ARIAL" SIZE="1">March&nbsp;31, 2010</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:ARIAL" SIZE="1">Cost</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:ARIAL" SIZE="1">Accumulated</FONT><br><FONT STYLE="font-family:ARIAL" SIZE="1">Depreciation</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:ARIAL" SIZE="1">Net&nbsp;Book&nbsp;Value</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:0.84em; text-indent:-0.84em"><FONT STYLE="font-family:ARIAL" SIZE="2">Heavy equipment</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">$339,312</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">$95,473</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">$243,839</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:0.84em; text-indent:-0.84em"><FONT STYLE="font-family:ARIAL" SIZE="2">Major component parts in use</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">33,452</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">8,297</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">25,155</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:0.84em; text-indent:-0.84em"><FONT STYLE="font-family:ARIAL" SIZE="2">Other equipment</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">25,666</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">10,910</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">14,756</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:0.84em; text-indent:-0.84em"><FONT STYLE="font-family:ARIAL" SIZE="2">Licensed motor vehicles</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">16,296</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">10,692</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">5,604</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:0.84em; text-indent:-0.84em"><FONT STYLE="font-family:ARIAL" SIZE="2">Office and computer equipment</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">9,746</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">3,786</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">5,960</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:0.84em; text-indent:-0.84em"><FONT STYLE="font-family:ARIAL" SIZE="2">Buildings</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">21,710</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">6,832</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">14,878</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:0.84em; text-indent:-0.84em"><FONT STYLE="font-family:ARIAL" SIZE="2">Land</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">281</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">&#150;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">281</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:0.84em; text-indent:-0.84em"><FONT STYLE="font-family:ARIAL" SIZE="2">Leasehold improvements</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">9,314</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">2,960</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">6,354</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:0.84em; text-indent:-0.84em"><FONT STYLE="font-family:ARIAL" SIZE="2">Assets under capital lease</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">24,304</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">12,388</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">11,916</FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD></TR>
<TR>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">$480,081</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">$151,338</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">$328,743</FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD></TR></TABLE> <P STYLE="margin-top:5px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">Assets under capital lease are comprised as follows at June&nbsp;30, 2010 and
March&nbsp;31, 2010: </FONT></P> <P STYLE="font-size:3px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" ALIGN="center">

<TR>
<TD WIDTH="67%"></TD>
<TD VALIGN="bottom" WIDTH="4%"></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="4%"></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="4%"></TD>
<TD></TD></TR>
<TR>
<TD VALIGN="bottom" NOWRAP STYLE="border-bottom:1px solid #000000"> <P STYLE="margin-top:0px;margin-bottom:1px"><FONT STYLE="font-family:ARIAL" SIZE="1">June&nbsp;30, 2010</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:ARIAL" SIZE="1">Cost</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:ARIAL" SIZE="1">Accumulated</FONT><br><FONT STYLE="font-family:ARIAL" SIZE="1">Depreciation</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:ARIAL" SIZE="1">Net&nbsp;Book&nbsp;Value</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:0.84em; text-indent:-0.84em"><FONT STYLE="font-family:ARIAL" SIZE="2">Other equipment</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">$64</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">$31</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">$33</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:0.84em; text-indent:-0.84em"><FONT STYLE="font-family:ARIAL" SIZE="2">Licensed motor vehicles</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">22,428</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">11,606</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">10,822</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:0.84em; text-indent:-0.84em"><FONT STYLE="font-family:ARIAL" SIZE="2">Office and computer equipment</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">5</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">5</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">&#150;</FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD></TR>
<TR>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">$22,497</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">$11,642</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">$10,855</FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD></TR></TABLE> <P STYLE="font-size:9px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" ALIGN="center">

<TR>
<TD WIDTH="67%"></TD>
<TD VALIGN="bottom" WIDTH="4%"></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="4%"></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="4%"></TD>
<TD></TD></TR>
<TR>
<TD VALIGN="bottom" NOWRAP STYLE="border-bottom:1px solid #000000"> <P STYLE="margin-top:0px;margin-bottom:1px"><FONT STYLE="font-family:ARIAL" SIZE="1">March&nbsp;31, 2010</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:ARIAL" SIZE="1">Cost</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:ARIAL" SIZE="1">Accumulated</FONT><br><FONT STYLE="font-family:ARIAL" SIZE="1">Depreciation</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:ARIAL" SIZE="1">Net&nbsp;Book&nbsp;Value</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:0.84em; text-indent:-0.84em"><FONT STYLE="font-family:ARIAL" SIZE="2">Other equipment</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">$64</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">$29</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">$35</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:0.84em; text-indent:-0.84em"><FONT STYLE="font-family:ARIAL" SIZE="2">Licensed motor vehicles</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">24,235</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">12,354</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">11,881</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:0.84em; text-indent:-0.84em"><FONT STYLE="font-family:ARIAL" SIZE="2">Office and computer equipment</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">5</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">5</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">&#150;</FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD></TR>
<TR>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">$24,304</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">$12,388</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">$11,916</FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD></TR></TABLE> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">North American Energy Partners
Inc.&nbsp;&nbsp;</FONT><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#a03245"><B>Notes to Consolidated Financial Statements</B></FONT><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;7 </FONT></P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>

 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="4" COLOR="#a03245"><B>Notes to Interim Consolidated Financial Statements </B></FONT></P>
<P STYLE="margin-top:18px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">For the three months ended June 30, 2010 </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">(Expressed in thousands
of Canadian Dollars, except per share amounts or unless otherwise specified) </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">(Unaudited) </FONT></P>
<P STYLE="line-height:3px;margin-top:0px;margin-bottom:2px;border-bottom:6pt solid #ffffff">&nbsp;</P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">During the three months ended June&nbsp;30, 2010, additions to property, plant and equipment included $47 of assets that were acquired by means of capital leases
(three months ended June&nbsp;30, 2009&nbsp;&#150; $624). Depreciation of equipment under capital lease of $708 (three months ended June&nbsp;30, 2009&nbsp;&#150; $1,159) was included in depreciation expense. </FONT></P>
<P STYLE="margin-top:9px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="3"><B>7. Deferred financing costs </B></FONT></P> <P STYLE="font-size:5px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" ALIGN="center">

<TR>
<TD WIDTH="69%"></TD>
<TD VALIGN="bottom" WIDTH="4%"></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="4%"></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="4%"></TD>
<TD></TD></TR>
<TR>
<TD VALIGN="bottom" NOWRAP STYLE="border-bottom:1px solid #000000"> <P STYLE="margin-top:0px;margin-bottom:1px"><FONT STYLE="font-family:ARIAL" SIZE="1">June&nbsp;30, 2010</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:ARIAL" SIZE="1">Cost</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:ARIAL" SIZE="1">Accumulated<BR>Amortization</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:ARIAL" SIZE="1">Net&nbsp;Book&nbsp;Value</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:0.84em; text-indent:-0.84em"><FONT STYLE="font-family:ARIAL" SIZE="2">Term&nbsp;&amp; Revolving Facilities</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">$5,362</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">$3,324</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">$2,038</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:0.84em; text-indent:-0.84em"><FONT STYLE="font-family:ARIAL" SIZE="2">Series 1 Debentures</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">6,670</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">169</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">6,501</FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">$12,032</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">$3,493</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">$8,539</FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD></TR></TABLE> <P STYLE="font-size:9px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" ALIGN="center">

<TR>
<TD WIDTH="68%"></TD>
<TD VALIGN="bottom" WIDTH="4%"></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="4%"></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="4%"></TD>
<TD></TD></TR>
<TR>
<TD VALIGN="bottom" NOWRAP STYLE="border-bottom:1px solid #000000"> <P STYLE="margin-top:0px;margin-bottom:1px"><FONT STYLE="font-family:ARIAL" SIZE="1">March&nbsp;31, 2010</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:ARIAL" SIZE="1">Cost</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:ARIAL" SIZE="1">Accumulated<BR>Amortization</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:ARIAL" SIZE="1">Net&nbsp;Book&nbsp;Value</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top">
<P STYLE="margin-left:0.84em; text-indent:-0.84em"><FONT STYLE="font-family:ARIAL" SIZE="2">8<FONT SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">&nbsp;
3</SUP></FONT><FONT SIZE="2">/</FONT><FONT SIZE="1">4</FONT><FONT STYLE="font-family:ARIAL" SIZE="2">% senior notes</FONT></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">$16,521</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">$12,014</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">$4,507</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:0.84em; text-indent:-0.84em"><FONT STYLE="font-family:ARIAL" SIZE="2">Term &amp; Revolving Facilities</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">4,328</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">3,150</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">1,178</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:0.84em; text-indent:-0.84em"><FONT STYLE="font-family:ARIAL" SIZE="2">Series 1 Debentures</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">1,040</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">&#150;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">1,040</FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD></TR>
<TR>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">$21,889</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">$15,164</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">$6,725</FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD></TR></TABLE> <P STYLE="margin-top:5px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">Amortization of deferred financing costs of $526 was included in interest expense
for the three months ended June&nbsp;30, 2010 (three months ended June&nbsp;30, 2009 &#150; $805). </FONT></P> <P STYLE="margin-top:5px;margin-bottom:0px;padding-bottom:0px;"><FONT STYLE="font-family:ARIAL" SIZE="2">At April&nbsp;28, 2010,
unamortized deferred financing costs of $4,324 on 8<FONT SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">&nbsp;3</SUP></FONT><FONT SIZE="2">/</FONT><FONT SIZE="1">4</FONT><FONT STYLE="font-family:ARIAL" SIZE="2">%
senior notes were written off to loss on debt extinguishment (note 9(b)). </FONT></FONT></P> <P STYLE="margin-top:9px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="3"><B>8. Investment in and advances to unconsolidated joint venture </B>
</FONT></P> <P STYLE="margin-top:5px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">The Company is engaged in a joint venture, Noramac Joint Venture (JV) with Fort McKay Construction Ltd. The Company has joint control (50% proportionate
interest) of this entity which was formed for the purpose of expanding the Company&#146;s market opportunities and establishing strategic alliances in Northern Alberta. The Company owns a 49% interest in Noramac Ventures Inc., a nominee company
established by the two joint venture partners. </FONT></P> <P STYLE="margin-top:5px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">As of June&nbsp;30, 2010, the Company&#146;s investment in and advances to the unconsolidated joint
venture totaled $3,215 (March 31, 2010 &#150; $2,917). The condensed financial data for investment in and advances to unconsolidated joint venture is summarized as follows: </FONT></P>
<P STYLE="font-size:9px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" ALIGN="center">

<TR>
<TD WIDTH="75%"></TD>
<TD VALIGN="bottom" WIDTH="6%"></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="6%"></TD>
<TD></TD></TR>
<TR>
<TD VALIGN="bottom" STYLE="border-bottom:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:ARIAL" SIZE="1">June&nbsp;30,&nbsp;2010</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:ARIAL" SIZE="1">March&nbsp;31,&nbsp;2010</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:0.84em; text-indent:-0.84em"><FONT STYLE="font-family:ARIAL" SIZE="2">Current assets</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">$10,192</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">$8,952</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:0.84em; text-indent:-0.84em"><FONT STYLE="font-family:ARIAL" SIZE="2">Long term assets</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">1,329</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">153</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:0.84em; text-indent:-0.84em"><FONT STYLE="font-family:ARIAL" SIZE="2">Current liabilities</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">5,093</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">3,271</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:0.84em; text-indent:-0.84em"><FONT STYLE="font-family:ARIAL" SIZE="2">Long term liabilities</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">7,020</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">5,940</FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD></TR></TABLE> <P STYLE="font-size:9px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" ALIGN="center">

<TR>
<TD WIDTH="74%"></TD>
<TD VALIGN="bottom" WIDTH="7%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="7%"></TD>
<TD></TD></TR>
<TR>
<TD VALIGN="bottom" NOWRAP STYLE="border-bottom:1px solid #000000"> <P STYLE="margin-top:0px;margin-bottom:1px"><FONT STYLE="font-family:ARIAL" SIZE="1">Three months ended June&nbsp;30,</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:ARIAL" SIZE="1">2010</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:ARIAL" SIZE="1">2009</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:0.84em; text-indent:-0.84em"><FONT STYLE="font-family:ARIAL" SIZE="2">Gross revenues</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">$4,346</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">$1,270</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:0.84em; text-indent:-0.84em"><FONT STYLE="font-family:ARIAL" SIZE="2">Gross profit</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">359</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">607</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:0.84em; text-indent:-0.84em"><FONT STYLE="font-family:ARIAL" SIZE="2">Net (loss) income</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">(486</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">381</FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:0.84em; text-indent:-0.84em"><FONT STYLE="font-family:ARIAL" SIZE="2">Equity in (loss) earnings of unconsolidated joint venture</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">$(243</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">$191</FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD></TR></TABLE> <P STYLE="margin-top:9px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="3"><B>9. Long Term Debt </B></FONT></P>
<P STYLE="margin-top:5px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>a) Credit Facilities </B></FONT></P> <P STYLE="font-size:5px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" ALIGN="center">

<TR>
<TD WIDTH="74%"></TD>
<TD VALIGN="bottom" WIDTH="6%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="6%"></TD>
<TD></TD>
<TD></TD></TR>
<TR>
<TD VALIGN="bottom" STYLE="border-bottom:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:ARIAL" SIZE="1">June&nbsp;30,&nbsp;2010</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:ARIAL" SIZE="1">March&nbsp;31,&nbsp;2010</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.68em; text-indent:-0.84em"><FONT STYLE="font-family:ARIAL" SIZE="2">Term A Facility</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">$27,509</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">$28,446</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.68em; text-indent:-0.84em"><FONT STYLE="font-family:ARIAL" SIZE="2">Term B Facility</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">48,437</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&#150;</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:0.84em; text-indent:-0.84em"><FONT STYLE="font-family:ARIAL" SIZE="2">Total term facilities</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">$75,946</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">$28,446</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:0.84em; text-indent:-0.84em"><FONT STYLE="font-family:ARIAL" SIZE="2">Less: current portion</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">(10,000</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">(6,072</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">)&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">$65,946</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">$22,374</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD></TR></TABLE> <P STYLE="margin-top:5px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">On April&nbsp;30, 2010, the Company entered into an amended and restated credit agreement to extend the term of the credit facilities
and increase the amount of the term loans. These facilities mature on April&nbsp;30, 2013. </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="1">8&nbsp;&nbsp;</FONT><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#a03245"><B>Notes to Consolidated Financial
Statements</B></FONT><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;North American Energy Partners Inc. </FONT></P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>

 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="4" COLOR="#a03245"><B>Notes to Interim Consolidated Financial Statements </B></FONT></P>
<P STYLE="margin-top:18px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">For the three months ended June 30, 2010 </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">(Expressed in thousands
of Canadian Dollars, except per share amounts or unless otherwise specified) </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">(Unaudited) </FONT></P>
<P STYLE="line-height:3px;margin-top:0px;margin-bottom:2px;border-bottom:6pt solid #ffffff">&nbsp;</P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">The new credit facilities include an $85.0 million Revolving Facility (previously $90.0 million), a $28.4 million Term A Facility and a $50.0 million Term B
Facility. Advances under the Revolving Facility may be repaid from time to time at the Company&#146;s option. The term facilities include scheduled repayments totalling $10.0 million per year with $2.5 million paid on the last day of each quarter
commencing June&nbsp;30, 2010. In addition, the Company must make annual payments within 120 days of the end of its fiscal year in the amount of 50% of Consolidated Excess Cash Flow (as defined in the credit agreement) to a maximum of $4.0 million.
</FONT></P> <P STYLE="margin-top:5px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">Interest on Canadian prime rate loans is paid at variable rates based on the Canadian prime rate plus the applicable pricing margin (as defined in the
credit agreement). Interest on US base rate loans is paid at a rate per annum equal to the US base rate plus the applicable pricing margin. Interest on Canadian prime rate and US base rate loans is payable monthly in arrears and computed on the
basis of a 365 day or 366 day year, as the case may be. Interest on LIBOR loans is paid during each interest period at a rate per annum, calculated on a 360 day year, equal to the LIBOR rate with respect to such interest period plus the applicable
pricing margin. Stamping Fees and interest related to the issuance of Bankers&#146; Acceptances is paid in advance upon the issuance of such Bankers&#146; Acceptance. </FONT></P>
<P STYLE="margin-top:5px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">The credit facilities are secured by a first priority lien on substantially all of the Company&#146;s existing and after-acquired property and contain certain
restrictive covenants including, but not limited to, incurring additional debt, transferring or selling assets, making investments including acquisitions, paying dividends or redeeming shares of capital stock. The Company is also required to meet
certain financial covenants under the credit agreement and was in compliance with these covenants at June&nbsp;30, 2010. </FONT></P> <P STYLE="margin-top:5px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">As of June&nbsp;30, 2010, the
Company had outstanding borrowings of $75.9 million (March 31, 2010&nbsp;&#150; $28.4 million) under the term facilities and had issued $14.4 million (March 31, 2010&nbsp;&#150; $10.4 million) in letters of credit under the Revolving Facility to
support performance guarantees associated with customer contracts. The funds available for borrowing under the Revolving Facility are reduced by any outstanding letters of credit. The Company&#146;s unused borrowing availability under the credit
facility was $70.6 million at June&nbsp;30, 2010. </FONT></P> <P STYLE="margin-top:5px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">During the three months ended June&nbsp;30, 2010, financing fees of $1,034 were incurred in connection
with the modifications made to the amended and restated credit agreement. These fees have been recorded as deferred financing costs and are being amortized using the effective interest method over the term of the credit agreement (note&nbsp;7).
</FONT></P> <P STYLE="margin-top:5px;margin-bottom:0px;padding-bottom:0px;"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>b)
8<FONT SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">&nbsp;3</SUP></FONT><FONT SIZE="2">/</FONT><FONT SIZE="1">4</FONT><FONT STYLE="font-family:ARIAL" SIZE="2">% senior notes </FONT></B></FONT></P>
<P STYLE="font-size:3px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" ALIGN="center">

<TR>
<TD WIDTH="82%"></TD>
<TD VALIGN="bottom" WIDTH="4%"></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="4%"></TD>
<TD></TD></TR>
<TR>
<TD VALIGN="bottom" STYLE="border-bottom:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:ARIAL" SIZE="1">June&nbsp;30,<BR>2010</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:ARIAL" SIZE="1">March&nbsp;31,<BR>2010</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top">
<P STYLE="margin-left:0.84em; text-indent:-0.84em"><FONT STYLE="font-family:ARIAL" SIZE="2">8<FONT SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">&nbsp;
3</SUP></FONT><FONT SIZE="2">/</FONT><FONT SIZE="1">4</FONT><FONT STYLE="font-family:ARIAL" SIZE="2">% senior unsecured notes due 2011 ($US)</FONT></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">$&#150;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">$200,000</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:0.84em; text-indent:-0.84em"><FONT STYLE="font-family:ARIAL" SIZE="2">Unrealized foreign exchange</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">&#150;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">3,120</FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">$&#150;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">$203,120</FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD></TR></TABLE> <P STYLE="margin-top:5px;margin-bottom:0px;padding-bottom:0px;"><FONT STYLE="font-family:ARIAL" SIZE="2">On April&nbsp;28, 2010, the Company redeemed the
8<FONT SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">&nbsp;3</SUP></FONT><FONT SIZE="2">/</FONT><FONT SIZE="1">4</FONT><FONT STYLE="font-family:ARIAL" SIZE="2">% senior notes for a total of $202,410 and wrote off
deferred financing costs of $4,324 (note 7). </FONT></FONT></P> <P STYLE="margin-top:5px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>c) Series 1 Debentures </B></FONT></P>
<P STYLE="margin-top:3px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">On April&nbsp;7, 2010, the Company issued, through private placement in Canada and the US, $225.0 million of 9.125% Series 1 Debentures (the &#147;Series 1
Debentures&#148;). The Series 1 Debentures mature on April&nbsp;7, 2017. The Series 1 Debentures will bear interest from the date of issue at 9.125%&nbsp;per annum and such interest is payable in equal instalments semi-annually in arrears on
April&nbsp;7 and October&nbsp;7 in each year, commencing on October&nbsp;7, 2010. </FONT></P> <P STYLE="margin-top:5px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">The Series 1 Debentures are unsecured senior obligations and rank
equally with all other existing and future unsecured senior debt and senior to any subordinated debt that may be issued by the Company or any of its subsidiaries. The Series 1 Debentures are effectively subordinated to all secured debt to the extent
of collateral on such debt. </FONT></P> <P STYLE="margin-top:5px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">At any time prior to April&nbsp;7, 2013, the Company may redeem up to 35% of the aggregate principal amount of the Series 1
Debentures, with the net cash proceeds of one or more public equity offerings at a redemption price equal to 109.125% of the principal amount; plus accrued and unpaid interest to the date of redemption, so long as: </FONT></P>
<P STYLE="font-size:5px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2">i)</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:ARIAL" SIZE="2">at least 65% of the original aggregate amount of the Series 1 Debentures remains outstanding after each redemption; and </FONT></TD></TR></TABLE>
<P STYLE="font-size:5px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2">ii)</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:ARIAL" SIZE="2">any redemption by the Company is made within 90 days of the equity offering. </FONT></TD></TR></TABLE>
<P STYLE="margin-top:5px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">At any time prior to April&nbsp;7, 2013, the Company may on one or more occasions redeem the Series 1 Debentures, in whole or in part, at a redemption price which
is equal to the greater of (a)&nbsp;the Canada Yield Price (as defined in the trust indenture) and (b)&nbsp;100% of the aggregate principal amount of Series 1 Debentures redeemed, plus, in each case, accrued and unpaid interest to the redemption
date (subject to the right of holders of record on the relevant record date to receive interest due on the relevant interest payment date). </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">North American Energy Partners
Inc.&nbsp;&nbsp;</FONT><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#a03245"><B>Notes to Consolidated Financial Statements</B></FONT><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;9 </FONT></P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>

 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="4" COLOR="#a03245"><B>Notes to Interim Consolidated Financial Statements </B></FONT></P>
<P STYLE="margin-top:18px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">For the three months ended June 30, 2010 </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">(Expressed in thousands
of Canadian Dollars, except per share amounts or unless otherwise specified) </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">(Unaudited) </FONT></P>
<P STYLE="line-height:3px;margin-top:0px;margin-bottom:2px;border-bottom:6pt solid #ffffff">&nbsp;</P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">The Series 1 Debentures are redeemable at the option of the Company, in whole or in part, at any time on or after: April&nbsp;7, 2013 at 104.563% of the principal
amount; April&nbsp;7, 2014 at 103.042% of the principal amount; April&nbsp;7, 2015 at 101.520% of the principal amount; April&nbsp;7, 2016 and thereafter at 100% of the principal amount; plus, in each case, interest accrued to the redemption date.
</FONT></P> <P STYLE="margin-top:5px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">If a change of control occurs, the Company will be required to offer to purchase all or a portion of each debenture holder&#146;s Series 1 Debentures,
at a purchase price in cash equal to 101% of the principal amount of the Series 1 Debentures offered for repurchase plus accrued interest to the date of purchase. </FONT></P>
<P STYLE="margin-top:5px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">During the three months ended June&nbsp;30, 2010, financing fees of $5,630 were incurred in connection with the issuance of the Series 1 Debentures in addition to
$1,040 that was incurred in March 2010. These fees have been recorded as deferred financing costs and are being amortized using the effective interest method over the term of the Series 1 Debentures (note 7). </FONT></P>
<P STYLE="margin-top:9px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="3"><B>10. Shares </B></FONT></P> <P STYLE="margin-top:5px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>a) Common shares </B></FONT></P>
<P STYLE="margin-top:3px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">Authorized: </FONT></P> <P STYLE="margin-top:5px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:ARIAL" SIZE="2">Unlimited number of common voting
shares </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:ARIAL" SIZE="2">Unlimited number of common non-voting shares </FONT></P>
<P STYLE="margin-top:5px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">Issued and outstanding: </FONT></P> <P STYLE="font-size:5px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" ALIGN="center">

<TR>
<TD WIDTH="78%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD></TR>
<TR>
<TD VALIGN="bottom" STYLE="border-bottom:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:ARIAL" SIZE="1">Number of</FONT><br><FONT STYLE="font-family:ARIAL" SIZE="1">Shares</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:ARIAL" SIZE="1">Amount</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>Common voting shares</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:0.84em; text-indent:-0.84em"><FONT STYLE="font-family:ARIAL" SIZE="2">Issued and outstanding at March&nbsp;31, 2010</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">36,049,276</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">$303,505</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.68em; text-indent:-0.84em"><FONT STYLE="font-family:ARIAL" SIZE="2">Issued upon exercise of options</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">12,760</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">64</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.68em; text-indent:-0.84em"><FONT STYLE="font-family:ARIAL" SIZE="2">Transferred from additional paid-in capital on exercise of stock options</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">&#150;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">24</FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:0.84em; text-indent:-0.84em"><FONT STYLE="font-family:ARIAL" SIZE="2">Issued and outstanding at June&nbsp;30, 2010</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">36,062,036</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">$303,593</FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD></TR></TABLE> <P STYLE="margin-top:5px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>b) Additional paid-in capital </B></FONT></P>
<P STYLE="font-size:3px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" ALIGN="center">

<TR>
<TD WIDTH="92%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:0.84em; text-indent:-0.84em"><FONT STYLE="font-family:ARIAL" SIZE="2">Balance, March&nbsp;31, 2010</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">$7,439</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:0.84em; text-indent:-0.84em"><FONT STYLE="font-family:ARIAL" SIZE="2">Stock-based compensation </FONT><FONT STYLE="font-family:ARIAL" SIZE="1">(note
15(a))</FONT><FONT STYLE="font-family:ARIAL" SIZE="2"></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">405</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:0.84em; text-indent:-0.84em"><FONT STYLE="font-family:ARIAL" SIZE="2">Deferred performance share unit plan </FONT><FONT STYLE="font-family:ARIAL" SIZE="1">(note
15(b))</FONT><FONT STYLE="font-family:ARIAL" SIZE="2"></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">5</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:0.84em; text-indent:-0.84em"><FONT STYLE="font-family:ARIAL" SIZE="2">Transferred to common shares on exercise of stock options</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">(24</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">)&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:0.84em; text-indent:-0.84em"><FONT STYLE="font-family:ARIAL" SIZE="2">Balance, June&nbsp;30, 2010</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">$7,825</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD></TR></TABLE> <P STYLE="margin-top:5px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>c) Net (loss) income per share </B></FONT></P> <P STYLE="font-size:3px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" ALIGN="center">

<TR>
<TD WIDTH="76%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD></TR>
<TR>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="4" ALIGN="right" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:ARIAL" SIZE="1">Three months ended June&nbsp;30,</FONT></TD></TR>
<TR>
<TD VALIGN="bottom" STYLE="border-bottom:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:ARIAL" SIZE="1">2010</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:ARIAL" SIZE="1">2009</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:0.84em; text-indent:-0.84em"><FONT STYLE="font-family:ARIAL" SIZE="2">Net (loss) income available to common shareholders</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">$(10,309</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">$9,927</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:0.84em; text-indent:-0.84em"><FONT STYLE="font-family:ARIAL" SIZE="2">Weighted average number of common shares</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">36,056,988</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">36,038,746</FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:0.84em; text-indent:-0.84em"><FONT STYLE="font-family:ARIAL" SIZE="2">Basic net (loss) income per share</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">$(0.29</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">$0.28</FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:0.84em; text-indent:-0.84em"><FONT STYLE="font-family:ARIAL" SIZE="2">Net (loss) income available to common shareholders</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">$(10,309</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">$9,927</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:0.84em; text-indent:-0.84em"><FONT STYLE="font-family:ARIAL" SIZE="2">Weighted average number of common shares</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">36,056,988</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">36,038,476</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:0.84em; text-indent:-0.84em"><FONT STYLE="font-family:ARIAL" SIZE="2">Dilutive effect of stock options and deferred performance shares units</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&#150;</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">558,592</FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:0.84em; text-indent:-0.84em"><FONT STYLE="font-family:ARIAL" SIZE="2">Weighted average number of diluted common shares</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">36,056,988</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">36,597,068</FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:0.84em; text-indent:-0.84em"><FONT STYLE="font-family:ARIAL" SIZE="2">Diluted net (loss) income per share</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">$(0.29</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">$0.27</FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD></TR></TABLE> <P STYLE="margin-top:5px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">At June&nbsp;30, 2010, 915,572 options were anti-dilutive and therefore were not
considered in computing diluted earnings per share (June 30, 2009 &#150; 836,754). </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="1">10&nbsp;&nbsp;</FONT><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#a03245"><B>Notes to Consolidated Financial
Statements</B></FONT><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;North American Energy Partners Inc. </FONT></P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>

 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="4" COLOR="#a03245"><B>Notes to Interim Consolidated Financial Statements </B></FONT></P>
<P STYLE="margin-top:18px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">For the three months ended June 30, 2010 </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">(Expressed in thousands
of Canadian Dollars, except per share amounts or unless otherwise specified) </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">(Unaudited) </FONT></P>
<P STYLE="line-height:3px;margin-top:0px;margin-bottom:2px;border-bottom:6pt solid #ffffff">&nbsp;</P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="3"><B>11. Interest expense </B></FONT></P> <P STYLE="font-size:5px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" ALIGN="center">

<TR>
<TD WIDTH="78%"></TD>
<TD VALIGN="bottom" WIDTH="5%"></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="5%"></TD>
<TD></TD></TR>
<TR>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="3" ALIGN="right" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:ARIAL" SIZE="1">Three&nbsp;months&nbsp;ended&nbsp;June&nbsp;30,</FONT></TD></TR>
<TR>
<TD VALIGN="bottom" STYLE="border-bottom:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;2010&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;2009&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:0.84em; text-indent:-0.84em"><FONT STYLE="font-family:ARIAL" SIZE="2">Interest on
8<FONT SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">&nbsp;3</SUP></FONT><FONT SIZE="2">/</FONT><FONT SIZE="1">4</FONT><FONT STYLE="font-family:ARIAL" SIZE="2">% senior notes and swaps</FONT></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">$1,147</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">$5,144</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:0.84em; text-indent:-0.84em"><FONT STYLE="font-family:ARIAL" SIZE="2">Interest on capital lease obligations</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">208</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">291</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:0.84em; text-indent:-0.84em"><FONT STYLE="font-family:ARIAL" SIZE="2">Amortization of deferred financing costs</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">526</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">805</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:0.84em; text-indent:-0.84em"><FONT STYLE="font-family:ARIAL" SIZE="2">Interest on term facilities</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">1,057</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">165</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:0.84em; text-indent:-0.84em"><FONT STYLE="font-family:ARIAL" SIZE="2">Interest on Series 1 Debentures</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">4,734</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">&#150;</FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:0.84em; text-indent:-0.84em"><FONT STYLE="font-family:ARIAL" SIZE="2">Interest on long term debt</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">$7,672</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">$6,405</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:0.84em; text-indent:-0.84em"><FONT STYLE="font-family:ARIAL" SIZE="2">Other interest</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">57</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">147</FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD></TR>
<TR>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">$7,729</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">$6,552</FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD></TR></TABLE> <P STYLE="margin-top:9px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="3"><B>12. Financial instruments and risk management </B></FONT></P>
<P STYLE="margin-top:5px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>a) Fair value of financial instruments </B></FONT></P> <P STYLE="margin-top:3px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">In determining the
fair value of financial instruments, the Company uses a variety of methods and assumptions that are based on market conditions and risks existing on each reporting date. Counterparty confirmations and standard market conventions and techniques, such
as discounted cash flow analysis and option pricing models, are used to determine the fair value of the Company&#146;s financial instruments, including derivatives. All methods of fair value measurement result in a general approximation of value and
such value may never actually be realized. </FONT></P> <P STYLE="margin-top:5px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">The fair values of the Company&#146;s cash and cash equivalents, accounts receivable, unbilled revenue,
accounts payable and accrued liabilities approximate their carrying amounts due to the relatively short periods to maturity for the instruments. </FONT></P> <P STYLE="margin-top:5px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">The
fair values of amounts due under the Term Facilities are based on management estimates which are determined by discounting cash flows required under the instruments at the interest rate currently estimated to be available for instruments with
similar terms. Based on these estimates and by using the outstanding balance of $75.9 million at June&nbsp;30, 2010 and $28.4 million at March&nbsp;31, 2010, the fair value of amounts due under the Term Facilities as at June&nbsp;30, 2010 and
March&nbsp;31, 2010 are not significantly different than their carrying value. </FONT></P> <P STYLE="margin-top:5px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">Financial instruments with carrying amounts that differ from their fair
values are as follows: </FONT></P> <P STYLE="font-size:5px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" ALIGN="center">

<TR>
<TD WIDTH="54%"></TD>
<TD VALIGN="bottom" WIDTH="4%"></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="4%"></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="4%"></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="4%"></TD>
<TD></TD></TR>
<TR>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="3" ALIGN="right" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:ARIAL" SIZE="1">June&nbsp;30, 2010</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="3" ALIGN="right" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:ARIAL" SIZE="1">March&nbsp;31, 2010</FONT></TD></TR>
<TR>
<TD VALIGN="bottom" STYLE="border-bottom:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:ARIAL" SIZE="1">Carrying&nbsp;Amount</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:ARIAL" SIZE="1">Fair Value</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:ARIAL" SIZE="1">Carrying&nbsp;Amount</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:ARIAL" SIZE="1">Fair Value</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top">
<P STYLE="margin-left:0.84em; text-indent:-0.84em"><FONT STYLE="font-family:ARIAL" SIZE="2">8<FONT SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">&nbsp;
3</SUP></FONT><FONT SIZE="2">/</FONT><FONT SIZE="1">4</FONT><FONT STYLE="font-family:ARIAL" SIZE="2">% senior notes
</FONT><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(i)</SUP></FONT><FONT STYLE="font-family:ARIAL" SIZE="2"></FONT></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">$&#150;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">$&#150;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">$203,120</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">$203,526</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:0.84em; text-indent:-0.84em"><FONT STYLE="font-family:ARIAL" SIZE="2">Capital lease obligations
</FONT><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(ii)</SUP></FONT><FONT STYLE="font-family:ARIAL" SIZE="2"></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">12,013</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">11,946</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">13,393</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">13,291</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:0.84em; text-indent:-0.84em"><FONT STYLE="font-family:ARIAL" SIZE="2">Series 1 Debentures
</FONT><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(i</SUP></FONT><FONT STYLE="font-family:ARIAL" SIZE="2"></FONT><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">i
</SUP></FONT><FONT STYLE="font-family:ARIAL" SIZE="2"></FONT><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">i)</SUP></FONT><FONT STYLE="font-family:ARIAL" SIZE="2"></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">225,000</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">232,182</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">&#150;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">&#150;</FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD></TR></TABLE> <P STYLE="font-size:5px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="3%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1">(i)</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1">The US Dollar denominated
8<FONT SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">&nbsp;3</SUP></FONT><FONT SIZE="1">/</FONT><FONT SIZE="1">4</FONT><FONT STYLE="font-family:ARIAL" SIZE="1">% senior notes were redeemed during the three months
ended June&nbsp;30, 2010. The fair value of the 8<FONT SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">&nbsp;3</SUP></FONT><FONT SIZE="1">/</FONT><FONT SIZE="1">4</FONT><FONT STYLE="font-family:ARIAL" SIZE="1">% senior
notes on March&nbsp;31, 2010 was based upon the period end closing market price translated into Canadian Dollars at period end exchange rates as at March&nbsp;31, 2010. Expected discounted cash flows were not included in the fair value calculation.
</FONT></FONT></FONT></P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="3%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1">(ii)</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:ARIAL" SIZE="1">The fair values of amounts due under capital leases are based on management estimates which are determined by discounting cash flows required under the instruments at the
interest rates currently estimated to be available for instruments with similar terms. </FONT></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="3%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1">(iii)</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:ARIAL" SIZE="1">The fair value of the Series 1 Debentures is based upon the expected discounted cash flows and the period end market price of similar financial instruments.
</FONT></TD></TR></TABLE> <P STYLE="margin-top:5px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2"><B><I>Fair value hierarchy of financial instruments </I></B></FONT></P>
<P STYLE="margin-top:3px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">The Company has segregated all financial assets and financial liabilities that are measured at fair value on a recurring basis into the most appropriate level
within the fair value hierarchy based on the inputs used to determine the fair value at the measurement date. At June&nbsp;30, 2010, the Company had no financial assets or financial liabilities measured at fair value on a recurring basis which were
classified as Level 1 or Level 3 under the fair value hierarchy. Since the Company primarily uses observable inputs of similar instruments and discounted cash flows in its valuation of its derivative financial instruments, these fair value
measurements are classified as Level 2 of the fair value hierarchy. The fair values of the Company&#146;s embedded derivatives are based on appropriate price modeling commonly used by market participants to estimate fair value. Such modeling
includes option pricing models and discounted cash flow analysis, using observable market based inputs including foreign currency rates and discount factors to estimate fair value. The Company considers its own credit risk or the credit risk of the
counterparty in determining fair value, depending on whether the fair values are in an asset or liability position. Fair value determined using valuation models requires the use of assumptions concerning the amount and timing of future cash flows.
Fair value amounts reflect management&#146;s best estimates using external, readily observable, market data such as future prices, interest rate yield curves, foreign exchange rates and discount rates for time value. It is possible that the
assumptions used in establishing fair value amounts will differ from future outcomes and the effect of such variations could be material. </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">North American Energy Partners
Inc.&nbsp;&nbsp;</FONT><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#a03245"><B>Notes to Consolidated Financial Statements</B></FONT><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;11 </FONT></P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>

 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="4" COLOR="#a03245"><B>Notes to Interim Consolidated Financial Statements </B></FONT></P>
<P STYLE="margin-top:18px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">For the three months ended June 30, 2010 </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">(Expressed in thousands
of Canadian Dollars, except per share amounts or unless otherwise specified) </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">(Unaudited) </FONT></P>
<P STYLE="line-height:3px;margin-top:0px;margin-bottom:2px;border-bottom:6pt solid #ffffff">&nbsp;</P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">Financial assets and liabilities measured at fair value net of accrued interest in the financial statements on a recurring basis, all of which are classified as
&#147;Derivative financial instruments&#148; on the Interim Consolidated Balance Sheets are summarized below: </FONT></P> <P STYLE="font-size:5px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" ALIGN="center">

<TR>
<TD WIDTH="88%"></TD>
<TD VALIGN="bottom" WIDTH="5%"></TD>
<TD></TD>
<TD></TD></TR>
<TR>
<TD VALIGN="bottom" NOWRAP STYLE="border-bottom:1px solid #000000"> <P STYLE="margin-top:0px;margin-bottom:1px"><FONT STYLE="font-family:ARIAL" SIZE="1">June&nbsp;30, 2010</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:ARIAL" SIZE="1">Carrying&nbsp;Value</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:0.84em; text-indent:-0.84em"><FONT STYLE="font-family:ARIAL" SIZE="2">Embedded price escalation features in a long term customer construction contract</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">$5,731</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:0.84em; text-indent:-0.84em"><FONT STYLE="font-family:ARIAL" SIZE="2">Embedded price escalation features in certain long term supplier contracts</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">11,110</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">$16,841</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:0.84em; text-indent:-0.84em"><FONT STYLE="font-family:ARIAL" SIZE="2">Less: current portion</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">(2,550</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">)&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">$14,291</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD></TR></TABLE> <P STYLE="font-size:9px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" ALIGN="center">

<TR>
<TD WIDTH="88%"></TD>
<TD VALIGN="bottom" WIDTH="5%"></TD>
<TD></TD>
<TD></TD></TR>
<TR>
<TD VALIGN="bottom" NOWRAP STYLE="border-bottom:1px solid #000000"> <P STYLE="margin-top:0px;margin-bottom:1px"><FONT STYLE="font-family:ARIAL" SIZE="1">March&nbsp;31, 2010</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:ARIAL" SIZE="1">Carrying&nbsp;Value</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.68em; text-indent:-0.84em"><FONT STYLE="font-family:ARIAL" SIZE="2">Cross-currency swaps for US dollar
8<FONT SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">&nbsp;3</SUP></FONT><FONT SIZE="2">/</FONT><FONT SIZE="1">4</FONT><FONT STYLE="font-family:ARIAL" SIZE="2">% senior notes</FONT></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">$66,268</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.68em; text-indent:-0.84em"><FONT STYLE="font-family:ARIAL" SIZE="2">Interest rate swaps for US dollar
8<FONT SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">&nbsp;3</SUP></FONT><FONT SIZE="2">/</FONT><FONT SIZE="1">4</FONT><FONT STYLE="font-family:ARIAL" SIZE="2">% senior notes</FONT></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">14,843</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:0.84em; text-indent:-0.84em"><FONT STYLE="font-family:ARIAL" SIZE="2">Cross-currency and interest rate swaps for US dollar
8<FONT SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">&nbsp;3</SUP></FONT><FONT SIZE="2">/</FONT><FONT SIZE="1">4</FONT><FONT STYLE="font-family:ARIAL" SIZE="2">% senior notes</FONT></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">$81,111</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:0.84em; text-indent:-0.84em"><FONT STYLE="font-family:ARIAL" SIZE="2">Embedded price escalation features in a long term customer construction contract</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">6,481</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:0.84em; text-indent:-0.84em"><FONT STYLE="font-family:ARIAL" SIZE="2">Embedded price escalation features in certain long term supplier contracts</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">9,463</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD></TR>
<TR>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">$97,055</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:0.84em; text-indent:-0.84em"><FONT STYLE="font-family:ARIAL" SIZE="2">Less: current portion</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">(22,054</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">)&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD></TR>
<TR>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">$75,001</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD></TR></TABLE> <P STYLE="margin-top:5px;margin-bottom:0px;padding-bottom:0px;"><FONT STYLE="font-family:ARIAL" SIZE="2">On April&nbsp;8, 2010, the Company settled the cross-currency and interest rate swaps, including accrued interest
for a total of $91,125 in conjunction with the settlement of
8<FONT SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">&nbsp;3</SUP></FONT><FONT SIZE="2">/</FONT><FONT SIZE="1">4</FONT><FONT STYLE="font-family:ARIAL" SIZE="2">% senior notes (note 9(b)). </FONT></FONT></P>
<P STYLE="margin-top:5px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">The realized and unrealized loss on derivative financial instruments is comprised as follows: </FONT></P>
<P STYLE="font-size:9px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" ALIGN="center">

<TR>
<TD WIDTH="83%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD></TR>
<TR>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="4" ALIGN="right" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:ARIAL" SIZE="1">Three months ended<BR>June&nbsp;30,</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="bottom" STYLE="border-bottom:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:ARIAL" SIZE="1">2010</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:ARIAL" SIZE="1">2009</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:0.84em; text-indent:-0.84em"><FONT STYLE="font-family:ARIAL" SIZE="2">Realized and unrealized loss on cross-currency and interest rate swaps</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">$2,111</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">$23,171</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:0.84em; text-indent:-0.84em"><FONT STYLE="font-family:ARIAL" SIZE="2">Unrealized (gain) loss on embedded price escalation features in a long term customer construction&nbsp;contract</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">(750</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">3,287</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:0.84em; text-indent:-0.84em"><FONT STYLE="font-family:ARIAL" SIZE="2">Unrealized loss (gain) on embedded price escalation features in certain long term supplier contracts</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">1,647</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">(14,164</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">)&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:0.84em; text-indent:-0.84em"><FONT STYLE="font-family:ARIAL" SIZE="2">Unrealized gain on early redemption option on
8<FONT SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">&nbsp;3</SUP></FONT><FONT SIZE="2">/</FONT><FONT SIZE="1">4</FONT><FONT STYLE="font-family:ARIAL" SIZE="2">% senior notes</FONT></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&#150;</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">(2,273</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">)&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">$3,008</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">$10,021</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD></TR></TABLE> <P STYLE="margin-top:5px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>b) Risk Management </B></FONT></P> <P STYLE="margin-top:3px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">The
Company&#146;s Board of Directors has responsibility for the establishment and approval of the Company&#146;s risk management policies. Management performs a risk assessment on a continual basis to help ensure that all significant risks related to
the Company and its operations including market and credit risks associated with its financial instruments, have been reviewed and assessed as a result of changes in market conditions and the Company&#146;s operating activities. </FONT></P>
<P STYLE="margin-top:5px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2"><I>i) Market Risk </I></FONT></P> <P STYLE="margin-top:3px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">Market risk is the risk that the fair value
or future cash flows of a financial instrument will fluctuate because of changes in market prices such as foreign currency exchange rates and interest rates. The level of market risk to which the Company is exposed at any point in time varies
depending on market conditions, expectations of future price or market rate movements and composition of the Company&#146;s financial assets and liabilities held, non-trading physical assets and contract portfolios. </FONT></P>
<P STYLE="margin-top:5px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">To manage the exposure related to changes in market risk, the Company uses various risk management techniques including the use of derivative instruments. Such
instruments may be used to establish a fixed price for a commodity, an interest-bearing obligation or a cash flow denominated in a foreign currency. The Company does not hold or use any derivative instruments for trading or speculative purposes.
</FONT></P> <P STYLE="margin-top:5px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">The sensitivities provided below are hypothetical and should not be considered to be predictive of future performance or indicative of earnings on these
contracts. </FONT></P> <P STYLE="margin-top:5px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2"><I>Foreign exchange risk </I></FONT></P> <P STYLE="margin-top:3px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">Foreign
exchange risk refers to the risk that the value of a financial instrument or cash flows associated with the instrument will fluctuate due to changes in foreign exchange rates. </FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="1">12&nbsp;&nbsp;</FONT><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#a03245"><B>Notes to Consolidated Financial
Statements</B></FONT><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;North American Energy Partners Inc. </FONT></P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>

 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="4" COLOR="#a03245"><B>Notes to Interim Consolidated Financial Statements </B></FONT></P>
<P STYLE="margin-top:18px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">For the three months ended June 30, 2010 </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">(Expressed in thousands
of Canadian Dollars, except per share amounts or unless otherwise specified) </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">(Unaudited) </FONT></P>
<P STYLE="line-height:3px;margin-top:0px;margin-bottom:2px;border-bottom:6pt solid #ffffff">&nbsp;</P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">The Company regularly transacts in foreign currencies when purchasing equipment, spare parts as well as certain general and administrative goods and services. These
exposures are generally of a short-term nature and the effect of changes in exchange rates has not been significant in the past. The Company may fix its exposure in either the Canadian Dollar or the US Dollar for these short-term transactions, if
material. </FONT></P> <P STYLE="margin-top:5px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2"><I>Interest rate risk </I></FONT></P> <P STYLE="margin-top:3px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">The Company is
exposed to interest rate risk from the possibility that changes in interest rates will affect future cash flows or the fair values of its financial instruments. Amounts outstanding under the Company&#146;s Term Facilities are subject to a floating
rate. The Company&#146;s Series 1 Debentures are subject to a fixed rate. The Company&#146;s interest rate risk arises from long term, fixed rate borrowings that create risk to fair value and variable rate borrowings that create risk to cash flow.
Changes in market interest rates cause the fair value of long term debt with fixed interest rates to fluctuate but do not affect earnings, as the Company&#146;s debt is carried at amortized cost and the carrying value does not change as interest
rates change. </FONT></P> <P STYLE="margin-top:5px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>ii) Credit risk </B></FONT></P> <P STYLE="margin-top:3px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">Credit risk is the
risk that financial loss to the Company may be incurred if a customer or counterparty to a financial instrument fails to meet its contractual obligations. The Company manages the credit risk associated with its cash by holding its funds with what it
believes to be reputable financial institutions. The Company is also exposed to credit risk through its accounts receivable and unbilled revenue. Credit risk for trade and other accounts receivables, and unbilled revenue are managed through
established credit monitoring activities. </FONT></P> <P STYLE="margin-top:5px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">The Company has a concentration of customers in the oil and gas sector. The concentration risk is mitigated
primarily by the customers being large investment grade organizations. The credit worthiness of new customers is subject to review by management through consideration of the type of customer and the size of the contract. </FONT></P>
<P STYLE="margin-top:5px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">Credit risk on long term revenue construction contract and long term supplier contracts derivative financial instruments arises from the possibility that the
counterparties to the agreements may default on their respective obligations under the agreements. This credit risk only arises in instances where these agreements have positive fair value for the Company. </FONT></P>
<P STYLE="margin-top:9px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="3"><B>13. Other information </B></FONT></P> <P STYLE="margin-top:5px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>a) Supplemental cash flow
information </B></FONT></P> <P STYLE="font-size:5px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" ALIGN="center">

<TR>
<TD WIDTH="82%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD></TR>
<TR>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="3" ALIGN="right" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:ARIAL" SIZE="1">Three months ended<BR>June&nbsp;30,</FONT></TD></TR>
<TR>
<TD VALIGN="bottom" STYLE="border-bottom:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:ARIAL" SIZE="1">2010</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:ARIAL" SIZE="1">2009</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:0.84em; text-indent:-0.84em"><FONT STYLE="font-family:ARIAL" SIZE="2">Cash paid during the period for:</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.68em; text-indent:-0.84em"><FONT STYLE="font-family:ARIAL" SIZE="2">Interest</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">$16,820</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">$21,241</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.68em; text-indent:-0.84em"><FONT STYLE="font-family:ARIAL" SIZE="2">Income taxes</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">601</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">6,063</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:0.84em; text-indent:-0.84em"><FONT STYLE="font-family:ARIAL" SIZE="2">Cash received during the period for:</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.68em; text-indent:-0.84em"><FONT STYLE="font-family:ARIAL" SIZE="2">Interest</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">767</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">3,329</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:0.84em; text-indent:-0.84em"><FONT STYLE="font-family:ARIAL" SIZE="2">Non-cash transactions:</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.68em; text-indent:-0.84em"><FONT STYLE="font-family:ARIAL" SIZE="2">Acquisition of property, plant and equipment by means of capital leases</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">47</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">624</FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD></TR></TABLE> <P STYLE="margin-top:5px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>b) Net change in non-cash working capital </B></FONT></P>
<P STYLE="font-size:5px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" ALIGN="center">

<TR>
<TD WIDTH="81%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD></TR>
<TR>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="4" ALIGN="right" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:ARIAL" SIZE="1">Three months ended<BR>June&nbsp;30,</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="bottom" STYLE="border-bottom:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:ARIAL" SIZE="1">2010</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:ARIAL" SIZE="1">2009</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:0.84em; text-indent:-0.84em"><FONT STYLE="font-family:ARIAL" SIZE="2">Operating activities:</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.68em; text-indent:-0.84em"><FONT STYLE="font-family:ARIAL" SIZE="2">Accounts receivable</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">$22,877</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">$8,362</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.68em; text-indent:-0.84em"><FONT STYLE="font-family:ARIAL" SIZE="2">Allowance for doubtful accounts</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">(918</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">(77</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">)&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.68em; text-indent:-0.84em"><FONT STYLE="font-family:ARIAL" SIZE="2">Unbilled revenue</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">(5,582</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">(2,487</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">)&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.68em; text-indent:-0.84em"><FONT STYLE="font-family:ARIAL" SIZE="2">Inventories</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">(4,726</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">4,097</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.68em; text-indent:-0.84em"><FONT STYLE="font-family:ARIAL" SIZE="2">Prepaid expenses and deposits</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">(3,431</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">(2,750</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">)&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.68em; text-indent:-0.84em"><FONT STYLE="font-family:ARIAL" SIZE="2">Accounts payable</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">7,739</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">(5,106</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">)&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.68em; text-indent:-0.84em"><FONT STYLE="font-family:ARIAL" SIZE="2">Accrued liabilities</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">(5,430</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">(20,910</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">)&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.68em; text-indent:-0.84em"><FONT STYLE="font-family:ARIAL" SIZE="2">Long term accrued liabilities</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">374</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">267</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.68em; text-indent:-0.84em"><FONT STYLE="font-family:ARIAL" SIZE="2">Billings in excess of costs incurred and estimated earnings on uncompleted contracts</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">1,453</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">(86</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">)&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">$12,356</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">$(18,690)</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:0.84em; text-indent:-0.84em"><FONT STYLE="font-family:ARIAL" SIZE="2">Investing activities:</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.68em; text-indent:-0.84em"><FONT STYLE="font-family:ARIAL" SIZE="2">Accounts payable</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">$(2,768)</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">$(1,272)</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD></TR></TABLE> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">North American Energy Partners
Inc.&nbsp;&nbsp;</FONT><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#a03245"><B>Notes to Consolidated Financial Statements</B></FONT><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;13 </FONT></P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>

 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="4" COLOR="#a03245"><B>Notes to Interim Consolidated Financial Statements </B></FONT></P>
<P STYLE="margin-top:18px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">For the three months ended June 30, 2010 </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">(Expressed in thousands
of Canadian Dollars, except per share amounts or unless otherwise specified) </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">(Unaudited) </FONT></P>
<P STYLE="line-height:3px;margin-top:0px;margin-bottom:2px;border-bottom:6pt solid #ffffff">&nbsp;</P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>c) Income taxes </B></FONT></P> <P STYLE="margin-top:3px;margin-bottom:0px;padding-bottom:0px;"><FONT STYLE="font-family:ARIAL" SIZE="2">Income tax expense as a
percentage of income before income taxes for the three months ended June&nbsp;30, 2010 differs from the statutory rate of 27.77% primarily due to the effect of changes in enacted tax rates and the realization of capital loss on the extinguishment of
the 8<FONT SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">&nbsp;3</SUP></FONT><FONT SIZE="2">/</FONT><FONT SIZE="1">4</FONT><FONT STYLE="font-family:ARIAL" SIZE="2">% senior notes and the cross-currency swap. Income
tax as a percentage of income before income taxes for the three months ended June&nbsp;30, 2009 differed from the statutory rate of 28.91% primarily due to the effect of changes in enacted tax rates and the benefit from changes in the timing of the
reversal of temporary differences. </FONT></FONT></P> <P STYLE="margin-top:9px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="3"><B>14. Segmented information </B></FONT></P>
<P STYLE="margin-top:5px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>a) General overview </B></FONT></P> <P STYLE="margin-top:3px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">The Company operates in the following
reportable business segments, which follow the organization, management and reporting structure within the Company: </FONT></P> <P STYLE="font-size:5px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2"><FONT STYLE="font-family:Times New Roman" SIZE="3"><SUB STYLE="vertical-align:baseline; position:relative; top:.4ex"></SUB></FONT><FONT STYLE="font-family:WINGDINGS" SIZE="3" COLOR="#000000">
<SUB STYLE="vertical-align:baseline; position:relative; top:.4ex">&#159;</SUB></FONT><FONT STYLE="font-family:Times New Roman" SIZE="3"><SUB STYLE="vertical-align:baseline; position:relative; top:.4ex"><FONT STYLE="font-family:ARIAL" SIZE="3"></FONT>
</SUB><FONT STYLE="font-family:ARIAL" SIZE="3"></FONT></FONT></FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2">Heavy Construction and Mining: </FONT></P></TD></TR></TABLE>
<P STYLE="margin-top:0px;margin-bottom:0px; margin-left:2%"><FONT STYLE="font-family:ARIAL" SIZE="2">The Heavy Construction and Mining segment provides mining and site preparation services, including overburden removal and reclamation services,
project management, underground utility construction, equipment rental to a variety of customers, environmental services including construction and modification of tailing ponds and reclamation of completed mine sites to environmental standards
throughout Canada. </FONT></P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2"><FONT STYLE="font-family:Times New Roman" SIZE="3"><SUB STYLE="vertical-align:baseline; position:relative; top:.4ex"></SUB></FONT><FONT STYLE="font-family:WINGDINGS" SIZE="3" COLOR="#000000">
<SUB STYLE="vertical-align:baseline; position:relative; top:.4ex">&#159;</SUB></FONT><FONT STYLE="font-family:Times New Roman" SIZE="3"><SUB STYLE="vertical-align:baseline; position:relative; top:.4ex"><FONT STYLE="font-family:ARIAL" SIZE="3"></FONT>
</SUB><FONT STYLE="font-family:ARIAL" SIZE="3"></FONT></FONT></FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2">Piling: </FONT></P></TD></TR></TABLE> <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:2%"><FONT STYLE="font-family:ARIAL" SIZE="2">The Piling segment
provides deep foundation construction and design build services to a variety of industrial and commercial customers throughout Western Canada and Ontario. </FONT></P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2"><FONT STYLE="font-family:Times New Roman" SIZE="3"><SUB STYLE="vertical-align:baseline; position:relative; top:.4ex"></SUB></FONT><FONT STYLE="font-family:WINGDINGS" SIZE="3" COLOR="#000000">
<SUB STYLE="vertical-align:baseline; position:relative; top:.4ex">&#159;</SUB></FONT><FONT STYLE="font-family:Times New Roman" SIZE="3"><SUB STYLE="vertical-align:baseline; position:relative; top:.4ex"><FONT STYLE="font-family:ARIAL" SIZE="3"></FONT>
</SUB><FONT STYLE="font-family:ARIAL" SIZE="3"></FONT></FONT></FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2">Pipeline: </FONT></P></TD></TR></TABLE> <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:2%"><FONT STYLE="font-family:ARIAL" SIZE="2">The Pipeline segment
provides both small and large diameter pipeline construction and installation services as well as equipment rental to energy and industrial clients throughout Western Canada. </FONT></P>
<P STYLE="margin-top:5px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">The accounting policies of the reportable operating segments are the same as those described in the significant accounting policies in note 3 of the annual
consolidated financial statements of the Company for the year ended March&nbsp;31, 2010. Certain business units of the Company have been aggregated into the Heavy Construction and Mining segment as they have similar economic characteristics. These
business units are considered to have similar economic characteristics based on similarities in the nature of the services provided, the customer base and the resources used to provide these services. </FONT></P>
<P STYLE="margin-top:5px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>b) Results by business segment </B></FONT></P> <P STYLE="font-size:5px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" ALIGN="center">

<TR>
<TD WIDTH="63%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD></TR>
<TR>
<TD VALIGN="bottom" NOWRAP STYLE="border-bottom:1px solid #000000"> <P STYLE="margin-top:0px;margin-bottom:1px"><FONT STYLE="font-family:ARIAL" SIZE="1">Three months ended June&nbsp;30, 2010</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:ARIAL" SIZE="1">Heavy<BR>Construction<BR>and Mining</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:ARIAL" SIZE="1">Piling</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:ARIAL" SIZE="1">Pipeline</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:ARIAL" SIZE="1">Total</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:0.84em; text-indent:-0.84em"><FONT STYLE="font-family:ARIAL" SIZE="2">Revenues from external customers</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">$163,609</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">$19,146</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">$839</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">$183,594</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:0.84em; text-indent:-0.84em"><FONT STYLE="font-family:ARIAL" SIZE="2">Depreciation of property, plant and equipment</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">5,809</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">639</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">20</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">6,468</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:0.84em; text-indent:-0.84em"><FONT STYLE="font-family:ARIAL" SIZE="2">Segment profits</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">22,247</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">1,394</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">(723</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">22,918</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:0.84em; text-indent:-0.84em"><FONT STYLE="font-family:ARIAL" SIZE="2">Segment assets</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">419,828</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">98,574</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">14,087</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">532,489</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:0.84em; text-indent:-0.84em"><FONT STYLE="font-family:ARIAL" SIZE="2">Capital expenditures</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">3,129</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">1,193</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">348</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">4,670</FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD></TR></TABLE> <P STYLE="font-size:9px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" ALIGN="center">

<TR>
<TD WIDTH="64%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD></TR>

<TR>
<TD VALIGN="bottom" NOWRAP STYLE="border-bottom:1px solid #000000"> <P STYLE="margin-top:0px;margin-bottom:1px"><FONT STYLE="font-family:ARIAL" SIZE="1">Three months ended June&nbsp;30, 2009</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:ARIAL" SIZE="1">Heavy<BR>Construction<BR>and Mining</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:ARIAL" SIZE="1">Piling</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:ARIAL" SIZE="1">Pipeline</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:ARIAL" SIZE="1">Total</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:0.84em; text-indent:-0.84em"><FONT STYLE="font-family:ARIAL" SIZE="2">Revenues from external customers</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">$131,826</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">$14,618</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">$75</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">$146,519</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:0.84em; text-indent:-0.84em"><FONT STYLE="font-family:ARIAL" SIZE="2">Depreciation of property, plant and equipment</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">6,722</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">562</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">222</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">7,506</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:0.84em; text-indent:-0.84em"><FONT STYLE="font-family:ARIAL" SIZE="2">Segment profits</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">23,514</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">2,684</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">367</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">26,565</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:0.84em; text-indent:-0.84em"><FONT STYLE="font-family:ARIAL" SIZE="2">Segment assets</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">375,455</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">85,759</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">7,506</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">468,720</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:0.84em; text-indent:-0.84em"><FONT STYLE="font-family:ARIAL" SIZE="2">Capital expenditures</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">16,672</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">2</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">&#150;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">16,674</FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD></TR></TABLE> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="1">14&nbsp;&nbsp;</FONT><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#a03245"><B>Notes to Consolidated Financial
Statements</B></FONT><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;North American Energy Partners Inc. </FONT></P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>

 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="4" COLOR="#a03245"><B>Notes to Interim Consolidated Financial Statements </B></FONT></P>
<P STYLE="margin-top:18px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">For the three months ended June 30, 2010 </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">(Expressed in thousands
of Canadian Dollars, except per share amounts or unless otherwise specified) </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">(Unaudited) </FONT></P>
<P STYLE="line-height:3px;margin-top:0px;margin-bottom:2px;border-bottom:6pt solid #ffffff">&nbsp;</P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>c) Reconciliations </B></FONT></P> <P STYLE="margin-top:5px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2"><I>i) Income before income taxes </I>
</FONT></P> <P STYLE="font-size:5px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" ALIGN="center">

<TR>
<TD WIDTH="82%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD></TR>
<TR>
<TD VALIGN="bottom" NOWRAP STYLE="border-bottom:1px solid #000000"> <P STYLE="margin-top:0px;margin-bottom:1px"><FONT STYLE="font-family:ARIAL" SIZE="1">Three months ended June&nbsp;30,</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:ARIAL" SIZE="1">2010</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:ARIAL" SIZE="1">2009</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:0.84em; text-indent:-0.84em"><FONT STYLE="font-family:ARIAL" SIZE="2">Total profit for reportable segments</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">$22,918</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">$26,565</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:0.84em; text-indent:-0.84em"><FONT STYLE="font-family:ARIAL" SIZE="2">Less: unallocated corporate expenses:</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.68em; text-indent:-0.84em"><FONT STYLE="font-family:ARIAL" SIZE="2">General and administrative expense</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">13,729</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">14,976</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.68em; text-indent:-0.84em"><FONT STYLE="font-family:ARIAL" SIZE="2">(Gain) loss on disposal of property, plant and equipment</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">(4</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">41</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.68em; text-indent:-0.84em"><FONT STYLE="font-family:ARIAL" SIZE="2">Gain on disposal of assets held for sale</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&#150;</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">(317</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">)&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.68em; text-indent:-0.84em"><FONT STYLE="font-family:ARIAL" SIZE="2">Amortization of intangible assets</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">588</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">493</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.68em; text-indent:-0.84em"><FONT STYLE="font-family:ARIAL" SIZE="2">Equity in loss (earnings) of unconsolidated joint venture</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">243</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">(191</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">)&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.68em; text-indent:-0.84em"><FONT STYLE="font-family:ARIAL" SIZE="2">Interest expense, net</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">7,729</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">6,552</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.68em; text-indent:-0.84em"><FONT STYLE="font-family:ARIAL" SIZE="2">Foreign exchange gain</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">(1,697</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">(19,436</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">)&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.68em; text-indent:-0.84em"><FONT STYLE="font-family:ARIAL" SIZE="2">Realized and unrealized loss on derivative financial instruments</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">3,008</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">10,021</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.68em; text-indent:-0.84em"><FONT STYLE="font-family:ARIAL" SIZE="2">Loss on debt extinguishment</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">4,346</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&#150;</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.68em; text-indent:-0.84em"><FONT STYLE="font-family:ARIAL" SIZE="2">Other expense</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&#150;</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">533</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.68em; text-indent:-0.84em"><FONT STYLE="font-family:ARIAL" SIZE="2">Unallocated equipment
costs</FONT><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex"> (i)</SUP></FONT><FONT STYLE="font-family:ARIAL" SIZE="2"></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">7,298</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">1,425</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.68em; text-indent:-0.84em"><FONT STYLE="font-family:ARIAL" SIZE="2">(Loss) income before income taxes</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">$(12,322</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">$12,468</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD></TR></TABLE> <P STYLE="font-size:3px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1">(i)</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:ARIAL" SIZE="1">Unallocated equipment costs represent actual equipment costs, including non-cash items such as depreciation, which have not been allocated to reportable segments. Unallocated
equipment recoveries arise when actual equipment costs charged to the reportable segment exceed actual equipment costs incurred. </FONT></TD></TR></TABLE> <P STYLE="margin-top:9px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2"><I>ii)
Total assets </I></FONT></P> <P STYLE="font-size:5px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" ALIGN="center">

<TR>
<TD WIDTH="74%"></TD>
<TD VALIGN="bottom" WIDTH="5%"></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="5%"></TD>
<TD></TD></TR>
<TR>
<TD VALIGN="bottom" STYLE="border-bottom:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:ARIAL" SIZE="1">June&nbsp;30,&nbsp;2010</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:ARIAL" SIZE="1">March&nbsp;31,&nbsp;2010</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:0.84em; text-indent:-0.84em"><FONT STYLE="font-family:ARIAL" SIZE="2">Total assets for reportable segments</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">$532,489</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">$542,843</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:0.84em; text-indent:-0.84em"><FONT STYLE="font-family:ARIAL" SIZE="2">Corporate assets:</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.68em; text-indent:-0.84em"><FONT STYLE="font-family:ARIAL" SIZE="2">Cash</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">78,868</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">103,005</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.68em; text-indent:-0.84em"><FONT STYLE="font-family:ARIAL" SIZE="2">Property, plant and equipment</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">17,976</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">17,883</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.68em; text-indent:-0.84em"><FONT STYLE="font-family:ARIAL" SIZE="2">Deferred income taxes</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">26,955</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">14,478</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.68em; text-indent:-0.84em"><FONT STYLE="font-family:ARIAL" SIZE="2">Other</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">26,351</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">24,408</FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:0.84em; text-indent:-0.84em"><FONT STYLE="font-family:ARIAL" SIZE="2">Total corporate assets</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">$150,150</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">$159,774</FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:0.84em; text-indent:-0.84em"><FONT STYLE="font-family:ARIAL" SIZE="2">Total assets</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">$682,639</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">$702,617</FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD></TR></TABLE> <P STYLE="margin-top:5px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">The Company&#146;s goodwill of $25,111 is assigned to the Piling segment. All of
the Company&#146;s assets are located in Canada. </FONT></P> <P STYLE="margin-top:5px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2"><I>iii) Depreciation of property, plant and equipment </I></FONT></P>
<P STYLE="font-size:5px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" ALIGN="center">

<TR>
<TD WIDTH="82%"></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD></TR>
<TR>
<TD VALIGN="bottom" NOWRAP STYLE="border-bottom:1px solid #000000"> <P STYLE="margin-top:0px;margin-bottom:1px"><FONT STYLE="font-family:ARIAL" SIZE="1">Three months ended June&nbsp;30,</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:ARIAL" SIZE="1">2010</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:ARIAL" SIZE="1">2009</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:0.84em; text-indent:-0.84em"><FONT STYLE="font-family:ARIAL" SIZE="2">Total depreciation for reportable segments</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">$6,468</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">$7,506</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:0.84em; text-indent:-0.84em"><FONT STYLE="font-family:ARIAL" SIZE="2">Depreciation for corporate assets</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">1,735</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">1,218</FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:0.84em; text-indent:-0.84em"><FONT STYLE="font-family:ARIAL" SIZE="2">Total depreciation</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">$8,203</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">$8,724</FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD></TR></TABLE> <P STYLE="margin-top:5px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2"><I>iv) Capital expenditures for property, plant and equipment </I></FONT></P>
<P STYLE="font-size:5px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" ALIGN="center">

<TR>
<TD WIDTH="83%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD></TR>
<TR>
<TD VALIGN="bottom" NOWRAP STYLE="border-bottom:1px solid #000000"> <P STYLE="margin-top:0px;margin-bottom:1px"><FONT STYLE="font-family:ARIAL" SIZE="1">Three months ended June&nbsp;30,</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:ARIAL" SIZE="1">2010</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:ARIAL" SIZE="1">2009</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:0.84em; text-indent:-0.84em"><FONT STYLE="font-family:ARIAL" SIZE="2">Total capital expenditures for reportable segments</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">$4,670</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">$16,674</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:0.84em; text-indent:-0.84em"><FONT STYLE="font-family:ARIAL" SIZE="2">Capital expenditures for corporate assets</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">1,919</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">3,036</FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:0.84em; text-indent:-0.84em"><FONT STYLE="font-family:ARIAL" SIZE="2">Total capital expenditures</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">$6,589</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">$19,710</FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD></TR></TABLE> <P STYLE="margin-top:5px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>d) Customers </B></FONT></P>
<P STYLE="margin-top:5px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">The following customers accounted for 10% or more of total revenues: </FONT></P> <P STYLE="font-size:9px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" ALIGN="center">

<TR>
<TD WIDTH="88%"></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD></TR>
<TR>
<TD VALIGN="bottom" NOWRAP STYLE="border-bottom:1px solid #000000"> <P STYLE="margin-top:0px;margin-bottom:1px"><FONT STYLE="font-family:ARIAL" SIZE="1">Three months ended June&nbsp;30,</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:ARIAL" SIZE="1">2010</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:ARIAL" SIZE="1">2009</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:0.84em; text-indent:-0.84em"><FONT STYLE="font-family:ARIAL" SIZE="2">Customer A</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">40%</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">55%</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:0.84em; text-indent:-0.84em"><FONT STYLE="font-family:ARIAL" SIZE="2">Customer B</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">30%</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">18%</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:0.84em; text-indent:-0.84em"><FONT STYLE="font-family:ARIAL" SIZE="2">Customer C</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">7%</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">10%</FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD></TR></TABLE> <P STYLE="margin-top:5px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">The revenue by major customer was earned in Heavy Construction and Mining and
Piling segments. </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">North American Energy Partners
Inc.&nbsp;&nbsp;</FONT><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#a03245"><B>Notes to Consolidated Financial Statements</B></FONT><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;15 </FONT></P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>

 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="4" COLOR="#a03245"><B>Notes to Interim Consolidated Financial Statements </B></FONT></P>
<P STYLE="margin-top:18px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">For the three months ended June 30, 2010 </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">(Expressed in thousands
of Canadian Dollars, except per share amounts or unless otherwise specified) </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">(Unaudited) </FONT></P>
<P STYLE="line-height:3px;margin-top:0px;margin-bottom:2px;border-bottom:6pt solid #ffffff">&nbsp;</P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="3"><B>15. Stock-based compensation plan </B></FONT></P> <P STYLE="margin-top:5px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">Stock-based compensation
expenses included in general and administrative costs are as follows: </FONT></P> <P STYLE="font-size:9px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" ALIGN="center">

<TR>
<TD WIDTH="86%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD></TR>
<TR>
<TD VALIGN="bottom" NOWRAP STYLE="border-bottom:1px solid #000000"> <P STYLE="margin-top:0px;margin-bottom:1px"><FONT STYLE="font-family:ARIAL" SIZE="1">Three months ended June&nbsp;30,</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:ARIAL" SIZE="1">2010</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:ARIAL" SIZE="1">2009</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:0.84em; text-indent:-0.84em"><FONT STYLE="font-family:ARIAL" SIZE="2">Share option plan</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">$405</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">$929</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:0.84em; text-indent:-0.84em"><FONT STYLE="font-family:ARIAL" SIZE="2">Deferred performance share unit plan</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">5</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">214</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:0.84em; text-indent:-0.84em"><FONT STYLE="font-family:ARIAL" SIZE="2">Restricted share unit plan</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">303</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">&#150;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:0.84em; text-indent:-0.84em"><FONT STYLE="font-family:ARIAL" SIZE="2">Director&#146;s share unit plan</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">126</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">674</FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">$839</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">$1,817</FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD></TR></TABLE> <P STYLE="margin-top:5px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>a) Share option plan </B></FONT></P>
<P STYLE="margin-top:5px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">Under the 2004 Amended and Restated Share Option Plan, directors, officers, employees and certain service providers to the Company are eligible to receive stock
options to acquire voting common shares in the Company. Each stock option provides the right to acquire one common share in the Company and expires ten years from the grant date or on termination of employment. Options may be exercised at a price
determined at the time the option is awarded, and vest as follows: no options vest on the award date and twenty percent vest on each subsequent anniversary date. </FONT></P> <P STYLE="font-size:9px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" ALIGN="center">

<TR>
<TD WIDTH="51%"></TD>
<TD VALIGN="bottom" WIDTH="6%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="6%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="6%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="6%"></TD>
<TD></TD>
<TD></TD></TR>
<TR>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="10" ALIGN="right" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:ARIAL" SIZE="1">Three months ended June&nbsp;30,</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="4" ALIGN="right" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:ARIAL" SIZE="1">2010</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="4" ALIGN="right" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:ARIAL" SIZE="1">2009</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="bottom" STYLE="border-bottom:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:ARIAL" SIZE="1">Number&nbsp;of<BR>options</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:ARIAL" SIZE="1">Weighted&nbsp;average<BR>exercise&nbsp;price<BR>($ per share)</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:ARIAL" SIZE="1">Number&nbsp;of<BR>options</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:ARIAL" SIZE="1">Weighted&nbsp;average<BR>exercise&nbsp;price<BR>($ per share)</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:0.84em; text-indent:-0.84em"><FONT STYLE="font-family:ARIAL" SIZE="2">Outstanding, beginning of period</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">2,250,804</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">7.84</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">2,071,884</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">7.53</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.68em; text-indent:-0.84em"><FONT STYLE="font-family:ARIAL" SIZE="2">Granted</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&#150;</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&#150;</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">160,000</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">8.28</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.68em; text-indent:-0.84em"><FONT STYLE="font-family:ARIAL" SIZE="2">Exercised</FONT><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex"> (i)</SUP>
</FONT><FONT STYLE="font-family:ARIAL" SIZE="2"></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">(12,760</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">(5.00</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&#150;</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&#150;</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.68em; text-indent:-0.84em"><FONT STYLE="font-family:ARIAL" SIZE="2">Options settled for cash</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&#150;</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&#150;</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">(40,000</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">(5.00</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">)&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.68em; text-indent:-0.84em"><FONT STYLE="font-family:ARIAL" SIZE="2">Forfeited</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">(800</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">(13.50</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">(10,380</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">(6.51</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">)&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:0.84em; text-indent:-0.84em"><FONT STYLE="font-family:ARIAL" SIZE="2">Outstanding, end of period</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">2,237,244</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">7.85</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">2,181,504</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">7.64</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1">(i)</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:ARIAL" SIZE="1">All stock options exercised resulted in new common shares being issued (note 10(a)). </FONT></TD></TR></TABLE>
<P STYLE="margin-top:5px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">At June&nbsp;30, 2010, the weighted average remaining contractual life of outstanding options is 6.4&nbsp;years (March&nbsp;31, 2010&nbsp;&#150; 6.6&nbsp;years). At
June&nbsp;30, 2010, the Company had 1,418,828 exercisable options (March&nbsp;31, 2010&nbsp;&#150; 1,244,908) with a weighted average exercise price of $6.55 (March&nbsp;31, 2010&nbsp;&#150; $6.46). </FONT></P>
<P STYLE="margin-top:5px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">Cash received from the option exercises for the three months ended June&nbsp;30, 2010 was $64 (June 30, 2009 &#150; $nil). For the three months ended June&nbsp;30,
2010, there were no options settled in cash (June 30, 2009 &#150; 40,000). </FONT></P> <P STYLE="margin-top:5px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">The fair value of each option granted by the Company was estimated on the
grant date using the Black-Scholes option-pricing model with the following assumptions: </FONT></P> <P STYLE="font-size:9px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" ALIGN="center">

<TR>
<TD WIDTH="79%"></TD>
<TD VALIGN="bottom" WIDTH="7%"></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="7%"></TD>
<TD></TD></TR>
<TR>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="3" ALIGN="right" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:ARIAL" SIZE="1">Three&nbsp;months&nbsp;ended&nbsp;June&nbsp;30,</FONT></TD></TR>
<TR>
<TD VALIGN="bottom" STYLE="border-bottom:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2010</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2009</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:0.84em; text-indent:-0.84em"><FONT STYLE="font-family:ARIAL" SIZE="2">Number of options granted</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">&#150;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">160,000</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:0.84em; text-indent:-0.84em"><FONT STYLE="font-family:ARIAL" SIZE="2">Weighted average fair value per option granted ($)</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">&#150;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">5.89</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:0.84em; text-indent:-0.84em"><FONT STYLE="font-family:ARIAL" SIZE="2">Weighted average assumptions:</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.68em; text-indent:-0.84em"><FONT STYLE="font-family:ARIAL" SIZE="2">Dividend yield</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">&#150;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">Nil%</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.68em; text-indent:-0.84em"><FONT STYLE="font-family:ARIAL" SIZE="2">Expected volatility</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">&#150;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">77.47%</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.68em; text-indent:-0.84em"><FONT STYLE="font-family:ARIAL" SIZE="2">Risk-free interest rate</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">&#150;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">3.44%</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.68em; text-indent:-0.84em"><FONT STYLE="font-family:ARIAL" SIZE="2">Expected life (years)</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">&#150;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">6.5</FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD></TR></TABLE> <P STYLE="margin-top:5px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">The Company uses company specific historical data to estimate the expected life of
the option, such as employee option exercise and employee post-vesting departure behavior. Since the Company's shares have been publicly traded for a period that is shorter than the expected life of the share option, expected volatility is estimated
based on the historical volatility of a peer group of similar entities in addition to its own historical volatility. </FONT></P> <P STYLE="margin-top:5px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>b) Deferred performance share
unit plan </B></FONT></P> <P STYLE="margin-top:3px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">On March&nbsp;19, 2008, the Company approved a Deferred Performance Share Unit (&#147;DPSU&#148;) Plan which became effective
April&nbsp;1, 2008. </FONT></P> <P STYLE="margin-top:5px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">DPSUs are granted each fiscal year with respect of services to be provided in that fiscal year and the following two fiscal years.
The DPSUs vest at the end of a three-year term and are subject to the performance criteria approved by the Compensation Committee of the Board of Directors at the date of grant. Such performance criterion includes the passage of time and is based
upon return on invested capital calculated as operating income divided by average operating assets. The date of the third fiscal year-end following the date of the grant of DPSUs is the maturity date for
</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="1">16&nbsp;&nbsp;</FONT><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#a03245"><B>Notes to Consolidated Financial
Statements</B></FONT><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;North American Energy Partners Inc. </FONT></P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>

 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="4" COLOR="#a03245"><B>Notes to Interim Consolidated Financial Statements </B></FONT></P>
<P STYLE="margin-top:18px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">For the three months ended June 30, 2010 </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">(Expressed in thousands
of Canadian Dollars, except per share amounts or unless otherwise specified) </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">(Unaudited) </FONT></P>
<P STYLE="line-height:3px;margin-top:0px;margin-bottom:2px;border-bottom:6pt solid #ffffff">&nbsp;</P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">
such DPSUs. At the maturity date, the Compensation Committee assesses the participant against the performance criteria and determines the number of DPSUs that have been earned (earned DPSUs).
</FONT></P> <P STYLE="margin-top:5px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">The settlement of the participant&#146;s entitlement is made at the Company&#146;s option either in cash in an amount equivalent to the number of earned
DPSUs multiplied by the value of the Company&#146;s common shares at the date of maturity or in a number of common shares equal to the number of earned DPSUs. If settled in common shares, the common shares are purchased on the open market or through
the issuance of shares from treasury. </FONT></P> <P STYLE="margin-top:5px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">The fair value of each unit under the DPSU Plan was estimated on the date of the grant using Black-Scholes option
pricing model. The weighted average assumptions used in estimating the fair value of the units issued under the DPSU Plan are as follows: </FONT></P> <P STYLE="font-size:5px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" ALIGN="center">

<TR>
<TD WIDTH="73%"></TD>
<TD VALIGN="bottom" WIDTH="10%"></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="10%"></TD>
<TD></TD></TR>
<TR>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="3" ALIGN="right" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:ARIAL" SIZE="1">Three&nbsp;months&nbsp;ended&nbsp;June&nbsp;30,</FONT></TD></TR>
<TR>
<TD VALIGN="bottom" STYLE="border-bottom:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2010</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2009<SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(i)</SUP>
</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:0.84em; text-indent:-0.84em"><FONT STYLE="font-family:ARIAL" SIZE="2">Number of units granted</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">&#150;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">748,791</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:0.84em; text-indent:-0.84em"><FONT STYLE="font-family:ARIAL" SIZE="2">Weighted average fair value per unit granted ($)</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">&#150;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">3.65</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:0.84em; text-indent:-0.84em"><FONT STYLE="font-family:ARIAL" SIZE="2">Assumptions:</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.68em; text-indent:-0.84em"><FONT STYLE="font-family:ARIAL" SIZE="2">Dividend yield</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">&#150;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">Nil%</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.68em; text-indent:-0.84em"><FONT STYLE="font-family:ARIAL" SIZE="2">Expected volatility</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">&#150;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">95.49%</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.68em; text-indent:-0.84em"><FONT STYLE="font-family:ARIAL" SIZE="2">Risk-free interest rate</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">&#150;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">1.35%</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.68em; text-indent:-0.84em"><FONT STYLE="font-family:ARIAL" SIZE="2">Expected life (years)</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">&#150;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">3.0</FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD></TR></TABLE> <P STYLE="font-size:5px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="3%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1">(i)</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:ARIAL" SIZE="1">Since the Company&#146;s shares have been publicly traded for a period that is shorter than the expected life of the DPSU, expected volatility is estimated based on the
historical volatility of a peer group of similar entities in addition to its own historical volatility. </FONT></TD></TR></TABLE> <P STYLE="font-size:9px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" ALIGN="center">

<TR>
<TD WIDTH="73%"></TD>
<TD VALIGN="bottom" WIDTH="7%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="7%"></TD>
<TD></TD>
<TD></TD></TR>
<TR>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="4" ALIGN="right" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:ARIAL" SIZE="1">Three&nbsp;months&nbsp;ended&nbsp;June&nbsp;30,</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:ARIAL" SIZE="1">2010</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:ARIAL" SIZE="1">2009</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="bottom" STYLE="border-bottom:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:ARIAL" SIZE="1">Number&nbsp;of&nbsp;units</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:ARIAL" SIZE="1">Number&nbsp;of&nbsp;units</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:0.84em; text-indent:-0.84em"><FONT STYLE="font-family:ARIAL" SIZE="2">Outstanding, beginning of period</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">507,295</FONT><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex"></SUP></FONT><FONT STYLE="font-family:ARIAL" SIZE="2">
</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2"></FONT><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(i)</SUP></FONT><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;
</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">91,005</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.68em; text-indent:-0.84em"><FONT STYLE="font-family:ARIAL" SIZE="2">Granted</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&#150;</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">748,791</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.68em; text-indent:-0.84em"><FONT STYLE="font-family:ARIAL" SIZE="2">Exercised</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&#150;</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&#150;</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.68em; text-indent:-0.84em"><FONT STYLE="font-family:ARIAL" SIZE="2">Forfeited</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">(3,294</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">(19,001</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">)&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:0.84em; text-indent:-0.84em"><FONT STYLE="font-family:ARIAL" SIZE="2">Outstanding, end of period</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">504,001</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">820,795</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD></TR></TABLE> <P STYLE="font-size:5px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="3%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1">(i)</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:ARIAL" SIZE="1">On December&nbsp;18, 2009, the Company converted 389,204 DPSUs into RSUs at a conversion factor of 80%. </FONT></TD></TR></TABLE>
<P STYLE="margin-top:5px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">The weighted average exercise price per unit is $nil. </FONT></P> <P STYLE="margin-top:5px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">At
June&nbsp;30, 2010, the weighted average remaining contractual life of outstanding DPSU Plan units is 1.96 years (March&nbsp;31, 2010&nbsp;&#150; 2.2 years). Compensation expense was based upon management&#146;s assessment of performance against
return on invested capital targets and the ultimate number of units expected to be issued. As at June&nbsp;30, 2010, there was approximately $716 of total unrecognized compensation cost related to non-vested share-based payment arrangements under
the DPSU Plan (June 30, 2009 &#150; $1,465), which is expected to be recognized over a weighted average period of 1.96 years and is subject to performance adjustments. </FONT></P>
<P STYLE="margin-top:5px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>c) Restricted share unit plan </B></FONT></P> <P STYLE="margin-top:3px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">On December&nbsp;3, 2009, the
Company approved a Restricted Share Unit (&#147;RSU&#148;) Plan which became effective December&nbsp;18, 2009. </FONT></P> <P STYLE="margin-top:5px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">RSUs are granted each fiscal year with
respect to services to be provided in that fiscal year and the following two fiscal years. The RSUs vest at the end of a three-year term. The Company classifies RSUs as a liability as the Company has the ability and intent to settle the awards in
cash. </FONT></P> <P STYLE="margin-top:5px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">Compensation expense is calculated based on the weighted average number of vested shares multiplied by the fair value of each RSU as determined by
the closing value of the Company&#146;s common shares on each period end date. The Company recognizes compensation expense over the vesting period of the RSU term. </FONT></P> <P STYLE="font-size:9px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" ALIGN="center">

<TR>
<TD WIDTH="74%"></TD>
<TD VALIGN="bottom" WIDTH="10%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="10%"></TD>
<TD></TD></TR>
<TR>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="4" ALIGN="right" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:ARIAL" SIZE="1">Three months ended June&nbsp;30,</FONT></TD></TR>
<TR>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:ARIAL" SIZE="1">2010</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:ARIAL" SIZE="1">2009</FONT></TD></TR>
<TR>
<TD VALIGN="bottom" STYLE="border-bottom:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:ARIAL" SIZE="1">Number&nbsp;of&nbsp;units</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:ARIAL" SIZE="1">Number&nbsp;of&nbsp;units</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:0.84em; text-indent:-0.84em"><FONT STYLE="font-family:ARIAL" SIZE="2">Outstanding, beginning of period</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">468,815</FONT><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex"></SUP></FONT><FONT STYLE="font-family:ARIAL" SIZE="2">
</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2"></FONT><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(i)</SUP></FONT><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;
</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">&#150;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.68em; text-indent:-0.84em"><FONT STYLE="font-family:ARIAL" SIZE="2">Granted</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&#150;</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">&#150;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.68em; text-indent:-0.84em"><FONT STYLE="font-family:ARIAL" SIZE="2">Exercised</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&#150;</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">&#150;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.68em; text-indent:-0.84em"><FONT STYLE="font-family:ARIAL" SIZE="2">Forfeited</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">(15,564</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">&#150;</FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:0.84em; text-indent:-0.84em"><FONT STYLE="font-family:ARIAL" SIZE="2">Outstanding, end of period</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">453,251</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">&#150;</FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD></TR></TABLE> <P STYLE="font-size:5px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="3%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1">(i)</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:ARIAL" SIZE="1">On December&nbsp;18, 2009, the Company converted certain middle manager&#146;s DPSUs into RSUs at a conversion factor of 80%. </FONT></TD></TR></TABLE>
<P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">North American Energy Partners
Inc.&nbsp;&nbsp;</FONT><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#a03245"><B>Notes to Consolidated Financial Statements</B></FONT><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;17 </FONT></P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>

 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="4" COLOR="#a03245"><B>Notes to Interim Consolidated Financial Statements </B></FONT></P>
<P STYLE="margin-top:18px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">For the three months ended June 30, 2010 </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">(Expressed in thousands
of Canadian Dollars, except per share amounts or unless otherwise specified) </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">(Unaudited) </FONT></P>
<P STYLE="line-height:3px;margin-top:0px;margin-bottom:2px;border-bottom:6pt solid #ffffff">&nbsp;</P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">At June&nbsp;30, 2010, the redemption value of these units was $9.41/unit (March 31, 2010 &#150; $9.68/unit). </FONT></P>
<P STYLE="margin-top:5px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">Using the redemption value of $9.41/unit at June&nbsp;30, 2010, there was approximately $2,932 of total unrecognized compensation cost related to non-vested
share-based payment arrangement under the RSU Plan and these costs are expected to be recognized over the weighted average remaining contractual life of the RSUs of 2.1 years (March 31, 2010 &#150; 2.3 years). </FONT></P>
<P STYLE="margin-top:5px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>d) Director&#146;s deferred stock unit plan </B></FONT></P>
<P STYLE="margin-top:3px;margin-bottom:0px;padding-bottom:0px;"><FONT STYLE="font-family:ARIAL" SIZE="2">On November&nbsp;27, 2007, the Company approved a Directors&#146; Deferred Stock Unit (&#147;DDSU&#148;) Plan, which became effective
January&nbsp;1, 2008. Under the DDSU Plan, non-officer directors of the Company receive 50% of their annual fixed remuneration (which is included in general and administrative costs) in the form of DDSUs and may elect to receive all or a part of
their annual fixed remuneration in excess of 50% in the form of DDSUs. The number of DDSUs to be credited to the participants deferred unit account is determined by dividing the amount of the participant&#146;s deferred remuneration by the Canadian
Dollar equivalent of the Company&#146;s weighted average share price of the last five trading days on the New York Stock Exchange at the end of the period. The DDSUs vest immediately upon grant and are only redeemable upon death or retirement of the
participant for cash determined by the market price of the Company&#146;s common shares for the five trading days immediately preceding death or retirement. Directors, who are not US taxpayers, may elect to defer the maturity date until a date no
later than December&nbsp;1</FONT><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">st</SUP></FONT><FONT STYLE="font-family:ARIAL" SIZE="2"> of the calendar year following the year in which
the actual maturity date occurred. </FONT></P> <P STYLE="font-size:9px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" ALIGN="center">

<TR>
<TD WIDTH="78%"></TD>
<TD VALIGN="bottom" WIDTH="4%"></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="4%"></TD>
<TD></TD></TR>
<TR>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="3" ALIGN="right" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:ARIAL" SIZE="1">Three&nbsp;months&nbsp;ended&nbsp;June&nbsp;30,</FONT></TD></TR>
<TR>
<TD VALIGN="bottom" STYLE="border-bottom:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2010</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2009</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:0.84em; text-indent:-0.84em"><FONT STYLE="font-family:ARIAL" SIZE="2">Outstanding, beginning of period</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">263,266</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">139,691</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.68em; text-indent:-0.84em"><FONT STYLE="font-family:ARIAL" SIZE="2">Granted</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">20,889</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">33,317</FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:0.84em; text-indent:-0.84em"><FONT STYLE="font-family:ARIAL" SIZE="2">Outstanding, end of period</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">284,155</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">173,008</FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD></TR></TABLE> <P STYLE="margin-top:5px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">At June&nbsp;30, 2010, the redemption value of these units was $9.41/unit (March
31, 2010&nbsp;&#150; $9.68/unit). There is no unrecognized compensation expense related to the DDSUs, since these awards vest immediately when granted. </FONT></P>
<P STYLE="margin-top:9px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="3"><B>16. Contingencies </B></FONT></P> <P STYLE="margin-top:3px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">During the normal course of the
Company&#146;s operations, various legal and tax matters are pending. In the opinion of management, these matters will not have a material effect on the Company&#146;s consolidated financial position or results of operations. </FONT></P>
<P STYLE="margin-top:9px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="3"><B>17. Seasonality </B></FONT></P> <P STYLE="margin-top:5px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">The Company generally experiences a decline
in revenues during the first quarter of each fiscal year due to seasonality, as weather conditions make operations in the Company&#146;s operating regions difficult during this period. The level of activity in the Heavy Construction and Mining and
Pipeline segments declines when frost leaves the ground and many secondary roads are temporarily rendered incapable of supporting the weight of heavy equipment. The duration of this period is referred to as &#147;spring breakup&#148; and has a
direct effect on the Company&#146;s activity levels. Revenues during the fourth quarter of each fiscal year are typically highest as ground conditions are most favorable in the Company&#146;s operating regions. As a result, full-year results are not
likely to be a direct multiple of any particular quarter or combination of quarters. In addition to revenue variability, gross margins can be negatively affected in less active periods because the Company is likely to incur higher maintenance and
repair costs due to its equipment being available for service. </FONT></P> <P STYLE="margin-top:9px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="3"><B>18. Claims revenue </B></FONT></P>
<P STYLE="margin-top:5px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">At June&nbsp;30, 2010, due to the timing of receipt of signed change orders, Heavy Construction and Mining segment, Piling segment and Pipeline segment had
approximately $0.6 million, $1.3 million and $0.1 million in claims revenue recognized to the extent of costs incurred respectively. </FONT></P> <P STYLE="margin-top:9px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="3"><B>19. Comparative
figures </B></FONT></P> <P STYLE="margin-top:5px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">Certain of the comparative figures have been reclassified from statements previously presented to conform to the presentation of the current
year consolidated financial statements. </FONT></P> <P STYLE="margin-top:9px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="3"><B>20. Subsequent events </B></FONT></P>
<P STYLE="margin-top:5px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">On July&nbsp;6, 2010, the Company was notified by a major customer that a standby letter of credit in the amount of $2.0 million is required to support performance
guarantees. As a result of the issuance of this standby letter of credit, the borrowing availability under the Company&#146;s Revolving Facility decreased to $68.6 million. </FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="1">18&nbsp;&nbsp;</FONT><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#a03245"><B>Notes to Consolidated Financial
Statements</B></FONT><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;North American Energy Partners Inc. </FONT></P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>

 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="4" COLOR="#a03245"><B>Notes to Interim Consolidated Financial Statements </B></FONT></P>
<P STYLE="margin-top:18px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">For the three months ended June 30, 2010 </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">(Expressed in thousands
of Canadian Dollars, except per share amounts or unless otherwise specified) </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">(Unaudited) </FONT></P>
<P STYLE="line-height:3px;margin-top:0px;margin-bottom:2px;border-bottom:6pt solid #ffffff">&nbsp;</P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="3"><B>21. United States and Canadian accounting policy differences </B></FONT></P>
<P STYLE="margin-top:5px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">These consolidated financial statements have been prepared in accordance with US&nbsp;GAAP, which differs in certain respects from Canadian GAAP. If Canadian GAAP
were employed, the Company's net income would be adjusted as follows: </FONT></P> <P STYLE="font-size:5px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" ALIGN="center">

<TR>
<TD WIDTH="67%"></TD>
<TD VALIGN="bottom" WIDTH="4%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="4%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="4%"></TD>
<TD></TD>
<TD></TD></TR>
<TR>
<TD VALIGN="bottom" NOWRAP STYLE="border-bottom:1px solid #000000"> <P STYLE="margin-top:0px;margin-bottom:1px"><FONT STYLE="font-family:ARIAL" SIZE="1">Consolidated Statements of Operations, Comprehensive Loss and Deficit - Three months<BR>ended
June&nbsp;30, 2010</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:ARIAL" SIZE="1">US GAAP</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:ARIAL" SIZE="1">Adjustments</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:ARIAL" SIZE="1">Canadian&nbsp;GAAP</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:0.84em; text-indent:-0.84em"><FONT STYLE="font-family:ARIAL" SIZE="2">Revenue
</FONT><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(e)</SUP></FONT><FONT STYLE="font-family:ARIAL" SIZE="2"></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">$183,594</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">$2,173</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">$185,767</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:0.84em; text-indent:-0.84em"><FONT STYLE="font-family:ARIAL" SIZE="2">Project costs
</FONT><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(e)</SUP></FONT><FONT STYLE="font-family:ARIAL" SIZE="2"></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">77,277</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">1,993</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">79,270</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:0.84em; text-indent:-0.84em"><FONT STYLE="font-family:ARIAL" SIZE="2">Equipment costs</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">65,003</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&#150;</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">65,003</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:0.84em; text-indent:-0.84em"><FONT STYLE="font-family:ARIAL" SIZE="2">Equipment operating lease expense</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">17,491</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&#150;</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">17,491</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:0.84em; text-indent:-0.84em"><FONT STYLE="font-family:ARIAL" SIZE="2">Depreciation </FONT><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(a)</SUP>
</FONT><FONT STYLE="font-family:ARIAL" SIZE="2"></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">8,203</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">(32</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">8,171</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>Gross profit</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>15,620</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>212</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>15,832</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>&nbsp;&nbsp;</B></FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:0.84em; text-indent:-0.84em"><FONT STYLE="font-family:ARIAL" SIZE="2">General and administrative costs
</FONT><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(c)</SUP></FONT><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;and
</FONT><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(e)</SUP></FONT><FONT STYLE="font-family:ARIAL" SIZE="2"></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">13,729</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">410</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">14,139</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:0.84em; text-indent:-0.84em"><FONT STYLE="font-family:ARIAL" SIZE="2">Gain on disposal of property, plant and equipment</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">(4</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&#150;</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">(4</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">)&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:0.84em; text-indent:-0.84em"><FONT STYLE="font-family:ARIAL" SIZE="2">Amortization of intangible assets
</FONT><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(b)</SUP></FONT><FONT STYLE="font-family:ARIAL" SIZE="2"></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">588</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">175</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">763</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:0.84em; text-indent:-0.84em"><FONT STYLE="font-family:ARIAL" SIZE="2">Equity in loss of unconsolidated joint venture
</FONT><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(e)</SUP></FONT><FONT STYLE="font-family:ARIAL" SIZE="2"></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">243</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">(243</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&#150;</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>Operating income before the undernoted</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>1,064</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>(130</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>)&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>934</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>&nbsp;&nbsp;</B></FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:0.84em; text-indent:-0.84em"><FONT STYLE="font-family:ARIAL" SIZE="2">Interest expense, net
</FONT><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(b)</SUP></FONT><FONT STYLE="font-family:ARIAL" SIZE="2"></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">7,729</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">(381</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">7,348</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:0.84em; text-indent:-0.84em"><FONT STYLE="font-family:ARIAL" SIZE="2">Foreign exchange gain</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">(1,697</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&#150;</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">(1,697</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">)&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:0.84em; text-indent:-0.84em"><FONT STYLE="font-family:ARIAL" SIZE="2">Realized and unrealized loss on derivative financial instruments
</FONT><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(d)</SUP></FONT><FONT STYLE="font-family:ARIAL" SIZE="2"></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">3,008</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">(891</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">2,117</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:0.84em; text-indent:-0.84em"><FONT STYLE="font-family:ARIAL" SIZE="2">Loss on debt extinguishment
</FONT><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(b)</SUP></FONT><FONT STYLE="font-family:ARIAL" SIZE="2"></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">4,346</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">(2,884</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">1,462</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>Loss before income taxes</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>(12,322</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>)&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>4,026</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>(8,296</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>)&nbsp;</B></FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:0.84em; text-indent:-0.84em"><FONT STYLE="font-family:ARIAL" SIZE="2">Income taxes (benefit):</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.68em; text-indent:-0.84em"><FONT STYLE="font-family:ARIAL" SIZE="2">Current</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">1,228</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&#150;</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">1,228</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.68em; text-indent:-0.84em"><FONT STYLE="font-family:ARIAL" SIZE="2">Deferred </FONT><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(f)</SUP>
</FONT><FONT STYLE="font-family:ARIAL" SIZE="2"></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">(3,241</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">1,016</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">(2,225</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">)&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>Net loss and comprehensive loss for the period</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>(10,309</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>)&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>3,010</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>(7,299</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>)&nbsp;</B></FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:0.84em; text-indent:-0.84em"><FONT STYLE="font-family:ARIAL" SIZE="2">Deficit, beginning of period</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">(129,886</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">1,081</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">(128,805</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">)&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>Deficit, end of period</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>$(140,195</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>)&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>$4,091</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>$(136,104</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>)&nbsp;</B></FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>Net loss per share &#150; basic</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>$(0.29</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>)&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>$0.09</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>$(0.20</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>)&nbsp;</B></FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>Net loss per share &#150; diluted</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>$(0.29</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>)&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>$0.09</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>$(0.20</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>)&nbsp;</B></FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD></TR></TABLE> <P STYLE="font-size:9px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" ALIGN="center">

<TR>
<TD WIDTH="65%"></TD>
<TD VALIGN="bottom" WIDTH="5%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="5%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="5%"></TD>
<TD></TD>
<TD></TD></TR>
<TR>
<TD VALIGN="bottom" NOWRAP STYLE="border-bottom:1px solid #000000"> <P STYLE="margin-top:0px;margin-bottom:1px"><FONT STYLE="font-family:ARIAL" SIZE="1">Consolidated Statements of Operations, Comprehensive Income and Deficit - Three<BR>months ended
June&nbsp;30, 2009</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:ARIAL" SIZE="1">US GAAP</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:ARIAL" SIZE="1">Adjustments</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:ARIAL" SIZE="1">Canadian&nbsp;GAAP</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:0.84em; text-indent:-0.84em"><FONT STYLE="font-family:ARIAL" SIZE="2">Revenue
</FONT><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(e)</SUP></FONT><FONT STYLE="font-family:ARIAL" SIZE="2"></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">$146,519</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">$584</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">$147,103</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:0.84em; text-indent:-0.84em"><FONT STYLE="font-family:ARIAL" SIZE="2">Project costs
</FONT><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(e)</SUP></FONT><FONT STYLE="font-family:ARIAL" SIZE="2"></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">54,262</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">291</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">54,553</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:0.84em; text-indent:-0.84em"><FONT STYLE="font-family:ARIAL" SIZE="2">Equipment costs</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">46,044</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&#150;</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">46,044</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:0.84em; text-indent:-0.84em"><FONT STYLE="font-family:ARIAL" SIZE="2">Equipment operating lease expense</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">12,349</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&#150;</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">12,349</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:0.84em; text-indent:-0.84em"><FONT STYLE="font-family:ARIAL" SIZE="2">Depreciation </FONT><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(a)</SUP>
</FONT><FONT STYLE="font-family:ARIAL" SIZE="2"></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">8,724</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">(31</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">8,693</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>Gross profit</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>25,140</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>324</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>25,464</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>&nbsp;&nbsp;</B></FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:0.84em; text-indent:-0.84em"><FONT STYLE="font-family:ARIAL" SIZE="2">General and administrative costs
</FONT><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(c)</SUP></FONT><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;and
</FONT><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(e)</SUP></FONT><FONT STYLE="font-family:ARIAL" SIZE="2"></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">14,976</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">90</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">15,066</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:0.84em; text-indent:-0.84em"><FONT STYLE="font-family:ARIAL" SIZE="2">Loss on disposal of property, plant and equipment</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">41</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&#150;</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">41</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:0.84em; text-indent:-0.84em"><FONT STYLE="font-family:ARIAL" SIZE="2">Gain on disposal of assets held for sale</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">(317</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&#150;</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">(317</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">)&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:0.84em; text-indent:-0.84em"><FONT STYLE="font-family:ARIAL" SIZE="2">Amortization of intangible assets
</FONT><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(b)</SUP></FONT><FONT STYLE="font-family:ARIAL" SIZE="2"></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">493</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">209</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">702</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:0.84em; text-indent:-0.84em"><FONT STYLE="font-family:ARIAL" SIZE="2">Equity in earnings of unconsolidated joint venture
</FONT><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(e)</SUP></FONT><FONT STYLE="font-family:ARIAL" SIZE="2"></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">(191</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">191</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&#150;</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>Operating income before the undernoted</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>10,138</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>(166</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>)&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>9,972</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>&nbsp;&nbsp;</B></FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:0.84em; text-indent:-0.84em"><FONT STYLE="font-family:ARIAL" SIZE="2">Interest expense, net
</FONT><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(b)</SUP></FONT><FONT STYLE="font-family:ARIAL" SIZE="2"></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">6,552</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">(584</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">5,968</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:0.84em; text-indent:-0.84em"><FONT STYLE="font-family:ARIAL" SIZE="2">Foreign exchange gain
</FONT><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(b)</SUP></FONT><FONT STYLE="font-family:ARIAL" SIZE="2"></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">(19,436</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">221</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">(19,215</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">)&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:0.84em; text-indent:-0.84em"><FONT STYLE="font-family:ARIAL" SIZE="2">Realized and unrealized loss on derivative financial instruments
</FONT><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(d)</SUP></FONT><FONT STYLE="font-family:ARIAL" SIZE="2"></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">10,021</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&#150;</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">10,021</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:0.84em; text-indent:-0.84em"><FONT STYLE="font-family:ARIAL" SIZE="2">Other expense</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">533</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&#150;</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">533</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>Income before income taxes</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>12,468</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>197</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>12,665</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>&nbsp;&nbsp;</B></FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:0.84em; text-indent:-0.84em"><FONT STYLE="font-family:ARIAL" SIZE="2">Income taxes:</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.68em; text-indent:-0.84em"><FONT STYLE="font-family:ARIAL" SIZE="2">Current</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&#150;</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&#150;</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&#150;</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.68em; text-indent:-0.84em"><FONT STYLE="font-family:ARIAL" SIZE="2">Deferred </FONT><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(f)</SUP>
</FONT><FONT STYLE="font-family:ARIAL" SIZE="2"></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">2,541</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">54</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">2,595</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>Net income and comprehensive income for the period</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>9,927</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>143</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>10,070</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>&nbsp;&nbsp;</B></FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:0.84em; text-indent:-0.84em"><FONT STYLE="font-family:ARIAL" SIZE="2">Deficit, beginning of period</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">(158,105</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">126</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">(157,979</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">)&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>Deficit, end of period</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>$(148,178</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>)&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>$269</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>$(147,909</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>)&nbsp;</B></FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>Net income per share &#150; basic</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>$0.28</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>$&#150;</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>$0.28</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>&nbsp;&nbsp;</B></FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>Net income per share &#150; diluted</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>$0.27</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>$0.01</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>$0.28</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>&nbsp;&nbsp;</B></FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD></TR></TABLE> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">North American Energy Partners
Inc.&nbsp;&nbsp;</FONT><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#a03245"><B>Notes to Consolidated Financial Statements</B></FONT><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;19 </FONT></P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>

 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="4" COLOR="#a03245"><B>Notes to Interim Consolidated Financial Statements </B></FONT></P>
<P STYLE="margin-top:18px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">For the three months ended June 30, 2010 </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">(Expressed in thousands
of Canadian Dollars, except per share amounts or unless otherwise specified) </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">(Unaudited) </FONT></P>
<P STYLE="line-height:3px;margin-top:0px;margin-bottom:2px;border-bottom:6pt solid #ffffff">&nbsp;</P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">The cumulative effect of material differences between US and Canadian GAAP on the Consolidated Balance Sheets of the Company is as follows: </FONT></P>
<P STYLE="font-size:5px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" ALIGN="center">

<TR>
<TD WIDTH="66%"></TD>
<TD VALIGN="bottom" WIDTH="4%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="4%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="4%"></TD>
<TD></TD>
<TD></TD></TR>
<TR>
<TD VALIGN="bottom" NOWRAP STYLE="border-bottom:1px solid #000000"> <P STYLE="margin-top:0px;margin-bottom:1px"><FONT STYLE="font-family:ARIAL" SIZE="1">Consolidated Balance Sheets &#150; June&nbsp;30, 2010</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:ARIAL" SIZE="1">US GAAP</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:ARIAL" SIZE="1">Adjustments</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:ARIAL" SIZE="1">Canadian&nbsp;GAAP</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>Assets</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:0.84em; text-indent:-0.84em"><FONT STYLE="font-family:ARIAL" SIZE="2">Current assets:</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.68em; text-indent:-0.84em"><FONT STYLE="font-family:ARIAL" SIZE="2">Cash and cash equivalents
</FONT><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(e)</SUP></FONT><FONT STYLE="font-family:ARIAL" SIZE="2"></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">$78,868</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">$824</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">$79,692</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.68em; text-indent:-0.84em"><FONT STYLE="font-family:ARIAL" SIZE="2">Accounts receivable, net
</FONT><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(e)</SUP></FONT><FONT STYLE="font-family:ARIAL" SIZE="2"></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">89,925</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">2,497</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">92,422</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.68em; text-indent:-0.84em"><FONT STYLE="font-family:ARIAL" SIZE="2">Unbilled revenue
</FONT><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(e)</SUP></FONT><FONT STYLE="font-family:ARIAL" SIZE="2"></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">90,284</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">1,773</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">92,057</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.68em; text-indent:-0.84em"><FONT STYLE="font-family:ARIAL" SIZE="2">Inventories</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">10,385</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&#150;</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">10,385</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.68em; text-indent:-0.84em"><FONT STYLE="font-family:ARIAL" SIZE="2">Prepaid expenses and deposits
</FONT><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(e)</SUP></FONT><FONT STYLE="font-family:ARIAL" SIZE="2"></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">10,744</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">3</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">10,747</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.68em; text-indent:-0.84em"><FONT STYLE="font-family:ARIAL" SIZE="2">Deferred tax assets</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">2,843</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&#150;</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">2,843</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>283,049</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>5,097</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>288,146</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>&nbsp;&nbsp;</B></FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:0.84em; text-indent:-0.84em"><FONT STYLE="font-family:ARIAL" SIZE="2">Prepaid expenses and deposits</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">3,573</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&#150;</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">3,573</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:0.84em; text-indent:-0.84em"><FONT STYLE="font-family:ARIAL" SIZE="2">Assets held for sale</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">838</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&#150;</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">838</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:0.84em; text-indent:-0.84em"><FONT STYLE="font-family:ARIAL" SIZE="2">Property, plant and equipment
</FONT><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(a)</SUP></FONT><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;and
</FONT><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(e)</SUP></FONT><FONT STYLE="font-family:ARIAL" SIZE="2"></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">326,550</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">47</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">326,597</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:0.84em; text-indent:-0.84em"><FONT STYLE="font-family:ARIAL" SIZE="2">Intangible assets, net
</FONT><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(b)</SUP></FONT><FONT STYLE="font-family:ARIAL" SIZE="2"></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">7,652</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">2,023</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">9,675</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:0.84em; text-indent:-0.84em"><FONT STYLE="font-family:ARIAL" SIZE="2">Deferred financing costs
</FONT><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(b)</SUP></FONT><FONT STYLE="font-family:ARIAL" SIZE="2"></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">8,539</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">(8,539</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&#150;</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:0.84em; text-indent:-0.84em"><FONT STYLE="font-family:ARIAL" SIZE="2">Investment in and advances to unconsolidated joint venture
</FONT><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(e)</SUP></FONT><FONT STYLE="font-family:ARIAL" SIZE="2"></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">3,215</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">(3,215</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&#150;</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:0.84em; text-indent:-0.84em"><FONT STYLE="font-family:ARIAL" SIZE="2">Goodwill</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">25,111</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&#150;</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">25,111</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:0.84em; text-indent:-0.84em"><FONT STYLE="font-family:ARIAL" SIZE="2">Deferred tax assets</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">24,112</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&#150;</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">24,112</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD></TR>
<TR>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>$682,639</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>$(4,587</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>)&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>$678,052</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>&nbsp;&nbsp;</B></FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>Liabilities and Shareholders&#146; Equity</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:0.84em; text-indent:-0.84em"><FONT STYLE="font-family:ARIAL" SIZE="2">Current liabilities:</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.68em; text-indent:-0.84em"><FONT STYLE="font-family:ARIAL" SIZE="2">Accounts payable
</FONT><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(e)</SUP></FONT><FONT STYLE="font-family:ARIAL" SIZE="2"></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">$71,847</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">$2,516</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">$74,363</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.68em; text-indent:-0.84em"><FONT STYLE="font-family:ARIAL" SIZE="2">Accrued liabilities
</FONT><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(e)</SUP></FONT><FONT STYLE="font-family:ARIAL" SIZE="2"></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">32,818</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">30</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">32,848</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.68em; text-indent:-0.84em"><FONT STYLE="font-family:ARIAL" SIZE="2">Billings in excess of costs incurred and estimated earnings on uncompleted contracts</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">3,067</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&#150;</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">3,067</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.68em; text-indent:-0.84em"><FONT STYLE="font-family:ARIAL" SIZE="2">Current portion of capital lease obligations</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">4,699</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&#150;</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">4,699</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.68em; text-indent:-0.84em"><FONT STYLE="font-family:ARIAL" SIZE="2">Current portion of derivative financial instruments</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">2,550</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&#150;</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">2,550</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.68em; text-indent:-0.84em"><FONT STYLE="font-family:ARIAL" SIZE="2">Current portion of term facilities</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">10,000</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&#150;</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">10,000</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.68em; text-indent:-0.84em"><FONT STYLE="font-family:ARIAL" SIZE="2">Deferred tax liabilities</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">21,527</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&#150;</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">21,527</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD></TR>
<TR>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>146,508</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>2,546</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>149,054</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>&nbsp;&nbsp;</B></FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:0.84em; text-indent:-0.84em"><FONT STYLE="font-family:ARIAL" SIZE="2">Deferred lease inducements</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">734</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&#150;</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">734</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:0.84em; text-indent:-0.84em"><FONT STYLE="font-family:ARIAL" SIZE="2">Long term accrued liabilities</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">15,317</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&#150;</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">15,317</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:0.84em; text-indent:-0.84em"><FONT STYLE="font-family:ARIAL" SIZE="2">Capital lease obligations</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">7,314</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&#150;</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">7,314</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:0.84em; text-indent:-0.84em"><FONT STYLE="font-family:ARIAL" SIZE="2">Term facilities</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">65,946</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&#150;</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">65,946</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:0.84em; text-indent:-0.84em"><FONT STYLE="font-family:ARIAL" SIZE="2">Series 1 debentures </FONT><FONT STYLE="font-family:ARIAL" SIZE="1">(b)</FONT><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;and
</FONT><FONT STYLE="font-family:ARIAL" SIZE="1">(d)</FONT><FONT STYLE="font-family:ARIAL" SIZE="2"></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">225,000</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">(7,482</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">217,518</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:0.84em; text-indent:-0.84em"><FONT STYLE="font-family:ARIAL" SIZE="2">Director deferred stock unit liability</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">2,674</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&#150;</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">2,674</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:0.84em; text-indent:-0.84em"><FONT STYLE="font-family:ARIAL" SIZE="2">Restricted share unit liability</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">1,333</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&#150;</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">1,333</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:0.84em; text-indent:-0.84em"><FONT STYLE="font-family:ARIAL" SIZE="2">Derivative financial instruments</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">14,291</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&#150;</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">14,291</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:0.84em; text-indent:-0.84em"><FONT STYLE="font-family:ARIAL" SIZE="2">Asset retirement obligation</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">368</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&#150;</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">368</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:0.84em; text-indent:-0.84em"><FONT STYLE="font-family:ARIAL" SIZE="2">Deferred tax liabilities
</FONT><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(f)</SUP></FONT><FONT STYLE="font-family:ARIAL" SIZE="2"></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">31,931</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">(36</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">31,895</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>511,416</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>(4,972</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>)&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>506,444</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>&nbsp;&nbsp;</B></FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:0.84em; text-indent:-0.84em"><FONT STYLE="font-family:ARIAL" SIZE="2">Shareholders' equity:</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:0.84em; text-indent:-0.84em"><FONT STYLE="font-family:ARIAL" SIZE="2">Common shares (authorized &#150; unlimited number of voting and non-voting common shares; issued and outstanding &#150; June&nbsp;30, 2010
&#150; 36,062,036 voting common shares)</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">303,593</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">(3,458</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">300,135</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:0.84em; text-indent:-0.84em"><FONT STYLE="font-family:ARIAL" SIZE="2">Additional paid-in capital
</FONT><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(c)</SUP></FONT><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;and
</FONT><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(f)</SUP></FONT><FONT STYLE="font-family:ARIAL" SIZE="2"></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">7,825</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">(248</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">7,577</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:0.84em; text-indent:-0.84em"><FONT STYLE="font-family:ARIAL" SIZE="2">Deficit </FONT><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(a &#151;
f)</SUP></FONT><FONT STYLE="font-family:ARIAL" SIZE="2"></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">(140,195</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">4,091</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">(136,104</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">)&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD></TR>
<TR>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>171,223</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>385</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>171,608</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>&nbsp;&nbsp;</B></FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>$682,639</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>$(4,587</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>)&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>$678,052</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>&nbsp;&nbsp;</B></FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD></TR></TABLE> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="1">20&nbsp;&nbsp;</FONT><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#a03245"><B>Notes to Consolidated Financial
Statements</B></FONT><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;North American Energy Partners Inc. </FONT></P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>

 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="4" COLOR="#a03245"><B>Notes to Interim Consolidated Financial Statements </B></FONT></P>
<P STYLE="margin-top:18px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">For the three months ended June 30, 2010 </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">(Expressed in thousands
of Canadian Dollars, except per share amounts or unless otherwise specified) </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">(Unaudited) </FONT></P>
<P STYLE="line-height:3px;margin-top:0px;margin-bottom:2px;border-bottom:6pt solid #ffffff">&nbsp;</P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" ALIGN="center">

<TR>
<TD WIDTH="66%"></TD>
<TD VALIGN="bottom" WIDTH="4%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="4%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="4%"></TD>
<TD></TD>
<TD></TD></TR>
<TR>
<TD VALIGN="bottom" NOWRAP STYLE="border-bottom:1px solid #000000"> <P STYLE="margin-top:0px;margin-bottom:1px"><FONT STYLE="font-family:ARIAL" SIZE="1">Consolidated Balance Sheets as at March&nbsp;31, 2010</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:ARIAL" SIZE="1">US GAAP</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:ARIAL" SIZE="1">Adjustments</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:ARIAL" SIZE="1">Canadian&nbsp;GAAP</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>Assets</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:0.84em; text-indent:-0.84em"><FONT STYLE="font-family:ARIAL" SIZE="2">Current assets:</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.68em; text-indent:-0.84em"><FONT STYLE="font-family:ARIAL" SIZE="2">Cash and cash equivalents
</FONT><FONT STYLE="font-family:ARIAL" SIZE="1">(e)</FONT><FONT STYLE="font-family:ARIAL" SIZE="2"></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">$103,005</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">$1,240</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">$104,245</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.68em; text-indent:-0.84em"><FONT STYLE="font-family:ARIAL" SIZE="2">Accounts receivable, net
</FONT><FONT STYLE="font-family:ARIAL" SIZE="1">(e)</FONT><FONT STYLE="font-family:ARIAL" SIZE="2"></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">111,884</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">1,432</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">113,316</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.68em; text-indent:-0.84em"><FONT STYLE="font-family:ARIAL" SIZE="2">Unbilled revenue </FONT><FONT STYLE="font-family:ARIAL" SIZE="1">(e)</FONT><FONT STYLE="font-family:ARIAL" SIZE="2"></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">84,702</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">1,794</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">86,496</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.68em; text-indent:-0.84em"><FONT STYLE="font-family:ARIAL" SIZE="2">Inventories</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">5,659</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&#150;</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">5,659</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.68em; text-indent:-0.84em"><FONT STYLE="font-family:ARIAL" SIZE="2">Prepaid expenses and deposits
</FONT><FONT STYLE="font-family:ARIAL" SIZE="1">(e)</FONT><FONT STYLE="font-family:ARIAL" SIZE="2"></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">6,881</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">87</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">6,968</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.68em; text-indent:-0.84em"><FONT STYLE="font-family:ARIAL" SIZE="2">Deferred taxes assets</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">3,481</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&#150;</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">3,481</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>315,612</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>4,553</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>320,165</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>&nbsp;&nbsp;</B></FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:0.84em; text-indent:-0.84em"><FONT STYLE="font-family:ARIAL" SIZE="2">Prepaid expenses and deposits</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">4,005</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&#150;</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">4,005</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:0.84em; text-indent:-0.84em"><FONT STYLE="font-family:ARIAL" SIZE="2">Assets held for sale</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">838</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&#150;</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">838</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:0.84em; text-indent:-0.84em"><FONT STYLE="font-family:ARIAL" SIZE="2">Property, plant and equipment
</FONT><FONT STYLE="font-family:ARIAL" SIZE="1">(a)</FONT><FONT STYLE="font-family:ARIAL" SIZE="2"></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">328,743</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">(536</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">328,207</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:0.84em; text-indent:-0.84em"><FONT STYLE="font-family:ARIAL" SIZE="2">Intangible assets, net </FONT><FONT STYLE="font-family:ARIAL" SIZE="1">(b)</FONT><FONT STYLE="font-family:ARIAL" SIZE="2"></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">7,669</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">1,051</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">8,720</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:0.84em; text-indent:-0.84em"><FONT STYLE="font-family:ARIAL" SIZE="2">Deferred financing costs
</FONT><FONT STYLE="font-family:ARIAL" SIZE="1">(b)</FONT><FONT STYLE="font-family:ARIAL" SIZE="2"></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">6,725</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">(5,685</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">1,040</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:0.84em; text-indent:-0.84em"><FONT STYLE="font-family:ARIAL" SIZE="2">Investment in and advances to unconsolidated joint venture
</FONT><FONT STYLE="font-family:ARIAL" SIZE="1">(e)</FONT><FONT STYLE="font-family:ARIAL" SIZE="2"></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">2,917</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">(2,917</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&#150;</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:0.84em; text-indent:-0.84em"><FONT STYLE="font-family:ARIAL" SIZE="2">Goodwill</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">25,111</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&#150;</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">25,111</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:0.84em; text-indent:-0.84em"><FONT STYLE="font-family:ARIAL" SIZE="2">Deferred taxes assets</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">10,997</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&#150;</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">10,997</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD></TR>
<TR>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>$702,617</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>$(3,534</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>)&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>$699,083</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>&nbsp;&nbsp;</B></FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>Liabilities and Shareholders' Equity</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:0.84em; text-indent:-0.84em"><FONT STYLE="font-family:ARIAL" SIZE="2">Current liabilities:</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.68em; text-indent:-0.84em"><FONT STYLE="font-family:ARIAL" SIZE="2">Accounts payable </FONT><FONT STYLE="font-family:ARIAL" SIZE="1">(e)</FONT><FONT STYLE="font-family:ARIAL" SIZE="2"></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">$66,876</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">$1,637</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">$68,513</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.68em; text-indent:-0.84em"><FONT STYLE="font-family:ARIAL" SIZE="2">Accrued liabilities</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">47,191</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&#150;</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">47,191</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.68em; text-indent:-0.84em"><FONT STYLE="font-family:ARIAL" SIZE="2">Billings in excess of costs incurred and estimated earnings on uncompleted contracts</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">1,614</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&#150;</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">1,614</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.68em; text-indent:-0.84em"><FONT STYLE="font-family:ARIAL" SIZE="2">Current portion of capital lease obligations</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">5,053</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&#150;</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">5,053</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.68em; text-indent:-0.84em"><FONT STYLE="font-family:ARIAL" SIZE="2">Current portion of derivative financial instruments</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">22,054</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">(1,506</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">20,548</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.68em; text-indent:-0.84em"><FONT STYLE="font-family:ARIAL" SIZE="2">Current portion of term facilities</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">6,072</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&#150;</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">6,072</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.68em; text-indent:-0.84em"><FONT STYLE="font-family:ARIAL" SIZE="2">Deferred taxes liabilities</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">16,781</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&#150;</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">16,781</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD></TR>
<TR>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>165,641</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>131</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>165,772</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>&nbsp;&nbsp;</B></FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:0.84em; text-indent:-0.84em"><FONT STYLE="font-family:ARIAL" SIZE="2">Deferred lease inducements</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">761</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&#150;</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">761</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:0.84em; text-indent:-0.84em"><FONT STYLE="font-family:ARIAL" SIZE="2">Long term accrued liabilities</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">14,943</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&#150;</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">14,943</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:0.84em; text-indent:-0.84em"><FONT STYLE="font-family:ARIAL" SIZE="2">Capital lease obligations</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">8,340</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&#150;</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">8,340</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:0.84em; text-indent:-0.84em"><FONT STYLE="font-family:ARIAL" SIZE="2">Term facilities</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">22,374</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&#150;</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">22,374</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top">
<P STYLE="margin-left:0.84em; text-indent:-0.84em"><FONT STYLE="font-family:ARIAL" SIZE="2">8<FONT SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">&nbsp;
3</SUP></FONT><FONT SIZE="2">/</FONT><FONT SIZE="1">4</FONT><FONT STYLE="font-family:ARIAL" SIZE="2">% senior notes </FONT><FONT STYLE="font-family:ARIAL" SIZE="1">(b)</FONT><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;and
</FONT><FONT STYLE="font-family:ARIAL" SIZE="1">(d)</FONT><FONT STYLE="font-family:ARIAL" SIZE="2"></FONT></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">203,120</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">(1,506</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">201,614</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:0.84em; text-indent:-0.84em"><FONT STYLE="font-family:ARIAL" SIZE="2">Director deferred stock unit liability</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">2,548</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&#150;</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">2,548</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:0.84em; text-indent:-0.84em"><FONT STYLE="font-family:ARIAL" SIZE="2">Restricted share unit liability</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">1,030</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&#150;</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">1,030</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:0.84em; text-indent:-0.84em"><FONT STYLE="font-family:ARIAL" SIZE="2">Derivative financial instruments</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">75,001</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">1,506</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">76,507</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:0.84em; text-indent:-0.84em"><FONT STYLE="font-family:ARIAL" SIZE="2">Asset retirement obligation</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">360</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&#150;</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">360</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:0.84em; text-indent:-0.84em"><FONT STYLE="font-family:ARIAL" SIZE="2">Deferred taxes liabilities
</FONT><FONT STYLE="font-family:ARIAL" SIZE="1">(f)</FONT><FONT STYLE="font-family:ARIAL" SIZE="2"></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">27,441</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">(1,052</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">26,389</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>521,559</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>(921</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>)&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>520,638</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>&nbsp;&nbsp;</B></FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:0.84em; text-indent:-0.84em"><FONT STYLE="font-family:ARIAL" SIZE="2">Shareholders' equity:</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:0.84em; text-indent:-0.84em"><FONT STYLE="font-family:ARIAL" SIZE="2">Common shares (authorized &#150; unlimited number of voting and non-voting common shares; issued and outstanding &#150; March&nbsp;31, 2010
&#150; 36,049,276 voting common shares)</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">303,505</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">(3,458</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">300,047</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:0.84em; text-indent:-0.84em"><FONT STYLE="font-family:ARIAL" SIZE="2">Additional paid-in capital </FONT><FONT STYLE="font-family:ARIAL" SIZE="1">(c)</FONT><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;and
</FONT><FONT STYLE="font-family:ARIAL" SIZE="1">(f)</FONT><FONT STYLE="font-family:ARIAL" SIZE="2"></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">7,439</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">(236</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">7,203</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:0.84em; text-indent:-0.84em"><FONT STYLE="font-family:ARIAL" SIZE="2">Deficit</FONT><FONT STYLE="font-family:ARIAL" SIZE="1"> (a &#150; f)</FONT><FONT STYLE="font-family:ARIAL" SIZE="2"></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">(129,886</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">1,081</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">(128,805</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">)&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD></TR>
<TR>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>181,058</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>(2,613</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>)&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>178,445</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>&nbsp;&nbsp;</B></FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>$702,617</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>$(3,534</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>)&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>$699,083</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>&nbsp;&nbsp;</B></FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD></TR></TABLE> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">North American Energy Partners
Inc.&nbsp;&nbsp;</FONT><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#a03245"><B>Notes to Consolidated Financial Statements</B></FONT><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;21 </FONT></P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>

 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="4" COLOR="#a03245"><B>Notes to Interim Consolidated Financial Statements </B></FONT></P>
<P STYLE="margin-top:18px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">For the three months ended June 30, 2010 </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">(Expressed in thousands
of Canadian Dollars, except per share amounts or unless otherwise specified) </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">(Unaudited) </FONT></P>
<P STYLE="line-height:3px;margin-top:0px;margin-bottom:2px;border-bottom:6pt solid #ffffff">&nbsp;</P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">The cumulative effect of material differences between US and Canadian GAAP on the Consolidated Statements of Cash Flows of the Company is as follows: </FONT></P>
<P STYLE="font-size:5px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" ALIGN="center">

<TR>
<TD WIDTH="68%"></TD>
<TD VALIGN="bottom" WIDTH="4%"></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 VALIGN="bottom" WIDTH="4%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR>
<TD VALIGN="bottom" COLSPAN="3" NOWRAP STYLE="border-bottom:1px solid #000000"> <P STYLE="margin-top:0px;margin-bottom:1px"><FONT STYLE="font-family:ARIAL" SIZE="1">Consolidated Statements of Cash Flows &#150; Three months ended&nbsp;June&nbsp;30,
2010</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD COLSPAN="2" VALIGN="bottom" STYLE="border-bottom:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="border-bottom:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD COLSPAN="2" VALIGN="bottom" STYLE="border-bottom:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="bottom" COLSPAN="3" NOWRAP STYLE="border-bottom:1px solid #000000"> <P STYLE="margin-top:0px;margin-bottom:1px"><FONT STYLE="font-family:ARIAL" SIZE="1">Cash provided by (used in):</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:ARIAL" SIZE="1">US GAAP</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:ARIAL" SIZE="1">Adjustments</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:ARIAL" SIZE="1">Canadian&nbsp;GAAP</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top" COLSPAN="3"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>Operating activities:</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top" COLSPAN="3"> <P STYLE="margin-left:0.84em; text-indent:-0.84em"><FONT STYLE="font-family:ARIAL" SIZE="2">Net loss for the period</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>$</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>(10,309</B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>)</B>&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>$3,010</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2"><B></B>&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>$</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>(7,299</B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>)</B>&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top" COLSPAN="3"> <P STYLE="margin-left:0.84em; text-indent:-0.84em"><FONT STYLE="font-family:ARIAL" SIZE="2">Items not affecting cash:</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top" COLSPAN="3"> <P STYLE="margin-left:1.68em; text-indent:-0.84em"><FONT STYLE="font-family:ARIAL" SIZE="2">Depreciation</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">8,203</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">(32</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">8,171</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top" COLSPAN="3"> <P STYLE="margin-left:1.68em; text-indent:-0.84em"><FONT STYLE="font-family:ARIAL" SIZE="2">Equity in loss of unconsolidated joint venture</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">243</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">(243</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">&#150;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top" COLSPAN="3"> <P STYLE="margin-left:1.68em; text-indent:-0.84em"><FONT STYLE="font-family:ARIAL" SIZE="2">Amortization of intangible assets</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">588</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">175</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">763</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top" COLSPAN="3"> <P STYLE="margin-left:1.68em; text-indent:-0.84em"><FONT STYLE="font-family:ARIAL" SIZE="2">Amortization of deferred lease inducements</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">(27</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&#150;</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">(27</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">)&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top" COLSPAN="3"> <P STYLE="margin-left:1.68em; text-indent:-0.84em"><FONT STYLE="font-family:ARIAL" SIZE="2">Amortization of deferred financing costs</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">526</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">(291</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">235</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top" COLSPAN="3"> <P STYLE="margin-left:1.68em; text-indent:-0.84em"><FONT STYLE="font-family:ARIAL" SIZE="2">Amortization of premium on Series 1 Debentures</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">&#150;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">(90</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">(90</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">)&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top" COLSPAN="3"> <P STYLE="margin-left:1.68em; text-indent:-0.84em"><FONT STYLE="font-family:ARIAL" SIZE="2">Gain on disposal of property, plant and equipment</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">(4</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&#150;</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">(4</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">)&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top" COLSPAN="3"> <P STYLE="margin-left:1.68em; text-indent:-0.84em"><FONT STYLE="font-family:ARIAL" SIZE="2">Unrealized foreign exchange gain on
8<FONT SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">&nbsp;3</SUP></FONT><FONT SIZE="2">/</FONT><FONT SIZE="1">4</FONT><FONT STYLE="font-family:ARIAL" SIZE="2">% senior notes</FONT></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">(732</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&#150;</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">(732</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">)&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top" COLSPAN="3"> <P STYLE="margin-left:1.68em; text-indent:-0.84em"><FONT STYLE="font-family:ARIAL" SIZE="2">Unrealized loss on derivative financial instruments measured at fair value</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">3,008</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">(891</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">2,117</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top" COLSPAN="3"> <P STYLE="margin-left:1.68em; text-indent:-0.84em"><FONT STYLE="font-family:ARIAL" SIZE="2">Loss on debt extinguishment</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">4,346</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">(2,884</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">1,462</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top" COLSPAN="3"> <P STYLE="margin-left:1.68em; text-indent:-0.84em"><FONT STYLE="font-family:ARIAL" SIZE="2">Stock-based compensation expense</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">839</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">(12</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">827</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top" COLSPAN="3"> <P STYLE="margin-left:1.68em; text-indent:-0.84em"><FONT STYLE="font-family:ARIAL" SIZE="2">Accretion of asset retirement obligation</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">8</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&#150;</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">8</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top" COLSPAN="3"> <P STYLE="margin-left:1.68em; text-indent:-0.84em"><FONT STYLE="font-family:ARIAL" SIZE="2">Deferred income taxes (benefit)</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">(3,241</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">1,016</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">(2,225</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">)&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top" COLSPAN="3"> <P STYLE="margin-left:0.84em; text-indent:-0.84em"><FONT STYLE="font-family:ARIAL" SIZE="2">Net changes in non-cash working capital</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">12,356</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">(533</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">11,823</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD COLSPAN="3" VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD></TR>
<TR>
<TD COLSPAN="3" VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2"><B></B>&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>15,804</B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2"><B></B>&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>(775</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>)</B>&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2"><B></B>&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>15,029</B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2"><B></B>&nbsp;&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD COLSPAN="3" VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top" COLSPAN="3"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>Investing activities:</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top" COLSPAN="3"> <P STYLE="margin-left:0.84em; text-indent:-0.84em"><FONT STYLE="font-family:ARIAL" SIZE="2">Purchase of property, plant and equipment</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">(6,018</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">(551</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">(6,569</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">)&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top" COLSPAN="3"> <P STYLE="margin-left:0.84em; text-indent:-0.84em"><FONT STYLE="font-family:ARIAL" SIZE="2">Addition to intangible assets</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">(571</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">(113</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">(684</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">)&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top" COLSPAN="3"> <P STYLE="margin-left:0.84em; text-indent:-0.84em"><FONT STYLE="font-family:ARIAL" SIZE="2">Investment in and advance to unconsolidated joint venture</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">(541</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">541</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">&#150;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top" COLSPAN="3"> <P STYLE="margin-left:0.84em; text-indent:-0.84em"><FONT STYLE="font-family:ARIAL" SIZE="2">Proceeds on disposal of property, plant and equipment</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">60</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&#150;</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">60</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top" COLSPAN="3"> <P STYLE="margin-left:0.84em; text-indent:-0.84em"><FONT STYLE="font-family:ARIAL" SIZE="2">Net changes in non-cash working capital</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">(2,768</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">482</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">(2,286</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">)&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD COLSPAN="3" VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff">
<TD COLSPAN="3" VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>(9,838</B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>)&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>359</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>(9,479</B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>)&nbsp;</B></FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD COLSPAN="3" VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD></TR>
<TR>
<TD VALIGN="top" COLSPAN="3"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>Financing activities:</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top" COLSPAN="3"> <P STYLE="margin-left:0.84em; text-indent:-0.84em"><FONT STYLE="font-family:ARIAL" SIZE="2">Repayment of term facilities</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">(2,500</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&#150;</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">(2,500</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">)&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top" COLSPAN="3"> <P STYLE="margin-left:0.84em; text-indent:-0.84em"><FONT STYLE="font-family:ARIAL" SIZE="2">Increase in term facilities</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">50,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&#150;</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">50,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top" COLSPAN="3"> <P STYLE="margin-left:0.84em; text-indent:-0.84em"><FONT STYLE="font-family:ARIAL" SIZE="2">Financing costs</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">(7,704</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&#150;</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">(7,704</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">)&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top" COLSPAN="3"> <P STYLE="margin-left:0.84em; text-indent:-0.84em"><FONT STYLE="font-family:ARIAL" SIZE="2">Redemption of
8<FONT SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">&nbsp;3</SUP></FONT><FONT SIZE="2">/</FONT><FONT SIZE="1">4</FONT><FONT STYLE="font-family:ARIAL" SIZE="2">% senior notes</FONT></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">(202,410</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&#150;</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">(202,410</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">)&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top" COLSPAN="3"> <P STYLE="margin-left:0.84em; text-indent:-0.84em"><FONT STYLE="font-family:ARIAL" SIZE="2">Issuance of series 1 debentures</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">225,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&#150;</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">225,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top" COLSPAN="3"> <P STYLE="margin-left:0.84em; text-indent:-0.84em"><FONT STYLE="font-family:ARIAL" SIZE="2">Settlement of swap liabilities</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">(91,125</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&#150;</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">(91,125</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">)&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top" COLSPAN="3"> <P STYLE="margin-left:0.84em; text-indent:-0.84em"><FONT STYLE="font-family:ARIAL" SIZE="2">Proceeds from stock options exercised</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">64</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&#150;</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">64</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top" COLSPAN="3"> <P STYLE="margin-left:0.84em; text-indent:-0.84em"><FONT STYLE="font-family:ARIAL" SIZE="2">Repayment of capital lease obligations</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">(1,428</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&#150;</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">(1,428</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">)&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD COLSPAN="3" VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff">
<TD COLSPAN="3" VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>(30,103</B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>)&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>&#150;</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>(30,103</B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>)&nbsp;</B></FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD COLSPAN="3" VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD></TR>
<TR>
<TD VALIGN="top" COLSPAN="3"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>Decrease in cash and cash equivalents</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>(24,137</B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>)&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>(416</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>)&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>(24,553</B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>)&nbsp;</B></FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top" COLSPAN="3"> <P STYLE="margin-left:0.84em; text-indent:-0.84em"><FONT STYLE="font-family:ARIAL" SIZE="2">Cash and cash equivalents, beginning of period</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">103,005</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">1,240</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">104,245</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD COLSPAN="3" VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD></TR>
<TR>
<TD VALIGN="top" COLSPAN="3"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>Cash and cash equivalents, end of period</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>$78,868</B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>$824</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>$79,692</B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>&nbsp;&nbsp;</B></FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD COLSPAN="3" VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD></TR></TABLE> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="1">22&nbsp;&nbsp;</FONT><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#a03245"><B>Notes to Consolidated Financial
Statements</B></FONT><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;North American Energy Partners Inc. </FONT></P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>

 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="4" COLOR="#a03245"><B>Notes to Interim Consolidated Financial Statements </B></FONT></P>
<P STYLE="margin-top:18px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">For the three months ended June 30, 2010 </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">(Expressed in thousands
of Canadian Dollars, except per share amounts or unless otherwise specified) </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">(Unaudited) </FONT></P>
<P STYLE="line-height:3px;margin-top:0px;margin-bottom:2px;border-bottom:6pt solid #ffffff">&nbsp;</P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" ALIGN="center">

<TR>
<TD WIDTH="70%"></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD></TD></TR>
<TR>
<TD VALIGN="bottom" COLSPAN="3" NOWRAP STYLE="border-bottom:1px solid #000000"> <P STYLE="margin-top:0px;margin-bottom:1px"><FONT STYLE="font-family:ARIAL" SIZE="1">Consolidated Statements of Cash Flows &#150; Three months ended&nbsp;June&nbsp;30,
2009</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="border-bottom:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="border-bottom:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="border-bottom:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="bottom" COLSPAN="3" NOWRAP STYLE="border-bottom:1px solid #000000" ALIGN="center"><FONT STYLE="font-family:ARIAL" SIZE="2">Cash provided by (used in):</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:ARIAL" SIZE="1">US GAAP</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:ARIAL" SIZE="1">Adjustments</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:ARIAL" SIZE="1">Canadian&nbsp;GAAP</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top" COLSPAN="3"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>Operating activities:</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top" COLSPAN="3"> <P STYLE="margin-left:1.00em; text-indent:-0.84em"><FONT STYLE="font-family:ARIAL" SIZE="2">Net income for the period</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>$9,927</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2"><B></B>&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>$143</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2"><B></B>&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>$10,070</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2"><B></B>&nbsp;&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top" COLSPAN="3"> <P STYLE="margin-left:1.00em; text-indent:-0.84em"><FONT STYLE="font-family:ARIAL" SIZE="2">Items not affecting cash:</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top" COLSPAN="3"> <P STYLE="margin-left:2.53em; text-indent:-0.84em"><FONT STYLE="font-family:ARIAL" SIZE="2">Depreciation</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">8,724</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">(31</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">8,693</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top" COLSPAN="3"> <P STYLE="margin-left:2.53em; text-indent:-0.84em"><FONT STYLE="font-family:ARIAL" SIZE="2">Equity in earnings of unconsolidated joint venture</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">(191</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">191</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&#150;</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top" COLSPAN="3"> <P STYLE="margin-left:2.53em; text-indent:-0.84em"><FONT STYLE="font-family:ARIAL" SIZE="2">Amortization of intangible assets</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">493</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">209</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">702</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top" COLSPAN="3"> <P STYLE="margin-left:2.53em; text-indent:-0.84em"><FONT STYLE="font-family:ARIAL" SIZE="2">Amortization of deferred lease inducements</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">(26</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&#150;</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">(26</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">)&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top" COLSPAN="3"> <P STYLE="margin-left:2.53em; text-indent:-0.84em"><FONT STYLE="font-family:ARIAL" SIZE="2">Amortization of deferred financing costs</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">805</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">(584</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">221</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top" COLSPAN="3"> <P STYLE="margin-left:2.53em; text-indent:-0.84em"><FONT STYLE="font-family:ARIAL" SIZE="2">Loss on disposal of plant and equipment</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">41</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&#150;</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">41</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top" COLSPAN="3"> <P STYLE="margin-left:2.53em; text-indent:-0.84em"><FONT STYLE="font-family:ARIAL" SIZE="2">Gain on disposal of assets held for sale</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">(317</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&#150;</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">(317</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">)&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top" COLSPAN="3"> <P STYLE="margin-left:2.53em; text-indent:-0.84em"><FONT STYLE="font-family:ARIAL" SIZE="2">Unrealized foreign exchange gain on
8<FONT SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">&nbsp;3</SUP></FONT><FONT SIZE="2">/</FONT><FONT SIZE="1">4</FONT><FONT STYLE="font-family:ARIAL" SIZE="2">% senior notes</FONT></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">(19,540</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">221</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">(19,319</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">)&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top" COLSPAN="3"> <P STYLE="margin-left:2.53em; text-indent:-0.84em"><FONT STYLE="font-family:ARIAL" SIZE="2">Unrealized loss on derivative financial instruments measured at fair value</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">6,685</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&#150;</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">6,685</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top" COLSPAN="3"> <P STYLE="margin-left:2.53em; text-indent:-0.84em"><FONT STYLE="font-family:ARIAL" SIZE="2">Stock-based compensation expense</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">1,817</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">(12</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">1,805</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top" COLSPAN="3"> <P STYLE="margin-left:2.53em; text-indent:-0.84em"><FONT STYLE="font-family:ARIAL" SIZE="2">Accretion of asset retirement obligation</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">9</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&#150;</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">9</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top" COLSPAN="3"> <P STYLE="margin-left:2.53em; text-indent:-0.84em"><FONT STYLE="font-family:ARIAL" SIZE="2">Deferred income taxes</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">2,541</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">54</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">2,595</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top" COLSPAN="3"> <P STYLE="margin-left:1.00em; text-indent:-0.84em"><FONT STYLE="font-family:ARIAL" SIZE="2">Net changes in non-cash working capital</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">(18,690</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">(407</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">(19,097</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">)&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD COLSPAN="3" VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff">
<TD COLSPAN="3" VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>(7,722</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>)&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>(216</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>)&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>(7,938</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>)&nbsp;</B></FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD COLSPAN="3" VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD></TR>
<TR>
<TD VALIGN="top" COLSPAN="3"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>Investing activities:</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top" COLSPAN="3"> <P STYLE="margin-left:1.00em; text-indent:-0.84em"><FONT STYLE="font-family:ARIAL" SIZE="2">Purchase of plant and equipment</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">(19,221</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&#150;</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">(19,221</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">)&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top" COLSPAN="3"> <P STYLE="margin-left:1.00em; text-indent:-0.84em"><FONT STYLE="font-family:ARIAL" SIZE="2">Addition to intangible assets</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">(489</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&#150;</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">(489</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">)&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top" COLSPAN="3"> <P STYLE="margin-left:1.00em; text-indent:-0.84em"><FONT STYLE="font-family:ARIAL" SIZE="2">Investment in and advance to unconsolidated joint venture</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">(500</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">500</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&#150;</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top" COLSPAN="3"> <P STYLE="margin-left:1.00em; text-indent:-0.84em"><FONT STYLE="font-family:ARIAL" SIZE="2">Proceeds on disposal of plant and equipment</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">138</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&#150;</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">138</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top" COLSPAN="3"> <P STYLE="margin-left:1.00em; text-indent:-0.84em"><FONT STYLE="font-family:ARIAL" SIZE="2">Proceeds on disposal of assets held for sale</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">960</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&#150;</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">960</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top" COLSPAN="3"> <P STYLE="margin-left:1.00em; text-indent:-0.84em"><FONT STYLE="font-family:ARIAL" SIZE="2">Net changes in non-cash working capital</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">(1,272</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&#150;</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">(1,272</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">)&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD COLSPAN="3" VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff">
<TD COLSPAN="3" VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>(20,384</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>)&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>500</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>(19,884</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>)&nbsp;</B></FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD COLSPAN="3" VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD></TR>
<TR>
<TD VALIGN="top" COLSPAN="3"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>Financing activities:</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top" COLSPAN="3"> <P STYLE="margin-left:1.00em; text-indent:-0.84em"><FONT STYLE="font-family:ARIAL" SIZE="2">Increase in term facilities</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">11,800</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&#150;</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">11,800</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top" COLSPAN="3"> <P STYLE="margin-left:1.00em; text-indent:-0.84em"><FONT STYLE="font-family:ARIAL" SIZE="2">Financing costs</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">(1,115</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&#150;</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">(1,115</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">)&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top" COLSPAN="3"> <P STYLE="margin-left:1.00em; text-indent:-0.84em"><FONT STYLE="font-family:ARIAL" SIZE="2">Repayment of capital lease obligations</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">(1,470</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&#150;</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">(1,470</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">)&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD COLSPAN="3" VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD></TR>
<TR>
<TD COLSPAN="3" VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>9,215</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>&#150;</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>9,215</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>&nbsp;&nbsp;</B></FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD COLSPAN="3" VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top" COLSPAN="3"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>Decrease in cash and cash equivalents</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>(18,891</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>)&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>284</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>(18,607</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>)&nbsp;</B></FONT></TD></TR>
<TR>
<TD VALIGN="top" COLSPAN="3"> <P STYLE="margin-left:0.84em; text-indent:-0.84em"><FONT STYLE="font-family:ARIAL" SIZE="2">Cash and cash equivalents, beginning of period</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">98,880</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&#150;</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">98,880</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD COLSPAN="3" VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top" COLSPAN="3"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>Cash and cash equivalents, end of period</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>$79,989</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>$284</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>$80,273</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>&nbsp;&nbsp;</B></FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD COLSPAN="3" VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD></TR></TABLE> <P STYLE="margin-top:5px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">The areas of material difference between Canadian and US&nbsp;GAAP and their effect on the Company's consolidated financial statements
are described below: </FONT></P> <P STYLE="margin-top:5px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>a) Capitalization of interest </B></FONT></P>
<P STYLE="margin-top:3px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">US&nbsp;GAAP requires capitalization of interest costs as part of the historical cost of acquiring certain qualifying assets that require a period of time to
prepare for their intended use. This is not required under Canadian GAAP. The capitalized amount is subject to depreciation in accordance with the Company&#146;s policies when the asset is placed into service. </FONT></P>
<P STYLE="margin-top:5px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>b) Financing costs, discounts and premiums </B></FONT></P>
<P STYLE="margin-top:3px;margin-bottom:0px;padding-bottom:0px;"><FONT STYLE="font-family:ARIAL" SIZE="2">Under US&nbsp;GAAP, deferred financing costs incurred in connection with the Company's 9.125% Series 1 Debentures and
8<FONT SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">&nbsp;3</SUP></FONT><FONT SIZE="2">/</FONT><FONT SIZE="1">4</FONT><FONT STYLE="font-family:ARIAL" SIZE="2">% senior notes were being amortized over the term of the
related debt using the effective interest method. Prior to April&nbsp;1, 2007, the transaction costs on the
8<FONT SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">&nbsp;3</SUP></FONT><FONT SIZE="2">/</FONT><FONT SIZE="1">4</FONT><FONT STYLE="font-family:ARIAL" SIZE="2">% senior notes were recorded as a deferred asset under
Canadian GAAP and these deferred financing costs were being amortized on a straight-line basis over the term of the debt. </FONT></FONT></FONT></P>
<P STYLE="margin-top:5px;margin-bottom:0px;padding-bottom:0px;"><FONT STYLE="font-family:ARIAL" SIZE="2">Effective April&nbsp;1, 2007, the Company adopted CICA Handbook Section&nbsp;3855, "Financial Instruments &#150; Recognition and Measurement",
on a retrospective basis without restatement as described below. Although Section&nbsp;3855 also requires the use of the effective interest method to account for the amortization of finance costs, the requirement to bifurcate the issuer's early
prepayment option on issuance of debt (which is not required under US GAAP) resulted in an additional premium of $3,497 on the Series 1 Debentures that is being amortized over the term of the Series 1 Debentures under Canadian GAAP. The same was
being done on the extinguished 8<FONT SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">&nbsp;3</SUP></FONT><FONT SIZE="2">/</FONT><FONT SIZE="1">4</FONT><FONT STYLE="font-family:ARIAL" SIZE="2">% senior notes. The
unamortized premium is disclosed as part of the carrying amount of the &#147;Series 1 Debentures&#148; in the Interim Consolidated Balance Sheets. Foreign denominated transaction costs, discounts and premiums on the
8<FONT SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">&nbsp;3</SUP></FONT><FONT SIZE="2">/</FONT><FONT SIZE="1">4</FONT><FONT STYLE="font-family:ARIAL" SIZE="2">% senior notes were considered as part of the carrying
value of the related financial liability under Canadian GAAP and were subject to foreign currency gains or losses resulting from periodic translation procedures as they were treated as a monetary item under Canadian GAAP. Under US&nbsp;GAAP, foreign
denominated transaction costs are considered non-monetary and are not subject to foreign currency gains and losses resulting from periodic translation procedures. </FONT></FONT></FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">North American Energy Partners
Inc.&nbsp;&nbsp;</FONT><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#a03245"><B>Notes to Consolidated Financial Statements</B></FONT><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;23 </FONT></P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>

 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="4" COLOR="#a03245"><B>Notes to Interim Consolidated Financial Statements </B></FONT></P>
<P STYLE="margin-top:18px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">For the three months ended June 30, 2010 </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">(Expressed in thousands
of Canadian Dollars, except per share amounts or unless otherwise specified) </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">(Unaudited) </FONT></P>
<P STYLE="line-height:3px;margin-top:0px;margin-bottom:2px;border-bottom:6pt solid #ffffff">&nbsp;</P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px;padding-bottom:0px;"><FONT STYLE="font-family:ARIAL" SIZE="2">In connection with the adoption of Section&nbsp;3855, transaction costs incurred in connection with the Company&#146;s amended and restated
credit agreement of $1,622 were reclassified from deferred financing costs to intangible assets on April&nbsp;1, 2007 under Canadian GAAP and these costs continued to be amortized on a straight-line basis over the term of the credit facilities.
Under US&nbsp;GAAP, the Company continues to amortize these transaction costs over the stated term of the related facilities using the effective interest method. The Company discloses the unamortized deferred financing costs related to the Series 1
Debentures, the 8<FONT SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">&nbsp;3</SUP></FONT><FONT SIZE="2">/</FONT><FONT SIZE="1">4</FONT><FONT STYLE="font-family:ARIAL" SIZE="2">% senior notes and the credit facilities
as &#147;Deferred financing costs&#148; on the Interim Consolidated Balance Sheets (June 30, 2010 &#150; $8,539;&nbsp;March&nbsp;31, 2010&#150; $6,725) with the amortization charge classified as &#147;Interest expense&#148; on the Interim
Consolidated Statement of Operations and Comprehensive (Loss) Income. Under Canadian GAAP, the unamortized financing costs related to the Series 1 Debentures (June 30, 2010 &#150; $6,501) and the
8<FONT SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">&nbsp;3</SUP></FONT><FONT SIZE="2">/</FONT><FONT SIZE="1">4</FONT><FONT STYLE="font-family:ARIAL" SIZE="2">% senior notes (March 31, 2010 &#150; $1,506) are
included in &#147;Series 1 debentures&#148; and &#147;8<FONT SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">&nbsp;3</SUP></FONT><FONT SIZE="2">/</FONT><FONT SIZE="1">4</FONT><FONT STYLE="font-family:ARIAL" SIZE="2">%
senior notes&#148; respectively whilst the unamortized deferred financing costs in connection with the credit facilities (June 30, 2010 &#150; $1,910;&nbsp;March&nbsp;31, 2010 &#150; $1,051) are included in &#147;Intangible assets&#148; on the
Interim Consolidated Balance Sheets resulting in a Canadian and US&nbsp;GAAP presentation difference. </FONT></FONT></FONT></FONT></P> <P STYLE="margin-top:5px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>c) Stock-based
compensation </B></FONT></P> <P STYLE="margin-top:3px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">Up until April&nbsp;1, 2006, the Company followed the provisions of ASC 718, &#147;Share-Based Payment&#148;, for US&nbsp;GAAP
purposes. As the Company uses the fair value method of accounting for all stock-based compensation payments under Canadian GAAP, there were no differences between Canadian and US&nbsp;GAAP prior to April&nbsp;1, 2006. On April&nbsp;1, 2006, the
Company adopted the provisions of SFAS No.&nbsp;123(R), "Share-Based Payment", which is now a part of ASC 718. As the Company used the minimum value method for purposes of complying with ASC 718, it was required to adopt the provisions under the
revised guidance prospectively. Under Canadian GAAP, the Company was permitted to exclude volatility from the determination of the fair value of stock options granted until the filing of its initial registration statement relating to the initial
public offering of voting shares on July&nbsp;21, 2006. As a result, for options issued between April&nbsp;1, 2006 and July&nbsp;21, 2006, there is a difference between Canadian and US&nbsp;GAAP relating to the determination of the fair value of
options granted. </FONT></P> <P STYLE="margin-top:5px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>d) Derivative financial instruments </B></FONT></P>
<P STYLE="margin-top:3px;margin-bottom:0px;padding-bottom:0px;"><FONT STYLE="font-family:ARIAL" SIZE="2">Under Canadian GAAP, the Company determined that the issuer's early prepayment option asset included in the Series 1 Debentures of $3,895 should
be bifurcated from the host contract, along with a contingent embedded derivative liability of $398 in the Series 1 Debentures that provides for accelerated redemption by the holders in certain instances. These embedded derivatives were measured at
fair value at April&nbsp;7, 2010, the inception date of the Series 1 Debentures with the residual amount of the proceeds being allocated to the debt. Changes in fair value of the embedded derivatives are recognized in net income and the carrying
amount of the Series 1 Debentures is accreted to par value over the term of the Series 1 Debentures using the effective interest method and is recognized as interest expense as discussed in b) above. The same accounting treatment was used on the
extinguished 8<FONT SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">&nbsp;3</SUP></FONT><FONT SIZE="2">/</FONT><FONT SIZE="1">4</FONT><FONT STYLE="font-family:ARIAL" SIZE="2">% senior notes. </FONT></FONT></P>
<P STYLE="margin-top:5px;margin-bottom:0px;padding-bottom:0px;"><FONT STYLE="font-family:ARIAL" SIZE="2">Under US&nbsp;GAAP, ASC 815, &#147;Derivatives and Hedging&#148;, establishes accounting and reporting standards requiring that every derivative
instrument, including certain derivative instruments embedded in other contracts and debt instruments, be recorded on the Balance Sheet as either an asset or liability measured at its fair value. The contingent embedded derivative in the Series 1
Debentures that provides for accelerated redemption by the holders in certain instances did not meet the criteria for bifurcation from the debt contract and separate measurement at fair value and was not bifurcated from the host contract and
measured at fair value resulting in a US&nbsp;GAAP and Canadian GAAP difference. The contingent embedded derivative in the
8<FONT SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">&nbsp;3</SUP></FONT><FONT SIZE="2">/</FONT><FONT SIZE="1">4</FONT><FONT STYLE="font-family:ARIAL" SIZE="2">% senior notes that provide for accelerated redemption by
the holders in certain instances met the criteria for bifurcation from the debt contract and separate measurement at fair value. The embedded derivative in the
8<FONT SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">&nbsp;3</SUP></FONT><FONT SIZE="2">/</FONT><FONT SIZE="1">4</FONT><FONT STYLE="font-family:ARIAL" SIZE="2">% senior notes was measured at fair value and changes in
fair value recorded in net income for all periods presented. The issuer's early prepayment option included in both the Series 1 Debentures and the 8<FONT SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">&nbsp;3</SUP>
</FONT><FONT SIZE="2">/</FONT><FONT SIZE="1">4</FONT><FONT STYLE="font-family:ARIAL" SIZE="2">% senior notes did not meet the criteria as an embedded derivative under ASC 815 and was not bifurcated from the host contract resulting in a US&nbsp;GAAP
and Canadian GAAP difference. </FONT></FONT></FONT></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="1">24&nbsp;&nbsp;</FONT><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#a03245"><B>Notes to Consolidated Financial
Statements</B></FONT><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;North American Energy Partners Inc. </FONT></P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>

 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="4" COLOR="#a03245"><B>Notes to Interim Consolidated Financial Statements </B></FONT></P>
<P STYLE="margin-top:18px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">For the three months ended June 30, 2010 </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">(Expressed in thousands
of Canadian Dollars, except per share amounts or unless otherwise specified) </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">(Unaudited) </FONT></P>
<P STYLE="line-height:3px;margin-top:0px;margin-bottom:2px;border-bottom:6pt solid #ffffff">&nbsp;</P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>e) Joint venture </B></FONT></P> <P STYLE="margin-top:3px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">The Company owns a 49% interest in Noramac
Ventures Inc., a nominee company for the Company&#146;s Noramac Joint Venture (JV) and the Company has joint control of this entity. Under US&nbsp;GAAP, the Company records its share of earnings of the JV using the equity method of accounting. Under
Canadian GAAP, the Company uses the proportionate consolidation method of accounting for the JV. Under the proportionate consolidation method the Company recognizes its share of the results of operations, cash flows, and financial position of the JV
on a line-by-line basis in its consolidated financial statements and eliminates its share of all material intercompany transactions with the JV. While there is no effect on net income or earnings per share as a result of the US&nbsp;GAAP treatment
of the joint venture, as compared to Canadian GAAP, there are presentation differences affecting the disclosures in the interim consolidated financial statements and the supporting notes. Under Canadian GAAP, the following assets, liabilities,
revenues and expenses and cash flows would be recorded using the proportionate consolidation method: </FONT></P> <P STYLE="font-size:5px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" ALIGN="center">

<TR>
<TD WIDTH="74%"></TD>
<TD VALIGN="bottom" WIDTH="7%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="7%"></TD>
<TD></TD>
<TD></TD></TR>
<TR>
<TD VALIGN="bottom" STYLE="border-bottom:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:ARIAL" SIZE="1">June&nbsp;30,&nbsp;2010</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:ARIAL" SIZE="1">March&nbsp;31,&nbsp;2010</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:0.84em; text-indent:-0.84em"><FONT STYLE="font-family:ARIAL" SIZE="2">Current assets</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">$5,096</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">$4,476</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:0.84em; text-indent:-0.84em"><FONT STYLE="font-family:ARIAL" SIZE="2">Long term assets</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">665</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">77</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:0.84em; text-indent:-0.84em"><FONT STYLE="font-family:ARIAL" SIZE="2">Current liabilities</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">2,547</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">1,636</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:0.84em; text-indent:-0.84em"><FONT STYLE="font-family:ARIAL" SIZE="2">Long term liabilities</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">3,510</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">2,970</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:0.84em; text-indent:-0.84em"><FONT STYLE="font-family:ARIAL" SIZE="2">Net equity</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">$(296</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">$(53</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">)&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD></TR></TABLE> <P STYLE="font-size:5px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" ALIGN="center">

<TR>
<TD WIDTH="74%"></TD>
<TD VALIGN="bottom" WIDTH="8%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="8%"></TD>
<TD></TD>
<TD></TD></TR>
<TR>
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="3"></TD>
<TD HEIGHT="16" COLSPAN="3"></TD></TR>
<TR>
<TD VALIGN="bottom" NOWRAP STYLE="border-bottom:1px solid #000000"> <P STYLE="margin-top:0px;margin-bottom:1px"><FONT STYLE="font-family:ARIAL" SIZE="1">Three months ended June&nbsp;30,</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2010</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2009</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:0.84em; text-indent:-0.84em"><FONT STYLE="font-family:ARIAL" SIZE="2">Gross revenues</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">$2,173</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">$584</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:0.84em; text-indent:-0.84em"><FONT STYLE="font-family:ARIAL" SIZE="2">Gross profit</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">180</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">293</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:0.84em; text-indent:-0.84em"><FONT STYLE="font-family:ARIAL" SIZE="2">Expense</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">(423</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">(102</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">)&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:0.84em; text-indent:-0.84em"><FONT STYLE="font-family:ARIAL" SIZE="2">Net (loss) income</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">$(243</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">$191</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD></TR>
<TR>
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="3"></TD>
<TD HEIGHT="16" COLSPAN="3"></TD></TR>
<TR>
<TD VALIGN="bottom" NOWRAP STYLE="border-bottom:1px solid #000000"> <P STYLE="margin-top:0px;margin-bottom:1px"><FONT STYLE="font-family:ARIAL" SIZE="1">Three months ended June&nbsp;30,</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:ARIAL" SIZE="1">2010</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:ARIAL" SIZE="1">2009</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:0.84em; text-indent:-0.84em"><FONT STYLE="font-family:ARIAL" SIZE="2">Cash flow resulting from operating activities</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">$(775</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">$284</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:0.84em; text-indent:-0.84em"><FONT STYLE="font-family:ARIAL" SIZE="2">Cash flow resulting from investing activities</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">359</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&#150;</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:0.84em; text-indent:-0.84em"><FONT STYLE="font-family:ARIAL" SIZE="2">(Decrease) increase in cash and cash equivalents</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">(416</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">284</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD></TR></TABLE> <P STYLE="margin-top:5px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>f) Other matters </B></FONT></P> <P STYLE="margin-top:3px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">Other
adjustments relate to the tax effect of items (a)&nbsp;through (d)&nbsp;above. The tax effects of temporary differences are described as future income taxes under Canadian GAAP whereas in these financial statements such amounts are described as
deferred income taxes under US GAAP. In addition, Canadian GAAP generally refers to additional paid-in capital as contributed surplus for financial statement presentation purposes. </FONT></P>
<P STYLE="margin-top:5px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>g) Recently adopted Canadian accounting pronouncements </B></FONT></P> <P STYLE="margin-top:3px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2"><I>i)
Accounting changes </I></FONT></P> <P STYLE="margin-top:3px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">In June 2009, the CICA amended Handbook Section&nbsp;1506, &#147;Accounting Changes&#148;, to exclude from its scope changes in
accounting policies upon the complete replacement of an entity&#146;s primary basis of accounting. The Company adopted these amendments effective April&nbsp;1, 2010. The adoption of these amendments did not have a material effect on the
Company&#146;s interim consolidated financial statements. </FONT></P> <P STYLE="margin-top:5px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2"><I>ii) Financial instruments &#150; recognition and measurement </I></FONT></P>
<P STYLE="margin-top:3px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">In June 2009, the CICA amended Handbook Section&nbsp;3855, &#147;Financial Instruments&nbsp;&#150;&nbsp;Recognition and Measurement&#148;, to clarify the
application of the effective interest method after a debt instrument has been impaired. The Section has also been amended to clarify when an embedded prepayment option is separated from its host instrument for accounting purposes. The Company
adopted these amendments effective April&nbsp;1, 2010. The adoption of these amendments did not have a material effect on the Company&#146;s interim consolidated financial statements. </FONT></P>
<P STYLE="margin-top:5px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>h) Recent Canadian accounting pronouncements not yet adopted </B></FONT></P>
<P STYLE="margin-top:3px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2"><I>i) Financial instruments &#150; recognition and measurement </I></FONT></P>
<P STYLE="margin-top:3px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">In June 2009, the CICA amended Handbook Section&nbsp;3855, &#147;Financial Instruments &#150; Recognition and Measurement&#148;, to clarify the application of the
effective interest method after a debt instrument has been impaired. The Section has also been amended to clarify when an embedded prepayment option is separated from its host instrument for accounting purposes. The amendments apply to interim and
annual financial statements relating to fiscal years beginning on or after January&nbsp;1, 2011 for the amendments relating to embedded prepayment options. The Company is currently evaluating the effect of the amendments to the standard. </FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">North American Energy Partners
Inc.&nbsp;&nbsp;</FONT><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#a03245"><B>Notes to Consolidated Financial Statements</B></FONT><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;25 </FONT></P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>

 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="4" COLOR="#a03245"><B>Notes to Interim Consolidated Financial Statements </B></FONT></P>
<P STYLE="margin-top:18px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">For the three months ended June 30, 2010 </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">(Expressed in thousands
of Canadian Dollars, except per share amounts or unless otherwise specified) </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">(Unaudited) </FONT></P>
<P STYLE="line-height:3px;margin-top:0px;margin-bottom:2px;border-bottom:6pt solid #ffffff">&nbsp;</P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2"><I>ii) Comprehensive revaluation of assets and liabilities </I></FONT></P> <P STYLE="margin-top:3px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">In
August 2009, the CICA amended Handbook Section&nbsp;1625, &#147;Comprehensive Revaluation of Assets and Liabilities&#148;, as a result of issuing Section&nbsp;1582, &#147;Business Combinations&#148;, Section&nbsp;1601, &#147;Consolidated Financial
Statements&#148;, and Section&nbsp;1602, &#147;Non-Controlling Interests&#148;, in January 2009. The amendments apply prospectively to comprehensive revaluations of assets and liabilities occurring in fiscal years beginning on or after
January&nbsp;1, 2011. Earlier adoption is permitted as of the beginning of a fiscal year, provided that Section&nbsp;1582 is also adopted. The Company is currently evaluating the effect of the amendments to the standard. </FONT></P>
<P STYLE="margin-top:18px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2"><I>iii) Multiple deliverable arrangements </I></FONT></P> <P STYLE="margin-top:5px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">In December 2009,
the CICA issued Emerging Issues Committee (EIC) 175, &#147;Multiple deliverable arrangements&#148;. This abstract addresses how to determine whether an arrangement involving multiple deliverables contains more than one unit of accounting. It also
addresses how arrangement consideration should be measured and allocated to the separate units of accounting in the arrangement. For the Company, this abstract is effective on a prospective basis to all revenue arrangements with multiple
deliverables entered into or materially modified in the fiscal period beginning April&nbsp;1, 2011.&nbsp;The Company is currently evaluating the effect of this abstract on the Company&#146;s interim consolidated financial statements. </FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="1">26&nbsp;&nbsp;</FONT><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#a03245"><B>Notes to Consolidated Financial
Statements</B></FONT><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;North American Energy Partners Inc. </FONT></P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>

 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:130px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="3"><B>NORTH AMERICAN ENERGY PARTNERS INC.
</B></FONT></P> <P STYLE="margin-top:9px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="3"><B>Management&#146;s Discussion and Analysis </B></FONT></P>
<P STYLE="margin-top:9px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="3"><B>For the three months ended June&nbsp;30, 2010 </B></FONT></P>
 <P STYLE="margin-top:9px;margin-bottom:0px">

<IMG SRC="g48973g55p46.jpg" ALT="LOGO"> </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>

 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:ARIAL" SIZE="3"><B><A NAME="toc"></A>T<SMALL>ABLE</SMALL> <SMALL>OF</SMALL> C<SMALL>ONTENTS</SMALL> </B></FONT></P>
<P STYLE="font-size:9px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" ALIGN="center">

<TR>
<TD WIDTH="1%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD WIDTH="93%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:0.84em; text-indent:-0.84em"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>A.</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2"><B><A HREF="#mdna48973_1">Explanatory Notes</A></B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">3</FONT></TD></TR>
<TR>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <P STYLE="margin-left:1.68em; text-indent:-0.84em"><FONT STYLE="font-family:ARIAL" SIZE="2"><B><A HREF="#mdna48973_2">Caution Regarding Forward-Looking Information</A></B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">3</FONT></TD></TR>
<TR>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <P STYLE="margin-left:1.68em; text-indent:-0.84em"><FONT STYLE="font-family:ARIAL" SIZE="2"><B><A HREF="#mdna48973_3">Non-GAAP Financial Measures</A></B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">3</FONT></TD></TR>
<TR>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <P STYLE="margin-left:1.68em; text-indent:-0.84em"><FONT STYLE="font-family:ARIAL" SIZE="2"><B><A HREF="#mdna48973_4">Adoption of United States GAAP</A></B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">4</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:0.84em; text-indent:-0.84em"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>B.</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2"><B><A HREF="#mdna48973_5">Financial results</A></B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">5</FONT></TD></TR>
<TR>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <P STYLE="margin-left:1.68em; text-indent:-0.84em"><FONT STYLE="font-family:ARIAL" SIZE="2"><B><A HREF="#mdna48973_6">Analysis of Consolidated Results</A></B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">5</FONT></TD></TR>
<TR>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <P STYLE="margin-left:1.68em; text-indent:-0.84em"><FONT STYLE="font-family:ARIAL" SIZE="2"><B><A HREF="#mdna48973_7">Segment Results</A></B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">6</FONT></TD></TR>
<TR>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <P STYLE="margin-left:1.68em; text-indent:-0.84em"><FONT STYLE="font-family:ARIAL" SIZE="2"><B><A HREF="#mdna48973_8">Non-Operating Income and Expense</A></B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">7</FONT></TD></TR>
<TR>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <P STYLE="margin-left:1.68em; text-indent:-0.84em"><FONT STYLE="font-family:ARIAL" SIZE="2"><B><A HREF="#mdna48973_9">Backlog</A></B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">9</FONT></TD></TR>
<TR>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <P STYLE="margin-left:1.68em; text-indent:-0.84em"><FONT STYLE="font-family:ARIAL" SIZE="2"><B><A HREF="#mdna48973_10">Claims and Change Orders</A></B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">9</FONT></TD></TR>
<TR>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <P STYLE="margin-left:1.68em; text-indent:-0.84em"><FONT STYLE="font-family:ARIAL" SIZE="2"><B><A HREF="#mdna48973_11">Summary of Consolidated Quarterly Results</A></B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">10</FONT></TD></TR>
<TR>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <P STYLE="margin-left:1.68em; text-indent:-0.84em"><FONT STYLE="font-family:ARIAL" SIZE="2"><B><A HREF="#mdna48973_12">Summary of Consolidated Financial Position</A></B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">11</FONT></TD></TR>
<TR>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <P STYLE="margin-left:1.68em; text-indent:-0.84em"><FONT STYLE="font-family:ARIAL" SIZE="2"><B><A HREF="#mdna48973_13">Summary of Consolidated Cash Flows</A></B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">12</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:0.84em; text-indent:-0.84em"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>C.</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2"><B><A HREF="#mdna48973_14">Outlook</A></B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">12</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:0.84em; text-indent:-0.84em"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>D.</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2"><B><A HREF="#mdna48973_15">Legal and Labour Matters</A></B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">13</FONT></TD></TR>
<TR>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <P STYLE="margin-left:1.68em; text-indent:-0.84em"><FONT STYLE="font-family:ARIAL" SIZE="2"><B><A HREF="#mdna48973_16">Laws and Regulations and Environmental Matters</A></B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">13</FONT></TD></TR>
<TR>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <P STYLE="margin-left:1.68em; text-indent:-0.84em"><FONT STYLE="font-family:ARIAL" SIZE="2"><B><A HREF="#mdna48973_17">Employees and Labour Relations</A></B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">13</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:0.84em; text-indent:-0.84em"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>E.</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2"><B><A HREF="#mdna48973_18">Resources and Systems</A></B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">13</FONT></TD></TR>
<TR>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <P STYLE="margin-left:1.68em; text-indent:-0.84em"><FONT STYLE="font-family:ARIAL" SIZE="2"><B><A HREF="#mdna48973_19">Outstanding Share Data</A></B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">13</FONT></TD></TR>
<TR>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <P STYLE="margin-left:1.68em; text-indent:-0.84em"><FONT STYLE="font-family:ARIAL" SIZE="2"><B><A HREF="#mdna48973_20">Liquidity and Capital Resources</A></B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">13</FONT></TD></TR>
<TR>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <P STYLE="margin-left:1.68em; text-indent:-0.84em"><FONT STYLE="font-family:ARIAL" SIZE="2"><B><A HREF="#mdna48973_21">Capital Commitments</A></B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">17</FONT></TD></TR>
<TR>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <P STYLE="margin-left:1.68em; text-indent:-0.84em"><FONT STYLE="font-family:ARIAL" SIZE="2"><B><A HREF="#mdna48973_22">Debt Ratings</A></B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">17</FONT></TD></TR>
<TR>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <P STYLE="margin-left:1.68em; text-indent:-0.84em"><FONT STYLE="font-family:ARIAL" SIZE="2"><B><A HREF="#mdna48973_23">Related Parties</A></B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">18</FONT></TD></TR>
<TR>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <P STYLE="margin-left:1.68em; text-indent:-0.84em"><FONT STYLE="font-family:ARIAL" SIZE="2"><B><A HREF="#mdna48973_24">Internal Systems and Processes</A></B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">19</FONT></TD></TR>
<TR>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <P STYLE="margin-left:1.68em; text-indent:-0.84em"><FONT STYLE="font-family:ARIAL" SIZE="2"><B><A HREF="#mdna48973_25">Recently Adopted Accounting Policies</A></B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">19</FONT></TD></TR>
<TR>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <P STYLE="margin-left:1.68em; text-indent:-0.84em"><FONT STYLE="font-family:ARIAL" SIZE="2"><B><A HREF="#mdna48973_26">Recent Accounting Pronouncements Not Yet Adopted</A></B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">19</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:0.84em; text-indent:-0.84em"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>F.</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2"><B><A HREF="#mdna48973_27">Forward-Looking Information and Risk Factors</A></B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">20</FONT></TD></TR>
<TR>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <P STYLE="margin-left:1.68em; text-indent:-0.84em"><FONT STYLE="font-family:ARIAL" SIZE="2"><B><A HREF="#mdna48973_28">Forward-Looking Information</A></B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">20</FONT></TD></TR>
<TR>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <P STYLE="margin-left:1.68em; text-indent:-0.84em"><FONT STYLE="font-family:ARIAL" SIZE="2"><B><A HREF="#mdna48973_29">Risk Factors</A></B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">22</FONT></TD></TR>
<TR>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <P STYLE="margin-left:1.68em; text-indent:-0.84em"><FONT STYLE="font-family:ARIAL" SIZE="2"><B><A HREF="#mdna48973_30">Quantitative and Qualitative Disclosures about Market Risk</A></B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">22</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:0.84em; text-indent:-0.84em"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>G.</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2"><B><A HREF="#mdna48973_31">General Matters</A></B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">22</FONT></TD></TR>
<TR>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <P STYLE="margin-left:1.68em; text-indent:-0.84em"><FONT STYLE="font-family:ARIAL" SIZE="2"><B><A HREF="#mdna48973_32">Additional Information</A></B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">22</FONT></TD></TR></TABLE> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="1">2&nbsp;&nbsp;</FONT><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#a03245"><B>Management&#146;s Discussion and
Analysis</B></FONT><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;North American Energy Partners Inc. </FONT></P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>

 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="4"><B>Management&#146;s Discussion and
Analysis </B></FONT></P> <P STYLE="margin-top:18px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">For the three months ended June 30, 2010 </FONT></P>
<P STYLE="margin-top:9px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="3" COLOR="#a03245"><B>A. <A NAME="mdna48973_1"></A>Explanatory Notes </B></FONT></P>
<P STYLE="margin-top:3px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>August&nbsp;4, 2010 </B></FONT></P> <P STYLE="margin-top:3px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2"><I>The following Management&#146;s
Discussion and Analysis (MD&amp;A) for the three months ended June&nbsp;30, 2010 should be read in conjunction with the attached unaudited consolidated financial statements and accompanying notes for the three months ended June&nbsp;30, 2010. These
statements have been prepared in accordance with United States (US) generally accepted accounting principles (GAAP). This interim MD&amp;A should also be read in conjunction with the audited consolidated financial statements for the year ended
March&nbsp;31, 2010, together with our annual MD&amp;A for the year ended March&nbsp;31, 2010. The consolidated financial statements and additional information relating to our business, including our most recent Annual Information Form (AIF), are
available on the Canadian Securities Administrators&#146; SEDAR System at www.sedar.com, the Securities and Exchange Commission&#146;s website at www.sec.gov and our company web site at www.nacg.ca. </I></FONT></P>
<P STYLE="margin-top:9px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2"><B><A NAME="mdna48973_2"></A>Caution Regarding Forward-Looking Information </B></FONT></P>
<P STYLE="margin-top:3px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">Our MD&amp;A is intended to enable readers to gain an understanding of our current results and financial position. To do so, we provide information and analysis
comparing results of operations and financial position for the current period to those of the preceding periods. We also provide analysis and commentary that we believe is necessary to assess our future prospects. Accordingly, certain sections of
this report contain forward-looking information that is based on current plans and expectations. This forward-looking information is affected by risks and uncertainties that could have a material impact on future prospects. Please refer to
&#147;Forward-Looking Information and Risk Factors&#148; for a discussion of the risks and uncertainties related to such information. Readers are cautioned that actual events and results may vary. </FONT></P>
<P STYLE="margin-top:9px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2"><B><A NAME="mdna48973_3"></A>Non-GAAP Financial Measures </B></FONT></P> <P STYLE="margin-top:3px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">The
body of generally accepted accounting principles applicable to us is commonly referred to as &#147;GAAP&#148;. A non-GAAP financial measure is generally defined by the Securities and Exchange Commission (SEC) and by the Canadian securities
regulatory authorities as one that purports to measure historical or future financial performance, financial position or cash flows but excludes or includes amounts that would not be so adjusted in the most comparable GAAP measures. In our MD&amp;A,
we use non-GAAP financial measures such as &#147;net income before interest expense, income taxes, depreciation and amortization&#148; (EBITDA) and &#147;Consolidated EBITDA&#148; (as defined in our credit agreement). Consolidated EBITDA is defined
as EBITDA, excluding the effects of unrealized foreign exchange gain or loss, realized and unrealized gain or loss on derivative financial instruments, non-cash stock-based compensation expense, gain or loss on disposal of plant and equipment and
certain other non-cash items included in the calculation of net income. We believe that EBITDA is a meaningful measure of the performance of our business because it excludes items, such as depreciation and amortization, interest and taxes that are
not directly related to the operating performance of our business. Management reviews EBITDA to determine whether plant and equipment are being allocated efficiently. In addition, our credit facility requires us to maintain a minimum interest
coverage ratio and a maximum senior leverage ratio, which are calculated using Consolidated EBITDA. Non-compliance with these financial covenants could result in our being required to immediately repay all amounts outstanding under our credit
facility. As EBITDA and Consolidated EBITDA are non-GAAP financial measures, our computations of EBITDA and Consolidated EBITDA may vary from others in our industry. EBITDA and Consolidated EBITDA should not be considered as alternatives to
operating income or net income as measures of operating performance or cash flows as measures of liquidity. EBITDA and Consolidated EBITDA have important limitations as analytical tools and should not be considered in isolation or as substitutes for
analysis of our results as reported under US&nbsp;GAAP or Canadian GAAP. For example, EBITDA and Consolidated EBITDA do not: </FONT></P> <P STYLE="font-size:5px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2"><FONT STYLE="font-family:Times New Roman" SIZE="3"><SUB STYLE="vertical-align:baseline; position:relative; top:.4ex"></SUB></FONT><FONT STYLE="font-family:WINGDINGS" SIZE="3" COLOR="#000000">
<SUB STYLE="vertical-align:baseline; position:relative; top:.4ex">&#159;</SUB></FONT><FONT STYLE="font-family:Times New Roman" SIZE="3"><SUB STYLE="vertical-align:baseline; position:relative; top:.4ex"><FONT STYLE="font-family:ARIAL" SIZE="3"></FONT>
</SUB><FONT STYLE="font-family:ARIAL" SIZE="3"></FONT></FONT></FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2">reflect our cash expenditures or requirements for capital expenditures or capital commitments; </FONT></P></TD></TR></TABLE>
<P STYLE="font-size:5px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2"><FONT STYLE="font-family:Times New Roman" SIZE="3"><SUB STYLE="vertical-align:baseline; position:relative; top:.4ex"></SUB></FONT><FONT STYLE="font-family:WINGDINGS" SIZE="3" COLOR="#000000">
<SUB STYLE="vertical-align:baseline; position:relative; top:.4ex">&#159;</SUB></FONT><FONT STYLE="font-family:Times New Roman" SIZE="3"><SUB STYLE="vertical-align:baseline; position:relative; top:.4ex"><FONT STYLE="font-family:ARIAL" SIZE="3"></FONT>
</SUB><FONT STYLE="font-family:ARIAL" SIZE="3"></FONT></FONT></FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2">reflect changes in our cash requirements for our working capital needs; </FONT></P></TD></TR></TABLE>
<P STYLE="font-size:5px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2"><FONT STYLE="font-family:Times New Roman" SIZE="3"><SUB STYLE="vertical-align:baseline; position:relative; top:.4ex"></SUB></FONT><FONT STYLE="font-family:WINGDINGS" SIZE="3" COLOR="#000000">
<SUB STYLE="vertical-align:baseline; position:relative; top:.4ex">&#159;</SUB></FONT><FONT STYLE="font-family:Times New Roman" SIZE="3"><SUB STYLE="vertical-align:baseline; position:relative; top:.4ex"><FONT STYLE="font-family:ARIAL" SIZE="3"></FONT>
</SUB><FONT STYLE="font-family:ARIAL" SIZE="3"></FONT></FONT></FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2">reflect the interest expense or the cash requirements necessary to service interest or principal payments on our debt; </FONT></P></TD></TR></TABLE>
<P STYLE="font-size:5px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2"><FONT STYLE="font-family:Times New Roman" SIZE="3"><SUB STYLE="vertical-align:baseline; position:relative; top:.4ex"></SUB></FONT><FONT STYLE="font-family:WINGDINGS" SIZE="3" COLOR="#000000">
<SUB STYLE="vertical-align:baseline; position:relative; top:.4ex">&#159;</SUB></FONT><FONT STYLE="font-family:Times New Roman" SIZE="3"><SUB STYLE="vertical-align:baseline; position:relative; top:.4ex"><FONT STYLE="font-family:ARIAL" SIZE="3"></FONT>
</SUB><FONT STYLE="font-family:ARIAL" SIZE="3"></FONT></FONT></FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2">include tax payments that represent a reduction in cash available to us; and </FONT></P></TD></TR></TABLE>
<P STYLE="font-size:5px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2"><FONT STYLE="font-family:Times New Roman" SIZE="3"><SUB STYLE="vertical-align:baseline; position:relative; top:.4ex"></SUB></FONT><FONT STYLE="font-family:WINGDINGS" SIZE="3" COLOR="#000000">
<SUB STYLE="vertical-align:baseline; position:relative; top:.4ex">&#159;</SUB></FONT><FONT STYLE="font-family:Times New Roman" SIZE="3"><SUB STYLE="vertical-align:baseline; position:relative; top:.4ex"><FONT STYLE="font-family:ARIAL" SIZE="3"></FONT>
</SUB><FONT STYLE="font-family:ARIAL" SIZE="3"></FONT></FONT></FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2">reflect any cash requirements for assets being depreciated and amortized that may have to be replaced in the future. </FONT></P></TD></TR></TABLE>
<P STYLE="margin-top:5px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">Consolidated EBITDA excludes unrealized foreign exchange gains and losses and realized and unrealized gains and losses on derivative financial instruments, which,
in the case of unrealized losses, may ultimately result in a liability that will need to be paid and in the case of realized losses, represents an actual use of cash during the period. Where relevant, particularly for earnings-based measures, we
provide tables in this document that reconcile non-GAAP measures used to amounts reported on the face of the consolidated financial statements. </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">North American Energy Partners
Inc.&nbsp;&nbsp;</FONT><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#a03245"><B>Management&#146;s Discussion and Analysis</B></FONT><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;3 </FONT></P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>

 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2"><B><A NAME="mdna48973_4"></A>Adoption of
United States GAAP </B></FONT></P> <P STYLE="margin-top:3px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">As a Canadian based company, we have historically prepared our consolidated financial statements in accordance with Canadian GAAP
and provided reconciliations to United States (US) GAAP. In 2006, the Canadian Accounting Standards Board (&#147;AcSB&#148;) published a new strategic plan that significantly affected financial reporting requirements for Canadian public companies.
The AcSB strategic plan outlined the convergence of Canadian GAAP with International Financial Reporting Standards (IFRS) over an expected five-year transitional period. In February 2008, the AcSB confirmed that IFRS would be mandatory in Canada for
profit-oriented publicly accountable entities for fiscal periods beginning on or after January&nbsp;1, 2011, unless we, as a Securities and Exchange Commission (SEC) registrant and as permitted by National Instrument 52-107, were to adopt
US&nbsp;GAAP on or before this date. </FONT></P> <P STYLE="margin-top:5px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">After significant analysis and consideration regarding the merits of reporting under IFRS or US&nbsp;GAAP, we
decided to adopt US&nbsp;GAAP, commencing in fiscal 2010, as our primary reporting standard for our consolidated financial statements. Our interim consolidated financial statements for the three months ended June&nbsp;30, 2009, including related
notes and accompanying MD&amp;A, were restated based on US&nbsp;GAAP on June&nbsp;10, 2010 and are available on the Canadian Securities Administrators&#146; SEDAR System at www.sedar.com, the Securities and Exchange Commission&#146;s website at
www.sec.gov and our company web site at www.nacg.ca. All comparative figures contained in our current interim consolidated financial statements for the three months ended June&nbsp;30, 2010, including related notes and this MD&amp;A, reflect our
results in accordance with US&nbsp;GAAP as our reporting standard. </FONT></P> <P STYLE="margin-top:5px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">As required by National Instrument 52-107, for the fiscal year of adoption of
US&nbsp;GAAP and one subsequent fiscal year, we will provide a Canadian Supplement to our MD&amp;A that restates, based on financial information reconciled to Canadian GAAP, those parts of our MD&amp;A that would contain material differences if they
were based on financial statements prepared in accordance with Canadian GAAP. In support of the adoption of US&nbsp;GAAP commencing in fiscal 2010 we provided a Canadian Supplement MD&amp;A for our audited consolidated financial statements, related
notes and accompanying MD&amp;A, for the year ended March&nbsp;31, 2010. As well, we provided a Canadian Supplement MD&amp;A for each of the restated interim periods for fiscal 2010. The Canadian Supplement MD&amp;A will continue to be provided
through fiscal 2011 for each of the reporting periods. </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="1">4&nbsp;&nbsp;</FONT><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#a03245"><B>Management&#146;s Discussion and
Analysis</B></FONT><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;North American Energy Partners Inc. </FONT></P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>

 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="3" COLOR="#a03245"><B><A NAME="mdna48973_5"></A>B. Financial results </B></FONT></P>
<P STYLE="margin-top:3px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>Consolidated Three Month Results </B></FONT></P> <P STYLE="font-size:9px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" ALIGN="center">

<TR>
<TD WIDTH="55%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD></TR>
<TR>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="10" ALIGN="right" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:ARIAL" SIZE="1">Three months ended June&nbsp;30,</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="bottom" NOWRAP STYLE="border-bottom:1px solid #000000"> <P STYLE="margin-top:0px;margin-bottom:1px"><FONT STYLE="font-family:ARIAL" SIZE="1">(dollars in thousands)</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:ARIAL" SIZE="1">2010</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:ARIAL" SIZE="1">% of<BR>Revenue</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:ARIAL" SIZE="1">2009</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:ARIAL" SIZE="1">% of<BR>Revenue</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:ARIAL" SIZE="1">Change</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:0.84em; text-indent:-0.84em"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>Revenue</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">$183,594</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">100.0%</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">$146,519</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">100.0%</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">$37,075</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:0.84em; text-indent:-0.84em"><FONT STYLE="font-family:ARIAL" SIZE="2">Project costs</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">77,277</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">42.1%</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">54,262</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">37.0%</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">23,015</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:0.84em; text-indent:-0.84em"><FONT STYLE="font-family:ARIAL" SIZE="2">Equipment costs</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">65,003</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">35.4%</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">46,044</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">31.4%</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">18,959</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:0.84em; text-indent:-0.84em"><FONT STYLE="font-family:ARIAL" SIZE="2">Equipment operating lease expense</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">17,491</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">9.5%</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">12,349</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">8.4%</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">5,142</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:0.84em; text-indent:-0.84em"><FONT STYLE="font-family:ARIAL" SIZE="2">Depreciation</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">8,203</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">4.5%</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">8,724</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">6.0%</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">(521</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">)&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:0.84em; text-indent:-0.84em"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>Gross profit</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">15,620</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">8.5%</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">25,140</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">17.2%</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">(9,520</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">)&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:0.84em; text-indent:-0.84em"><FONT STYLE="font-family:ARIAL" SIZE="2">General&nbsp;and administrative costs</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">13,729</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">7.5%</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">14,976</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">10.2%</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">(1,247</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">)&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:0.84em; text-indent:-0.84em"><FONT STYLE="font-family:ARIAL" SIZE="2">Operating income</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">1,064</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">0.6%</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">10,138</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">6.9%</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">(9,074</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">)&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:0.84em; text-indent:-0.84em"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>Net (loss) income</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>$(10,309</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>)&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>(5.6)%</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>$9,927</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>6.8%</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>$(20,236</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>)&nbsp;</B></FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:0.84em; text-indent:-0.84em"><FONT STYLE="font-family:ARIAL" SIZE="2">Per share information</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.68em; text-indent:-0.84em"><FONT STYLE="font-family:ARIAL" SIZE="2">Net (loss) income &#150; basic</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">(0.29</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">0.28</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">(0.57</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">)&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.68em; text-indent:-0.84em"><FONT STYLE="font-family:ARIAL" SIZE="2">Net (loss) income &#150; diluted</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">(0.29</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">0.27</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">(0.56</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">)&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top">
<P STYLE="margin-left:0.84em; text-indent:-0.84em"><FONT STYLE="font-family:ARIAL" SIZE="2">EBITDA</FONT><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(1)</SUP></FONT><FONT STYLE="font-family:ARIAL" SIZE="2">
</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">4,198</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">2.3%</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">28,237</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">19.3%</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">(24,039</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">)&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:0.84em; text-indent:-0.84em"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>Consolidated
EBITDA</B><B><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(1)</SUP></FONT><FONT STYLE="font-family:ARIAL" SIZE="2"></FONT></B><FONT STYLE="font-family:ARIAL" SIZE="2"><B> (as defined
within our credit agreement)</B></FONT></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">$12,179</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">6.6%</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">$19,394</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">13.2%</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">$(7,215</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">)&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD></TR></TABLE> <P STYLE="font-size:5px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="3%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(1)</SUP></FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1">A reconciliation of net (loss) income to EBITDA and Consolidated EBITDA is as follows: </FONT></P></TD></TR></TABLE>
<P STYLE="font-size:9px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" ALIGN="center">

<TR>
<TD WIDTH="73%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD></TR>
<TR>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="7" ALIGN="right" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:ARIAL" SIZE="1">Three months ended June&nbsp;30,</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="bottom" NOWRAP STYLE="border-bottom:1px solid #000000"> <P STYLE="margin-top:0px;margin-bottom:1px"><FONT STYLE="font-family:ARIAL" SIZE="1">(dollars in thousands)</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:ARIAL" SIZE="1">2010</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:ARIAL" SIZE="1">2009</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:ARIAL" SIZE="1">Change</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:0.84em; text-indent:-0.84em"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>Net (loss) income</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">$(10,309</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">$9,927</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">$(20,236</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">)&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:0.84em; text-indent:-0.84em"><FONT STYLE="font-family:ARIAL" SIZE="2">Adjustments:</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:0.84em; text-indent:-0.84em"><FONT STYLE="font-family:ARIAL" SIZE="2">Interest expense</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">7,729</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">6,552</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">1,177</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:0.84em; text-indent:-0.84em"><FONT STYLE="font-family:ARIAL" SIZE="2">Income taxes (benefit)</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">(2,013</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">2,541</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">(4,554</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">)&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:0.84em; text-indent:-0.84em"><FONT STYLE="font-family:ARIAL" SIZE="2">Depreciation</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">8,203</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">8,724</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">(521</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">)&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:0.84em; text-indent:-0.84em"><FONT STYLE="font-family:ARIAL" SIZE="2">Amortization of intangible assets</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">588</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">493</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">95</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:0.84em; text-indent:-0.84em"><FONT STYLE="font-family:ARIAL" SIZE="2">EBITDA</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">$4,198</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">$28,237</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">$(24,039</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">)&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:0.84em; text-indent:-0.84em"><FONT STYLE="font-family:ARIAL" SIZE="2">Adjustments:</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:0.84em; text-indent:-0.84em"><FONT STYLE="font-family:ARIAL" SIZE="2">Unrealized foreign exchange gain on senior notes</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&#150;</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">(19,540</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">19,540</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:0.84em; text-indent:-0.84em"><FONT STYLE="font-family:ARIAL" SIZE="2">Realized and unrealized loss on derivative financial instruments</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">3,008</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">10,021</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">(7,013</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">)&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:0.84em; text-indent:-0.84em"><FONT STYLE="font-family:ARIAL" SIZE="2">Gain on disposal of property, plant and equipment and assets held for sale</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">(4</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">(276</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">272</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:0.84em; text-indent:-0.84em"><FONT STYLE="font-family:ARIAL" SIZE="2">Stock-based compensation expense</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">410</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">1,143</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">(733</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">)&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:0.84em; text-indent:-0.84em"><FONT STYLE="font-family:ARIAL" SIZE="2">Equity in loss (earnings) of unconsolidated joint venture</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">243</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">(191</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">434</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:0.84em; text-indent:-0.84em"><FONT STYLE="font-family:ARIAL" SIZE="2">Loss on debt extinguishment</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">4,324</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&#150;</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">4,324</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:0.84em; text-indent:-0.84em"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>Consolidated EBITDA (as defined within our credit agreement)</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>$12,179</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>$19,394</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>$(7,215</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>)&nbsp;</B></FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD></TR></TABLE> <P STYLE="margin-top:5px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2"><B><A NAME="mdna48973_6"></A>Analysis of Consolidated Results </B></FONT></P>
<P STYLE="margin-top:3px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2"><I>Revenue </I></FONT></P> <P STYLE="margin-top:2px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">For the three months ended June&nbsp;30, 2010,
consolidated revenues of $183.6 million were $37.1 million higher than in the same period last year. As anticipated, recurring services grew during the quarter, reflecting higher activity on our long-term contract with Canadian
Natural</FONT><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">1</SUP></FONT><FONT STYLE="font-family:ARIAL" SIZE="2"> and increased demand for mine support services from
Syncrude</FONT><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">2</SUP></FONT><FONT STYLE="font-family:ARIAL" SIZE="2"> and
Suncor</FONT><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">3</SUP></FONT><FONT STYLE="font-family:ARIAL" SIZE="2">. These gains were partially offset by reduced activity at Shell
Albian&#146;s</FONT><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">4</SUP></FONT><FONT STYLE="font-family:ARIAL" SIZE="2"> Muskeg River operation, which was shut down during the period
in preparation for maintenance and the transition to production at the Jackpine Mine. </FONT></P> <P STYLE="margin-top:5px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">The improvement in consolidated revenues was further supported by
an increase in Piling segment revenues which benefited from increased commercial and industrial construction market activity during the quarter. These gains were made despite abnormally high precipitation levels in Western Canada during the spring
break-up period which delayed some piling work to future periods. </FONT></P> <P STYLE="line-height:4px;margin-top:0px;margin-bottom:2px;border-bottom:0.5pt solid #000000">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">1</SUP></FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:ARIAL" SIZE="1">Canadian Natural Resources Limited (Canadian Natural) Horizon project </FONT></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">2</SUP></FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:ARIAL" SIZE="1">Syncrude Canada Ltd. (Syncrude) &#150; a joint venture amongst Canadian Oil Sands Limited (37%), Imperial Oil Resources (25%), Suncor Energy Inc. (formerly Petro-Canada Oil and
Gas) (12%), Sinopec International Petroleum Exploration and Production Company (SIPC) (9%), Nexen Oil Sands Partnership (7%), Murphy Oil Company Ltd. (5%)&nbsp;and Mocal Energy Limited (5%). SIPC purchased the Syncrude interest of ConocoPhillips Oil
Sands Partnership II on June&nbsp;25, 2010. </FONT></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">3</SUP></FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:ARIAL" SIZE="1">Suncor Energy Inc. (Suncor) </FONT></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">4</SUP></FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:ARIAL" SIZE="1">Shell Canada Energy, a division of Shell Canada Limited, the operator of the Shell Albian Sands&#146; (Shell Albian) oils sands mining and extraction operations on behalf of
Athabasca Oil Sands Project (AOSP), a joint venture amongst Shell Canada Limited (60%), Chevron Canada Limited (20%)&nbsp;and Marathon Oil Canada Corporation (20%). Prior to January&nbsp;1, 2009, these operations were run by Albian Sands Energy Inc.
</FONT></TD></TR></TABLE> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">North American Energy Partners
Inc.&nbsp;&nbsp;</FONT><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#a03245"><B>Management&#146;s Discussion and Analysis</B></FONT><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;5 </FONT></P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>

 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2"><I>Gross Profit </I></FONT></P>
<P STYLE="margin-top:2px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">Gross profit for the three months ended June&nbsp;30, 2010 was $15.6 million (8.5% of revenue), compared to $25.1 million (17.2% of revenue) in the prior period.
The decline in gross profit reflects a $2.3 million reduction in profit on our long-term overburden removal contract resulting from the negative impact of a weaker Canadian dollar on the value of the contract. Consolidated gross profit was also
negatively affected by higher equipment costs due to increased repair maintenance activity during the longer than usual spring break-up period as well as by reduced margins in our Piling segment due to delays in executing a higher than normal amount
of change orders. </FONT></P> <P STYLE="margin-top:5px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">Project costs, as a percentage of revenue, increased to 42.1% during the three months ended June&nbsp;30, 2010, from 37.0% in the same
period last year while equipment costs increased to 35.4% of revenue, from 31.4% last year, reflecting the negative margin effect of a longer than usual spring break-up period and an increase in scheduled major overhaul maintenance work on our
leased fleet. Equipment operating lease expense increased $5.1 million to $17.5 million as a result of new operating leases added during the prior fiscal year to support our long-term overburden removal contract. Depreciation decreased to 4.5% of
revenue in the three months ended June&nbsp;30, 2010, from 6.0% of revenue in the same period last year. Depreciation in the prior-year period included an accelerated depreciation charge of $1.8 million as certain aged equipment was prepared for
sale. </FONT></P> <P STYLE="margin-top:5px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2"><I>Operating income </I></FONT></P> <P STYLE="margin-top:2px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">For the three months
ended June&nbsp;30, 2010, we recorded operating income of $1.1 million (0.6% of revenue) compared to an operating income of $10.1 million (6.9% of revenue) during the same period last year. General and administrative (G&amp;A) costs decreased by
$1.2 million year-over-year, with prior-year period G&amp;A costs negatively affected by the valuation of our deferred performance share units and director share units, as a result of increases in our share price. </FONT></P>
<P STYLE="margin-top:5px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2"><I>Net (loss) income </I></FONT></P> <P STYLE="margin-top:2px;margin-bottom:0px;padding-bottom:0px;"><FONT STYLE="font-family:ARIAL" SIZE="2">We recorded a net loss
of $10.3 million (basic and diluted loss per share of $0.29) for the three months ended June&nbsp;30, 2010, compared to net income of $9.9 million (basic income per share of $0.28 and diluted income per share of $0.27) during the same period last
year. The non-cash items affecting results in the most recent period included a loss related to the write-off of deferred financing costs on the extinguishment of our
8</FONT><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex"></SUP></FONT><FONT STYLE="font-family:ARIAL" SIZE="2"><FONT SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">&nbsp;3
</SUP></FONT><FONT SIZE="2">/</FONT><FONT SIZE="1">4</FONT><FONT STYLE="font-family:ARIAL" SIZE="2">% senior notes and a loss relating to embedded derivatives in long-term supplier contracts. These items were partially offset by a realized foreign
exchange gain resulting from the extinguishment of our
8</FONT><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex"></SUP></FONT><FONT STYLE="font-family:ARIAL" SIZE="2"><FONT SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">&nbsp;3
</SUP></FONT><FONT SIZE="2">/</FONT><FONT SIZE="1">4</FONT><FONT STYLE="font-family:ARIAL" SIZE="2">% senior notes and a gain relating to embedded derivatives in a long-term customer contract. Net income for the same period last year was positively
affected by the positive foreign exchange impact of the strengthening Canadian dollar on our
8</FONT><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex"></SUP></FONT><FONT STYLE="font-family:ARIAL" SIZE="2"><FONT SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">&nbsp;3
</SUP></FONT><FONT SIZE="2">/</FONT><FONT SIZE="1">4</FONT><FONT STYLE="font-family:ARIAL" SIZE="2">% senior notes, a gain related to embedded derivatives in an early redemption option on our
8</FONT><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex"></SUP></FONT><FONT STYLE="font-family:ARIAL" SIZE="2"><FONT SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">&nbsp;3
</SUP></FONT><FONT SIZE="2">/</FONT><FONT SIZE="1">4</FONT><FONT STYLE="font-family:ARIAL" SIZE="2">% senior notes and a gain relating to embedded derivatives in long-term supplier contracts, which was partially offset by a loss on our
cross-currency and interest rate swaps and a loss relating to embedded derivatives in a long-term customer contract. Excluding the above items, net loss for the three months ended June&nbsp;30, 2010 would have been $4.1 million (basic and diluted
loss per share of $0.11), compared to net income of $0.1 million (basic and diluted income per share of $nil) during the same period last year. </FONT></FONT></FONT></FONT></FONT></P>
<P STYLE="margin-top:5px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2"><B><A NAME="mdna48973_7"></A>Segment Results </B></FONT></P> <P STYLE="margin-top:5px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>Heavy
Construction and Mining </B></FONT></P> <P STYLE="font-size:9px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" ALIGN="center">

<TR>
<TD WIDTH="71%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD></TR>
<TR>
<TD VALIGN="bottom" STYLE="border-bottom:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="5" ALIGN="right" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:ARIAL" SIZE="1">Three months ended June&nbsp;30,</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="bottom" NOWRAP STYLE="border-bottom:1px solid #000000"> <P STYLE="margin-top:0px;margin-bottom:1px"><FONT STYLE="font-family:ARIAL" SIZE="1">(dollars in thousands)</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:ARIAL" SIZE="1">2010</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:ARIAL" SIZE="1">2009</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:ARIAL" SIZE="1">Change</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:0.84em; text-indent:-0.84em"><FONT STYLE="font-family:ARIAL" SIZE="2">Segment revenue</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">$163,609</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">$131,826</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">$31,783</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:0.84em; text-indent:-0.84em"><FONT STYLE="font-family:ARIAL" SIZE="2">Segment profit</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">22,247</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">23,514</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">(1,267</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">)&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:0.84em; text-indent:-0.84em"><FONT STYLE="font-family:ARIAL" SIZE="2">Profit margin</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">13.6%</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">17.8%</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR></TABLE> <P STYLE="margin-top:5px;margin-bottom:0px;padding-bottom:0px;"><FONT STYLE="font-family:ARIAL" SIZE="2">For the three months ended June&nbsp;30, 2010, Heavy Construction and Mining segment revenues increased
$31.8 million, to $163.6 million, primarily as a result of increased recurring services revenue. The growth in recurring services revenue was driven by a return to planned operational levels on our long-term overburden removal contract at Canadian
Natural and increased mining services provided to Syncrude, under our extended master services agreement. We also increased activity levels at Suncor&#146;s site under a new mining service agreement that includes additional scope. The recurring
services gains were partially offset by lower activity levels at Shell Albian&#146;s sites as a result of the shutdown of the Muskeg River site for maintenance and in preparation for the transition to production at the Jackpine mine. Project
development revenues also increased in the current period as a result of a construction project executed for Exxon&#146;s
Kearl</FONT><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex"></SUP><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">5</SUP><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">
</SUP></FONT><FONT STYLE="font-family:ARIAL" SIZE="2"> project. </FONT></P> <P STYLE="margin-top:5px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">For the three months ended June&nbsp;30, 2010, Heavy Construction and Mining profit
margin was 13.6% of revenue, compared to 17.8% of revenue during the same period last year. This change primarily reflects a $2.3 million foreign exchange-related reduction in profit forecast for our long-term overburden removal contract. In the
prior year we recorded a $4.0 million profit increase in our forecast for this same project as a result of an increase in the strength of the Canadian dollar. Contributing to the reduced segment profit was lower project efficiency during the longer
than normal spring break-up period. </FONT></P> <P STYLE="line-height:4px;margin-top:0px;margin-bottom:2px;border-bottom:0.5pt solid #000000">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">5</SUP></FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:ARIAL" SIZE="1">Exxon&#146;s Kearl project is a joint venture oil sands mining and extraction project. Imperial Oil Limited holds a 70.96% interest in the joint venture with ExxonMobil Canada
Properties, a subsidiary of Exxon Mobil Corporation (Exxon). Imperial Oil Limited is the project operator. </FONT></TD></TR></TABLE> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="1">6&nbsp;&nbsp;</FONT><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#a03245"><B>Management&#146;s Discussion and
Analysis</B></FONT><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;North American Energy Partners Inc. </FONT></P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>

 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>Piling </B></FONT></P>
<P STYLE="font-size:9px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" ALIGN="center">

<TR>
<TD WIDTH="74%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD></TR>
<TR>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="5" ALIGN="right" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:ARIAL" SIZE="1">Three months ended June&nbsp;30,</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="bottom" NOWRAP STYLE="border-bottom:1px solid #000000"> <P STYLE="margin-top:0px;margin-bottom:1px"><FONT STYLE="font-family:ARIAL" SIZE="1">(dollars in thousands)</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:ARIAL" SIZE="1">2010</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:ARIAL" SIZE="1">2009</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:ARIAL" SIZE="1">Change</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:0.84em; text-indent:-0.84em"><FONT STYLE="font-family:ARIAL" SIZE="2">Segment revenue</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">$19,146</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">$14,618</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">$4,528</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:0.84em; text-indent:-0.84em"><FONT STYLE="font-family:ARIAL" SIZE="2">Segment profit</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">1,394</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">2,684</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">(1,290</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">)&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:0.84em; text-indent:-0.84em"><FONT STYLE="font-family:ARIAL" SIZE="2">Profit margin</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">7.3%</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">18.4%</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR></TABLE> <P STYLE="margin-top:5px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">For the three months ended June&nbsp;30, 2010, the Piling segment recorded revenues of $19.1 million, an increase of $4.5
million over the same period last year. The improvement in Piling segment revenue reflects a partial recovery in activity levels in the commercial and industrial construction markets. These gains were made despite abnormally high precipitation
levels in Western Canada which delayed some piling work to future periods. </FONT></P> <P STYLE="margin-top:5px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">For the three months ended June&nbsp;30, 2010, Piling profit margin decreased
to 7.3% of revenue, from 18.4% of revenue a year ago. This decline reflects the delay in the execution of a higher than normal amount of change orders to future periods. Contributing to the lower margins for the current period was a larger than
normal amount of equipment tooling costs and the effect of the abnormally high precipitation levels on project efficiency. </FONT></P> <P STYLE="margin-top:9px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>Pipeline </B></FONT></P>
<P STYLE="font-size:5px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" ALIGN="center">

<TR>
<TD WIDTH="79%"></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD></TD></TR>
<TR>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="7" ALIGN="right" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:ARIAL" SIZE="1">Three months ended June&nbsp;30,</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="bottom" NOWRAP STYLE="border-bottom:1px solid #000000"> <P STYLE="margin-top:0px;margin-bottom:1px"><FONT STYLE="font-family:ARIAL" SIZE="1">(dollars in thousands)</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:ARIAL" SIZE="1">2010</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:ARIAL" SIZE="1">2009</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:ARIAL" SIZE="1">Change</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:0.84em; text-indent:-0.84em"><FONT STYLE="font-family:ARIAL" SIZE="2">Segment revenue</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">$839</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">$75</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">$764</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:0.84em; text-indent:-0.84em"><FONT STYLE="font-family:ARIAL" SIZE="2">Segment (loss) profit</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">(723</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">367</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">(1,090</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">)&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:0.84em; text-indent:-0.84em"><FONT STYLE="font-family:ARIAL" SIZE="2">(Loss) profit margin</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">(86.2</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">)%&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">489.3</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">%&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR></TABLE> <P STYLE="margin-top:5px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">For the three months ended June&nbsp;30, 2010, the Pipeline segment increased revenues to $0.8 million, from $0.1 million a
year ago reflecting the partial resumption of work on a contract in British Columbia during the period. </FONT></P> <P STYLE="margin-top:5px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">For the three months ended June&nbsp;30, 2010,
the Pipeline segment recorded a loss of $0.7 million compared to a profit of $0.4 million during the same period last year. The loss in the current period was the result of fixed project costs incurred during a temporary shutdown of work on a
contract in British Columbia. </FONT></P> <P STYLE="margin-top:9px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2"><B><A NAME="mdna48973_8"></A>Non-Operating Income and Expense </B></FONT></P>
<P STYLE="font-size:9px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" ALIGN="center">

<TR>
<TD WIDTH="76%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD></TR>
<TR>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="7" ALIGN="right" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:ARIAL" SIZE="1">Three months ended June&nbsp;30,</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="bottom" NOWRAP STYLE="border-bottom:1px solid #000000"> <P STYLE="margin-top:0px;margin-bottom:1px"><FONT STYLE="font-family:ARIAL" SIZE="1">(dollars in thousands)</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:ARIAL" SIZE="1">2010</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:ARIAL" SIZE="1">2009</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:ARIAL" SIZE="1">Change</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:0.84em; text-indent:-0.84em"><FONT STYLE="font-family:ARIAL" SIZE="2">Interest expense</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.68em; text-indent:-0.84em"><FONT STYLE="font-family:ARIAL" SIZE="2">Long-term debt</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:2.53em; text-indent:-0.84em"><FONT STYLE="font-family:ARIAL" SIZE="2">Interest on 8</FONT><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex"></SUP>
</FONT><FONT STYLE="font-family:ARIAL" SIZE="2"><FONT SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">&nbsp;3</SUP></FONT><FONT SIZE="2">/</FONT><FONT SIZE="1">4</FONT><FONT STYLE="font-family:ARIAL" SIZE="2">% senior
notes and swaps</FONT></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">1,147</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">5,144</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">(3,997</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">)&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:2.53em; text-indent:-0.84em"><FONT STYLE="font-family:ARIAL" SIZE="2">Interest on series 1 debentures</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">4,734</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">4,734</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:2.53em; text-indent:-0.84em"><FONT STYLE="font-family:ARIAL" SIZE="2">Interest on term facilities</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">1,057</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">165</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">892</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:2.53em; text-indent:-0.84em"><FONT STYLE="font-family:ARIAL" SIZE="2">Interest on capital lease obligations</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">208</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">291</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">(83</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">)&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:2.53em; text-indent:-0.84em"><FONT STYLE="font-family:ARIAL" SIZE="2">Amortization of deferred financing costs</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">526</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">805</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">(279</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">)&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:2.53em; text-indent:-0.84em"><FONT STYLE="font-family:ARIAL" SIZE="2">Interest on long-term debt</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">7,672</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">6,405</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">1,267</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:2.53em; text-indent:-0.84em"><FONT STYLE="font-family:ARIAL" SIZE="2">Other interest</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">57</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">147</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">(90</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">)&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:0.84em; text-indent:-0.84em"><FONT STYLE="font-family:ARIAL" SIZE="2">Total interest expense</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">$7,729</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">$6,552</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">$1,177</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:0.84em; text-indent:-0.84em"><FONT STYLE="font-family:ARIAL" SIZE="2">Foreign exchange gain</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">(1,697</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">(19,436</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">17,739</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:0.84em; text-indent:-0.84em"><FONT STYLE="font-family:ARIAL" SIZE="2">Realized and unrealized loss on derivative financial instruments</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">3,008</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">10,021</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">(7,013</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">)&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:0.84em; text-indent:-0.84em"><FONT STYLE="font-family:ARIAL" SIZE="2">Other expense</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">533</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">(533</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">)&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:0.84em; text-indent:-0.84em"><FONT STYLE="font-family:ARIAL" SIZE="2">Income taxes (benefit)</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">(2,013</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">2,541</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">(4,554</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">)&nbsp;</FONT></TD></TR></TABLE> <P STYLE="margin-top:5px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2"><I>Interest expense </I></FONT></P>
<P STYLE="margin-top:2px;margin-bottom:0px;padding-bottom:0px;"><FONT STYLE="font-family:ARIAL" SIZE="2">Total interest expense increased $1.2 million in the three months ended June&nbsp;30, 2010, compared to the prior year. In April 2010, we closed
a private placement of 9.125% Series 1 Debentures due April&nbsp;7, 2017 for gross proceeds of $225.0 million. On March&nbsp;29, 2010, we issued a redemption notice to holders of the
8<FONT SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">&nbsp;3</SUP></FONT><FONT SIZE="2">/</FONT><FONT SIZE="1">4</FONT><FONT STYLE="font-family:ARIAL" SIZE="2">% senior notes to redeem all outstanding
8<FONT SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">&nbsp;3</SUP></FONT><FONT SIZE="2">/</FONT><FONT SIZE="1">4</FONT><FONT STYLE="font-family:ARIAL" SIZE="2">% senior notes and, on April&nbsp;28, 2010, the notes
were redeemed and cancelled. The redemption amount included the US$200.0 million principal outstanding and US$7.1 million of accrued interest. On April&nbsp;8, 2010,&nbsp;we terminated the cross currency and interest rate swaps used to provide an
economic hedge on the US dollar denominated 8<FONT SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">&nbsp;3</SUP></FONT><FONT SIZE="2">/</FONT><FONT SIZE="1">4</FONT><FONT STYLE="font-family:ARIAL" SIZE="2">% senior
notes. Interest expense on our 8<FONT SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">&nbsp;3</SUP></FONT><FONT SIZE="2">/</FONT><FONT SIZE="1">4</FONT><FONT STYLE="font-family:ARIAL" SIZE="2">% senior notes of $1.1
million reflects the amount of interest for the current period until redemption was complete. Interest expense of $4.7 million for the new Series 1 Debentures reflects interest for the partial period that followed the issuance of the Series 1
Debentures on April&nbsp;7, 2010. The redemption and associated swap agreement terminations eliminate the refinancing risk in December 2011. A more detailed discussion on the restructuring of our long-term debt can be found under &#147;Liquidity and
Capital Resources&#148;. </FONT></FONT></FONT></FONT></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">North American Energy Partners
Inc.&nbsp;&nbsp;</FONT><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#a03245"><B>Management&#146;s Discussion and Analysis</B></FONT><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;7 </FONT></P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>

 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">On April&nbsp;30, 2010, we also entered
into a fourth amended and restated credit agreement to extend the term of the credit agreement and to add additional borrowing capacity of up to $50.0 million through a second term facility within the credit agreement. At June&nbsp;30, 2010, the
second term facility was fully drawn at $50.0 million. The new term facility, along with the existing term facility, matures on April&nbsp;30, 2013. At June&nbsp;30, 2010, we had $75.9 million outstanding on the Term Facility ($28.4 million at
March&nbsp;31, 2010). Interest expense for the credit facility, for the three months ended June&nbsp;30, 2010 was $1.1 million, an increase of $0.9 million compared to the prior year. </FONT></P>
<P STYLE="margin-top:5px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2"><I>Foreign exchange gain </I></FONT></P> <P STYLE="margin-top:2px;margin-bottom:0px;padding-bottom:0px;"><FONT STYLE="font-family:ARIAL" SIZE="2">The foreign
exchange gains recognized in the current and prior year three-month periods relate primarily to the effect of changes in the exchange rate of the Canadian dollar against the US dollar on the carrying value of the US$200 million
8</FONT><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex"></SUP></FONT><FONT STYLE="font-family:ARIAL" SIZE="2"><FONT SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">&nbsp;3
</SUP></FONT><FONT SIZE="2">/</FONT><FONT SIZE="1">4</FONT><FONT STYLE="font-family:ARIAL" SIZE="2">% senior notes. The increase in the value of the Canadian dollar, from 0.9846 CAN/US at March&nbsp;31, 2010 to 0.9874 CAN/US at April&nbsp;28, 2010
when the 8<FONT SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">&nbsp;3</SUP></FONT><FONT SIZE="2">/</FONT><FONT SIZE="1">4</FONT><FONT STYLE="font-family:ARIAL" SIZE="2">% senior notes were redeemed, resulted in a
realized foreign exchange gain. A more detailed discussion about our foreign currency risk can be found under &#147;Quantitative and Qualitative Disclosures about Market Risk &#150; Foreign exchange risk&#148;. </FONT></FONT></FONT></P>
<P STYLE="margin-top:5px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2"><I>Realized and unrealized loss (gain) on derivative financial instruments </I></FONT></P>
<P STYLE="margin-top:2px;margin-bottom:0px;padding-bottom:0px;"><FONT STYLE="font-family:ARIAL" SIZE="2">The realized and unrealized loss (gain) on derivative financial instruments reflect changes in the fair value of derivatives embedded in our
previously held US dollar denominated 8<FONT SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">&nbsp;3</SUP></FONT><FONT SIZE="2">/</FONT><FONT SIZE="1">4</FONT><FONT STYLE="font-family:ARIAL" SIZE="2">% senior notes, as
well as changes in the fair value of the cross-currency and interest rate swaps that we employed to provide an economic hedge for our previously held US dollar denominated
8<FONT SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">&nbsp;3</SUP></FONT><FONT SIZE="2">/</FONT><FONT SIZE="1">4</FONT><FONT STYLE="font-family:ARIAL" SIZE="2">% senior notes. Realized and unrealized gains and losses
also include changes in the value of embedded derivatives in a long-term customer contract and in supplier maintenance agreements. The realized and unrealized gains and losses on these derivative financial instruments, for the three months ended
June&nbsp;30, 2010 are detailed in the table below: </FONT></FONT></FONT></P> <P STYLE="font-size:9px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" ALIGN="center">

<TR>
<TD WIDTH="74%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD></TR>
<TR>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="7" ALIGN="right" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:ARIAL" SIZE="1">Three months ended June&nbsp;30,</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="bottom" NOWRAP STYLE="border-bottom:1px solid #000000"> <P STYLE="margin-top:0px;margin-bottom:1px"><FONT STYLE="font-family:ARIAL" SIZE="1">(dollars in thousands)</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:ARIAL" SIZE="1">2010</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:ARIAL" SIZE="1">2009</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:ARIAL" SIZE="1">Change</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:0.84em; text-indent:-0.84em"><FONT STYLE="font-family:ARIAL" SIZE="2">Swap liability loss</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">$1,783</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">$19,835</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">$(18,052</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">)&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:0.84em; text-indent:-0.84em"><FONT STYLE="font-family:ARIAL" SIZE="2">Redemption option embedded derivative gain</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&#150;</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">(2,273</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">2,273</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:0.84em; text-indent:-0.84em"><FONT STYLE="font-family:ARIAL" SIZE="2">Supplier contracts embedded derivatives loss (gain)</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">1,647</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">(14,164</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">15,811</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:0.84em; text-indent:-0.84em"><FONT STYLE="font-family:ARIAL" SIZE="2">Customer contract embedded derivative (gain) loss</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">(750</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">3,287</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">(4,037</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">)&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:0.84em; text-indent:-0.84em"><FONT STYLE="font-family:ARIAL" SIZE="2">Swap interest payment</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">328</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">3,336</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">(3,008</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">)&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:0.84em; text-indent:-0.84em"><FONT STYLE="font-family:ARIAL" SIZE="2">Total</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">$3,008</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">$10,021</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">$(7,013</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">)&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD></TR></TABLE> <P STYLE="margin-top:5px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">The measurement of embedded derivatives, as required by GAAP, causes our reported net income to fluctuate as Canadian/US dollar
exchange rates, interest rates and the US-PPI for Mining Machinery and Equipment change. The accounting for these derivatives has no impact on operations, Consolidated EBITDA (as defined within our credit agreement) or how we evaluate performance.
</FONT></P> <P STYLE="margin-top:5px;margin-bottom:0px;padding-bottom:0px;"><FONT STYLE="font-family:ARIAL" SIZE="2">The Swap liability loss reflects the changes in the fair value of the cross-currency and interest rate swaps that we employed to
provide an economic hedge for our previously held US dollar denominated
8</FONT><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex"></SUP></FONT><FONT STYLE="font-family:ARIAL" SIZE="2"><FONT SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">&nbsp;3
</SUP></FONT><FONT SIZE="2">/</FONT><FONT SIZE="1">4</FONT><FONT STYLE="font-family:ARIAL" SIZE="2">% senior notes. Changes in the fair value of these swaps generally had an offsetting effect to changes in the value of our previously held
8<FONT SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">&nbsp;3</SUP></FONT><FONT SIZE="2">/</FONT><FONT SIZE="1">4</FONT><FONT STYLE="font-family:ARIAL" SIZE="2">% senior notes (and resulting foreign exchange gains and
losses), with both being triggered by variations in the Canadian/US dollar exchange rate. However, the valuations of the derivative financial instruments were also impacted by changes in interest rates and the remaining present value of scheduled
interest payments on the swaps, which occurred in June and December of each year until termination of the swap agreements on April&nbsp;8, 2010. </FONT></FONT></FONT></P>
<P STYLE="margin-top:5px;margin-bottom:0px;padding-bottom:0px;"><FONT STYLE="font-family:ARIAL" SIZE="2">The redemption option embedded derivative gain in the prior year reflects changes in the fair value of a derivative embedded in our previously
held US dollar denominated 8<FONT SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">&nbsp;3</SUP></FONT><FONT SIZE="2">/</FONT><FONT SIZE="1">4</FONT><FONT STYLE="font-family:ARIAL" SIZE="2">% senior notes. Changes in
fair value resulted from changes in long-term bond interest rates during a reporting period. </FONT></FONT></P> <P STYLE="margin-top:5px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">With respect to the supplier contracts, the fair
value of the embedded derivative related to a long-term maintenance contract was increased as a result of the addition of certain pieces of heavy equipment to the repair and maintenance program with the supplier contract in the three months ended
June&nbsp;30, 2010. Included in the embedded derivative valuation was the impact of fluctuations in provisions that require a price adjustment to reflect changes in the Canadian/US dollar exchange rate and the United States government published
Producers&#146; Price Index (US-PPI) for Mining Machinery and Equipment from the original contract amount. </FONT></P> <P STYLE="margin-top:5px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">With respect to the long-term customer
contract, there is a provision that requires an adjustment to customer billings to reflect actual exchange rates and price indices. The embedded derivative instrument takes into account the impact on revenues, but does not consider the impact on
costs as a result of fluctuations in these measures. </FONT></P> <P STYLE="margin-top:5px;margin-bottom:0px;padding-bottom:0px;"><FONT STYLE="font-family:ARIAL" SIZE="2">The measurement of swap interest payment loss reflects the realized loss on our
previously held interest rate swaps. As of February&nbsp;2, 2009, one of three swap agreements hedging the interest and currency risk associated with our previously held US dollar denominated
8<FONT SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">&nbsp;3</SUP></FONT><FONT SIZE="2">/</FONT><FONT SIZE="1">4</FONT><FONT STYLE="font-family:ARIAL" SIZE="2">% senior notes was cancelled by the counterparties. As a
result of the counterparties&#146; cancellation of this US dollar interest rate swap, we were incurring higher interest expense and we were exposed to interest rate and foreign currency risk. </FONT></FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="1">8&nbsp;&nbsp;</FONT><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#a03245"><B>Management&#146;s Discussion and
Analysis</B></FONT><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;North American Energy Partners Inc. </FONT></P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>

 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2"><I>Income taxes (benefit) </I></FONT></P>
<P STYLE="margin-top:2px;margin-bottom:0px;padding-bottom:0px;"><FONT STYLE="font-family:ARIAL" SIZE="2">For the three months ended June&nbsp;30, 2010, we recorded current income tax expense of $1.2 million and deferred income tax benefit of $3.2
million for a total income tax recovery of $2.0 million. This compares to combined income tax expense of $2.5 million for the same period last year. For the three months ended June&nbsp;30, 2010, income tax expense as a percentage of income before
income taxes differs from the statutory rate of 27.77% primarily due to the effect of changes in enacted tax rates and the realization of capital loss on the extinguishment of the
8<FONT SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">&nbsp;3</SUP></FONT><FONT SIZE="2">/</FONT><FONT SIZE="1">4</FONT><FONT STYLE="font-family:ARIAL" SIZE="2">% senior notes and the cross-currency swap. For the three
months ended June&nbsp;30, 2009, income tax expense as a percentage of income before income taxes differed from the statutory rate of 28.91% primarily due to the effect of changes in enacted tax rates and the benefit from changes in the timing of
the reversal of temporary differences. </FONT></FONT></P> <P STYLE="margin-top:5px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2"><B><A NAME="mdna48973_9"></A>Backlog </B></FONT></P>
<P STYLE="margin-top:3px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">Backlog is a measure of the amount of secured work we have outstanding and, as such, is an indicator of a base level of future revenue potential. Backlog is not a
GAAP measure. As a result, the definition and determination of a backlog will vary among different organizations ascribing a value to backlog. Although backlog reflects business that we consider to be firm, cancellations or reductions may occur and
may reduce backlog and future income. </FONT></P> <P STYLE="margin-top:5px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">We define backlog as work that has a high certainty of being performed as evidenced by the existence of a signed
contract or work order specifying job scope, value and timing. We have also set a policy that our definition of backlog will be limited to contracts or work orders with values exceeding $500,000 and work that will be performed in the next five
years, even if the related contracts extend beyond five years. </FONT></P> <P STYLE="margin-top:5px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">Our measure of backlog does not define what we expect our future workload to be. We work
with our customers using cost-plus, time-and-materials, unit-price and lump-sum contracts. This mix of contract types varies year-by-year. Our definition of backlog results in the exclusion of a range of services to be provided under cost-plus and
time-and-material contracts performed under master service agreements where scope is not clearly defined. For the three months ended June&nbsp;30, 2010, the total amount of revenue earned from time-and-material contracts performed under our master
services agreements was approximately $81.9 million. </FONT></P> <P STYLE="margin-top:5px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">Our estimated backlog by segment and contract type as at June&nbsp;30, 2010 and 2009 as well as
March&nbsp;31, 2010 was: </FONT></P> <P STYLE="margin-top:5px;margin-bottom:0px; margin-left:1%; text-indent:-1%"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>By Segment</B> </FONT></P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" ALIGN="center">

<TR>
<TD WIDTH="70%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD></TR>
<TR>
<TD VALIGN="bottom" NOWRAP STYLE="border-bottom:1px solid #000000"> <P STYLE="margin-top:0px;margin-bottom:1px"><FONT STYLE="font-family:ARIAL" SIZE="1">(dollars in thousands)</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:ARIAL" SIZE="1">June&nbsp;30,<BR>2010</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:ARIAL" SIZE="1">March&nbsp;31,<BR>2010</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:ARIAL" SIZE="1">June&nbsp;30,<BR>2009</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:0.84em; text-indent:-0.84em"><FONT STYLE="font-family:ARIAL" SIZE="2">Heavy Construction and Mining</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">$807,111</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">$725,767</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">$696,412</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:0.84em; text-indent:-0.84em"><FONT STYLE="font-family:ARIAL" SIZE="2">Piling</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">16,579</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">16,423</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">5,731</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:0.84em; text-indent:-0.84em"><FONT STYLE="font-family:ARIAL" SIZE="2">Pipeline</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">5,989</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">6,861</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">&#150;</FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:0.84em; text-indent:-0.84em"><FONT STYLE="font-family:ARIAL" SIZE="2">Total</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">$829,679</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">$749,051</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">$702,143</FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD></TR>
<TR>
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>By Contract Type</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD COLSPAN="3" VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="bottom" NOWRAP STYLE="border-bottom:1px solid #000000"> <P STYLE="margin-top:0px;margin-bottom:1px"><FONT STYLE="font-family:ARIAL" SIZE="1">(dollars in thousands)</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:ARIAL" SIZE="1">June&nbsp;30,<BR>2010</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:ARIAL" SIZE="1">March&nbsp;31,<BR>2010</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:ARIAL" SIZE="1">June&nbsp;30,<BR>2009</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:0.84em; text-indent:-0.84em"><FONT STYLE="font-family:ARIAL" SIZE="2">Unit-Price</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">$796,670</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">$722,710</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">$698,550</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:0.84em; text-indent:-0.84em"><FONT STYLE="font-family:ARIAL" SIZE="2">Lump-Sum</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">28,383</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">18,429</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">2,165</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:0.84em; text-indent:-0.84em"><FONT STYLE="font-family:ARIAL" SIZE="2">Time-and-Materials and Cost-Plus</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">4,626</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">7,912</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">1,428</FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:0.84em; text-indent:-0.84em"><FONT STYLE="font-family:ARIAL" SIZE="2">Total</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">$829,679</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">$749,051</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">$702,143</FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD></TR></TABLE> <P STYLE="margin-top:5px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">A contract with a single customer represented approximately $768.8 million of our
June&nbsp;30, 2010 backlog, compared to $674.6 million reported as backlog in our interim Management&#146;s Discussion and Analysis for the three months ended June&nbsp;30, 2009 and $706.7 million in our annual Management&#146;s Discussion and
Analysis for the year ended March&nbsp;31, 2010. </FONT></P> <P STYLE="margin-top:5px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">We expect that approximately $248.3 million of total backlog will be performed and realized in the
twelve months ending June&nbsp;30,
2011.</FONT><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex"><FONT STYLE="font-family:ARIAL" SIZE="2"></FONT></SUP><FONT STYLE="font-family:ARIAL" SIZE="2">&#042;</FONT> </FONT></P>
<P STYLE="margin-top:5px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2"><B><A NAME="mdna48973_10"></A>Claims and Change Orders </B></FONT></P> <P STYLE="margin-top:3px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">Due to
the complexity of the projects we undertake, changes often occur after work has commenced. These changes include but are not limited to: </FONT></P> <P STYLE="font-size:5px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2"><FONT STYLE="font-family:Times New Roman" SIZE="3"><SUB STYLE="vertical-align:baseline; position:relative; top:.4ex"></SUB></FONT><FONT STYLE="font-family:WINGDINGS" SIZE="3" COLOR="#000000">
<SUB STYLE="vertical-align:baseline; position:relative; top:.4ex">&#159;</SUB></FONT><FONT STYLE="font-family:Times New Roman" SIZE="3"><SUB STYLE="vertical-align:baseline; position:relative; top:.4ex"><FONT STYLE="font-family:ARIAL" SIZE="3"></FONT>
</SUB><FONT STYLE="font-family:ARIAL" SIZE="3"></FONT></FONT></FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2">changes in client requirements, specifications and design; </FONT></P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2"><FONT STYLE="font-family:Times New Roman" SIZE="3"><SUB STYLE="vertical-align:baseline; position:relative; top:.4ex"></SUB></FONT><FONT STYLE="font-family:WINGDINGS" SIZE="3" COLOR="#000000">
<SUB STYLE="vertical-align:baseline; position:relative; top:.4ex">&#159;</SUB></FONT><FONT STYLE="font-family:Times New Roman" SIZE="3"><SUB STYLE="vertical-align:baseline; position:relative; top:.4ex"><FONT STYLE="font-family:ARIAL" SIZE="3"></FONT>
</SUB><FONT STYLE="font-family:ARIAL" SIZE="3"></FONT></FONT></FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2">changes in materials and work schedules; and </FONT></P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2"><FONT STYLE="font-family:Times New Roman" SIZE="3"><SUB STYLE="vertical-align:baseline; position:relative; top:.4ex"></SUB></FONT><FONT STYLE="font-family:WINGDINGS" SIZE="3" COLOR="#000000">
<SUB STYLE="vertical-align:baseline; position:relative; top:.4ex">&#159;</SUB></FONT><FONT STYLE="font-family:Times New Roman" SIZE="3"><SUB STYLE="vertical-align:baseline; position:relative; top:.4ex"><FONT STYLE="font-family:ARIAL" SIZE="3"></FONT>
</SUB><FONT STYLE="font-family:ARIAL" SIZE="3"></FONT></FONT></FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2">changes in ground and weather conditions. </FONT></P></TD></TR></TABLE>
<P STYLE="line-height:4px;margin-top:0px;margin-bottom:2px;border-bottom:0.5pt solid #000000">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">&#042;</SUP></FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:ARIAL" SIZE="1">This paragraph contains forward-looking information. Please refer to &#147;Forward-Looking Information and Risk Factors&#148; for a discussion on the risks and uncertainties
related to such information. </FONT></TD></TR></TABLE> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">North American Energy Partners
Inc.&nbsp;&nbsp;</FONT><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#a03245"><B>Management&#146;s Discussion and Analysis</B></FONT><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;9 </FONT></P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>

 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">Contract change management processes
require that we prepare and submit change orders to the client requesting approval of scope and/or price adjustments to the contract. Accounting guidelines require that we consider changes in cost estimates that have occurred up to the release of
the financial statements and reflect the impact of these changes in the financial statements. Conversely, potential revenue associated with increases in cost estimates is not included in financial statements until an agreement is reached with a
client or specific criteria for the recognition of revenue from unapproved change orders and claims are met. This can, and often does, lead to costs being recognized in one period and revenue being recognized in subsequent periods. </FONT></P>
<P STYLE="margin-top:5px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">Occasionally, disagreements arise regarding changes, their nature, measurement, timing and other characteristics that impact costs and revenue under the contract.
If a change becomes a point of dispute between our customer and us, we then consider it to be a claim. Historical claim recoveries should not be considered indicative of future claim recoveries. </FONT></P>
<P STYLE="margin-top:5px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">For the three months ended June&nbsp;30, 2010, due to the timing of receipt of signed change orders, the Heavy Construction and Mining segment had approximately
$0.6&nbsp;million in claims revenue recognized to the extent of costs incurred,&nbsp;the Piling segment had $1.3 million in claims revenue recognized to the extent of costs incurred, and the Pipeline segment had $0.1&nbsp;million in claims revenue
recognized to the extent of costs incurred. We are working with our customers to come to resolution on additional amounts, if any, to be paid to us in respect to these additional costs. </FONT></P>
<P STYLE="margin-top:9px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2"><B><A NAME="mdna48973_11"></A>Summary of Consolidated Quarterly Results </B></FONT></P> <P STYLE="font-size:9px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<P STYLE="font-size:3px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" ALIGN="center">

<TR>
<TD WIDTH="32%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD></TR>
<TR>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:ARIAL" SIZE="1">June&nbsp;30,<BR>2010</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:ARIAL" SIZE="1">March&nbsp;31,<BR>2010</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:ARIAL" SIZE="1">Dec 31,</FONT><br><FONT STYLE="font-family:ARIAL" SIZE="1">2009</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:ARIAL" SIZE="1">Sept&nbsp;30,</FONT><br><FONT STYLE="font-family:ARIAL" SIZE="1">2009</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right" STYLE="BORDER-RIGHT:1px solid #000000;border-bottom:1px solid #000000"><FONT STYLE="font-family:ARIAL" SIZE="1">Jun 30,</FONT><br><FONT STYLE="font-family:ARIAL" SIZE="1">2009</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:ARIAL" SIZE="1">Mar 31,</FONT><br><FONT STYLE="font-family:ARIAL" SIZE="1">2009</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:ARIAL" SIZE="1">Dec 31,<BR>2008</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right" STYLE="BORDER-RIGHT:1px solid #000000; padding-right:8px;border-bottom:1px solid #000000"><FONT STYLE="font-family:ARIAL" SIZE="1">Sept&nbsp;30,<BR>2008</FONT></TD></TR>
<TR>
<TD VALIGN="bottom" STYLE="border-bottom:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:ARIAL" SIZE="1">Fiscal&nbsp;2011</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="8" ALIGN="right" STYLE="BORDER-RIGHT:1px solid #000000;border-bottom:1px solid #000000"><FONT STYLE="font-family:ARIAL" SIZE="1">Fiscal 2010</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="7" ALIGN="right" STYLE="BORDER-RIGHT:1px solid #000000; padding-right:8px;border-bottom:1px solid #000000"><FONT STYLE="font-family:ARIAL" SIZE="1">Fiscal 2009</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:0.84em; text-indent:-0.84em"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>Revenue</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>$183.6</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #000000"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>$220.6</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>$221.2</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>$170.7</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right" STYLE="BORDER-RIGHT:1px solid #000000"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>$146.5</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>$174.7</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>$258.6</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right" STYLE="BORDER-RIGHT:1px solid #000000; padding-right:8px"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>$280.3</B></FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:0.84em; text-indent:-0.84em"><FONT STYLE="font-family:ARIAL" SIZE="2">Gross profit</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">15.6</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #000000"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">32.7</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">47.6</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">33.8</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right" STYLE="BORDER-RIGHT:1px solid #000000"><FONT STYLE="font-family:ARIAL" SIZE="2">25.1</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">32.9</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">51.4</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right" STYLE="BORDER-RIGHT:1px solid #000000; padding-right:8px"><FONT STYLE="font-family:ARIAL" SIZE="2">44.7</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:0.84em; text-indent:-0.84em"><FONT STYLE="font-family:ARIAL" SIZE="2">Operating income (loss)</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">1.1</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #000000"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">13.1</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">31.3</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">18.9</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right" STYLE="BORDER-RIGHT:1px solid #000000"><FONT STYLE="font-family:ARIAL" SIZE="2">10.1</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">(129.2</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">(1.9</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right" STYLE="BORDER-RIGHT:1px solid #000000; padding-right:8px"><FONT STYLE="font-family:ARIAL" SIZE="2">23.4</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:0.84em; text-indent:-0.84em"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>Net (loss) income</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>(10.3</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #000000"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>)&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>(0.9</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>)&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>14.9</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>4.3</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right" STYLE="BORDER-RIGHT:1px solid #000000"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>9.9</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>(137.1</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>)&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>(15.0</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>)&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right" STYLE="BORDER-RIGHT:1px solid #000000; padding-right:8px"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>2.9</B></FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:0.84em; text-indent:-0.84em"><FONT STYLE="font-family:ARIAL" SIZE="2">Net (loss) income per share &#150;
Basic</FONT><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(&plusmn;)</SUP></FONT><FONT STYLE="font-family:ARIAL" SIZE="2"></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">$(0.29</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #000000"><FONT STYLE="font-family:ARIAL" SIZE="2">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">$(0.03</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">$0.41</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">$0.12</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right" STYLE="BORDER-RIGHT:1px solid #000000"><FONT STYLE="font-family:ARIAL" SIZE="2">$0.28</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">$(3.80</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">$(0.42</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right" STYLE="BORDER-RIGHT:1px solid #000000; padding-right:8px"><FONT STYLE="font-family:ARIAL" SIZE="2">$0.08</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:0.84em; text-indent:-0.84em"><FONT STYLE="font-family:ARIAL" SIZE="2">Net (loss) income per share &#150;
Diluted</FONT><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(&plusmn;)</SUP></FONT><FONT STYLE="font-family:ARIAL" SIZE="2"></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">$(0.29</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #000000"><FONT STYLE="font-family:ARIAL" SIZE="2">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">$(0.03</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">$0.41</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">$0.12</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right" STYLE="BORDER-RIGHT:1px solid #000000"><FONT STYLE="font-family:ARIAL" SIZE="2">$0.27</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">$(3.80</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">$(0.42</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right" STYLE="BORDER-RIGHT:1px solid #000000; padding-right:8px"><FONT STYLE="font-family:ARIAL" SIZE="2">$0.08</FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #000000;border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #000000; padding-right:8px;border-top:1px solid #000000">&nbsp;</TD></TR></TABLE> <P STYLE="font-size:5px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">&plusmn;</SUP></FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1">Net income (loss) per share for each quarter has been computed based on the weighted average number of shares issued and outstanding during the respective
quarter; therefore, quarterly amounts may not add to the annual total. Per-share calculations are based on full dollar and share amounts. </FONT></P></TD></TR></TABLE>
<P STYLE="margin-top:5px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">A number of factors have the potential to contribute to variations in our quarterly financial results between periods, including the capital project-based nature of
our project development revenue, seasonal weather and ground conditions, capital spending decisions by our customers on large oil sands projects, the timing of equipment maintenance and repairs, claims and change orders and the accounting for
unrealized non-cash gains and losses related to foreign exchange and derivative financial instruments. </FONT></P> <P STYLE="margin-top:5px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">We generally experience a decline in revenues
during the first three months of each fiscal year due to seasonality, as weather conditions make performance in our operating regions difficult during this period. The level of activity in the Heavy Construction and Mining and Pipeline segments
declines when frost leaves the ground and many secondary roads are temporarily rendered incapable of supporting the weight of heavy equipment. The duration of this period is referred to as &#147;spring breakup&#148; and it has a direct impact on our
activity levels. Revenues during the three months ended March&nbsp;31 of each fiscal year are typically highest as ground conditions are most favourable in our operating regions. As a result, full-year results are not likely to be a direct multiple
of any particular three month period or combination of three month periods. In addition to revenue variability, gross margins can be negatively impacted in less active periods because we are likely to incur higher maintenance and repair costs due to
our equipment being available for servicing. </FONT></P> <P STYLE="margin-top:5px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">The timing of large projects can influence quarterly revenues. For example, Pipeline segment revenues were
as high as $87.5 million in the three months ended March&nbsp;31, 2008, as low as $0.1 million in the three months ended June&nbsp;30, 2009 and are currently at $0.8 million for the three months ended June&nbsp;30, 2010. The Heavy Construction and
Mining segment experienced reduced volumes in the three months ended December&nbsp;31, 2008 and March&nbsp;31, 2009 as a result of the temporary shut-down of overburden removal at the Horizon project while Canadian Natural prepared for operations
start-up. Subsequent three-month periods reflected the ramp up of overburden removal activities at the Horizon project through to the three months ended March&nbsp;31, 2010, where activity returned to planned activity levels. Changes in demand under
our master service agreements with Shell Albian and Syncrude had a positive effect on our revenues for the three months ended September&nbsp;30, 2008 and June&nbsp;30, 2009 respectively. Changes in demand with Syncrude had a negative effect on our
revenues for the three month periods subsequent to June&nbsp;30, 2009, until the current three month period ended June&nbsp;30, 2010. Master service agreement demand from Shell Albian positively
</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="1">10&nbsp;&nbsp;</FONT><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#a03245"><B>Management&#146;s Discussion and
Analysis</B></FONT><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;North American Energy Partners Inc. </FONT></P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>

 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">
affected period-over-period comparatives until the current three month period ended June&nbsp;30, 2009, as a result of a shut down at Shell Albian&#146;s Muskeg River mine for planned maintenance
and in preparation for the operational start-up of the Jackpine mine. </FONT></P> <P STYLE="margin-top:5px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">Variations in quarterly results can also be caused by changes in our operating
leverage. During periods of higher activity, we have experienced improvements in operating margin. This reflects the impact of relatively fixed costs, such as G&amp;A costs, being spread over higher revenue levels. If activity decreases, these same
fixed costs are spread over lower revenue levels. Net income and income per share are also subject to operating leverage as provided by fixed interest expense. </FONT></P>
<P STYLE="margin-top:5px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">Profitability also varies from quarter-to-quarter as a result of claims and change orders. Claims and change orders are a normal aspect of the contracting business
but can cause variability in profit margin due to the unmatched recognition of costs and revenues. For further explanation, see &#147;Claims and Change Orders&#148;. As an example, during the three months ended June&nbsp;30, 2008, a $5.3 million
claim was recognized causing gross margins for the Pipeline segment to be higher than normal. The additional costs relating to this claim were incurred and recognized in the year ended March&nbsp;31, 2007 and in the three months ended June&nbsp;30,
2007. </FONT></P> <P STYLE="margin-top:5px;margin-bottom:0px;padding-bottom:0px;"><FONT STYLE="font-family:ARIAL" SIZE="2">We have also experienced net income variability in all periods due to the recognition of unrealized non-cash gains and losses
on both derivative financial instruments and our previously held US dollar denominated
8<FONT SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">&nbsp;3</SUP></FONT><FONT SIZE="2">/</FONT><FONT SIZE="1">4</FONT><FONT STYLE="font-family:ARIAL" SIZE="2">% senior notes, primarily driven by changes in the
Canadian/ US dollar exchange rate. The 8<FONT SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">&nbsp;3</SUP></FONT><FONT SIZE="2">/</FONT><FONT SIZE="1">4</FONT><FONT STYLE="font-family:ARIAL" SIZE="2">% senior notes
were redeemed on April&nbsp;28, 2010 and the associated cross-currency and interest rate swaps were terminated on April&nbsp;
8, 2010. </FONT></FONT></FONT></P> <P STYLE="margin-top:9px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2"><B><A NAME="mdna48973_12"></A>Summary of Consolidated Financial Position </B></FONT></P>
<P STYLE="font-size:3px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" ALIGN="center">

<TR>
<TD WIDTH="57%"></TD>
<TD VALIGN="bottom" WIDTH="7%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="7%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="7%"></TD>
<TD></TD>
<TD></TD></TR>
<TR>
<TD VALIGN="bottom" NOWRAP STYLE="border-bottom:1px solid #000000"> <P STYLE="margin-top:0px;margin-bottom:1px"><FONT STYLE="font-family:ARIAL" SIZE="1">(dollars in thousands)</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:ARIAL" SIZE="1">As&nbsp;at&nbsp;June&nbsp;30,&nbsp;2010</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:ARIAL" SIZE="1">As&nbsp;at&nbsp;March&nbsp;31,&nbsp;2010</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:ARIAL" SIZE="1">Change</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:0.84em; text-indent:-0.84em"><FONT STYLE="font-family:ARIAL" SIZE="2">Cash</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">$78,868</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">$103,005</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">$(24,137</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">)&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:0.84em; text-indent:-0.84em"><FONT STYLE="font-family:ARIAL" SIZE="2">Current assets (excluding cash)</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">204,181</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">212,607</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">(8,426</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">)&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:0.84em; text-indent:-0.84em"><FONT STYLE="font-family:ARIAL" SIZE="2">Current liabilities</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">(146,508</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">(165,641</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">19,133</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:0.84em; text-indent:-0.84em"><FONT STYLE="font-family:ARIAL" SIZE="2">Net working capital</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">136,541</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">149,971</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">(13,430</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">)&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:0.84em; text-indent:-0.84em"><FONT STYLE="font-family:ARIAL" SIZE="2">Property, plant and equipment</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">326,550</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">328,743</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">(2,193</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">)&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:0.84em; text-indent:-0.84em"><FONT STYLE="font-family:ARIAL" SIZE="2">Total assets</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">682,639</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">702,617</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">(19,978</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">)&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:0.84em; text-indent:-0.84em"><FONT STYLE="font-family:ARIAL" SIZE="2">Capital lease obligations (including current portion)</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">(12,013</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">(13,393</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">1,380</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:0.84em; text-indent:-0.84em"><FONT STYLE="font-family:ARIAL" SIZE="2">Total long-term financial
liabilities</FONT><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(&#134;)</SUP></FONT><FONT STYLE="font-family:ARIAL" SIZE="2"></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">(331,875</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">(327,356</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">(4,519</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">)&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">&#134;</SUP></FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1">Total long-term financial liabilities exclude the current portions of capital lease obligations, current portions of derivative financial instruments, long-term
lease inducements, asset retirement obligations and both current and non-current deferred income tax balances. </FONT></P></TD></TR></TABLE> <P STYLE="margin-top:5px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">At June&nbsp;30, 2010,
net working capital (cash and current assets less current liabilities) was $136.5 million compared to $150.0 million at March&nbsp;31, 2010, a decrease of $13.4 million. </FONT></P>
<P STYLE="margin-top:5px;margin-bottom:0px;padding-bottom:0px;"><FONT STYLE="font-family:ARIAL" SIZE="2">The cash balance at June&nbsp;30, 2010 was $24.1 million lower than at March&nbsp;31, 2010 reflecting the redemption of the
8<FONT SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">&nbsp;3</SUP></FONT><FONT SIZE="2">/</FONT><FONT SIZE="1">4</FONT><FONT STYLE="font-family:ARIAL" SIZE="2">% senior notes and associated currency and interest rate
swaps. </FONT></FONT></P> <P STYLE="margin-top:5px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">Current assets excluding cash decreased $8.4 million between March&nbsp;31, 2010 and June&nbsp;30, 2010. A $22.0 million decrease in trade
receivables and holdbacks along with a $5.6 million increase in unbilled revenue during the three month period ended June&nbsp;30, 2010 was partially offset by a $4.7 million planned increase of parts inventory, for the purpose of completing
scheduled major equipment overhauls in the coming months and a $3.9 million increase in prepaid expenses, as a result of annual payments of both insurance premiums and property taxes. </FONT></P>
<P STYLE="margin-top:5px;margin-bottom:0px;padding-bottom:0px;"><FONT STYLE="font-family:ARIAL" SIZE="2">Current liabilities decreased $19.1 million between June&nbsp;30, 2010 and March&nbsp;31, 2010, as a result of a $5.0 million increase in
accounts payable offset by a $14.4 million reduction in accrued liabilities primarily as a result of our April 2010 interest payment for our
8</FONT><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex"></SUP></FONT><FONT STYLE="font-family:ARIAL" SIZE="2"><FONT SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">&nbsp;3
</SUP></FONT><FONT SIZE="2">/</FONT><FONT SIZE="1">4</FONT><FONT STYLE="font-family:ARIAL" SIZE="2">% senior notes and interest rate swap. The current portion of embedded derivatives in financial instruments decreased $19.5 million primarily as a
result of the redemption of both our
8</FONT><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex"></SUP></FONT><FONT STYLE="font-family:ARIAL" SIZE="2"><FONT SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">&nbsp;3
</SUP></FONT><FONT SIZE="2">/</FONT><FONT SIZE="1">4</FONT><FONT STYLE="font-family:ARIAL" SIZE="2">% senior notes and the accompanying currency and interest rate swaps. Equipment purchases of $3.5 million, which are scheduled to be paid after
June&nbsp;30, 2010, are included in accounts payable as of June&nbsp;30, 2010. </FONT></FONT></FONT></P> <P STYLE="margin-top:5px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">Property, plant and equipment decreased by $2.2 million
between March&nbsp;31, 2010 and June&nbsp;30, 2010. This reflects the capital investment of $6.1 million of equipment purchases and new capital leases during the three months ending June&nbsp;30, 2010, more than offset by depreciation of $8.2
million. </FONT></P> <P STYLE="margin-top:5px;margin-bottom:0px;padding-bottom:0px;"><FONT STYLE="font-family:ARIAL" SIZE="2">Total long-term financial liabilities increased by $4.5 million between March&nbsp;31, 2010 and June&nbsp;30, 2010, due
largely to a $225.0 million increase from issuance of the Series 1 Debentures and an increase of $43.6 million in the long-term portion of our term loan resulting from new term loans under our amended and restated credit agreement. This was
substantially offset by a $203.1 million decrease in the carrying amount of our
8</FONT><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex"></SUP></FONT><FONT STYLE="font-family:ARIAL" SIZE="2"><FONT SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">&nbsp;3
</SUP></FONT><FONT SIZE="2">/</FONT><FONT SIZE="1">4</FONT><FONT STYLE="font-family:ARIAL" SIZE="2">% senior notes resulting from the redemption of the senior notes and a $61.5 million decrease related to the cross-currency and interest rate swap
agreements due to the settlement of the swap liabilities. </FONT></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">North American Energy Partners
Inc.&nbsp;&nbsp;</FONT><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#a03245"><B>Management&#146;s Discussion and Analysis</B></FONT><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;11 </FONT></P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>

 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2"><B><A NAME="mdna48973_13"></A>Summary of
Consolidated Cash Flows </B></FONT></P> <P STYLE="font-size:3px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" ALIGN="center">

<TR>
<TD WIDTH="75%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD></TR>
<TR>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="7" ALIGN="right" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:ARIAL" SIZE="1">Three months ended June&nbsp;30,</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="bottom" NOWRAP STYLE="border-bottom:1px solid #000000"> <P STYLE="margin-top:0px;margin-bottom:1px"><FONT STYLE="font-family:ARIAL" SIZE="1">(dollars in thousands)</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:ARIAL" SIZE="1">2010</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:ARIAL" SIZE="1">2009</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:ARIAL" SIZE="1">Change</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:0.89em; text-indent:-0.89em"><FONT STYLE="font-family:ARIAL" SIZE="2">Cash provided by (used in) operating activities</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">$15,804</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">$(7,722</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">$23,526</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:0.89em; text-indent:-0.89em"><FONT STYLE="font-family:ARIAL" SIZE="2">Cash used in investing activities</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">(9,838</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">(20,384</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">10,546</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:0.89em; text-indent:-0.89em"><FONT STYLE="font-family:ARIAL" SIZE="2">Cash (used in) provided by financing activities</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">(30,103</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">9,215</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">(39,318</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">)&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:0.89em; text-indent:-0.89em"><FONT STYLE="font-family:ARIAL" SIZE="2">Decrease in cash and cash equivalents</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">(24,137</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">$(18,891</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">$(5,246</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">)&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD></TR></TABLE> <P STYLE="margin-top:5px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2"><I>Operating activities </I></FONT></P> <P STYLE="margin-top:2px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">Cash
provided by operating activities for the three months ended June&nbsp;30, 2010 was $15.8 million, compared to $7.7 million used by operations for the three months ended June&nbsp;30, 2009. The cash provided by operating activities in the current
period is primarily a result of improved non-cash net working capital. </FONT></P> <P STYLE="margin-top:5px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2"><I>Investing activities </I></FONT></P>
<P STYLE="margin-top:2px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">Cash used in investing activities for the three months ended June&nbsp;30, 2010 was $9.8 million compared to $20.4 million for the same period a year ago. Investing
activities this year included capital expenditures of $6.0 million and a net outflow from non-cash working capital of $2.8 million. Cash used in investing activities last year included capital expenditures of $19.2 million and a net outflow from
non-cash working capital of $1.3 million partly offset by an inflow of proceeds from asset dispositions of $1.0 million. </FONT></P> <P STYLE="margin-top:5px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2"><I>Financing activities </I>
</FONT></P> <P STYLE="margin-top:2px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">Cash used in financing activities during the three months ended June&nbsp;30, 2010 was $30.1 million, primarily as a result of the debt refinancing and
swap cancellation activities, which included $6.7 million of financing costs for the fourth amended and restated credit agreement and the Series 1 Debentures (an additional $1.0 million of financing costs for these items was incurred in the three
months ended March&nbsp;31, 2010). Additional activity included scheduled repayments on our term credit facility of $2.5 million and the $1.4 million repayment of capital lease obligations. Cash provided by financing activities for the three months
ended June&nbsp;30, 2009 of $9.2 million was a result of the addition of a term facility as part of our third amended and restated credit agreement partly offset by $1.1 million of associated financing costs and the $1.5 million repayment of capital
lease obligations. </FONT></P> <P STYLE="margin-top:9px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="3" COLOR="#a03245"><B>C. <A NAME="mdna48973_14"></A>Outlook </B></FONT></P>
<P STYLE="margin-top:3px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">While spring break-up weather conditions have extended into the second quarter, we still anticipate a gradual strengthening of demand for services through the
balance of the year.</FONT><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex"><FONT STYLE="font-family:ARIAL" SIZE="2"></FONT></SUP><FONT STYLE="font-family:ARIAL" SIZE="2">&#042;</FONT>
</FONT></P> <P STYLE="margin-top:5px;margin-bottom:0px;padding-bottom:0px;"><FONT STYLE="font-family:ARIAL" SIZE="2">In the oil sands, demand for recurring services is expected to remain strong and we are currently working with all four of the
active oil sands operators. We are also continuing to develop our new tailings pond and reclamations services offering, which over time, is expected to provide opportunities to further expand our recurring services business. Currently, we are
working with customers to develop pilot projects related to their tailings pond management
strategies.</FONT><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">*</SUP></FONT><FONT STYLE="font-family:ARIAL" SIZE="2"> </FONT></P>
<P STYLE="margin-top:5px;margin-bottom:0px;padding-bottom:0px;"><FONT STYLE="font-family:ARIAL" SIZE="2">Our outlook for project development in the oil sands also remains positive. We continue to win piling and heavy construction-related projects at
Exxon&#146;s Kearl site and see opportunities to further expand our business with this customer. Other new developments such as Husky Energy Inc.&#146;s
Sunrise</FONT><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">6</SUP></FONT><FONT STYLE="font-family:ARIAL" SIZE="2">, ConocoPhillips&#146;
Surmont</FONT><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">7</SUP></FONT><FONT STYLE="font-family:ARIAL" SIZE="2"> and Suncor&#146;s Firebag in situ projects are moving forward and
could eventually provide additional project development opportunities as they reach the construction
phase.</FONT><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">*</SUP></FONT><FONT STYLE="font-family:ARIAL" SIZE="2"> </FONT></P>
<P STYLE="margin-top:5px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">In the Piling division, activity levels are beginning to ramp up as weather conditions in Western Canada improve and projects delayed by the earlier rainy
conditions get underway. The Piling division built up a significant backlog of projects over the past six months and anticipates it will be able to work through these projects by the end of the fiscal year. The division has also been successful in
attracting a growing volume of business in the Ontario market, including its first significant commercial development piling project. </FONT></P> <P STYLE="margin-top:9px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">The Pipeline
division anticipates a stronger second and third quarter with work on two new projects getting underway in August 2010. These include TransCanada
Pipelines&#146;</FONT><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">8</SUP></FONT><FONT STYLE="font-family:ARIAL" SIZE="2"> NPS Groundbirch Mainline project, which involves the
construction of 77 kilometres of 36-inch pipeline in British Columbia<I>. </I>The Pipeline division will also commence work on the second </FONT></P>
<P STYLE="line-height:4px;margin-top:0px;margin-bottom:2px;border-bottom:0.5pt solid #000000">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">&#042;</SUP></FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:ARIAL" SIZE="1">This paragraph contains forward-looking information. Please refer to &#147;Forward-Looking Information and Risk Factors&#148; for a discussion on the risks and uncertainties
related to such information. </FONT></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">6</SUP></FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:ARIAL" SIZE="1">Husky Energy Inc.&#146;s (Husky Energy) Sunrise Oil Sand project is a 50/50 joint venture with BP Canada Energy Company (BP), a wholly owned subsidiary of BP PLC. The Sunrise
project is operated by Husky Energy. </FONT></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">7</SUP></FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:ARIAL" SIZE="1">ConocoPhillips Canada Resources Corporation&#146;s (ConocoPhillips) Surmount Oil Sand in situ project is a 50/50 joint venture between ConocoPhillips Canada, a wholly owned
subsidiary of ConocoPhillips Company and Total E&amp;P Canada Ltd. (Total), a wholly owned subsidiary of Total SA. ConocoPhillips Canada is the project operator. </FONT></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">8</SUP></FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:ARIAL" SIZE="1">TransCanada Pipelines Limited (TransCanada Pipelines), a wholly owned subsidiary of TransCanada Corporation. </FONT></TD></TR></TABLE>
<P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="1">12&nbsp;&nbsp;</FONT><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#a03245"><B>Management&#146;s Discussion and
Analysis</B></FONT><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;North American Energy Partners Inc. </FONT></P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>

 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">
phase of Spectra
Energy&#146;s</FONT><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">9</SUP></FONT><FONT STYLE="font-family:ARIAL" SIZE="2"> Maxhamish Loop project, which involves the construction of 30
kilometres of 24-inch pipeline, also in British Columbia. Both projects are scheduled for completion in November
2010.</FONT><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">*</SUP></FONT><FONT STYLE="font-family:ARIAL" SIZE="2"> </FONT></P>
<P STYLE="margin-top:5px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">Overall we are encouraged by the improving market conditions and by our increasing backlog of work. </FONT></P>
<P STYLE="margin-top:9px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="3" COLOR="#a03245"><B>D. <A NAME="mdna48973_15"></A>Legal and Labour Matters </B></FONT></P>
<P STYLE="margin-top:3px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2"><B><A NAME="mdna48973_16"></A>Laws and Regulations and Environmental Matters </B></FONT></P>
<P STYLE="margin-top:3px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">Many aspects of our operations are subject to various federal, provincial and local laws and regulations, including: </FONT></P>
<P STYLE="font-size:5px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2"><FONT STYLE="font-family:Times New Roman" SIZE="3"><SUB STYLE="vertical-align:baseline; position:relative; top:.4ex"></SUB></FONT><FONT STYLE="font-family:WINGDINGS" SIZE="3" COLOR="#000000">
<SUB STYLE="vertical-align:baseline; position:relative; top:.4ex">&#159;</SUB></FONT><FONT STYLE="font-family:Times New Roman" SIZE="3"><SUB STYLE="vertical-align:baseline; position:relative; top:.4ex"><FONT STYLE="font-family:ARIAL" SIZE="3"></FONT>
</SUB><FONT STYLE="font-family:ARIAL" SIZE="3"></FONT></FONT></FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2">permit and licensing requirements applicable to contractors in their respective trades; </FONT></P></TD></TR></TABLE>
<P STYLE="font-size:5px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2"><FONT STYLE="font-family:Times New Roman" SIZE="3"><SUB STYLE="vertical-align:baseline; position:relative; top:.4ex"></SUB></FONT><FONT STYLE="font-family:WINGDINGS" SIZE="3" COLOR="#000000">
<SUB STYLE="vertical-align:baseline; position:relative; top:.4ex">&#159;</SUB></FONT><FONT STYLE="font-family:Times New Roman" SIZE="3"><SUB STYLE="vertical-align:baseline; position:relative; top:.4ex"><FONT STYLE="font-family:ARIAL" SIZE="3"></FONT>
</SUB><FONT STYLE="font-family:ARIAL" SIZE="3"></FONT></FONT></FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2">building and similar codes and zoning ordinances; </FONT></P></TD></TR></TABLE> <P STYLE="font-size:5px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2"><FONT STYLE="font-family:Times New Roman" SIZE="3"><SUB STYLE="vertical-align:baseline; position:relative; top:.4ex"></SUB></FONT><FONT STYLE="font-family:WINGDINGS" SIZE="3" COLOR="#000000">
<SUB STYLE="vertical-align:baseline; position:relative; top:.4ex">&#159;</SUB></FONT><FONT STYLE="font-family:Times New Roman" SIZE="3"><SUB STYLE="vertical-align:baseline; position:relative; top:.4ex"><FONT STYLE="font-family:ARIAL" SIZE="3"></FONT>
</SUB><FONT STYLE="font-family:ARIAL" SIZE="3"></FONT></FONT></FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2">laws and regulations relating to consumer protection; and </FONT></P></TD></TR></TABLE> <P STYLE="font-size:5px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2"><FONT STYLE="font-family:Times New Roman" SIZE="3"><SUB STYLE="vertical-align:baseline; position:relative; top:.4ex"></SUB></FONT><FONT STYLE="font-family:WINGDINGS" SIZE="3" COLOR="#000000">
<SUB STYLE="vertical-align:baseline; position:relative; top:.4ex">&#159;</SUB></FONT><FONT STYLE="font-family:Times New Roman" SIZE="3"><SUB STYLE="vertical-align:baseline; position:relative; top:.4ex"><FONT STYLE="font-family:ARIAL" SIZE="3"></FONT>
</SUB><FONT STYLE="font-family:ARIAL" SIZE="3"></FONT></FONT></FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2">laws and regulations relating to worker safety and protection of human health. </FONT></P></TD></TR></TABLE>
<P STYLE="margin-top:5px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">For a more detailed discussion of laws and regulations and environmental matters applicable to us, see our most recent annual Management&#146;s Discussion and
Analysis. </FONT></P> <P STYLE="margin-top:5px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2"><B><A NAME="mdna48973_17"></A>Employees and Labour Relations </B></FONT></P>
<P STYLE="margin-top:3px;margin-bottom:0px;padding-bottom:0px;"><FONT STYLE="font-family:ARIAL" SIZE="2">As of June&nbsp;30, 2010, we had 470 salaried employees and over 1,850 hourly employees. Our hourly workforce fluctuates according to the
seasonality of our business and the staging and timing of projects by our customers. The hourly workforce typically ranges in size from 1,000 employees to approximately 2,500 employees depending on the time of year and duration of awarded projects.
We also utilize the services of subcontractors in our construction business. An estimated 8% to 10% of the construction work we do is performed by subcontractors. Approximately 1,600 employees are members of various unions and work under collective
bargaining agreements. The majority of our work is done through employees governed by our mining overburden collective bargaining agreement with the International Union of Operating Engineers Local 955, the primary term of which expired on
October&nbsp;31, 2009. As of the end of June 2010 negotiations remained underway for the renewal of this union agreement and we are confident that a renewal agreement will be reached without a labour disruption. Other collective agreements in
operation include the provincial Industrial, Commercial and Institutional (ICI) agreements in Alberta and Ontario with both the Operating Engineers and Labourers Unions, Piling sector collective agreements in Saskatchewan with the Operating
Engineers and Labourers, Pipeline sector agreements in both British Columbia and Alberta with the Christian Labour Association of Canada (CLAC) as well as an all-sector agreement with CLAC in Ontario. We are subject to other industry and specialty
collective agreements under which we complete work and the primary terms of all of these agreements are currently in effect. The provincial collective agreement between IUOE Local 955 and the Alberta Roadbuilders and Heavy Construction Association
expires February&nbsp;28, 2011. Management is confident a settlement will be reached without disruption. We believe that our relationships with all our employees, both union and non-union, are strong. We have not experienced a strike or lockout.
</FONT><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">*</SUP></FONT><FONT STYLE="font-family:ARIAL" SIZE="2"> </FONT></P>
<P STYLE="margin-top:5px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="3" COLOR="#a03245"><B>E. <A NAME="mdna48973_18"></A>Resources and Systems </B></FONT></P>
<P STYLE="margin-top:3px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2"><B><A NAME="mdna48973_19"></A>Outstanding Share Data </B></FONT></P> <P STYLE="margin-top:3px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">We are
authorized to issue an unlimited number of voting Common Shares and an unlimited number of Non-Voting Common Shares. As at August&nbsp;4, 2010, there were 36,072,036 voting Common Shares outstanding (36,038,476 as at March&nbsp;31, 2010). We had no
Non-Voting Common Shares outstanding on any of the foregoing dates. </FONT></P> <P STYLE="margin-top:5px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2"><B><A NAME="mdna48973_20"></A>Liquidity and Capital Resources </B></FONT></P>
<P STYLE="margin-top:3px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2"><I>Liquidity requirements </I></FONT></P> <P STYLE="margin-top:2px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">Our primary uses of cash are for
plant and equipment purchases, to fulfill debt repayment and interest payment obligations, to fund operating lease obligations and to finance working capital requirements. </FONT></P>
<P STYLE="margin-top:5px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">We maintain a significant equipment and vehicle fleet comprised of units with remaining useful lives covering a variety of time spans. It is important to adequately
maintain our large revenue-producing fleet in order to avoid equipment downtime, which can impact our revenue stream and inhibit our ability to satisfactorily perform on our projects. Once units reach the end of their useful lives, they are replaced
as it becomes cost prohibitive to continue to maintain them. As a result, we are continually acquiring new equipment both to replace retired units and to support our growth as we take on new projects. In order to maintain a balance of owned and
leased equipment, we have financed a portion of our heavy construction fleet through operating leases. In addition, we continue to lease our motor vehicle fleet through our capital lease facilities. </FONT></P>
<P STYLE="margin-top:5px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">We require between $30 million and $40 million annually for sustaining capital expenditures and our total capital requirements typically range from $75 million to
$150 million depending on our growth capital requirements. With the </FONT></P> <P STYLE="line-height:4px;margin-top:0px;margin-bottom:2px;border-bottom:0.5pt solid #000000">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">9</SUP></FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:ARIAL" SIZE="1">Spectra Energy Partners, LP (Spectra Energy) </FONT></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">*</SUP></FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:ARIAL" SIZE="1">This paragraph contains forward-looking information. Please refer to &#147;Forward-Looking Information and Risk Factors&#148; for a discussion on the risks and uncertainties
related to such information. </FONT></TD></TR></TABLE> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">North American Energy Partners
Inc.&nbsp;&nbsp;</FONT><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#a03245"><B>Management&#146;s Discussion and Analysis</B></FONT><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;13 </FONT></P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>

 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">
potential future customer demand for larger-sized heavy equipment in the oil sands, we expect our capital needs in the current fiscal year to be approximately $50 to $75 million. </FONT></P>
<P STYLE="margin-top:5px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">We typically finance approximately 30% to 50% of our total capital requirements through our operating lease facilities and the remainder from cash flow from
operations. We believe our operating and capital lease facilities and cash flow from operations will be sufficient to meet these requirements. Our equipment fleet value is currently split among owned (43%), leased (46%)&nbsp;and rented equipment
(11%). Approximately 37% of our leased fleet is specific to one long-term overburden removal project. This equipment mix is a change from the mix reported in previous periods as a result of our declining need for the same levels of rental equipment,
along with the conversion of some rental equipment to operating leases to meet specific volume demands. Our equipment ownership strategy allows us to meet our customers&#146; variable service requirements while balancing the need to maximize
equipment utilization with the need to achieve the lowest ownership costs. We are continually evaluating our capital needs and continue to monitor equipment lead times with suppliers to ensure that we control our capital spending while still being
in a position to respond to opportunities when they
materialize.</FONT><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex"><FONT STYLE="font-family:ARIAL" SIZE="2"></FONT></SUP><FONT STYLE="font-family:ARIAL" SIZE="2">&#042;</FONT> </FONT></P>
<P STYLE="margin-top:5px;margin-bottom:0px;padding-bottom:0px;"><FONT STYLE="font-family:ARIAL" SIZE="2">We continue to receive interest from finance companies to support our current lease requirements and we have availability under one of our
supplier&#146;s leasing program to meet our current equipment needs from this supplier. We anticipate having sufficient lease capacity to meet our capital requirements in fiscal year
2011.</FONT><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">*</SUP></FONT><FONT STYLE="font-family:ARIAL" SIZE="2"> </FONT></P>
<P STYLE="margin-top:5px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2"><I>Long-term Debt Restructuring </I></FONT></P> <P STYLE="margin-top:2px;margin-bottom:0px;padding-bottom:0px;"><FONT STYLE="font-family:ARIAL" SIZE="2">Our
long-term debt, as at March&nbsp;31, 2010, included US$200.0 million of
8<FONT SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">&nbsp;3</SUP></FONT><FONT SIZE="2">/</FONT><FONT SIZE="1">4</FONT><FONT STYLE="font-family:ARIAL" SIZE="2">% senior unsecured notes due in December 2011 (the
&#147;8<FONT SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">&nbsp;3</SUP></FONT><FONT SIZE="2">/</FONT><FONT SIZE="1">4</FONT><FONT STYLE="font-family:ARIAL" SIZE="2">% senior notes&#148;). The foreign currency risk
relating to both the principal and interest portions of the
8<FONT SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">&nbsp;3</SUP></FONT><FONT SIZE="2">/</FONT><FONT SIZE="1">4</FONT><FONT STYLE="font-family:ARIAL" SIZE="2">% senior notes was managed with Canadian dollar interest
rate swap and cross-currency swap agreements. The swap agreements were an economic hedge but had not been designated as hedges for accounting purposes. The US$200.0 million principal amount was fixed at C$1.315=US$1.000, resulting in a principal
repayment of $263.0 million due on December&nbsp;1, 2011. A more detailed discussion of this cancellation can be found below in the &#147;Foreign exchange risk&#148; and &#147;Interest rate risk&#148; sections of &#147;Quantitative and Qualitative
Disclosures about Market Risk&#148;. </FONT></FONT></FONT></FONT></P> <P STYLE="margin-top:5px;margin-bottom:0px;padding-bottom:0px;"><FONT STYLE="font-family:ARIAL" SIZE="2">In April 2010, we issued C$225.0 million of Series 1 Debentures and
entered into an amended and restated credit agreement that extended the maturity of our credit facilities to April 2013 and provided a new $50.0 million term loan. The net proceeds of the Series 1 Debentures, combined with the new $50.0 million term
loan and cash on hand were used to redeem all outstanding
8<FONT SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">&nbsp;3</SUP></FONT><FONT SIZE="2">/</FONT><FONT SIZE="1">4</FONT><FONT STYLE="font-family:ARIAL" SIZE="2">% senior notes and terminate the associated swap
agreements in April 2010. The full details of this debt restructuring are as follows: </FONT></FONT></P> <P STYLE="margin-top:5px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:ARIAL" SIZE="2"><I>9.125% Series 1 Debentures
</I></FONT></P> <P STYLE="margin-top:2px;margin-bottom:0px; margin-left:4%"><FONT STYLE="font-family:ARIAL" SIZE="2">On April&nbsp;7, 2010, we closed a private placement of 9.125% Series 1 Debentures (the &#147;Series 1 Debentures&#148;) due 2017
for gross proceeds of $225.0 million and net proceeds after commissions and related expenses of $218.3 million. A more detailed discussion on the Series 1 Debentures can be found under &#147;<I>9.125% Series 1 Debentures</I>&#148; in the
&#147;Liquidity and Capital Resources&#148; section of this Management&#146;s Discussion and Analysis. </FONT></P>
<P STYLE="margin-top:5px;margin-bottom:0px; margin-left:4%;padding-bottom:0px;"><FONT STYLE="font-family:ARIAL" SIZE="2"><I>8<FONT SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">&nbsp;3</SUP></FONT><FONT SIZE="2">/
</FONT><FONT SIZE="1">4</FONT><FONT STYLE="font-family:ARIAL" SIZE="2">% Senior Notes Redemption </FONT></I></FONT></P>
<P STYLE="margin-top:2px;margin-bottom:0px; margin-left:4%;padding-bottom:0px;"><FONT STYLE="font-family:ARIAL" SIZE="2">Beginning December&nbsp;1, 2009, our
8<FONT SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">&nbsp;3</SUP></FONT><FONT SIZE="2">/</FONT><FONT SIZE="1">4</FONT><FONT STYLE="font-family:ARIAL" SIZE="2">% senior notes were redeemable at 100% of the principal
amount. On March&nbsp;29, 2010, we issued a redemption notice to holders of the notes to redeem all outstanding
8<FONT SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">&nbsp;3</SUP></FONT><FONT SIZE="2">/</FONT><FONT SIZE="1">4</FONT><FONT STYLE="font-family:ARIAL" SIZE="2">% senior notes and, on April&nbsp;28, 2010, the notes
were redeemed and cancelled. The redemption amount included the US$200.0 million principal outstanding and US$7.1 million of accrued interest. The redemption and associated swap agreement terminations eliminate refinancing risk in December 2011.
</FONT></FONT></FONT></P> <P STYLE="margin-top:5px;margin-bottom:0px; margin-left:4%;padding-bottom:0px;"><FONT STYLE="font-family:ARIAL" SIZE="2">In connection with the redemption of our
8<FONT SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">&nbsp;3</SUP></FONT><FONT SIZE="2">/</FONT><FONT SIZE="1">4</FONT><FONT STYLE="font-family:ARIAL" SIZE="2">% senior notes, we wrote off deferred financing costs of
$4.5 million. </FONT></FONT></P> <P STYLE="margin-top:5px;margin-bottom:0px; margin-left:4%"><FONT STYLE="font-family:ARIAL" SIZE="2"><I>Termination of Cross-Currency and Interest Rate Swaps </I></FONT></P>
<P STYLE="margin-top:2px;margin-bottom:0px; margin-left:4%;padding-bottom:0px;"><FONT STYLE="font-family:ARIAL" SIZE="2">On April&nbsp;8, 2010, we terminated the cross-currency and interest rate swaps associated with the
8<FONT SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">&nbsp;3</SUP></FONT><FONT SIZE="2">/</FONT><FONT SIZE="1">4</FONT><FONT STYLE="font-family:ARIAL" SIZE="2">% senior notes. The payment to the counterparties
required to terminate the swaps was $91.1 million and represented the fair value of the swap agreements, including accrued interest. </FONT></FONT></P>
<P STYLE="margin-top:5px;margin-bottom:0px; margin-left:4%"><FONT STYLE="font-family:ARIAL" SIZE="2"><I>$50.0 million Term Facility </I></FONT></P>
<P STYLE="margin-top:2px;margin-bottom:0px; margin-left:4%"><FONT STYLE="font-family:ARIAL" SIZE="2">On April&nbsp;30, 2010, we entered into a fourth amended and restated credit agreement to extend the term of the credit agreement and also to add
additional borrowings of up to $50.0 million through a second term facility within the credit agreement. At April&nbsp;30, 2010, the second term facility was fully drawn at $50.0 million. The new term facility, along with the existing term facility,
matures on April&nbsp;30, 2013. A more detailed discussion on the April&nbsp;30, 2010 amended and restated credit agreement can be found under &#147;<I>Credit facilities</I>&#148; in the &#147;Liquidity and Capital Resources&#148; section of this
Management&#146;s Discussion and Analysis. </FONT></P> <P STYLE="margin-top:5px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2"><I>Letters of credit </I></FONT></P>
<P STYLE="margin-top:2px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">One of our major contracts allows the customer to require that we provide up to $50.0 million in letters of credit. As at June&nbsp;30, 2010, we had $10.0 million
in letters of credit outstanding in connection with this contract (we had $14.4 </FONT></P> <P STYLE="line-height:4px;margin-top:0px;margin-bottom:2px;border-bottom:0.5pt solid #000000">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">&#042;</SUP></FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:ARIAL" SIZE="1">This paragraph contains forward-looking information. Please refer to &#147;Forward-Looking Information and Risk Factors&#148; for a discussion on the risks and uncertainties
related to such information. </FONT></TD></TR></TABLE> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="1">14&nbsp;&nbsp;</FONT><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#a03245"><B>Management&#146;s Discussion and
Analysis</B></FONT><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;North American Energy Partners Inc. </FONT></P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>

 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">
million in letters of credit outstanding in total for all customers as of June&nbsp;30, 2010). Any change in the amount of the letters of credit required by this customer must be requested by
November&nbsp;1st in each year for an issue date of January&nbsp;1st following the date of such request, for the remaining life of the contract. In July 2010, we issued another $2.0 million in letters of credit for another contract. </FONT></P>
<P STYLE="margin-top:5px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2"><I>Sources of liquidity </I></FONT></P> <P STYLE="margin-top:2px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">Our principal sources of cash are funds
from operations and borrowings under our credit facility. As of June&nbsp;30, 2010, the credit facility includes the $85.0 million Revolving Facility and the outstanding borrowings of $75.9 million (March 31, 2010 &#150; $28.4 million) under the
Term Facilities, after the scheduled principal payments of $2.5 million in the quarter. As of June&nbsp;30, 2010, we had issued $14.4 million (March 31, 2010 &#150; $10.4 million) in letters of credit under the Revolving Facility to support
performance guarantees associated with customer contracts. Our unused borrowing availability under the Revolving Facility was $70.6 million at June&nbsp;30, 2010. </FONT></P>
<P STYLE="margin-top:5px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">As at June&nbsp;30, 2010, we had $8.2 million in trade receivables that were more than 30 days past due compared to $7.5 million as at March&nbsp;31, 2010. We have
currently provided an allowance for doubtful accounts related to our trade receivables of $0.8 million ($1.7 million at March&nbsp;31, 2010). We continue to monitor the credit worthiness of our customers. To date our exposure to potential
write-downs in trade receivables has been limited to the financial condition of developers of condominiums and high-rise developments in our Piling segment. </FONT></P>
<P STYLE="margin-top:5px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2"><I>Working capital fluctuations effect on cash </I></FONT></P> <P STYLE="margin-top:2px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">The seasonality
of our business results in a higher accounts receivable balance between December and early February during peak activity levels, which may result in an increase in our working capital requirements. Our working capital is also significantly affected
by the timing of the completion of projects. In some cases, our customers are permitted to withhold payment of a percentage of the amount owing to us for a stipulated period of time (such percentage and time period is usually defined by the contract
and in some cases provincial legislation). This amount acts as a form of security for our customers and is referred to as a &#147;holdback&#148;. Typically, we are only entitled to collect payment on holdbacks once substantial completion of the
contract is performed; there are no outstanding claims by subcontractors or others related to work performed by us; and we have met the time period specified by the contract (usually 45 days after completion of the work). However, in some cases, we
are able to negotiate the progressive release of holdbacks as the job reaches various stages of completion. As at June&nbsp;30, 2010, holdbacks totaled $5.5 million, up from $3.9 million as at March&nbsp;31, 2010. Holdbacks represent 6.1% of our
total accounts receivable as at June&nbsp;30, 2010 (3.5% as at March&nbsp;31,
2010).</FONT><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">*</SUP></FONT><FONT STYLE="font-family:ARIAL" SIZE="2"> </FONT></P>
<P STYLE="margin-top:5px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2"><I>Cash requirements </I></FONT></P> <P STYLE="margin-top:5px;margin-bottom:0px;padding-bottom:0px;"><FONT STYLE="font-family:ARIAL" SIZE="2">As at June&nbsp;30,
2010, our cash balance of $78.9 million was $24.1 million lower than our cash balance at March&nbsp;31, 2010. The change in cash balance reflects the April 2010 settlement of our
8<FONT SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">&nbsp;3</SUP></FONT><FONT SIZE="2">/</FONT><FONT SIZE="1">4</FONT><FONT STYLE="font-family:ARIAL" SIZE="2">% senior notes and the accompanying currency and interest
rate swaps, funded in part by our Series 1 Debentures and the addition of an additional term facility secured through our fourth amended and restated credit facility. We anticipate that we will generate a net cash surplus from operations at least
through March&nbsp;31, 2011. In the event that we require additional funding, we believe that any such funding requirements would be satisfied by the funds available from our credit facilities described immediately
below.</FONT><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">*</SUP></FONT><FONT STYLE="font-family:ARIAL" SIZE="2"> </FONT></FONT></P>
<P STYLE="margin-top:5px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2"><I>Credit facilities </I></FONT></P> <P STYLE="margin-top:5px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">On April&nbsp;30, 2010, we entered into an
amended and restated credit agreement to extend the term of the credit facilities and increase the amount of the term loans. The new credit facilities provide for total borrowings of up to $163.4 million (previously $125.0 million) under which
revolving loans, term loans and letters of credit may be issued. The Revolving Facility of $85.0 million (previously $90.0 million) was undrawn at closing. The new agreement includes two term facilities providing for borrowings of up to $78.4
million. At April&nbsp;30, 2010, the Term A Facility and Term B Facility were both fully drawn at $28.4 million and $50.0 million, respectively. The new facilities mature on April&nbsp;30, 2013. </FONT></P>
<P STYLE="margin-top:5px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">Advances under the Revolving Facility may be repaid from time to time at our option. The Term Facilities include scheduled repayments totaling $10.0 million per
year with $2.5 million paid on the last day of each quarter commencing June&nbsp;30, 2010. In addition, we must make annual payments within 120 days of the end of our fiscal year in the amount of 50% of Consolidated Excess Cash Flow (as defined in
the credit agreement) to a maximum of $4.0 million. </FONT></P> <P STYLE="margin-top:5px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">The facilities bear interest at variable rates based on the Canadian prime rate plus the applicable
pricing margin (as defined within the credit agreement). Interest on US base rate loans is paid at a rate per annum equal to the US base rate plus the applicable pricing margin. Interest on Canadian prime and US base rate loans is payable monthly in
arrears and computed on the basis of a 365-day or 366-day year, as the case may be. Interest on US dollar LIBOR loans is paid during each interest period at a rate per annum, calculated on a 360-day year, equal to the US dollar LIBOR rate with
respect to such interest period plus the applicable pricing margin. Stamping Fees and interest on Banker&#146;s Acceptance advances are paid in advance, at the time of issuance. </FONT></P>
<P STYLE="line-height:4px;margin-top:0px;margin-bottom:2px;border-bottom:0.5pt solid #000000">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">*</SUP></FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:ARIAL" SIZE="1">This paragraph contains forward-looking information. Please refer to &#147;Forward-Looking Information and Risk Factors&#148; for a discussion on the risks and uncertainties
related to such information. </FONT></TD></TR></TABLE> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">North American Energy Partners
Inc.&nbsp;&nbsp;</FONT><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#a03245"><B>Management&#146;s Discussion and Analysis</B></FONT><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;15 </FONT></P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>

 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">The new credit facilities are secured by
a first priority lien on substantially all of our existing and after acquired property and contain customary covenants including, but not limited to, incurring additional debt, transferring or selling assets, making investments including
acquisitions or paying dividends or redeeming shares of capital stock. We are also required to meet certain financial covenants under the new credit agreement including: (i)&nbsp;Senior Leverage Ratio (Senior Leverage to Consolidated EBITDA) must be
less than 2.0 times, (ii)&nbsp;Consolidated Interest Coverage Ratio (Consolidated EBITDA to Consolidated Interest Expense) must be greater than 2.5 times, and (iii)&nbsp;Current Ratio (Current Assets to Current Liabilities) must be greater than 1.25
times. Continued access to the facilities is not contingent on the maintenance of a specific credit rating. These covenants are unchanged from the previous third amended and restated credit agreement. </FONT></P>
<P STYLE="margin-top:5px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">Financing fees of $1.0 million were incurred in connection with the amended and restated credit agreement, dated April&nbsp;30, 2010 and were recorded as deferred
financing costs. </FONT></P> <P STYLE="margin-top:5px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">Consolidated EBITDA is defined within the credit agreement to be the sum, without duplication, of (a)&nbsp;consolidated net income,
(b)&nbsp;consolidated interest expense, (c)&nbsp;provision for taxes based on income, (d)&nbsp;total depreciation expense, (e)&nbsp;total amortization expense, (f)&nbsp;costs and expenses incurred by us in entering into the credit facility,
(g)&nbsp;accrual of stock-based compensation expense to the extent not paid in cash or if satisfied by the issuance of new equity, (h)&nbsp;the non-cash currency translation losses or mark-to-market losses on any hedge agreement (defined in the
credit agreement) or any embedded derivative, and (i)&nbsp;other non-cash items including goodwill impairment (other than any such non-cash item to the extent it represents an accrual of or reserve for cash expenditures in any future period) but
only, in the case of clauses (b)-(i), to the extent deducted in the calculation of consolidated net income, less (i)&nbsp;the non-cash currency translation gains or mark-to-market gains on any hedge agreement or any embedded derivative to the extent
added in the calculation of consolidated net income, and (ii)&nbsp;other non-cash items added in the calculation of consolidated net income (other than any such non-cash item to the extent it will result in the receipt of cash payments in any future
period), all of the foregoing as determined on a consolidated basis in conformity with GAAP. </FONT></P> <P STYLE="margin-top:5px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">The credit facility may be prepaid in whole or in part
without penalty, except for bankers&#146; acceptances, which are not pre-payable prior to their maturity. However, the credit facility requires prepayments under various circumstances, such as: (i)&nbsp;100% of the net cash proceeds of certain asset
dispositions, (ii)&nbsp;100% of the net cash proceeds from our issuance of equity (unless the use of such securities&#146; proceeds is otherwise designated by the applicable offering document) and (iii)&nbsp;100% of all casualty insurance and
condemnation proceeds, subject to exceptions. </FONT></P> <P STYLE="margin-top:5px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2"><I>9.125% Series 1 Debentures </I></FONT></P>
<P STYLE="margin-top:2px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">On April&nbsp;7, 2010, we closed a private placement of Series 1 Debentures for gross proceeds of $225.0 million and net proceeds after commissions and related
expenses of $218.3 million. Financing fees of $6.6 million were incurred in connection with the Series 1 Debentures and were recorded as deferred financing costs. </FONT></P>
<P STYLE="margin-top:5px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">The Series 1 Debentures are unsecured senior obligations and rank equally with all other existing and future unsecured senior debt and senior to any subordinated
debt that may be issued by us or any of our subsidiaries. The Series 1 Debentures are effectively subordinated to all secured debt to the extent of the value of the collateral. </FONT></P>
<P STYLE="margin-top:5px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">At any time prior to April&nbsp;7, 2013, we may redeem up to 35% of the aggregate principal amount of the Series 1 Debentures, with the net cash proceeds of one or
more of our Public Equity Offerings (as defined in the trust indenture that governs the Series 1 Debenture) at a redemption price equal to 109.125% of the principal amount plus accrued and unpaid interest to the date of redemption, so long as:
</FONT></P> <P STYLE="font-size:5px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2">i.</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:ARIAL" SIZE="2">at least 65% of the original aggregate amount of the Series 1 Debentures remains outstanding after each redemption; and </FONT></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2">ii.</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:ARIAL" SIZE="2">any redemption is made within 90 days of the equity offering. </FONT></TD></TR></TABLE> <P STYLE="margin-top:5px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">At
any time prior to April&nbsp;7, 2013, we may on one or more occasions redeem the Series 1 Debentures, in whole or in part, at a redemption price which is equal to the greater of (a)&nbsp;the Canada Yield Price (as defined in the trust indenture that
governs the Series 1 Debenture) and (b)&nbsp;100% of the aggregate principal amount of Series 1 Debentures redeemed, plus, in each case, accrued and unpaid interest to the redemption date (subject to the right of holders of record on the relevant
record date to receive interest due on the relevant interest payment date). </FONT></P> <P STYLE="margin-top:5px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">The Series 1 Debentures are redeemable at our option, in whole or in part,
at any time on or after: April&nbsp;7, 2013 at 104.563% of the principal amount; April&nbsp;7, 2014 at 103.042% of the principal amount; April&nbsp;7, 2015 at 101.520% of the principal amount; April&nbsp;7, 2016 and thereafter at 100% of the
principal amount; plus, in each case, interest accrued to the redemption date. </FONT></P> <P STYLE="margin-top:5px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">If a change of control, as defined in the trust indenture, occurs we will
be required to offer to purchase all or a portion of each holder&#146;s Series 1 Debentures at a purchase price in cash equal to 101% of the principal amount of the Series 1 Debentures offered for repurchase plus accrued interest to the date of
purchase. </FONT></P> <P STYLE="margin-top:5px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">The Series 1 Debentures were rated B+ by Standard&nbsp;&amp; Poor&#146;s and B3 by Moody&#146;s (see &#147;<I>Debt Ratings&#148;</I>).
</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="1">16&nbsp;&nbsp;</FONT><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#a03245"><B>Management&#146;s Discussion and
Analysis</B></FONT><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;North American Energy Partners Inc. </FONT></P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>

 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2"><I>Capital resources </I></FONT></P>
<P STYLE="margin-top:2px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">We acquire our equipment requirements in three ways: capital expenditures, capital leases and operating leases. Capital expenditures require the outflow of cash for
the full value of the equipment at the time of purchase. Capital leases, while not considered capital expenditures, are restricted under the terms of our credit agreement to a maximum of $30.0 million. Operating leases are not considered capital
expenditures and are not restricted under the terms of our credit agreement. </FONT></P> <P STYLE="margin-top:5px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">We define our equipment requirements as either sustaining capital
additions, those that are needed to keep our existing fleet of equipment at its optimal useful life through capital maintenance or replacement, or growth capital additions, those that are needed to perform larger or a greater number of projects.
</FONT></P> <P STYLE="margin-top:5px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">A summary of equipment additions by nature and by period is shown on the table below: </FONT></P>
<P STYLE="font-size:9px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" ALIGN="center">

<TR>
<TD WIDTH="74%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD></TR>
<TR>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="5" ALIGN="right" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:ARIAL" SIZE="1">Three months ended June&nbsp;30,</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="bottom" NOWRAP STYLE="border-bottom:1px solid #000000"> <P STYLE="margin-top:0px;margin-bottom:1px"><FONT STYLE="font-family:ARIAL" SIZE="1">(dollars in thousands)</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:ARIAL" SIZE="1">2010</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:ARIAL" SIZE="1">2009</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:ARIAL" SIZE="1">Change</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>Capital Expenditures</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.68em; text-indent:-0.84em"><FONT STYLE="font-family:ARIAL" SIZE="2">Sustaining</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">$3,341</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">$2,161</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">$1,180</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.68em; text-indent:-0.84em"><FONT STYLE="font-family:ARIAL" SIZE="2">Growth</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">3,248</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">17,549</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">(14,301</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">)&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.68em; text-indent:-0.84em"><FONT STYLE="font-family:ARIAL" SIZE="2">Total</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">$6,589</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">$19,710</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">$(13,121</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">)&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>Capital Leases</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.68em; text-indent:-0.84em"><FONT STYLE="font-family:ARIAL" SIZE="2">Sustaining</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">$&#150;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">$&#150;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">$&#150;</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.68em; text-indent:-0.84em"><FONT STYLE="font-family:ARIAL" SIZE="2">Growth</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">48</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">624</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">(576</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">)&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.68em; text-indent:-0.84em"><FONT STYLE="font-family:ARIAL" SIZE="2">Total</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">$48</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">$624</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">$(576</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">)&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:0.84em; text-indent:-0.84em"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>Total Sustaining Capital Additions</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">$3,341</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">$2,161</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">$1,180</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:0.84em; text-indent:-0.84em"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>Total Growth Capital Additions</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">$3,296</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">$18,173</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">$(14,877</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">)&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:0.84em; text-indent:-0.84em"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>Operating Leases</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">$4,938</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">$5,608</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">($670</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">)&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD></TR></TABLE> <P STYLE="margin-top:5px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">The increase in sustaining capital additions, for the three months ended June&nbsp;30, 2010, compared to the same periods in the prior
year, is reflective of increases in capital maintenance activity in the current period. </FONT></P> <P STYLE="margin-top:5px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">The reduction in growth capital additions, for the three months
ended June&nbsp;30, 2010, compared to the same periods in the prior year, reflects the impact of fewer development projects as a result of the current economic slowdown. </FONT></P>
<P STYLE="margin-top:5px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">There is a minimal change in operating leases for the three months ended June&nbsp;30, 2010, compared to the same period in the previous year. </FONT></P>
<P STYLE="margin-top:5px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2"><B><A NAME="mdna48973_21"></A>Capital Commitments </B></FONT></P>
<P STYLE="margin-top:3px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2"><I>Contractual obligations and other commitments </I></FONT></P> <P STYLE="margin-top:2px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">Our principal
contractual obligations relate to our long-term debt, capital and operating leases and supplier contracts. The following table summarizes our future contractual obligations, excluding interest payments, unless otherwise noted, as of June&nbsp;30,
2010. </FONT></P> <P STYLE="font-size:9px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" ALIGN="center">

<TR>
<TD WIDTH="44%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD></TR>
<TR>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="11" ALIGN="right" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:ARIAL" SIZE="1">Payments due by fiscal year</FONT></TD></TR>
<TR>
<TD VALIGN="bottom" NOWRAP STYLE="border-bottom:1px solid #000000"> <P STYLE="margin-top:0px;margin-bottom:1px"><FONT STYLE="font-family:ARIAL" SIZE="1">(dollars in thousands)</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:ARIAL" SIZE="1">Total</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:ARIAL" SIZE="1">2011</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:ARIAL" SIZE="1">2012</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:ARIAL" SIZE="1">2013</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:ARIAL" SIZE="1">2014</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:ARIAL" SIZE="1">2015 and<BR>after</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:0.84em; text-indent:-0.84em"><FONT STYLE="font-family:ARIAL" SIZE="2">Series 1 Debentures
</FONT><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex"></SUP></FONT><FONT STYLE="font-family:ARIAL" SIZE="2"></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">$225,000</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">$&#150;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">$&#150;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">$&#150;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">$&#150;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">$225,000</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:0.84em; text-indent:-0.84em"><FONT STYLE="font-family:ARIAL" SIZE="2">Term Facilities</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">75,946</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">7,500</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">10,000</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">10,000</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">48,446</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">&#150;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:0.84em; text-indent:-0.84em"><FONT STYLE="font-family:ARIAL" SIZE="2">Capital leases (including interest)</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">12,981</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">4,111</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">5,220</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">2,998</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">474</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">178</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:0.84em; text-indent:-0.84em"><FONT STYLE="font-family:ARIAL" SIZE="2">Operating leases</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">188,040</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">49,282</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">56,628</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">38,876</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">26,919</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">16,335</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:0.84em; text-indent:-0.84em"><FONT STYLE="font-family:ARIAL" SIZE="2">Supplier contracts</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">53,083</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">9,505</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">14,751</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">14,751</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">11,816</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">2,260</FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:0.84em; text-indent:-0.84em"><FONT STYLE="font-family:ARIAL" SIZE="2">Total contractual obligations</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">$555,050</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">$70,398</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">$86,599</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">$66,625</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">$87,655</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">$243,773</FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD></TR></TABLE> <P STYLE="margin-top:5px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2"><I>Off-balance sheet arrangements </I></FONT></P>
<P STYLE="margin-top:2px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">We have no off-balance sheet arrangements in place at this time. </FONT></P>
<P STYLE="margin-top:5px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2"><B><A NAME="mdna48973_22"></A>Debt Ratings </B></FONT></P> <P STYLE="margin-top:3px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2"><I>Debt Ratings </I>
</FONT></P> <P STYLE="margin-top:5px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">Moody&#146;s Investor Service, Inc. (&#147;Moody&#146;s&#148;) and Standard&nbsp;&amp; Poor&#146;s Ratings Services (&#147;S&amp;P&#148;) affirmed our
corporate credit ratings in March 2010 and April 2010, respectively. S&amp;P increased our Outlook from &#145;negative&#146; to &#145;stable&#146;. Both agencies also provided a rating for our new Series 1 Debentures. </FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">North American Energy Partners
Inc.&nbsp;&nbsp;</FONT><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#a03245"><B>Management&#146;s Discussion and Analysis</B></FONT><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;17 </FONT></P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>

 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">Our credit ratings from these two
agencies are as follows: </FONT></P> <P STYLE="font-size:9px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" ALIGN="center">

<TR>
<TD WIDTH="35%"></TD>
<TD VALIGN="bottom" WIDTH="13%"></TD>
<TD WIDTH="31%"></TD>
<TD VALIGN="bottom" WIDTH="13%"></TD>
<TD></TD></TR>
<TR>
<TD VALIGN="bottom" STYLE="border-bottom:1px solid #000000"> <P STYLE="margin-top:0px;margin-bottom:1px"><FONT STYLE="font-family:ARIAL" SIZE="1">Category</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="border-bottom:1px solid #000000"> <P STYLE="margin-top:0px;margin-bottom:1px"><FONT STYLE="font-family:ARIAL" SIZE="1">Standard &amp; Poor&#146;s</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:ARIAL" SIZE="1">Moody&#146;s</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:0.84em; text-indent:-0.84em"><FONT STYLE="font-family:ARIAL" SIZE="2">Corporate Rating</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">B+ (&#145;stable&#146; outlook)</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" NOWRAP><FONT STYLE="font-family:ARIAL" SIZE="2">B2 (&#145;stable&#146; outlook)</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:0.84em; text-indent:-0.84em"><FONT STYLE="font-family:ARIAL" SIZE="2">Series 1 Debentures</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">B+ (recovery rating of &#147;3&#148;)</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" NOWRAP><FONT STYLE="font-family:ARIAL" SIZE="2">B3 (LGD</FONT><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex"><FONT STYLE="font-family:Times New Roman" SIZE="1">&ne;
</FONT><FONT STYLE="font-family:ARIAL" SIZE="1"></FONT></SUP></FONT><FONT STYLE="font-family:ARIAL" SIZE="2"> rating of &#147;5&#148;)</FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom" STYLE="border-top:1px solid #7f7f7f">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #7f7f7f">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #7f7f7f">&nbsp;</TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1"><FONT STYLE="font-family:Times New Roman" SIZE="1">&ne;</FONT><FONT STYLE="font-family:ARIAL" SIZE="1"></FONT></FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:ARIAL" SIZE="1">Loss Given Default: </FONT></TD></TR></TABLE> <P STYLE="margin-top:5px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">A credit rating is a current opinion of the
credit worthiness of an obligor with respect to a specific financial obligation, a specific class of financial obligations, or a specific financial program (including ratings on medium-term note programs and commercial paper programs). It takes into
consideration the credit worthiness of guarantors, insurers, or other forms of credit enhancement on the obligation and takes into account the currency in which the obligation is denominated. The opinion evaluates the obligor&#146;s capacity and
willingness to meet its financial commitments as they come due, and may assess terms, such as collateral security and subordination, which could affect ultimate payment in the event of default. A credit rating is not a statement of fact or
recommendation to purchase, sell, or hold a financial obligation or make any investment decisions nor is it a comment regarding an issuer&#146;s market price or suitability for a particular investor. A credit rating speaks only as of the date it is
issued and can be revised upward or downward or withdrawn at any time by the issuing rating agency if it decides circumstances warrant a revision. We undertake no obligation to maintain our credit ratings or to advise investors of a change in
ratings. </FONT></P> <P STYLE="margin-top:5px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">A definition of the categories of each rating has been obtained from each respective rating organization&#146;s website as outlined below:
</FONT></P> <P STYLE="margin-top:5px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2"><I>Standard and Poor&#146;s </I></FONT></P> <P STYLE="margin-top:2px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">An obligation rated B
is regarded as having speculative characteristics, but the obligor currently has the capacity to meet its financial commitment on the obligation. Adverse business, financial, or economic conditions will likely impair the obligor&#146;s capacity or
willingness to meet its financial commitment on the obligation. The ratings from AA to CCC may be modified by the addition of a plus (+)&nbsp;or minus (-) sign to show relative standing within the major rating categories. </FONT></P>
<P STYLE="margin-top:5px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">A recovery rating of &#147;3&#148; for the Series 1 Debentures indicates an expectation for an average of 50% to 70% recovery in the event of a payment default.
</FONT></P> <P STYLE="margin-top:5px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">A Standard&nbsp;&amp; Poor&#146;s rating outlook assesses the potential direction of a long-term credit rating over the intermediate term (typically
nine months to two years). In determining a rating outlook, consideration is given to any changes in the economic and/or fundamental business conditions. An outlook is not necessarily a precursor of a rating change or future CreditWatch action. A
Stable outlook means that a rating is not likely to change. </FONT></P> <P STYLE="margin-top:5px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2"><I>Moody&#146;s </I></FONT></P>
<P STYLE="margin-top:2px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">Obligations rated &#147;B&#148; are considered speculative and are subject to high credit risk. Moody&#146;s appends numerical modifiers to each generic rating
classification from &#147;Aaa&#148; through &#147;C&#148;. The modifier 1 indicates that the obligation ranks in the higher end of its generic rating category; the modifier 2 indicates a mid-range ranking; and the modifier 3 indicates a ranking in
the lower end of that generic rating category. </FONT></P> <P STYLE="margin-top:5px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">LGD assessments are opinions about expected loss given default on fixed income obligations expressed as a
percent of principal and accrued interest at the resolution of the default. An LGD assessment (or rate) is the expected LGD divided by the expected amount of principal and interest due at resolution. A LGD rating of &#147;5&#148; indicates a loss
range of greater than or equal to 70% and less than 90%. </FONT></P> <P STYLE="margin-top:5px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">A Moody&#146;s rating outlook is an opinion regarding the likely direction of an issuer&#146;s
rating over the medium term. Where assigned, rating outlooks fall into the following four categories: Positive (&#147;POS&#148;), Negative (&#147;NEG&#148;), Stable (&#147;STA&#148;) and Developing (&#147;DEV&#148; &#150; contingent upon an event).
In the few instances where an issuer has multiple ratings with outlooks of differing directions, an &#147;(m)&#148; modifier (indicating multiple, differing outlooks) will be displayed and Moody&#146;s written research will describe any differences
and provide the rationale for these differences. A &#147;RUR&#148; (Rating(s) Under Review) designation indicates that the issuer has one or more ratings under review for possible change, and thus overrides the outlook designation. When an outlook
has not been assigned to an eligible entity, &#147;NOO&#148; (No Outlook) may be displayed. A Stable outlook means that a rating is not likely to change. </FONT></P>
<P STYLE="margin-top:5px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2"><B><A NAME="mdna48973_23"></A>Related Parties </B></FONT></P> <P STYLE="margin-top:3px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">We may receive
consulting and advisory services provided by the principals or employees of companies owned or operated by certain of our directors (the Sponsors) with respect to the organization of our employee benefit and compensation arrangements and other
matters and no fee is charged for these consulting and advisory services. </FONT></P> <P STYLE="margin-top:5px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">In order for the Sponsors to provide such advice and consulting, we provide
the Sponsors with reports, financial data and other information. This permits them to consult with and advise our management on matters relating to our operations, company affairs and finances. In addition, this permits them to visit and inspect any
of our properties and facilities. These services are provided in the normal course of operations and are measured at the value of consideration established and agreed to by the related parties. </FONT></P>
<P STYLE="margin-top:5px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">Additionally, we provide shared service support for our joint venture nominee, Noramac Ventures Inc. </FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="1">18&nbsp;&nbsp;</FONT><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#a03245"><B>Management&#146;s Discussion and
Analysis</B></FONT><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;North American Energy Partners Inc. </FONT></P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>

 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2"><B><A NAME="mdna48973_24"></A>Internal
Systems and Processes </B></FONT></P> <P STYLE="margin-top:3px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2"><I>Evaluation of disclosure controls and procedures </I></FONT></P>
<P STYLE="margin-top:2px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">Our disclosure controls and procedures are designed to provide reasonable assurance that information we are required to disclose is recorded, processed, summarized
and reported with the time periods specified under Canadian and US securities laws and include controls and procedures designed to ensure that information is accumulated and communicated to management, including the President and Chief Executive
Officer and the Chief Financial Officer, to allow timely decisions regarding required disclosures. </FONT></P> <P STYLE="margin-top:5px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">As of June&nbsp;30, 2010, an evaluation was carried
out under the supervision of and with the participation of management, including the President and Chief Executive Officer and the Chief Financial Officer, of the effectiveness of our disclosure controls and procedures as defined in Rule 13a-15(e)
under the US Securities Exchange Act of 1934, as amended, and in National Instrument 52-109 under the Canadian Securities Administrators Rules and Policies. Based on that evaluation, the President and Chief Executive Officer and the Chief Financial
Officer concluded that as a result of the material weaknesses in our internal control over financial reporting (ICFR) discussed below, the disclosure controls and procedures were not effective as of June&nbsp;30, 2010. </FONT></P>
<P STYLE="margin-top:5px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2"><I>Material changes to internal controls over financial reporting </I></FONT></P>
<P STYLE="margin-top:2px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">As of March&nbsp;31, 2010, we assessed the effectiveness of our ICFR. In making this assessment, we used the criteria set forth in the Internal Control-Integrated
Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission (COSO). During this process we identified a continued material weakness in ICFR as described below and as a result, we concluded that our ICFR was ineffective
as of March&nbsp;31, 2010. </FONT></P> <P STYLE="margin-top:9px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2"><B></B>Similar to the material weakness identified for the year ended March&nbsp;31, 2009, we did not maintain effective
processes and controls specific to revenue recognition. We did not effectively develop, communicate and implement sufficient monitoring controls over the completeness and accuracy of forecasts, including the consideration of project changes
subsequent to the end of each reporting period. The accounts that could be affected by these deficiencies are revenue, project costs, unbilled revenue and billings in excess of costs incurred and estimated earnings on uncompleted contracts. This
material weakness in ICFR, which is pervasive in nature, resulted in material errors in the financial statements that were corrected prior to release of the financial statements. Further, there is a reasonable possibility that a material
misstatement of our financial statements will not be prevented or detected on a timely basis. <B>Notwithstanding the above mentioned weakness, we have concluded that the Consolidated Financial Statements included in this report fairly present our
consolidated financial position and consolidated results of operations as of and for the three months ended June&nbsp;30, 2010. </B></FONT></P> <P STYLE="margin-top:5px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2"><I>Material changes
to internal controls over financial reporting and remediation plans </I></FONT></P> <P STYLE="margin-top:2px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">In response to the continued material weakness in revenue recognition identified
above, during the three months ended and subsequent to March&nbsp;31, 2010, we put a dedicated project team in place, led by a senior member of our Finance team, to develop and implement standard business practices and controls specific to ensuring
the accuracy of forecast, including the consideration of project changes subsequent to the end of each reporting period. As of June&nbsp;30, 2010, progress has been made on our remediation plans and we will evaluate the effectiveness of these
controls during the fiscal year to determine if they adequately address our ability to recognize revenue in accordance with GAAP. For a discussion of the risks associated with such weakness, please see our most recent annual Management&#146;s
Discussion and Analysis </FONT></P> <P STYLE="margin-top:5px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2"><B><A NAME="mdna48973_25"></A>Recently Adopted Accounting Policies </B></FONT></P>
<P STYLE="margin-top:3px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2"><I>Improvements to financial reporting by enterprises involved with variable interest entities </I></FONT></P>
<P STYLE="margin-top:5px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">In December 2009, the FASB issued ASU No.&nbsp;2009-17, &#147;Improvements to Financial Reporting by Enterprises Involved with Variable Interest Entities&#148;,
which amends ASC 810, &#147;Consolidation&#148;. The amendments give guidance and clarification of how to determine when a reporting entity should include the assets, liabilities, non-controlling interests and results of activities of a variable
interest entity in its consolidated financial statements. We adopted this ASU effective April&nbsp;1, 2010. The adoption of this standard did not have a material effect on our interim consolidated financial statements. </FONT></P>
<P STYLE="margin-top:5px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2"><B><A NAME="mdna48973_26"></A>Recent Accounting Pronouncements Not Yet Adopted </B></FONT></P>
<P STYLE="margin-top:3px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2"><I>Revenue recognition </I></FONT></P> <P STYLE="margin-top:2px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">In October 2009, the FASB issued ASU
No.&nbsp;2009-13, &#147;Revenue Recognition: Multiple-Deliverable Revenue Arrangements&#148;, which addresses the accounting for multiple-deliverable arrangements to enable vendors to account for products or services separately rather than as a
combined unit. The amendments establish a selling price hierarchy for determining the selling price of a deliverable. The amendments also eliminate the residual method of allocation and require that arrangement consideration be allocated at the
inception of the arrangement to all deliverables using the relative selling price method. For us, this ASU is effective prospectively for revenue arrangements entered into or materially modified on or after April&nbsp;1, 2011. We are currently
evaluating the effect of this ASU on our interim consolidated financial statements. </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">North American Energy Partners
Inc.&nbsp;&nbsp;</FONT><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#a03245"><B>Management&#146;s Discussion and Analysis</B></FONT><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;19 </FONT></P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>

 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2"><I>Embedded credit derivatives
</I></FONT></P> <P STYLE="margin-top:2px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">In March 2010, the FASB issued ASU No.&nbsp;2010-11, &#147;Scope Exception Related to Embedded Credit Derivatives&#148;, which clarifies that
financial instruments that contain embedded credit-derivative features related only to the transfer of credit risk in the form of subordination of one instrument to another are not subject to bifurcation and separate accounting. The scope exception
only applies to an embedded derivative feature that relates to subordination between tranches of debt issued by an entity and other features that relate to another type of risk must be evaluated for separation as an embedded derivative. The ASU was
effective for us beginning on July&nbsp;1, 2010, with early adoption permitted in first fiscal quarter beginning after March&nbsp;5, 2010. We are currently evaluating the effect of this ASU on our interim consolidated financial statements.
</FONT></P> <P STYLE="margin-top:5px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2"><I>Share based payment awards </I></FONT></P> <P STYLE="margin-top:2px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">In April 2010, the
FASB issued ASU No.&nbsp;2010-13, &#147;Effect of Denominating the Exercise Price of Share-Based Payment Award in the Currency of the Market in Which the Underlying Equity Security Trades&#148;, which clarifies that an employee share-based payment
award with an exercise price denominated in the currency of a market in which a substantial portion of the entity&#146;s equity securities trades should not be considered to contain a condition that is not a market, performance, or service
condition. Therefore, an entity would not classify such an award as a liability if it otherwise qualifies as equity. This ASU will amend ASC 718, &#147;Compensation-Stock Compensation&#148; and it is effective for us beginning on April&nbsp;1, 2011.
We are currently evaluating the effect of this ASU on our interim consolidated financial statements. </FONT></P> <P STYLE="margin-top:9px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="3" COLOR="#a03245"><B>F.
<A NAME="mdna48973_27"></A>Forward-Looking Information and Risk Factors </B></FONT></P> <P STYLE="margin-top:3px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2"><B><A NAME="mdna48973_28"></A>Forward-Looking Information </B></FONT></P>
<P STYLE="margin-top:3px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">This document contains forward-looking information that is based on expectations and estimates as of the date of this document. Our forward-looking information is
information that is subject to known and unknown risks and other factors that may cause future actions, conditions or events to differ materially from the anticipated actions, conditions or events expressed or implied by such forward-looking
information. Forward-looking information is information that does not relate strictly to historical or current facts and can be identified by the use of the future tense or other forward-looking words such as &#147;believe&#148;, &#147;expect&#148;,
&#147;anticipate&#148;, &#147;intend&#148;, &#147;plan&#148;, &#147;estimate&#148;, &#147;should&#148;, &#147;may&#148;, &#147;could&#148;, &#147;would&#148;, &#147;target&#148;, &#147;objective&#148;, &#147;projection&#148;, &#147;forecast&#148;,
&#147;continue&#148;, &#147;strategy&#148;, &#147;intend&#148;, &#147;position&#148; or the negative of those terms or other variations of them or comparable terminology. </FONT></P>
<P STYLE="margin-top:5px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">Examples of such forward-looking information in this document include, but are not limited to, statements with respect to the following, each of which is subject to
significant risks and uncertainties and is based on a number of assumptions which may prove to be incorrect: </FONT></P> <P STYLE="font-size:5px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2">(a)</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:ARIAL" SIZE="2">the amount of our backlog expected to be performed and realized in the twelve months ending June&nbsp;30, 2011; </FONT></TD></TR></TABLE>
<P STYLE="font-size:5px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2">(b)</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:ARIAL" SIZE="2">our expectation of continued gradual strengthening of demand of our services through the balance of the year; </FONT></TD></TR></TABLE>
<P STYLE="font-size:5px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2">(c)</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:ARIAL" SIZE="2">our expectation that demand for recurring services will continue to be strong and our development of the our new tailings pond and reclamations services offering will provide
opportunities to further expand our recurring services business; </FONT></TD></TR></TABLE> <P STYLE="font-size:5px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2">(d)</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:ARIAL" SIZE="2">our expectation that we will receive project development opportunities as new mine developments such as Husky Energy&#146;s Sunrise, ConocoPhillips&#146;s Surmont, and
Suncor&#146;s Firebag projects move forward to the construction phase; </FONT></TD></TR></TABLE> <P STYLE="font-size:5px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2">(e)</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:ARIAL" SIZE="2">our expectation that the Piling division will be able to work through the backlog of projects that have built up over the last six months by the end of the fiscal year;
</FONT></TD></TR></TABLE> <P STYLE="font-size:5px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2">(f)</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:ARIAL" SIZE="2">our expectation that the Pipeline segment will have a stronger second and third quarter with work on two new projects getting underway in August 2010; </FONT></TD></TR></TABLE>
<P STYLE="font-size:5px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2">(g)</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:ARIAL" SIZE="2">the expectation for a renewal agreement between our employees party to a collective bargaining agreement which expired October&nbsp;31, 2009 and us; </FONT></TD></TR></TABLE>
<P STYLE="font-size:5px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2">(h)</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:ARIAL" SIZE="2">the expectation that the provincial collective agreement between IUOE Local 955 and the Alberta Roadbuilders and Heavy Construction Association expiring on February&nbsp;28, 2011
will reach a settlement; </FONT></TD></TR></TABLE> <P STYLE="font-size:5px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2">(i)</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:ARIAL" SIZE="2">our expectation that our capital needs in fiscal 2011 will be approximately $50-$75 million; </FONT></TD></TR></TABLE>
<P STYLE="font-size:5px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2">(j)</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:ARIAL" SIZE="2">our operating and lease facilities and cash flow from operations will be sufficient to meet our capital requirements; </FONT></TD></TR></TABLE>
<P STYLE="font-size:5px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2">(k)</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:ARIAL" SIZE="2">our lease capacity will be sufficient to meet our capital requirements in fiscal 2011; </FONT></TD></TR></TABLE>
<P STYLE="font-size:5px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2">(l)</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:ARIAL" SIZE="2">the seasonality of our business results may result in an increase in working capital requirements; </FONT></TD></TR></TABLE>
<P STYLE="font-size:5px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2">(m)</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:ARIAL" SIZE="2">our expectation that we will generate a net cash surplus from operations through March&nbsp;31, 2011; and </FONT></TD></TR></TABLE>
<P STYLE="font-size:5px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2">(n)</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:ARIAL" SIZE="2">any additional funding required by us will be satisfied by the credit facility. </FONT></TD></TR></TABLE>
<P STYLE="margin-top:5px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">The forward-looking information in paragraphs (a), (b), (c), (d), (e), (f), (i), (j), (k), (l), (m)&nbsp;and (n)&nbsp;rely on certain market conditions and demand
for our services and are based on the assumptions that: despite the slowdown in the global </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="1">20&nbsp;&nbsp;</FONT><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#a03245"><B>Management&#146;s Discussion and
Analysis</B></FONT><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;North American Energy Partners Inc. </FONT></P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>

 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">
economy and tightening of credit conditions, we still expect to see strong demand for our recurring services as the oil sands continue to be an economically viable source of energy, our customers
and potential customers continue to invest in the oil sands and other natural resource developments; our customers and potential customers will continue to outsource the type of activities for which we are capable of providing service; and the
Western Canadian economy continues to develop with additional investment in public construction; and are subject to the following risks and uncertainties, which could cause results to differ materially from those expressed in the forward-looking
information contained in this MD&amp;A, but are not limited to: </FONT></P> <P STYLE="font-size:5px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2"><FONT STYLE="font-family:Times New Roman" SIZE="3"><SUB STYLE="vertical-align:baseline; position:relative; top:.4ex"></SUB></FONT><FONT STYLE="font-family:WINGDINGS" SIZE="3" COLOR="#000000">
<SUB STYLE="vertical-align:baseline; position:relative; top:.4ex">&#159;</SUB></FONT><FONT STYLE="font-family:Times New Roman" SIZE="3"><SUB STYLE="vertical-align:baseline; position:relative; top:.4ex"><FONT STYLE="font-family:ARIAL" SIZE="3"></FONT>
</SUB><FONT STYLE="font-family:ARIAL" SIZE="3"></FONT></FONT></FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2">anticipated new major capital projects in the oil sands may not materialize; </FONT></P></TD></TR></TABLE>
<P STYLE="font-size:5px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2"><FONT STYLE="font-family:Times New Roman" SIZE="3"><SUB STYLE="vertical-align:baseline; position:relative; top:.4ex"></SUB></FONT><FONT STYLE="font-family:WINGDINGS" SIZE="3" COLOR="#000000">
<SUB STYLE="vertical-align:baseline; position:relative; top:.4ex">&#159;</SUB></FONT><FONT STYLE="font-family:Times New Roman" SIZE="3"><SUB STYLE="vertical-align:baseline; position:relative; top:.4ex"><FONT STYLE="font-family:ARIAL" SIZE="3"></FONT>
</SUB><FONT STYLE="font-family:ARIAL" SIZE="3"></FONT></FONT></FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2">demand for our services may be adversely impacted by regulations affecting the energy industry; </FONT></P></TD></TR></TABLE>
<P STYLE="font-size:5px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2"><FONT STYLE="font-family:Times New Roman" SIZE="3"><SUB STYLE="vertical-align:baseline; position:relative; top:.4ex"></SUB></FONT><FONT STYLE="font-family:WINGDINGS" SIZE="3" COLOR="#000000">
<SUB STYLE="vertical-align:baseline; position:relative; top:.4ex">&#159;</SUB></FONT><FONT STYLE="font-family:Times New Roman" SIZE="3"><SUB STYLE="vertical-align:baseline; position:relative; top:.4ex"><FONT STYLE="font-family:ARIAL" SIZE="3"></FONT>
</SUB><FONT STYLE="font-family:ARIAL" SIZE="3"></FONT></FONT></FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2">failure by our customers to obtain required permits and licenses may affect the demand for our services; </FONT></P></TD></TR></TABLE>
<P STYLE="font-size:5px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2"><FONT STYLE="font-family:Times New Roman" SIZE="3"><SUB STYLE="vertical-align:baseline; position:relative; top:.4ex"></SUB></FONT><FONT STYLE="font-family:WINGDINGS" SIZE="3" COLOR="#000000">
<SUB STYLE="vertical-align:baseline; position:relative; top:.4ex">&#159;</SUB></FONT><FONT STYLE="font-family:Times New Roman" SIZE="3"><SUB STYLE="vertical-align:baseline; position:relative; top:.4ex"><FONT STYLE="font-family:ARIAL" SIZE="3"></FONT>
</SUB><FONT STYLE="font-family:ARIAL" SIZE="3"></FONT></FONT></FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2">changes in our customers&#146; perception of oil prices over the long-term could cause our customers to defer, reduce or stop their capital investment in oil
sands projects, which would, in turn, reduce our revenue from those customers; </FONT></P></TD></TR></TABLE> <P STYLE="font-size:5px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2"><FONT STYLE="font-family:Times New Roman" SIZE="3"><SUB STYLE="vertical-align:baseline; position:relative; top:.4ex"></SUB></FONT><FONT STYLE="font-family:WINGDINGS" SIZE="3" COLOR="#000000">
<SUB STYLE="vertical-align:baseline; position:relative; top:.4ex">&#159;</SUB></FONT><FONT STYLE="font-family:Times New Roman" SIZE="3"><SUB STYLE="vertical-align:baseline; position:relative; top:.4ex"><FONT STYLE="font-family:ARIAL" SIZE="3"></FONT>
</SUB><FONT STYLE="font-family:ARIAL" SIZE="3"></FONT></FONT></FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2">reduced financing as a result of the tightening credit markets may affect our customers&#146; decisions to invest in infrastructure projects;
</FONT></P></TD></TR></TABLE> <P STYLE="font-size:5px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2"><FONT STYLE="font-family:Times New Roman" SIZE="3"><SUB STYLE="vertical-align:baseline; position:relative; top:.4ex"></SUB></FONT><FONT STYLE="font-family:WINGDINGS" SIZE="3" COLOR="#000000">
<SUB STYLE="vertical-align:baseline; position:relative; top:.4ex">&#159;</SUB></FONT><FONT STYLE="font-family:Times New Roman" SIZE="3"><SUB STYLE="vertical-align:baseline; position:relative; top:.4ex"><FONT STYLE="font-family:ARIAL" SIZE="3"></FONT>
</SUB><FONT STYLE="font-family:ARIAL" SIZE="3"></FONT></FONT></FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2">insufficient pipeline, upgrading and refining capacity or lack of sufficient governmental infrastructure to support growth in the oil sands region could cause
our customers to delay, reduce or cancel plans to construct new oil sands projects or expand existing projects, which would, in turn, reduce our revenue from those customers; </FONT></P></TD></TR></TABLE>
<P STYLE="font-size:5px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2"><FONT STYLE="font-family:Times New Roman" SIZE="3"><SUB STYLE="vertical-align:baseline; position:relative; top:.4ex"></SUB></FONT><FONT STYLE="font-family:WINGDINGS" SIZE="3" COLOR="#000000">
<SUB STYLE="vertical-align:baseline; position:relative; top:.4ex">&#159;</SUB></FONT><FONT STYLE="font-family:Times New Roman" SIZE="3"><SUB STYLE="vertical-align:baseline; position:relative; top:.4ex"><FONT STYLE="font-family:ARIAL" SIZE="3"></FONT>
</SUB><FONT STYLE="font-family:ARIAL" SIZE="3"></FONT></FONT></FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2">a change in strategy by our customers to reduce outsourcing could adversely affect our results; </FONT></P></TD></TR></TABLE>
<P STYLE="font-size:5px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2"><FONT STYLE="font-family:Times New Roman" SIZE="3"><SUB STYLE="vertical-align:baseline; position:relative; top:.4ex"></SUB></FONT><FONT STYLE="font-family:WINGDINGS" SIZE="3" COLOR="#000000">
<SUB STYLE="vertical-align:baseline; position:relative; top:.4ex">&#159;</SUB></FONT><FONT STYLE="font-family:Times New Roman" SIZE="3"><SUB STYLE="vertical-align:baseline; position:relative; top:.4ex"><FONT STYLE="font-family:ARIAL" SIZE="3"></FONT>
</SUB><FONT STYLE="font-family:ARIAL" SIZE="3"></FONT></FONT></FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2">cost overruns by our customers on their projects may cause our customers to terminate future projects or expansions which could adversely affect the amount of
work we receive from those customers; </FONT></P></TD></TR></TABLE> <P STYLE="font-size:5px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2"><FONT STYLE="font-family:Times New Roman" SIZE="3"><SUB STYLE="vertical-align:baseline; position:relative; top:.4ex"></SUB></FONT><FONT STYLE="font-family:WINGDINGS" SIZE="3" COLOR="#000000">
<SUB STYLE="vertical-align:baseline; position:relative; top:.4ex">&#159;</SUB></FONT><FONT STYLE="font-family:Times New Roman" SIZE="3"><SUB STYLE="vertical-align:baseline; position:relative; top:.4ex"><FONT STYLE="font-family:ARIAL" SIZE="3"></FONT>
</SUB><FONT STYLE="font-family:ARIAL" SIZE="3"></FONT></FONT></FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2">because most of our customers are Canadian energy companies, a further downturn in the Canadian energy industry could result in a decrease in the demand for our
services; </FONT></P></TD></TR></TABLE> <P STYLE="font-size:5px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2"><FONT STYLE="font-family:Times New Roman" SIZE="3"><SUB STYLE="vertical-align:baseline; position:relative; top:.4ex"></SUB></FONT><FONT STYLE="font-family:WINGDINGS" SIZE="3" COLOR="#000000">
<SUB STYLE="vertical-align:baseline; position:relative; top:.4ex">&#159;</SUB></FONT><FONT STYLE="font-family:Times New Roman" SIZE="3"><SUB STYLE="vertical-align:baseline; position:relative; top:.4ex"><FONT STYLE="font-family:ARIAL" SIZE="3"></FONT>
</SUB><FONT STYLE="font-family:ARIAL" SIZE="3"></FONT></FONT></FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2">shortages of qualified personnel or significant labour disputes could adversely affect our business; and </FONT></P></TD></TR></TABLE>
<P STYLE="font-size:5px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2"><FONT STYLE="font-family:Times New Roman" SIZE="3"><SUB STYLE="vertical-align:baseline; position:relative; top:.4ex"></SUB></FONT><FONT STYLE="font-family:WINGDINGS" SIZE="3" COLOR="#000000">
<SUB STYLE="vertical-align:baseline; position:relative; top:.4ex">&#159;</SUB></FONT><FONT STYLE="font-family:Times New Roman" SIZE="3"><SUB STYLE="vertical-align:baseline; position:relative; top:.4ex"><FONT STYLE="font-family:ARIAL" SIZE="3"></FONT>
</SUB><FONT STYLE="font-family:ARIAL" SIZE="3"></FONT></FONT></FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2">unanticipated short term shutdowns of our customers&#146; operating facilities may result in temporary cessation or cancellation of projects in which we are
participating. </FONT></P></TD></TR></TABLE> <P STYLE="margin-top:5px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">The forward-looking information in paragraphs (a), (b), (c), (d), (e), (f), (g), (h), (i), (j), (k), (l), (m)&nbsp;and
(n)&nbsp;rely on our ability to execute our growth strategy and are based on the assumptions that the management team can successfully manage the business; we can maintain and develop our relationships with our current customers; we will be
successful in developing relationships with new customers; we will be successful in the competitive bidding process to secure new projects; we will identify and implement improvements in our maintenance and fleet management practices; we will be
able to benefit from increased recurring revenue base tied to the operational activities of the oil sands; we will be able to access sufficient funds to finance our capital growth; and are subject to the risks and uncertainties that: </FONT></P>
<P STYLE="font-size:5px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2"><FONT STYLE="font-family:Times New Roman" SIZE="3"><SUB STYLE="vertical-align:baseline; position:relative; top:.4ex"></SUB></FONT><FONT STYLE="font-family:WINGDINGS" SIZE="3" COLOR="#000000">
<SUB STYLE="vertical-align:baseline; position:relative; top:.4ex">&#159;</SUB></FONT><FONT STYLE="font-family:Times New Roman" SIZE="3"><SUB STYLE="vertical-align:baseline; position:relative; top:.4ex"><FONT STYLE="font-family:ARIAL" SIZE="3"></FONT>
</SUB><FONT STYLE="font-family:ARIAL" SIZE="3"></FONT></FONT></FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2">continued reduced demand for oil and other commodities as a result of slowing market conditions in the global economy may result in reduced oil production and a
decline in oil prices; </FONT></P></TD></TR></TABLE> <P STYLE="font-size:5px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2"><FONT STYLE="font-family:Times New Roman" SIZE="3"><SUB STYLE="vertical-align:baseline; position:relative; top:.4ex"></SUB></FONT><FONT STYLE="font-family:WINGDINGS" SIZE="3" COLOR="#000000">
<SUB STYLE="vertical-align:baseline; position:relative; top:.4ex">&#159;</SUB></FONT><FONT STYLE="font-family:Times New Roman" SIZE="3"><SUB STYLE="vertical-align:baseline; position:relative; top:.4ex"><FONT STYLE="font-family:ARIAL" SIZE="3"></FONT>
</SUB><FONT STYLE="font-family:ARIAL" SIZE="3"></FONT></FONT></FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2">if we are unable to obtain surety bonds or letters of credit required by some of our customers, our business could be impaired; </FONT></P></TD></TR></TABLE>
<P STYLE="font-size:5px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2"><FONT STYLE="font-family:Times New Roman" SIZE="3"><SUB STYLE="vertical-align:baseline; position:relative; top:.4ex"></SUB></FONT><FONT STYLE="font-family:WINGDINGS" SIZE="3" COLOR="#000000">
<SUB STYLE="vertical-align:baseline; position:relative; top:.4ex">&#159;</SUB></FONT><FONT STYLE="font-family:Times New Roman" SIZE="3"><SUB STYLE="vertical-align:baseline; position:relative; top:.4ex"><FONT STYLE="font-family:ARIAL" SIZE="3"></FONT>
</SUB><FONT STYLE="font-family:ARIAL" SIZE="3"></FONT></FONT></FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2">we are dependent on our ability to lease equipment and a tightening of this form of credit could adversely affect our ability to bid for new work and/or supply
some of our existing contracts; </FONT></P></TD></TR></TABLE> <P STYLE="font-size:5px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2"><FONT STYLE="font-family:Times New Roman" SIZE="3"><SUB STYLE="vertical-align:baseline; position:relative; top:.4ex"></SUB></FONT><FONT STYLE="font-family:WINGDINGS" SIZE="3" COLOR="#000000">
<SUB STYLE="vertical-align:baseline; position:relative; top:.4ex">&#159;</SUB></FONT><FONT STYLE="font-family:Times New Roman" SIZE="3"><SUB STYLE="vertical-align:baseline; position:relative; top:.4ex"><FONT STYLE="font-family:ARIAL" SIZE="3"></FONT>
</SUB><FONT STYLE="font-family:ARIAL" SIZE="3"></FONT></FONT></FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2">our business is highly competitive and competitors may outbid us on major projects that are awarded based on bid proposals; </FONT></P></TD></TR></TABLE>
<P STYLE="font-size:5px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2"><FONT STYLE="font-family:Times New Roman" SIZE="3"><SUB STYLE="vertical-align:baseline; position:relative; top:.4ex"></SUB></FONT><FONT STYLE="font-family:WINGDINGS" SIZE="3" COLOR="#000000">
<SUB STYLE="vertical-align:baseline; position:relative; top:.4ex">&#159;</SUB></FONT><FONT STYLE="font-family:Times New Roman" SIZE="3"><SUB STYLE="vertical-align:baseline; position:relative; top:.4ex"><FONT STYLE="font-family:ARIAL" SIZE="3"></FONT>
</SUB><FONT STYLE="font-family:ARIAL" SIZE="3"></FONT></FONT></FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2">our customer base is concentrated and the loss of or a significant reduction in business from a major customer could adversely impact our financial condition;
</FONT></P></TD></TR></TABLE> <P STYLE="font-size:5px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2"><FONT STYLE="font-family:Times New Roman" SIZE="3"><SUB STYLE="vertical-align:baseline; position:relative; top:.4ex"></SUB></FONT><FONT STYLE="font-family:WINGDINGS" SIZE="3" COLOR="#000000">
<SUB STYLE="vertical-align:baseline; position:relative; top:.4ex">&#159;</SUB></FONT><FONT STYLE="font-family:Times New Roman" SIZE="3"><SUB STYLE="vertical-align:baseline; position:relative; top:.4ex"><FONT STYLE="font-family:ARIAL" SIZE="3"></FONT>
</SUB><FONT STYLE="font-family:ARIAL" SIZE="3"></FONT></FONT></FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2">lump-sum and unit-price contracts expose us to losses when our estimates of project costs are lower than actual costs; </FONT></P></TD></TR></TABLE>
<P STYLE="font-size:5px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2"><FONT STYLE="font-family:Times New Roman" SIZE="3"><SUB STYLE="vertical-align:baseline; position:relative; top:.4ex"></SUB></FONT><FONT STYLE="font-family:WINGDINGS" SIZE="3" COLOR="#000000">
<SUB STYLE="vertical-align:baseline; position:relative; top:.4ex">&#159;</SUB></FONT><FONT STYLE="font-family:Times New Roman" SIZE="3"><SUB STYLE="vertical-align:baseline; position:relative; top:.4ex"><FONT STYLE="font-family:ARIAL" SIZE="3"></FONT>
</SUB><FONT STYLE="font-family:ARIAL" SIZE="3"></FONT></FONT></FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2">our operations are subject to weather-related factors that may cause delays in our project work; and </FONT></P></TD></TR></TABLE>
<P STYLE="font-size:5px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2"><FONT STYLE="font-family:Times New Roman" SIZE="3"><SUB STYLE="vertical-align:baseline; position:relative; top:.4ex"></SUB></FONT><FONT STYLE="font-family:WINGDINGS" SIZE="3" COLOR="#000000">
<SUB STYLE="vertical-align:baseline; position:relative; top:.4ex">&#159;</SUB></FONT><FONT STYLE="font-family:Times New Roman" SIZE="3"><SUB STYLE="vertical-align:baseline; position:relative; top:.4ex"><FONT STYLE="font-family:ARIAL" SIZE="3"></FONT>
</SUB><FONT STYLE="font-family:ARIAL" SIZE="3"></FONT></FONT></FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2">environmental laws and regulations may expose us to liability arising out of our operations or the operations of our customers. </FONT></P></TD></TR></TABLE>
<P STYLE="margin-top:5px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">While we anticipate that subsequent events and developments may cause our views to change, we do not have an intention to update this forward-looking information,
except as required by applicable securities laws. This forward-looking information represents our views as of the date of this document and such information should not be relied upon as representing our views as of any date subsequent to the date of
this document. We have attempted to identify important factors that could cause actual results, performance or achievements to vary from those current expectations or estimates expressed or implied by the forward-looking information. However, there
may be other factors that cause results, performance or achievements not to be as expected or estimated and that could cause actual results, </FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">North American Energy Partners
Inc.&nbsp;&nbsp;</FONT><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#a03245"><B>Management&#146;s Discussion and Analysis</B></FONT><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;21 </FONT></P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>

 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">
performance or achievements to differ materially from current expectations. <B>There can be no assurance that forward-looking information will prove to be accurate, as actual results and future
events could differ materially from those expected or estimated in such statements. Accordingly, readers should not place undue reliance on forward-looking information.</B> These factors are not intended to represent a complete list of the factors
that could affect us. See &#147;Risk Factors&#148; below and risk factors highlighted in materials filed with the securities regulatory authorities filed in the United States and Canada from time to time, including, but not limited to, our most
recent Annual Information Form. </FONT></P> <P STYLE="margin-top:5px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2"><B><A NAME="mdna48973_29"></A>Risk Factors </B></FONT></P>
<P STYLE="margin-top:3px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">For the three months ended June&nbsp;30, 2010, there has been no significant change in our risk factors discussed in our most recent annual Management&#146;s
Discussion and Analysis, which was current as of June&nbsp;10, 2010. The risk factors discussed in our most recent annual Management&#146;s Discussion and Analysis should be reviewed in conjunction with this interim Management&#146;s Discussion and
Analysis. </FONT></P> <P STYLE="margin-top:5px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2"><B><A NAME="mdna48973_30"></A>Quantitative and Qualitative Disclosures about Market Risk </B></FONT></P>
<P STYLE="margin-top:3px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">Market risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in market prices such as foreign
currency exchange rates and interest rates. The level of market risk to which we are exposed at any point in time varies depending on market conditions, expectations of future price or market rate movements and composition of our financial assets
and liabilities held, non-trading physical assets and contract portfolios. </FONT></P> <P STYLE="margin-top:5px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">To manage the exposure related to changes in market risk, we use various risk
management techniques including the use of derivative instruments. Such instruments may be used to establish a fixed price for a commodity, an interest-bearing obligation or a cash flow denominated in a foreign currency. </FONT></P>
<P STYLE="margin-top:5px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">The sensitivities provided below are hypothetical and should not be considered to be predictive of future performance or indicative of earnings on these contracts.
</FONT></P> <P STYLE="margin-top:5px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2"><I>Foreign exchange risk </I></FONT></P> <P STYLE="margin-top:2px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">Foreign exchange risk
refers to the risk that the value of a financial instrument or cash flows associated with the instrument will fluctuate due to changes in foreign exchange rates. We regularly transact in foreign currencies when purchasing equipment and spare parts
as well as certain general and administrative goods and services. These exposures are generally of a short-term nature and the impact of changes in exchange rates has not been significant in the past. We may fix our exposure in either the Canadian
dollar or the US dollar for these short-term transactions, if material. </FONT></P> <P STYLE="margin-top:5px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">At June&nbsp;30, 2010, with other variables unchanged, the impact of a $0.01
increase (decrease) in exchange rates of the Canadian dollar to the US dollar on short-term exposures would be insignificant and there would be no impact to other comprehensive income. </FONT></P>
<P STYLE="margin-top:5px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2"><I>Interest rate risk </I></FONT></P> <P STYLE="margin-top:2px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">We are exposed to interest rate risk from
the possibility that changes in interest rates will affect future cash flows or the fair values of our financial instruments. Amounts outstanding under our amended credit facilities are subject to a floating rate. Our Series 1 Debentures are subject
to a fixed rate. Our interest rate risk arises from long-term borrowings issued at fixed rates that create fair value interest rate risk and variable rate borrowings that create cash flow interest rate risk. </FONT></P>
<P STYLE="margin-top:5px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">In some circumstances, floating rate funding may be used for short-term borrowings and other liquidity requirements. We may use derivative instruments to manage
interest rate risk. We manage our interest rate risk exposure by using a mix of fixed and variable rate debt and may use derivative instruments to achieve the desired proportion of variable to fixed-rate debt. </FONT></P>
<P STYLE="margin-top:5px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">At June&nbsp;30, 2010, we held $75.9 million of floating rate debt pertaining to our term facilities within our amended and restated credit agreement (March 31,
2010 &#150; $28.4 million). As at June&nbsp;30, 2010, holding all other variables constant, a 100 basis point increase (decrease) to interest rates on floating rate debt would result in a $0.8 million increase (decrease) in effective annual interest
costs. This assumes that the amount of floating rate debt remains unchanged from that which was held at June&nbsp;
30, 2010. </FONT></P> <P STYLE="margin-top:9px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="3" COLOR="#a03245"><B>G. <A NAME="mdna48973_31"></A>General Matters </B></FONT></P>
<P STYLE="margin-top:5px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">Our corporate head office is located at Suite 2400, 500 4th Avenue SW, Calgary, Alberta, T2P 2V6. Our corporate head office telephone and facsimile numbers are
403-767-4825 and 403-767-4849, respectively. </FONT></P> <P STYLE="margin-top:5px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2"><B><A NAME="mdna48973_32"></A>Additional Information </B></FONT></P>
<P STYLE="margin-top:3px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">Additional information relating to us, including our Annual Information Form dated June&nbsp;10, 2010, can be found on the Canadian Securities Administrators System
for Electronic Document Analysis and Retrieval (SEDAR) database at www.sedar.com, the Securities and Exchange Commission&#146;s website at www.sec.gov and our company&#146;s web site at www.nacg.ca. </FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="1">22&nbsp;&nbsp;</FONT><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#a03245"><B>Management&#146;s Discussion and
Analysis</B></FONT><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;North American Energy Partners Inc. </FONT></P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>

 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:90px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="3"><B>NORTH AMERICAN ENERGY PARTNERS INC.
</B></FONT></P> <P STYLE="margin-top:5px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>CANADIAN SUPPLEMENT TO: </B></FONT></P> <P STYLE="margin-top:5px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>Interim
Management&#146;s Discussion and Analysis </B></FONT></P> <P STYLE="margin-top:5px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>For the three months ended June&nbsp;30, 2010 </B></FONT></P>
 <P STYLE="margin-top:5px;margin-bottom:0px">

<IMG SRC="g48973g55p46.jpg" ALT="LOGO"> </P>
 <P STYLE="margin-top:5px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>This document supplements the Interim Management&#146;s Discussion and Analysis for the three months ended June&nbsp;30, 2010 and
has been prepared pursuant to Section&nbsp;5.2 of National Instrument 51-102- Continuous Disclosure Obligations </B></FONT></P>



<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>

 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="4"><B>Canadian Supplement to Interim
Management&#146;s Discussion and Analysis </B></FONT></P> <P STYLE="margin-top:5px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">For the three months ended June 30, 2010 </FONT></P>
<P STYLE="margin-top:5px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">August&nbsp;4, 2010 </FONT></P> <P STYLE="margin-top:5px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>Summary of differences between US&nbsp;GAAP
and Canadian GAAP </B></FONT></P> <P STYLE="margin-top:5px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">The interim unaudited consolidated financial statements for the three months ended June&nbsp;30, 2010 and the accompanying interim
Management&#146;s Discussion and Analysis (MD&amp;A) have been prepared in accordance with United States (US) generally accepted accounting principles (GAAP). As required by the National Instrument 52-107, for the fiscal year of adoption of
US&nbsp;GAAP and one subsequent fiscal year, we are required to provide a Canadian Supplement to our MD&amp;A that restates, based on financial information reconciled to Canadian GAAP, those parts of our MD&amp;A that would contain material
differences if they were based on financial statements prepared in accordance with Canadian GAAP. The Canadian Supplement to the MD&amp;A should be read in conjunction with our interim unaudited financial statements and interim MD&amp;A for the
three months ended June&nbsp;30, 2010, prepared in accordance with US&nbsp;GAAP, and our annual audited financial statements, related MD&amp;A and Canadian Supplement to the MD&amp;A for the year ended March&nbsp;31, 2010. The consolidated financial
statements and additional information relating to our business, including our most recent Annual Information Form (AIF), are available on the Canadian Securities Administrators&#146; SEDAR System at www.sedar.com, the Securities and Exchange
Commission&#146;s website at www.sec.gov and our company web site at www.nacg.ca. </FONT></P> <P STYLE="margin-top:5px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">The material differences between US&nbsp;GAAP and Canadian GAAP on our
financial position and results of operations for the three months ended June&nbsp;30, 2010 are explained and quantified in <B>note 21</B> to our interim financial statements for the three months ended June&nbsp;30, 2010. </FONT></P>
<P STYLE="margin-top:5px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">The &#147;Consolidated Three Months Results&#148; tables in this supplement highlight the differences between Canadian and US GAAP. The tables in this supplement
reporting the &#147;Reconciliation of net (loss) income to EBITDA and Consolidated EBITDA&#148;, &#147;Non-Operating Income and Expense&#148; and &#147;Realized and unrealized loss on derivative financial instruments&#148; for the three months ended
June&nbsp;30, 2010 and &#147;Summary of Consolidated Quarterly Results&#148; are prepared in accordance with Canadian GAAP. Amounts included in this supplement are in millions of Canadian dollars, except per share information and amounts included in
the tables. </FONT></P> <P STYLE="margin-top:9px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>Non-GAAP financial measures </B></FONT></P> <P STYLE="margin-top:5px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">In
addition to measures based on US&nbsp;GAAP and Canadian GAAP, we use terms such as &#147;net income before interest expense, income taxes, depreciation and amortization&#148; (EBITDA) and &#147;Consolidated EBITDA&#148; (as defined in our credit
agreement). These terms are not defined by US&nbsp;GAAP or Canadian GAAP and readers should refer to &#147;Non-GAAP Financial Measures&#148; in our interim MD&amp;A for the three months ended June&nbsp;30, 2010 and our annual MD&amp;A for the fiscal
year ended March&nbsp;31, 2010. </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="1">2&nbsp;&nbsp;</FONT><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#a03245"><B>Canadian Supplement to
Management&#146;s Discussion and Analysis</B></FONT><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;North American Energy Partners Inc. </FONT></P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>

 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>Consolidated Three Month Results </B>
</FONT></P> <P STYLE="font-size:5px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" ALIGN="center">

<TR>
<TD WIDTH="39%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD></TR>
<TR>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="15" ALIGN="right" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:ARIAL" SIZE="1">Three months ended June&nbsp;30,</FONT></TD></TR>
<TR>
<TD VALIGN="bottom" NOWRAP STYLE="border-bottom:1px solid #000000"> <P STYLE="margin-top:0px;margin-bottom:1px"><FONT STYLE="font-family:ARIAL" SIZE="1">(dollars in thousands, except per share<BR>information)</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:ARIAL" SIZE="1">2010<BR>(Canadian<BR>GAAP)</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:ARIAL" SIZE="1">Adjustments</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:ARIAL" SIZE="1">2010 (US<BR>GAAP)</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:ARIAL" SIZE="1">2009<BR>(Canadian<BR>GAAP)</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:ARIAL" SIZE="1">Adjustments</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:ARIAL" SIZE="1">2009</FONT><br><FONT STYLE="font-family:ARIAL" SIZE="1">(US GAAP)</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>Revenue (e)</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>$185,767</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>$(2,173</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>)&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>$183,594</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>$147,103</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>$(584</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>)&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>$146,519</B></FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:0.84em; text-indent:-0.84em"><FONT STYLE="font-family:ARIAL" SIZE="2">Project costs (e)</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">79,270</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">(1,993</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">77,277</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">54,553</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">(291</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">54,262</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:0.84em; text-indent:-0.84em"><FONT STYLE="font-family:ARIAL" SIZE="2">Equipment costs</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">65,003</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&#150;</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">65,003</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">46,044</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&#150;</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">46,044</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:0.84em; text-indent:-0.84em"><FONT STYLE="font-family:ARIAL" SIZE="2">Equipment operating lease expense</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">17,491</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&#150;</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">17,491</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">12,349</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&#150;</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">12,349</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:0.84em; text-indent:-0.84em"><FONT STYLE="font-family:ARIAL" SIZE="2">Depreciation (a)</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">8,171</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">32</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">8,203</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">8,693</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">31</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">8,724</FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>Gross profit</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>15,832</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>(212</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>)&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>15,620</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>25,464</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>(324</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>)&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>25,140</B></FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:0.84em; text-indent:-0.84em"><FONT STYLE="font-family:ARIAL" SIZE="2">General&nbsp;and administrative costs (c)&nbsp;and (e)</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">14,139</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">(410</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">13,729</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">15,066</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">(90</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">14,976</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:0.84em; text-indent:-0.84em"><FONT STYLE="font-family:ARIAL" SIZE="2">Operating income</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">934</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">130</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">1,064</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">9,972</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">166</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">10,138</FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>Net (loss) income</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>$(7,299</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>)&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>$(3,010</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>)&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>$(10,309</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>)&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>$10,070</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>$(143</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>)&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>$9,927</B></FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:0.84em; text-indent:-0.84em"><FONT STYLE="font-family:ARIAL" SIZE="2">Per share information</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:2.53em; text-indent:-0.84em"><FONT STYLE="font-family:ARIAL" SIZE="2">Net (loss) income &#150; basic</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">$(0.20</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">$(0.09</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">$(0.29</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">$0.28</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">$&#150;</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">$0.28</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:2.53em; text-indent:-0.84em"><FONT STYLE="font-family:ARIAL" SIZE="2">Net (loss) income &#150; diluted</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">$(0.20</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">$(0.09</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">$(0.29</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">$0.28</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">$(0.01</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">$0.27</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:0.84em; text-indent:-0.84em"><FONT STYLE="font-family:ARIAL" SIZE="2">EBITDA</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">$7,986</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">$(3,788</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">$4,198</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">$28,028</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">$209</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">$28,237</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>Consolidated EBITDA (as defined within our credit agreement)</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>$12,179</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>$&#150;</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>$12,179</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>$19,394</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>$&#150;</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>$19,394</B></FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD></TR></TABLE> <P STYLE="margin-top:9px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>Reconciliation of net (loss) income to EBITDA and Consolidated EBITDA (Canadian
GAAP) </B></FONT></P> <P STYLE="font-size:5px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" ALIGN="center">

<TR>
<TD WIDTH="73%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD></TR>
<TR>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="7" ALIGN="right" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:ARIAL" SIZE="1">Three months ended June&nbsp;30,</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="bottom" NOWRAP STYLE="border-bottom:1px solid #000000"> <P STYLE="margin-top:0px;margin-bottom:1px"><FONT STYLE="font-family:ARIAL" SIZE="1">(dollars in thousands)</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:ARIAL" SIZE="1">2010</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:ARIAL" SIZE="1">2009</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:ARIAL" SIZE="1">Change</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>Net (loss) income</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>$(7,299</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>)&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>$10,070</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>$(17,369</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>)&nbsp;</B></FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:0.84em; text-indent:-0.84em"><FONT STYLE="font-family:ARIAL" SIZE="2">Adjustments:</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:2.53em; text-indent:-0.84em"><FONT STYLE="font-family:ARIAL" SIZE="2">Interest expense</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">7,348</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">5,968</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">1,380</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:2.53em; text-indent:-0.84em"><FONT STYLE="font-family:ARIAL" SIZE="2">Income taxes (benefit)</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">(997</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">2,595</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">(3,592</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">)&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:2.53em; text-indent:-0.84em"><FONT STYLE="font-family:ARIAL" SIZE="2">Depreciation</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">8,171</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">8,693</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">(522</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">)&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:2.53em; text-indent:-0.84em"><FONT STYLE="font-family:ARIAL" SIZE="2">Amortization of intangible assets</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">763</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">702</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">61</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:0.84em; text-indent:-0.84em"><FONT STYLE="font-family:ARIAL" SIZE="2">EBITDA</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">$7,986</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">$28,028</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">$(20,042</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">)&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:0.84em; text-indent:-0.84em"><FONT STYLE="font-family:ARIAL" SIZE="2">Adjustments:</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:2.53em; text-indent:-0.84em"><FONT STYLE="font-family:ARIAL" SIZE="2">Unrealized foreign exchange gain on
8</FONT><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex"></SUP></FONT><FONT STYLE="font-family:ARIAL" SIZE="2"><FONT SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">&nbsp;3
</SUP></FONT><FONT SIZE="2">/</FONT><FONT SIZE="1">4</FONT><FONT STYLE="font-family:ARIAL" SIZE="2">% senior notes</FONT></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&#150;</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">(19,319</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">19,319</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:2.53em; text-indent:-0.84em"><FONT STYLE="font-family:ARIAL" SIZE="2">Realized and unrealized loss on derivative financial instruments</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">2,117</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">10,021</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">(7,904</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">)&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:2.53em; text-indent:-0.84em"><FONT STYLE="font-family:ARIAL" SIZE="2">Gain on disposal of property, plant and equipment and assets held for sale</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">(4</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">(276</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">272</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:2.53em; text-indent:-0.84em"><FONT STYLE="font-family:ARIAL" SIZE="2">Stock-based compensation expense</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">398</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">1,131</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">(733</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">)&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:2.53em; text-indent:-0.84em"><FONT STYLE="font-family:ARIAL" SIZE="2">Equity in loss (earnings) of unconsolidated joint venture</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">243</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">(191</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">434</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:2.53em; text-indent:-0.84em"><FONT STYLE="font-family:ARIAL" SIZE="2">Loss on debt extinguishment</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">1,439</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&#150;</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">1,439</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:0.84em; text-indent:-0.84em"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>Consolidated EBITDA (as defined within our credit agreement)</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>$12,179</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>$19,394</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>$(7,215</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>)&nbsp;</B></FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD></TR></TABLE> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">North American Energy Partners
Inc.&nbsp;&nbsp;</FONT><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#a03245"><B>Canadian Supplement to Management&#146;s Discussion and Analysis</B></FONT><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;3 </FONT></P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>

 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>Non-Operating Income and Expense
(Canadian GAAP) </B></FONT></P> <P STYLE="font-size:9px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" ALIGN="center">

<TR>
<TD WIDTH="73%"></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD></TD></TR>
<TR>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="7" ALIGN="right" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:ARIAL" SIZE="1">Three months ended June&nbsp;30,</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="bottom" NOWRAP STYLE="border-bottom:1px solid #000000"> <P STYLE="margin-top:0px;margin-bottom:1px"><FONT STYLE="font-family:ARIAL" SIZE="1">(dollars in thousands)</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;2010&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;2009&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;Change&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:0.84em; text-indent:-0.84em"><FONT STYLE="font-family:ARIAL" SIZE="2">Interest expense</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.68em; text-indent:-0.84em"><FONT STYLE="font-family:ARIAL" SIZE="2">Interest on 8</FONT><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex"></SUP>
</FONT><FONT STYLE="font-family:ARIAL" SIZE="2"><FONT SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">&nbsp;3</SUP></FONT><FONT SIZE="2">/</FONT><FONT SIZE="1">4</FONT><FONT STYLE="font-family:ARIAL" SIZE="2">% senior
notes and swaps</FONT></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">$1,147</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">$5,144</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">$(3,997</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">)&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.68em; text-indent:-0.84em"><FONT STYLE="font-family:ARIAL" SIZE="2">Interest on capital lease obligations</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">208</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">291</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">(83</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">)&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.68em; text-indent:-0.84em"><FONT STYLE="font-family:ARIAL" SIZE="2">Amortization of deferred financing costs</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">235</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">221</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">14</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.68em; text-indent:-0.84em"><FONT STYLE="font-family:ARIAL" SIZE="2">Amortization of premium on series 1 debentures</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">(90</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&#150;</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">(90</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">)&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.68em; text-indent:-0.84em"><FONT STYLE="font-family:ARIAL" SIZE="2">Interest on term facilities</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">1,057</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">165</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">892</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.68em; text-indent:-0.84em"><FONT STYLE="font-family:ARIAL" SIZE="2">Interest on series 1 debentures</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">4,734</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&#150;</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">4,734</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.68em; text-indent:-0.84em"><FONT STYLE="font-family:ARIAL" SIZE="2">Interest on long term debt</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">$7,291</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">$5,821</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">$1,470</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.68em; text-indent:-0.84em"><FONT STYLE="font-family:ARIAL" SIZE="2">Other interest</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">57</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">147</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">(90</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">)&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:0.84em; text-indent:-0.84em"><FONT STYLE="font-family:ARIAL" SIZE="2">Total interest expense</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">$7,348</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">$5,968</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">1,380</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:0.84em; text-indent:-0.84em"><FONT STYLE="font-family:ARIAL" SIZE="2">Foreign exchange gain</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">(1,697</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">(19,215</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">17,518</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:0.84em; text-indent:-0.84em"><FONT STYLE="font-family:ARIAL" SIZE="2">Realized and unrealized loss on derivative financial instruments</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">2,117</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">10,021</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">(7,904</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">)&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:0.84em; text-indent:-0.84em"><FONT STYLE="font-family:ARIAL" SIZE="2">Other expense</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&#150;</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">533</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">(533</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">)&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:0.84em; text-indent:-0.84em"><FONT STYLE="font-family:ARIAL" SIZE="2">Income taxes (benefit)</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">(997</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">2,595</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">(3,592</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">)&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD></TR></TABLE> <P STYLE="margin-top:9px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>Realized and unrealized loss on derivative financial instruments (Canadian GAAP) </B></FONT></P>
<P STYLE="font-size:9px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" ALIGN="center">

<TR>
<TD WIDTH="74%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD></TR>
<TR>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="7" ALIGN="right" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:ARIAL" SIZE="1">Three months ended June&nbsp;30,</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="bottom" NOWRAP STYLE="border-bottom:1px solid #000000"> <P STYLE="margin-top:0px;margin-bottom:1px"><FONT STYLE="font-family:ARIAL" SIZE="1">(dollars in thousands)</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:ARIAL" SIZE="1">2010</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:ARIAL" SIZE="1">2009</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:ARIAL" SIZE="1">Change</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:0.84em; text-indent:-0.84em"><FONT STYLE="font-family:ARIAL" SIZE="2">Swap liability loss</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">$1,783</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">$19,835</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">$(18,052</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">)&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:0.84em; text-indent:-0.84em"><FONT STYLE="font-family:ARIAL" SIZE="2">Redemption option embedded derivative gain on
8</FONT><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex"></SUP></FONT><FONT STYLE="font-family:ARIAL" SIZE="2"><FONT SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">&nbsp;3
</SUP></FONT><FONT SIZE="2">/</FONT><FONT SIZE="1">4</FONT><FONT STYLE="font-family:ARIAL" SIZE="2">% senior notes</FONT></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&#150;</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">(2,273</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">2,273</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:0.84em; text-indent:-0.84em"><FONT STYLE="font-family:ARIAL" SIZE="2">Redemption options embedded derivatives gain on the series 1 debentures</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">(891</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&#150;</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">(891</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">)&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:0.84em; text-indent:-0.84em"><FONT STYLE="font-family:ARIAL" SIZE="2">Supplier contracts embedded derivatives loss (gain)</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">1,647</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">(14,164</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">15,811</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:0.84em; text-indent:-0.84em"><FONT STYLE="font-family:ARIAL" SIZE="2">Customer contract embedded derivative (gain) loss</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">(750</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">3,287</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">(4,037</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">)&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:0.84em; text-indent:-0.84em"><FONT STYLE="font-family:ARIAL" SIZE="2">Swap interest payment</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">328</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">3,336</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">(3,008</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">)&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:0.84em; text-indent:-0.84em"><FONT STYLE="font-family:ARIAL" SIZE="2">Total</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">$2,117</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">$10,021</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">$(7,904</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">)&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD></TR></TABLE> <P STYLE="margin-top:18px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>Summary of Consolidated Quarterly Results (Canadian GAAP) </B></FONT></P>
<P STYLE="font-size:5px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" ALIGN="center">

<TR>
<TD WIDTH="33%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD></TR>
<TR>
<TD VALIGN="bottom" STYLE="border-bottom:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:ARIAL" SIZE="1">June&nbsp;30,</FONT><br><FONT STYLE="font-family:ARIAL" SIZE="1">2010</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:ARIAL" SIZE="1">March&nbsp;31,</FONT><br><FONT STYLE="font-family:ARIAL" SIZE="1">2010</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:ARIAL" SIZE="1">Dec&nbsp;31,</FONT><br><FONT STYLE="font-family:ARIAL" SIZE="1">2009</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:ARIAL" SIZE="1">Sept&nbsp;30,</FONT><br><FONT STYLE="font-family:ARIAL" SIZE="1">2009</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right" STYLE="BORDER-RIGHT:1px solid #000000;border-bottom:1px solid #000000"><FONT STYLE="font-family:ARIAL" SIZE="1">Jun 30,</FONT><br><FONT STYLE="font-family:ARIAL" SIZE="1">2009</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:ARIAL" SIZE="1">Mar 31,</FONT><br><FONT STYLE="font-family:ARIAL" SIZE="1">2009</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:ARIAL" SIZE="1">Dec&nbsp;31,<BR>2008</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:ARIAL" SIZE="1">Sept&nbsp;30,<BR>2008</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #000000; padding-right:8px"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="bottom" NOWRAP STYLE="border-bottom:1px solid #000000"> <P STYLE="margin-top:0px;margin-bottom:1px"><FONT STYLE="font-family:ARIAL" SIZE="1">(dollars in millions)</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:ARIAL" SIZE="1">Fiscal&nbsp;2011</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="8" ALIGN="right" STYLE="BORDER-RIGHT:1px solid #000000;border-bottom:1px solid #000000"><FONT STYLE="font-family:ARIAL" SIZE="1">Fiscal 2010</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="7" ALIGN="right" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:ARIAL" SIZE="1">Fiscal 2009</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #000000; padding-right:8px"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>Revenue</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>$185.8</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #000000"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>$222.4</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>$222.7</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>$171.1</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right" STYLE="BORDER-RIGHT:1px solid #000000"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>$147.1</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>$174.7</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>$258.6</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>$280.3</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #000000; padding-right:8px"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>&nbsp;&nbsp;</B></FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:0.84em; text-indent:-0.84em"><FONT STYLE="font-family:ARIAL" SIZE="2">Gross profit</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">15.8</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #000000"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">32.9</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">48.1</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">33.7</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right" STYLE="BORDER-RIGHT:1px solid #000000"><FONT STYLE="font-family:ARIAL" SIZE="2">25.5</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">33.0</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">51.5</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">44.7</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #000000; padding-right:8px"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:0.84em; text-indent:-0.84em"><FONT STYLE="font-family:ARIAL" SIZE="2">Operating income (loss)</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">0.9</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #000000"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">13.0</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">31.1</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">18.8</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right" STYLE="BORDER-RIGHT:1px solid #000000"><FONT STYLE="font-family:ARIAL" SIZE="2">10.0</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">(129.3</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">(2.1</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">23.2</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #000000; padding-right:8px"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>Net (loss) income</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>(7.3</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #000000"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>)&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>(3.0</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>)&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>15.6</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>6.5</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right" STYLE="BORDER-RIGHT:1px solid #000000"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>10.1</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>(136.7</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>)&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>(14.6</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>)&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>(1.1</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #000000; padding-right:8px"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>)&nbsp;</B></FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:0.84em; text-indent:-0.84em"><FONT STYLE="font-family:ARIAL" SIZE="2">Net (loss) income per share &#150; Basic</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">$(0.20</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #000000"><FONT STYLE="font-family:ARIAL" SIZE="2">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">$(0.08</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">$0.43</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">$0.18</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right" STYLE="BORDER-RIGHT:1px solid #000000"><FONT STYLE="font-family:ARIAL" SIZE="2">$0.28</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">$(3.79</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">$(0.41</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">$(0.03</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #000000; padding-right:8px"><FONT STYLE="font-family:ARIAL" SIZE="2">)&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:0.84em; text-indent:-0.84em"><FONT STYLE="font-family:ARIAL" SIZE="2">Net (loss) income per share &#150; Diluted</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">$(0.20</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #000000"><FONT STYLE="font-family:ARIAL" SIZE="2">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">$(0.08</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">$0.43</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">$0.18</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right" STYLE="BORDER-RIGHT:1px solid #000000"><FONT STYLE="font-family:ARIAL" SIZE="2">$0.28</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">$(3.79</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">$(0.41</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">$(0.03</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #000000; padding-right:8px"><FONT STYLE="font-family:ARIAL" SIZE="2">)&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #000000;border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #000000; padding-right:8px">&nbsp;</TD></TR></TABLE> <P STYLE="margin-top:9px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>Canadian and United States accounting policies differences
</B></FONT></P> <P STYLE="margin-top:5px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">A detailed reconciliation of our results for the first quarter is included in note 21 to our interim consolidated financial statements for the three
months ended June&nbsp;30, 2010. </FONT></P> <P STYLE="margin-top:5px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">The differences between US&nbsp;GAAP and Canadian GAAP that have the most significant impact on our financial position
and results of operations for the three months ended June&nbsp;30, 2010, include accounting for: capitalization of interest, financing costs, discounts and premiums, derivative financial instruments and stock-based compensation. </FONT></P>
<P STYLE="margin-top:5px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2"><I>a) Capitalization of interest </I></FONT></P> <P STYLE="margin-top:3px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">US&nbsp;GAAP requires
capitalization of interest costs as part of the historical cost of acquiring certain qualifying assets that require a period of time to prepare for their intended use. This is not required under Canadian GAAP. The capitalized amount is subject to
depreciation in accordance with our policies when the asset is placed into service. </FONT></P> <P STYLE="margin-top:5px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2"><I>b) Financing costs, discounts and premiums </I></FONT></P>
<P STYLE="margin-top:3px;margin-bottom:0px;padding-bottom:0px;"><FONT STYLE="font-family:ARIAL" SIZE="2">Under US&nbsp;GAAP, deferred financing costs incurred in connection with our 9.125% Series 1 Debentures and our
8<FONT SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">&nbsp;3</SUP></FONT><FONT SIZE="2">/</FONT><FONT SIZE="1">4</FONT><FONT STYLE="font-family:ARIAL" SIZE="2">% senior notes were being amortized over the term of the
related debt using the effective interest method. Prior to April&nbsp;1, </FONT></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="1">4&nbsp;&nbsp;</FONT><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#a03245"><B>Canadian Supplement to
Management&#146;s Discussion and Analysis</B></FONT><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;North American Energy Partners Inc. </FONT></P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>

 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px;padding-bottom:0px;"><FONT STYLE="font-family:ARIAL" SIZE="2">
2007, the transaction costs on the
8<FONT SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">&nbsp;3</SUP></FONT><FONT SIZE="2">/</FONT><FONT SIZE="1">4</FONT><FONT STYLE="font-family:ARIAL" SIZE="2">% senior notes were recorded as a deferred asset under
Canadian GAAP and these deferred financing costs were being amortized on a straight-line basis over the term of the debt. </FONT></FONT></P>
<P STYLE="margin-top:9px;margin-bottom:0px;padding-bottom:0px;"><FONT STYLE="font-family:ARIAL" SIZE="2">Effective April&nbsp;1, 2007, we adopted CICA Handbook Section&nbsp;3855, &#147;Financial Instruments &#150; Recognition and Measurement&#148;,
on a retrospective basis without restatement as described below. Although Section&nbsp;3855 also requires the use of the effective interest method to account for the amortization of finance costs, the requirement to bifurcate the issuer&#146;s early
prepayment option on issuance of debt (which is not required under US GAAP) resulted in an additional premium of $3.5 million on the Series 1 Debentures that is being amortized over the term of the Series 1 Debentures under Canadian GAAP. The same
was being done on the extinguished 8<FONT SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">&nbsp;3</SUP></FONT><FONT SIZE="2">/</FONT><FONT SIZE="1">4</FONT><FONT STYLE="font-family:ARIAL" SIZE="2">% senior notes. The
unamortized premium is disclosed as part of the carrying amount of the &#147;Series 1 Debentures&#148; in the interim Consolidated Balance Sheets. Foreign denominated transaction costs, discounts and premiums on the
8<FONT SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">&nbsp;3</SUP></FONT><FONT SIZE="2">/</FONT><FONT SIZE="1">4</FONT><FONT STYLE="font-family:ARIAL" SIZE="2">% senior notes were considered as part of the carrying
value of the related financial liability under Canadian GAAP and were subject to foreign currency gains or losses resulting from periodic translation procedures as they were treated as a monetary item under Canadian GAAP. Under US&nbsp;GAAP, foreign
denominated transaction costs are considered non-monetary and are not subject to foreign currency gains and losses resulting from periodic translation procedures. </FONT></FONT></FONT></P>
<P STYLE="margin-top:9px;margin-bottom:0px;padding-bottom:0px;"><FONT STYLE="font-family:ARIAL" SIZE="2">In connection with the adoption of Section&nbsp;3855, transaction costs incurred in connection with our amended and restated credit agreement of
$1.6 million were reclassified from deferred financing costs to intangible assets on April&nbsp;1, 2007 under Canadian GAAP and these costs continued to be amortized on a straight-line basis over the term of the credit facilities. Under
US&nbsp;GAAP, we continue to amortize these transaction costs over the stated term of the related facilities using the effective interest method. We disclose the unamortized deferred financing costs related to the Series&nbsp;1 Debentures, the
8<FONT SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">&nbsp;3</SUP></FONT><FONT SIZE="2">/</FONT><FONT SIZE="1">4</FONT><FONT STYLE="font-family:ARIAL" SIZE="2">% senior notes and the credit facilities as
&#147;Deferred financing costs&#148; of $8.5 million (March 31, 2010: $6.7 million) on the Interim Consolidated Balance Sheets with the amortization charge classified as &#147;Interest expense&#148; on the Interim Consolidated Statement of
Operations and Comprehensive (Loss) Income. Under Canadian GAAP, the unamortized financing costs related to the Series 1 Debentures ($6.5 million at June&nbsp;30, 2010) and the
8<FONT SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">&nbsp;3</SUP></FONT><FONT SIZE="2">/</FONT><FONT SIZE="1">4</FONT><FONT STYLE="font-family:ARIAL" SIZE="2">% senior notes ($1.5 million at March&nbsp;31, 2010) are
included in &#147;Series 1 debentures&#148; and &#147;8<FONT SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">&nbsp;3</SUP></FONT><FONT SIZE="2">/</FONT><FONT SIZE="1">4</FONT><FONT STYLE="font-family:ARIAL" SIZE="2">%
senior notes&#148; respectively whilst the unamortized deferred financing costs in connection with the credit facilities of $1.9 million (March 31, 2010: $1.1 million) are included in &#147;Intangible assets&#148; on the Interim Consolidated Balance
Sheets resulting in a Canadian and US&nbsp;GAAP presentation difference. </FONT></FONT></FONT></FONT></P> <P STYLE="margin-top:5px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2"><I>c) Stock-based compensation </I></FONT></P>
<P STYLE="margin-top:3px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">Up until April&nbsp;1, 2006, we followed the provisions of ASC 718, &#147;Share-Based Payment&#148;, for US&nbsp;GAAP purposes. As we use the fair value method of
accounting for all stock-based compensation payments under Canadian GAAP, there were no differences between Canadian and US&nbsp;GAAP prior to April&nbsp;1, 2006. On April&nbsp;1, 2006, we adopted the provisions of SFAS No.&nbsp;123(R),
&#147;Share-Based Payment&#148;, which is now a part of ASC 718. As we used the minimum value method for purposes of complying with ASC 718, we were required to adopt the provisions under the revised guidance prospectively. Under Canadian GAAP, we
were permitted to exclude volatility from the determination of the fair value of stock options granted until the filing of our initial registration statement relating to our initial public offering of voting shares on July&nbsp;21, 2006. As a
result, for options issued between April&nbsp;1, 2006 and July&nbsp;21, 2006, there is a difference between Canadian and US&nbsp;GAAP relating to the determination of the fair value of options granted. </FONT></P>
<P STYLE="margin-top:9px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2"><I>d) Derivative financial instruments </I></FONT></P>
<P STYLE="margin-top:3px;margin-bottom:0px;padding-bottom:0px;"><FONT STYLE="font-family:ARIAL" SIZE="2">Under Canadian GAAP, we determined that the issuer&#146;s early prepayment option asset included in the Series 1 Debentures of $3.9 million
should be bifurcated from the host contract, along with a contingent embedded derivative liability of $0.4 million in the Series 1 Debentures that provide for accelerated redemption by the holders in certain instances (as defined in the trust
indenture that governs the Series 1 Debentures). These embedded derivatives were measured at fair value at April&nbsp;7, 2010, the inception date of the Series 1 Debentures and the residual amount of the proceeds was allocated to the debt. Changes
in fair value of the embedded derivatives are recognized in net income and the carrying amount of the Series 1 Debentures is accreted to par value over the term of the Series 1 Debentures using the effective interest method and is recognized as
interest expense as discussed in b) above. The same accounting treatment was used on the extinguished 8<FONT SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">&nbsp;3</SUP></FONT><FONT SIZE="2">/</FONT><FONT SIZE="1">4
</FONT><FONT STYLE="font-family:ARIAL" SIZE="2">% senior notes. </FONT></FONT></P> <P STYLE="margin-top:5px;margin-bottom:0px;padding-bottom:0px;"><FONT STYLE="font-family:ARIAL" SIZE="2">Under US&nbsp;GAAP, ASC 815, &#147;Derivatives and
Hedging&#148;, establishes accounting and reporting standards requiring that every derivative instrument, including certain derivative instruments embedded in other contracts and debt instruments, be recorded on the balance sheet as either an asset
or liability measured at its fair value. The contingent embedded derivative in the Series 1 Debentures that provides for accelerated redemption by the holders in certain instances (as defined in the trust indenture that governs the Series 1
Debentures) did not meet the criteria for bifurcation from the debt contract and separate measurement at fair value and was not bifurcated from the host contract and measured at fair value resulting in a US&nbsp;GAAP and Canadian GAAP difference.
The contingent embedded derivative in the 8<FONT SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">&nbsp;3</SUP></FONT><FONT SIZE="2">/</FONT><FONT SIZE="1">4</FONT><FONT STYLE="font-family:ARIAL" SIZE="2">% senior notes
that provide for accelerated redemption by the holders in certain instances met the criteria for bifurcation from the debt contract and separate measurement at fair value. The embedded derivative was measured at fair value and changes in fair value
recorded in net income for all periods presented. The issuer&#146;s early prepayment option included in both the Series 1 Debentures (as defined in the trust indenture that governs the Series 1 Debentures) and the
8<FONT SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">&nbsp;3</SUP></FONT><FONT SIZE="2">/</FONT><FONT SIZE="1">4</FONT><FONT STYLE="font-family:ARIAL" SIZE="2">%
</FONT></FONT></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">North American Energy Partners
Inc.&nbsp;&nbsp;</FONT><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#a03245"><B>Canadian Supplement to Management&#146;s Discussion and Analysis</B></FONT><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;5 </FONT></P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>

 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">
senior notes did not meet the criteria as an embedded derivative under ASC 815 and was not bifurcated from the host contract resulting in a US&nbsp;GAAP and Canadian GAAP difference. </FONT></P>
<P STYLE="margin-top:5px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2"><I>e) Joint venture </I></FONT></P> <P STYLE="margin-top:3px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">We own a 49% interest in Noramac Ventures
Inc., a nominee company for our Noramac Joint Venture (JV) and we have joint control of this entity. Under US&nbsp;GAAP, we record our share of earnings of the JV using the equity method of accounting. Under Canadian GAAP, we use the proportionate
consolidation method of accounting for the JV. Under the proportionate consolidation method, we recognize our share of the results of operations, cash flows, and financial position of the JV on a line-by-line basis in our consolidated financial
statements and eliminate our share of all material intercompany transactions with the JV. While there is no impact on net income or earnings per share as a result of the US&nbsp;GAAP treatment of the joint venture, as compared to Canadian GAAP,
there are presentation differences affecting the disclosures in the consolidated financial statements and supporting notes. </FONT></P> <P STYLE="margin-top:5px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2"><I>f) Other matters </I>
</FONT></P> <P STYLE="margin-top:3px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">Other adjustments relate to the tax effect of items (a)&nbsp;through (d)&nbsp;above. The tax effects of temporary differences are described as future
income taxes under Canadian GAAP whereas in these financial statements such amounts are described as deferred income taxes under US GAAP. In addition, Canadian GAAP generally refers to additional paid-in capital as contributed surplus for financial
statement presentation purposes. </FONT></P> <P STYLE="margin-top:9px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>Recently adopted Canadian accounting pronouncements </B></FONT></P>
<P STYLE="margin-top:5px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2"><I>Accounting changes </I></FONT></P> <P STYLE="margin-top:3px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">In June 2009, the CICA amended Handbook
Section&nbsp;1506, &#147;Accounting Changes&#148;, to exclude from its scope changes in accounting policies upon the complete replacement of an entity&#146;s primary basis of accounting. We adopted these amendments effective April, 2010. The
adoption of these amendments did not have a material effect on our interim consolidated financial statements. </FONT></P> <P STYLE="margin-top:5px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2"><I>Financial instruments &#150;
recognition and measurement </I></FONT></P> <P STYLE="margin-top:3px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">In June 2009, the CICA amended Handbook Section&nbsp;3855, &#147;Financial Instruments&nbsp;&#150;&nbsp;Recognition and
Measurement&#148;, to clarify the application of the effective interest method after a debt instrument has been impaired. The Section has also been amended to clarify when an embedded prepayment option is separated from its host instrument for
accounting purposes. We adopted these amendments effective April&nbsp;1, 2010. The adoption of these amendments did not have a material effect on our interim consolidated financial statements. </FONT></P>
<P STYLE="margin-top:9px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>Recent Canadian accounting pronouncements not yet adopted </B></FONT></P>
<P STYLE="margin-top:5px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2"><I>Financial instruments &#150; recognition and measurement </I></FONT></P> <P STYLE="margin-top:3px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">In
June 2009, the CICA amended Handbook Section&nbsp;3855, &#147;Financial Instruments &#150; Recognition and Measurement&#148;, to clarify the application of the effective interest method after a debt instrument has been impaired. The Section has also
been amended to clarify when an embedded prepayment option is separated from its host instrument for accounting purposes. The amendments apply to interim and annual financial statements relating to fiscal years beginning on or after January&nbsp;1,
2011 for the amendments relating to embedded prepayment options. We are currently evaluating the effect of the amendments to the standard. </FONT></P>
<P STYLE="margin-top:5px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2"><I>Comprehensive revaluation of assets and liabilities </I></FONT></P> <P STYLE="margin-top:3px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">In
August 2009, the CICA amended Handbook Section&nbsp;1625, &#147;Comprehensive Revaluation of Assets and Liabilities&#148;, as a result of issuing Section&nbsp;1582, &#147;Business Combinations&#148;, Section&nbsp;1601, &#147;Consolidated Financial
Statements&#148;, and Section&nbsp;1602, &#147;Non-Controlling Interests&#148;, in January 2009. The amendments apply prospectively to comprehensive revaluations of assets and liabilities occurring in fiscal years beginning on or after
January&nbsp;1, 2011. Earlier adoption is permitted as of the beginning of a fiscal year, provided that Section&nbsp;1582 is also adopted. We are currently evaluating the effect of the amendments to the standard. </FONT></P>
<P STYLE="margin-top:5px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2"><I>Multiple deliverable arrangements </I></FONT></P> <P STYLE="margin-top:3px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">In December 2009, the CICA
issued Emerging Issues Committee (EIC) 175, &#147;Multiple deliverable arrangements&#148;. This abstract addresses how to determine whether an arrangement involving multiple deliverables contains more than one unit of accounting. It also addresses
how arrangement consideration should be measured and allocated to the separate units of accounting in the arrangement. For us, this abstract is effective on a prospective basis to all revenue arrangements with multiple deliverables entered into or
materially modified in the fiscal period beginning April&nbsp;1, 2011. We are currently evaluating the effect of this abstract on our interim consolidated financial statements. </FONT></P>
<P STYLE="margin-top:9px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>Management&#146;s Discussion and Analysis under US&nbsp;GAAP </B></FONT></P>
<P STYLE="margin-top:5px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">Please refer to our interim consolidated financial statements for the three months ended June&nbsp;30, 2010 and our accompanying MD&amp;A under US&nbsp;GAAP, filed
August&nbsp;4, 2010. Our interim MD&amp;A should also be read in conjunction with the audited consolidated financial statements for the year ended March&nbsp;31, 2010, together with our annual MD&amp;A and
</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="1">6&nbsp;&nbsp;</FONT><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#a03245"><B>Canadian Supplement to
Management&#146;s Discussion and Analysis</B></FONT><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;North American Energy Partners Inc. </FONT></P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>

 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">
Canadian Supplement to the MD&amp;A for the year ended March&nbsp;31, 2010. The differences between US&nbsp;GAAP and Canadian GAAP, described above, affect the discussion and analysis in several
sections of our interim MD&amp;A for the three months ended June&nbsp;30, 2010. </FONT></P> <P STYLE="margin-top:9px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>Additional information </B></FONT></P>
<P STYLE="margin-top:5px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">The consolidated financial statements, and additional information relating to our business, including our Annual Information Form (AIF), are available on the
Canadian Securities Administrators&#146; SEDAR System at www.sedar.com, the Securities and Exchange Commission&#146;s website at www.sec.gov and our company web site at www.nacg.ca. </FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">North American Energy Partners
Inc.&nbsp;&nbsp;</FONT><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#a03245"><B>Canadian Supplement to Management&#146;s Discussion and Analysis</B></FONT><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;7 </FONT></P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>

 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>FORM 52-109F2
</B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>CERTIFICATION OF INTERIM FILINGS </B></FONT></P>
<P STYLE="margin-top:9px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">I, Rodney J. Ruston, the Chief Executive Officer of North American Energy Partners Inc., certify the following: </FONT></P>
<P STYLE="font-size:5px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2">1.</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:ARIAL" SIZE="2"><B><I>Review:</I></B> I have reviewed the interim financial statements and interim MD&amp;A (together, the &#147;interim filings&#148;) of North American Partners Inc. (the
&#147;issuer&#148;) for the interim period ended June&nbsp;30, 2010. </FONT></TD></TR></TABLE> <P STYLE="font-size:5px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2">2.</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:ARIAL" SIZE="2"><B><I>No misrepresentations:</I></B> Based on my knowledge, having exercised reasonable diligence, the interim filings do not contain any untrue statement of a material fact or
omit to state a material fact required to be stated or that is necessary to make a statement not misleading in light of the circumstances under which it was made, with respect to the period covered by the interim filings. </FONT></TD></TR></TABLE>
<P STYLE="font-size:5px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2">3.</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:ARIAL" SIZE="2"><B><I>Fair presentation:</I></B> Based on my knowledge, having exercised reasonable diligence, the interim financial statements together with the other financial information
included in the interim filings fairly present in all material respects the financial condition, results of operations and cash flows of the issuer, as of the date of and for the periods presented in the interim filings. </FONT></TD></TR></TABLE>
<P STYLE="font-size:5px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2">4.</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:ARIAL" SIZE="2"><B><I>Responsibility:</I></B> The issuer&#146;s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (DC&amp;P)
and internal control over financial reporting (ICFR), as those terms are defined in National Instrument 52-109 <I>Certification of Disclosure in Issuers&#146; Annual and Interim Filings,</I> for the issuer. </FONT></TD></TR></TABLE>
<P STYLE="font-size:5px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2">5.</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:ARIAL" SIZE="2"><B><I>Design:</I></B> Subject to the limitations, if any, described in paragraphs 5.2 and 5.3, the issuer&#146;s other certifying officer(s) and I have, as at the end of the
period covered by the interim filings </FONT></TD></TR></TABLE> <P STYLE="font-size:5px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2">(a)</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:ARIAL" SIZE="2">designed DC&amp;P, or caused it to be designed under our supervision, to provide reasonable assurance that </FONT></TD></TR></TABLE>
<P STYLE="font-size:5px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="8%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2">(i)</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:ARIAL" SIZE="2">material information relating to the issuer is made known to us by others, particularly during the period in which the interim filings are being prepared; and
</FONT></TD></TR></TABLE> <P STYLE="font-size:5px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="8%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2">(ii)</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:ARIAL" SIZE="2">information required to be disclosed by the issuer in its annual filings, interim filings or other reports filed or submitted by it under securities legislation is recorded,
processed, summarized and reported within the time periods specified in securities legislation; and </FONT></TD></TR></TABLE> <P STYLE="font-size:5px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2">(b)</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:ARIAL" SIZE="2">designed ICFR, or caused it 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 the issuer&#146;s GAAP. </FONT></TD></TR></TABLE> <P STYLE="font-size:5px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2">5.1</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:ARIAL" SIZE="2"><B><I>Control framework:</I></B> The control framework the issuer&#146;s other certifying officer(s) and I used to design the issuer&#146;s ICFR is COSO and COBIT.
</FONT></TD></TR></TABLE> <P STYLE="font-size:5px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2">5.2</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>ICFR &#150;</B> <B><I>material weakness relating to design:</I></B> The issuer has disclosed in its interim MD&amp;A for each material weakness relating to design existing at
the end of the interim period </FONT></TD></TR></TABLE> <P STYLE="font-size:5px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2">(a)</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:ARIAL" SIZE="2">a description of the material weakness; </FONT></TD></TR></TABLE> <P STYLE="font-size:5px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2">(b)</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:ARIAL" SIZE="2">the impact of the material weakness on the issuer&#146;s financial reporting and its ICFR; and </FONT></TD></TR></TABLE>
<P STYLE="font-size:5px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2">(c)</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:ARIAL" SIZE="2">the issuer&#146;s current plans, if any, or any actions already undertaken, for remediating the material weakness. </FONT></TD></TR></TABLE>
<P STYLE="font-size:5px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2">5.3</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:ARIAL" SIZE="2"><B><I>Limitation on scope of design:</I></B> N/A </FONT></TD></TR></TABLE> <P STYLE="font-size:5px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2">6.</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:ARIAL" SIZE="2"><B><I>Reporting changes in ICFR:</I></B> The issuer has disclosed in its interim MD&amp;A any change in the issuer&#146;s ICFR that occurred during the period beginning on
April&nbsp;1, 2010 and ended on June&nbsp;30, 2010 that has materially affected, or is reasonably likely to materially affect, the issuer&#146;s ICFR. </FONT></TD></TR></TABLE>
<P STYLE="margin-top:9px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">Date: August&nbsp;4, 2010 </FONT></P> <P STYLE="font-size:9px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<P STYLE="font-size:9px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="40%" BORDER="0">

<TR>
<TD WIDTH="100%"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-top:0px;margin-bottom:1px;border-bottom:1px solid #000000"><FONT STYLE="font-family:ARIAL" SIZE="2">/s/ Rodney J. Ruston</FONT></P></TD></TR>
<TR>
<TD VALIGN="top"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>Chief Executive Officer</B></FONT></TD></TR></TABLE>



<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>

 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>FORM 52-109F2
</B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>CERTIFICATION OF INTERIM FILINGS </B></FONT></P>
<P STYLE="margin-top:9px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">I, David Blackley, the Chief Financial Officer of North American Energy Partners Inc., certify the following: </FONT></P>
<P STYLE="font-size:5px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2">1.</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:ARIAL" SIZE="2"><B><I>Review:</I></B> I have reviewed the interim financial statements and interim MD&amp;A (together, the &#147;interim filings&#148;) of North American Partners Inc. (the
&#147;issuer&#148;) for the interim period ended June&nbsp;30, 2010. </FONT></TD></TR></TABLE> <P STYLE="font-size:5px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2">2.</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:ARIAL" SIZE="2"><B><I>No misrepresentations:</I></B> Based on my knowledge, having exercised reasonable diligence, the interim filings do not contain any untrue statement of a material fact or
omit to state a material fact required to be stated or that is necessary to make a statement not misleading in light of the circumstances under which it was made, with respect to the period covered by the interim filings. </FONT></TD></TR></TABLE>
<P STYLE="font-size:5px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2">3.</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:ARIAL" SIZE="2"><B><I>Fair presentation:</I></B> Based on my knowledge, having exercised reasonable diligence, the interim financial statements together with the other financial information
included in the interim filings fairly present in all material respects the financial condition, results of operations and cash flows of the issuer, as of the date of and for the periods presented in the interim filings. </FONT></TD></TR></TABLE>
<P STYLE="font-size:5px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2">4.</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:ARIAL" SIZE="2"><B><I>Responsibility: </I></B>The issuer&#146;s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (DC&amp;P)
and internal control over financial reporting (ICFR), as those terms are defined in National Instrument 52-109 <I>Certification of Disclosure in Issuers&#146; Annual and Interim Filings,</I> for the issuer. </FONT></TD></TR></TABLE>
<P STYLE="font-size:5px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2">5.</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:ARIAL" SIZE="2"><B><I>Design:</I></B> Subject to the limitations, if any, described in paragraphs 5.2 and 5.3, the issuer&#146;s other certifying officer(s) and I have, as at the end of the
period covered by the interim filings </FONT></TD></TR></TABLE> <P STYLE="font-size:5px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2">(a)</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:ARIAL" SIZE="2">designed DC&amp;P, or caused it to be designed under our supervision, to provide reasonable assurance that </FONT></TD></TR></TABLE>
<P STYLE="font-size:5px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="8%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2">(i)</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:ARIAL" SIZE="2">material information relating to the issuer is made known to us by others, particularly during the period in which the interim filings are being prepared; and
</FONT></TD></TR></TABLE> <P STYLE="font-size:5px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="8%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2">(ii)</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:ARIAL" SIZE="2">information required to be disclosed by the issuer in its annual filings, interim filings or other reports filed or submitted by it under securities legislation is recorded,
processed, summarized and reported within the time periods specified in securities legislation; and </FONT></TD></TR></TABLE> <P STYLE="font-size:5px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2">(b)</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:ARIAL" SIZE="2">designed ICFR, or caused it 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 the issuer&#146;s GAAP. </FONT></TD></TR></TABLE> <P STYLE="font-size:5px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">5.1</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2"></FONT><FONT STYLE="font-family:ARIAL" SIZE="2"><B><I>Control framework:</I></B></FONT><FONT STYLE="font-family:Times New Roman" SIZE="2"> The control framework the
issuer&#146;s other certifying officer(s) and I used to design the issuer&#146;s ICFR is COSO and COBIT. </FONT></TD></TR></TABLE> <P STYLE="font-size:5px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2">5.2</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:ARIAL" SIZE="2"><B><I>ICFR &#150; material weakness relating to design: </I></B>The issuer has disclosed in its interim MD&amp;A for each material weakness relating to design existing at the end
of the interim period </FONT></TD></TR></TABLE> <P STYLE="font-size:5px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2">(a)</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:ARIAL" SIZE="2">a description of the material weakness; </FONT></TD></TR></TABLE> <P STYLE="font-size:5px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2">(b)</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:ARIAL" SIZE="2">the impact of the material weakness on the issuer&#146;s financial reporting and its ICFR; and </FONT></TD></TR></TABLE>
<P STYLE="font-size:5px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2">(c)</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:ARIAL" SIZE="2">the issuer&#146;s current plans, if any, or any actions already undertaken, for remediating the material weakness. </FONT></TD></TR></TABLE>
<P STYLE="font-size:5px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2">5.3</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:ARIAL" SIZE="2"><B><I>Limitation on scope of design: </I></B>N/A </FONT></TD></TR></TABLE> <P STYLE="font-size:5px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2">6.</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:ARIAL" SIZE="2"><B><I>Reporting changes in ICFR:</I></B> The issuer has disclosed in its interim MD&amp;A any change in the issuer&#146;s ICFR that occurred during the period beginning on
April&nbsp;1, 2010 and ended on June&nbsp;30, 2010 that has materially affected, or is reasonably likely to materially affect, the issuer&#146;s ICFR. </FONT></TD></TR></TABLE>
<P STYLE="margin-top:9px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">Date: August&nbsp;4, 2010 </FONT></P> <P STYLE="font-size:9px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<P STYLE="font-size:9px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="40%" BORDER="0">

<TR>
<TD WIDTH="100%"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-top:0px;margin-bottom:1px;border-bottom:1px solid #000000"><FONT STYLE="font-family:ARIAL" SIZE="2">/s/ David Blackley</FONT></P></TD></TR>
<TR>
<TD VALIGN="top"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>Chief Financial Officer</B></FONT></TD></TR></TABLE>


</BODY></HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>2
<FILENAME>g48973g55p46.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 g48973g55p46.jpg
M_]C_X``02D9)1@`!`@$`8`!@``#_[1'>4&AO=&]S:&]P(#,N,``X0DE-`^T`
M`````!``8`````$``0!@`````0`!.$))300-```````$````'CA"24T$&0``
M````!````!XX0DE-`_,```````D```````````$`.$))300*```````!```X
M0DE-)Q````````H``0`````````".$))30/U``````!(`"]F9@`!`&QF9@`&
M```````!`"]F9@`!`*&9F@`&```````!`#(````!`%H````&```````!`#4`
M```!`"T````&```````!.$))30/X``````!P``#_____________________
M________`^@`````_____________________________P/H`````/______
M______________________\#Z`````#_____________________________
M`^@``#A"24T$"```````$`````$```)````"0``````X0DE-!!X```````0`
M````.$))300:``````!M````!@`````````````"C@```ET````&`&<`-0`U
M`'``-``V`````0`````````````````````````!``````````````)=```"
MC@`````````````````````````````````````````````X0DE-!!$`````
M``$!`#A"24T$%```````!`````(X0DE-!`P`````#T(````!````:````'``
M``$X``"(@```#R8`&``!_]C_X``02D9)1@`!`@$`2`!(``#_[@`.061O8F4`
M9(`````!_]L`A``,"`@("0@,"0D,$0L*"Q$5#PP,#Q48$Q,5$Q,8$0P,#`P,
M#!$,#`P,#`P,#`P,#`P,#`P,#`P,#`P,#`P,#`P,`0T+"PT.#1`.#A`4#@X.
M%!0.#@X.%!$,#`P,#!$1#`P,#`P,$0P,#`P,#`P,#`P,#`P,#`P,#`P,#`P,
M#`P,#`S_P``1"`!P`&@#`2(``A$!`Q$!_]T`!``'_\0!/P```04!`0$!`0$`
M`````````P`!`@0%!@<("0H+`0`!!0$!`0$!`0`````````!``(#!`4&!P@)
M"@L0``$$`0,"!`(%!P8(!0,,,P$``A$#!"$2,05!46$3(G&!,@84D:&Q0B,D
M%5+!8C,T<H+10P<EDE/PX?%C<S46HK*#)D235&1%PJ-T-A?25>)E\K.$P]-U
MX_-&)Y2DA;25Q-3D]*6UQ=7E]59F=H:6IK;&UN;V-T=79W>'EZ>WQ]?G]Q$`
M`@(!`@0$`P0%!@<'!@4U`0`"$0,A,1($05%A<2(3!3*!D12AL4(CP5+1\#,D
M8N%R@I)#4Q5C<S3Q)086HK*#!R8UPM)$DU2C%V1%539T9>+RLX3#TW7C\T:4
MI(6TE<34Y/2EM<75Y?569G:&EJ:VQM;F]B<W1U=G=X>7I[?'_]H`#`,!``(1
M`Q$`/P#:HRWBYY+G;&N?4P28`>YUCO\`I.5LEW[Q^,E9E#0^_:#])[CY2''=
M_P!%3?U:W[`>IX^-7=T]LDO]<-N+&N])SJZ/3=5ZOY[<=^0S]'_+24W2Y\_2
M/WE387D_2=]Y6/G=;R\;+R,:O$99Z)#:R76ESBYOJ?IJZ*+/1VM_G/?9L^A]
M-2Q.OW&]YRL9S<5H=Z;JZ;O4)T=5(M_1['L]1G_AC]$DIVI=XG0^)1:0YX=6
M2?<".3SV52K,&4VQ[,?(QVU%HG)K]+?N;OW4M+G.>VOZ-G\M6:[0+&N'`(DC
M^4DIE6Y_I.()W-AT2?S3+O\`HI9KG,R6-!.K-P,G6#"/6W:]Q'`<?RJIFAS;
MZV'4,!V'Q8?H_P";]!)3G7!PM<=SH=J-3_>FK<[=]-WWG^]6GU-MJ>V0+6>]
MDSJ!]-JJ,8924G>+O2-OO],':7@F`?!SOS57)?/TW?YQ_O6QTIN0UEE[<IN)
MC-,6E\$.,?1V/]OT?SMREEW_`%<;:7685QW<6,:ZICC_`"`ZRC_J$E.158\/
M;[G?2'<^*2FX5.R"ZEI947@UM/(;/M:[5R22G__0OU!PM)XBQT1_66K5BX;K
M/7913ZY]SK0QN[=^\YX;]-';TQC7DN:WD^/BCC&8#,F>VJ2FO]EJ+M[JVEQY
M)$\J8Q:I_FF?YK?[E8%(4A6`DIK&FS8T.]Q`()'X*`QWM:YQB"/HCF9"N^FU
M3;4$E,:&/%+"_5YU<3YH>?5O8RQ@DUDAWDUT?]^5EM;FB!PFN-&/0^_*>VF@
M:/<=3K]%K?Y;OS4E.4&.:7NVPTM(+W:``]S_`%53,;CMG;VGF%9NROM@:]C2
MS&=[JFNY<`?;9;_WRO\`,0'-,I*=3H];Q1D9550OR:H;0T]B?I.'^<K&/;UY
MV0VO,H%N+8=EH<&`!I_.T=^;^XJG3,3-R&O^S7^@QIAY!<),?NM^E_G*W6S'
M%=UK^HY&3]E$VLJ>6C68X]WYO^E24Y%]#*<VVJL0RNW:T>`GVC^RDI6%MF2Z
MQ@<&/LEH<9=$CZ;B7^[^TDDI_]'L'Y;&N=ZEM;?<?I/:._\`*<$%_5^F5Z69
MV*TCF;ZQ_P!_7BV9TW(.1=;]F>UALL+7V@L:[W..T?\`G2I_9K(<\L],#@;3
MS/\`*24^XGZR?5]@E_5,4`<Q8#_U,H=GUO\`JQ5H_J=7C#6O=_U+%X]@46W7
M&E^K8W2/+X+HLC##>G"UC(L:0WU"/HSWA)3W%GU]^JC-?M;WQ^Y38?NW-:@#
M_&/T!S]E-.78?WC4*V_YUCUYB[$>_(-=]CG@CV63`W=G=F;?[:Z/ZO\`U?I.
M/9]MS!07[?2M;<Z:FB2YS*]S6V76_0_2?HZF?X.RQ)3W>+]:J\T[,:H,?$CU
M'2=?Y#=G_5*OU*IM^75F=1R'-QZ*7%[3_-M<7-:QS*V_G.>[W/\`IK.Q>FVX
MF36:>H/R\>=#=6P.`(_-OJ:QKMW\I;74<4Y/3[,?>*Y+&ES@70"]FWVLE)2*
MAKFU-87FV!H\]P3+?^BB0$2ZOTKW5#\P!H^0"@DIL8S,IF/;DT6FIM1&\`D3
M/\GZ#OI?G*TW-ZCNJQ\FNNUF8(:;`!N:?WC5N_>_T2CTLUV4WXKZK+?5()%>
M@``_.>7,V?15FV["&116_&R3=B`>DUK2=.-WM=L>WV)*<NQ@9EV5AH8&60&`
MR!J-&N.U)-E.)ZA<2"TFW5IB1J/W=S4DE/\`_]*AU+IEMMMCJKW#WND,=H?<
M?I;M_N6</J^7O'VFQUA)T;!<NB%^/6ZR6`38[C68)[E9O4^JW-_1X;1ZAF".
M=0DIG@?5ZJG)<UC#L(<`YT2?;Y?RET5'2ZVXK:RW</SFG62?_(JETS*P=M+7
M7?IA6#:`02"0-V_\_P"D5MUYN$V@V69#&U`RXN(:`/Z[BU)3DGHW3&N/J8X@
M&'%O$_U5=PNEX%#MU%+`9T=M;,_<7*OE7LMLKOZ?8+Z"W<ZRL@B9VZ.;])$Q
M^H;?9$0-6GG_`*22G7#&,9]"3^<(TG]X(;+7,98XF(VMD>9*JCJK&;0Z1)@'
MM/,(S&LNJ</596^RP!@>8W$#=M;^\Y)2C<;;"\\F/N&B8E%_9^96W<ZO<WQ:
M907."2G3Z;[L+)K9<VBQ[FAKR=I@1/\`*5JUV7]EIIISZ66-:1;8XAQ=^[M+
MBN8LS6UYN/B&O<<@.(?(ANW^3'N0K>H8YJRK*VEQPR6V-(VRX3HQVO[J2F\X
M.9E.8Y_JN;8`ZP&=QD>[<DJN'<+:J;@-HL#7!OA)^BDDI__3Q+K+WY%C*WAO
MJ6N8">&C<?=_90\KJ^!T^ST:=KP3M?:Z"YQ_._JM4NJT#%S\EC7EU;+G-<UP
M+'LDN?\`IJS]%[O\'_@K_P#!_P"C5''Q\2YVZYFQY$,>1X'S_P"H24W,QG[0
M`MQL8FV/9;7`(X&SU&N\T^)TSK%=K3DXUC\9A.W<`>?;!_-47-Z92V<G!JOK
MG1[60[Y/H=6]3IS?J[)%73++#&C7V6N:/@SU-O\`924[MG6ST[%++*FT"IL-
MDM;!_J?^18@=,^LF)F_JW4&.=8>'&LL>TGZ,&%+$-(:"S&KQ*^0UC6AWG]!O
MTOZSGI95E(>VZMA&T.AYYC\Z#[O=^9_QB2FUD,!QL=V]VXVAQ$:>R7\?N>U=
M)B=$IS^CU693-MN\V461!:(#);'^EVKE#G8U&.[,N!-5+-[:YT<TC]$W?]'W
M/_G?]&NW^K>79?\`5S'NL>RVP-(>:G;A,_124V,!FVEF/ZGJ$S[A^Z%3SNEY
M!OLMH`=6XR&#0A5.B=3LS/K'U2AK+&##8P!KAM;[_=K_`%ET-5_J-#F%A:>=
M9(24\-URFW&NQ\FR[[$^L.;67-<YSB?I&O:'-]K3[EF['?9[;1U*H59!)N!#
M@YSOSMU>W?\`G?F+L?K%1E'JG3\EN$_/HI9:+*F@1N=[6<[MKOS_`.PN;=TO
M,=E9&37TBVUKWRRHC^;CZ3/H[+/\U)2?`<&X^,UKMS0U@#@(D3S!23AF33Z)
MR<=^*7%IV/;&W7Z/[J22G__4S/K#DLJ^NV?19[QDT!EC7?1<=WJ;"L_[-CN!
M%=9,$D`&`.?T;OWV;?W?^N('^,&VVKZX77`PYNV"/+LHT9WJAMC8D_2;^5)3
M>V640;0'-`G<-!'T>!^\K&._I^[W5;+"-8U_M2U4<C(8Z',`I,%KM@,'3VRW
M<-JJL+R]TF&$0/$&?;_8_DI*>F+66$0XFEHXGD=N-F__`(3WJ.5D544>ZPNL
ML`:QD`P0)+N7>UF[:LBO+=13!(=MC:WM+?HNU^DJE^:YVZVQVI^D?X)*3=0S
M79#:<$>ZS)M8UW;V@[G+T7ZN"ZKZJV-L)<6VD@#0@';I[87G?U2Z99U7J1ZA
M8"*:'M96>VXGW?\`07K/3L-HZ?EXS=`7&/+1)3A].Z<_&^VY-$A[[=UQ))<8
M'LY/YJO493K,89&.\56&6V5E@<)'YS'.]S4'JV>.EXI[?:]HD_O`0865D9ME
M53<2EI?<\3M;SK^=_);_`"GI*3=9N?U+/PJ=U%MA:]K7%I#F$>]S'U[_`$]S
MH3UF^NSJ.;BV7MNZ>>;+'6-=M!K=/\GV?G*A^R[:+*LW/9D6/<"#;B%H+1.C
M?T@W._XQ3;;T1X>RO+RZKGSNQK0*_4_E&X-=5_VXDIZ[IF=F9^#CV9/I.9<Q
MKGC;()/YK=?:DB8%8QNG8E5;F6L+6BNP$'V#4V/>WV._=]B22G__U>1^N-%F
M3G'.;5Z;;@Z^.^USS_.M_-LVK$HO?41!A=)G%SQ6S*:14T6X]A<UQ+0VQ^R&
MM:]WT?YOVKGW8UC7[`Q[V?FNV.U'G[?I)*;#\OU6@$EK_'Q1*\AP$.>7*JW#
MO</YM\C^2[^Y+[+E#_!V?YKO[DE-JW)D>05'(R'VD5M[Z`!.^G(X].R/ZCO[
MEN=`^J^;D^CD.:^HY!<*B0X$-;])XTW>[Z.Y)3WOU8Z9B=&^K&,S,NJQS;-S
MW/+@7!WT+&Z'W:>U='TOJ?3;<C+IKR:['M+7$"1H?;.H"\]S?KKG])ZS=TS`
MQV]0Z9AQ4'/#VV.<QK67;+X=M;Z^_P"G6];?0?KGT7(ZA=9F8[^E'(:T-?D:
M-+Q])CK&5^G_`&[-B2FA_C`ZBV\8&/AV-?6<GT[+P#M:Z=L>HNIZ7TFFG%8]
M[?T8`(W?SECA_AKW_P#GNO\`P:S/K3B58_3CE5X[<JEE[,A@:X/W#>U\U^F"
MUO\`71W?63&R&"VIKW,LE@H+7!_J?FL>R/;5_P"?$E-#ZTW9;GUBFS;5;+&U
MC0O=XC3VU_\`5JATNKIW3P'=8H?E7.)<YU60U[6@\-].MS7-V?\`'+JG?5'%
MRXZAU-UMF06>RB=H9.I;[/<N7^MN-3197TZBIN/BLJWVOK80Y][Y^S4V7?SG
MH>W](S=^>DIW.F]5Q<K,JO!V8E`;7@X;`2=H_P`/94W>[?K[-[_T:2Y/ZO9_
M5\EC*Z<1[!O:'^WTF#4;I<X#<DDI_]DX0DE-!"$``````%4````!`0````\`
M00!D`&\`8@!E`"``4`!H`&\`=`!O`',`:`!O`'`````3`$$`9`!O`&(`90`@
M`%``:`!O`'0`;P!S`&@`;P!P`"``-@`N`#`````!`#A"24T$!@``````!P`(
M``$``0$`_^X`#D%D;V)E`&1``````?_;`(0``0$!`0$!`0$!`0$!`0$!`0$!
M`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0("`@("`@("`@("`P,#`P,#`P,#
M`P$!`0$!`0$!`0$!`@(!`@(#`P,#`P,#`P,#`P,#`P,#`P,#`P,#`P,#`P,#
M`P,#`P,#`P,#`P,#`P,#`P,#`P,#_\``$0@"C@)=`P$1``(1`0,1`?_=``0`
M3/_$`+P```$$`@,!`0````````````<$!08(`PD``@H!"P$!````````````
M`````````!```@$"!0($`P0%!@8%%``G`0(#$00`(1(%!C$'05$3"&$B%'&!
MD3*A0B,5";'!T5(6%_#A8C,D-_%R)29V@I+3-'2TU&5UE;75-D969I:V)U<8
MHK)#4T14-4=WTN)C588H.-@9*5ESLY3$187%9TC"@X2DUI=8F,@1`0``````
M``````````````#_V@`,`P$``A$#$0`_`-FGNK[N=Z.&]]^Y]G8=U>Y-CM:<
MSWSZ.QL.><GM+.TM9-WO%@M[6U@W2*"WAA2BA4`4`4`&`V)>P;>N9<T[-]P.
M7\H[D\OW&YVB]^EB&[<SW>_N8&]!+EGD?<+ZX>&%B5"Z=/VX"CG<#W!=UK3N
M)N5T_<SFL.VO>;PEM#8\RY%#MTD47KQPF&&/<Q"%52I72.N>`;^V'>7NGOO+
M-BMK_NEW'ELI[K<)[A6YSR?0T5O8RRQ*X?<RGIO*H'0BN`V)[QS_`)G#LT!C
MY=RF(OM\+1RGD.[B0LT0^8R"[#.2IK6M:X`+KW#[@0SQ!>X/-'+ZOS\MWU@:
M99H;_KGX8!%==R^X<A?1W`YPH5N@Y7OBY9$]+T98!J?N5W)UZ5[@\X.0/_=;
MOW\O[P&`Y_>5W--3_>!S@YT/^^W?NOW;@,!W?N5W(4#3W!YP2?/EN_\`_;`8
M#`W<WN2$+?WA<XK6G_=9OW_1^`3MW.[ET)/<7G`4=?\`?;O^K[B-PRP"*7NG
MW,0C1W&YV0?_`!OY!_VP\\!@;NGW.:G_`*1>=BGER[D'\^X'`??[U>YQK_Z1
M.=>5?[6\AK0^&>X4P'0]T>YQI_Z1^>"AKER_?\_MKN!J,!P=T>YH_P#@C<\/
MV\OW_P`?LW#`9(^Z7<VI_P#2-SOH?^^[D'_;#`9X>Z/<MFI)W&YVM.A_M=R#
MK_UP.`6?WG]RO_6'SG_RLW__`+88#*G=#N12A[@\X)^/+-__`.C\`MC[D]R`
M`_\`>'S9M0R']K-^J,_^J!\L!V;N=W&523W"YN/(?VKW[,_]<,!FA[F]QV=5
M'<#FQJ037E6^UIYBM]TP#VG<;N#5O]_W-*GJ/[4[[E\16^\<!G_O$[B",D\[
MYII(.ECRC?*D^0/UWQP$:NNX?<6-G4]PN=JI)-?[6[^*`GP(OZX!38=S>X>D
M1_W@<U8@9E^5;\S5`Z9WYP#L.XW<2A/]O>:U'0?VHWSRK_[W8#H.XW<0D`\]
MYJ,Z_P#=3OE?$^-]@'>#N)W`?0#SOF=#Y<GWRIS_`.;3F<`ZVO/N?),GJ<WY
MFX<@#7R;>2.IZCZPX`G[!SCF,@(FY?R9\\M>_P"ZL34>;79\<!'>Y7)>>)M,
M=Y8<TYC:M;5+-;\DWJ$,`:D,8KQ-61\<`$K+N/W&<.LG<#FY.HM_W5[Z3URS
M^O.1K@'R/N'W$95ISSFA\&)Y3O>0KE_[O^6`D5MW`YZD0)YUR]O-O[3;V>F6
M9-\37`2+9^?\Y::LG-.6.%921)R+>&&DT\&O,QG@"#O_`"CFMUQFYGAYAR>.
MXC2213;;]ND4M:*5`>.[5JFF6`"?".YO/;?F=C:7?..6W=K>^O;M#=<EWF9$
M9X96B;3)?%0?54#(8`]S<IY<CR`<KY0&))"_O[=.O@`/JO/`/VV\NY0\>B7D
M_(22E37>MRU?E-#4W)/7`#+FG,.<6J^M:\QY5#^962+D&[(HK4#\MWUH,L`'
MKGN%W!]-F'/N:5-,UY3O@%"<R*7HH<`P3]R>XBLHC[@\W(_6_P!]F^]:]/\`
ME\8"3;1W,YZSZ'YUS"36@"EN3[VU&\*$WIZX!DY/W$[C)J,//^;0CP]/E.^H
MOC_4OUH:8"J7/^Z_=ZRN"UMW5[DPK512#G/)XT%2:DA-T4=!@!S'WL[RL*_W
MM]S2#T_W^\J_[:X!2O>?O0"".[/<W+.AY[RC](_>V`R_WS]XV&I^[/<T-XA>
M>\JIY#INI\,!V'>3O$>G=GN=_P"7O*O^VN`SP]X>\IU4[L=SFS'_`'^\H/W5
M_>N`4+WA[S5%>ZW<T#Q/]O.4'+_KL<`X)WB[P!0%[K=RR,\VYURBO7X[I7`9
M5[Q]X-0![J]R:'+_`+N>3G_\Z8!R7O%W=(4#NGW')(%!_;CD_P#VTP#_`&W=
M7NZ44CN?W'8L23JYKR7(`@95W.I\<`_1]UNZBJM>YG<*OC7FG(^OQ_W2P&<=
MU>ZS9CN5W!I_PSY$/Y=RP'P]UNZR]>Y7<`?_`#9<B_[98#$_=KNH%-.Y?<#R
M_P"[+D?D?^F6`:6[O=U%UU[G]P@<S3^VG),LN@_W2RP$>G[Q]VR[%.Z7<4+6
M@*\VY,.A_P"JGC@&FY[R=W@7IW5[D*,JD<YY.*`J*D?[J8!C/>CO%4T[L]RZ
M5R_W]\H_[:X#Y_?1WB_];'<O_P`N^4_]M<!T;O/WD)%.[/<RGC3GG*!X_P#5
M7`95[R]Y&^5>Z_<PD=?]_?*?TUW7`.,7>'O"J_ZU^Y;$@%M7.N3Y'X5W3+K@
M%B=X^[S,`>ZO<BA/_ASR?_MI@%0[O]VP0?[U.Y.7_CSR>GX?O3`95[Q=W-0_
M]*?<?Q_[^.3>7_53`/*=WN[.E?\`TH=Q/RC_`+]N2^0_Z9X!9;]W.Z[$:NYW
M<(_,O7FO)#E7X[E@"=M_='N:W;+EUXW<7G;74/.^W5M#=-R[D!N(;>ZX_P!T
M9;J"*8[AZD<-Q):0M(H(5VB0D$J*!__0V,^^;8YG[H<HY''<BXM-SY_R7:9X
MU:CQ26O)[J,@E%R"HV6?48!G7NGRSLQ;;SV]X3O<T-CRS:=H-_Z'I^G)*(H7
M1#+Z;RB4G+Y:$C`+>_\`L-MQ_:^UP6XB;>+_`(S<W6[6\;G5%=QQ;0H><$*5
MFE,[^%2:UP#EVNV26RXHO.+C2L,-]:[/$`[JS>O/;I-IU+H)<34.?3`7>Y3N
M8^BLH8?EI:PB-@S$4](::_,0,O\`"F`#\]U.E_#,SA@@<,-1ZDY`4/A@'(2^
MI\WY2Q.H5ZGID!0`8#MZ60DTM7H30TZT_'`=:4RZ>)P&*5E%"4#9Y"I%//SZ
MX!)F:BE16M,_Y*4P'1U&D@J/#P^(P#;,FI]*@9"OD!YC[ZX!(%T@@UJ234DF
MGP%?`5P'8-GF*U\3X?C@.NH$G(#J*?=UP'Q0:4S)_P`>`[@E<R/QRP&6&K,2
M06&JH"U%*^'CD#@'(4J*]/'`9J+U6E//+^;`+H_R+]F`SK`&-#J;,=<PN?7Q
M\<`O$*PRQLH+:OEU-F!GX'H#7`.2!:5%*GJ1XT_Q8!?%1HP&H0OZISKGF:>&
M`;KR..36KJM,Z$@'2/AY8!LL(DCGU``YD@'PH/L%`?QP#V[:C4#3E2GX_`8#
M'I%=6=?\5,`\;>"Q4AM%"!]H_P`.F`?X*&84-*D4!%*>!IGT.`GNS2:&`_K4
M`-::3YX"5;]92;EL<\(563T&#`MDQI\QI0T8#^3`5:^C6TNI8CDRR%&4TR`?
M[LL`^VBH8\U7-VSH.E<L`\PQ".@52R$TJ7:H'^3X'`2#;=;2C)?3!4=*$4`R
M!'6E?'`%O:J76V7L$HJHB9,QF:@+J^/YL!5+>Y3M')4N8!I>PW-U-!HJ(Y6(
M-?`-&XI@+:N1/%;7*ZBMS:V]PA\_6B66E<]5"U*^.`>MJB5F74OS'2F=>A'4
MCI0$X"'\RL89(;D$%FB75I4Z34?E.D"C"GC@*ZRTJZ$J"U1X56A\*^6`A]P-
M%R8P30_-EEIZFGZ,`NL)'60J&.0!!)Z>'Z*8!5OC&:`ECK*HHKUJ?#\,!77G
M%@D]O*2A)(U9],JB@R\\``T@6.JT&1R&FE,`K2!W8!14$TK0T^RHKX8!<MB*
M`G4&SZ?,`.GPP"I($("LH-!2I7.H_GSP'?TE3\BTKUH/+IT&`X%/D?PP&8"@
MI@.ZBK`=*GK@)#M]OJE4UZ`^'@,OQ.`E=M%H137I4=*#K@'**,$!B1XY$5&6
M6>`71Q!EK6@Z``8!/-&"=):@4]?/`-<Y(JH\"*9YGI_3@&&X%9)!TKE7RJ!@
M&21-+,G@#2O3QK7[\`VW$8%23JU$`@C+\O\`BP#8\,8U?LU'6F6`;2K=2K#[
MB!_)@.N`[*S+FI(/PP#I&U44AOU16ASK3Q^.`6Q_G7[<`MP&9`-(-!7//QZX
M!UB1E`)<L"HH#X9>&>`7VQH2P-:4RRITZY5Z4P!7VTC^Z?F35'^L#MHW4?\`
M@YW9%/PP'__1V1>ZJQW"[Y7W#O'>X>SL^]'-0%D4^@O^^BX<4:IT_E(.5,!6
M27D0W;F>T;M<A3%;7]A')&2"FBS:,!BI&@*8TIT\,`7N]?(8^5[YQV]4Y7$>
M]7$88AF1)M\800C2`"B0JH7PH,`2;Y[WCW:WC>R3PRQ+)N<&Z+&&95E1KB*1
M6(R#,57+[,!8?]^-O%E:JS$`VT2)4UH%C2@4$"I^;SP#+/`$G52K%]-*BN0%
M`=6>6`>(HT5109CJ?CU\^F`4^JWI^G0`5J"":]>G3I@$K?F.`3M')(P0E<ZZ
M36@R\S]F`P,A3)@PZTJ*5^PUP&.F1'3(_F\,OOP#4U`Q'6NJA^PTK@$M,S6M
M:FN?^`P',!V%#E3/SK_AX8#,%4*#4Z_'++K@,[*HC!`!U!=0.=01\>AK@,ZJ
M%%!T^`I@.V`S1JST44I6N?7(X!UB"@4*JP``H14>/3I3`/,$(`21`%5A\RG.
MOD!UH*X#*`C*J,HHK5`'2I-<_OP&0`J.B@"IRK@%<)0@%:ZM.=:^8K\.N`[W
M<0,:ZZ9]*$@GX$G[<`QJ1'=E1^MTKTK2F?XX!PSIG3[J],!\T@9@9^%:X!TL
M9"'0#)E`KE4'[*X!_D<12VTA'6321\".GVUP$XVN124%":BM.F7VUP!%M&5K
M9XG7Y)&+,O7Y&30<SX^.`KCS6P:RWN=8B`LI:744\*@*HKXT.`9]OCD>@9S3
M.M"0"1_-7PP$OMUU:$%-0IE\!U(ZF@P#OMI9+B2%LU#:XP/ZKD$,3\!@"YQ^
M1=1B9=6H,K`]-+(5K6AS'7`5J[HV45GR&[@#?L[R&*XB:M&UVTJVTYI7,ZV6
MN>`L%VQOQO\`PC:Y7(>:R];;G8L6938N8ER\/D`(^!P!#M85B8CJPS)^!%!E
M@(IRN+YFK0&YMG34%S"J,CGX@J<\!2BXY"L6\RVDN::B`/S%:&IH<B37`*;C
MTVG$R9F2A)K7X?9F,!DMR8Y%TY:C0^-1]YP"W<&(C`!R(`_',_C@!3R2V%Q"
MX``^4@ZL^H(R%*5K3/`5RW2R:TNW63JP%.HH!\>IK7`9K:,Y$`:--2,ZU!(K
M7R.`6(FHA5H.O7_`X#A!!(/48#)Z+4K5>E>I_HP&+`9HX]5&--.>537_`&,`
MI2*/4/ES\,SU_'`2C;84#*&!UTJ2#E0^&`DPB*E%:E#D*>'F.GQP"H`*`!T&
M`RK(RB@I3KTP&)P'_-G4UZGKY_IP"*2(KUH1G2AS_FSP#'<P?.66@!%<S7PS
M_#`,ES&:F2HTY"F=?`>6`;)XRPR(ZCK]A&`;74G++*N`PNF15NC`C+`()8"N
MIEIH`'4Y_'].`^Q0:OF>FDJ--#0U-.N0P"V")4UY=37J>F=,`NBT:A6NJM%\
MOOP"T#Q/0'.G7`95I04Z8!PMY&>JM2BA0/A@%UNPB*KGI^8#[6I_1@"=MI/]
MU',U_P#TA]LC]YXWW;'\V`__TMD'NAWR5;WOMLB`22P]WN77<9>I>#7R>\8.
MM&!`)7[\!1[;KJ4P),Y_:!@?4IF&ZYU%3F,`:..>KO\`O?'8[YM<4+V=O6@T
MI'=;C"\E<B<ZDY#`6D[W7T3[=;6$'I)#LC;7:(8D*D!+8D`Y9DFA.`P<5Y<'
MAVZ*6HD@VRB9T#O'\FL9FI-,`6K&=;^UMI@1ZCQK(Q-=3%NH&5,J>>`D=M:H
M4UC5G6HR-.HK]V`Q3((F(%6R!SI7.N`P$ET8L@#*0%-?U/'++Q.`Q4!(J*T^
M-/TC/`=`E*U.HGIJ\/A7RP'6108W!"].JC[/,8!CFAT9K4CJW3+R^[/`(RK'
M4U,NM:CH?OP'S0WE^D?TX#L$/7YJT-`M*DTRH<!]4F@J",LZT8U\1^L,L!DU
M$TS:@`R)%,J"H\<\`O&1!Z_#PP&1$U>=:]!@'"$%`Q(H2!3+,4R^-,L`MMHQ
M(2*_$TID*TK4]<`_(JJ@"Z@<@0>F7CYU.`^%%8@]".E,L!U:OY!F<JFOD:TP
M"F*,D5(*@+6H(\Q]M<`X1Z;B!E9:A,M0!)RSJ*CQI@&6;0KEP-(K0$TK7[LQ
MTP"R&-94J,R$!.=,J`U(RJ<!V]`>9_#`9(H_3=6!8FH`'2IKT-*8"0,@>QD)
M8ZUTM&*5J0:]3D,L!*]C<2)#(#^95\:T(6AIXC/SP!3VD)*J1NQ%5(8C,@U)
M\CYX`4]S]K*BVODRHQ#L`1JT$BAJ*T/\N`%MO))'+5,E:I"]1G7+.O@<!+[%
M9#\SUUL*`Y5'AE3H,`]Q,L-_:2,:":(0R$9G4&U?'(`'IXX`I;*0+J+/(D4.
M>8RS.`$_?39!!N>S;O!E"\Y@D7+]FE[:Z2"!0Z&NH6?Q(U#X8"0>WBYU67*]
MF9OVEON%ON,<1;_-PWD(AHM?EJ9K1JT\\\!8Q+4%06JIZ4^7(5\Z8"!\Y@>.
M&T>(MG(Z$U%:.``/.A.`UD\TDGMN4SJCLH6?6*4%=+$TR-`#7`%7;&CO]I@N
MPQ#E`K4\TIF:YC+`9JLKKI))ZT)^WXX#/?3EHXV`&0IXY^!_2,!"MWHP)TC,
M$TI\!3`!7E-DIFCGT#.HSS\5I3J?'`1Q8]%%-5!R\.GW>%<`ICC4$,K5&>`R
MT'D/PP'TYY8!*46-TJ:CJ:_#[,`I!!%5I2OAD,!EB-)%-`<^C=,!+[0JQ1A3
M4>H`I3^?`/L3*`=1%:^/E04I]^`4`@YCIX?X98#LJLU=(K3KF/'[3@.WI2?U
M?TK_`$X#%+"Q4:JCK3H?#[<`Q740H/F*T:AIY>(_3@&=UTL01E7*M#EX'\,`
MWW,*T+ZB&)R%,JTZ8!GF0T%!T)K2F`1L*BOE7`8:5R.8P'(\M08``9+XU'GX
MX#.*:<@.I-?YOLP"F`J.M*U%`?'`+-8I32/\/NP'`X\J#^3]&`R`^1-#Y98!
M6MTU0"%`RJ:FOQ-<`4-LNE_NEYJ?4Z=Q.V`KG^MQKN\:=/\`)P'_T[U=_KEK
MWNG[B[;43'!W%Y>9(Z5=O2Y/NA)%01J51\,L!5&V;5$5"L59PP;(%0,A7J!7
MQ&`L/PO9[N+<[B2!ZILUELVZ2+*&#%99;=U"_)326>HK3+`$7G&Z#=-KWF^8
MD23[YM\;1L1J4&T/2C&J*R_IP$.V>\D2>VCU5**8Z]"NI6!!TTI\S=,!:[B]
M_'^[]OJ%)%NH+$`@Z00U<_/`$&WO(#$J`(NH9T!#`US)_GP'>0!U+Q9MD`U,
MR`<P.OG@&QT+DZB<^H-?Z<!C92*:1J^85`%,LZC[#7`=*FHRJ/'.F`^2%0K$
M"@"_K="2:4ZX!GE4L0-1%0:E:%>N0\\@//`8!;TS#FOQS`^S/`8_3?\`JG`=
M=+5`H0W0>!S^W`9D0ZSJ72`.@_*3EF3YX#.(D-:A1]OB<!E$9H`3F/&G7R\<
M!GC%&72*_,,J]?QP#U#`6`J"I8,#J52A&8I7KG@%EO9B+)2R:SGIR!/7]8'`
M/<<`729`2&!`)J*:?$GI5L!E^GJ-7I&E*UH>GG@$TL.:L@'C4#KY9^6`SQ_Y
ML@C,@`?Y/0Y_A@%]C)Z;B,F@8#Y0O6@->@P##>1N+RYC,)"TU"IHK$.I!'_$
MG`+[&-PI`",&&DK7YM/VUP"ST*-\PH/ZI)J/O'7`8GB994=15!0Z16H-?C]F
M`>+4$J8I#34#IK6A%#D*"M2#@'?CLA7UH!\I@E;QS914UH<^N`,FRS1:HB!1
MS12":&I-*CP.6`Q\YVL7^U7T)MF/I1":&0'\JO&Q-<ZTU9X"M"0*CH"-6E0K
M,,RK*Q5@:=:T\,!*K&1"8Z,1HH&J*?"ASRJ,`]R0!S;2)5BEPAIT&ED-2">N
M9&`(VV'1)$2=)`7Q_*:#+K2I.`S\_P".GE''6CC4O<Q0QR0(H()FM9([F.<U
M!J5$96G0ZL`&^T<\NR=Q19W"NL6[;?=V,R%A\UQ9_P"F6X'F5;7^.`N/2E"0
M:$5Z=*]/PP`_YJKFQC%0721B":"IH"I%<LOYL!K*[H64MOR25XZ^H6+5!!`'
M3Q%:X"4=O[WZG;I+:8G5ZKA4/0Z:5/A3H<!-WA7U4(2@U!3D:?;Y4P"/<@%0
M`4`!'V#K_/@(S?1)+"2:'_*'7RR.`'7(+*W>R9@I]1?R@YM7X4.?3`#@I4_.
ME",J'PP'T`**"@`P'5I`HKD<^@(K@.K2JM/&OD1E]N`P2.'((!%!@/B2Z"*G
M+/*H'WX!3'.NM:`G/K48"4V<J$:ED`8`#3T84_1@'Y'!RK7/J#7K3`.$1&@"
MHKGEX]2:X!TLT4AB5S\:UH?`?#`$KMWVPY-W6WZ?C'#X;.?>8=IOMX2VN[CZ
M87,%@85F@@E*/']2_P!0-(;2I\6&`BO-.%<KX-N#;-RW8=RX_N4=6^FW"W>$
MN@)`DA?.*:)BIHR,1@!O=?E;_;D_=EG@&TQHQJ14_:?YC@$-W`6H%^50:U-:
M5IT\<`Q2(5=@?B",_O/WX!'*@_57+3\U*_IP"5DZD>73[,!CP&<=!]@_DP&2
M/\Z_;@%N`^CKF*_`8#..@IY#`<P!$VP'^Z/FXU'_`%C=K#7_`.9GO#EUP'__
MU+H=])$7O1[AXLTED[F<X*4?2['^T>ZCY33(&F`K?9!@D=0=3N2*@YT(&?G@
M+8<,W-9+GEB3+'!--Q'8+>($923VD%N'8:F!`/IU&`C=Q<F:QNHII,I;Z!@V
MJH8QQLH/09B1A@$]G+);21Z].I2*,*'53]8TZEO'`6'XM=RG:[5W<T,+`4`_
M*Q)&0^(P!+VN\:00LP)!4:@<SUK0'+PP$L6=5B^12#7(&I`!SZ^9P&(*\SDT
MH3F-55!&6:Y9@8#CPM$`6>M:]!2A&?Z<!@9%`/S:C0FM"*?CUP"5R#5!FQ&7
MEEGGY8!&Z48ZAG@,;)E4#I@.I4BGQP'4Q9ASU`IU^WX?'`?0"308#,L88A:"
MIRZD"N`5QV]:ZB/#H3_1@,BVVEE;5T(/^&6`=JRB-=%'4%:4%&R(/3X4P#I;
M:Y6590$!8%349^%?#`2%$,BE0H4J*?.?F/@#0C+[<`JA0J@B-*A<_(BE,C\:
M8!+<6_5E737)6STU`SR&`P6\$FM@2""*YJ=.5.AI3PP'R5A;7T#=`S!6\<VR
M'7/J<`FW>"22X^H575`M#D:,H\\C3`?=L9-1+,`RT`%<Z#I0=6R.`>940'4U
M06IF,P!D.F`QHBLS#,@=/C\<!VFG]$H0I)J=/ATIT'C@%6V3&#<(S,K1K<AJ
MG4""PZ94%`*X`O[')_I$>LK0,ND@_+3Y37(TZX`C7Z&XMRM04DM98<EJ/%T9
MC7,4J*8"JNX69LMRNXR"O[>2@TZ:*7/ZIK0G`*;2-=805`8C/R/X^0P$M@0:
M(AJJ$H`-)'@!XC`3&R1G(IX%2:GP`P$\VJ9JF)QKBE0QN2?R*0IR'^5@*]]P
M-HN>+\E7=;!90]O<Q[A;4C*@Q/(9"B29Y.GREL!:O;=P@W7;++<;:020WEK!
M,A1@RKKC1BFH5!*@Y_'`1'FHC:SC+5)C()^PN?+K^;`:\^\FW20[X784J`%-
M*9M0=<P17`0WAEU-;;K"&/[.4LFD9(&],C,^!/A@#:Y%1I!Z=:5`)J,Z^6`9
MMU_)UKFN?3`,*$>F1)Y'33R\,_.F`CAV\7@:)B,_F'W?$CK@!GR?:7VJ[+4;
MTI-+%BI"U85Z_P!;X8"+/*I4@5J1Y8!*2!F>F`ZEQ0T.?AD?Z,`FEN-`H2=1
M!I0#[.OG@,4,VH!7)+YYD>'A4^.`7PM1UKT&`D5O(J`L>C`4(%?/J,!)K:9&
M!`.?YNA\:#Q&`=;<U85.=#_A^&`=K>5T.D4H:]1@+O\`L*<OWY0'PX9R/_[K
MMF`W&<HXAQCFFV3;/RK8]MWW;IT9'MMPMHYU`;J8V8:XG^*D$'`:\>[_`/#Q
MV+>IKO>>TV^CCEQ(&<<6W9);O:6DT&HLMS,[7EEZD@_*ZRHM<M(%,!K'[D=D
MNY_:B]DM>;<0W?;+=9'C@WE;.>XV*]T&FJTW>*-K*6HH=)8.`<P,`'KF7175
M^04)%*_S@X!@F.IR?$DG[CF,`G?\C?[4_P`F`0'H?L/\F`P8#..@^P?R8#-$
MI+!LJ*<\`KP'U:U%.N`SCX]<!S`$;;/]4G-__AC=K?\`S9[PX#__U;;^YAVC
M]P_>6W1M*S]Q.;N0/UC_`&@W,4K]V`$^WVB?26KZ=4CC6M2:L:]`*>`_'`%.
MQO)(=YNJ$IZD4"FF>I5A5E0T!^6GA@%CJLVW>HU58[A*F=.@HXHM:5-*8!SL
M8$N@H>NN)55<NH``SS\3G@#KPNR$MA#'5B$>130_DR!"]1X'`%2RA2`)&HJJ
MT%3U/6N8P$P6WBDA!4%"0#D:^%>F`[Q@`*GZRBE*?-0?=\<`FF@8MJ6K5R(/
M1:`"OWX!+(ND4HP)4Y,*?A3`847JQ&:@T!'6M`?CXX#[Z>H:S0"O3*O^+`)Y
M+4@%]2_-T`/AY4\P/TX#$(`:_,1\*?,/M'A@/OH+XL:?97]&`Z"%R:5``-1E
MXBG4_'`*T6FD-D,@6\.G7`.8MHF_(_0"O0U\CX8!1%"%&C(U-:D`=:=>O2F`
M6*E/E7/[/QP#I:QM^S8J**2/F\3G4#XTP#Q'%1@V>?44Z5^/PP"M(*U9%8@=
M:9_=YG+`=&742DBLM1D*&A\3GYTP&!XS$VI5)0@U`/3IG3[L`P;JY0)/^LK@
MT\A44/G08!VFN%N]KMY05:33IDI0#5Y$>>`9=HTB>;7T,Q%"<R*#H?#`3-H'
M;\B_+0:34$>'0CSP&-;9H@QT4\6/^&=,!BW&!8X5DK6A#9@#H0:5P">=E].W
MN$J-(6N5=(-#JZ9"F`*FQ7*R16\BL&TJH8C+,BF?QP!DVK]O:+')\RZ:@Y54
MTI0$9^/Z,!73N#8/9;W<R`"DC,XU95`;XFO0X"-[?()!$P`)^6M,_OK@)UMO
MS!:CI4T(SZ`#^7`2NP0DL34`?SY?S8"5[=(4(#*:$T!\Z`=?M`P"'N1M0W#9
MH+U8S)):A(&%/G,-`B@``5H2<!&.T&^F.TO^+7<A-SM]R\^WAC^;;IB?E'_V
MJ9&'W8";\TT?3*NL4?3J/BM'!!_1@*-=\H'&XV\E,CZ8`\ZL#4]>F`">U2JF
MZ6LVK2J24TDD*:J:$TRZX"P4;AUA<$`%(V!'0U1>OG7`-&[G3F`#J`^P?X'`
M1>,U=_T#RSP&.!--]%U(,J#IE^8FGWUP#GSKADEULYO(XF(9/4!K7YE%<LSX
M#I@*L.CQ,Z/4NC,I!%""ITZ>GA3`)R23G^'E@/F`PRPB4@EB*"G2N`ZI;A&#
M!B:>%/\`'@%J#*OC@':+I]P_DP$FM#3IF?EK]GQ^&`>TI0&M#Y5_FZY8!RC)
MT+F>F`,W8ON_>]DN?6W-K/:[?>BFWWFU75C<RR1![._:`SO#)&1HN$]`:2:K
MYC`;B>V?O%[,=Q%M;2;?EXEOUPRQ_NCD:M9HTC4H(-TTMMD@9L@#*K5\,!:6
MWN;>[ACN+6>&YMY5#13V\J30R*14-'+&S(ZD>(.`2[IM.V;W93[;O&WV>Z;?
M<H8[BSO[>*ZMI48$%7AF5T.1\L!1/O'_``_^UO.(KO=>!B7@7)9-4JQ6\LUU
MQR[E))(GVZ<S266JO6W9%']3`:F^[OM7[T=GY9KCD?$[J]V)9I5AY%L)7=MK
MDC5FTR3_`$AEN=O#HNJD\<=,!6B=7KT8:00V1%/MK@$QP&$@DDZ3^!P&110>
M.?A_0,`LA4J#44SP&;`957H?'/+]&`[X#F`(VV?ZI.;_`/PQNUO_`)L]X<!_
M_]:U7N-E-U[F.Z\(^8?WG\ZB<LP4Z?[0[HH"DY9$8"/[)L4U_N&UV43LK2%Q
M&E0`=$,D@^).F,TP"NVFF%[-<,1I2Y>->IU+"_ILIK^M1<\`_6:RW[VMI'J#
MRW3,J)T+,&"GXME^&`>MON5AOWM6?0\<HC:N5=.I&KE_6&`L?Q952Q0Q``2:
M&#*#I+A:,2?,X`B644CL/4-`:$4'S>((`%!7`2ZSDD8$:``@"@`4.0%20<L\
M!F96,FM7^6A!%*5.1_1@,>`P31&6A!`T@Y>=<\`E>VD6-F)`(IEGYCQRI@.D
M46NBZQJS)%#E3\!@.TD$B9E:BN1`KTZ'X98!,T>8(`!/B<JX#KH/F/\`#[L!
M\,;$9$"A!/V#J#ET.`7VT/J-\R`K3Y2U-)ZCY:FAI3[L`OCA*J`J4(_,>E?(
MU:F`4::?J],^G0>>`6V\9(%$)9SI0@$FNJA&0-:C`/5O`$4ZB20W0_E!H<P"
M!GE@')1F`M!6@_'IG@)!:V>JD83Y^I(/7XG/PI@/EQ;1UTL"60FII1>G0^)I
M@&BYM](9E*Z?(=!_-X8");W'6#U%HH`((_#Q^&`9MIG66"\MBWS^GZL8KGJ!
M-=(\.N>`0V4OI;DT+R!&/[0)(2%)J>OE6F`)=G=LT:%@0`-)3(4/F/,4P#L*
M.E2/E89@_P`AP"/<HP]G,33Y5K]@^%!UP$?M+HW%E/%0,8]--/\`[C"D$L*5
MKEGX98`A<,G$YDLS02&)I(*?F;Y"U!US!7`'7C,^J'2VHU``U&M,QU&6`%?=
M>R,DZ.K-\S,"1095!H3\/NRP`OV6!JK'X(5'0ZF'C7IG7`$3;X34,BE50?-6
ME22!7I@))9EO4*YZ=)R\*@_S5.`DED#5*M4:SEY?*?YL!+TCAW2QEL9%]02J
M1JH":D'2!7P%*_?@*G;](_">7;=O)>2*.VN9+&^<5"-:W,DL=9=)S$;2HQKX
M`X`Q;SNR;O&AB8:&CC9,^N2LN5/R$?HP%5.]M#=PA@"RZ&!&:K72:`^=3@*^
M>F8WCFI^SUT)49`UR!IY5P!KVF9KNRM+GU&TI&%HIHD@H!4@T)*$4P'?<_!?
ML;]%<!%G=5:B*5(;YB`.GE\<\!B5R)ED!.14CSU#('RP%G-@V^+?^+?231J\
MPAD9:@,U0#G4D?FZ>&`H9W`X^=AWVZA$;*DDCOTHM=9U:?*IP$"H/(?A@.4'
MD/PP&/0?A^G^C`?0A!!-"*_'\,!D`\`/N&`=(<J$BH`%1YX"36F9H,C137X=
M*8![2FD=-0&9RZYX!PC_`"+]F`[X#'*I<=>F>?C3,?A@"[VW]P/=KM2Z#BG+
MMTBVZ/\`_$>X32[EL9!8.U-MNG>"`L1F8PC9G/`;#^T_\1+C^\O9[1W4XZ.-
MWCF.*3DNSSRW>S2LQTF:YVUX6O-O`R)TR3KU_+TP&PCB?->*<[VM-ZXAO^V<
M@VUR%^IVZZCG$;D!O3GC4^K!*`?RNJG`262**:-X9HXY8I%*212(KQNA%"KH
MP*LI'@13`5BY?[-O;KS7=I=ZW;MWM]I>S@_4?N*>YV&VG=B6::6SVJ2VMFF8
MG-M-3@(G_P"P"^V'_P`!KO[?[1[W_P!&4P'/_8!/;#_X#7G_`)1;W_T9@/O_
M`+`+[8?_``%N_P#RCWS_`*,P%:/=_P"T_LAVK[$<GYKPKB]QMG(=NW'C4%I>
M2;QN=XL<6X;_`&%C=*8+FXDA;U+:=A4C*M1@-.B`UK]OV]/\>`RX#F`^T/D?
MPP!'VQ3_`'1<W;_](_:T?AQCO`:_9G@/_]>U/?N'_P">;[O^NP5'[K<W>,%:
MF@Y/NM3]HP#SMERS\JXC)(O[&VM&A1@0NE5M+H*ZD=#J.`A*JX$EI^>5KZ^N
M6<=2DBQOF?FJ`RDC`%CA-A;_`+[X]=2$:4NMHEF4$`Z;B\]!V)S(^6A^&`S;
MSLL?]N=\L(P:+O5_%%XAHTNI](&5*Z&&`LQP';U_=:P,`OHR&.A&=0JU^-,`
M2[:Q*-\H!54-6H*KF,R:X"L/>+WM^V/L'NAX[W`[I[2G+3?0[6O#>-V>X\MY
M;]9=.$@4;'L-O>W:ZI#0:@"2#D<!#M[]]_;+BZV&Y<_XYO/:3CNYP7,]GOG=
MW=^-\%O]P@M5J;S;N%3;AN/.KFUNF8)&W[O%7!%!0D`#U_C%^Q2!EBW#NEN)
MN%9HY/W9P;F5[8G2[*&6[?9H":TZZ0#Y8"V/9GW@>V?O_):V?:KN_P`3Y+O5
M[#)/!QSZR3;>2-%""TQ_<VYPVEV3$!\U%.`LLA5DJIJC]5K_`%3X@$_[&`J_
M[N_=1Q+V=]I!W:YEQW>.3;7)R';N.6NT<?GL+?<[B]W);B2.02;@\=N((4MF
M9L]5.@P&LOC7\;G@W-N-]Y-]V+LKR':Y^U_;^+FUC;<AY+8>EO\`//RC8N-)
MM4DFW6,AL&U[XLNO]I\J$4S!P'VX_C0<7VOVP<8[S<C[6V_]Z'/.6\NX]PSM
M7LG([F[MGVKC%X-O?DN^;]<;=%+:VD^X#T%AB@>1W/RY`G`0SN/_`!6/==[=
M^1=L(_<E[1^%<,XOW-MK?>MN_<?,]WGY"O'_`*FTBOYX!</?62;E8Q7:E[:Y
M6%B2`2M<!'O<'_$T]P\'O(OO;QV3Y-V4X/P><<=@VOF'=+9;MMNVV;<.$V'*
M+^\Y%O0W2.."W]:X>-`MN=+%5SZX#GM5]\7O\]P?>[NGV5V]^S?<*RXOQ[F>
MU1=Q.*[*^U<2V7D-C;WUIQ7DUAO7U<J;GM6X[O;H(XY(:R1-JTY8"EWN8]T?
M\2KLEWUA["<Y]PZ1\SO(N,RL_!H-M_<\#<ET&PC$LFRPS&5`X,@"D`'(X!/[
MNNZ7\0/V?\_X7P3N9[P^7<SN^4;!MO,+BWX7NU]:+M^VW5Z(?W?)]=M=BQOI
MXD;3IK&3@%'NG_B`<D]W'N$]N>T]MKKNSVKX?M][P?AF\;'N_(#MUQR#==UY
M7M%M>[S>VVR7:6TJ7$0TAG!;-O`X#V0V-O\`2;?:6HD>1+:SMK<R.Q9W$,*1
MAF8YLQTUKXX![L54$2"M1F/L!I]^`F]E:":-9BVFM!3*I`S)I7K@$=[$T3.U
M=49&7RG,GSP$<NBH325H6)*@"@!SSI_-E@(YN-M'+9S5#&6E<J!#XDY?,33`
M#F`16U]J2JLRE?`@U(!K^&`Z7\C)NEDRLI]=EB.5::VT@CI3,X`@6?K6H'U+
M5&2@UU`"GDO3`.\%ZY1E,ORJ&<4Z!14FGW8!29I)X&"C7'(NFJBIS%`2?OP$
M"LY6VS=)E:I69C'D:9:B#4>)P$_XK?\`TO(-LE8B,&[377,!9#342.HH:4P%
MDMG,EO=SV[@:O6#1R%:!H9CZD945S`!I]N`B?=2"4[>)D"@PU=:B@+?(*@'S
M.`$_&F-RS2.H#@```U4U!Z_>,`0;:*)36A`(&NG2HI6@`'6N`?8TT``=*4&=
M33+X8!PLW*R:!2C]?/K7+[\!,+&4QLM`"-)8@CK1CEUP`Z[O\7BOMLGW"*%6
M6XC42"E,J_M#0_KM$2H^(&`"G;C>I+A+[C^Z.O[TV$K'%(Q(-WM<E#9W`\"Z
MH51O]K@!?W>D]?=S$0?26-:D,2>@IH!R_'``B=8RK:UU*O3J34=&I6FK+`%S
M97B3880NH!1'04Z:D#'IXDX#),YD4.23E2I\J'K^&`CMT"&!\Q@,"MJ*'PU#
M^48"UG;&YBCMK>VE(/K'23T!-<LL\L\`'?<'P]#<27MLJG1ZDHHH%#4'-C3(
MX"FS0K4U!!\0#T.`^>BAR%:G+K@/OTX4?,:D^(R_1@/NA=.G.GVYX#ZD2AJK
MUIXG`+H(B7!7]7\V>6>`D$"F,DME6@-*'+_9P#W"NH4'2AT_X\`XQ(Q`7Q`P
M&7T7^'XX#GHO\/QP!X[8>V;NYW9$=SQSCK6NRR`UY!O,J[=M5`_IMZ+R5GNF
M4U-(D;H<!L*[7?P]>!<>-ING<?>;WF6ZQ^G))M%F!MO'(W%2T4@TON-^M32I
MDA!_JX"^'&>*<;X9M4.R<5V3;MAVN`#T[+;;6*VB+!0NN3TU#2RE0*LQ+'SP
M$AP',!S`<P',!2[^(#_]#!S3_JOPW_SIVK`>>^*(O\U!H)"L:T.1\/CG@%/T
MT?\`E?C_`(L!SZ:+_*_'_%@%&`(FV?ZIN:__``Q.U_\`YM=WL!__T+>^Y>-&
M]Q?<^]M5U%>Z/-DEC:OS&/DFY!QEG2I)P$>LKV6YW'91%\K1RLBD'Y_FADB4
M&E2*%\OC@,UY:-LW);VQF3.WDO;>0L2,UUH"0>A^7/XX!VVG=)+:2-HFRCMK
M=E!H&#07*S(U16M&7+X8`Z[38+>;W-R:58FM)[I%=M9+B[N(!,W3Y17U?Q!P
M%A=BLX+=K2'U5A^LFT0([*KS3>F99%C4D-*ZHI;*IH"<!YZ??;[Z.^GN`]R=
MK[$?9QO6X<9:?DR=O.6<QVXKMVY\FY3!-*_(H]NWF!)MTV+AO&;..6.^EC].
MXN'MI6'[(+J"\O"?X>&X]A>%;5P?V^7&P[3W8Y!;PW?=7W<]P]LMN<<SM%TQ
MPWFS]LM@W:/<4M]VN;E9)89)UM;:UB"R.\TTFE`YM_\`!E]K^\1G>.\F_=VN
M]O/+J[NKS<N8\O[@[[97%W)=OZTJK8[7=10V\3W#/)H5J`O09"F`CW/OX+?M
M`FV.<]NNW=S!R5*O##R/NIW%V[9KI(XV+PRWNVIR*[M+B4BB,+:6.N3*>H#1
M5W=]GW"^T7<R'MYN?(^X_M5[KWEP]WP>_P"Z=W9[WV@Y%$C(@BX_W=X)HW[;
M)&GDBI<7FUB%"X$S14)P&VSV"^]OO;P+NWL?LC]YMCN0YWN=E+-VR[E[I/8/
M#R*P^BFW#:;"[W6%88.0V>ZVT##;-PB]1YV^20U`P$S_`(X'$>ZG<#LEV@X'
MVTX%R_G%WN'<'?=ZW6TXML5_O4MG;[)L$$5FUW'90S-#ZMSNC!"U-14C`:@O
M=5[&_<9P+NKR+8.S?9GGV]<+YSVI[86V\[AL''+^\VIKZ39./;MONURW2Q".
M&\M.0[2#+&#5'R-#@"=R?^%-[C]Q]M'MD[C<,V""7F_'[#>HN?=L>2[E#L&\
M[1<W'.][Y!M>Z0?OB2WV^:.>T>.*YA]9)M11E##40%LNZ'M/]VW\1;OCVYW_
M`-QA[2=A.WG;/9H!)QG8N;V',.02;2E_:WO(Y=OV?;9[V5;W=5M44S7L\5M;
MJF1/0@!^">TGMWW"_B`<JYEWTY[[?M[[+<BY'S6UV7AUMWDVO<.4;SIV&YV;
M@5LNS['/#>1SV[VUO,Z"X!0148-F"!<_A[</[3>QKO=W/YMSSWB^V6Z[?\KV
MG<]FMN&</Y[O.^[[920;U+=;)-N%G<;)9[6UQMUJPBD/U#R*=0&K/`13W:<.
M]MW<;W5<.]\>]^[/MM:]G=_Y+LEOQ[8['C/.=^WS>Y.V=IMMEOME'/MVUR;=
M&5NI4(;4Z`-2M00`6>X+GOL#]VOO%[<=Y+[W2\CX^=KN.WNR;#P:3L[O\VTW
M=QQZ_MWABO\`?]S%E#;6&[WK49S;NL8;/+`3?W,<&]GO<3^)WQ;:-W[@=W=K
M[LV?,>W3+Q+BG`^%1=K-KEXY':<AMVO^47?(+'<HML,-N9;N5+,M&"U*@5P%
M[.?_`,8/L9MO<:][1]E.V/>+W)<RL)I;>X_NFV;:KC8C/:-2Y6TW&^W$7>X0
M0D4::&U:"N0<X`O=W_XB6T]B?:?M'N4[A]GN;\)Y)R??)>,<=[+\QN+7:^6R
M;S#<W,<@W.:*-TLK!;.V-P9%B<A&4::D8`9^QC^+1N/N=]QP]O/<#M!!V;W3
M<>.W>[<9%WO]YN.X7^X6UE'NZ;==PWMCMZQ"]VAS)"5&IC3*AK@*S^\3^-OW
M@[-]^.\G:/MYV7X3ONP]J>1_V?7EFYW^_3SSTMK13<[C:VLBV-L3?S/&@!HV
MD>.`A?#?XM??SOA[F?:]VJX)8\.VWC?=&P[<2=Q$&RG<+^TW/=8WFYA9;9<R
MW#BRBMUA81$KK3J<!Z.(5BGCTEBC$4TL`":Y`=:Y4P`MWFU:ROY>JF.6JY5U
M`$5J#EX=,!']UO#)!;W`'IO;S*2R"C55T;IE0YX`R<?EMK^S<O7U#'$QU4J0
MP%2,ZG`).0>EMD4+QLH$\;@$$5(%,J5RJ3G@$W$]W`N9K*1V:.8%D1LV##/2
MF9/08!-R.!;>]];05$S^HJ@9K4TTBGXX##;W+HZ.A^<-&\;-U5D((R^T8"V&
MU[C+=1\;W0,6BN+9;*XI1F69`60N*T!ZT!ZX#[W%"3;,]#JHE2<B:J`:'J`<
ML`%.-1C2R@TK*^?C\!]U<`5+.%3$M%JP/4@5.0\^M:X!TC0ZR2M!3QZ5J,`I
M5"3\JYCR'3`/MHS1FC@TTD5.74>`I\,`_P!_90[QL\UHQ$@9=2*QH=2K4"@S
M%:5P%".:6=WPSE-IOT0:%;>22UN-)8K+92G2BRJ?E98YJD5Z8"&<LD?>Y%OM
M6N-XR-1/S!AT4A<NF`$\D*^MH)--7W`5SH.M!@"7L8#[3(,POJ+I.9!H"N5?
M@,`HT5?1J-`I*^35(-:>.>`9KU"KT)/E094RKE@,]OM;3Q^LK4C7YJUT@4S-
M0,L`=NVD=O=&(S;B(O28L%U9?*V2Y=,`?>1\$V/F&V^A-=Q:O3TM,)*$U4``
MTH2"1G4=<!0#NMV?'!;X1V=TDT$B"502S*0=71F7J*8`(1VU2=8TTI3Y1G\1
M4?#`=)HA&5%=0(/4"HP&$)J-%6I\@,!GCMV+?,I1:'/(&OE3`.\$87]0`:<C
M09^9^W`.JP#4""30@FH'].`7QJ-2J"0/`^/Z.F`>;5/V;9%F!%"1G3[<`<>Q
M/9V3O7SVWX7'O2;$AVR]W:YOWM6NV%O8&W62&"!9(@9Y#<#268**&M>F`V^=
ML_:+V<[<+;W?[A7E.^PE7.\\C+7NEU&1@VQG.V0`','TF;XX"S<,$%M$D%M#
M%;P1J%CA@C2**-1D%2.,*BJ`.@%,!EP"+<=RV_:+*XW+=;ZTVW;[2,RW5[?7
M$5K:V\8ZO-/,R1QK4]2<!17O%_$#[2]OH[C;N&I<]Q>1H6C1=MDCM>.V[*65
MGNMWE9I9M+#)8(9`P_67K@-;/+??O[DM^W>:_P!HYE#Q&P<D6^S;-L>P7%K`
ME:KJN-VVO<+N:2AS8OGY8"+_`/L;OND_];.X_P#D]PW_`/IS`8O_`&-WW4%V
M'][6Y*O@?[.\,^'GQS`9U][GND/YN[>XY`?][W#17X_]SF`B_-O<[WT[F\>N
M>'\YY_>;_P`;W">SFO-LFV?C=I'/+8745Y:,T^W;-9W:^C<PJU%D`-*&HRP`
M9`"BB@`>0``_1@,ZD.%C*@=?G\<L^E/+`9DC"USK7S`P&+TJER:@`G2`.HSI
M@"#ML;?W2\UR-3W$[894\N-]W?Z<!__1M;WKNI+CW0]W[9O\U'W4[C'2Q!75
M^_=W"T!'@5'X8"'<=NM.\V6IP@BNRZDG]53J%#3PTY^>`F//I/JN6[GN08!-
MPN9KN(*:#3*S^`RS(S'G@&?;YM#*/_D;J23D$4,P%/&A\/'`6;XLRVVS2[0K
MB4S7%IN$9J2QU0J5*@YTTD9X"MOO![Y[E[=NZ'LD[L<FGW&R[*;;W8Y-Q?NG
MNUK')-:;(_+^(76R;)O&[QI119;:]S).6;,)&^G/`:<N-?N_V-_Q<=F[I=S[
MFUONT'<CE7/>4<([H6$L=QQ3=>&]Z]JW:/:^7;7OB-)M]S;<=W'D/H7^B0F'
M1(6(!&`]<%K<6U[;6UY93P7=G>01W=I=6LJ3VUU;3JLD-Q!/$6CFAFC<,K*2
M&!!!P"U82P!J/P.6`3&-/UE"U\6Z$G\:X#4%_&OX+Q3?_9-R'DF\V>V/OW"^
M7<7O>+;C<6L+WMG<[I?+M^XV%C=%?6MX]TLS1T0T;T@2#IP%`O:[P'D7NJ]@
M/9WFES:7/(.]?MT]RG$N+=L.9B.:YY79=OXN><:N-SV.;=5#W]SM&S;9NLIB
M5F,=O!!T`K@/2YNN^[5QK9[[D')MYM=HV;9K.?<-XWJ_N([;;K*SMHF>ZOII
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MWOENY:F9I`J;?OMTD(8DD-'7KE@`Q[6;38).1\ZY#OW)O:KLB)':Q+%[F>,O
MS"RNGO+F\N9KSB6Q0;9NLC[A!I"W$FE:!E%37`'3WF;[:<JLO:KP+A-[VPW^
MUVGB.\[J;[LIP2[X-VTEW?EG<+=H$EV_BG[NL98'@MMNA2XE>(-.5U"HI@+`
M=W^&]SN,>_GVY\&]V/&.*=S]NX_MO:?;[0=F^/7G".-0[#O<EC=;&VXSQ[.[
M;C>;5,ZF^68`3T8:@#7`2CM5VH[F>Y'^)3W]WVTXYR;9K>_VSO;:<;Y-?[)N
M6W[%:7Z\0W/C'&U3=[BVALH8Y+QT6-A(-*&HR&`?_8#<^Z;^'5W)[LV_+O8M
MWO[IWG)MLM-CAW?AG$-VFN[*^VJ[DE279N3Q[%N>V[GQ_<RP:5H)#JHKBI%,
M`1O<KVU]\W\3KW$]L-LW_LWW"]OG:C8-G2:WONX/'N11\4XAO$UNE]OV[WB[
MA8[6-]W2YN8TMHM,49D1*`Z2<`B_^IM>_3M7[W^W_>;C^^-WVEXSRG@W*>0=
MU%WO:.'7^[V5K-!9;QL2[?NN[-<D6FPV_P!.,]#QD*!08`NV/\+;W,]P-P]^
MF_\`<SB'%MEW[OE$=T[-SS<QV+>77D,//HM_@BW*;;9KI]DB;8X2AED6GS:?
MA@'3^'?_``B/<=[?_<MV[[X]YK_MZO'.$0;I-#LNR[_<;[NIW&ZV^XM-N]`#
M;;:S2"UGG+L=>0S&`]'TUNBW)$!TYFA/G4D4`)S-.F`@/)K1VNB7!#L%8^-2
MU*G+($G`#/=[258+A68JNDL&.7SJ*Y$=2#@)?Q;=VMEVII)E1)H3&ZFH8E'H
M!4Y'4/A@)!S.4E;1M6M'2321D%KI-.@&`BMA=-9[E97*D_+*/4HU"4/R^.71
MC@"SRRP$FUVM_$I=2(W5Z5*AUU=<P*',TP`]MI6948G.I'0>9^&`L5VOW!]Q
MV?<]E=BUS:CZZR8-5P\0#JJC*FHG(CPP$OY;,MWQU95R:6*KH?\`VU(44.A.
M=2KU&`%?&H:*=0U#U7`<=$=M(4$>)\<`6K"W"Q*3J+,*J2*`$@=3]F`7M$5%
M:USZ"N`56T)S-1^H:4^TTP#C@)%M$@)"@$4-*FG55Z_IP`)[[\16YVRYNHH?
MV<\0CD=%U%:NOSU-:4=ZC[,!27:[ETLI[6X:CQS!'C)+-$0S(02<^N?V8".W
M-J?JF=5!2ITL"<\C5C7+)L!/N.1:;.2*M08PP\@0"3D?,G`9R@1EKF5'IU_1
ME\,L`T;JF@,:?."36GP.6`P_6SQ;1+0@*:&BY'('QI7`1GC6_P"XVEQ)'!/(
MA9WK25@`"U>HSK@++<+Y1NTZ!'N92`?UI2?R'/(]1E@&#O/>375K;3RMKTQZ
M*&K$`DC*H(IG@*HR1`UT@*:DG^C+`(9(1)U4U`-#GXX#I#;LK#Y"34CU:D*`
M1TTX!>D-#G1AY4.`<(X0-(:AJ`%&=%\:8!>JYT&5?/I]_7`+8H@"!^L<JYTS
M^'V8!WM5T:@<_P#9P%W/8;_KV!_\3>0__==M_HP&ZC`,F^\DX_Q>R?<N1[WM
M6Q6$:LSW>ZW]M80?*I8A9+F2-6:@.0J3@*%]V?X@'#N.&XVGMIL\O+]RI-$-
M\O9&L-@MI5JJRP1^G)>;HH;,4$2,.C&N`UD=V._/=+N[=2_VQY1?3[5K#0\>
ML9IK'8("*E'&V0R"":5:Y22AW^.`KQ>PQ#4S"I04(#$57.G\F`C\GYB/`'+`
M8S6F61\S@,:,Q=E8@T'@*9U'].`RX!PMXRS:J@!&&76O]&`<E74P7I7_`&<`
MJ2,*!D"PKG_A\,!G1"]<Z4\\!]>,J0.M?('`3_;0?[J>:9'_`%A=LO#_`,6^
M[>`__]*RO?.6>#W.][9%TB).Y_<-BS,*U/(]W!"FHTY'`038I:WD99F9S(WI
M=2/RDGH>NG`%;G%@L<G'+GU`SWFRK<2A2"49IY=(:@J'*@$USP$6B^1D=>J]
M`>AT]*]*Y#`6=[8[I!)R;C<MQH$"P/97*R@"-U2S9$+:ZK12*BN`D_=[L_P?
MW0]GN?=AN=M<VVP<RMI+5-SVY(/WGL>\V4D=WLN][9)<PW$45UMM]`C?,I$D
M>N,Y,3@/,9WK[0^[_P!C^WWG9KO1VNV;W(^U]=SNI.$WW(K#<>5<?V>QOE].
M.^X7R/:;D;YVDY&\LCM-:@0K),&8QRQD,0,OM*_BT]M?;E:;?Q;<H._NZ\!M
MJP#@'(]ZXKSZWXF@CCB:QX;R7<_[.\@VW9;3T@L5I/ZZH!6E2<!L!_\`J]/M
M@O$6'CG:_OGR;=34#;+'8=@C+,U`J(Z;_=OJ#$`T1B:],!.)O>=W9[E;;=<U
M[M;3MGL?]JUG/9WNX\MY]OLB=_\`GT*0"[M^/\"XU8B2^V>VWC6HDOOW=)/)
M%KCMJR'4`H[[D^>>Y#^+5R;CW9WVY=N>1\)]LG'-[2_WON?SRRN^/6O)[RS6
M.UAWK=?JY(VN[:PA$LMCMT$,ET\DA:32>@;R_:_[=>#>U3LUQ;LWP8SW5CL*
M2W>[;W>11#<.0\AOY6N=WWJ^>""W0RW5R^E`5JD*(E3IP$:]YG:OBO>[L1OW
M;?F_=3<>T'$.0;GLT6]\JVN[V^RN;B""Z]6'C[2[H1:-!NTR@.A#%@E`/'`5
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M=M\DV^UO]AEMWDMKV8NEJGHR1EB%.`%O$^2?PX>13[U/QOVI]O["'8>W.X=Q
M+J;<NSW$>/AIMOMH=PN.*6J75L;F3?S87,,RLH:V,,J,)#6F`(/!^^7;.ZAX
M8>'>U+C^TS\A[C[CVIV9X;GA-MMNU7FQ[))RF^O+2\V_:KE9]IVZV]>.X]%%
M]"ZB=,ZAL!!.4?Q,EDN=KVSC79&2YY!N=_\`0H^^^G<6=MMEWR.XV3BW((;F
MUB@EN]LWNPV^XNXU$D3Q+$5:AI@%<'O;]P$/,HMDV_M'V[N>/17=CMNX\IEN
M.3;5MT^X7G$MPY;>"VO%N[Y#+8P6\2"W2*YEN69EC;4`,`4N+^[;O?OWMN[@
M]T/[O=FN^X?'.4\:XWQOC7$]OWG?MDW4[Q>[*FX75MN-GN][;\AL[&ROYV:6
MTGC:!H_3N(XY%=,`$H?<C[\MW3;AO/:B?B7'8MGX_-S3E?'^V^Z\GW7:MMYG
MOEY?;9O7#^+2;G<7N_;WQKC<45KN5D8IO1NY#(T>@`8#8IV/Y!R#D'%MNEY9
M8<RL^1V9AM]WFYKQ>TXIN>X2LGK6]ZFW;;>[AM0$EI(@D%O)HCE#(RJZLH"T
M4,,;1I0$U4'/S`-<!EE4K'I'ATZ9#/`0F[W!8MQB;/TB^AUH2"`:%B!XFN`3
M\C0&."X"T#@+^``!IF1E_)@!GO5NUPA4-33&<AEEF3X&N`8?IY&VE98U)DL+
MX@5(!HZ_FZ@Z?PP#Y+?RW=E%%</J,*:5S)(K3(U8Y`X!,B*R:]9++3(9?8!4
M5.>`/&T3-O'$HK:@,D=MI.K\RLB9"KFA^P8`8*OI'0:@HS*U:]0Q#?:*],!-
MN$[\FQ\AV^:1V6!YXUF$9.IX#(NL-X"J^>`L7R_8[VQCW*Z4:N.3P_O/;Y@1
M75>!97@H2H50[57+QP`QXS&U9XV0:VE+)G4FM*9@T%:8`QVT;O"@"YJ@J#\N
M7GG2N`RO&Z*6RK^J*]6\`<!G@6D88_F;\PR(%`#EU/CYX!7H%,M5:>.5?+J!
ME@%=E,T+!2!1FJ3U/04I0T\,`Y[[81;ULM[!)&)'C0M&H75J4T$@*D-6B$D`
M>0P&KCFVT3\:Y)-"ZN%NA^TT_+%ZD7ZW0']JC`U^&`;+.VDE34#JU'Y=()J/
ML+5\<!+MEJAEC92K!2H^.5,O+I@%<T+1&.5Q0%R#F#0ZM7AGT.`;=T0M4G\K
MJ2#ET(ITP$?9"VVRQC/2#]M:&@^(I@(CQ:S(Y$P<EHI0P*M^4-F:JI%:G`6>
MXE9"!Y*@HIS4"H&H_:#X8!L[MVU-IB8*.HTFH!)J2:_#`54?\[?[9OY3@.N`
MR+&S"HI3[<!GCC"T.>JF8J*?R8!6H`%?$@8!9&T8^52<SXC^C`9UK44Z^&`=
MX6U9MD],QX``Y9YX"V?L_P":\6X#W9DY'R_>;;8]FMN(;]%+>W2S.OK2OMYC
MACBMXIIYIY=!THBLS4R&`LOW._B`0`7.W=J]@]6JR1)R#DD,J*":J)[3:X)X
MI!09KZS@UZKX8"BUYN7=WOWR3TI).1\YWNXD+0V<;RSVUFLC!`L43NMEMULI
M:F910/'`6Q[??P].4;I%;7?<CDUKQV*58Y)MGV/TMSW2$-1FAEOG5MMCF3H?
M3]9*]&/7`6IXO[%^P?'E!O=GW;E-QEJFY%N2S(305I;6-M8P:33HP;`$V'VP
M>WR%0G]T/!9J`+JN=ALKAR`*5+RQLQ)^W`1[>/9W[<-ZBDBE[7<>L?44KZFS
MP-M4B5!&I&LVBHPKED1@*V<W_AF=K-VCN+CA/*N4\8OGJT%MN$EAO.TH],DT
M"RL[U(O_`-ZQ^.`U[]XO9'WK[0QW&\':(^9\8B$C2;[Q=_JVM(U8:3N&T/HW
M2W++GJ2.6(4-7&`J(59'^961T)!1U*LK#(JZL*A@>H\,`ZVK'05RHI%*=?$]
M>N`6QBK@'QK_`"'`+40FBJ#XYFM//\W3`."@D`>(`P'<H<J=?'I@)]MO^JKF
M?_PP>V?_`)N=VL!__].RO?Y5/N)[_N2H9>Y?/V0'P_WR[L"H%/UL`/>-+ZL\
M;4(,:$@@T`.2ZO@:98`U\[FM)H>()92^NT'&+-;ICI^6YD+2O&66@)752IS.
M`@D>HLJDTJ:&ARS_`!&`+'$YWC:(5U-%*I5B:FE`I`J,@>M<!8KAFYM;;E&\
MCY2/ZK'+JP)J?\JI&`/L=_!>1&TO(H;RWE.LP7,27$+MYF&57B9LO$'``G=_
M:+[4.47UUN_(/;7V0W?=+V=KFZW"_P"V7%9;VZG=R\LES<G;1*[RLQ+&M23@
M&S9?:5V4XC-O#\'XEL7;:UW=626U[7\:XMP*\B+A5<P\AX_LMKR6%F6,*3'=
MH2N7C@$6R>S7VU;5OS\HW;M;LO.^6&>"Z3EW<VZW;N=R.&>%=,$UMNW/-PW^
MYM9(%`TB(HJ^`&`LI;VMO9QI#8PPV4,854AM(8K:%44455BA5(U`&60R&`R-
MD0!&&!S;+X_I.`"W?GLG9]]>);5Q&[WJ?8X-JY=L?+DN;2-R\MSLD=ZMK"QA
MFM9T`EN@^I)$:J`5I4$`;O?L([5\EWG9N6[KO6_)SG9HKZT_M58BRCFOK"ZX
M+<\$M=LO[6[BO+?<+79H+V>^LQ<>L\-[,[!J.P(<VCV!=E;+9-DV'D\$G,K+
M8;3?K;:8I=EXOQ:*PO-^.Q^IR*WMN';+LD`Y-9)L,*17S*TX5Y`Q8.1@#1Q[
MVP=G./<VN.X.S\?O[;D,][R;<!$-^W1MFM;_`)G`+?E%_:;+]0+&TNMZ51ZA
M50J&IC"DDX";;?V+[6[=QKMYPVUX7MJ<9[5;E!O'!-LG-Q<0['N=O!>V\6X#
MUIG:^O%CW*;YYS+\TA;\P!`+[OLGVLW!Y9;_`+?<2W":XW#==VN;B_V*RNKB
MYW#?%5-VGGGEB>647D2JC*S%`BA0``!@)5'PGA\-[^\(N,[$E\NZW>^+=+M5
MDL\>\7^WKM-YN:2"+6E_>;6BP2RBCO$-))&`Z)Q/C$")%;\8V"""WBBMXHH]
MFVY4A@MRSP0HOT]$CA>1BBB@4L:4).`?[.QL8XEA2RM(XD.I8TMH40-^4,$6
M,*"%-`?`8!RMK*%5]*WAAA1#K"1HD2`U_,%0*H;/[<`JN(=,?YG-001J-#4A
MB*5_K9X"'7M\;6Y4LWSEQ35F:5KD>O7`$+9+T7=N#6I5/OJ21D!TP#E=:S"P
M4'7YDT-,_'KUP`KORWU1!)JK5S)RS&?PZ8!]OXWNMK64*7"(NG/(%5ZYUH3@
M!Y=QN?S`@M1*#/\`PZX!'M5L9?WM8M4-/:EXE\#+$P(RI\IH#@(];,1JB<_,
MM5/S5U$$@_IP"Z)2VL$D`?E'GU.7A3`%#M[>:8KVU9BQ&EE2I)J:!B`>@\\`
M@W.V:*]GJH56D=@!X`DD94I@&*75!<12C5UT@C+J:D&E:BGA@+"/W.M-[X+M
M7'+B>63>+:2"Q,:H666WMRI$CN3I+"(:3\<`OXQ&BRZV4AD)ZMDQ*E1U&9!S
MP!F@@8VPF`&DKF?&F0/QH#@,#K0A2I*D$U(K2E,\\O/`*[6V4J"2VGY2#4$$
M^-*Y9#`+9+=I6&@#):>`/7RRP'V*VT.K/4D',9%<\A7KF*X"6[5&`XJ"5<,3
M4?`K09>(P%%_<3Q4:[^ZM(U%SMMPFL,!J^DG:MN[^)=(XI5^S``W@=J]]-!Z
MD9*?M%HQ-,E;0?L(&`=$C-INUU;FM1*Z_,3E\S9#J*4.7PP"R^5C`IH2%E4D
MTR6M1]WA@$5_#6%"<QZ8%:9#*IZX!BMK?7!<("2NESEX%:4-:9#/`,VQV<D.
M^1.Z@#74,>I)(J`3G4`8"S>PI&=3+^L%.DY*`:_J_;@&GNO:"388W"5(('EU
M)&3=:C`4\E@T22*QTD$D`_$G`)2I6E12OG@,L).JE<LS3`*U`)S-!@%*,%'Y
M0V0I7.G^S@.M:&H-#7+_`!8!;$QTJU37//[S@'6T?(EFS/B?A@%V`/O83L)R
M3O=R-;:R4V7&-MN8#R+>W)5;:W8ZVMK3Y'$U_-$#H6E!4%J#`;NNW/:_AG:S
M8H-AX?L]MM\*(OU5X$5]PW*>GSW-_>,#-/(Y\"=*C)0`*8`@X#F`Y@.8#F`^
M,JLI5@&5@0RL`P8'J"#4$'`:[?=O[*M@[D;5N'.>V.T6&R=PK-&O+S;[0"RV
M[E44?SSI+;Q1M#'NYB!].10@D8!7/B`TAM8W>VWEUME_;RV=_9W#VUU:W"&.
M>&>)BDD<L;`,KQL*&N`6)&%R`U&N1H*YY4P#C$N2@BAIGY^.`4@`=,!V"D@D
M`D#J?+`3[;0/[J^99#_6!VT\/_%SNS@/_]2Q?N(N1![A^^P8T,G<_GR*`!5C
M_:C=:#IX98"%<>N0H4G0M5T-6@:AH<A]V`G-S,9H;6I5A%;1PJ5-?DC.E0<S
MF%&`Q6:_MT8D$$F@_P")(P!)X_590T8-`26`\?RYBOQ\L`;-G1_6MG8,OJ"-
MQ2J_#PH*BN`LML-NLEI!(Q)HF0-:G\QS/7,8"1!0HH!0?C_+@/K0+IUD`ZZ5
MZ_;U\.F`PM"#33EY]<_QK@,?TS>$C$>)TIE^C`=TM2SJ#*U#7]5?(^0^&`4_
M3"(:@:D>.=:$^73`<AC_`#!:#/54YYDYTKTP'6:',54L37,=!UZYTI@.UO`P
M(J*ZCGUSIF/LSP#M%!)*QU"@`ZD$#PIT\:8!9':BM':@I0%>OV]#@,?T69-5
MJ>N;8#GT1).>?YAISU-Y4/A@%45LHB.I2*T#`_*QH<C3PP&>,+0((VHHR.DY
M_80!6N`S2VH=`2*Y:OULLJ^>`!7([NNXSC7E&]%'0Y'53+K@)KP+<W>XDAE7
M5\@TYT'WD?[.`*-S4(6I34,AF=/D/,YC`"[>H?2N'937(UKY@FG3PJ<!)=N1
MKK93'I-1"=16K4.@TR`.`'\D18L''Y7)4>)H>ISR-1]F`:+=_0W>&045)']-
M]7@K+GU^.`9]PM$L]SN8M+`B9M`.2Z7.M2#45%#@.1$J^:Y4KG\*BAI0YUP$
MTX'.$W65""#/$ZJ!GF*`5KGXX"2<D@,5PK%:,X!/6N50*U^S`0G=?EMCJ5LQ
MJ5AEX'I0UP"3B&BXWRSU,WR2$E1X&A%<_P!8X"WG&;)3;Q1AC4J"Q*C,],F(
MJ>F`,$-IIM8X07*Z%KI4?`TK3K@&ZZA]/(UH(I!I/4%5U`FE.A.`P<;E^M:>
MT)/K1P22QT%=9B&2TZ5(\L\!(]N].6`RGYF5F1^H(9,F4KYJ1@%$MN!\ZT*G
M2U*DDDD#]&`=H4J`$--(%.IIE7``[O;L"3C;[]S(+>_C;9[N5:_^[84PNS9Z
MF2XB`%?ZQ'C@*9\,W"'C_()-GOH],8NKLB60!=%2Z*I8CQ8?=7`9M_:%.232
M1$,DKAE9#52#E7].`S2QE[6X`ZJ`U/\`:D98!).@:T4D%JH.GA\M,Z>>`9[&
M,>H\(!`96\3F*'*O6M1@$;JD%W')1E*O12V6;4!H,L`:>,3-2.FHJ5%<O\DT
MS->F`7=Q[JW''V1Y$U)I.=/$D_$`C`5LXILL?)=RNS$K/%`LE70%P"K9CQZ#
M`1[E6V0[;?2P1_F0D'\U10T-0>F`BT;!6!/3/`*ED5C05K]F`S*U,CT\/A@.
M,:D4Z_SY>>`7Q.M`@K4`_P!)P"^%A33XU)P#W8P3;A=6UE:QM+<W4T-M!$HJ
MTDTSK%&BCQ+.P&`]#W9;MOMW:OMWL'%+&$)<0VL=WN\Y55EN]WNHT>]FE*BK
M%7^1:UHJ@8`K8"M?>OW1=N>S4<VWW=]'O_+5A:2+C.US++<0M3]F-TGC66+;
M1(3DK_M",PM,\!KHYM_$'[Q[PTD7%=NXSPVS+$))%82;SNQ0U_SMUN<TEB*C
M^I:J1_6.`!M_[Q/<;(S3#N5NL=&)T06FUQ(*GH$2Q"T'E3`+]E]]WN1V*6.:
M7E]CO<,9#/:;[L&VW4,ZKF8Y);:&SO%#="8Y4;R.`MKVL_B7[9N=Y;[=W9XI
M:;!')I1^0<9:_N+%')`]2;:KIKR[AB%<],TE*8#9QQ;EG&^;;)8\CXGO>W;_
M`+)N,*3VFX[9=174$BNH;0YC8M#/'6CQN%D1JA@"",!(<!IC_B*=F[/CO+MA
M[L[+9_3VO+G;:>1^C&%M_P!^65J'LKHA``LU]8P,&K^8Q5ZX#7#%&20^61\?
MZ<`O0"@/CG_/@%PB2@^7P'B?Z<!D"*HH`*',]?LZG/`3S;HD_NMYB-.1Y]VV
M/4^''>Z]/'XX#__5L9[EXT_]B&[V$"G_`*4N>`T\?]]&Y_SX`=;)&KC4SA=!
M%`?UNG]'Z<!.(PIM]()H"17I0EM667A7`*H!733+25'W"G\V`(>Q2@2Q*IKK
M4*?A4+GY5!7`'7C\K7%LFL_-#(4BIU*Z5.INIJ#E]V`L)Q^]F:&-00R",4-:
MZB1F&`-!2N6`G=NFKYRHUZ13IXTKG7`*#E6O@*G_``\<!A]%#G5OT?T8#Z+<
M'IJ\NJ_T#`*1&[$*M-5*`K0=/M\<!F%K)3Y@2?$U'\PP&**V99)*`5IF!D>M
M<_#`=RNH@>-:4RZUZ8!8EHS+J9@N="/A]IRP"I(75`J,10UUY&E3^&`S+#2%
ME9]3,6)RH26-:CP&`[(OR4`:OZV68RH/Y<!VAAU/0FE#EUS_``Z8!0\-!5#4
MUZ4/G0]<`IA``I2E!0].M?&GC@,.XSM;6\@5-4DB%5ZD`,.N7G@*[;SM]R]Y
M(Q0ZCJ8$!J:F)/A\<!->#V$L$ZRS:@TA"@:2*T.7D033`&6["!0%+:BH!5A0
MU&7V=:X`9;W&1<L""`WB:=:DTIY"N`>N%R"5;JW;+1%4'K74:&N5*4.`B>\6
MK6M_/&5TJDA6M*>.JM/^*P$6W&)R$E4')U)-1D%(%?/`.-]LDM[+!=(7D6XM
MHW+:2:.@53T&=:X!EELKB*?T61O,G21Y]/CE@)'Q&-HN1;>M,Y)`E3F*,ZC/
M*N`(W/;'TO0F!!ZJ3F,PQZ>!RP`CO1+.BJ*E8BRZ3_5)J6'W],`M[>6(DY'$
M2*Z9#6HKU)Z4Z=,!;W9X&MY@#J*K32-)&D>(SZ],`8;10;:-L_RCPIT`\\!'
M=W-)'/CID`^TH@I^!P$8XW=?1[];$DA68QY?UM)`%/&M<!-K2T$37ZZR0MY<
M,B@4TJY]0*1\-6`<+;.+/^L?YL`XP,R`A.KU'XGXY=,!$NZ6U3;GP#<5CJ+K
M;Z7D+#-A]._K$BE1J4)E@-<G.+0Q[M:[S:-2+<+6"92`=0D8M',IJ*:Q,AK@
M&JTFFGNH3**E5"ECF3GG7\,`0XX=,+HI%6A!^85KYC+Q^W`-QB+0U847\II3
M(T/VX!D.FQG:0L*:0/F!5:'5X^>>`C^XW*/1P*D2!Z#(TJ/&O3`%;BVXLMJ`
M`"FD9C\P-":'[^N`%G=CD>Y7"Q;-MZ-)-<R1(F@EA^T;2Q*J"=2C`%?BG'+;
MMMP`W=\%?>-TMY'J2%=$G)(%#1@13`5JWV[>]W*>=V)U,:`TJM<_"OB<`RZ!
MJUU->GA3^3`=L!V5M-<JUP';2K9U/^'W8!7$&)5J44"E?/KT^_`.,*?KU\Q3
M`'OVZ;%#OG>CMYM\Z"6%^0V=S+&PJKI9:KLJ13H?2P'H5P`$]R7="Z[3=J]Y
MY)MH4[S=21;+LS-3]C?[BDJQW6ELF^D1#)3_`"<!H%W:^W#=MPO-UW.ZGOKZ
M^GDNKR\N96FGN+B9B\LLKN2S,SG`,<RG5JIED/\`#QP#+<_G?[#_`#X!DG0,
MA))``8#+J6&0_1@&&6,([*.AS_XX9X"\WL,[U[[P#N[LW`Y[Z>;B'<&]@V6?
M;I9"UO:;U<$Q[5N%JC-I@F:Y<12:::U?.M!@-_V`J;[VN.V^_P#MVYK)-$KS
M;&VU;Y:2$5:"2RW.U$K(:'29+:5T/FK$8#0.D9J*]3T^\>.`6QQ!:,:ZL_*G
M^%,!G5"]:4R^.`[F)QGE^.`G.W?ZKN8_\/NVW_F[W6P'_]:T?N-MO4]PW>FJ
M@D]T>=9!:]>3;GU'@37`"NQVZ=YHM/[/2^HQD&K)2E-(ZCI@"+%9-]*M5HVK
MY<OEI1<N@`P"JWM2N@'0"30@"O5C3.GE@)7M,;0W"-I)&O*@(`7*A&5-.`,N
MP3%*Q!B#(M$^8`*VD5:GG@+$\#A>Y86\SC4*:!0T)TY"M1I!P!8<6UN`IE1)
M.FDD`'3D:&N8'V8#'2.4%XY%<`T)`JH('0MF*_#K@.^1\`3X`9FE/*E>F`S+
M#(2`(W`)`)T-0?'I@%26S(ZM4$`]*4/0^&`6:32OZ,Z_A@.+`?F=5'0ZFH:?
M$$TI7`=1:1MF0%(.6G(U^SJ37`+/3%*&-M`%&!ZMX>66>`^V\`0LNAA7YJ,#
M3PRH1@%RVP90W[,?!B`WW@YX#XT;1"I4J"/`$$_8*"N`[PP%Z.BKEURHP_`'
MI@,IMR&H2BU&6H@=?&GA@/L4*C5&7356I?J3URR('0^.>6`Z7$+R-_FF=11?
MR$U%:5&1%,`A?BMG-('*(6:G]74*^?F0<`_V'&[>"42*`F@"E1F2/$`@'\,`
MXWFU"0ZU.:CIF"WP\17`0+=N/3W$^M4H!7(@D_8:>.`R<<VV3;[F=Y$"AHJ#
M+3J.H4`)J"WPP#!RJW)O&E,1.NA+9JH-2*M5:&E,\!%QM4MT*K$9%/ZJ*74`
M?!5(S(K@"QQ7;XOH(H+R)04^52P52-530A@*4`Z8!SW3A5CN,;-$(XYE#>FU
M`A^;/-@:D'`1OC7`KJTWM;FXSCMBSQN14%@1323X"E<`]=QHD&V1`*2^K(A?
MQI3.M!@`?%%ZFI30'02=7B13(^-:X"?=LMFK?7%WZ39.%4K7Y6HYU:@M,!9K
M:XB\<;R$ALBWS$$+6OS>/3`$6%T,":,@%TBK`DT6F7VX!@W/0P?\K$Y`Y&A/
MX^6`A\-O,FX1SI"0L4Q?4`5JHJ*@A<AG@"#<O2YN&4T!BC=LZ!FD%-1/G09G
M`=H)%6'JI(8`J""?U5)IU\\`X)(F0$BZAG0,*C\#7QP#A)"FXV=WM[G6MS;2
M(RN/E^9#4?,:-J!^_`4,YGPB:UAW3:+B)A>[/?/=6'[,QB?:KJ4/^SU+5T@+
MFM#0'/`"&RLBLIU`!D8C3F`U,J^1S^W`2Y2P6)=)U&,J0.M,B":?#`?886DA
ME2@^5VJ"#11G4T\!@(5R>1(TTQAY",M)-0:4(^6AJ1@(_9VQOAZ8347.DY`L
M`W0YU.6`E.WP;KL@>VD?UXF4JC&N=!D2PK4CSP$W[8\)BY)R"?D&](GT&U1M
M+ZCBL9EC7U%1=0*_:<!#N[?.XMWW6:QLVK;P$0QI&1I"QJ!50M*#X8`#.2S%
MC7YC7/KX8#I@.8#F`S*0>@I@%T7^;7[_`/VHX!ULP"IJ`:>8KXX"T7M%C#^X
M#@`(!"W=^U/BNU7I!'V$8#?+@*'?Q!79>TW%T!HLO/+-7'@P78M]<`Y_UE!P
M&GEERH14>/B/OK@&^XC)J`-*U%#0TZ>&`9+R,:CI`&0#-X5I0U/G7`-4L-02
M```":4ZD?#I@&BZM48LVEU<KU`^0?$C+P&`G'9?UH>[G;B:-FCDAYMQR1)*,
M"'3=;8J5:F1KG@/4M@*_^ZD!O;SW8!S']E9S]XNK4C].`\[T2$Z7KD#T^S`+
MHE.I30Z<\Z9="/LZX!50#H!@/IS!'G@)GMT1_NQYBM1_W>]MC7X?V>[K#^7`
M?__7N'[AX1)[B>\:J@->YO."S#J`O(]Q)IX$DGQP$7L=M58@2%J<U;*I!H>M
M.AP#ZT`$&D`K3($$$!A3J#F<L!CBBTT%"S"OSG(9_8*=,L`^6B2,T:EP!I%-
M-:Y`4KEY8`U<=L)(K2&^F9#;>I'&\QII1F"BA'4T'7`&_C_(>/;)*;AKT22@
M4325*@Z:9@T).HY4P&.\[CPWT[+;"-2K.`TBLP-#^J!F*UP#WL_)IKB1$DT@
M,2/V=:.:=:$@C`%3;XOJ75M+Z=(('CF.G7RP#^877J&44KD`?QKXX#LL3L#2
MNFOYB!4'+X8#NL)!^8AA]]3Y5R&`5QJI700--0<LLS\>OA@'1;&&E0>G7Y5Z
M?:,^F`1SVX1M(!8.1I`I4'K3]&`Z!71];1_*<LZ?S'X8!9%`&H[!2K"NG/*N
M`5O$IH653UIETZ8#'$A2I)!8DYCI2E*4H,!G$<>3E06.5?OITZ8#,EJC,VD)
MKI5@>H'VY^>`7)';O\HC!90`U0>HRZ^/3`91!$I!$:@CH<`H56_,!EY^'E@.
M,<J'KUKX?;@$<\7J`%0I(J34#.H^S,X!N*+0@*H;P-!EU_GP"+<..K?B,M(*
M%#J!'5CT(.`R[=LEGM<+JZJY<BC4J0:DT!IE7`*2$C)**5%<EH,O+XDTP#M!
M<HR@,XUY"@\:T`Z98!PA=E<:335\I^PX"&\XLKB]MH4BC=T0ZF*CI6M/M-<`
M)XMAOI)-"VTE#DI"`>-,VH,L`8^%[0=L"0%:2/1I:UKK8>7PK@#WMVV,MN+B
M0?L1D_RK6E,Q04Z_;@'I401_(*+IJN0!I3+`1N]@D+44U)))7+X=#\,!DM[-
MR%98U`(H^JF9%.G7XX!XBMEI*TE)&D*BI_J(H"J1TH,`T77TUJQ,?[,DG4JD
MYMG4@>`IY8!-'NT"!""=9#9L#J.9!!S\`,`^;5NK/)50:U(JQ4@K0]``",!F
MW_8;#D4+W#VT9O1"\!ET+ZAB*_YH$_F#+YX"C^^\-FVW>[N"VA'IB:0Q:5`J
M"Y^4@G,J0148!LEM+DJHA@:213Z;!0*+EUKETP#C:[!,L+S22DS,M?21-093
M0_,5&1J!@(])PB\OYQ-)J]*N2(A-*^+5)_P&`D]MQC;]L5`85,OZS%`6J:Y5
M\!@.MSL\-_=06=O"TEU/18E5":5(!.0*Y?$X!)W8YAMG:3A:\=V^X1]ZOQJE
M$;IZKO,2GIC2!4`"A.`ICM?UEX)+Z^>5YYW>1@YJ4U$D"G0``_A@%TGA]_\`
M-@,1K0TZ^%>F`X*T%>OC3I@/N`S1`G(=2?YA@'*!::%:ASS^\DX!YMXB*T``
M(J,_C@+1>T-"._\`P,C.ESN.K[]IOJ8#>[@(OROA7%.<V,&V<OV';N0[?;72
MWL%IN4`GABNUBEA6X1212013.M?)C@(`?;OV/.1[8\3_`.MP_P#B\!U/MT[&
MGKVOXD?MVX'_`/;P&)O;;V';)NU?$#7K7;5S^WY\!U_]AJ["GKVIX<?_`,F+
M_P#%X#H?;-V":M>T_#C7K_N8/_B\`HL/;CV+VN^M-RV[M=Q*SO["YAN[.ZAV
MX+-;W-O(LL,T3:_EDCD4$'S&`->``/NF`/M[[K@]#Q:?_GJUP'GE1,PJBE:Y
M?=7^;`+8P50`]17^4G`+Q&E!\HZ#`)G0H<_&M/LP$WV[_5GS'_AUVV_[`=UL
M!__0O9WRVN2;W!]X9&B^1^YG-P6`I0-R+<J'XX"-V^SSLI$7S#+\PR\AF,L\
M`M>P:&%4D2D@8UT5/R$"E>O5@<!W@VN26CK&<CF2.E/#\,!,MEV:MU%((&G&
MAM2@$YLA`-,LE>E:8`BV-CO5SMHV!+2.&%[CU=:*=6OY*#4`&(4*,OC@)W9=
MK'BA6:^,8(`!5G*D^)<@@Y$G`3?:.'<7L(RU^(W;(@*=);R^?+`2B#<N.[>R
MK8;5'-+&?E;Y?#P+,22:#`27:^3W+2%FM;2"JT"N4U>(ZT(&`DL&["9``;=F
M)#,*`D'X$G+`+3<1Y4=.F>?0^(ZX#IK1F#ZUJ,A0@#`?=:#]8>>1'^%<!]BF
M=J_:!X_TX!0"Y(KT\Z]/TG`=JD]2<`H6Y95"A5H`!X_TX!5$96!]4GPT]/C_
M`"X!0A'IYY$@U'D>GX8#L@RKXG^G`*"$$:%6.LY,/QZ^73`8ZD>.`RK-(@.=
M2?%@*@>0I3`?1=34^8@^8IE@.-<F1:4`!\17[/'`=8YFCK2AKY^%.E,!B.?7
MQP'<22"OSD@KI`-,EZ4%!@%4<*/&K,6).?7+J?A@.DUIJTF,FO0U(^XURP&3
MZ450H:4H2&/EF:4&`6*"2#X`C`.43+H`.ECT*,%8$>9!P'TI;JC$11JU=0TB
M@KY``^0P"3:9S^\&KI%'%!]I-*9YX`E[AR6XV6"R`MQ+;3J!,?3U$4)!534:
M6U=,!*+.]2^LX[J&!H(9HPX67)J,HZ`&G7I@&NYES=:"B9@TS-.GZ#@%UNIE
MVZ:\4?YJ@%.@`R+-YCI@$EU._HQL*`E0U17(@FE/PP$2N)7:1ZD$DE06\AX9
M4Z5P"-8145^8YUSR/C@'RRFD0QJE%%:%A2M0M*=,!-+61ZK($8`$5J.OF1]F
M`KSS;:OHN27J.:_432W4(4T86]RQ+&I%:++7\<!&;?:&)<PPNX=QD02:D=2>
MI`/E@'N'C:^GJGF50K:FCC8HXR_+6@)IY5P"B2*WBB9$"HM"Q(%304IGGXX!
MKCMQ+.K&V,M0H5\RN?AD?(X"+<_[B<-[)<=N^0;Y,K[Q/&\>U[;#Z<MS+.R'
M1'%"TBL&9FS/@!@-:\>[\E[H\AGY5R76K3L#;63$F.TA!U1HJJJIZA!^8Y5P
M!*BM6@72H6@_JGP&6=>O3+`)[C,`>'GXUKE@$)!'7`=*MJI3Y?/Q_"N`R*NJ
MM?#`+(0I-2?F!R'^'4X!VM5U$@Y+U!'4^8K@'>-=(%.E"!^.`M+[2!_Z>^"'
MRGW#].TWN`WH8#F`Y@.8#F`Y@.8#F`Y@`%[I/_H?.ZW_``6G_P">K7`>>N(+
M4$GYLZ"OA3^7`.42I\I!^;/*OVUR\,!GP'5RH!#$9@Y'Q^[QP$LV[_5GS'_A
MUVV_[`=UL!__T=JO>#C,M]WR[KLD99'[A\M<M33FV_7[$`GKUP"*VX>1``R+
MT!/S`'+SSP"*XX65D#QUD#-6@.NG0D>>`>+'BUQ%)$R6FN@-5<&AJO0T!-1X
M'`3:RMKJU"H=L6%E5=)$50%0`?F],$9X!YMMPW.`$QV(4JVHR>EI:IK1@=`-
M:#[\`Y'>-YOB(VC>A(J353U!('7K@$LUON#FLVLC4`,V.D$Y#36F`<+2VGC`
M"J2U-53D.GD?M\\`Z6T%T95J68YA5.E:GQS4@>&`D]GZ@"@_LRP!+*/CI\*5
MI@)'"(10.S-51F`5H:5R&9KE@':W`8*J!M&=&-:]?B,`N6VE4DF+4OA6GW=?
M,8!9':N0650`M":4'^!P"B.W,BUU4SI0@UP&7Z3*FKYJ^7\W7I@,_P!&A1?!
M@,SGF3U^S`9*4\",!FCA9I%H:J<CD2`3X]:8!UCMH](1@*@9L!0G.OW8#*+:
M->@'WBI^\DYX#GTT?]5?^-_QX#J;>,?J*1_M>GVX#`]J')*_+7P"U'QP'WZ4
M:`M*$9E@N9ZY4\L\!C^DZU?[,OY<\!QK1A32:CQ)`%/C2N>`SQ6R!:-I9JG,
MCPR^.`4)'I(4+\H\AET_IP&73_D_HP&?Z5/,U_G_`!P'/IZ?E/\`[+U\LZ]<
M!]]"9=)`S:HR(R\.OG@.QAG(;4<@*TJ*^5/TX!K53%/ZM/3*$DLN6HUJ,Z#\
MOE@"GM#VV];<MM=4'IK4/DQK357,`U)'W8"8$PQ6T-O"-*QHL0%.H50`>G3*
MN`C>XDZ9BM00/#QZ9X!YX[,)=AW>V<@N*D9?,J@`C+Q'R^'2N`2B,SQ6ZD4'
MTR,?\IBM:5RI4X!HFVR;602*$Z@*5I7["0>F`Z?NQJ9"C>=#3XY?9@'*WVT1
M*`]5>NOSZ^/7+KTP$HV\:=$4GSAZCYL@/$5K7+`0KN?QPWT&V[U;PEY;!I+6
MZ$64CVMQH8,`H);TW3[JX`<6VN9?IY%$+0U`T9,-)H"6737`8[NSW2("6)?J
MX?S$.`":@Y%LV-#]N`364%U=/1+$AF^4A%9F(/44>F1P$/[I=U.(]GME>\W"
M1+[D,L?HVFSVC+/-).Z%H8U0&JA,B[E=*@=:X#6/?+R+NGRBZYCS"62:>YD9
M[.S-3:;=;L[F*"VB<`#0#1F"U-,`4[#;(+!%6,`!10!1H`J/A7RP"B=0`-*^
M#5H/LZX!AG!JHH:4KT/G@$CK7/I0=*>5<!BP&2/Q^[^?`95ZC[1_+@)#9+^S
M1Z^8(IU^-:X!ZME!Z@&@\<_$X!^VS<=QV>[AW':=PO=KOH*F"]VZZGLKN`LI
M5C#<VTD4T99&(.DBH-,!+O[SNY/_`*PN<?\`E9OW_1^`ZMW0[DC_`."#S@UK
M_P!]N_#_`/#\`CF[I=S!\H[A<Z'0EARW?\^O_3#+`)7[I=S0N7<7G?7_`,+N
M0?;_`/+#`))NZ?<Y0".X_/!GX<OY`/\`\XX"/S=V.Z8<T[E\_`.84<QY$*#R
M_P#?CGTP&$]V>ZE#_P"DON!T/_?GR/\`[98##_>UW5_]9G<'_P`L^1_]LL`Y
M[9W`[V[W<+:[/S?NGNUS(P5+?;>3<LO9F8^`CMKV5S^&`+NZ]M?=9-PC?N3\
MLE[C6W"]OVY[S>4Y3RO=HH+FP61%96VC<-R>6\5G8?*8B#@*VPI4ZZ]"12G7
M+[<NN`<HHZ4>O4=*?SUP&?`)I^J_9_/@)GMW^K/F/_#KMM_V`[K8#__2WE]V
M+"R'=;N0R+^T/-N2R.1XLV\7A-<_/`1:TCM3G*A49`#2#JID#2HH,`_;:UC;
M2:I;2.85RU(&IE2E.GC@);!<0>HCV]M'&S:2%$:Z%`H"36I!*C\<`0MFO(&&
MB?;(;@T!U-$C`T`!/0$`D8"1/Q^TOU]0VL,:M^IH4`"M13Y:X!)<\4VY%_9Q
MVX;K50@R^T="#@&N/B5I*X]9HP:UHI6M!TR%<`]IP[:2@I'"[:>IS<GI5@&R
MP'9.&V$9#`Y@>60^S`<38[&'Y8X>AS.C74CXDUI@%*[5"*S+#2F1_9Y>72O7
M/`*8+)"Z@*HI4TT:?MKF<`J6W+.RBE5.=30=:94P'?Z-_A_QW^+`*8K5=.E@
M*DGH3_+UP&7Z1/+])_EI7`??I$\OTG^C`=19(/UR?M4'`9DA"`A:"N?C_1@,
MJK3/Q_1@,BH7-!3+SP"GT4^/XX#NMLK`D>'6I_DRSP';Z9"-0/R]*TH1\=/0
MX#@M%854U'@22":?``X#L+2E/RT_P_R<`K%I'+GI`TY5S%*^77`=7L$531"W
MRD@@$@'RZ4P'V&U8H`40+0]20X-3UIE@,QL@0,Z4\O\`8SP&:*T4%JT-:=0,
MOT>.`6Q6*NK'TRQ'32HIT\Z#`9DV\`@Z`G7KU'6F0P&.>PC0!@!\S&N0^WQ&
M`;+G;8Y8V"TU9D5'WY4P"6T:]VV9604CI5ZYG2.M,A@)C:[XUPJ]/E%&UT!.
MG+I49'`*FF6:K'/7UIT^[/PP"S::0+=*HH)E:-AUK&Q)\>AI@'B-8T@"B@*5
M&?\`5`!K4^1P"26X@0U=\@!F"I&9\Z^>`0SW\2T,4@IT-=)-?"F?2F`2ONZQ
M@@Z2VFJD??U^;,TP&%=[F=M,6IV\D1ZBGB:**X!]L+C>[I"B6<T@<D$O'5*&
MF1#TRI@.3=OY`YW".V]*5P/5@$A8$$U9PH0@,2>E<`W76VR.$LK6!O7+$/4A
M4AC2I=Y2Q"H@&`KOWT[W\:[0;--8;%<6^^<SO;>6+;X4+:VE-$$T8**T5K$Q
MJ[FA(R&>`UG06V_<RWV7D_+;N?<[Z]E>0B8GTX4)^6"V@6BV]O$N07QI4U.`
M)MG80VZ_LU*`*``0`<LOY#@%A3R_3_L8#'(NE&KF/AUP#-/F0/@<`W2Q4!(_
M+3.I)-3D?#S.`2E/+]/^Q@/JJ5K7QI@,Z1LWS"E`?'\?+`22S73$JMU`+&GD
M:?IP#K;4^:E:`>/VUP#BIJ*>0&`^FOA3[\!A*D=<!@E<4*9U-/LZ@X!$_3[_
M`.8X#`;>>Z9;>W@EN)9318H(WEE8^2)&&9C]@P!-XS[9^^O-V@.P=N-^:WFT
MTOMS6UV.Q5&(_:-<[S<6490+G\NIB.@.`MSP7^'%R*\2.?N'S.RV?4-3[=QV
M']Y3)7/0U]<^A!6F1TQD`]"<!;+A?L;[`\3T37_'KOF-XH4^MR:_GN+8.O5E
MVZT-I9L&/59%D&`LYQWA?$>)6XM.,<9V/8+=0`(MIVRTL5HN0K]/$A)`\\`*
M?=&-7M][K#_Q5N/T7-L?YL!Y[8/R'_;'^08!PB=2%7.H&`S8!.\7BOQ)J<_N
MRP$TVX#^[#F!\?[>=MQ]W]GNZI_GP'__T_0/W3XTLO<[GTZQR'U.7\@D.D&C
M:]TNVZ_?@(S%QR)E4O"5.66DU%/M/E@'9.+L(V:&,FM&44)^VM*9@8#);[%=
MHP(A<FO4*U!04\2?+`3K:-KN*BLTR`*:Z12F0^7IT&`FD>U,%%+V:C`$@R-X
MCR\"<!\_<0((:XE;*F;FE/(BF>`RV^RQ0OJ+ZA6M,_P^PX!V6!$`TTH!3(#4
M/MRP';0/C^C^C`??I`2"(_FJ*4`ZUR\//`<:$J0"&!\C_AUP'SZ=1^TTD'^M
ME]GE@.+`"257/Q(I7/[L!W]!OZK?HP'9(#J%0P&=3EY'`*UMT'SZ"WAF?YA@
M,OI$YA,CTR&`YZ3?U/T#`?/2+`_)ETZ8#&(51LPU?(T\?NP'=5J?E7/X#`+$
MC"9YU/GX?"F`4QQ)(#J%:'S(ZX#(+>,9"H'D"/YP<!E"*HH`/O`J?MRP'V@\
MA^`P&18_,4Z=*8#(``*?RX#[@.ZH7R1,Q^8@G/[1TP#A%"J9=2Q'4`T^'3`+
M%4**#SK@,L2"1PC="#^C/`8+C;W?\@RUY'X&HKG7`(6MXDH&+!NG7J1D:"GG
M@,,EBS4`8,,ZT%?TY8#!]`R-\L;$^8_DSP"Y+.X,:A"U:?EIF!7S%#E@%B6]
MVFAOF6@H0HKJ`_K5/PP'QVN).DA4!=)S.?7H.F`3FW+?G:1OT"GV`4ZX#X+%
M6_*A+$Y:JG]`H<`KAV*:X($2.2!G2-G6N0T@C(4P$WVSA[K+%+/.84&92)`&
MZ=&-:`'^3`$:UM]'IJB?LXZ+4@4H/#XX!KW;<UA,D-I(BT0F[NF*_3V<1J'-
M`:/-X!<J=3@-;GN2]TL?%6N.!]O#%>\AN#_IVZ:UE^E1U8/+,Z59I%<C1%5?
MCTP%#-KVC<-XW([WR?<+K=MUG;]I<7DAEFR^9509+$@)R50%'E@";;6D,"*(
MTT4SH,J>8^S+`.:QB0:C4'IE3P\<P<!V]!/-OQ']&`12KF1U"DC\#_BP"26%
M9%-:CY2,J`?TX!HD14;2!E0?'`)VB5C7,?93^C`9`H&5!^`P&:*,-4]*$9`8
M!X@`TKEUK7[B<`OC+`G2NK+/`.$?0_=_/@,H!)``))-`!F23T`'B3@"#QGL_
MW-YBT?\`9OA/(MQBE8`70VZXALU!(&MKN=(H-(KG0G+`6IXE[!.?;NL<O+^2
M[-Q>!UC=H+*"3?+^AHS1L!-86T+@95UO0^&`LMQ#V)]G]A*2\AFWKF4ZT+)?
MW/[ML2P'A;;:T<VGX&4X"S/%^UG;CA<8CXMPGC>RT"@RV>UVPN7TTHTEY(DE
MU*^7YF<L?/`3T`*````!0`9``>`P'W`<P'PF@J:`#,DF@`'C@*L>ZGGO";;L
MMW'X]/ROCZ;[N?'I;2QVC]ZV<FXW5P]Q;LL,5FDK3,Y52::>@P&AZ*,`A:FA
M/W]/\6`<%6E`!\*Y5P'?TW&9`H>E/YZY8#FAO+^3`3C;E_\`1IR\:?\`OZ[<
M94_\7^Z>`__4]3W<'BEO)S;E4Z@ZKC?MSE8_+3Y[R9LOL+8")+PU9"%U%*>=
M!7.IR\\\`]Q\=M+*!490Q*AB30L:95-#0$X#!+:VZ.=$2#(4J!Y4-?#/`98K
M)`-29%Z,U$!S.?\`+@,OTP\Q_P`:/Z<!]]#_`"__`&7_`!X#GH?Y?_LO^/`=
MC$--!2N7S4Z_IP'?TT_JC`=\!P#Y@P'S#H?Y<!W$9D-".O6HRRP'9;4+T(%?
MMP';T#_6'X'`<^G<^(IYY_R4P"J&)Q1<@!7YOM/]4_;@/K*P8U&53F.ISZT^
M.`S>A_E?^R__`!V`^F$GJ_\`[+_CP&$VX+Z2`?\`*H?\*X#N+55Z&G_$_P#Q
MV`R+"H/S?-Y5%*?I.`RA0O04P'W`95`*@T!Z_;@.U!Y#\,!]P'=$+L%&5?'R
MP"Y8(PH#*&/B<\_TX#*D*@G2"@_K"N?PP"H)7HM:4Z"I_1@,\<#."2=-#T(-
M?YL`LCB5`,@6%:MGG7`9U%3UI^G`='M8GS8"N?A3K]^`^+9(*E5!S\3_`(5P
M&3Z7_)7\<!E$$B@53Y1ET_#,C`=3$U349'RS^Z@P'$L6D_)'JSITIG@'.'86
M8_M`%%%8Z:$Z2:94)KG@)%;[#:1!2`6(Z5'3/,^-3@'U84B5-`"Z0*:0%STT
MJ=-`3E@%BQJ(VD9UC5<R6\@*UP$:W?D,&W6DUQ<7\.W;;%'))->S$*QTBI6)
M6((U#Q.`U$>YOWW[/'/<\`[:72M;J?2W;>@CMH=)'298WHHEF+`5HQ`P%,N%
M<@VO?[][F1C>7MW+)/-<.Q>26=G#%G+_`#9EOC3`6.M=N,4.M5%:^-*Y_AE7
M`+8HRS9C("IJ#GD<L`J``%`*#`?<!T,:-7Y15O'XG`(9(J&GPZ@=?\>`;9[=
M6#,M`:994^^M3@&UD*FG7X@'`=XD!)U+X>-<`NBA!S&2@Y@?K?T8!;&`"`,@
M*_R'`+H/S$?#^?`'+V_<+V+GW=?BO%.2PSW.S;K/="\@M[B2TED2"QN;A%%Q
M"1(@+QBM"#3+`;HN*=D.U/"D0<?X1L5M+&RLMU<VB;A>!E%`WU=_]1.#]C8`
MIHB1HL<:+&B`*B(H5%4=`JJ`%`^&`[8#F`^%@H+,0JC,DD`#[2<A@!_R'NOV
MVXI-!;<AYKQ_;+JYGBM;:TFOXGO+BXFE6&*&"T@]6YED>5P**IZX`@X`&>Y'
MG7(NVW9KF',N*3V]MOVT0[<;&>YM8KV&)KO=;*SE9K:8-%(1#.U-0(!SI@-&
M_+?<%WEY\91R;GV_W$#BAL[*Y.TV)!))7Z3;1:PE0?,'`"Q`TKM-*7DF=B6D
MD9GD8TZLS$LQ-?'`.$2#2"1\U?O^&`=8H%`5B0W7P_GKG@%?I!E`-*94%/A^
MG`8C&@K\HJ/'XX";;?$?[M.6_/F>==NS73Y<?[H#S\:X#__5]<'-[8?VMY%J
MS)W>]:A'0-<RD=10]<!&M(4?-4>0'P^[K@$%T"0`.I'C]N`:7A&KY@:T%<_Y
MZ4&`Y',D.H*>IS!#',9>%,!]#AZD&N>>1&9S\<!PLH(!.9Z"G7[\!]P',!S`
M<P&2,9Z_U5K7\#X>.`SK)J?2/RTZTS_EP&7`9$"')B03D/\`#/\`HP"C4D?R
MUIX^)Z_8,!SU8_ZWZ&_HP'SUDK3,#SZ@_<!45P'=65ORFM/@1_+@.V`Y@.K,
M%%2:"M/\*?9@.V`Y@.8#Z#3,8#MK/P_3_3@.P?SR\NO^/`9$?20R]1\,`MAF
M>1]+::4)R!\*?$X!Q0?(#\2/Y<`NCDAC!H6SI6H)Z#[,!D^HB\S_`,:<!F1P
M0'7H>E?PP"@=!]@P"^)51!559FS.K/[*9@CK@,Z)K-0JJO0Z<J^/QSP&=8D7
M/2"1T+9_X#`9,O(4\O#RP'46PE)(.FA!/B#7H*>66`<X8@"`@`7+X'5E3IX8
M!WBA"49C1A7QJ!6H\OC@.TEQ%'74P)7J`:'I7QP"=MSB=ECA1W)`H*5S`SSK
M0#`"?NEWIX/VKV:]WCF?(+*Q6RMQ*+)[F-796<*H9-1+.:Y`8#SW^Y?^(#S'
MOQR!^)]N+RZX[PY+B>RN;U56&YOA%,T:^BZ2,4AD`R-*D8"GO)=AW':;=A;R
MR3O,!-ZH=GD,LU-=2:U^8UZUP%PO:EVVW"[B@W7<IIW;U9/DE2H"N4RS&8`\
M<!L%WGC,>WV_[(`@J:UH2--/(?'`#YXBCE:]#XBA_#/`?0*"F`^X#F`32Q*:
M$ZCD>G\PIUP#7(A:M10>70TK^&`2M"*?+6M?$X#'Z+_#\<`I1`@H*]:Y_P"`
M\L!W!H:X!5;U9@W]5@3]GPP%H_:9_K[X)_S1N/\`V*O,!O*P',!"><<GWSB^
MV&]V+A.]<UNM+GZ'9KC;;>1"H&GU#?74+L&/A&KG+I@->O<WWB=[=BN9[*T[
M;+P-15$FY)MFX7]T*$@O%)*EGMTE/`@2+7SP%->8=_\`O/S$RC?>?[[);SLY
M:RL+A-JL:-6J+:[;':Q!*&E*=,`+.,1R7',^,3RRRS2OR39&DEFE:1V;]YVN
M99R6.`]+N`K![R`6]NO<$#J8=F_[.[;@-"<=L&IUJ*:LZ4)\LL`O6%010FO@
M:_XL`MAA+-4UHO4CI2GV8!SC0!10G+I^-*=/+`*?1?X?C@.RPY'56OA3_8P$
MVL(7_NVY9T_[N.WOC_TA[FX#_];UV<ZTCEW("Q(KN=Y3*N8N)>N?C@(:Y!&1
M\#GY8!NE(0$AM=!7R^ZN>`;;A]2LU*?E\?B/'+`(,!]!I_AUP"I9%?J`#7+Q
M/W9"F`RX#X2%%2:#`8WE4`::,:YYTH/P.`Z>O_D_^S?XL!]%QD?E/W-E]^6`
M^?4$=%I_Q7^+`.,<P(`84R%*9UR^ZF`SX#*JJPJST/EURP'1@%-`:C\,!U\A
MYY#`+8HZ+53J!\>GX8#,$/CE^G^?`??3^/Z/\>`2W`H`.HKU^-.E/LP'>-@Z
M*P(.5"!X$94K@.^`[A#XY?'+^G`=U72:UK]V`XRZOA]V`^HA!H,R:4%,!F]"
M7^H?T?TX!5##HHY)K0@KY9^?W8!:K@"ARIG_`(>6`[,*CK2F=?LP&-9/OSZY
MY?HP"F.30P8?,,Q2I`P#LCY!LZ%0:5\P#@%D4I7,BM:=3T\_`UZX!P%TG0`9
M^1_^-P&03`D`B@\Z]/T8#)ZB?UA@,L<Z)7-36GZP'2OV^>`X-Q12-+,`#6FF
MN?P.`ZS;LY/R%GR`(TDTJ<JY'QP'WUF,#W5W*EK;A-3-*RQ"@^6NIV10"W3`
M:W?=Q_$>[3>WS;-QV3CF\;5R/G0@`AV:SOX9[J-FZN88B[HJTJ20!08#1KR;
MOKS#W'2MS'DN[SS6,]Q(G[JAD<VT,#2,T:21N`7D1Y.M:98`4;?M[V.]/%;0
M'T_7+>I&NJBA@5.0ZD8"VNT;&=XL+8W2$%VC>,,OSZ-*DU0TZ4P%Z^SFY[3Q
M_;+:VJ$:,!#\R@EA0$LN5!ETP!KW3D%MN""42`*:!06^8Y]-.6`@5ROJSLRU
MTL:U(Z9_;@.GH#^L?P&`Z"$EB#4`=#3K@.Q@`!.HY#RP"?`))H2?F%20/`=:
M5_FP"-HVIF"!YTZ8#XL3C/237X4P'UH7:F1%/A_CP'41,&`H:]:4_P`>`60Q
M%:G.K=12E*?[&`-78CFNT]N^Z/%N7;ZET^U[3-<M=BSB$UP%N+*>V5DC+(&T
MO*"<^F`W(\6]Q'9KEWHQ[;SW8;6[G*I'8;S>1[-=M(U*11Q[D;99I"30!"Q)
MP!D@N+>Y19;:>&XC8562"5)48'H5>-F4C/`9L`EO+*SW"WDM+^TMKVUE%)+>
M[@BN()!Y/%*KHWWC`5_Y;[5>R/+A-)/PZUV>\G=I'OM@DDVR;6Y)9O3B8VK$
ML:YQG`5SW#^']L]CO.V[UQ'GM_%^[]UL=P.V\@VV&Z1TM+N*Y:.._L'MG5F6
M/2NJ!OB<!L6P%:/=^"?;WSX`5/H[/E]F^[:?Y,!HA"$]<OTU_3@%D<-2-=1F
M,O,>.`<$0*-*"@/@#U_$_#`*XHB"#^L0<LL`X&-D52RD`@=?.F`XR,E-0I7,
M8":V`/\`=ORHT-/[;<`S\,MB[E?TX#__U_5WW!Y/&O,^20:D5H=YW",UZG1=
MS+_-@(BN_K*/\[&OAXYUI\,`J^H#)J#ZE(K_`(LZ8!)))J)H:*0,B?L\/M&`
MP-+&@JS@"M.M<Z$YT^S`)VOK=:U?I7]'WX#K#>QR.`KY]:T%/LJ,`ZQS#3\U
M:U^'3SK6E,!C=RQ.9TUR&`3L_P#5/VX#J'/B<OL&`[E\C2OVTP'U34#SP"Q9
MD`6IH<O#QP"M;A`K:I`32HIX9=//`8?7+*6U-3RRKE]^`^K,2,F(&?4C`*(G
M))U-T%14_I&`=H)H]`4L`5'C2AS/3`=VN85-"XP'7ZN#P>OV?[.`2W%S$1DW
MZP\O(_'`<LS6,D?UC^DDX!8`>H!_#`914K\<_P#%@.I+CX_8/\6`R8#Z"000
M:$=#@,GKR_US^C^C`=XYV#5D8E:'RZ^'E@%'U,?^5^'^/`*1(3F&!'7PP'<.
MA\!]HH1^.`SQ%58:EJN8H!Y_#`.8*T%"`*"@RR%,OT8#-&U:YUI3R^.`R`D&
MHR(P'&G*?F<@#J?`?;@.GUB?^YA_A]V`R+)(^:!WJ.H\1\.N6`5P;=(P+W+K
M;QY4+R!"2<^A_P`,\!%^2]Q^&\-A?U[Z&YN0A_9))J.O-*$(&`^8=?A@-7?N
MZ]VW+H>,WMKQ&,VAE@>-)5:0%$#H2U-(#,!F/C@/+-W5FWO=>7CENY3W6X[P
M\BKN$LC/.9HM?[216).L!210=.F`MOV2EL;OCS;79OZ;R1R3B,$ZB?\`.4.0
M`*@=/#`6NX#V[O;R07TMNYC>)OF"UUGHA);/)<!--XW/^RL"RW+K''$H13J`
MH4J""N1!^7`*.!=R%WK=@EI<ECZI"*C-H.G2""*_'`7GV87364=S=?FK^6IH
M:@4)J//`/L9)45-2?C@,F`Y@.8#!)%7-:#+/X_A@$]#X@T^S`8FCU=`*4S'^
M*AP'<)0`:?T?XL!W:'3U`-?(?CX8!/Z9K7Y:^?C_`"8#NJD&IITP"J`9G[!@
M%J#J2/*E?YL!-..=P.;\1D27C?*=ZV@QD%8[2^F%OD0:&V=GMV%1T*D8"T'#
M/>]W/V!%M^3V.T\SMUTCUKE!M.Y*JY'3=;?%]/(S>)DA<D^.`LUQ'WQ=LMX$
M4/*-OWGBET[!6D:']Z[>A(ZFYM56<+7Q,60P%EN,]U>W/,=`XUS3C^ZR2`,M
MM#N$,=V=0%!]).T-R&J>FBN`(&`Y@$>X;=8;K:3;?N=E:[A8W*Z)[2\@CN;:
M900P62&57C<!@#F.N`KES3VC]D.9+<2_V7''=QG&6Y<<N9[!XWK76+)GEVUS
M\&A(P%,>\'LG7M[Q/D'-MAYL^Z;=QZR;<)]NW7;%M[UX%>.-DBNK29H)9/VE
M:F-!@*(Q_P"<7[?NP#F@^4&GWT^)\<`\``@5`.0ZBOA@/I53U`-/,`X"9V*K
M_=WRD:13^VO`C2F5?W%W(%:=.F`__]#TN]S+Q?[P^8QZR"O(]X6M:U(O[@?=
M2F`C<$P-']0`J1IHW7XFF`=OW\570DBET&DKE34#F!\*8#LNXW<P,F0%,\NG
M@/'Q.`5(\\E/4/R$!ETFAJ:4_0<`WW\P1P@(U*@.?7/K7P\,!]V^Y=I**IS-
M,N@^)/WX"81.716;K2F7P_GP'&EC4Z6:C??X=<`B-T]31EIX9#`?/J9*'Y@1
MXY`X#"NXACI$@K6F:@4(ZUJ,`JBN&+#6RZ".H'C]HP"M)8V8`,">M!7PS/@,
M!WCG5WD74"J@%:`C(#YJ_8<`JC`=E'@V?VBE?TTP"E[?Y-2+XY'5USIXG`8R
MTJ`5``%`.A_D.`^&>0,P!``I^D5P'='E<@]16A.7^S@%#?J4^.JM.OA\:8#%
M,I8*%S\3F.N?G3`.VW@K``<C7`.2$`&IIG@.^H>8_$8#A-%J*'_"G7`8@QKE
M3YC_`(?RX#N@(K7X?SX#O@.8#F`R)(Z`JM/GR/Q\*=<!EC$\?RI&<R,BOCTR
MP"E!?%OEB(-#^J?Z<`IA2_=F#HPH*Y"F=0/Y\`\6EG<%2=:J2?F!TU^'7X5P
M#DEO%3]I*J9@`ELC7XY`8#%-+L]JI-U?6RC\QK,OY`*Y@5H:X"%[KW&[>[&D
MLMWN=J6AJPI+$-5.J@%P6-<`$^1^[KA>V)=6^T(9[B!]-4,9T&N=!4U)7`5A
MW_W8<JY7>26%A)?6=N[2*65$10E#I&L'Q.`CMC?;EO5PKWEQ/<^M5W:1V:A8
M:Z$DFF`CW=/MU8\BV<VD]O&T<L-!(0:1NPI5F6ATDCI@-*??WL?R;M%N!W#<
M+2*ZXKN=XL5O=!"S;5>2D&`2>HH7Z:\-1D3@"A[<>V@Y//:R[9;!/FD/RZJ"
M1P==0.BL:_8,!L\XWPEN-VL%E/`JSJJE*(U"M"&!+C.A&`"??SM?=;QM375E
M%Z<9A;4J(160:CJ^4"A:HSP%9/;IPB^VCG,T>Y)(Z^I+HU!@@&I"Q6N5`1@-
MITL@AM8TTT&D%<OU1^6I\16N`PQL?S&F0JM/$_IP"B.1V8`TIG7+X?TX!1@.
MVEO+^3`<T-Y?I'].`Z$`@@]#@.HC134"A^T_SG`=\!S`)7B-?D%1]HR/EF:X
M#ZD1K\XRITJ,S]QK@%L:9::994_3]^`SO&\=-0H#TZ?AEY8#I@.8#X0#UP&'
M4\;B2)Y(I(R61XW:-U(\592&&`*/%/<#WBX5Z:;'SK?#:Q4I8[G=-N]EI6E$
M$.X_4>G'0=$*C`6BX5[_`'DU@L<'.>*66_(,GO=FF_=5Y2OYC#*)[60@>%$J
M?$8"U/$/>3V2Y2(8[K>KSBU[+I!M>169MT1S0:3>VSW-F0#XZP,!9'9.1\?Y
M+:B]X_O6U[U:FE9]KOK:]C6HJ`YMY'T$@]#0X`4>Y0T[$]SO^#,_Z;BVP&AA
M6H:C.A_3@'*"1F3344)&K(=?`9TP#Q$937U``*#3_A4X#-@)I8_ZN^4_\-.!
M?]@^Y&`__]'T?]TI#:]Q^:U(U/R7>FIIK1?WC<4(S^.`@YO62GI')NO49YFF
M5,J#`*X3(]'5:L`&JJ^9((/A@)5:,Q0!FS`&72M:]17JN`<C?)$JJ1F`%\:F
M@I7]&`;?56=Y'-#4^/EG3KX4P#MMH"KJ``S`(R`.0))^XX!XNKXQ1!E55S`^
M7[^E/.F`9+F[:0HRLVHK\V9'7PR/PP&'ZN;S'X'^G`9#/-0C70$$9`_9UU8#
M$J.?E4:F)J,CX@?'RP#O$LL:JI`(`\*GKGT\\`XP1,QJ=2?+6H^/A\,`J2%4
M#`&NH4J:5I]V`6Q-ITTS*BE/NI@%?K2D4T&GE\U/PP&0H9%`H:D`D`5(_P`#
M@,L%H3JR;J.JY_IP"CZ,^`:OA2@'PJ!UP&6*RDU"JDM7Q/RY_#I@%(V]R:J@
M)'6@\_OI@%T>VSH`0R48`T.0!Z_C@,RV$QZM'U\&'\E:X#O]`X.;IEX'_9P'
M#;P#\UR@R/R`TI3J=1^4TKX8#[Z5KU]9!E7\R?C@.ADV[,M=`!>OSJ`M?LI@
M.HO=FC!5[RW\P7N(PQ!'A5J^&`23;_Q.W%9MWLT(-"IND^SKJ-<!&K_NCP#;
M"R3;[M*^F#4-=P%CIZY,U?'`,=Q[A.TNWIJNN1;+$XZ$W,5"1TIJ!^;[\!"M
MT]XW9S:]7^^/:)73]2*ZB:0']74`'*U.`$^\_P`1/M)83BV@W3;IIBWI^E]2
M/622NG3Z=!Z@/@5&9Z8`;[O_`!,^'6UV-OL_IOJ#$742-(I`%*NZE=2*M1JU
M4ZX`?WG\2'<+\AMEAV^XMW*@74%RD\6F5B(I08I&)B.GKTP$/G][/.=XF9+F
M>/;K7UF194#Q12TK3TKAI1%&[4K1B#3PK@&B;OESC?WMOHM\CE^N:972XN9$
M0,C$LFM9`K4'A4$GI@)!M5Y-N6UR7^]3W,[",22M$97$5:>L8U?U)="-7IGE
M@'[9^/[;<1SW5OJ:WB82,US&T;3)(H97/U"*XH#GE3/`+;+:[129%M3;QA3&
M/RE6J/S`Z::L^O7`$_BMJL4P0MK1LE4,33Y?UO(Y8`C;YM*7.RS>F3ZU/E`I
MGI`-2*9@U_1@-;GN=VC=.5]O]YX]NZ.ZP)_HUSI0?LXV9UC#-5E:,JI7PKTP
M$J]@G#X['9["^O8FE=IYHV#@%08(UCJ?EK4@`YX#:IR+@>Q[E:VUVB%)H5KJ
M1D'RD5*E:9U.`#'..+V/[DDMD6N@,-)(^89CIXY#`5&VWB$>S<EBW&.+0-<J
MZ<@#K)I6E"2*8`TWS`QH*C)`HIY9TR^_`)+=F9NE%5:>-,`Z1)DKU-<\O#Q&
M`SX#NKD4'4$C(Y_AY8#+@.I`H<AT/A@.@2HK7]'^/`9-(H,AT\NN`Z.`*4`'
M7^;`8\!E4#2,A_@<!(>.;'NO(]SAV?9-MN=UW.[JMK8V<)FN9BBM(XBC&;:4
M0D_`8`GMV)[P,"#VXY4<B,]JF-*^66`CV_=HNX7%]NDW?D7#^0[/MD+QQRWU
M_8206R23-IB1I&%`SMD/,X`<2Q&,G(E13YJ99_'`82*]#3`8&_6^_`-S=#]A
MP"9C0&F9\!YX#OMFV;EOFY6>T;39W.X[GN-U':6-A:QM-<W5U.X2*"&)?F>6
M1R``.IP!<VSLQ[@MCO8MPV7@7/\`:;Z`UAO=NLMPLKJ.O71/;O%*M>AH<Q@"
MOO?*/=IMW`.2;#S/:>7W/#+W;9+?>[SDNS-.;.Q:2,M-^\Y46YATN%`+.5'E
M@*G(V=!2A)/Z/\6`<[<A0HJ/F(.?ZO3I_+@)"O0?8/Y,!]P$TL?]7?*?^&G`
MO^P?<C`?_]+T4=V+CZGN=S:H(]'DV]1L`2`P7<KE12AZY8",V\0=344I0"HJ
M:?C@)#;Q+`BTJ2RU).1(-:#[`<`N)=`612QR-!7/IX_`8!,4FG<'TG.DDD%B
M/ESJM0>M3XX!?!93LP71IU`%0WE3*I'C@)0MH8H@J`K49DFN?GYT`P&.YMGG
M*Z7"A12AU9T\:"HSP"==NS^>>,#[2#6OQ%,!V_=\-36^MQY"I/XUP&?T=KC-
M)+^,D]/G`^X=*X#)'>;';$*]["<ZYL*Y@CKU\<!V;?\`B\1/JW\"@=?VF8)S
M^'G@.G]N^%P`>IN,-.@^<U%.M3J'3`=)>YW`("I?=(&&62N!EXEJ,V0_'`-\
M_>OM?:&LFZVRL,P/4!%*9'5KP#-=^YOM+8J4?>K==!S`T-3*OYM?0U\L!$;K
MWD=HK0FN[1,*_+I](&F=*U89Y8"+7/OM[36S/IO\LJ`(C'[,I,!#MT_B*]J-
MOJS7&M@M-&F,4.>9/KKG@!Q?_P`4OM/;DI'(6D6HZ1`-ED/^6*T'3`0;=OXM
M/;JT4&+0&;4*+H%*?;<FIP`[WK^,=P>Q;TC^S<:6(HA.AOUV_P!(IIIU\JX`
M?;I_&GXC:EA!-`=(#%AZ.6HE0/\`/&E3Y8`6;I_''V3ZQ[.*^"7#`^F&1'C8
MA:A`XF)U$9CPP`EW_P#CJ6T'JA+Z0JB/71;H=+"5HZ&DV7SIX]<`-)?XY6]7
M[W+V$^Y1V]J`LLIMXE5I2-1CC5KFI)6E*TK7*F`'>Y_QO.87D<TEG>7RHM6D
M#0PNR`U^7TQ.0Q+4'4`>>`K=S[^./W1V]V2T&_2:JM&T<EJL89P"H_9W1*>'
MRU)&`J[RO^.#WXW"0PV+;G$Y%'#WJAAJ%?E596`T^-3@`1RC^+%[@=_=B;[<
M8B0[22C<FB<`A03&([IB[5Z`J*X"&O\`Q%^^>XA8YN7;CK$M);2Y9X]<;H"H
M%Y!0H*G,,I^W`+]O]UW=2_DMMRNN>[S`))7W']V75Q.T5\C(=%I#-`)Y-$#D
M%3(4;R.`/G#^\?*>4R6]Q<[)R.[W"W5;L;I'/=VNY02S-J#V@,DBWT!0C.2)
M]7B/'`7`X[R2YWO:[G<MJNY=GWK;[6&?DD?(?JK:VNT9$>&._M+>2[242>F-
M4L<:DCJH.`+_``GNC=PVLZ\CLMP(NI8TN+O8]QBNN(2P"-M<%8G3=-KMR""@
ME@4@>`-<`9^(>X!+6[OMDL^);JEA###=6LLD^V7EON)@5BDG[>\64IZ6H%?F
MH%4_#`62V/N/87>Y\<NMGVJUCLO4MKZ_CELI;/=8A/"7D:VM[66X@GM(GFH[
M,JGH1E@+=[);;_?-+(D,JV^X2!XEM[YX]=O+&<HD+H(RT;"H*TK\<!8/:;;=
MAM]M9B`-%;6]+GZV<W,R@Z2071:%R`!GE3`$S:-LMKS:3Z]N9']9HP8V"HN2
MT&DT)KYX!^XML3PNT8J&C8YDEAHZ#,YY4P$^WZ"2+:ID12K"/\U?CUS^W`4/
MYQO%C+N5SL/(+4R)N($$3&(2(0[4H0Q`!8^-*C`60]OG#X.'<7+S0F)!N-ZV
ML471'(%>W557+_-LIK\<!'>XONHV;BN^3[*EV-*RLB)05"Q'0X-7\&%<!%]C
M[Y6/,KEEJS(V2`F@ZC2**_B<!,9DMKI/55`#4.I`%<\Q2E<P3@$=R:Z!3SZY
M]/Z:X#+;?D/VX!RB?()3I7/PZDX#/@.8#LK$?97/_`X#*2"I(KT/7[\!C3K]
MW\XP&7`?"`>N`ZZ!7X>7^/`9XHO4)4$``5SJ?'`64]J\2IWPX5I`!$]_4YY_
M[F7F`W48"L/N^S[([V/^FFR_\]X#3JZ"FELP1]E?P^(P$CX/V^W_`+C\JL.)
M<8CLSNNY1WDEJ+ZY^DMBMA93WUQKG*2:2(+=J9&IH,`>W]D?>\@Z8.*U-<_[
M0>?P-G@!;W0]M'<WM/QH\JY7'L2;6+R#;]6W;M];<?4W0<P_L?IHOD_9&IKE
M@*VZVU:J_-YT'^Q@##[>F)[Y]K`>O]N./&O_`.4(,!Z#<`"O<U_J$[H_\&)_
M^>;;`:#X#1`1YG`+H35D)\_Z<!);5F92":@?*!EEIH/+RP"K`32Q_P!7?*?^
M&G`O^P?<C`?_T]VG>OW4]E.,=V>XVU[AR#:(=PVOFG)K"^C>ZM3(EU9[Q>6]
MS'(K2*5=)8R".H.`%<GOC[$V41;^T6U,-5=1N+95`\<S(Q)J,L!%=S_B+=B+
M0_+R';G^8HH%U;ZOE-=0!DJ4/G^&`@FZ?Q0^Q6W:Z[[:,5K0"ZMQ4ZJ&@$AK
MI'P/3`0"^_B]=C[0,$W&U<*=`I>VVIB#2H`))!I7`0K<?XSW:2U)%M=6S,H-
M0;^"BYT&8!IETP`MWW^.;V_M]:6LMJQC8T)W*-17^JP`^<'X#`"#>_X\.P0J
MWT\NW*=1_9/N<2TJ?ZM":X`6;I_'9GFJ]M=6*!RVCT[Y6)TC45%%%10=17I@
M!YN'\<C?IG:*QW3UCI)?TKC7H``U!@BYD8`<;A_&\YK(X$=_?."0!)!/*RH2
M:5D<*3&1\:8""W_\9SN1>R2^EN6[H173&U[/"S$]=#$`5(Z9X"(7O\6GO'=N
MB)?[R!,K21A]WGU*`NK4T:FN8Z4R.`C4?\4+O)N,LJ_O'>8VH=7J[M>:<C^9
M=+?*K5^7SP"FV_B&]ZMU6<+N^Y*P.:MO%TM$K34I+9U!K@(/ROWW]ZTV^YFM
M][N:0!P6;<[H%G9&((=B=6:Y4KG@`!#[ZN^FYF%6Y1?*SNH<F]NS&*FE&)8+
M7/`$S;?<UW:O8E:YY-?,2M0Z3SR1,YZ%#Z@_,?LP$JC[O]TI[47D_)[R+3(D
M>AMTF3U8V'[5M#D@E&-`/#`0'D_<#N%<&73RG=GUQ:QHNIIHC4,=3%)1H*CQ
M\,`#CS3FDDR1S\DWB17<U$5[<O)'6K$J))":-2E`<!]O-ZY5N$36S;KNHH5:
M&1MREAN3E77$I?4C#Q#$UP#.;[>KF(I>W=Y?S0LWI723SFX2@*^C>PJY)C:N
M=2*G,8!HGLMRA,,SR7#B\:*P,'K2>K'2XU2R`-5518CE^L:C`.-]Q26[N4OK
M""]:97180KR>I]2WR*KMK70E$U$CY2*URP#3O''=UN;:+;Q8?331HMS>;Q,0
MBV[`EI/3#@-=7`<?(%(9>N`S2>AL^SV^W[-NJSS>@4W&]N9F8SS29Z2\K((I
M"S'4Y;/(5P$3W'=)+C7!N!V^X8Q1VUM'M\$)B_,!*UQ<0HVI%C!"`T&HUSP$
M0N>!2\AAB>UDV_:HZZ66^CA@N6#,`3&"S$%5)HXS/PP"^R['\74@;AR.XFGH
M6$44),>L9&+U8V,C*>H(+#X8!ZC[2<<'IV]OM<&XJJT:\1@D\KU_*IN)V(DI
MD``*_;@")QKM5M5G),+3:;D-*T4<D8]"YNXEJ"I0WMJT9D#5R!-,!/[3MG<R
M7:-M_%'W`I(Q$N^WH^H4)19";+;(4DM5S&<-,JCQP!]XELS["FF\*Q;LD+7%
MCMFWR[L)A+"C&/Z,[A#)>3FH^2!&(+4RP!5X]S3;I]LM[3E6S;C)NCW0C;]Z
M\5EVUH[-V90)=YOKA8U]9-.J(J!]M*X"RNQ;YMT6VK]7QK8([&W,";?_`*3M
ML5Y>,*-`C6/J3,\4*BAJRL_@,\!*I>0G<-NGGV/9;2R#W,,G[M2WVEKAZHT,
MICVFYM!=Q6\A!+!9/F_-3`3GCO)>9?3V$<*V5G%%&L;75K'!L?(K1(PKE+))
MDB]5/V5*U`/A48#8-VM[Q^G^[Y6WS:8R6CTVNX10P7WU,0*S*\TEQ$DDD@/S
M^DA#-@+5<3YE?;A?+=S;5O4D=X\SE[.],&VRE@?2(&E@L,8\*U\,!:SBL'KV
MT`DNEMHC$']-*&-BR@H`PRU@=6\<!+MD6XM+]GKZZ/(ZU1M0":#0M2HKG^G`
M2[>(S<V4B@.*)J-0<F%?&F8-<!2_O/Q&.:.SWZT33=6$\)+*A5F7U!JU4_5I
MF?MP%L>W^Y0;AVW@EFM6BN&A*2*6!,HBB0>K&=()!"`?;@/-+[H.:[C8]XM[
MCMMPNI8(=UW)`C2LA4/>N5!C#D!E&7V8`O\`87FN[;A?68,LX7U(Q^8MJIH!
MK6@;`;@N(":\VF!V)#>FC?,".J`BOQ.`[WB:)@N8/B"<@:^&`S0^HS:2%`Z]
M3]F`<HU*J`>N=?Q/\V`[X#L5(ITS-,!P@K3IUK^%/OI@.,Q8U-/NP'7`94)-
M0?"E,!WP',`JM?SM_M?YQ@+)>UHT[X\*'G/?_P#8R\P&Z3`5D]W?^I+?/^J>
MR_\`/>`T\DT%?\.N`L=[1\^_?$&\?H^3C\>,[K_1@-R>`IE[Z_\`4>_PY3LG
M_M-W@-+9Z'[#@#![=O\`7EVK_P"&_'_^R$&`]".`!/N;R[!]TC_XKW'_`#Q;
M8#0-"S%A3KJIXT^_\<`\0E05))`%?Q_HK@'BWN&4$Z14YTS(IX??@'1'5Q53
M7I7X&G3`3>Q_U=\I_P"&G`O^P?<C`?_4\_'O]]S_`'>L/>_[P=FLMYDMK';/
M<SWPVNQEEE9((;>R[C\DMK>%%C.J8B.-0!F1\!@*3;M[I>[,T!MI.3SRWTK?
ML_3N*6UFB9,\BK(835A0"1@WC2F`'6Y]^NY\W[.+EFZM5G^INC=,L;2L09#'
M(Y4"-6Z!!0#[L!`MS[P\[F9S<\OW>5E'RL+N8HM0%(THVEA3SP$5D[E<KEIZ
MO)]T8G4S*]W*A?5ED]0B=:??@$)Y]R:K5WK<56AR^MD=<S0U.NA_FP"-^7;P
M:Z[F>134%I9927->J,'.JOC0&F`P#D5_(!ZCRHE>C$R!@#EDQJ"?AG@'&RWR
MY0Z8[B374BF89:BI.FH\!U`I@'N'=IXV]2.YFC:N;B1@78C/YE0#IX'`/L>^
MWAJRJFM:C6989F<D',HQ]6OQ`.`?;/<3<2B&5FC>H**EO)(_Y:LFF+6)$:OC
M0X`G;>NF6UEDMOJ-49B)5BIA*_.*1NP;J:9UI3`+[2=!/,M7B*M1UD!.J,4+
M9I4.!7(X"566\&.1VM3+4QHI`!$86JU*^II+-Y8#MR'=3?;?-;!B+B8JH8NJ
MZ%S.N5-!30@SP`MV*WNP2S`.\=QHD:H5%8,14?JTP%D^&_(%6YD#(S*!$%8*
MK$`-J`S^8G(UZ8"S.S[;%/9RVL(0"-1,]*RSF-\@44DJ%)\>N`R;SPV2WM$G
M-NTL<A6!;B$,)E$RDI')$5'S9&M#@`UN7;N;ZA9(TD"H@<ZM(T4;(J`=18C,
M^0P">SXQ?B18O03<88V1/6MTUW$+NW24C5Z@4'KE3QP$L7M[:6P:921-$T`"
MLM7$<A+S,\S!4)6M/'3@.F[KL>U0VUO+;[3+Z0,ES/-*D[RS'\S1B%J^H=(.
MH_*<!$K_`)WMUK6.QBB"*/45Q$JL\B)Z2DM1J(JFF@98`8<B[A6Q5Y]QO8+6
M,([:Y)3&J!<R515"5H,AY],!7;?^Z.SW,CP[8MYN*:J@B,6MJSFI+-)(@9R:
M=0<L!!I>>[W+,);.QL8#;AF20*S45`2=<A`C.D]:C`9[+O#R?UD_W)M+JWC*
MB6X4NNE:C5IT:A1O.F7V8">[5WXL;;TEW/8;N-H"6>6&>&K!B0`FI4?\K9@8
M`P<<]P/:61#;[O-N6VZ"K@26%XP]1^C/<V\$\;*#UZ8`Y<1[V]C8IO5AYCM]
MI=%@D45W-Z5O/(XH[2IN-JI1@,P-5"<`>>-<][:PDW<&[;3-<;BC)%*)K2.R
M5I&`]2)/6661J]&0Y$UP!NXWM/`=WO[3>-QWQ;J:PCC6.TMMW,.F5']17%)G
MD8BN889CX8"RFU]KNUO)[BTW68;;<7.J-I3<7+7/JE?EDBG@9RID6-12H%.N
M`/\`Q;MKP=)(?[.[!9M%!*9'MY5M@EPJB@*:IX?2)(ZDBF`*7&NW>Y;G=WQO
M+W:N,;<[B*WVG;[';9YW`/YY;V9YYDD'YB#\I&0/7`2._P"QUY>EFEY).\)D
M55,4,\4_TT1($<-TTD%K"'4!A0,IIED<`^[!VEM-GW;:+JUM]UW.VMI5TR;U
M>0/IN&D%7MC&PZUH:*<L!?#BFT6^T[7#+>2P6Q+?L[766C()*A6S+:^E*4P!
MWL>01"&.&W*,T<:(HC!TI\E,U'0@X`H<3N5AAT7#LTCL)3*5))#(*H!F:`TP
M!4CAANK662NJ,H0%TD&IZ`@TZTZ8`9<FX9!ONQ7L)B7U@6$:5`)4FE#X]/'`
M/VR6UCLG:J6UNW1-RVT20UC`1@!)J2I%&)],BISKG@/+I[A>,W-QWBY1+<,9
M!<;WN%Q%J:H].:Z=XU4UR`4Y9X"TGMFX5Z][9JL?S)*A.=002A)\2,L!N6V#
M87L-EC_9`*L4?S*:5.C+/S\?'`0V[B)N7)<DBGA7H3TS&`S0?F^W+[/C@',`
ML1E04ZT\O'PP&0H*4!S\_/[/(8#&0WQ-.G7]&`Y1CU!/W'`=<!\)`S)`'QRP
M'=&"C/.IK4?X>&`R!E/C3[<!]J/,?B,!V5BOS*:?$'`61]JTP?OEPA>A$]_U
M.;4VR[K_`"8#==@*R>[O_4EOG_5/9?\`GP8#3P_Y3]W\HP%C_:-_KZXA_P`R
M<F_\V=VP&Y/`4Q]]F78YO^%.R?I6[&`TN'H?L.`+_MV('?+M57QYQQ\#[?WA
M#@/0E@`3[F_]0?=+_@O<?\\6V`T"0,%))S\A7H<L\`Y0OK!(J`#2GW?X\`XQ
M2"E":$?K$TR\NN`6K,R@`,PZ5(\>F`G5A,_]W/*CZARYMP#.OGL7<O+]&`__
MU?,[_$=L(_\`V.CWCR"VFEA3W/=]KB555:/.>Y?)2JSSL-:PA1JTJ3EX8#7C
M<65]=.6CMV-NC5B$5OZ4;JQ)6D:KZLJ`D_,:CI@(]?PWZ.\4EO(Y;+TC&[:0
M#D3\GIQK@&9-IEED#M&%+$Z@-#BO0CI(*J?//`.T'%);K7%K2C*#'^SE8&A7
M\SMI0!?&HTUP#I#VRNY#ZFM21\OIP,C#4`#\S`A5U!O"N6`=E[7[A%"T\EN5
MMU`!9YY0J%S2H)5<Z^1.`9;[A$5F`9[NU3Q*&0,:USIJ`(.`C$T>T[?+'%]=
M'+05.ET8>/YB*$D>6=,`K.Y;6GR"Z"*QU@`>DNH#S4`UP"M-TM"%$5T@4>'J
M5.9\?F!T_#`+X=[N+7_-21']97,49=3T&A\Y``?#(8"1V/.;B*99)SJ8`*1$
M7C5U`H-2UHQ\:D8"5+S6*=%,;LH.H2*NCU*./RIJ)81@=<^N`?K#D7U=MZ<<
MBPR(54^IJKZ6H58C,$L.@P$O=GFC*13%H=`UNI=YM.6OTF*TCJN5<J#`9=BL
MUC<L/F$SL0@;6Y<,&#>FQU$Y?>,!8SA&VP3,3*A61J25?U@&(%&],#\K`GI3
MK@+D<.V""[MK9IK**&:V+D3/+':M<`T"J[2T9TIT#?A@#3MW!;:_1H9K*9&T
M/,+JT!%LLHT(@C]*8)+<T/RU332N`B_(NTYANAZ4JW"L%26&X-JKDJJT,?TV
M@5-<UT@GSP`ZNN$3<<CNKE)$LK616/IR1W",QSU/'*S*I.65*X"LG<#FR;9'
M*\$LC2@>BLTJ*FI2&9?EH6!RZ]3YX"IF\\YN+FX<75W$E?VC#U&#'S*$L&8T
M%#7PP`ZWGN&MNLT%C$)Y'7TU<%3GU5WJ"=5<`+KZ;>-[<7&ZW+M#J.B!G811
MBM:!:Z267S'3`+=LVL[A/#96<*JKNGJ3,O0+0NJ'/4Q7I@)UR+A<^S<0W&[M
MH!$A1`\DAHSQN?G()7,`9TR`P$$XK9HD4!6WDN[5TDAF,!!U23HR(C,150TC
M`5&=<`*.6M>6VX36TT4]LZ2*J1HNF-E*T;,:27#CQP!8[<;7:;]:W.WV_;[=
M.17%S83Q1WLEW>QS6EZ;=OI[VU^F*6A6WE^8I(KZU%,`Y0]IOWKZIFNDVBYA
M:/7!=P7<1:-F].236ZF.V]!NIU'+`;Y^P7\&WE7?OL!P_?QR39+6;<-FAWC9
MM[_>#0W%B7@)6U>6"'1<LH<,Q)*,*>(P`:[Q_P`-+OCV*M+N6QYQ>WXM+=+U
MMQV/?MRMC>1PJY%W#"']/2$0B1'`H_F"#@->VU=^_<9V_P!^N;':>;S<A2P9
MX9K7<+>WW(@0RE1'<5@$CSJ!2FMLCD<!9'A'\0+O_P`;MFN+VR@O$CJ)EMX7
MM9(4U#7&;=U80DU-&4%0<!<+M7_%66UGMK3?-JW.TOI%"27.X-'-;S3!6!*L
M'.FC=,AJ\<!?7A?OAAYW8E-OW%YE=(V6!0BV\3T!"QNS$*M3F!@+*\2[Q[MO
M'TL-N#>2B1(UAM_G]-Y-'[1W!"HJL*U\,\!?W@N]37UIM5GN^XV=Q=F)&(]8
M!+:1`QT.?R%QXU.`.>R7%MM<"PR3"_EGFDGB,%&=@U&"T5M13P&`LUQ7:;J2
MS@OK@1VUFT6I$DH92_IKH)K7Y2"!3SP!#V.XE,<BRK6+52H4?M%#$!ER!6E/
M#`8]ZBDLK&\N8%8Q(CR$$`]*M0&A%0`,L`'HY;K?^.;I)92,KM)*&@)+ZRA7
MU/E.J@ITP'GZ]P-O/!W+WYKF$>I#N-VA`%2ZQRE58@A2M*>'E@+3>T23ZK>(
M$(!TL"?+((&IYY'`;F+BRCAXY5%TZ8H3I\CZ8SKXY'I@`)=9W$A^S^?`<MLV
MKYA2/QP#LF8%/C_3@.V`Y@.8#&P494-:9?X5P"24-3P*Y9>-?PP&1&#94.0%
M:BF`[X#F`RH10#QS_EP%BO:I7^_?@M/_`'IW&OV?NJ]K@-W.`KG[J=KW/>.S
MF]6.T;=?[K>R;CM#I9[;:7%]=.J709V2WM8Y9F5!F2!0#`:G&[<=P])_WA\S
M\/\`O7WSS_YAP%@O:OPKF6S][N*[AN_$N3;580VO(Q-?;CL.ZV-G$9>.;I%$
M);FYM(H8S)*X5:L-3$`9X#;;@*B>]?9=YW[LRUAL6T;IO5\>3;-+]'M.WW>Y
M77I1BYUR_3V<4TWIIJ%6I0>.`U!-VO[F9C^[KG?3_P`$>0>(_P"I^`*W87MU
MW!V[O1VPO]PX)S*PL;3FNPW%W>WG&-[M;2U@COHFDFN+B>Q2&&&-15F8@`=3
M@-\6`!/N;_U!]TO^"]Q_SQ;8#S_I^8??_)@'.+Y4%,M6?AU_P&`4ZJ`5KX5P
M&83/09^`ZC/I@)S82O\`W;<L.7_=QV^\/^D/<W^C`?_6\U7\1C:9F]\_O&AN
M;25X9_<]WTGBN+U+J!(I7[E\F$>4)A62+30@U-5P%+K;C%[8CZBYNI52=1$)
M87CA#1-4K&JS&1S$%!H:$X#`G%;2\@EN+ASZ:NZ0JTX2/-B#J=$B.NE":`5/
MG@&>XV[8=O%+R:ULXH"%]1Y0S2`ABK!968E:Y548!MGYKPO;`PDOGW(+I6(6
MRK*"*&B,`5556E>OA@$)[S^BK0[%M,=#5XI;LD2B2@`HJOI4'KXX`?\`)NXG
M.MQ54W"6>PMIBQ6&.(PQ2>G1AZ<C#4=`(Z'`17;DW;?)Y;0+?7<S0/=D(LLT
M@MD1I)KD@581QJ"6:E`.N6`9KV"*WFJGS:-(=<Z,-06N>?0C`3G^SUPUM!>6
M\4KVTL*R-'*NH@LH+`'10@G+/`,TMM;.PCD5H9-6G205(*GQJ`1_)@._TNX6
MU3!(94%-*N*FAZT\Q3[<!E6\DK2:-HV_+JID,O"O7`*K>\D1U,<A`^P#K05:
MH\<`1N-;F&GB61F#$4#@BA8,*`@@@#XC`69V+;9KJ%&C2K,%*"-%UL"!J+NH
M`('PP!"VWCEQ%.DK0R$Q+_G40Z79B**6`*E0#]M1@#UQ':MV2[MEMJVQD<,)
MY;8R@(&JZ1'2P))\A7`7'V#;)%MG]?:X]RE71I9KF>/7\H]0F'4R'23X*<!8
M_@NQ;]:PVQLMJ3;;)E=Y6N[;6A5BI;3,R#2"&J1^:G3`2_>+2X>Y2RO;O9[;
M;DUNMVT=P3+\M#&D4\KQ`MX%*%L!3+O)OEBD=]8V;1RP1"5BXH%5HE9*D!E"
MU(J!2@R&`U@<\N#N<\T5M(6506F.IFU.P)"@D9,@-*=<!6;?>+3QW$,<:227
MMVP,,*EWF*ME\RYB.,>9I@)3;=L%V&RM[C?9(8MUNSJBLKB33&@;-7O&(I%"
MJ$$L<@#@!AN<`EK-,\2M#=W-OZ,$J-;A(6HK(RYR1R#\IZ,,`=>VMOLNX1[=
M6:&"]@D*0Q^D&660+0DK2NL?#`7`M^SDG-N.WVV)971%WMTD;W#6\J1DRI\H
M02(`NBM00`<NN`U];KL?+.R^^[GPWD=N^VTG0V&Z7%JS1)`S5%S9%T5"SJ1F
M,PP^&`(*\6XEO6V\9CWB&*XN-QOI]PFWMM$3W>V+`8X["/7^S62*:.KE@6:I
M-<!(ASO8M@XA'M6W01;!=;;NMVUK?[=))%=S0VZJ8(I,_F(51I:@U$G`37VT
M=CNZOOJ[Y<5X'Q6PW@[2V[VLW-.7-%,=IV[9BP-S=7TZPM;6ES)!"51.C/0T
MZX#W/W4'M]]I'9;B7#IN4[?Z7&.*;=L5EL5E?17&XW6Y;79)"TD>W0R+.9;D
MQ'6:`#X8#4'[A.X'._<U=1\=XA:OP[@\\#;==23*J;CO`D+>HDMV`!%`T1_)
M$=?]9J5P$<[9?PL./;K97MTXLK]OW>DXGM8+QI([R6-75EF0);%D8FJ.P)ZB
MHP$RW'^#Y'N&WK-`MQ%<-%ZDD]WMD:++"P'^9N;2-GBE4BC5)KE@*8=W/X2_
M/>-WEQ)L>TV^\1O`K+=;8D]Y<)*'33'-9I"/5<H372*UP%=N)]C.8]L-VFVV
M;;+,WVU,T-QMEVNZV,Y$+E75[>6-1&WRG(T&`O+VXY=W&86UIM%CLVU2*@C2
M-[J.)D95H=2CYY`HZ#,G`;`.S'#>=7TEEN?,.8-%;/.+AK/:;5G91)&Y`UL@
M&HTSI3`;7>%;3LFPVEH=LL[N]:>UMBUS?1F2<RE`6R8>FBACTIEX8`WO-?#:
MH8(HY5F4++%&6=4(8J5%6)%:@U``H,`0N.SWPVN'ZBL<[Y/&"/E%6"_CTP$H
M5)+RPO(9LU,3"I\`:*Q%,M6G`5/V_E<_&KO?;`!'C2:]=8M5`0U=/R@:]7G7
M*N`T.=_]_N-T[G\@>:V=)Y=TNVCA$9UD/,Y%`HSZ8"^OLJX/N[W4&[/;21#J
MOJ0R!7$D:CQ6O1LL!MSWNU:TV+TWK4)%6JGJ%'0T'@,!7*^55N9-))!\\O/X
M?'`=(059*BE37[B/\6`>8'],JU*TKE]I.`X[%V+'(DUH.GE@.N`Y@.K$`$>)
M!P&'`<P',!S`=D(!S\OZ,!8[VI_Z]^#?\T;C_P!BKW`;N,!S`<P',!S`<P',
M!S`<P`(]SG^H+NE_P8G_`$W-L,!Y_L!GC<*!I+!\_L^.`7JX;HU2`*_?_CP'
M899X">;>Y_NUY8<O^[GMY_V`[G_'X8#_U_.]_$AY[QM/>Q[O['=!!(UO[DN]
MUM(M"P_9]RN1K\QSHPI^K@-7/(^ZFV1RO#LEM$Y166/T(G&BE0=+GH*>>`&,
MO+>3;[(MK#<26ZS3,NF)F+L-):NIS1:`?JTP$FVS@>Y[K;K/>?52P^L%/J.[
MEGT:JD@ZB,Z#PJ<`X=PNV&X;%QZQWR"SG-HCJES/HI&J.JE2*'4$J1F?'XX`
M8[+M/U[4^JB55S8`,&J5K4M\M`"*8!5N&PWEW+#%;,SFKAHVDJ21T:@.D&B_
M#`2O8N+;?MUJ^][H\E[]%'"?HHKI[>8I*[HZQ-&-?[(I\V=*$8"+7L<-]<M%
M8VADEN9XUA31^T53(,B!\KD#X5)P%Q=DX5+9[!9I?Q2%Q;QKK,3$)5:A%0@J
M>O7PP`=YULNTPD&%8Q(]*QJ:/&1EF*`@_P!.`@T5@(K3U;.1+F9KI8H[+U"9
M`@16>1@WY5^8@'5U'3`.DW'6G64!/](@H+BUU1OIU!6!61"R'(]`2<!&I]L$
M=513I``HP.H$=1T-:'`.>SPR)(AHVH4%"*9"F`OKVNC%SM=H9/2JHC!5V/4E
M1FY-17RP%H-GVZ"XF$$T,9,@:JQ:0^E::29(R$"A`,`8>.6UG9QP+'<"+0NI
M5<0M`,J.2\AU`>=:X"Q'#HK;U8[FU,FY%R65;)9/I\^J:H7B!T_'/`69V25A
M:Q1/MEO&R2&=[-KJX-U)K!!(]9VA$9!R732N`^;B_P!?LN\A1#M]S:*9HK9K
M9R\T14JZ>L9"@95S!50:^>5`UE]Z;:YN9+IK=SZ,\Z+=-"X)#*?34T.:ZFS-
M.OC@*\0]J=RWF^LK/;M$EQ/ZKLT[P1Q&M7^8O2K$X";CM'M'`F7<]\B@W;>+
MJ,Q!(SK6W>@$>@PU4?.<A7PP%5>X7%.=WN_[A?;/!!);WABEMHKNUBF:(6H4
M&&.>0ZH]3I\RUH0<`#N66O+]Q2.PWW:MIM+RS:0A[#;8+"9X25K%/)9Z(IE6
M1:AF!>I-21@$W$.-WEA?Q7$]Q+::&4ZX9'%69J``QM74?$^&`N/Q3F/-MA&W
MC:.374,=Y(;)$FFB*U2)I)#(MU%*PC"Q&A-`3@)_O,>X]VMJFM^8P[3OUG:(
M8+FXEM[.&[C4J@UQRVOTT\<B*PII_EP`A?V>;/NTJ';>0;OM4;W#PQ6JW\4B
M1MH+&"!+EC,"1\2<\\`:.W?L*X5NL]G-O&Z;EO-A;2K#<KN6]0V5E;RJT;E+
MA[9K:9D85\2/#`;ANS?:V7M/Q->.\%W./CZ/#((=FXQ:BUN=QD4LH23=[:`/
M<25`:CRMK7I4Y8"P':CM#RSD&^17W-]GMMVAO(I1KW*>:[N;>Y:6+2+NPEGM
MD$BQ%C5NIP&W7L=V5XE:6T-W<;9:6]U;NT+1PV6VL'CC2(6\MM](L4D1)'Y@
M^H`4).`M]MG!K&QD6[1]N>WBC93'/:*)OIG):1'EDU,0':NFI`.`4;M/L$.T
MW,"O%9VJ(T+2,/2=Q4&EJI4"0,!D0#ETP%==UXCM?)MS]';;AHK>4C3-&L<C
MB53J$@]<*%4/U\Q@`[S[M[-MEQ<#DO%=CW&*>-XK/?;>"W%T'(*QO>0J'=@3
M357(5P%0-][*=ON22J.X?$MNL9+:>1;;?N,7,ME?(DCJ$9TM)%$KA@""0?C@
M"[Q[M%NO$=KMH^#;E_:3:H$C:VL=X"IN48;)8&NV*&4+&:ZC4X"Z_;W?[I-G
M1=ZV*:V:T].&614:6))@%70KH6)567QP!AMMWV/</1:2YEA:(:55HY(P"J]/
MF5:CYLL`^PW$<MS2#4VB*K.I(0UI3S!RI@)GLOK/;76H@#TY%JV7YCIS)ZTP
M`(C[<;E+R3=KR:U3Z.ZN%/JFAHDF1HE2V2YX"M?<3VB<5Y%W%AW9[.&5;II'
M<F1<_G4D&C*RC[L!?;MEV5V3A>R6R;=9QQ+'`J@(:A3I6M*L2>F`Q]P*VMNU
MNX.J@HA)`T@-0TI@*N;E_P`LMF?L/A3R^&`P6PU2`?90^6?Q.`=@*"F`[E6`
MK0T\#0T.`ZX#F`^,*@^=/+/`8,!S`<P',!V4T/2N`/GMJWG:MA[S\-W;>]PL
M]JVVUGOFN;Z_GCMK6`/MMW&AEFE940,[@"IZG`;?O[Y^TW_K&X;_`-?]N_Y/
M@.?WS=IAU[C<-_Z_[=_R?`<_OG[3?^L;AO\`U_V[_D^`Y_?/VE_]8_#?^O\`
MMW_)\!T_OJ[1_P#K(X9_Y0;=_P`GP&,][^SRUKW,X4*=?]\.W?\`)\!U/?/L
MV.O<[A`^WD6VC_\`",!U/?7LR.O=#@__`)1[9_T1@.O]_'9?_P!:/!O_`"CV
MS_HC`!CW$]X.UF_=D.Y.T[+W!XCNFZ7_`!R>WLK"QWVPN;NZG,]NPB@@BF:2
M20@$T`K@-'\<O12"23^8FO7[?+`*,`I5F`!!-:#`*T<,,\J4&9&>`GFWD?W:
M<MS'_=SV\\?^D'<_`?_0\C?\1/:MUWC^(![UUF:XD'_L6/N&BBB`D8%/[V.6
M")2`?F&FE!2E,!6;;>U&\WAC#6LEJH0,[RPF,!21\QU9@'`3>S[%<HN8I;O;
MK%KJWM[A+?ZN!3&BRE9"N@R$$@K&<Q@"IPBSW'AR3Q<AVNXW".H6V4LHCMI`
M?2D]3U(I%F0*#0*RD-3K@+.\=W'MUR#8=QV+D<4:6&XJ8I([BV30J-&.FL.H
M*R4(&72N`HWW,["3\.W"?<>$[Q;<AV*X:2ZBM47T;JU$LCIZ`"2R!PD5/F`H
M?+`!V`[W8RD-L^X1/FK!8FTU_*0KJ@.1_'`+[3;.8;A`T%MMEQ%$)G<22QE%
M(D(+H0ZBH-,Q6@.`)_;WBEYQB];>[W:HMUW2-/4MC<1DVMH9%:/U1'23U"IU
M>(`.`EG+^6\XWG1&TIM;5_4MTBVZ(65K(8?F92T1!+47QZX`*7^S[E-<,9&F
MD(;YS5G)?K\VHG5@%$'%MYW5(&B"VZ14MUF@MDMR]7=M4C1!7E8ER-1)-,JY
M#`3K;>`;CL<#RR3/+ZP=W<UUZZ"@!9F+!<LNIK@.7MIM5W!-;K:10721@-.=
M*CU$!9B4**0#2A->IP$4V_:G-['`/EK1V(`-%!KJ&8J&P%\^T%E;)MD"2QAY
M`P<R%!D`/\UI'Y=;=:X"W\6U60MHYZ6:+"B%YDBB6LDJ:C&5C()=*]3E7PP#
MGM-I!<RQPV,,<KL1K+ZI@ZK^8%44`$C(9Y5P!PV"'=+6*W$VU"T2"1Y&='-F
ML<<E`ORB.4DA:YY=<!9WMA86NX">+;+F3<;UT+.(=M>]NHE#KJC_`'A/,"BT
M/ZH%,!/>7\9L=NA,EB-PE%[Z5M)"Y:-(9G4B262$&2,D$^6>`U^=T>(VL>Y;
MIMRQFW:6(3PR#2:&GS$@A5JL@KYTP%9MOW.YV+?+6&ZN)`L5S%'-<1$A2KT`
M=6);3$W4YG/QP!(W?;_FNIY[M]UBE026]N'EATAM15M598I2:?*-(H<!7#ET
MN][3/<WFWPO/MMQ$%$$C%7M[D+5Y`2I+,%7/('`5JY1S:2.^C>ZLQZDCDL)H
MZ^KIHIB,A4D+4U!(.`S[-ONW;C.J"WMQ/(ZJ(7`I$["BNLE$T@9^&>`/6Q;8
M-UG@L6@LR8$9TD,2U:,(JE&-=+DD]10X`^<6[3V5W#)'#>1V;1O&_P!7"YC_
M`&M4T-)"9&B955?'(C+`'OB'MYWB[O7GN>4;;=HZE[>,;/Z<LKRE6,T5S;WE
M&F4J.@K08"YG"?;M#;;*8HHMJOC)!8V>X073W=A-,Y8%G653<+&LQ#5.D&K5
MSP%V>WO!^1[`FVV,O%=L-G=*8K==MWJVNKF'1G&7N);$7,>@CY/FZC+`7.V.
MTDFM8(K[@XN)8ECU74&Z0+?ET4)]1-/;VR23,`.C@U/7`&;A_(TVF(PK=Q[3
M;K*Q?U$-S>="K:A&T(<QG,Y"N`?]R[A&.X60<GC%O&%$H;2!H5J%F@:YTU8"
MM"*CI@'N3F?#]_CMVN-\;=YT*K%9V[I'$[,B_F96D$73H`:4P`TYI'RQ()I.
M#3VULA0%;:]G]/U)`13T+F/08]/0U4U^&`!EMWQY+;;J_&>X^W7NW;BP,%K)
M=ZYK>32='J6TS@+/$U*K\,!CW*SDY5!>+:FS^LVJ9)X@8%7ZQ7JWI^HCB1!(
MJ9`@T.`FO;+=MP%P`LWI6T#20S;;.=<L-P%*F-)*_,BD5J1F,!;/BNXW$3,E
MM!'+',_[2$A$42$5((*E7(J#4X`CV>VAS-<7]M"9'%8JHI9%KJ`%!D,S3`)3
M<P6-TL$:M2:@(+`(KZJ&A_-32<!-=GFD$S1G.)%9F!.K4::JT/PP!%9[:WVB
MYNY%B4JFJ.5PH7J``6I@-8_/^^=[MO<B+:;=V"QSW*MZ$YI3U]`H`O2@Z=,!
MLY[2\DDY-QZV>90LOH+4L_J-HT1YFH4EJX!C[O;(D5E]<Q9F50IHM"=6LJ*`
MTI@*3[B*73$=<P/@/A]M,!@M_P`P^+4/\N`>8=`TEQ5<\OOP"QF$Z>G'U6A^
M;+(9?'`8OII/\G\?\6`QR1M'0-3/I0UP&/`8GZ_=_.<!TP',!S`=TZ_=_.,!
MEP'959V5$4L[$*JJ"S,S&BJJBI)).0P%F>WOM.[J\^MK?<6LK?C&U7*"2*\W
M[UH)9(F(I)%9)&;AU(S%=-1@+`6G\/V=H@;[NI%%.0*I:<->XB4^-)9N3VSN
M!_M%P$9Y-[">76%K+-QKF^T<AEC&I+2]VBXV&:6GZJ.-QW:$&GFPK@*1\XX#
MR[MWNC[3R[9+W9[LF3T&N(G%O=I&Q4RVEQI]*>.HZ@_;@!K(]6DK0=:4'PP#
M;-^?[A@$\FG3\_2H_'`%;MWV&[H]TI8VXCQ7<)]OE?3^^+R&2SVA!XL;Z9=#
M@?Y.K`6@Y1[&MQ[>=JN7]P.6\W@FW7CVRR[G!Q[9=L+VGKI+%&$NMWNKI6D7
M3)4K';K_`+;`4+1Z_,OZIIF/'`*8Y&9J&E*'PP"D$CI@,P(/3X5P$\V__5ER
M[_AWVZ_\W^Z6`__1UR^[?VZ<2N_>A[H]Z.S"ZEO/<5W=W:ZF$<8I+=]P-_N9
M4=BAJ79ST\#@.6WM[[<WEK:R3;/9J61=?K0QR2*OI!O0"!:D++X],!(/[CNW
M]K%(W&^-1[S=[C!;6T_'+ZSM=PM[]S^S+VEP8+>VVV1)#\BRDL"?S98``]Q?
M;+RJ6\GCN['8N#64OU$=OLUM^ZS>64)B:>)9[>U%WZH=J1Z_E(<Y$4P%4]][
M$;OL3RP6PMKA&1XFN[B...270`S0VR:D2WMXQ1Y)7U>``)P`1W;9MWV^V2RM
M-F@WC=+NY2WMFLX[PJI9YD35<22"$-IC+$9"@-*8#'_8[E%V?0EXU:VK_3P%
M3-<")GGC8I<.2+CJ0*TH36E,L!VN."<QM9+61);"!(PEK-;K;Q_3L@/SRM)+
MKD9VZ,1U\*=<`VOL%YM=U>O>223V=Q;PKI5_DMYHYYF>!=9UB(QD,`#E4C`0
M3=Y8+"S>-E%P2CMJI\Z^O<%V#`9]&-/LP`EO=[M[61G])7GU$@E:(B$_D/35
M0#RK@.6G.+C6+6S@B6-F!0-05D%:'JH7YL`]WV\WU]:DW<\:QJ/E6V8,^L9L
MH4D58MU(K@&ZQLS=!%ECD5I9&ED+MJ9J>!!J5!`S&`F?'>.M+/)<^CE.3;(B
M`!P%(&5:T3+[A@+[]K./P[?%M;"WC9KAX@L$7IE?5C*-1RZLLHRZ4S.`MW!L
ML;1/ZT4&WAETRSZ8XYII"V49AB5$J%-,L!+N-\;G@F"Q)<I))7TFC<+$$8_*
M65::FIX5`P!BXWQZ2\O+B$+$(X;8/.LLLPB9JD%F43`LH(RS.>`-G!]JNFOK
M:QVW]WJ7BD4++;S,[SEPA2U'J,B.#^LQ->N`LONO'K6/;8K:\>%=RGMO2D,L
MJRS^JA&G6`@57`RH.H\<!1/O-VQEW.%FL@IN$N))[N)`5B]%E92(V9Z#709#
MJ<!KTY?P&`&>UMYC!<Q2&6.WN;>4A)`NKZ9I%TA=3GY>H!\<!"K/<-\V:VGV
MGD#W<%NZ*(F&IWMHPX:D:K4_FS&8H1@$.]7EA<(\B7MS<P);T2&[E]2<N0%4
M"*1:--(WQRP`TNN!6'()O0-I]477YK<%);F&%@78J(HFTL0>FHT/7`0^_P"P
MT1E?Z&ZO+/66F@6ZA+1Z550R^J:%57*H\/+`+MKX7S/BTT)M=-U`@],O!(CK
MZ8ZE1J!'3RP!EV#GW)ME$,=QMCS``1G7"']2(&K*2LJ$FC&G7`&#B_?:VVZ^
M.N!+5BD:*C?5I],Z,/R5<Q@*!0'J,!;[A'O`V'91'!?WM[=0GTRIED61D9?'
M7+&P=%)RRP![VCWX<6ATFQW;T9X06CB6T<L7J`6<H-+9#P.`G^V?Q!=MW%YT
MBL0+J&-4-Y#'<Q&8')CH5=+%CXDUP#?N_NFYIS:>.RVJ*[M?K"1`]O$(YY@5
M("J[2!T32*9CXX"7;/L/<SD-A%<;A-#;VLVBGU^Y7%U+I=:AS%%IH^GJ!TP%
MB.$0\EX_MR[>V]Q0,SQ)2RL)7UP::-*0\WJ`KE4U&`M++P[>.3;19FSYY'+>
MP1VZBU%L_I.LRB1=:E_59@JL:!@13`3>_P"+R76R6=IS/;+7=;6"W3Z'<-L=
M)KB":)5B$ZI5IK5\\_M\L!"UX)]<]U8I?&"U@0-%?VDL<6]1HNB1%N&5%]:,
MZ!EH\\!UFM-NV1X+YIUL=X:2&"TOKB-Q!N*O^R:6Y2(?(X`(-:'.N`LMP5RM
MJ(MQC,TAU3>N/D_,@T/!+6A5"*]*TP!K6^L88HXO7*Q5!#M(&+@J"`&(I4$8
M",<A$%VUHT=RZI&ZLIC(U$!ZL/E`)))\Z8">V&XVL4#W$96A&E&8_,2N9)\@
MPP!1WS97W3@EY]/,J">UC8K&:'675F*L:Z:TP&MU>Q]S=\]GW:YC:56D<HQ"
MGY_5KF]"36@^_`;&NV-FNS6T-D?DI$BBO6H"B@(ZX"==QK-+KCUT,F/ITH2#
MT1BM/B3@-<.\QR+>%"I#(Q#@Y4S&77/`8K?\WV$'^;`/5N@D(4F@->GPK@'5
M$``"@9#X"O3`=J'/X5K]V`0W?5/L/\HP"3`8GZ_=_.<!TP',!SKD,!G4445Z
M_P",X!3;PB9BN9/RA0O4DFE!UK7`;;_;3[;MCX1LFV\QY5M\6X\RW!(=PM4O
M$BFBX_!)&'MH[:,JRB^"MJ>2I*F@6E,!<G`<P',!#N=<"XQW'X]=\:Y7ML.X
M[=<J2A=$^HLKC0Z1WEC,RLUO=0ASI8>=#4$C`:3^7^UONEM7<;>>#\;XUNG)
M8K62*XV[=8$AAL[C:[LO])<W-Y/)!9P2`(5D!9:,AH*4P!\X-_#TY-N)M[SN
M'RNSV*!M+3[1L2+N.Y*M?FB:_D!VZ)R/%5F`^.`NWP#VK=E.WBPR;?Q&TWO<
M8=#?O;DZ0[S>F5*4E5)H$LXFKF-$2TP%B%5454151$4*JJ`JJJBBJJB@55`H
M`.F``ONC_P#H?.ZW_!6X_P">;;`>>V#\A_VQ_D&`5P_G^XX!7@,BT)'A2E/`
MG+Q\\!/]O_U9<N_X=]NO_-_NE@/_TH5[W^8<1XW[G>_26T5K<W-OW>[A75U]
M,#]3<7LG+MT+1F`42Y$,HHU>IP%'MT[BM=27DTVU;ALUA+0NDELUK)*2P(DM
MJ$F-&ZBC`?#`,!]Q%G8P_NZ*74@#1B>UG$5W&T55#W;KI9)F(_/F2<\!#INY
MD,\D^X[AR6YO8+MC</:O<+=7$;$T&NZD_;FD8`&>`BV\]UN.;I"_UL*5AI';
MZHT>5HDT`$&1P-3!?TYX"!CG?'PS`6=ND+?Z1%E%'*I/J1]4R1RCD'.N9P$8
MWGF/'P?62WMH!4@F*DEPY-#\TC%61:=:'/QP`TY!W'V=HH[:!8T1)*:V57(0
MY,2"Y.H4KYX`+\CY;'>*\<#+-$JLTKUT+J#-1BYTD_*<QG@`+O.YR7DLL-I;
MW&Y3L1I^EU,J-Y-F%8D=!GTP$<M^'[QN,T;W]M/"'(I$B*TE*T`<:TT'+S\<
M`2MN[?QVENEQ+800R2*R1>LLDII2C%P&*H2>AS.`Y;\60ZV>SB=HW5H?3N)6
MCCD)-20U6+U%2"2`,!+-KXA.P2>54K(TAU$$5B7_`#H"?*`6K2OPP!ZX#P;U
M-%S%:EHM#1PQ%"K/),Y4R(M'+&/37,Y9X"W/;;B<46X1W5RJ$2:H;*V;4J1S
M?E<ID!KK05)K7`6+Y#PJ\V:.VO+A9'@MXUEBBE9P\H>NF0E$746)Z5P&+CDM
M[+)ZPN']*1]$,!DFHK4H2TA=BAK^6F`L%V]V**\O+M)H/6DGMV@8O/)K9ZU9
M&U:QE@+D]J>VL3WD-D!<(@+7!F4J[*4H3;)+J5HT)-68$4`P!7Y+Q)9=TDJU
MO/Z("1-;OZ\%N6CT2('TJ99)5.1/1L`+.:]MH8;*YDVFQ-Y!+'';?2/+*TT:
M2@>M/&9M;!8Y">ARP%4.4=EXY-YBEELFH;<^JJHLTM&C70VAU*21JPHS=1@`
M;RCL7976UO>WVT/'<!98W1H@LL)J4AD>2*J44#Y:*2:Y^>`$.X^VF_MH3O&P
M*VYV7THENK>[L8))H'TL6>-7BEDMYXW0A2C4:OQP$6V;MCN,US:3)%=6J1R!
M*@/9W+2"4+(%6""(O,/#6VD>>`F6[]B_3G'TT5^+F2OIQ[G`ERBRSYDJP:59
M'D`R`'VX"*-[?^21>I>M'"TJ#0+0(;&:$L"VN1;*Q=/391EJ84/7`*=I[,WE
MS(\4NV;AME];%A$`R3VES<%"\5L?6="(YF`%:9$X#J?;[RB_N_5EV2_50/6O
M8S:P1S:F^54#,`%2I!%#E7`%WC?MF.\"SMEX3R&=U9(I976R]+U)R$"0N6#L
M=:$G73KE@#-PCV77-UNAL/W7:V-P)"LBW6ZRO?H`:Z?I+:$*K%3X%J8"TT/L
M:L=LVZU,B;E?R:X0T%G<2*DP?JAFFFADC^:HR74,!:#MA[2=NXS''+)M-GLD
MQTBVEG63=]P2M/SSWH_9N"3^5CE@+6;1V`V*9((!+IOA(#'<2/)9Q2)&/GUQ
MVJL*:NE>N`6;IVN?:+PV,>Q[=)!+`8CN\4LUQ+F`1(&,?J2$@`4:@'A@/MOP
MJ>*&TL]DGEV[<8A\LB>K#%/<$NIE99#()@L+D$$"@P!VX;L7T<<]EN`L9"I"
M376FLC2:`)F#.K:-3&OE@)#NG;38>2237`BBV^>UB$-EN5C*82\BIE]0(='J
M!?$L#UP`[D[<RQSVT/(+>"X2V=AMMZ*O93(QR]=@%:*=B`0"I!)\,!-+?9Y[
M*J,;2W,"I$EI=.8BXJ%15&C0<NAK@'*WL[<M!).A5C*`]OJK&&Z&@8U.7C3`
M<W1(3*A$,T,B%F1%4^BRJ30#,4^6GA@$5I=27`<([>GZJ1$:C0.Y\5&8`/QP
M%JH;.XMN'0J]U(T30QZE+5HC4(0$FN1\\!"K*XV>!I&9(Q*N6JB'PJ22>E3@
M%UAOB?6QB`D*'IJ`'0GID3@)[R'<4GV.8,35HU))/4Z3U%<L!03D6G]YSTI^
M8@TSJ0>OWX!';HFJM!^4?\=7I]N`=[8'U`:94;.F73\,`YIU^[^<8#C',@99
MFM/'[<`CN'5:!D#$@T/E^C`(,!U>E":#P_EP&($#J*X#Y@.R?F'W_P`F`S8`
MP=E>.6_*>Y?"=GGB5[:\WNS-W&:TD@MF^HE4T\"L6`WOJH4!5`55`50!0``4
M``'0`8!OW;=]LV+;KO=MXO;?;]NL8GGNKRZD6*&&.-2S,S,>M!TZG`4RY+[Y
M^WVTWTEKLO&>2<@@BE>)]P+V&V6TNAM/J6B237-Q+$W@76(GRP!%[7^ZSMGW
M-W*#8H?WGQG?KEO3M;#?TLXX+Z4BHAL;ZUNIXII2!DKB)B>@.`LS@/E!7505
M(H33,@=`3XTK@/N`Y@(]R+EG&>(V1W#D^_;3L-F`2)]UOK>S1Z=1&)I%:5A7
MHH)P%!_<K[N.SF]]N>;=O.-;ENG)=YY'L\FV6U]M-A&=DM99)89/4NK^\NK6
M1HU6,C]C%*:^`&>`U#QR!!IH6-3T_#+\,`JCD`.K30Y_*30C^?`+@P(!J,_B
M,!W4C+*M2,_Z,L`0=O\`]67+O^'?;K_S?[I8#__3B?N![%PV?NN]PG/^9RW.
MZV\O?/NK=[7ML4GT]O%!+S;?)(8IY'D'JZA(,@,O+`5X[C=Q.+F[FL[K9=NV
MNUMUCA,<J*](HR$7U))@X5GKD5R.`H[WA[E=F]VL+O9+3B]K-=VWK*^Z;8)8
M+IKH&@J]F$-P&84.5#3H,!0Z]W3;8GF_=EGRJ250SA(;>^GCA`)&FDB%R`!4
M`G`0V;=]VN_4]"+D4K48LIVN[JIK4T(BR()I3`)EN^8,HALMJY%*ST8+)M\L
M+/E0%6F/S#Q^'E@&>^VCN1N$R+)L^X)H.NEUN$=E0*V2O^S8YTKF:$8!;MO#
M.0[B]S+N>Y[7LHB7*-8Y]PGD;,D+(S0QC+Q"FN`X>WB7+)*][?WH#^FU59;<
M%3\W[*-$R89@DX">;5V]V*T,<=O8S2W=PRS&*V%V0:@*Q>96<0.`N55I@"%9
M<!MMN3UI+.$Q2N)661UFN&106'S.NH%<A4`X##+PW<-^9++:K.>)'"I*`H=3
M*#J32ZK'^9:"E*X"5GM#<;6EO;7=O(MS.Q02481HJJ#(:('9@SG\WATP$RXU
MVT-]?NEQ:AX=OATCT1(89YBZ!$5_38DH'!/4$X`[\?[>WD488#Z+1826D*&-
M0?J'F+)=*P52JJA/RTJWG@"=V_XA>7.][!L5Y>FOU*3/??2&K30S*(V10^E9
M)';QK]^`N_W6X'N5TW'[&"_M)([6UM$GA91&\ZQ1DL3I(K*`<_"N`@EKVPMY
M)UK$UO&92M5=PT=/RRE8W4OGF34`8"P/`>TTNSQ22M>K>+<2.6GC-=`<#YP5
M8N"/('`7:X+QB;9MG5;!WDC:2)96<2%IC*WSEWDU3(F6=*``8!+O.W7D%Y>7
M&W1P-;V;),UN'8AIA5U$39M)'5?+`33]U'<-HMKT1VUUN$MA)(58M%"A*_-;
M_LXY1KH:#IF:4P`Y?MV^^WMK^\]N>`+&9K:D<B2-(&TR6\LJF-?IXP*ZOQP"
M?>N![%;>GM7[N^K75):F=D5-$TGSQRO+(L@ES%!I!%!7`1C^X^*PNU_=5A/]
M/>6[7%YN$^N:RLT4"5A,%K"JAQ4#2"0.F`AS=C-QW)MT?]RV3V%H]M)MW(K!
MHVL[R69G]8O`\8:!DF44J6!^&`BL/:?DEQN%Q87FU)/=QPB:TDBM&A$81M'K
M2SPQC32GA4CRP#E'V5Y1:>I/>;'-<S7]85A6UNS$^G,M]2'J`WB2J_9@)5M/
M9:Q>*Y-QL]Q;R7$,8N$DCG9!-,I70LDFDK\M!J&>61K@'+?NTEOQS9UEM^,W
M5]'<.+9K:3U'>$*M5D^IEEF`1F2I6M1@'CC_``G=Q#M*RM;6W'VLU-S]#:1_
M464\Q_8*EPH1I7BTFK$@BG7/`&C:.WVV;`T&[[->2[Q>3RPN/]&ELY_3U:)G
M?=&><JX0G(?-@)WLF]R6_(I=JVZTA%Q>2EK5[^.6=0`0KL[W1>1RK4`("U)P
M!Q7;]^LS;_6ZD>ZD5H[972>+6/FUJ^B)U&L=*'+`/MF]]"=&Y2NL-95KZ9TE
M&)8GU(@*$#(#J1@';9MLGN+Z-6E+1S!9K9Y9"C6T*-188X]3"75\<`0]SXC:
M;A/:7-Y;W0F@%!/$LL$>NE`1Z3HCD^-1G@&$\>O=EFM6M=SEECFD9I8;R,:`
MFJC5D\4/AU(I@)_8>I!ZAGB4))H;TXF1``V4>I0#77IR/C@)39V6U7]M*LZ1
MC757C+:B",Z]:!U/P&`"_)K7Z&^38>0327&WSR%]JW6,E#&%>HMKJ2E`\=*5
M+9X#'>)9WLB>C.TDUB(Q6*2CJJ!?\XBY$%#UP&/<.0R.($"J4@C97)*:W>A`
M(H-6K/I@&KC'JW]RMHJF(RW"2RR$_*`K94_3@+4;^-PVKB>N1R\<%E$WIL-(
M=M0"D$','SI@*DVNX;K-<S*OKA&FD)74U`79F`SR.D&F`,/%8[J$1O=,?SZ@
M6\/($^?C@)5RWDZ6>UR1&1*%0HH1DVEC0@]/OP%2K^X6ZN'E4$`^?7\/#`*K
M;3I^:O4Z:>=?'`.MO(VI8_U<_M\^N`7J0#GY8#X>I^TX!#=]4^P_RC`),!C<
MGIX4K@,>`Y@,@1@:@C]/]&`R"OC2OPP%F/:O&I[V<(4]!/>L/M&V7;?RX#=1
M@*1>^+>KNSX'QG9X)'CAW?D1DO-#%?6AL;&Y=(7I2J&>16I_DX#5C(NM&4=2
M,OMZ_'QP"*WN;K;;RUO()&@NK*YAN8)8V*M'+"XDC=&&8(91G@/0CPG=)=\X
M9Q+>I_\`/[QQC8=TF_\`MM_M5K=2>`_7E.`>=SW/;]FVZ^W;=KRWV[;-MM9[
MV_O[N5(+6SM+:-I9[BXFD*I%%%&I9F)H`,!3CG7OJ[0\76Y@XZFZ\VW"$$1K
MMT7T&UR.,A7=+M&)CK^LD,@/A@*0\^]^O>#D<L\'%H]KX-8/J6,64,>Z[DJ,
M,BU_?V_I:P#^K"N>`IIR'E/(.37TNY\EWO=-\OYV9GN=SO)[N2I)-%]5V$2`
MG)5`4>`P$?274:-U)RH/Z3@,X8J:CJ.G\F`[:VU:_'_%3^3`*D<-EX@9^7W?
M?@%D<O0'K4`4!^S.N`(VWO\`^C'EW2O]N^W7GT_L_P!TOTX#_]2'>]6^[M]Q
M/=#WRVSBT,FQ\;VCO+W#L)KB^B$6WM]/R_=8)]PBJ!)+)I34=-033`5LM^P.
MQI<O><XWN^YI?VS4O=N]6:';/3?YK:18[5X[J5%)`S>@/7I@$=SQ/M;QN[GF
MFX#:).0D=E`EK;SZQ\PDI(5:K,GBY+"O4$#`03>>+V&Y;;N5[LG;^PVVY#`1
M*\MF&N(]1$0#NXE0LAS6M*CPP`%W#C%KM=L]YN>P6]O&+@M<>@B&578D>G2"
M20L-1\5ZC/`03DG'+>[B2^V:&4(J-I@D]!I(F&DDJL860*`<Z@X`0S;?N0N9
M'N-F0IKT'1ZD9TA6I+\]VK*00.GG@,3<(DDA^JVW;IIDG8(1!=2SO"<VE:ES
M.RCTZ].F`F>Q]GMW_=\UY-:1_1:K<Z[J822,)"H_]MW$H#'6,@O7`$VT[6V5
ML1+:/<)<*HBDMS'*#72"60*FF6,@Y4J<C@"1L?MOY'?1?O%;,BT2,JK7ES#$
MDX8,Z"!)E,MQK2NGXTP!\V#V_P"W;>FW6DL*36SMZEQ>0K;I/:,ENDD49:"1
MS.#*^AB8ZBG44J`D//.S-IL6W++:P06*[?<&*]'JK=7MS9NBO;.)Y?5MO2EG
M+?E.L,:,3E@`=9;9:[)N5]L&W--+),TMPYDC5W:V>:WNOVMP(Q"LL3Q%`$(!
M2M17/`$_9?W>`;26P'U0(D36=<D:-&R%8@)E0QL[!A5210$8"=]H^*WEQRJS
M>76LZWT*(4%0%]8/")`X8!6*DD@`Y=<!??F7$K86\<R!;BZ@C`>6X?4_K-J)
M57`0>FY.5/#`#"7:9=I>SNGC6:XN/EN+6VC:2)4-$`0$58D',^>`LOP/B-UN
M%U!!;*R6?H?6M<TC`A9A0QI'&!J9:4H:]<!:VWV:SV+:S=LD\US>V_HO,Y=8
MP2C0J6B_S2.HS&D"AP$1W_B=Q+QZ./:[A8I(YG!NC$#+*)U,;>M,Q^<1Z\@!
MX8#)8\=W;9-FL=M-T;UHO3CFFB*Q^H))Q(1H9@WJA!354`UZ8"2Q7JSRFQ,"
M1R6<AE6*5S//&NBCZ_3#!2WA6H`^.`@5]NMM=;ON%PD5D?H`)(%GB>2$[@E=
M*LJ*)'].+HVG223Y8!UXIR*7=I7M]QVX6NW1K<"7<H;AOH;N>>-X7_=]M,TD
M\LL$8H=0T"AH,`N7?X+".3:MK2[MMM,2Q)((K4JYAE/JW4ZQVX8R2(:U4Y^`
MK@'[CR[)LNU7%S-+-N=VK_5/<7B(MW#MTTBT+)Z4'[&$`Z!0R-XX`CVNX<?N
M8(9A+-)!<*LS&*`P/&CTHRO,!ZD;%OF"U:F>`=;OBHN6!L+?;);:0HSM=(5N
MBA5:F`%X]2T!TDC(YX`46O".1;?O.XZMPLKO;;VZ]>#;)MO:<6MN%TLLY=G6
ME5+54J2QS-,L`JO^!)\X@NXA;7+U6SE1!9,T#%S`XBD]2&/]IF#0TR&`G>U;
M*RV/[LL[>*Z%M;^K(P^6.,D,6CM&=E"#P`)K@$VRQ6LE[;W.X[.EEN5E*(5D
MFA2X]&-&+B1I$^;0S`'J:8`C;9'%N=Q.]S`\[>I)Z<IFN3#9I0ZI84CD6A8Y
M^.1P#Q<3JABL+5!<WB([W:"(M##"C40B1F"F0@@BI+'`+.+M;76[2)./IW4Q
MBQ11(CR+1Q)+(2#&B`@4!IURP!WVR...$BXE6YB_,PD>H5E``%&R\*T&>`3#
M;$OWE>2"MNPD>#-0BDL/E05R73G@&*:#29X5A+QQ!6:Z#`,LB5T)1M+>F#D>
MN6`C]CN>XV]P[S020>K(Q*%XWAE6,G]I;Z*D#Q-:,<!'.9[C>7]C(+^S1-L2
MB-<Q*IEC=I%D2<*-4HH*>%<`#[/D%[QV[F7<96-MJ<?6E2SM&PHAET_-_FSE
ME4$8"0;9>66Z1;E?PSZO2C+K%T+5S5P&(-&P#SQW<K@6T%Y&C_4J^HJJBOR'
M\ATT#`C`&RY[HRWFSKME]:2))I572Y6@*UJM&;\R^6>`'%M<VD4DDH0`F5W`
M&8H34``'PK@)`G)XX(S\X2BTTFM.E`>G7`#7E7)7OY"HF9LORBM,@0"/`X"&
M0O0ZG?ID`3E]OVX![MLJ-6H)H!X>&?VX!PC<QL&`K2N1^.`61W(8D/1!3(UZ
MG\,!D,T8!.M>GG@$,LIE()`%!0`8#"<@3\,!A)J:X#")!J96(%#E\<!G5J>'
M7Q\L!FP',!9;VINO]]G!U!!?U]PJ/$+^[+RG\N`W58"AOOL`_LQP8^/[^O17
MX?N]\!K'9=2E:D5\1U'V8!KN5TM2M:::DU).77/`>@/M;_JR[=?\!.(_^;^W
MX"/=_?\`4EW8_P#A?\J_[#W6`\[\KU1R<J9'[CUP#,Y#.2IJ#2GQR`_EP"&5
MR3IH/E.`PZAYC\<!WUM_6;\3_3@,\<A8A3X`YUJ3]N`4`D="1]AI@'",_,E>
MG4GXBE/QP!(V]U_NQY<=0I_;SMT*_'^S_=(TP'__U;2^Z:&>3OCWIA2:SMXC
MW.YVK^G$;?YI>2[F6;TUJ)YF5LS3-L!2'=>*[G!?0ML$.X7QDCFCGGDM6BM7
MCD8LRRRKIN#&KBHH#0C`1V3MEN,DEE=W%QMT*B5VWF']K>3ER?4"V8NT58F*
M]14$^>`A7)^";PYEAV^\-C;O:L(96M8T2Y?U]6I&C6<P,8E`-:4(P`$Y!V_Y
M5');07<,2B[$J6LKI7U=8.F29T%/RBHZZL!"#VDWF`W5P)$AO;=`I2::012P
MJ*.R(8PV@DY&N`:H.Q.Z[M=VLMX+ZW3<)69S;0QF-8U-,G8&B,!4G`&S9>R7
M']BT+'Z30+:F::2Z0">50I$K&)0`4KG4&I&`(]KPK9XMK6VLK3;)X4`4U62/
M7&PCULBZ2/5`!H2*=,`GCXOM"O8SP,%2*YD0PW<8+R1Q*I,D#&DT)C)(I6AP
M$NO.7;/<68V>&^W!E,,%I!:;=#&\`DJL,9DCD5KB-(EH0T>EJ^.`)>P;MQ_C
M&\IMESM$5^+VUCCN;^ZBGBC:61)=$<$<'J7+W?U,BD>FHU5SKF,!B[A<GM]S
M6WAAV'8;W<&VR=-XV>U,L\$,6M(Q>N#,AM+R,QK5"B-Z@-02,!679VM[P/:M
M8VRS03"VEW&.$(\(N%J#<,`5;TQ\H+57,TZX":;=P8MO*;FLYF]6PDLV05T:
M1*HBFC>E%TQI^K0YTZ8`V]J]D?:>466X+)ZT(ECCGCE:3TPA<*ST0&1G6-FH
M<R,!=GGPVW<9[>*TMI3;26UL8I+>(I$S*H17-"/DU"E3F<`W[%P\E)+[<8$D
M6`Z88Q&K2I"0<M)!'J/U6N`L[P.QV^+98FMA^[Y<UC5HT641BNG6/FB.O/H3
MTSP$XO-MODVU5DF:Y^99!$SJ\8`9F>15"C5JR%/C@)3L=M]9:11W]E`()(I%
MME2,@>JKE@K:@:L,B?`8".;S"ZRP>E';>E;3,[ID\SH^I2Q`%"$)J*],!%=M
MV5['==_WZ:Z<07%M&D"+&MQ));PU:XB2$)'6=B**=6>`:-N&Q[G?6>Z6L5M%
M97]LZ2-<6@AEM%C>6%H(;:2$,9]3@-6M*Y&F`S<@XW:<5%I>;58M*]I62T2Y
MNC'!=//))(7MX&]2*.:C:2`$!`.`%ECR#?-PW;>[U^.;I%/;Z(EBG:%-H8+1
MU>"VAE,8CB-"6`5FZ$8"30<LW*=Y+8[7:2;S=6;/N*6YHNF):0>E!<7!6$``
M_+1JTZ8"2<<N]SN8Q?7NJ[N[26-$LFG'T\(A85E:&%$9("2`]1GX#`$[:N3;
MU-%=MN;VT=TOIPK;QDE+:,/4-`U%+PLC=:=<B,!*DWK9B]I;&6>#>;I#'$D$
M[?Z4&J[F2JLBQD+^L!TRP#1OF[6UBOIFUMHG,OKW8=%D-NB:5:[N%@>K1,>H
MI6OA@,5M?W&WV5QNMLDUX+U4@+PB6*UM06/[94?TEUD&@ZYX!Z^K26R@N[NV
M"Q!A),T,LDERI#JT"74BLZ.[+4E23UP!,V^#UGM9(IUVU)$:1K:U0!90J@QK
M<T4F,NI^921TRP&0V;QSS^G<I:RRR!I8X8U>2>H(21V?4!D<M-!3K@'_`(W%
M`TZ7<LD/UL*-`58JCLA/Y9XP-`<:?U:X"5S[G:PQ2VTDZPQN^E64?EDD<%GE
M*BH(I2OA@%5M<7]@L4!N6GBC^=P551Z5005(HS*!05^.`;-]O9YK%[ZUEA(A
MDE:<PL-2PJ5)B=?%B#EY8`=R<G66`S6Z23:6*6MMK!EBE=B0=5=+1L!49Y#`
M9MOO;B>PD:\0@7,DGK0R@3,K`@JT88T"+XCX8`>\MLK6XADN)+>L<*'U@J@^
MM&6\%%:]<!"8$M8%C?;F>!)8-)2@6JMF`X(U9'[\`=NT]A:75UM\<H6X5IR)
M4IJ%"HZCP!IE@#AW1VOC=IM:3"WA#:8XSIC574*3^1OE-=7F<!4=-P16D%05
M#L%U,VJ@8T&34K3`-VX[LJKH5AG2H!)RZYYFN`CXF]5B23G\U6/6OD#TP"C6
M/(_X??@'2SN"ORDDTS\/,>>`>8Y=5&-2#7++XCK]N`R@@]#@/N`Y4#J0/OP&
M-V/0$4IX4^.`2R2%?E&1R-<C_+@$I))J<R<`M20,*],Z9G`9!(%_6%/M&`R+
M(K=.A\3TP%CO:DP'?3A*_P!>>_H?LVN\.`W:X`9]RNTO#^Z]GMMCR^&_FM]J
MN9+NT%A?/8L)I8C"YD9%8NN@Y#`!_P#]@S[)?^\'(O\`R@N/^18#`_LL['2&
MK6')"?\`A#<#IE_[BP%H-EVFSV'9]IV+;Q(MALNV6&TV*RN995L]NM8K.V$D
MA`,D@AA6K>)SP"7D_'=MY=QS?.+;RLS[3R':[W9]Q2WE,$[66X6[VUP(9U!:
M*0Q2&C`9'`54;V)=@65E.W\HHW7_`'RW(K]_HX!/_P"P$^WSH-NY4/\`YI[G
M^>$X#&?8)[>B:_N[E=?'_?1=?SP'`"3OI[,>R/`.T7/>9<=L>1Q[WQ[89=PV
MV2[Y!<75NERD\"*9;=XE65-,AR)P&H-6KD:U\\J4I@,BL0:J?OR.`5I('J*&
MH`^_`+XF+`U-:4`^RF`(FW_ZK>7?\/\`MU_YN]TL!__6NS[DUXC#WU[R(KV6
MX7MSW(YJ+VXN7C_W,F;D.XU6*-)6*&,U.IJ&OA@`'^]9I)84M'MWDM[<VGRD
M)#=P*_R,0>BL!4LI!+?#`0CD&W1W-PMS-;CT=$D?TL1D40R23(TD\TL:D/*"
MM$);(5&>`@-MMMC<SWAA@W"VDMKHV[SRU3UU`&E(T.I)[?2?E>@);K7`0_DF
MS6]_H-S"9%M'E9+U5=)HS\RK$\(<QJ'%:T`R\L`@.V;1-)MLC61$EM&KLQH5
M81C\H+H\LE*Y*2/OP"7]WSK?_O.VAJ$,UK2=U])0Y)!BC2%J4"DD4H.A.`<+
MK]TV\8N-RM()6TF"-7*1(L<C$"0U9*4KF*TI@!9O%O:6VY0-:7S_`+6/*1',
MJ!&G=P"(CZ=(5.D'Q%!@'*^N;[=WBL[2ZLQ-\D\3L90LD*"BQ%X=)6;Y<@02
M?TX!HV:7>+_?(+:XK;W9]:!GCVYBD+1T]*YG<SQRQQH>K,:+D3@+)</:&\WK
M;MDN9^+;[:&VM9F,FYFPDM=V!?U);6Z%W(8_HUA#%PU03^7`$#E_%K>^N8?0
MVOT[V)3?P[E`6FLY[>.5YVLK_>T=?J&5I*J1`693UJ#4!KLW;RZBEN]SCVE]
MLN[V\N[3T+B!X$>TCI(\,L3)Z-Q:&-]:7*E26%/`X!^@XN+>5IO2^5?\]&FK
M0JH$C`0$D`-2HIUK@"OQ+9+8;U8V]E:B"X<+Z$LP"GY6!TZ0M3)6F`N#/L&V
M(L<,EK.+Z.".2?U`/35F4"@@490IU!KTP#EMG%+>Y6GR.I42330!M,M%)53(
M'9493E2F6`F'%./W5C*\]U*7M6_Y3L6"LD,8J`ZL0I)8CXX`SV^T3;E"HN+>
M%4<*"RAE8:150H6H`H:_;@,]A8"RL!ZS.IB:X"QAJ(C$G2[9EOF*@`="<!$+
M[;5FN%<U];3^SDC5DC+$ZO3FD848`$]!3`,@LMTM[I7N)I(+64H#;P1+E1BN
MJ"9HG%"M01I.`DN[\<@FMH_H`);>VDCGDE@T%YDJQ%M,$02$:Z5(;,]1@!3N
M9L[>YNK'DUW%8PSRJ=LM;]1:SV]R`J*QN#,[0HPK0$$E6&`CUP+V2^BL=KCL
M+R#<)I?4EBBO!`EI"%C=WNS,T,FE?U@"!3SP"B?B]EMDT^ZQM'>7<=O2&2U*
MF6W<`@K$"E9AG_5)'7`"K<I^2V<A>*:[@MI+F0W0@@F-S.';YOJ)4AT>DM:F
MA`'PP#_LO([N"^@AVEEN8Y!HO)-3W\L95];5MX5#@LM!0L`#@#-L=WMVWEMZ
MO8A^\;E42:!$GDTR*''[>)Y4DMRL`%?U02//`(X;*PY!-/O.UVA18F#5N'G@
MMM8DTR&2LSS$@5TT)3`&Q;:VDV:SB=L[5HIXK(?M(9F0DJJB-M4I9CT)P'R'
MZG<;26!K-[86[^JTF@PI(R9A(B4(F6GY@34#QP#OQ[<)KN[OH(6F,4$<?[2"
M,SI]04_;1)(B:?4KEF<B:8"8;5:IN=W<(UM,!;&-1>S+0AF0JR1$:55E)SJ&
M%?#`2-]IBLK)+P7(F>V@_:-$$:0`?GJ5"ZVKXFF`9H#/%<1WC11W%F\;.Q93
M(_IE30%`0O4U/PP#A8VUQO$P^GNGA]64)&CL%00(K,8H<B1`S>9)-,`T;G8;
M_#'>[:)+2&0&4R681R9X1T<$4STC,9]<`W;9M-K+M*7Z[?22TD$%S%#J55)9
MB[E"6*J2.IP#'?WQC]2\A!BBCE]`_*7"M)^S(*(?+/K3`-ES.WT@M)85F<RE
M5F\T;24(H<_F)P$.7:UB>ZN0"!"2%4@!:L*$%>OWX"?]KKNXMMS@6WA7TI9M
M7J.9%,5%ZZU*Z0:_'`%3NY'>2[7)=F5V%L(C*@(]/2[`5SSU*3@*C/N#!GTG
M4=1H3X'^C`(S<.34Z2<^M?'/S\\!WCD9VH0.E<JCQ`\3\<`XQ.7!)\#@'"V)
M:4$_`9?#`/\`$ZT5/'/[.I/\F`S@T-1@,H8&O7+K7_`X#J65J5U9?9@,>`23
M?G^X8#%@.8#F`4PL3\IZ`9?C@+*^U$U[[<&'E<;C_P!BKW`;NL!S`<P',!S`
M<P',!S`<P%?/=:2/;KW;(ZCB=Q_SU:X#SF)*&H#^8FF0RP"Q?RC[_P"4X!3!
MU;[!_+@'*#HWVC^3`$;;_P#5;R[_`(?]NO\`S=[I8#__UY3[G.33V/N+[^R1
M$0JO>GN'!(UQ`3#<"/EF[+\[QF2JKTSI]F`"<?+.1[U927&\7=OMME;2ZK(0
MQ"+U"C>F@#(!H`4FM:U'A7`2&#=;MXH;K=-_G&WB:.U6T2V>.":0-HI!(H+S
M1B6E68@GRSP$IEVV]D@W#=YIIMNV^U]-(KA8E9G9DC"%*L2$^84+*?Y\!';B
MTAT,=LNY$>[199_J(%>*=PQ5BLGY8BVK4!2F`?+79)39F%S'1XEE]=HPLYD!
M.@PLH*>B`#48!M&S;C'()75+HP_LX81$5")(?3=G1#&\K.N8/AUP"2;:=G2_
M9MW1)HBIA8BWDFC?1I+1I$1J&AY*5ZX!!O/;S;=PB6S6>.T1HXYK.XMXGB4_
M.)1$Q0"BQJ1522Q!.`'W'^&7?[\W61(]=S8R>I$UH/JK<6@"QM*H#*(',A`%
M58K7/K@#7PW@$.Z[Q:W5U!?07DZ"^^H^E@2VG$[*D-M1&NY9Y@FJJLJBO7SP
M!S?BG&>"VT,4=IP^^NMTH%DW3;HHKR"5H]2J?IKZX@AF9V*L?3ID*J,`U[E*
MMW916B6>[)M:)Z0LFNK.67:BZ?)>V=M9.=P]"?6Q7YI!\%%%P#W:Q[4;&&"S
MF3T]N@A$L%]<3RR2A"L4T<$DB)/$LD,Q=?4J=0*^(P">VL]NW#<)K;;(HUM3
M$&$\@D8*8CG$BL0TI5Q3[//`33B>W-;\DL=ROX8Y+:UUT4.M)%5EJP*?,E0/
M'`6WO+.WEBENGCEM#<Q)'%/*_P`Q66-"B*A4ZD1#D3]F`=-OV./:-KM8[266
M5*A[D%JB1I#4NN0ZU.`7_374EP%MXX99Z`(XD+>FF=`8AI7+X`4P!-X^FY6&
MH7Z6I22,!OVK:Y=72B*3Z02AZ>6`E]]Q_;;Z$S6"7D=RL7JW*,[M'/&!^15I
MI9LLJ4\S@&ZXVZ?]W1+.!%$-+11O$#-49_,WYE^PUI@,,EO!=V<2"-8[A=<B
M,X1D=HT8)'4Z='7\<!%-JOS9V=_:7L]N=P].:46ZPNB2J7`5()5!21A2@JP.
M`KAW3-I=7EC<W,!^KL;Y;N".54BBI)%IDCN)S*\&IJ44C45I7`+>+;UM?(MN
M,=P+."ZVS6K!+V:&"%4)'IF9$42_ESH0K'J,!WNN2I+(]F8C-MC((&W"V%N\
M:2O^1(M#),I\V)8?#`1JY2ZNKF.U6Z6]VTGTU@DG6L<3&BE4MPKQR!Q3YR-0
MP&#:N`WPW.[W"S9[2TNX5D9(I%VZ9)(W8ZXC*=6E@HU'2:C/`2TPWC65S'M<
ML'U;52YN+M_6%M&66-IHY%<:IV*T(H*C/`/VSP75JJ[<(I+^Q6%'CE62FNY`
MU7+PERX:$%JA2V9RK@"/LFYRV]K907!GMK>,RJ/6C0S74FLN!*V@+'"H(`HV
M>`E5M)/N%W#(3]*+524%O&9DO'?+3IJ%C;33,`C`/^R(^T2M;1[=)8)N5P+V
MYE@),LSE:'4Q:1(68)4BBY8":77*]GM;JTV]KA;*3YC+-$G[%F8@O',6#+*S
M1O6H\<!([2YL)[9DM#%=V;_.736I=)"2-(>I;(Y]!@,T-Y`+S]PR;!(+62*O
M[RATF$4JP16,FI3E3RP"O;+1;>_,,2,BPG4D1:-!$`P"@G2=6I>H'3`9]Z5D
MNH6$(,EPI3)14-)3+5F1T\3@(JO'+875Y(/7@;<$^>&*ZD$,DF:F0PFJ@KY+
M05P"*QXA;\?LI;.[,EXD\DUP97`DD"S,2J'H#Z?AY8`+;W92;1N<%TL\DEKZ
MK-`M0590TGR2!J]`?QP##9WE[N8W%I$6*%9OV8#@U62K`E1F:M^&`(W;@RV^
M[VB/,@B8E)5,=2JD9-II4T.`GG>:Y,6Q,T5R&68112)3Y7".3J(.8;+PP%-F
MD+,2*IX9'K\33SP&>*0M\I'05K7,]!Y8!7"0'-32JG^4'`.D'1OM'\F`70BI
M`K3YNOX8!X4F@/0^?Z,`H$]``5J0*5U=?CT.`4@Y5\Q@.8#F`PS`:*T%:C/`
M)<!S`<P'T$C,$@^8RP$TX9S'?>"<@V_E/&;N.SWK;#(]G<R6]M>+$TT+P2%K
M>[BFMY-44I'S*:5\\!8$>\3O[X\ML2/^#'&O^U6`[/[Q>_9/R<KL5'E_9GC9
M_EVO`=&]XG?X*2.76-<O^]CC7G_U*P"=_>3W_05_M;8G.G_<OQD>?_2KX8!-
M_P"QE^X/_P`,+'_R6XQ_VIP#=<>]+W$1L-/,[$5ZC^RG%LLP/':"?'`-MU[V
M_<=%HT<UL16M?]Z7%#_+LYP#6_OF]R8)4<UL!0]?[(\3-?N_<V`1S^^OW+H1
MIYOM_7QX?Q(^%?\`Y38")\P]X7?WG?&=YXAR;EMC?;#O]FUANEI'QCC5F\]J
M[H[1K<VFUPW,)+1CYD93\<!6-6TD-Y'SI^G`.$;%M)Z=<J],C@%L!`+5(&7\
M^`<X.C?:/Y,`1-N_U7\P_P"'O;?_`,WNZF`__]#M[CQ<[G[H_<##=0L^W6_>
M?N6DT%G<22(0.8[P(VOX$B;T]9`(\\`-[7@O(]^ENY-JM[AMNB*:;6[M%CM)
M&`$=%6YF5I(@#76JG,8`I[-VFYY;16-C>R6K012V]_*DGIW<5@C$,HC9W54B
MCC)-/UB!G@":O#DW:=H1/$^VP^I8WNX+1K%I$B:19"@D,<;R3B@6K9#`-4/;
M^&*^6.SE@ELY(OG$*&0LT0&M%US%/4'7IU&`S+QV\CW)+.+5>6,,)>+4WHS6
MJQ,2T%P:LM:G(Y9Y4P#SN_$Z;?\`76UP9YHV)G>V?3>!'J7AETU,0CKHK^L!
M7`0_:^,WVZ[GZ<<]S#;6UD9[:VBA2[%Q+(P$LCW<DD*07,94#]9L^F`E"<+@
MM=ON9;F5Y)&1K&&QOM4$*2ES*]S(Y9S#<6Z2?G44<4S\,`(MJOKC:)['<;D;
M;#JN+F[`L66.QN;:.58(K::X96DGB=1K=62.I'3*N`3[AW-L8-NWJPV>?T-Q
MCNUN=LNK.*^EABG99/\`E2X,=I%;*9I/E`=M1Z8`&6'=2^LUL[[>=J$6YV$E
MY*NXWFZ;G;W<S2R.$E?;S%)"IEJ0`7U`YYX`O<6[J3;SN=E<W`BB@GB-C87A
MB<Z=,*F2.>Z>.69I`3DHIGXC`'.[XS+(?J+-3)'<-')<WUL[3!F2$,?6=EC=
M_49OL4^).>`3W.\S;7';K#"%^CE2.2DICE4%2LDOKHA)9@:Z?#I@#YQ+==O,
M*QPI;W95#.]Q/&I9(2-31DYB1SY5\/#`'ZRFBWJ&TDO;D7,"!98XS<EOE4:E
M0$BB*#^KX#`3S:-SF>*`):1+&[$:?76<$#Y#2H%%-.@K@)-MXVO;KM/6C$5U
M<"BNE6AS!.AY=*A#3.F>`EFQ6DU]=32_7K;(DZZ3/`+A3&K+J53K&G5X98`Z
MQ/:V5DD9H7+!D:-355>HUY`T2IS'3`#[D&Y+97$D($-V)I8SZ[$A859`-"H-
M6HAO,C`0F>;<%C,5AMXG]>Z#DL`HC1JB1D#JRZ%&=`:UP#%)MYLWN;R>:"22
M6.2%(2NMUN*_)H#,%AHN=0*BG3`"[^QUKR*XY`-YEBODMEB%K!)&98+65%63
MU8-,IC6=R30D+3IG@!1NME9[`]TNUPO;:]45RR6$>3#+3*I+(ZRD$EB0*^.`
M@7*^<RVFTI9;47>ZFC](+M-O''Z\CLH/K&.*2&TT`$LU3@.O$K_<_H[B\&QV
MJ3I+'#<3G<H)9;M$_:_5DMJ>H/4+F#G@)]O7="QCVB\FNHKZV-C$T-I*+&]W
M:XD=0&81*MI`\T>E@-2$BF7A@(]Q_E/)-OGV_<)-HEN-EWX"MW>"ZAM(?33U
M!--MZ"9B[GY:,8SGT-,`9]CW/==PW`W%BEI9<?*Q/+-1BLHE#J\&W1`1M9R!
ME(:H-<C@"5M&ZK;WT<=V;-XBP-D-UEC>WE(6H1XI:NP1Q4T&5<`1+'<4W24P
M06\,1C*M-=07$<!69UU(+"'T],L`TFN8RI@)<L.YO,D@1&M-/HRM#<QNTQ,9
M4>M$`%4C56M3Y?'`12>UBEO(;?<H;-;19-5O#!';2R!A(=)E87"E3D01I).`
MD,V]0;99J$=(M,JP@0*'`10P$196!C*K2OE@)QMVZZMH@N;8&[7)PJG5Z5*9
M%R07\ZT!P'2YW1UT;CIC(,J^O%ZQ#2IU.@&A1B>IP&)]UCWMEFLT*11R+KB]
M26.5914IH:10KB@(^6M<`JAN[AHY9;]DMTA8BV5EI<&/Q,A7Q!\>AZX!#NVZ
M3MMQ].57NPQ"ZW^0H<P-5*CK@`CRGUI4M[<2HZHCR2$4.DEC\M14"CY4\L`+
MK>?<H+U7A*K9%I(YZ,00P'R$@`Y%C7[<`:N*[1?S26LT;Z9Y&2L\999(5H')
M;YQZH=>@KE@''N[M]W;;)%</-(\9:(3HS557+@!U&9JWX8"L(-?N-,!W5BIJ
M/+`*HY`X^(&>`=(ILSI)\*@C^3XX!R@E4L:5J!45\\`ZP.SC/PJ3^)_#`*:5
MZ8!>.@^P?R8#[@.8#%-^3[Q@$F`Y@.8#Y7.GPK@.ZL5-0?MZ9_C@%\<P8'KE
M3RR/\^`S!@03Y>>`ZL:J2/\`#/`(IF!^3.H-3Y=,OY<`E=M*D_;_`"$X!CG8
MEI"34BI%?,#+].`:Y3K4ELR`Q'D/L^_`,DGYV^W`(IRH/S"OE\,A@$.`[*`6
M`85%<Q@'!!1AX?XQ7`9:@F@ZCK_A3`.2,R@4)&0_DP!"VZ0_W6<PS.K^W_;?
M/X?V>[J_T8#_T;"^X%=E'N([VW"[6]AN-SW;[A))-MQ3_298.5[IZ,DIEJFN
M6E36F?PP$`M[:<0S7<\,5LY8DWVXSS2SVB4-&CM[(K%(&;*@-!7`3KCT');O
M:KGU8A<6]Y#&+>YN+^*QLKJRD(62.=*RR1R(AJA9E)!%*YX!=<6=-I;C^S1;
M79716<AH=P>2.-D#,UVVF-OJ)8@K`$G.OWX".['M/(MINHXMVNII(XH9!#=2
M1AXKF2:M"8[9_4J%0$DZ>N6`E?HV,=M!):"2XW,7!B:SC0F7<II&ULL:RN8X
M83GDS:@%\<`U;E_:%K>\7:HK:PN9G9GM9V#P3DOI*`*8IY)%C4$@"BGSP#.F
MYFRMHK6SBFMV626#UX$/T]S-/I-S.C3M#(DID3K4@`#+`0?N!O>[6EN$NY(E
MVV2&UC9_6,TSRRSZ0_IK(H]0Z5#2%@H44^.`K3R7FNRV<6YWFS36L=Y9A%A#
M/<F:WN&^60?3-:3VL8F2H%&;54X"K_*NZ^\P3RWMN66W8H\MS-+#";5@039K
M;A/4:)2*AM*_9@!K:]S]PNN10.UO%--=R)$MR7:6(Q',O,LC9MD<@N8RP&S;
ML;LD&XVNV7"VME>75O!<O-$+6;;']66%*R?Z12$B-I,GJK48^&`M_';FPV>&
MQV^(KZP^='J\$)]5681R`%Y'=A0"E*9X".7.QJZ+M;P!Y[^>XNVO`OH_3N`2
MB+%\S-"?$FAK@'GA2;ELNX6L%KMD=S*T@@NH9'*J\3'3FKB@+!C6E<!9.QVV
M[@!FMK=HH3%J?;`HI',QH\:_.%56;,'/(X"?[/)>6%LEI<;<+.6<:T9"'9$D
M^8/%(:B,YU(SP#@T=Q=-#HN7E,;M++('+2ZE^52=80%6&`E6P\D]*6*%RT6J
M<1!1;RR.[ALV9E&@+XUKE@#9!ODMY);6L<!:-H6>2174(X7+TOF(^9O/`1J^
MV^9;^56@8PR7$85ZKI4E1(0]#0D'I@)%9*]M$+"YLR"PEF252K%4K42$LP"5
M)&`']UL=R+F9%N6:.0EAK82>C(['U&936GR>(!(&`$.Y;'NVU[[O5C;;A+#:
M[Y]/+;S6R^O2^@CC!B6.31$;>[1=+4((.>6``G<;>]XXZ-RVW:K&'<=YW"L4
M<<TDD;1B6$M<"1]>A/IVS*@$T.6`IWMG*.1;8;VZY1:VEGZ!FDL)K6]?TVDJ
M5U212VPDUJW2M`?#`2_B7<JY$LIN+JSGAEC1D^E25V8.P$DOJEQ'!*4:A6G7
M`$:.RL=]:R:ZY#=[;##$7>SMHVU7*Z`5CN+N5G`4D4`6,'/K@"UM'(+KCD=I
M;V]RN\R.AK:W!F(@M@`3)!9"`I<%=(%0^`EW'=ZBG2^W)MTN=DM[NZC"I=[>
ML%I'=U952-!(8Q"K-6C`]<`NW"9UN+#<]PV^V6=+\/;[C8S.;>XJOIE[J(B:
M)1,,P`4(P$UV_=[:QW*VD>\F23=$*K:K<.Z&E*1Q"51'&Q!^6C9X"8W>_7UB
MT-C#%=Q0R1!VEEEC(@TO4,Y$QDD4TZTI@)3;RP74`DDCC%Z(DT",&.`AE`::
M1Y-2R3-6N1-#@,:A;9;A+FXBH[(SPQPR3-(@!]-W,0:-WTG/,9X"4\>WFP:.
M\L8+CU8XH]4\<0DBDMW>K1L0&RU94RK@$^W7LU]N9AD=_I0[1AY5<0RH3G23
M2=.H@`DTI@%&WVWTVX37;;[=P0O<$C;9(OV+&U+96\K?*VL-2H.=,!(Y^0[<
M363YDN$$:-4DQDMI*.N=6-/#I@&V+=;7<)+FW@@D:2!8U29%I&R5*%_VFEC0
M>6>`%?++BXL]:P.HEF8@IHJ657J"#T!&KSZ8#!L6W6]^(X4D@CN7&N03L`DC
MYE@2*4R/VY8`R\.XS=ON<;3[C;PK!&\:PP.7C,0_,!7]91@(OWPN/I;:VV_Z
MC4SE6"^,D2M6M1\HZ>.>`K!@.Z=?N_G&`60?F(\2,AYYX!W1`M=-<Z>/X?RX
M!?;JP;0P\-0^VM.HP#]$FD`]"1G^.6`70JPJ2*`@4Z8!6J==0^S/^C`=P`.F
M`^,`<SX#`-SN^:M2E?Y#\,`G9J9#K7Q^S`==9^'Z?Z<!C>05^8@&GZ,`F>XT
MM0$%>M"#2O3X8#M'<*31E)Z#+(5/WUP#E'+3I2F5:@Y8!7ZB?UA@.KRJ%.E@
M3E3\?Z,`D=ZG4WB0,OL_Q8##*08VIY'_`-I.`8KET`<LU`3D:$U(S_FP#)<.
M#5E/1>M/&I\_MP#6[YDG-NO3+`(9W#4%<P<QGEE3`)!(A-*YUI2AZUIY4P&:
M/\Z_;@%RFA!/^&6`S5`%?`X!1"Z@&II4@_HP!$VYT_NNYB=0I_;[MM^GCO=?
M^C`?_](K^Y#>9=K]Q'?5TN()Y)>\/<1&$<>E()/[6;JL0E;4"'5*`D^.`$<L
MF\?OC:-TOMU]?;PK0WMIZ\XA$=P!Z;3+Z7J/#&]!JC#4)\JX`G7NX[XFX[)'
M?25VFVBN42RL;F>>*\51$MM;NRVX(A90`X>C#PP!+AW.<;6USMSW%E<:(5^C
M:%)X(=16MM"@0,L$9^;4U"?$8!B_M*FVVTL][--9:Y7MR9?2>[]60T62*-6=
M65V%33\@P"BZWVZVJ6`V6VV5])=Z)Q])=1?4BXN&CB:XN&G$0BCT4+$9Y=,!
M#+S>[FRW&\??H7DOY4DDC6UW*/Z4(H)!6ZN-+_)&/G"K2M<`"MXY"N[2"XA$
MVVV"Q/H:UNX[R6:CL!'(LDD4'I5%01\Q&`KUS[N+-86U^CWN^S0^E$(_1BMT
M*49@R.MT]/18+4E"0*=,!3KDW<;?;AY;B2/=7M4TCUFNH+AY(!D#$(F_T<HH
M.DM3R\<!5KG7..3W\_\`N4VY1PYYW4K2K)4!32.,DBIZDZ5&`@W#>9;EL^^V
M;[KN%S*4NXPP4+);H7>A5O4E0A\\F%2/#`>J?VDV(W[C.Q[O%%&J7FVP7]XQ
M5!ZL,EO"J^H1JD8F04-?F88"T]ELZ;WR-+2"Z$4"2%Y6BC4`R"HD>%"JE/D;
M2,JT)\<`\\BV':..7RB3Z9C<1%!',61Q([UC*2R5#:U`-,JUP$QX_P`0VO<8
MK7<(I(8V8Q$HD:!@T3K(Z$4(*NJTJ3@"A?[;+)+`-K@MK"VATR70D=RK:*ZV
M,@!+%@<@<L!(!96NX6\0ENH!(J%DTEB@=*+"J4&=!UP$3M[#<CN95V%R]3$P
MMDK2,"NMBX2J!O*I^&`G2<?W/;]N>[M(HWAS):,:I4+G,%90#E3K@,]GM>^V
MT<FZB.<QK"A(8O2)=0)9:?)4TS\L!,;7=IKN>,2-&1.L050<UE1#G)&]#5OL
MP$NBVV]O1Z5V@=FH[3!M16(+41Z@HTJ13*N`;+C;HK*5$8:6G,CZI5#JIT!2
MYKGJ"CKU.`2<EXY%<;(E];/&9809K>55$<9$-0^ME362SBN7A@*`]ZH+&&Y;
M=)FDCGM#)=W@$9$<XDAC#I$SJLFN2.(J2`:@X"@W,=WV[D')K*:![?:[>2-H
M9K2Q,2QS)5M"HKE=<R5S-`<!+8-IVZ.TMFBC&IE01S.PD=B!14`]1!ZK>8&?
M@<!/=B>.PA15NVMC+'I'J;;HF5UJ6A]>*Y:8K*N245CJ/2F>`(W'><RA8=NK
M<R6JL[@3/&M_2-BD\"PWJPRAB2-(!.6`FPWR*UNEW2XO+J/;+F(02V$>LE(]
M+&ES%+'$D=U-7)E9A4=<`LVS<-F$,GTUWN,,<\SS/9[SNVEEC<!!ZD`&C10?
M+1J?'`.G'^50[;>WUE)>)?&.-S80Z5N9+"(,6>:6MP(Y(`O0J2WPP$Y;DB[L
ML$D"SW:O+&$NK,PF98PP+RJCRQ21HK`U45`IUP$G@Y.1&PNW*SV046]SZ\#1
M7D)7I<1P^I*DL5`/FRP&+^U-E+!<W4=YK:1E5(89;A=1K0AB%T(ZM4"M%^.`
MR;!RJ#;WNY[F,O++,/2E6;U/2J`6,A#`R'J!U.`(4/<K;KNQF@_S$T4JB/T(
MXG>YE9#^R/S%E8TKGG@$-AO\$\TSW0F=Y?V4%LQ021NP(>HUE5;,=.N`?-OL
M-*>I=W'T\50\44KIJ6I/S.22G7I3`8=PW6_D9H;!E+6S,I>*4*FD@*2=#"HI
MT\L!#.77YN["ID^GNH;5T$HIZCS9EB@ZG/QP`WXJV_SW,%A)!>WDTVM8YAKU
MH3J=2%KJII^_`7"[5;-N&VRHVZ.6+)(P65RTT;%22HU`-I)/CF3@(-W_`$E?
M?;-(H_V:[?`I8+EJ9I&U4I0',#`5S2.11I<'54]<\OM.`[D,N>8KX_[&`66V
M3!NND`_;T\<`YP,6E%22/F-"21TR_#`/UN`7K0'I_+@'RW%2*YY'KGTZ8!>H
M!-":`#_`#`9:CS'XC`?<!T9AT%#4=>OC@&^;\Y^P8!!+(%)(HQK2E?AU^XX!
M$9#_`%S_`,=_CP&)I:]3G3J6S_3@$KS4:E-7QU?XC@&_<M\VO9+"YW3>;ZVV
MK;;1`]S?7DZP6T"LRH#+,^E4!9@!4]<!%X.]O:32*]R.(5H.N^V7_)<!(-A[
MG=O^37Z;3Q[F7'=ZW.2.6:.QV_=+:ZNFBA77-(L,4C.4C7,GPP$W,E374!]A
MH/PP&!IZ$BFH#QU?XC@$\MP2,A3(U`;]!IX8!FFE#"K`"@-`2*$_@,`PS/I9
MOGJ.M-67E3K@&?<MSL=JLKK<MQN8+.QLH);F[NKB58H+:WA0O+--*WRQQ1HM
M6)R`P`RD[R=K\V_M]Q1@Q-`-XLQ3RS]2I&`4[-W$X-R'<(]MV+EFP[MN4JR2
MQ65AN-M<W#I"IEE98HW9RL:*2?(#`3Y)-7DK5R`;/IU\,`X1FJKG4T\ZG`92
MU0!3I^G`<5J?'[^F`(6VO_Z*^9FG_P`$'MGX^?'.[/P^&`__TW?W5QW>X>XG
MW`&R%S"MEW>[DM<16-!-,T/+MVDCD%1I96IFIZX`)VG++M[647%ENE@MI%KL
M]VOH_J&4#2LT<-I%KD=)156C_5(K@+!;!N'&KO:+>_WJ4VD]S#%](+A)HI$L
MY8299XDUJ)'D9U)_67,'`.']N;?B^C]U;D;O;X8=(N);,6\,:N2!J,S/+,J1
MTI2J5.>>`8SW%W*>VGF2_6^FC>6YLJ012,(_5(D;U9<T@"9@@:0*#K3`0].>
M;9=S37UQ9[=/?&WD3ZI;J:ZDFCS/TTL,*LA#DG,T`\\!&;CE<?H1;HUPD5O!
M(RR&*WBN$M&F^46JH7%PDF@FH(`-#G@!7RWN&]W)/=644%G:6J%A+967KWTM
MR3I#7=M!&P5:>+T#>>`K#RWGEQ8QRRI<7]^MW'+KT0!$!;5K`*B;0JD5*D8"
MGG+-[N[M);M;5RKTD)K0!*Z=:D4E"BF8T]<`&)MQL+VX,5N7N+^-P7,6MEC4
M5U*J-\TGS$94RP&238)V6.:#;)(GUB5Y)4N1*9*U5M'ILJKY?$]<!ZIO;5NK
M[!V@[>QP'1]5Q?91=S-596=MLMY=#LRJ:@OD#6IP!*XIW`GV7E4MY-(LQAW3
M2L:52)8WKIB8(&SC1LS0U88"6]P.Y$&[[B]S.8Y+>%`T4%1*=>E0&7Y=3N"V
M5!D,`3^"]Y]LV_:5L180EGC$881Q^JN0U#Y@6)KY8`P<>Y/9;A:M-<^HT4Y;
M]BDX4JNNGS$,5(J/YL!(+C<=NDEMD@D6UMT`7494(U4_*:Z<V(P$DVN]@&YQ
M>K+"L$U%-Q;QJIU`=&!H,`=+3?=CVV2.UN9()(IXE_9S%6+?**OE495\\`\'
M>-DW$-:VZP_3M"0"FG3UII"@@'[\`(MVM8]FWF*<*SQF34\FD@*@!*_*"``M
M1@)WMW(+=;,R3W<*1:2Q=FT_*>E,@.AP#'?;Y!N`@^EN;:Y>WE^1_6C(:+(A
M2%-?T'`26#>+=^/6=J5C]5&GC:/6J$AVE+EF.10$U&`UV>Z98X-GY%N;?):K
M#&&B>1GB290T82+0OSO*G55-<!K-L^.0[QN,US:6<%O;S1*Z7,D)ECD(0LPB
M=-21CYJ&I#8"5[7OE[L#)M[P+N=K##Z*:[>42PFNG6U8Y`8D'Y64G`2?9[R#
M>Q<6QBBMY-0^G]>9;=6N`1IDC,XCUN"!JT@'`2U^0P</L3>;K%<7-O.G[58;
MUWM(+@:D4&2SMKF>C-U!4J*]<`LVOG5I<S;=)#ML4B21V\I>*YW::WLI3(&+
MSW*Q!5C*]-84`URP$QO.3[C<3S_33W45*4N[?TMX,L$@H8-#6[74:14J%.`D
M?!-\@^FGL=Q&[7333-ZEU+M=Q8F-2&!'J,&CD*O0TTH*#`.QY)%9[[8RSV=S
M?6-@_KIN$BK9BVDC)$4R")YU<4H2"`C',X#L>2;C>[PNXQ;E#!MT(:62&Y%L
MD<HE9J5FC+2JQ4'Y@N?@,!-+/?=HW&X@$]ZIFABHL=H]99%(KZ$ELT4$UV.G
M0$FM<`^/O>U[/:M+:V<UC/,ZLH+>A<R),*R3"UD3UE57H-.G*N`;[+DEC:[B
MDN\K':2[AKFL9'F675.BCYPL2@P.X;+40:^6`94YQ<;+N4[-)9WVVW-T9)W>
M^].Z@&O20A),ADH:Y"F`(5YSB+=MJ-O97"R6^A582S!9HH"0ZOK;YV:*N5#\
MWA@,.T;LFUV(GEW"0F\$A1FUD45?V1D.>@M2M,!-(+RWO-KBW2Z@_:)01K*$
M:H-*24_+\P8X"7]I9KC<>0G=WM+Q;2T9DBN(8VEMF94(TL532F8\3@+D\*39
M]QOY7N[2:&X#@K]0M0%85TJ<JBN`FG(^";'NS&2>UM[H44(6C61D'2FHYC//
MQP`>WOLUL<E1;V$2?,:D)T/^U`S(P`JW7LJ:_L4.6J@6-@,CX94(&`A%WVDW
M>W8>C;3D'QT-0CP/3`,4G!-YLV+-9W)*U_+#(WAGT4],!T&UW-N#ZEM*I7*K
MHR&E?!2!TP'==24ZJPK_`#X#,LQ!^>I'P`R_DP&3UU\F_`?TX#*)2RD@G*N6
M5<!A,PH=.H'P-!_2<`AFET@D_,<JU-*U/PZ4P#5(]6)&1)_13`8#T)\:'`('
M<T+-G3`)FF-?EZ?$"N``7N@F+=BN>@T'^Y]J":]?]/M:=>F`T>*<O"F0KY>?
M45&`MW[(VIWYVJN8''N2#_\`D1YTP&Z34*5\/\/C@(3W![@<>[9\5O\`F/*)
M+N'9=MDLHKJ2RM3>7`>_O(;"V"6Z,&<&YN%KGDM3@*VO[X>Q;?DO^3]:,?[.
M3TS^V;QK@)5P'W)=M>Z6_-QGBUSO,VZ"QNKX)>[1)90"WMM`E/K/(06^<4%,
M\`6KF1`0-+5<4!\OMSZ8`/=\9=/9_N:JUU#A/(\\J?\`OKN/C@-$^5#UKX>7
MQP%GO:":]\=@_P"I7(?'_I->=2:9X#<(C!6!/A_.*>.`6H^0=*BM>H%>I'Q'
MA@%XZ#[!@$[S9_LVZ9'('/[Q@)_MLK_W4\T.K_X(7;+P'CQONW\/A@/_U/ON
M5WR.+W3=_-LMVDU7O>+N7%++(#2,CE^\`B-J`$4'2N`%=I>W&U[G!;[C-;:2
M[&RCNDK;R@@LDCC(.M,CYUP"YI=VCNMR]?<K/<K2]1'L[.!#;P[:&9@Z6\DA
M-0-0H%(``Z4P$)W6^,JK;2SW"64;R6TR7G^D6T]S&X;THD6M8Y%(`8'^3`-;
MS;9/N%C-;V=[:VEO!+%,;*^#W;C30K&D&N=849:F-@20,`_?VGM-DFCM)KNV
MDBDLU%MM][M5?4+$LDHE2V2>12*5!<%6!P$!Y-OU_<W-Y?W>Z1[=%*`%L;*P
MD-O,BH$0_3QQK#%ED70ZB<^N`#VX\FNVD:RBW"82Q1:8[>Z@G6":%`5]0A59
MCI/]8DX"N6^;CO%S*]IMC2WD4GJ*WIHMO;PRK*[2.*IK`,2Y`&A.`'.Y;7<7
M<L<=Y<VZ/(@"VDACM;B=?"1%:5*Q@@_:<`Z\1[9VDLS^A:1VLKRC_39;!Q6A
MU.&9P7*MX$$UP!*W#MIR&:46UJMJ^WJBO/?L$MIF-!ICC1G`_+U(`.`V7]E^
M]B6/$MDV5KB*2;CVWV&UZY`OII<V%NMLVI'3TY`\8&9KG@)=?]RMN;>H[]=R
M2UD=RCVS$)%<2,Y4R*`I5)')`KD:#+`).5\RFW>.);/=VVZX@9)!Z+"9Y(P=
M)B9J5(8FOF,`:.";_(GI3M.T@C2-G$LH:E4J_P"?-2:8`Z6W=K;K*"..%YHW
M8A*1`^DC:B:R,5("M3/XX!Q;NY-ZD9FF@,<\Z/JC9R4I^4`'(AC]F`FEOW;N
M[CY%O1"T#Z@L``0J<M<A%2S'X=,`3MO[K1A+$S3M,^O0CN[-I4T+DDYD?#K@
M"WLO=6SE]:.VFC2,+\AE'IZ#G7074/FPP$=Y=WBVRU6SVZXW#U=PO91'&L)]
M5PH:I+C20B@=37`1[E?=C8-DV71?;W#]044);^II325J&D=:Z*$]":98"ODO
MNWX%QYC#N?,]EANG8P06Z7]LKQ`-\S/''5R*'++KE@)MQSW=<8WN9;79]WCW
M!HX5*O`S2+)K8*7!"FB&N`9>X_-$YQ#MVP[6_JRW]W)=;O*T321)"JTTK5=)
M%`<SXX"!\7[;3[;N5S;7=M+-8W*Q/9RI#;F.`:6+F.)$.AJ$4%,_C@%W+.U4
M.W@;K;;E.\,HT+8RQ)"8_D:HDN!`OIZZ'Y0P%<`'[GAVZ64316%F+A29/1F)
M2[=Q2K@%F+*HK0Y`X"#[EL7)I5T[C9WNW/;`B);2VU6US&`2-$(*S%C7YJ:J
MFN`6</V26W#&VW.RVFZ:6.;Z.."[BNIF1R3'.EM>)=JDAZ@H1@)J_+-XVBZ,
M-[:S2O\`5A891=-%9W4#*H+^J8U%HJG(K.37PSP!)X=ON_W*WPVWD5A9+*5E
M>RNO6GC$;'.".6."3U'\*BM?`X#D&[;?)-N5]9PW\%]:/Z#JUQ$UC->#3KN!
M:[A#!*BO4_*M*8#[>\JM;94:]%S8W)15DM(5G1)*?,+E9;?U8`-0K3K\#@%E
MGR;ZT6EQ;I<SL?D6Y9+2\],@YS-&T4<UN:CJ"#XTP"C>]RY))/%?3Z;N*6I7
MZ*YMI+H1IF"8&?UD+$=%!IUP$>FWLWD\4%Q<;A"'74?JG;UA)D%B0N@(92,]
M.1Z^&`&').5W>VP7%Y<5+P3NL,H19%N*2JA6:@.F@/6@.`F';_DL.\7)NKK>
M#%;+$PGL:,JJ%5@0/R%RC>`P%@=HWBR>"TMS'ZD$TLB^FRZ@0BJ%D4L#I0@>
M>`(R\AB_<U_;QQF9$B,<42`LT;@*JJ0E?ESI7`8.RO.>Z>UIN.TW%G%'M<]V
MQMG<0`B'40`':K-F#US^[`;&-@WFYAV--SW&.&&Z6,-(\"@ZB%`+,4!%57[\
M`";KWE<.M]ZO-@^NU7-A</:3%EG)66.NM0%B\"<NN`+O&N].Q[ZD;),S-(%9
M5*MF&`I4A12E?'`'/:;JQOTC=1&P>G4@D5SH5IU&`F]IQO;[M?\`-1,WD`HR
M('CF*#`9&[?[9-4-9P-D1^5O'KX_#`,.X]G]EO(RO[OAU$U-$I_CP`EY!V%L
M6#-:VR1$!R=)%`U/B<Z'`5\Y'VJW?979TB,J!=7ZH\\@02>@\L`*[RUN+231
M-&R%?!E(S_G&6`2&=4R.5?MS_`8#H;B,@BOZ&_\`B<`CF<$D@U%!YC/IXX!*
M34UP"%W+'R\,JBOVX##)^1OLP"+`5_\`=%_J,YW_`,PVO_/]M@-(2GQK0#KD
M/T^.`MY[)/\`7SM6?_>]R2G_`-XC+`;H<!57WGL#[?>7K7,;AQ8D9_\`A+M7
MW>.`TCUIF<L_CX@9>9P%N_91GWE>M0/[+[SX^%;7P^.`VPW%:O7^J:?AD?MP
M`6[WS+_=#W+56JQX7R-353_\K+D'PI7`:-2?\/O_`)L`?/;-N%SMW>;ASVQ0
M-=75SM\NM-7^C7UG/!/H((TN8V-#X8#<M!*P(3(@MUSKG^C`.*L5(/6E<JY9
MX!<K$J#4BH!ZGQ&`ZLX7J:$UID?#[,!/MMD/]TO-'H/]8?;$4_\`F;[N8#__
MU8)[I-Z2V]T7N+5(%=8>]W<S4913TF'--YJZ$?.<Q7+`"QV;<9+663<(9K:!
M7EM/51G99V1@T*N*/&54DY^6`;[#ET''?K[&X<M)<RQ2B`L\@8IJT."X.DK7
M[!@&W<[BYW:*.^OKF7;;0W(F@TZ!]:-.E?62/]G,$9M()`(P&?:-VW'8;JYO
MK:%[J2^/[">.-$AG9(SZ37,D@RE"#+108"*;YO>\Q3P[CO;I9W,\QFMOIDCT
M(HUNHN(Y]2ZYFU9J*$TP`[Y!W$BE6X@DBB!MY8]5[%1)0FJFAH_E@0,YS"CI
M@`EO')KR'<Y[\VMZ\(C;TY(+EK:7YQ6DAB"Q$DYU!I@$D'UM[-#=66VR^I/$
M\@F_>,EP7(!9HBBI774YG^7`3G9^P8W[=;?D>]67U=PD8%M9S3>C,CTU*L>I
MO\U\U21X]3@#SL7#?W1;FRM[+4MVCI)(BI,QNH@)/1/J`$.5-#XFG7`,LUUO
M`>ZVJT6U?1*H;_19HH`5(:11"Q.MPA_-D"3@,ESPC>[^QFW/:9TVVZ`37)9C
M0[1AB0\\4KA20?`'4!@*!=Y)N_VW&XO]JEN+M(IE$<EE>Z7]>.4K$8X+AD+9
MT(H:8"K$_NR]T?;6[A/(`U_8PW2ZDW6UCUTIJ:V:\LY"XH*_F!Z9X#9'[8/X
MAMASJ>39[^*;9M^2%'>QNI!-!<@41FM)](#A:GY6H0#@+8WG?Z5)Y[@.3#*6
M7THSH'76:'2*&N9&`AN[^Y^Z,7T9]6*>.8"-HY2$"`T34`:5IG@"WP[W";W<
M6*3F9[B5D*F-F*#/-6J%U'(8`P<9]PVX23"QOUT,J$Q7!8M&DA(%3EEI!ZT.
M`?>1^ZQ>.V-S)^\()1;Q2&6<,`D6A"U:A07/D*5.`I[?>\CD6^;F]WL"[E=7
MEW/].NXW>J.&V0U"M9VM265E%#6E:X"@/>>R]UW=_DO(+OD'=3F-AQ:2[8[?
ML=AN-SM&UQV!U+;Q+!8/!ZLK(*G43UP%7;'L%R79]_VVZ7E.\W%^EPFIX+^[
MFNY=;_-&Q>4EJKU!KG@-]/LO[,]R[:RL]WWRY,&U2VGJ6_U%S]5N;1&5CE!5
M(PZQJ33YF`/3`;B^#\2&RF)4C=Y+RVAD]6\A4M<0RM^U1I&U2`*TGY:"@RP$
M]W3;=NLW%M/)#%,]Q$Z2""4+'H=5T0F,I(D:EOFR-?+`2--G^HM]T2_N@-L"
MZXQIUDJ%0D>DS:HU+"@)J<!#X.,7-W"[VL8O;:X>1H-4DL+P*@``MF6$(E2*
MY4SP"&?AFVWBQG>H;>&X4>E#<S/<EE8FFJ5DD4O6,9&G7`!3FG"UBWVUVNRW
M/:)+I7_8W+6];D0R%=,;7=V0570U.A&5,`&N;=I>3W%K>3_O3ZBS1C'-KN8K
M9GBC*R*MM+:0O(L8+T%=0P#!MESNG'+18#!>(8HU,:-=+;Q.8D!4B\3Z>23(
M5S_#`9;OF^[V+6[[C%N7HW!1[N"=;3<[:(4U"XB:.9)V499FI^_`%SC?++3<
M-M>:2]2S9H*6<MVE^!-K#!XU55D&E@.AZ`X#O8&;9+N*ZVN.3>1.4N+J,,MR
ML5M+4LELMTT;01HYR`!-/LP$BOK3;KZ\M=VNKV[L$LUDEFVW7:P3:V5@GIE6
M;7F>E2*8!X@'&=PV]Y)9+@SA_5BFDD5E@*"GJ.P4MK:GA09X"MO/]NFW2RWS
M;+*Y:%7@E>-)(5<M*NIZPLU"/4IUP%8.SO<;<H][W'8KNWF/[OOY+!;F9U,5
M0LA!;]8R8"]_';K>[](MT3<+5GVMQZ]FEQZ,[VBZ:/;!J*2JU)\\`5MNYW:V
MNZW%EQ^RO;N6X:-F@NF#S#4D;.[*I`"%ZD#J!3`&SA_,I-[=-GELC9[HL_Y`
MCQ`BN3#PJJ_=3`6)[X]T;WM%VDW*_.USWTEGM<L\_HZ794^E9A<HP/S:"*^>
M`\U^Q=]MVW[E>X[W-=R12;CNU]<Z]-&<22.X!\:Z#3[L!LD[/=^9;2*'UIF^
M6.*NLDDT4#R\QTP&SSMCWR2_AMZ2'20JES4"FE:BE.N>`NSPSGD%XL9UEAUK
MTJ"!G]AP!\VO>8;E15QFP%01X^#'QP$C#KXFGE0:@1X'PP"2\MH9T)*@M0Y:
M0"U3F"/'`"WD6SV<D3B1%H%H%*@TZT7\3@*N<ZX'8723RK`JN0-+#(U`(.8I
MEG@*I\BV:79[EHY&!35I3.I(KUP$99U%145IY]*_T8#$7'BPI\3@$\DM<EJ,
M^H/7[,`G8D4R+5ZT\/MP&&7631:D:14#[3_1@,/IO_5.`K_[HD<=C.=U6G^@
MVO6G_O?:X#2`%&60)(K7/K7,=<!;OV2"O?K:1_XO<D^[_01^C`;HF%#3`50]
MYW^H'F/_`#=Q7_SEVC`:3#0ZO+.I\:=,_#+`6X]E!']\K"M?]ZN]`99=;7QI
MG@-L%TKEV(:@TU(\Z`Y?>,`$.]O^JGN;E_WE\DZ_#:[D^%,!H\)\:BF0\C4$
M9=*TP!M]NN7>7@U,_P#=B/QZ'TIJ],^N`W1PD+*I-*=,Z9'///`.093D&!/P
M(.`R>HXRU'(4_#`?"S-U)-.F`(VV_P"J/FG_`,,3MC_YN=W,!__6K][L[N[/
MNX]Q$WJ!DM>^/=,&W<A`RKS;>PNDUH2%&`K+O'+)(]Q]6Q<Q00ZS/%=!_3BD
MK5VC=2J'5F`#7`([;D&WWB_O">XFGNG$K0U#BTCUMT<D#3&.GPP$PCY*R65G
M"YA(!#HZQ0S11U^34+IF=P%K31X^6`:]YY[;VD?TWU<4[1L#]3&JK*DLA)<I
M&B:]("D5`(&`%G(.775RC/<")H]8>.XCFMKBX=:GY0HD<I*V5`P!^&`^6UZ+
MR!+R[VZ]>%OV=O!>RV::RRTKHCHZJ3^6AP&7C/'K'D&XB+Z0PW#.%$.XB.X]
M.16(!M+@1R1V\8RJ22<!9?:.R-AN-M;VVYSO:R-.MQ&T82.W2.,H5)GF5)6+
M.""RT'E@#SM/`;2TDMY#-*T&WVYCK;7%O+`(I'1565R!(QG+5U#(*,\`S[VT
M46X6S6]QLL4GKK%<?6/*DHM%^1_3L6?2WRFJRC('`*-LXK:;G;-/M4LDY66Y
M,-PCP,Z%-7KLMNU/63P0`'RI@$W]F+>Q6YO/3AN[RC1QV=K<"&2XCE<.93`9
MG83PL36JK3,'`5.[K<5Y3>;QNUKM,?T%U:QV5U6Z6UN(62]=HD:-X9#6:,AM
M*U&8S%,!7'E':5(IK.UO[.PE@N;5KW>5N!8#U[UV/U)%U)(\-O,[#45D!8L_
M@,!33NIV/X]QVYN^0;,)^*[A;SP7";:9XTW2WCGE(C<V-I$IB@$BY-34V?4T
MP$<VSW)<VXY:+MO*=L:ZVZV=5M=[>%[*^GME&D:[>68&>68CY!H5M.;8"=;;
MW7V'?)TNVW=+-)A'*]O?++`PJ:Z2*.K%>A`/7`6)XSSU'C@N++D.VI$[!`1=
M0FW2(`T!(E"*_F#G@#K9=Q>+V5@?WES*SN+J4,$LMK)N97)H!K>+U`JUZYTP
M`JYES38.5/)M\=IN\\-JWJI+#;SK')(`A$8CF.ESJ&8\<!)N&[^=FFMVMMC#
MO$(*KN4:Q^FTIT6]5U+\TKD4`&`MKM7"N;<NV.[WJ:*-A>!U0V!(]%@#IABA
M>NED_*:FM:X"PO9+VZ[9QRPFW_?=I7]ZR)'=ON.XO;:=JE5"ZR7!,LL@"D9H
MHKIS^.`V,]J5N-GXE:;HEELW)7WXW27%UPJXM+C:6$8EB%U`+J]6\CE2"-59
M*L6DJ%!&`/&Q0VMI/:K+9R[>M5@BGNK666],TD*W;.D0#Q)"A?2S,`%;+`2^
M3;;_`'&621;BXOD6+Y1*D$,,)5M4?IE@CF0^+5(P&"ZMKB.Q3]Z[?<V+^H2)
M&G+6<WH_.#Z]K)Z<JR)4Z*5/2E<`VW?+UV.U>+<);?;Q;(Q#ZQ%#H"ZPL#2!
MI)`%-25%17`##=.ZFTB[BMI/2O/JXD^BNIW/IDAM2M$Q905IE6GA@)%L/(..
M\@NO]THH)9XY(Q'2SAN8]*`JTB7*A-*J.I+'`$[>N%<0W_:XI?H/WDUI1K6W
M8B.-5R.N%0XCTEB:JS4.`"NZ=H;W<TO-LL[*QEM6R@1HX[,644Q(+J+2%A-)
M$#EU-?/`4MYE[:N4<3O+V_NA)<6O[1X=UND-Z(U#D(GK;>D<D"`"@]1`PP`Y
MN-I?:)-NM[J?<FLYY?2::&*WGA1FKJ9X[Q86$0(J#^8&F`(&T1W6T@W<?()+
MFQ],"VM[X36LZ+IU%8#;3,0,P/(#`*;S?KB6]L`(-BO+;<HE26[GN)GE@)6@
M43D*S.#2C$98`G[<D>Q0ZMXM+1HHH0L6YVH>$PQR1A@\A8?Z4IH-1H3@`+SW
MNUL_'KFY6%[6]>6*0^O"LDA"JQTY:5(KY@`4P&LKMGR_<^7=Y-XN9[>>VX_=
M\DFU74<1MXXS&AB"J\@T.SN10&I(Z8#>MV[XCNFT[-N'+-EM]DWO;XH(88(]
MQN8&N6C,"-K]&65-3JLF50`3T\L!+.T<U['OTNZOQV!]SD:0VDYA(C>V`(=&
M0DKD00*CITP%JKQ;FYWG9MUN+"WVJXBT1QO;0HD+)(XUK/0EM19C2I&5,!93
MNOVSW'N#V[W'94"W4-UMIM)<EU,LL7I@@N<U`;I7/`><_N[[)>5=N]UOMSVF
MSNI(8YC,T0`,0:21T8`1@!0%(^)P#%P;:M\L)HH[J&>)H0%=#EFAH02?B,!?
M_M?O^X6A@A&H`:"37(9#Y3G4'`;&.V'*98_IA-(Q8J`!4T`^7J!U.`O!P_>&
MN%C)DR+KU:A/W5)P![LC6")B220"223_`"^6`Z7]SZ2$K4'0Q!Z=.F8SZX`-
M;UO+FX],@LIZTH<\\ZG[/A@(U?[;/N$6ID#`U8"@-!3(=*USP%8N['&7AM);
MIHJ!&9@]`"0`25K2M33`5.FD*S,"<@V8`S'PP'%E5C0`U^-/Z<!DP',!E6)F
M%:T^!P';T#_6'X'`5\]TT17L3SUJ@TL+7]-_:C`:,56GD?\`8\#UP%G_`&B<
MGX]Q'O/MF]<HWK;M@VF+8]_@EW'=;J*SM$FN+/1!$T\S*@>5\E%:DX#;$W?[
MLB17^]3@U?\`A%M__)L!6KW7=VNU_*NR7)]EXSSSBN^;S=7O'7@VW;=XM+R\
MG2WY!MMQ.T=O%*SL(8(F=B!DHK@-1OV]?P'AY^6`LQ[2^3\<XCW7?=>3[UMN
MP;9_9W=+?Z[=+N*SM3/*;;TX1+*RIZDFDT'C3`;*KGOMV;-:=S>&-JJ!IWZP
MRITJ?5P`>[N]WNU^[=M>X.W;7S[BU_N&X<3WZUL;.TWFSFN;NYGV^>*&""))
M"\DLLC!5`%23@-09S^)8CP(:H\17QP!L]NF7>7A&8+?O=?T0S=/"N6`W-J^6
M=:_8,!W2;0=2U!^P>/WX!9%<GK(30@%:`9?;3`9?J8_\K\/\>`(NV7,?]TO-
MC\V7<7M<.GGQKN_3Q^&`_]>LGO5G&W^Z7W%3,S02KWR[IR1E:2(ZMSC>2/4`
MJ2M<J=<!27D]]<W$<RB94DNX_5$<"^JIHV3E.M21]WE@(S;)N5K;Q7+NRK$!
MZEK(PK*)`-86%64N]<Z?'`2P;MN$=O!"$=5>%9E@>/TD,8&HNHE)U,2/^.P`
MPW[?)+:2>477J>FKAHE0>LK`DJO1G%--"//`0W9][GW65DEAD].:755I)[7T
M7`K^TU+IJ:9'H<!='M/V?N>71^J]A=74*.IUSW5Y+"E%KI6D0BD4.!UR'W8"
MU.U]I++C;64L=I:0UN)S>M)?PI:QJZ1!76**)566-E.1-<`\;YS&WV?:I(KZ
MPN9;72Z&..XBAK'"X9;J.]36]O&:9+XX"/[CW>0[=;#;8[:1[B.""+ZN-4A-
MM$*!+B0T,\@7]8CXX"-<BYB/IH+B]&QV]Q=:?1:""1X?14@&)E9G*AQXJ10B
MN`(?#N5;1L^RWVZ7-MML<=LAN9(+=FI''I5GC6Z=@ZF1JL12F?7`-W<SE7$^
M-[?M?<"*Z^EO)+F)[GC\-UZVX7MI<((V@L(W1R]U-<2#2D5?&H&`[[M=BYC7
MD&VW>UV\=YLY679;RR8[I%=O:3RV27^Y*S1QQV[MK,0740I!P%7N866S;_\`
MV<LN5[JU])NVWR$)9%-GV^_O+*Y@$]PU_$D<DHDDE2"*WE8))0TJ<`*>Y/:/
M<KSCD^[7<,EARQH=5I--#%M.WZKAHQ%:;G)$9)=U?;88SZ?J',L<LZ@-?>_[
M5MD1NWY?N.T+;[<6^5MGBNY+I_4+BWV^0(L<5%<+ZE"XC%:YX`%Q[)MEQ)--
MMD5]8W-U=#2T\1=KU);EHH((;1EI8EY9`D:`AS45%3@&R^O+S9+F2R7<'@2*
MX9;F&V;6L%RC-%+',`Q$3JZZ2.M<`1.)\TGL;FV;ZI9"AC95,R.C:6#&-W`)
MC<]",!:^[[CP1V-G:6NW6GUE[$Q2X6W:WTSSZ5$32J:M)*C5C:H(I@"CVVFL
M.91;?:<AOY;,W5PNV[I;6RPW>_[5/;2+-!KA<1W=]]04#HXJT74=,!L5X9:[
MWP3<YX^&W]GNFR/M,M^MIR*9I(X[UY8X(]VLWF5X[:6)V8W$9T&362K!A3`'
MKC7<_FFU[H!?[;=WCRQ['#<\8V8R7-D;?=MTEVAKAI[U9)6-A)^W=D)=[=@K
MK\NK`6ZV#FL'&MGL=I.WOQ6/<=VOKA+C<MO.W"SFM'^JW6"^"?Z(BRVT3&WG
M5SK1@02:C`6(W/?;N]L]KN>,;K8WL-Q):7DL,KRW,]WM$T*,(K;Z</*DTT3$
MQRYJ6I44P$@L^2VVRBWV^X69'N2S(E\99;^W#!F=+EPR(`RBBT`*X"+7_,+O
M=[BZ17C>.&2Z7;;B6]D2.!U'I/$+68&VE9%Z`YCK@*E]Y^2-%>6VV\BOKV4F
M!B+B.ZB&W*-#GT_3BEC81R,-#-GIKGD,!4"W[UWO$8?IMRVRYXW%MM]<IM%I
M?&ZW*?<K&2X4VS;7NGJ%HK:X:6JQO4IF!\M!@$VP^X_?>&7^Y[SRR[WJ\AOM
MWM;RPL+6UCL%V79[FXT&&\N8S('$8J:W/I^H#0G`;0>T_?*WW="(;:6;;KB"
MQOH;UKM+P".9?GA2TBN2T#(JU"Z=+'I7`6DV/ENS;\L36-]#!]1&:R2*EF[.
M,GB7UB)/60G-11A@,7,-DCWK;KNW>R61S`\2R->R22SJ16JJ2T:J]?MP%$>[
M_#-QV>R=4LY[K:DB]>\MH_5NGA9:F.6+4%E2,?K,F0K@`1L-WL>]1-MZP_3Z
MXQ;W5Y'=RN89A4#3*J31QN!U'RL.AP#Q/LXVXVMC;7=Q<62B6DTMC'+(DD:U
MA]*X=4D"M*HS6OQP$TXY9\KW_9]P7>MRNIY(;=DVSZK:F>V)5?E@<*`)!I`I
MD?MP%2^[_;[DS;1=[YO#6MC%;ZX6FM;5K!TLB5_:E-*^KH<9A:FF`ISPF;<=
MMWM;2]LDCL)=U:>VO+2(VR[@(V;T9JA59'^_/QP&UCMQR&'?MDO-E@Y9'Q^6
MWM$F@M]PG:W2]*)J"I\QULX6F52*8`U]J.X6Y6`N=MN8;N:[57%E=RK1$1$4
MN$8T#@D',=<!:CM%O6^\RY5MFR;P?K(9[]7HJ?DB7\JLPH>J_C@-W?'>#VL>
MPQQNA/[%4T,M"G0C\W49#`5+[V=H=IW*#<#]+$X916/TZJQU`DDT\,!J@YCV
M(2RW263;[`*OKS%@J&IJ]2`"!T'EUP'?8N'7.U2HJPM%I92PT$`Z<B149G+`
M6=X'>M`8HBA!#D:LQTH:BHK3+`7N[<R-($8DE0T="<L\]66`MCM2LMNI89%,
MO'/P_#`(-\E*1MTR6@SS-2/+`#FPV1]TNS)X,U*4!I0UJ*X`BV_%4CAT.@J0
MPH`*YCQJ*#[L!5KOWML-CL5Z655:/U-.506*$"I\,!K5NYV^HD^4#YCEGEF?
MYL!T20-2AHU,P#@%B2@Y-10!E\?OP"B-U+`UJ`<\`M#J30,"<!VP%>O=3_J'
MY]_S!:_]D+7`:+,!S`<P&)_NZ??]N`Z?;6GA]XJ#\,`EFKUZ4H>OP\_#I@$S
MFO4?:*@`4Z'[37`8Z_['A@,+',^?GY8`T^W=]/>/@[4'_OV0=/.*45\ZFN`W
M)^N?ZH_$X#GKG^J/Q.`^_4-Y?I.`[K<==51Y4)P!+VR0?W0\W.K+^\CM8*U/
MCQCO%E^C`?_0I/[WMPG?W4>Y>U$R.$[[]V4&BOK(QYWO9`!/RU'A7+`4W79=
MTGA>>[G-H8@#;.REC(U=2B4JK`N4/08!X6WW(QV<ES(5<AS$6=-"Z5`+NJ1B
M5`RTI6@&`C6]W-W$]9V=DH*2+)\A"D-0@?F!ZX`3<BY-<W5Q!96T:K-+6-1Z
M(ADF^:ND,/S,0#0GPP%M^P?8V^Y+]#O>_P!S<?2&[@M[G:3;3CUDDA6>&-]Q
M13%;2*6%,L\!L]V/CUMP_;DL;!;S:(K.`+;PR2M?6LWJ,K,\]W$RR"2,UH"?
M@1@`YW*[DMQR&>YW#:GW:WMXGF-K:R(L=\5.AH`NF1XKC]H#5AF,!4&Y[E[G
M?VF[W:27>Q<?@$EK$M_MKQYQA9))_5N9=<T)D?TT`&EB*C`5LO>YV^7W(+:R
M`W"':2EO]!<U-O\`7I(K%)96@*CU)71BB`5TC/`2T\@WC<=RL-V6\MEFV-+E
MI=LGD9%N%D5-<DLVB56]((&5=)-2:8"R7'.9;3OG#]GO;/<]GO[H32_O^#<U
M2%-M6*4%X+2W6X^HO[BX4%`Y`C2@U*#@)AN').,<@AL>>->&?=6V.^V;8^-2
MWZ"[NW@N566^L[8:[I?1E].ITA5C%`:X"$S]TK[MZ=RXEO=A:[_MU[!:WN\;
M_:-N*2WO(=T@D6TV;C%G"+F66ZVZUB'KEF$2PJ:`'5@(CW";;>X78FUO=PBW
MG8=TL>1[->;'M%W"]@NX0VK;I-83-N:L%M[';DLUN+D:09"Z+YX`2\.O>?\`
M<K;=XY-O>]6\/$..6^XVES<2I,%W[<]UK#MUC$['T@\-O;22:*,65JU`I4*C
M]PIK/=+]MAM[=+?>(O2B&XFY*6$KF,7K[I):2H\=TR-&8PH73J49Y8"3[7LS
M[=Q[=KR;;QNUI-;;>UQ+!Z3FY^AM3(UU//`L(M+4W4KR!8_FHHSJ,`&.1\>V
MR^@@NU;;]I5V+S-!`7,PF*O`J^NXI+*,C4_+0G/`"5-H3:MRMK^!)I[:UE8W
M,<9MF:2+.7UV<:XF"&@`(SJ,`3MIYFG+]TMHN/V<M@1=R"9;B2+U/0$8BDD9
M0@@98&%7&D``5'C@+]]H.W>S\CV6\Y!=WNV;7O'%+FUW7>[';YT:^O!$ZVL5
M]`LTBI%-/!&'5EZD4Z9X"V&R<RXH_"['B/&.37QY7--?;U]==6JR";9KC>)R
MEHXD@9':.-@\D:NI5EJ&%!4"^.\DW`>#WDZ;AM^_[YL_)]N-M<0;1N^]6FX3
M[B]A$#>Q03VFX6]K.\J1L\<K>FU2`2#@+5\@YY_>#9/Q?=K-=LO]KVNUO-QM
M9+R.T@AGW&TUBP>PN%2]GVFZCD95DD^9&7-M6>`'_:7O7LVZ<HN^'[WW"M-K
MNN("/;=DX9`]YM\<%4%C>)9[Q(S+N]A$+**XMFCD,R-KC(S&`L/OO/=]V_<K
M21-RV[DEER%TLK2ZN-QMK9)9;MG0_NJ]=)[FTW2(`!UN2JM4=.N`1[Y>\@X#
MQ.ZM^)_NS>KB]O6W?>1R.Z:X^AN)[1C,D=Q:,L"SRR1*JE6]-W/QP%".8=Y]
MS[Y;/#M#P\,CO;-+Q>0Q;]+<;)^[;N)C%"VU7%P8MV2XVYXA+6)Y2H8'YEI4
M*G\OW"]XOOK=MN;;I>6V\;.-L-G#>;BMW8QVU^D-]M,MKNX6-]PVN_MF5EEE
M"E20`:BF`LCM5UNM[OO'_P"T$$+R/?""7DVPS030M$LD4FW;)O:$"WGL;A7*
M13I("C5/4G`69V;?K3M[O<_([,K<-NR6MBVU!+2ZM;"6,E`MY>0H9+6.2OY&
MU(K&H\<!:+MYW9VF.ZM]]:UMCN4KBRW7:EN(EGLY'(=C%%=JHFDJM8Y(0"PR
MJ1E@+B\7[Y<<W&\M=HNYY;+Z@K%9R;@DB0WC'\D45PJFW]1NFDL#7I@%_--Q
MX_OZ7FWWTZPRV<331_2DAS`ZG)V8`D$'SZC`:X>,;=:\>[M\@L;:!KC9]ZW4
MWZV]EJC*T:19Y)FE&E'8OGI4UK7`77V;CEC=0*C6T=O9RE1;/.D$\;J#\P::
M,,Z,K"OA7[,`NDM[?C\SV5V\$44C".T=@(;1W(HOJSL!&AH>I(P%%/>#O3CB
M4MLFVRV)M#+#-^UDGAN5DECK-&02C1?$$C/`5ZX5P;;]QV789MQGA:Z,,4]F
M(350DD8F92#FKH'`/3,'RP!MN]GV*:#;H]D6>7=;(!+N.:%#$CQ(`65A\X2A
M.7ZQI@+#=O['<]PL;><^DKH98`JJ2[)],E/&H56K2GC@-E_M$X-_OWM[G<(F
M`@MU,3*I,<K35J[$@:&B<TI@-VWT<0LP%!'RA=-!2@4`"@ITI@`QS/C4MZDP
M1"5*@$D%BU6KX"FD#`56Y/VK29V?T=9+,20O3,UJ:9UK@!5?=H!(698B&J1^
M0U%?C2GA@&>V[7WNW72-Z3%`<F04ZTSZ$],!:CMSLLMN(EE0C2U3JKT%>OY2
MN>`LW#+%#!&&9?D095_-]E*UP$-WG<(YI44&I+::#,4.0RRZ8":<7VD>DKE:
M$FH8?+4Y'J<`0;BR2"+535J7,^7PK2F>`J/WSXC<;]MMY;6\<FJ36`:=#I-#
MEU6N`UH<D[8<DVN6:7Z.254;,(KDT\R,Z]<`/I=LO[9],MO)$V==:E:?`Z@.
MN`^E64?,"*`5KE_+UK@.!RO1J5^.`S1W`'4DFII2A_E.`4K.6%0Y'VD5P`0]
MR%ANF]]F>:[5L]C=[KN5Y96R6ME8PR7-S,RWUL["."%'D<A03D#E@-.*]FNZ
M[=.W?,C]G'=V/\EIX8#[_<SW7_\`5WS+_P`G-W_Z$P'/[F>ZXZ]NN9?^3F[_
M`/0F`P2=G.ZPZ]N^9`=,^.;N.H_YD\A@,7]SW=,=>WW,/,UX[NWW?^ZG08!)
M-V?[I$$_W?<QRZTXYNU,@*_^ZA!R&`0MVE[GBH/`.7^6?'MV%//,6>`3MVH[
MF"H_L'RVE.O[@W7])^DP&`]JNY-?^X7EE?&O']UZ_P#WK@"OV.[?\ZV;NGP_
M<MSXCR.PL+7<TEN;R[V:_M[:&,12#7+--;I'&H)&9-,!M7CG]05!IG2ATUP'
MW6]<V6GE3/X?#`=4N`Y8`TT^)TYYTJ,!E]7IFN7V"O\`CP!+VN1?[H.<YY#N
M3VJ\NIXQWD^/PP'_T:->\6.'>/=_[H(=4=K%;=_>ZJ?4(6'J2?VYWPLK9A6(
M9:$CI@*QW&X'99;FTDFCE#E4UZPRE&"E#&N9)(.8ZX![L]M.X>@Y6'TV%(XY
M%E8'Y`S45B:%=5:=#@(1R&PVR:6[VZ2:5;C28!"9!#"6S*O#%&4()/4]*8".
M]GNU\^Z=R+:^WFY:7:MI-8XA$+DR*3002Q,"KJH.61Z8#<'L-L^S;!=;AL>R
MP;I>[?$)K7;ELK&T%\J11I'#7Y(DD*#\VG7EUP$9/=U9]EW%M]L8>,W\ID+Q
MLR1O;)"["6+U&1(BZ4RRI@-<7>GF.[W6XS2P\G6TL;HQ6T++7U;RVNKDL]U(
M\2^K&4M4(&C2M37`#+NA82V'"+_8&Y+:7O(=SVW;;^RE6Z6>:TBO;I6M8]<0
MI&T5I`TLBNQ<(:GK@*1P<EWG8]Y.R;S<27VZV*VMQ!/;W4EJ$BM;=41RDM36
M0-4^'EUP$R/>;EW%Y;U^-C:X;G<;2>P66Z07MS;3W,!MY+F"&36)+A$E)C+_
M`"JV?E@)UV]VGDL2[=N-_O[O<WUPT4-O-#:VEHD<Z*TEQ=P11Q^D!,P<LN9T
MYDUP%E.VG)[[@&V\CY#O5S;[ZELMW;V\A2.,365K,94^@!4)+$UPY`9T:JYU
MZ8"<R\OL^0\JWK8=RW2.X%C=1;KMUW;7$:;>;FXVQ(4M[8VT<,=P;196DD=L
MM1`J>F`KMW$Y1N%YRZ\V+8NXS;Q'MFRVUI<[8]K:/QG]ZPV\MQ'!,\\,LC7N
MH@'0-`(J1TP#EQGN)9[%VEM]CW'?GW/>;_DW)+R*SV\7E[:R[I%;V-I:;A?R
M:5M(;B_DF]-&091I4D#+``GN%Q[EG*=UM(+*`6MNMEMKVV]*HO6GWF5(UW2$
MW(JR7`5I(F4U$>HD9T.`(>T<*W/8.+W&S3C>#+<RQHJ0E+X6UJ;9%:VN$N5+
M(AEJ%*?JKF,`";'B.^[OO]\+F+=9K1'1K3:OIUD`MXHY-5^45-<=N:'0LN5!
M6E2,!,K_`(<7V28;K:R6\3":RAMK:VAMG]189--NQG4Q@Z0I:H!IFIK@.W:G
MM]N5BFW#=-F6W#N@EN)I+>.0W"7"I;R6\YD]%HVB;]8?G%#UP%LN#HVS[M?V
M5EO:6;[K&\1M)[A'>>Q:D>L10^JKH70I6E!J(!&`+?#>5;CP;E=]8;AL5EOF
MRS!'LN0(&M9MBG:".&]V$W,,54VB]BE,RFBR1S1_FTDU`P=O-VY)Q&ZM-OVU
M)N7V>Z06\UUOU\#<[)L6^1E=SL[K;8BCE+A!'Z,C!#`9*EE.1P&#EVZW/(>Y
MT]UO4V[6G(-YLH/HIK9)=ML-QN[>_@W":.:XEG6":RM"&>D,=`3I*Z:C`2OD
M7;RUW>VY-)L<VX;5)?;%+N5M>[/^YI3?;I'%)]6\%M.DQ_>43+6MQ'(DJ@:0
M",`T<0LN:;)PS9)+3N%?W(AV^(G]_6MM'>;H[R@QK?;>#/8"_P!BN2"LUJD;
M.E5DS"D`]6W>[>;+BV^<'[@00#=]TCN[.RW%GW.6RCO(V]9+B#TQ%/;QWP!/
MHNTD8+9'(8"I?(;*;='WF.ZG;C^XS![@W\4$<-IO,2J4M)[,O"))F5`8W2M?
ME!!#$G`4IY!N5Y%RG7R_E<V\V]C!^YT>:29KIMJ5I);>!XTS2*&5C12=`-"*
M$G`%WLQS+D,AWSB]AS:Y?8]4&\VMO<26YW+]V;5ZMP$ADO/4N)6VPCU(@KZJ
M$@#H,!97C_='>-KWW=;KE'<F7>>+W5JMQ8[;N5DL\K7:+Z;VPEC#0R/(#51)
M1"P\S@+3;!WOVOC=KLN^2[AN=UL^\1/MUA;R+9SV-U-MJQW$L&V37"EDO[5'
M6L2R5H>G0X"\'`.__#+_`&&RNMZO-HWZ*9Y'LDVU;5MUVZ.B-'^]=I58Y89K
M9CFRJ:4SJ0<`5>W7=;@6Y;MN]S>;KN37%O).88MQCCU0+02QC:W=-4EG/&00
MM67X98`#\HWR:[[GVVYV,]TECN=Y<O$VF6#0C2*85!A*1L2N>`NMPS>)H;;:
MWFW([:Y]&-IY)1+'=&5U1'F1]2PNVKRI@#)SBS:XVR_VJ]B@>6>UCE9EDMY[
M>ZMRBE9*J&`+5!RI@-8GN,YI>\<V^/:MNCVW<8&MWL)+#<(3.J)ZD<0:V--2
M>C6HH0#\<`S\$W"*WXE;ONY4S+M["%[&S!9&8J0%R*+UR)SI@)WVUO;/=Y]Q
MW1+*:6TLF].63U`LI*$JX9"15G^S+`%?B&\1?OBVM(?KX[(R`IZ*EE+^J<F+
M!NG3RRP'H`]H/;[<X=G@Y!N":HYW62'6I$HMY(]<::AD:Z03Y8#8B8YXXP64
MJN1S`ZD#H:?'`,]U;Q2B1'RK04H3U`SK7S.`'F\['"WJ>FJ4'5=/YB?'X8`8
MW>V6D;L60!RW0B@I]YP&.SVZRE=@\<9`:@IU/V@'*F`G&V[5;VH60*L9-<P*
MY=?Y\!TW/=8;.W<M(HT$TH?FI3+X]<!$-AF.ZW[,K:U$F0&8I6AKTSR^[`6@
MV+;TCMXP!I(9?"JY@%AF#@'V\C3T'J/R],SE^G`##?+"*ZC8M$KFE"3\13+.
MM<\`'-WX79W3R-].@J,ZI\V8H?M!P`>Y#VLL+K4%L8I"<S6($="*YGK@`!RG
MLVBL[6L'IY9Z8R`!0G^L?/RP`-WKMON]FQ>**9T!H!I!'F23U&`@USLVXV<I
M1X)$*CJRD"OB.E,`WL9T_,&7.F:CK^&`^I*1FYR(RH!X',X!=#>B,!2PID!D
M*CKYT\\`,^:]^.V/;]Y;?D_+MNM;^*-Y#M=H7W'<F"Y%?I+-)F20G(!]))KY
M8`'W7OH[1P7$L,%IRR\B1M,=W%M-M%',M`=:1W-[#,HJ:49`<NF`<=B]YG9G
M?[KZ:\W/=>-L[?)+OFV.ELP2-I"S7%@]ZD()72-5"6(\,!8/:=_VCDEE'N6Q
M[K8[QM\HUPW>W7,-U`X-:?M(68`T!R.>`62-53I/ZK?R9=<`PS@%F%.M0_VF
MM?LRP#)<*JL0@HJG,>1_HP$&Y1R_C'#[=K[D^^;?LML3\KWLZH\F5:0PKJGG
M;+HBL<`'N/\`N`X/S/F%OPOC#[AN-S<+>R'<S:_3;;Z5E:SW$OI-,RW$VKTJ
M*=`!U5KE@#$"5((R(S!_V<!QF+$L>IZX#HY(&76N`^@U`S^W`$[:R/[FN=#Q
M_O-[4'[O[*]YQ@/_TM;?O,W.]M/=U[H;>-_5M#[B^\CW2!59VC;N%OQTQO\`
MF70OQRP%<;!;3?MSMY@98;6P:3U8YW&EVI1&HQ.I`OCX8"=INLZ.9K2*XFM[
M(+;I,'+6T.H^FLD0H1('`S((H!7`1#<8K6??5G,L5U>RDRE%_:0O**U0R5K#
M51^.`)G#-UW&QWDG;H5M(QZ/RB5=;.HHZ^L`,PW0^0P%N>/]UCQ'8+C<]^B*
M;DVX,@M_J/JW-D$B$4KLZ*"L[.>@R.7A7`5"[Z=R=KY/?6]]M^[2;4UM?27&
M\V4:M*U];0AG:(K)5!672*E?F%0<!4\]P>);C:D<@LI)X9KJ1I+P(T,_JRR.
M(D:Y5F*UC&8`"CX8"K?,.[\'&]QWK8]GFNK/;;T>H[A4O;F"56<P@73,Q8N`
M`<P`E!@*N<V[AVF[;[-ND#W4:+%#`DUQ+69S'&%D>1UH1ZKYT!%!E@,''^Z4
M"7ZN]O:SJ5,,8E)5E=P8R_K!_4();ITRP%^NS_+-KW?938*2U[:1N8)W(>"V
MD!9T579C+.QJ*DL:#+`6DX;?0;^XVS<7DN=R2W9'OA;(MI;V<576V@4`EWF=
M:,*CPK7`33B?:>[7>4DVV*&ZG6^4B(7*R".(G5&R7+F5(56.3YTT@^&`E-O[
M7;&3<]YO?H!;;EN5]N$4<<5JMPHO;Z(^O<K=B5`L3/""'(-#D*#+`&KB_L^M
M(]EM;/>==MN+;<+&"./:H/H8TE1'^NC=)]$C13*?4`:I%#\,`HXI[5K2SV7;
M=EOMRMC):[MNMM?7B3K&;JV#W#03Q7`>6,^O+(I+L`XS!S&`.FW^W$R&UM+&
MVVB02GZ>YO+VZ6Y2:VMH9(XXK:X6$^DRD?*U`/FZ&M<`F_\`82_5FMKGCT%M
MMN^"\CFNMP%I:RNJVY<&UBB0JLT:EFK0*K5).>`G/(_9YQ[D&V0W.ZRV-]NT
M[6T%K):67[IM+2"RN(C>LMFLBL;NY9*&64$-GI(&`62^R'U[*ZAW.7;9=NMQ
M'<V<MM#<^K/;,7%Q%*8[M/I](*JC+6IS(\<`/=^]A&P1[W8;UMU_Z)M8;<75
MDT$];%FB=%2#<3=@SP.)%D(*@ZUZY8!3QSVRVVSW.X\2W;>TWN:X@O+:RDNG
M<27EM;PPR37[3+(;F![!)-"_/61C4L*4P!@XG[8;^7;[*RL=S%@FW^E-'!M3
MW$%Q?:="/.\C7\"F"54,<J$NI4ELS48#IRGV]\KNMYVXVEOM5U;;5=AK>X$6
MFZV^*6$IN(]?ZB-FD+:<U457Q)SP`\W#M7SGB=U<[-MNYP2[7N>[K.;VZBE4
MV(W)P+SZ56>X$#0&M'+`&M:C`)>?<%XKM.WQ;1N._6MO(#`8[BXT1O;'4'N)
MA>VY1_4U@$!=.?4YX"J_>WNAV.X?96LF[\PM-\O-M14N+JVC5I]$<9$T-S$K
MS17$CJ,BZZJBO7`:C._'O1/)!_9_M?L4WH6K2Q6^\;DH+)K<>E)9PA/55@/)
M@/A@*Q;'P3O_`-R)+S=9+S>56:,R23RF:QCDC.6A%C`>9<O&O3`-D_#^[?&[
M^,!MQDGM9!&9HWG/SU"A])`.D]&.5?'`$[CE]W4N/J+2_,DD?TS1%9D]98F)
M#),JLP9)D8`AE(/G@+I=IY+R/BE]QR>$RO?W-EN,AO;R6X2PW6-3')=V%L\G
MTT5Q<1L4>0+ZC)EX8"UG:D<UX]NEF8X++<;2#<3(@FA*S)JH=,<J:3("!6C5
MP&RCM;/9[SNMS=;Y]797EC90W<4,T;"PCEE!C:.-ZJ"&<?/&Q;S%,!(+1-WN
MM^`FG]=MNW!Q`%<0VX4R,0K_`)E4Z%&`MMM\=YO&RR6L%I:Q7.V16K6_JR%X
MKERRL3ZT=-#995!SSP!<M&M=AX]>[UOZ;A$Z6T<5W964J37$430_-Z:,VBXC
M#4/ZM,!JN[JMN7+-OW6ZL=>X2;?>7\VS.T+0W#1S2`QVU[$&8'TXT%#6E?#`
M3KV^3\PDV^&_WK;+&1;*WELIMGW%2+2>,(RI*SME"ZKT.DFN`(-U=6>R[^&X
MQ`;*VO9KVXWBQ0_Z&)KB5YA%:2`E66#,&@S%*8"^7M5X`.:\DV^*ZV@1VC7!
MN-35,8C^G1U4DKFSR5Z'`>E+MGQVRV/8[.QBC2-8HX]"(,J(NBA^X8`E7`_9
M2*!X$`?9Y?<,`/\`<YKB/48US)`:@_+0@>>60P$3W+<3%UHQ*D'+I]P\<``N
MX&]M9)ZJ53/(C(@'54Y9GI@!GQOG\[WR0NY]/4PU$9=10C.M2<!8JWY)$UAK
M#@-0U!(`R'ZM#UP`9Y;RXR3-:Q2"KR+330Y_K95%!^.`,_:W;_4C2;2-3@-5
MAU/ZU!6G7`6GM(!#;HM?F\1X#+P'7/`(=WG5%`K4D5(4^`4_SX"!SRO-(-*U
M`H!\>E?&N`QM9ES5H=1Z>&?X'/`-]QL4<M6]%0S9$'R^P'(X"';MQ*&;4!&A
MRI05)Z'*E#G@!W?\"MB[*ULC*V9#`D5H,NF`A^Z]H-HW"/6;&(.2PTZ:U^T%
M>F`$/(?;O'.K/:VB)D2*!@:^%`!E4X`!<E['<@VKUIX[5ID!;Y5#!AUTG,9_
M=@-.7NO]PW(N.\FO>V_!-TN-J;:5EL^4;O;Q)'='<F)$FW;==^I(\:6\)`D<
M+&XD)`.5<!KKFO+FXE>>XFDN)Y6+RS3N\LTKL26>221F=W8FI))).`Q&>0`_
ME^%1_CP&&21BU33H/#`$KM?W<Y?VGWV/>..7C-;2:(]SV:XD<[;NEL'5S%/"
M"5CE%/DE4:XZFF1((;AN,]V^)\JX-MO/QN-GL^SW5N?K#NEY;P#;;V(?Z5M\
M\QE6-YH74TI0NE&"BM,`"^>^[SMKQU;ZVV1[SEVZP@Q00;7&+7;))UU&MQO%
MS54M@Z4+PQ7#9BB$5("E7.?==W2Y+(4VN]M^(V96H@V90]PQ-%/J7UTKS-D#
M^4+U^R@5IO=TW'<[AKK=-POMQN9&9I+B_N[B\G=VK5GFN))9'8TS)-<`?O:X
MP_O@V6A__%N^_P#8FZP&T0DL:G[,!\P',!]'4?:,`4=J(_N=YWF/]9?:?.O_
M`(K=Z,OMP'__T];/O1EL[/W@>ZB1+&XN+R/W`]XGCU)I@TR\]W\.^D&C!34U
MR/C@*X[?':SQFT@13N6XJ9A;R+HC"`U.F0%F"@#I@'"ZO)^/1-97]VRV\\>B
MTBMZ:6/ZR`@I55)`\R,`S;-9Q);RW,T3(]Q=/*RO+H>&WII6=`#KCC;PSZX"
M57-Y?60M_P!S[C#>1VU97>)=)42H=,<C5.OTB0*^)P#;R'N9NT6RW]INFWB]
ME_=I5+BI]>VGCD1HV0!RDL1AS*GI7`5CNRW[CN=\L]YCM9Q<&&XL;F93=W4E
MX'E#*2BAX%6M?ZM,`".06/)>+[0UUOXG=]T]*XV^33,T5Q;2M*8YX'.F,PQU
MI4`_;@*?\HW*[NI#\K`N7#9L6+AF#2$DUJ0!@(MM/&9]RF9G$L^IZZ6^95J!
MGII0`X`FV?8JZWNTEN;)H5N8T+I:UI(Y6M42B"K9=/$8!3L7"NYW%[\0;,V[
MVUQ&05BUN\)+?E.@BA%?PP!RV3N=W_X[(L$FV+N4L;@!6M)?JU*4:L7H/$0,
M_(X"Q.P^^;N7PBU-AO\`V^EVR9E+_4SV-[#ZI9?DF;U7"F;4M=:D?RX">;3_
M`!..86L<$46UVJRQ.Y9I46/U6D-2)`)=3?-XUS\<!,K3^(IRS?8##NT<4=S!
M&XM39L+6"$R4%%C$E#D/`BN`DG%_?;R':?4AFL-KNUO*Q2RR1Z?D9@V;1SH\
M<H(S-<`<>(_Q`]K@OA8[G86EO:NBAS8S2?5PR.&)G$\UP^LFH`I2GQP%G>%_
MQ!.WMO<K8Q[Q<6S*JQ_5WJVL;(QHXC69I"Q>C$'//`$[D?O2XO9-;[M%R7;9
M&E<%$D%K+%<VY0.$T-<A1(Y6A)S'6F`;+KW]VVXVX3:[^6WDN&*26]E/9M;M
M;JM0BZ&++D,R#@!SOOOKWV!A;6%K'=('`>27U+NY,0J2)7-RB%`:$*%`7`";
M=/>U/)O,>\7FV7!%F;F.(VUQ-;&9Y$!F]66.Y@::%R*:#\I\L!']S_B@<@V$
M6QL(]I@:))$EB>Z1E>(#]FDR-.P9HUR``!^)P`EWC^(KWBYE<,.(6N\;A=SS
M^LMKLNTW%\:%-`C642&B$B@&JF`E_%><^^CNJEL-JV*?9(K@@_5;Y%>VU^T,
MI(U-;AI"="]%U+T&`<;KVD>X_EV[))W0[E[I%8Q30^JUL;NSM$M[DL65Y9$G
MG+*XTLNL5\,`LY5[&^%W42164<NX7DQ6PO986EG-Q/$#HO6FE64/%.PSJ$-2
M,!*^WG\/'M9LEXEYOFVO</"8IY`6CBB4!M;(R&!F<QTJ"&6N`M1M':3@D;R6
M6TV<`M;!"EG;"WC]4PQ#3J/R,[)F<R>IP``YKV+VF\N[ZXV[9EDN:RZ(HA%6
M.1B:%X?2KU&0SP%:^6>WZ'CL5ON.X,MO<74CVZVHC^GD!)#UGAT`&BG)@<!!
M.']M))-^N+ZW+)MMK/0&23T@[QL&5BP6CBJY$X"^_9GMSN%\R;EO!DMBE[JV
MRW>5460!E].5]:M)\S+2HZ@Y8"W4\-YMW&]RVVFWQ;M`==:&>-4DU/`LY`1R
M7J,ZU'A@'SAUWM?K63W-M:/?2QK+>QV=WJ>6]?YF1DD!^2M<C4TP%JMHY#QW
MZ2&XW.]EVG;EA6VOC9V,"^BT8:6(SL"`761``U*Y_=@(;R[N%9?4*^T[H^\[
M'].&GEBMBT\`,AC]*:/6%<,@KJP`+Y*+==SLMVVRUOWVN*+UMQ2!%;;GBGD#
M^HZ(A].XB5J&I(&`G.R[?OFR\8Y'N&W7.WW''MYDCF:&^@CDN56[``%LX*S*
MMNZ4:AZ4P$E[?<-VO<=C7<+>UEM+V)YC/!>3>LMP9O3(>)9`##&%!I2ISP&V
M'VC6,^TQ;<]Z((EJ"BI&@98EB4HA;(D@C[ZX#=-PRYBN;."16)(44K3H=?C6
MG3[<!.Y"K+I"T8$?-]G4Y>>`CFX6T9#,!F?(4%1EGUKF,!!-SV>*<,^FO7.E
M66M:_$X`(<ZXC!?6SK\S:%-*YY`L3]PK@*Q/QE]JOI'B!HLC4KT-#E2OC_-@
M'6ZYA)M]FR,X7K55:FD#*I))KU.`$&U\M3>.70V\LRLJS:QI(^'@2<!LX[9P
MVHV^$QD5,439]*E:GQSSP!V7)!G6B^/C@(IN\A'J9ALF`KG3K2GXX"-6<;22
M`DY+T%.I^!^&`DL=B2`Y!%<_ES(!Z??@%)VY?3#ZG)/ZND5ZGPI\,`E;;%8F
MJU'4ZDI^G++`-,VT1AS5,_$A:@C[:&E*8#&FTQLR@)4DC+3U_1@%@V")Q1HE
M%>ORYT^VF`$O>X;=P3M3W!YP;"6YEXMQ+?=[BB@^G$KS6-A-)#H$\;1$K*%-
M&!!`H<!XD.6<??>KJ^W6^/JW^X3W-[>3A5K+<W4KSS2:0M%+2.30=,`$=TV"
M[LI]$<;R%F`141V9CD%50N;,2<AXG`&SCGM7[P<DVV/=?W5MNQVT\-M<6T7(
M;V6QNKB*Y5G1UM8;2[FA*H`6$HC8!A0'.@0KN#V4[B=MHS=<AV59=K4QH=ZV
MMI+[:EDEH$CEN?2B>!F<Z1ZB+4]*X`2$U%*`?</\>`SF[NFM8[)KFX:SBEDG
MBM#-(;6*:81B::.`MZ22RB%`S``L$%>@P"9L@3Y`_P`F`;I3K<4.KY?YSY_#
M`?(H999%2.)Y7:NE$0NQR-:*H))`P%I?;YVZ[C;?SOC_`"O^SNX[=LD4LL=W
M>[A;BT$EA=1W%K<>C#=!)GJ`02JU&1'48#9-@.8#F`X,R!YX`H;4G_H<YV*_
M_!,[3GI_XK=Z/C@/_]37+[W-LWY?>%[H#&JI:S]_N[DJI)&OSC^W>^T4%6)_
M:+0BH&`K#N^SW%KMT=VTMO!<*@ND,3NLL%=2'0%(U$@T93D<!#&W^PO[NSAN
MS)*;4*\LBM([RLBA58!ZB$JZU;I4-@)A9R;GR6L&T1;;!>#U+=7(,4LUO%"9
M_2<L`':2-2`:G/RP#'!>[W%-*\6T7#,D4D5W`K*0T,3+JEA(-3&&`^S`1RRW
MZUWCDMOM,]J4M[U6"^M((Y(I=,E=)S4CY:4/6F`%F]<>L3O-WML=V91+<B5F
MFJ!"FL:HXM)"HK5S-.F`9N96MQ8;)-M$ZW^[7.UBWAX^\]XU[!8;=ZDSW*6Z
M3D?L%9PRJ!EG@`'N79FXW;=X&M+?Z2.Y-O.\DB/):,]Q168E*-#J)R`4CSP!
MJ3V]?V6VU)52.]G(5B$BIJ)`H%-`"M#G7`(N,\-W2PW$2B,P6\MPJQ@L2T<T
M).3@A@`Q-#YC`6]X@>+FU%QN.U6S;GM\L*M.+:-Y&@D;2[+KTHP4UJ"<L!/[
M3C'&(^5V.[6%A;MN>Y6UPENTRK/8PQ-I=VTT5%NM`Z:2,^N`.?#>R7$N]6[&
MPW>UVZVFFMY8;::\M:VRQ1@"26;5IB6;Q`4$T\<!)^2?PF^*7UH]]M>P[9>6
MK1QW3;E\RS7+.K%%6!3Z,=LY'RD-K-,\!4CEG\,@1VM]-'87VRW"-H@6QN[P
M0L$U'U(T+M&60#,%:>5<`%=L_AJ]S;X2S;9S2_M8`\Q1W26=2L=5!=?16H)!
MK7+`1'>/X>7>VS6ZEVWFMI>2VV3":":`$$$K0I#\U1XTP$-G]D?N6M8;:YBW
M/9;B)B`&DN+B-U(&=5^E=B/C08#-#[5/=7=W$6T#Z4P0KZB72L;@&H('HB:&
M/U*!LAD,`1>$^R[W3F\>V3>FAT`,VFVT2P1LQ8SK5"HTGH`37++`6XX-_#W[
M\\GV^2]WSN%)!%"G^;AMH(+BX5&IJJUM(S$$T-3UP!3LOX66X7C1;EOF\\HW
MVW:%9)=6\72VZL#\X:&U^F*1BA!&>`L;VX_A.=L]P:._?CFPM*/FD&[O=3O\
ME&)#R)-5B.A8@X"Y/"/:9VU[06\D;;7L4<,,A-O;6MG;M)"B`NPBD$*M(ZOF
M#ZE!7`323N'Q7B]J+?C5GM5S:S*\'U%SM\$CVDT4])$D60RH\@E!4Y4!Z8"'
M<CDY#RY);ZRN;"UVB]$5NP$*P0.DVE_4BC2)RC1OGDM`?'`1]MGXEL'[LVVX
MY':WF]W-QZ8VLQ?MOJ!^>='0JICKX$C[,!'^67P:8;5ML0FO(`_R21:`DVGY
M`S0.^I:T-:G+PP$>VSAW*I-VAO=VW3:=NLKFTBABCLC(6N[S2";=M<*,C4%3
MX'`=]PX&UCNJ7?T\;;C<N5$OKSK"'4_+)+I)5$"FI.G`#WNCP6VO&1^16#7.
MW"W21;NTD>027*$Z8U=+=;ED4]*LM#@*^\?X`FY75[:;/';1VTA^H$<B3I&$
M#TMU59T9A(C=?F%/(X"PUO-/LLUA#O<4D^QVIM(9?I88X9+>_A56K<743QRF
MV<)2J@UKTP$SYYRJ]B_=Z[/)!9P[S'#;_33Q+)-K*)Z),B(Q,10^+5&`?.W/
M`[0[LF[7L<SFZ`5Y(6DCF6\(9JQAW]+23T)P!3WC?MM6^_=5JM[:S6<,:;I#
M<PJMJ[K)&J/+-')*EPK:B:T!!&`8]YXYN>P;??WMON$;MN</U%O%;3++:&VE
MHP1M2ZHG16S`Z`X",]M>(\XM+;>MR;?H-HXQ>(1.NXS-,EP[I('CB2195&I3
M1:$`T`H,!/NWG%5[B<MCVYMTO(-KL9YX)A#+(EFZ6XD:.0(@T:9-%5RZ$5P!
MWV[A%MM.\;I;;G?W,NV6>J2RFMI)(XW34RQI)ITT(TBHH:C`&7VT]UYYNYD'
M#;*]O)]N2ZE?5-)_FW6%HA&F9.@)&/OP'I"[9D7&SVCDD@Q1D&N=*95^T8`H
MODKC_#\RX!FOI%44-:K3P%#7/SP$6N;F*I(#BM5/0_-34?$>!P`UY)<1HLAJ
M*$$$$`^)\/#+`5DYEN-O`LTA`&C,`"AU9_#QI@*'=V.YUOM$-RJ3,#2BF,TT
MUR\ZT;QP%>^VO<F[N>51W!EDD'J54EJ#_.4IXGI@-VG9?N+'>[;:QRDB3THA
M3YNBH*=:4RP%N[+>EFC5Q5JC(5J.@/B1@$]R1<&M#5C\P-`/L%/MP':WA"R!
M751I4L*4H17Q^_`2:&GIBF7V?T>%<!EP',!@^GBZT/XG`=A#&I!`S!J,!\DN
M(XB0Y(I3PRS^_`4_]^'*[CCOM.[RWNVO&+BXXR=K8S0^JIM=VO+7;KQ0NI0)
M#;7+:6_5:AP'C_N&#+YJW^+`7@_AT=H.+]SN^F_OR7;;3=XN'\#W#DFV6-_:
MV]U:'=#O&R;5;W+Q3Q24FLDW%I(F6C+(H.`V4=UNP\\,MQ>[7"D:?MG>-%*@
M44%:`*0":8"F'*^%,;2_V+?;%;G;[^WFM;N"9"8Y(95T.&Z,*`U!&8.8-<!H
M=Y=M=OL?*^3[+:%VM=GY#O6U6S2$&1K?;]RN;2%G(R+F*$$^9P#!&CRR)%$C
M222$*D:*7=V8@*JHH+,S$Y4P!HXQ[=NZ_+Q!+:;$NTV$SK&VX;Y<Q[?;QJXK
MZQAI-?31JI!/IPN<^F`LGQ?V9\=V^,S<TY'>[O<:AIM]E3]W6@!20%7FG$]R
MYU%2"`E-)R-<@L-QKMGP/AJP-QWBVTV%S#%Z/U_TXN-QE!5E=IKZX,MR[R!C
M7Y@*$@`#+`3-_P`C?[4_R'`(<`I25`H!K4#RP&<9YX#Z&*]/'`$[:G/]SG.S
ME7^\SM-_YK=Z?C\,!__5IC_$?XCSKM?[N?</-ONR[BFW;YW>[@\AVF^-K(MO
M-M>[\OW6ZBD68`EM*39$'+`:^]TNK?<'CNKZ;U+>&'6D1DD1O5DJ4@;TI8P\
M9'@WCUP`4V6QFMMVW:_LUO4V_D%U*D%M=PSZ_4@>35'9SF0NL8UBE!TH<`3]
MIL+FWM1<374UK<6SZ+:UFNU,TK:<PI1C,`%:F9KE\<!+K3?-]O=TBNV1-HEM
M(8XQ8EX[(WUF0$N607"_M1+'F<OPP$6YA<[#?;K)R':[#;+*+:DCC$<+@3`P
MD^O+I)4&9F<YBHP$?M]NXDEXO*KBWO.06;P7"R6D$P@>5[J,H(Y<P$:UN2"I
MIF!@''>+46NV6C[EQPV=^MK'<;2\\3+.+&2,2J;BWT![J"5&4I)G2AS-<`\\
M"V&?=S^\;U)X]M(DMY=N-JZ/'<B)1ZEM*OIM&D;.K#[#@#W?\0VJ;8K.Q.X7
MT-Q<L(XY88/JC;R/_FWF<JVA*"C5Z8`0;CV\W3:_5M8M&YRP,)'N&"1-*K',
MZ%4#6H-:YX!YX+LT=A>3V^Y6ZW4I?."><AV@*-J*146.>-*U'S5!P!/VZ+8T
M<;?+;M$ZW#30K`Q$IAJ<XHBYT'Y:$@D'`3J>[W)#96_&;R\M+32L[6:74;RM
M&CEYGB`E#PN^FA%5:F`./!?=EW4[<[7-82PR7NPI,\,=KO%I#,I&I3HMGGC=
MW953J&(!R&>`L9Q7W3\#Y)LMI+RB.2&\O7E>58[..Z@M%>@B=U@58T%*U#/4
M9X"Q6R]P>TNX[99[)QV_V226<)(1KBMY?0E)K;LVD!'ZFA/VUP!"@X#VTW:R
MB7:_W5'>7LC3SW,WI3"``46,AC],5TJ:+I!^.`ZQ]A.W%Y!(!N<<]U/(5,D=
ME&B0NBJTGHJDL,21L@Z@$`G`-%QVRX%9;J;+;_W):FV^E3UK^4_6GU$HCI#"
MR*8YI%-&(RP!;VSC_;4W&WPFVLK2ZCTF\D01H9DH0"LK/&6MSH.HL#0TSP$^
MMG[8[5+]4\^Q6VV6J2!%FO+=E$DAUG\FLR:R<@3U^.`$/(^]W`>,B[;9$MKH
M1--&T-M*KM=1,#-6&&LBZ&8:0P7KEUP`2;W!<CW*:X/'=@EM=LO[>.;Z><BW
MF2&=C&S3,L9=F1S6@(IXTP#9'L')N5:KF[WJXVR*'07M_KFO/3/U&=Q%#,P5
M58'-:-E@&2[X/L6SWTHW+?K>6Q>1+EDBBBBNI)/5]>9C%IJWJR?,2WRUP"C?
M^YNP0VJ;#QS;U=8(VBCN1&%EUFFI$B55-6I7(@9X`6;?:;?->R[A=[?/?;_;
M237"7-W;&,[5ZAU!PT@"N4']6K?'`2OM[MO+;_D-SOF[63'8M8%O)'`6=T!(
M<SK5=,8&8.9SP!OWJRCLK=-Z-B%LH'6>T$D2R_M%_9F:*!"9@!G7Y32N`P[E
MMHWF.VW';[/2LL"W,K1*$%RM!6IF:,H`>JTK@!_S;=`_'[BT@MH+&3;U0RO`
MJ/(U&!((((8$#RI@*Q';=ZY9#?0[1MUQMQF9*[KME\JJ'#D"0HSJD4?BRK05
MRI@'']][M#;-QW?[+;%WI+N.V3<KA2MC+:1(@%\^D"*YS!)"X":=K.&-RS<M
M_O)KZ"]DM)H8]NDOXW7;XYHXP`;9&JOH&@92:"F`+]I?\AX1<V,NXV^U744=
MR5N!>$Q;?=QAM`$0TZ8PPI1J@8"-]SN9[-LF^;-LNXR6%BG-8AN,8M)5*6MJ
MTH9K3U02KHC+J4ZJY'`.M^=JL;9-@XQZF]W5WM0O`])I(0\D*A8&:16@5@&K
M\K4I@(EMG;_N9W,X)O7';&Y&U;MM-VDMKL]R7B:06\J3J(B!^T1XXVTTK6F`
MN)V`X[%:[=:[!;O%M/-+);=-T2:WK%>RJ&CNW*$_JQJ3@&[W0=SK;M'M";?$
MME%=WH,!]-8]3RP-IDE`:I".:4P%<_:?W(6Z[M\?W*.]5'OYY7F8.@;6R2,0
M<P:?-3++`>OSLEOR;AQS;W6767M8"!K\0M*5KXD8"PY8%#X$@9>-:@D5\:8!
MBW+(.:9?+]]*8`?WL^;MJ"&ITCK4BHS&5:C`0'?AZMM,7`9R"5)'Q/3P&`HC
MWPWNXV:SNWB)41*"P4T)^5SD:@$Y#XX#1CWP[N;A-N[V*W#_`+335:TJ0P-,
MJ5_GP!L]K=A)R/<;"20A];%E)H6U&2E*`UIGE@-^/;'AC6&W6\OI@/Z25!)!
M)`'QP%D=KG6U:.*1@HT_UJ^0IF?A@)C'+&XUHP8#,T(RIG\<!V?<(4!<LJT%
M-6=?LZ8#!^_HHOF^H)TT^3[<AE@,4G+;9@%-QI)-01U_'I@,D>^K+^6>3/I3
M.OAX8#-^]3_[FE_`X!3#NLA!"LS^)+#I]N`^M=/*Q+$,#U4C+X=1X8"DW\0D
M@^T?N\.G^YFV4^_>MOR'V`X#R227>AV31722*UP&V+^$`T$O?;N0LFDENTMX
M`&(H">8<3-*FM*T^W`;Z^2\?M[BVEUVT1#JY;H<F4D^&`ICW0[26.[I+)!8Q
MJ^AB'C0`M\I%/EH?YL!Y(N]/';G:>ZO<RT:%A#:]P.9PBBL*+!R+<H_#P&G`
M,?9TM%W;[=JZU1N9;`"K*"&0[E;Y9BA!&`W/7%T@5@FD%0`JG]7IT%:#+`,K
MW.ICJ+$^-2:?=F<!@DF-!I`/B>O^+`)))214Y!0>A.?^%,`E]=!UI^/^+`=A
M("*@9?;_`(L!W]1@!D:>'S8#[K/B2*],R:_A@"=M4O\`Z&>>"IR[G=I37/QX
MKWKR_1@/_];97[\.WW">_'(^[/'K[;3;\TV[DO,;'8[TQUBN?IMXOI$MY-14
M:I&3(D^.`\DG=;LKSS@G)=XVSD6TW>WV=K=W$:1/"T7^BM(3ZZM2KB1J4(K0
M8!JXGP^*[N[?CNSVL^X[INL:G:!)<`30RK'KE@A1RH::09*`:DT&`@7<G8;O
M@5Q?+LMK?R[M;2AMWBW6*7U-LOW;T9;>1681DPL`5`RHW7`1O8>175[>V,_)
M9GN+J&$Z;A;7TX7B*K6&.2"9O2H?RY'+J<`7=YX5Q7D_`]]YGME]'QX<?LC9
M7FWWDAGEWC=)&26/Z.-6633/',@%134#F!@`%QCE.R6O"=Q@W26X._VF\B$6
M\2)#8I:J!Z6J5V76PTT-,ZMG@)M/W#F[C<BV:4SI;VFQ;1:;!M]ON-S!'(+&
MQ0.L,\MNJB5%DD8+(?F*T!)I@"_L&W[CM-N^[7'(+95DF:-=O?1],4D"K'Z+
M*%D=XV(^;,,*8"PW;<P,;H[O/!(8@6=K=7+LICUQMZ#LRM0&AI@)X9MAWY+C
M;K:P>(F%PE[HTLI&HZ07"(=?D<`/FXC=[9/,T4$MY):AOVGT\;.@9317"L&(
MT-U&66`8;J,6OTUVQ2.X3U`GKVR@H6.:52:&0J3TS(P$27G%K%N8NC#&T&M3
MN"*DZ".6(E-<6EBZJ%-2*D-7`$W;>9\8O([B'Z-@8;B&\]:5IY6O!)&I*1)<
M/)%"I+T!`R\L!))QPN2^B=I39S2I((+9KDO%;@#4H+;<1$Q/Y3JBJ*]1@)MM
MNVP04OMJY"L4<:*R2^BT2,-`9@LU?49T7_)J/(C`$"+GW*]G:WM]NW>WN&BL
M08Y9MQ+P&*(>M*:-#"6GC&0#=0<!/>,^Y'D.Y[=;I=[S81O;,[B02"W>8F,^
MI%)"L:2RL<@`IZ8!_@[[;=<R75Y<7$5U=W&VV\)2.*]"":T=XS1VT&-U6131
MF^(.`AUIW@W>PNJONL4<4(FA$LRB82P3E)"@]3<5<!$-,JY^&`8+KO#!+:S0
MWV]`VL,KD/;3BWO4A6Y&EBGHWD06,-7YZDCI7`,"=W^)7VZ6]K%<6^X-!,/2
MW._O+B-C&<V^6PCL8Y3Y`QG[,!.=N[[</VV6YMM=A=7EM'#;1+"+PRE6E#ZY
MVD*1HC5H*)E3QP$8Y)[LMTWB"\VK@YAVM-N(2_:1$F=HY`58+),BRZ4DSU('
M-#TP$=V3FW(N0&'Z_>HT-RC.+QI%*L[Y".-5:5W+MD`P7/H!@#?QNXD9-%W`
M*11B=KN2%XI9[<5#JD6L/ZU5R(TT\<`9-NV7;YI;:_N+T1M)Z?I;="9GN8HY
M0/3DOVD9(Y`:`5#&AZBF`L-Q+?\`CVU6]OMJW3)-)3U()Y+602J&-2M&TPJ1
MEF<!)N6S[?OFVR".$06;1_317*%(T2C$L=2L10GQ7`!2*YGXK:O:6LMO>0W$
MK/?"\GE9H(S^=K0L6"-H%0#\K'`#3D7+^-23SQW,5S+ZMM)KN@$%BQB74+=Q
M`S2B4"A%0*_'`5DONX0X_=%^'3>G875W-]<\MM/+:^I%4F"WDD(".1U6@)/3
M`0K<'[A]Q-EGYKLUW9W9VN>6*SV\VI3U8U+%[=E>6%UN4#&C5TMEE7`&_C?=
M&YXWMNQ;(#!L=[<;<MO>6VX1,KO=$+J)E74HC22HJ6J!@)CR[G6Y':>/P[M!
M9R26PEGO+NU<S6,L(T/`TNIJZ=`J:`=<!!K3<N)=U.8\3VZYVN.]OW6[M+,6
MM_+'!%'%!.A1'E;1&ZEZ@&E?#`7M2&TX+8VK[5MCWMPFV16!AN8(I"CVUM%9
M)('JI(62+J*ZNN>`&7'-]Y;/SZP>_6XV*X:]=DFA@7T2'1@5=-5'0Q_E/@<!
M:WE6X\9[.[)/RR\NH_WG/9171OY)RIGDN*:CZ0J5=/5((&`T`^Z?W-[QW.Y=
M>J]U#<0PS7,5JL:.@$,<S^FW4?.P13X8#I[4.5<]7E^Q7]G8SW#6]\(498BR
M$%=2DMJ4`T.`]OGL\Y=RW<N);4VZ[=+"PM8(P3&%R](%ADQ_7\?/`;&K>^N&
M4:QG0=1^C,&OVX##>W6N,ASF!U%*#,=>F>`%F\[A'"6((8(S5R;,U/3+^;`"
M[D'+((;>9F95558"H)/RC/I7K^&`UC>Z#NCM5EM^Y++<QJ6B%,B<RK@@@"O3
M[L!YR.\O=':!R:)TO(I6U+G1LOFR%!\,!L.]C/<S;9-XVJ`31N33YO#-_P`M
M//4?T8#TY]OMQM[[:8)H9-8:)&8@:0*J.E0,J],`^[W>O;5D6H,?S+\.M#3Q
MSP#?M'-)7;T!(NKY@PH:Y4&8/3H<!,HKNYO0`*LI!/ZJTH?M&>`^7%A<R*:!
MU/B0P((\JUZX")7=E<I*I75I4@_FJ?$_=GYX"0[+<L9!&ST*D`5_VP%#D:X`
MA0P`J"4]35F"*_+]N`7PVC#-4T@Y'XCXBN`5?2L,P!\#I(_33`4I_B$V[K[2
M.[O0_P"Y>W$@=0#O6W^?VX#R'7ENQE-"0*G,CX9=#XX"RWM6]R>_^U[F^]<R
MV3C>V\JN=\XU)QJ2RW&]NK"&WMY-VVO=#<I):Q32/*)-L5-)%*,3X8#8=)_%
M^Y]+%Z4G9GA[C32IY-O8/2G_`+QX"#;G_%AYK>EU/9OB*"A4`<DWDBGWV5<!
MJDYO<'G?*^4<KN+2.TGY1R+?.0S6%N[RPV<F][G=;E);12R!7DBMWNB@8T+`
M5(K@!]MNTS\3Y1L?*[*S2[GV#=K+=XK&9WCBN6L+A+A8'D0%HTD9`"0*BN`,
M.Z>[[E5N\BS<!V>,AB/EW2^8%:BF?H5^7I@(O+[Q^1*Y']B]G'P_>=\*>%/\
MS\,!A;WD\B.7]C=F'F/WI>Y_C#@)3P/W0;WS'EFS\;N.+;790[I="V>Z@OKN
M:2%61SK2-X@KD4Z$X"V7UK5I4?<M#^#8!6EZY0!2`:9'*O7Q!J,!D6[I7YCJ
MI\W0Y^-`2?'`9EE*T^;(D$@TZ>0KTP!6VF=/[F.?-G0=S^T0\.IXIWM/G\,!
M_]>RON_[\)QKN_WNCMK@P7FV]S><Q121W&B2-[3DNXQ!A^T##YD\,!5?C/=7
MMU[O4W#@_)DX_M7<RTMI%VR[OEM`.06]OH5E]>?5(MRBBI7,D8#6+W/[*]P^
MTG=&:'2=M^BW.]NMFOK9G])5CNE%O+;3Q`>EZ(((T]0<``>;\SY!%S.\DWG<
MK8BYA1-R6\MEG^ID9CJW8QSA_J)F9LY234?9@!YNFR[A>[C;[K82VTVR;?Z5
MS/:A(]O^NMY=<8NH(BL2R1`L&)`()IYX!#RSDW$[&[L#L<^XR1PP1W.][1,^
MNU:_!D0A8XV$4Z:2'0L*J?LP`JY1^Y3?PWBBU_=F_&-FL(2NJVNF`'JLE!Z+
MJX^8'K@&ZRLW.YQI!:6END/I,MP;GTXIHE-$(]-@0[`9`G`6;N.7[5+^[XYK
MF&)1#!'Z5Y"OTT+A0N;5>M7I1@,\`>>W'++&T?TMQDLY;64F7T;>X62>8JI"
MJC,1^R;X=!UP!%D[@[=>7OTT&V7-@H=#+31],T,1&FOIKJ]0A<R#]N`(\]W^
M\H[;=+&2*&U>-1,;*5BS.HTE)(RQ+*XI7(^.`$/(FM[ZRF%O#]:MM?N2"@E:
M%U?7HHP!$52::3UR\,`.]PX_!N5BT%HL:7+3O)(+6$K)$"27A=DJ0&ZT)P`V
MW-=SV`7'K27+Q);UA,$SLZE*`1-ZGJT=63-*5/G@(+<]TMI?_<Z+=K]>27,T
M,-I%(K6$,DEP7]4M.SAV,,BA54`%B?'`(N5=SNX7;!]KVKF8W7:-QW2#ZZUV
MF:YE:^>QG@>2"ZN;2-_4MXYXEU(7H2!F!@$A[Z[Y:M96]UNUO-)-:V>X-<BZ
M::#Z#<XHIP)62>6-6AB8%D.E@01G@(S<][-\.\R1_OV4;;;.89YMJ42!(V5B
M)8A(T;"5&(!JRY98!I;O]R'9K]X#N>[3V\/H.9VDN(9)3/2012V<Y]2"41FI
M<:E:F1(.`(%AWPWKDYVBVN-Q-E<;W;7]SMOK;RMM]1'MPF6021M<4@NRT!58
MVTM)4:>HP#EM7(]^O;60+NZ0ZYV5AN6X?22/=>C->P64:W4A/J74-NP7U`JL
MWR@DD`A'1SS?=PO$_=RO-N<6X1W*);[B(HX+&(,)0UJ(`\BG4I#@H%SZX`U<
M=W.\WSD%Q''>RCD<@MK*[V]=QM5:WEFU,'1"CBZ"QLKHT<E1G3/(!:[C/9K<
M;N&5[B>>XG>1!>W$*J;DD@,93Z>DO$OB6/VX"S7&N&;=M=E#:?NE)9+>*)6D
M$5JBW<XTZ6U%?51R5!)!J"?/`'!(WL;7;S^Z/J+T1HJK(4FEMXY*>J:Q$^M"
MHZ@BN`*5GML<MO#=W#/`D2*7+Z:?EIH&E5&A/(FN6`@.\[UQC:Y]SG"R`L"$
MNW>L(D"4*1*!117.E<ZX!IM>X]SN]@FT[;NUQ)#!^=8B33-J1R:3^R_#`(>5
M\PO]BV!I-UL[Z:V>"4F^MY4G]..-00H%&DJWF<``>U7*^-\VY==;9<;S/M=C
MNTS130;A87<T-O>VXR;UF58]4L2BJ4#$=*X!WY[_`&:MN0<BX)LF_P#&)#<6
MTUYM3V\D]Q;OND'SH;:&2WL[O;[B:A`60-I;(DX".]INX?<?]W7DI[>V6\;'
M8(1?3;?'%8R+=VZT>6>TDF)N"Y6K,BBM<`,N5<WW;G'*[C<639^$S0/Z9VZ_
M%+,K$:5>%V,B*^FK,/EK@"QQS9>:\VW/9Y$>QW^U$:VUMMVS2M+M^Y3-&H:!
M3ZFAHG7SI3I@#?8]M#VOL=ZYQ><<?8+^T@M9OW7?LL<EM-K*?4V-/R)(P^:F
M`G?!.=+W3@VRZFY"-HEVR;Z;1<SE!(WKF8QGYZ2>GG^:A(P!KW_:><6M[MV\
MR0V=UM44<RC=(-(6.*`5CN"]25UJU*=:X"@_O&[K[SN\?T*;K=BQL[98TMQ<
MRK'(5T*Q9-0!!J2,A@-4W`MJFY=S0B^G:2'ZB4M5M65<JZJYL/'`>B#V:=J>
M)6=KM\WTEJ\\5S!(6>""M6M(@Y)T&M*'`>JCV\V&UV_';&*"&W15BCS1$2H_
M(>@`H*8"V(LX&%155\,S3X`#P&`C6YV?^=%:#_)R\J'X&N`K7S>_FVX3BI_.
MQ_-G6I`S'QP%).XW<.YL[*\8.X"+)T=U_K`UHU,Z9],!HD]XW>6_6UW,JTX&
MG(K(]--)>GSY`X#S3]W>^5ZO*(1ZLY"LE0))?%A2HU9FF`W'_P`-[FMYO^[[
M,X]<DLA-"U0RR,HU&I)&`]HG8Z2XGX_8*XDU/#"0&J3HT4):I_K=,`?]VV(S
MV\CRJ0"N1`'4J:5J#7,X`/-8Q[?N(=SH^;220!7YJ@#(5H,`7N/M#/$I5ZD#
M("@_2<O#`32WMU=#KJ5.2BN1\P<!V.R0.A/IJP8G]4,?'PT]!@$";%!;S!E`
M!5JD%:9=1T`J1@)7M\/S*!72%S.65:4P$A^FB\C]M?\``8#L85*!,](-1GG_
M`"8"DO\`$0@5?:%W>=`:C:ML#$4_+^^MO`U4&>>`\AMY`N=5J6Z$`DKE7PSP
M#9%#)'*A932O49CJ/PP#UZ1T:]0I0D>>5?Z,`TW21IH8*,V(:GB`#@,]M-$R
M44A"N5*@5^\8!?+;PS)1@NHK2N5<_.H.`A6[\8@O59FB5PPTFB*&\/AUH,`*
M-W[=R,[/;'3FQHQ`%!T!^XY8`?WO$]UM"_[!Y`*48$'5]@H#@)OV8V^]C[G\
M33T)?4.Y1D!4;_W'(<B`<Z8#9;(MQ'(-:S!Q44H0:CSJ,L!V2\-0I5JU-37Y
MA3KX8!2+A.I<_:IH<_.H_FP"M+GH&?4,LS\Q`\J9C/`%O:9E_N3[@#5\H[I=
MH/`]3Q/O@?+_`"<!_]"W/OZ]EVY;GW+[N<DLK6];]]<RYEO09$<Y[CR"_O"P
M*QT*?MJ_`8#RP]^.+<^[*\I;D.Q[AN6U;KL6XSW%G=P/+&\4L<CPYN`K49`?
M$5P%NO:A[R=D]SERG:GN;O6TVW<!-OCVW8I]VEALI-PO;9)$N%22XD)NYKV6
M%6T(=1-1@`-[G^U_-++N)=6MU9Q.UNAAL6L+>0_46OJR"".,+KK"%!-*DL3\
M,P"/->>;OMG'-FX-=<5EW7>;/T;K:Y6M'CF-M`JQS65].K12/:0B,L%&DACU
M\,`-MJV*+G?*;^+9-HN]ON8;%=RNK(RUE@"$)=&:,HK.JS'J!E'F:8"'CA4,
MW*]WC>[F@B66D)>X6:W$X`$BHR@J-$@-%`K@#%#QG?;_`&*TX-:[7M=G#=74
M5Q)RA-N8S0!PJ,);]I4A$,@%0ITUK35@/O/.VG"]@Y-8<8V[GNYR7\6S6US;
MW^]6IL=IO+A&E%Q#;ZJ%Y8Y(RBDN-1R`/7`3SBUSL7$-[M;>[LI;R:*U59-V
MN;>>WM$$R$A5BFH3KZJR@@^>`(UIRM;N]GL8IO1CN:O"\\3(5%*LOD8M)I2@
M(&`(NS<A-E].8I(E:S)AT+.BAUDZGTV9@:AC3R.`ENR[_M=I=WJ37-C&LY]:
M*"$"*5W?.19WD+1:@QSR%?#`=X;?:$WAIA>26YGC]:6-2K6\A'S!952-?GU'
M*K=,!#^:<>L+R.>3TUMXUD24^B#1P%8JXJ716>O3(5Z8`$[OPC;98VWJP%G9
M;V8)[>TO;BSMSZ#S1O$;B$R(_HW,(8-&X!*2"HP%*>5<.YO;W\=O=/N7+>0S
M3ZI-SW6]O-R>#;65X];3S5E)TGY0TFG.E,!$M_XQN&W6MM!>VL.SVEAZ5DET
MWJ&?=[R])9(I`C^FT]L&TH0JA5I7I@"?V=V+M]:\<[G6?=H<@MK1]GA3:=TX
M]-8P7_U$SM+:VW^F),]PMQ>+'$[1JQ0$DY9X`4\;_>T^Z[?>[K8&_@M]F;;'
M3<)Y([R2.*7T+.^,[PLH^A4K1RA#`4S'0)%+P'D>Z<LWEY+';(["WO=N,%SM
M2NMM!)"JRF\MG6:Z11<#-RK$-0T`.`M1O/"=IWKB<W'-HO\`<;[ENV;ILM]M
M>Y7T"M"-FDL6FO;=9'03SM!O#4(+,/3H5`P!AV3M-9[U#:7V\V-IL^[JD"D[
M'6WLXY8X@LTD"$/,Z7+@NX)T%F-!X8"R';OM5LW'83O:<=M+C<$],)N(6-1*
MT<VN"5H6=RC1_JD%<SY98"SO#]SY6G)8H[NQ*6ES"3,T>G3!JIZ9E$9<&.@J
M13K@"]<[+''6](N)8UDCE8R:[:U:61B#&A:-E`+#,^'6F`[R\EDMIH'M[VVC
M,;HCI9R>L8J-IT/(49'3S(I3`2JVY.]TFY1Q7EQ)(UJ321T^GB9BM95B5`2F
M?7QKUP`SWYH;N.P@<K>>L[&\2UN(W9QKI_FT,A$H'Y10$'K7`1"_Y:W%$EVN
MSXY)96N>O<?G:[N#36/4C]%7DD0,:@9T'3`3+@6^R<B,UKN>Z[-)M&\)"D%O
MO,,RRQ(2T<LUNHFC<B)B#)&%:1>N6`6\P[7W5Y?W>Q<4O1MN\K`76_XZ^WR1
M;A<Q(L]JUM#>/#'=2,/ETF0.>@\L!`^3<8N.6[9L0DN(;#G/%;B*#>X[OBUW
MLF]226R>FQNQ*[P7=O<-'\YC=M5:@@8!PO-Q@V/BV[;M],G'Q'5=TLX8KI;J
MZM#\MU=;6J21F.6@+:2LOG@*<[CQ/M]SG<]_Y>O+9+Y;5)'VUC</!<0E5'JV
MTR^D%N"2M"A"MG@"+[?>XW)-DW"TV#C\D,^WI>_LKH.8[C;U1R"(/3<-\@CS
M4J2",!L'[B7Z=R.,>IO?*(9;RZM!:2'UT$D+QS*JQ740+2%IC^0@`:L!6SM[
MV!WSAIW;<Y.70[KMDKONUI;"_0I$[.P<!?S!H5?,&G0X`QS]V.3MM,W'#=A]
MHME>,A9&/U`0",,#ZA&A@@-`.GC@-77NI[B16DE[ZLZ@!0O@@'SQ5#:F)&8P
M%+NT'=G;[3D$LQE&A9G.H.%K0U)#$GK@-TWMQ]UEKLYB@^K;26A9'1P=&F)$
MT$@D:A3`>I[V8>Y+;N5[#:1F[9WTQ41J$TTA3IS_`"ZCUIU.`VR[9R2WO+>(
MJP*L`0=8#"HRU"E3@/NX[A#)$3^6E:DL,_'`5NYYMPW-)41A61GSU"FDDT^[
M/`4E[@=K9[ZSNXF?)DDS#4;YJYU.JNFN`TH^\?L*T.T;A*"=*Q`ZW*G4`DVK
M+0M#JRZ^.`\G'N!X@NV\SM+92JR-.BD(`:GU!04'4BF`]#_\)3MQKN-FO)K<
M,`I:C#1J!=_-.NK\<![..UVW6EEMMHF4:I!&M`%%"$`H/E'].`,>XSPQ6DBA
MB0``*GX5ZGSI@*C=R>6':+@RJI*+(H8@]`5)U4`Z"GXG`)N&]VK)Y$CDN43-
M3\TBIE7Q!/A]V`L+MG/]LN8XR+R%CU!61#6O44#9TI@")MG(;.[C'IS1L&%?
MSKD0>@8$TS\,`KNMQME0L6C)&>3J2<O'+`9=MW:T=J*ZU-*KJ6HH?M&`ET-Y
M`RAZIX]6%?Y/C@/HFB8Y2)7R!&`&?>3M5QGOAVXY)VPY;?;Q8\?Y3;P6VX77
M'[NQM-WB2WNH;R-K2XW#;]ULXW]6!:ZX)`5KD#G@-;=]_!\]KZ)5>;=[V-<_
M]]/!32A\*=M_`8"!;C_"B]L-C(R_VT[SE5-"6Y/P@FM*T+#MX@!^[`9+'^%?
M[5[F%O\`?QWG+(I^5.5<%R(K4$_W=GI@!YS7^&3[8-DMYG@YAWIDD16D4-R;
MA+`L1GFG;M#2F`JT/9-[?;;>S8/R3NQZ#2E:MR+B@8$MD-1X/I+4SH!@+/<1
M_AK^V/?(X_J.8=Y0SJFE8N3<+6FI:C\_;]Q2E,\`8;3^$Q[8+I5/]M>]1+*#
M_P!T_!LM0Z?ZNB,`K?\`@]^V*0%O[7]ZS44K_:7@Y4GPK3MQG@(_N/\`!N]M
M3*?2Y5WGDRRU<DX214GH5_N[KE@&+CG\*3LCV[Y5M',=@WGN5N&X[%=+=VME
MO>Z\6O-MGD".@CNX;+AFWW,D5')(26-NF>`D7.?:=L=^)O2V812D24DA0Q,"
M<P01'0&N`I?S7VN;[M%Q</MD%T\<88B-XG<YD`"HC%2`:UP%9=]X/R/899$O
MMMN8PI<ZFAE52JL16I7Q\,!%%>:`Z'U!JCY2I%!X#PSP!9VB^KV2[A9G6.ZW
M9Q*:?%N(]]2!II_D8#__T?2I[N;W;K6XYO-+$CF*3=%`9006%Q,S#\U,R?'`
M>,O^(+M.V3;?O&X_31K++-<EJ(H'S3.ZTZ"E&P'F'M]]W'BO=2RWG8[V;;MR
MVKD`N["[@8)+!<1WFM72A\*_A@/6?[2+OAWN7[/;;;\POX[3NA96<3[=OEX4
ME-]=06\96-I)"*1NK'P-&)P%&/<+VCY'V[[A;AN_*=LN;YK8W$-L;"%TA@CU
MN%>%Q$BEYJ&OAG7`:_KWF%W8<GO=TXW8SC<$]>$/ZTD%^DLRO'/;,R`>K`T+
M$,IR-3E@!X-^Y;NF\;7%#QEK""^W)HY0%N?6DN=9*2A?3-8E9=3M7(8"W6]<
M[YIPRRV?;;W<-FDFOY+*6ZVJ6RC$=U;PD:(9I807B,BK34IUM7/33`,-ORC8
M;SDFZ\AYKQ^\^GL(#/"BFZFLK5&1Q;Q65TFEX'5Y*JK#14BIZX!+N(L]YW6R
MN=RO8=NFNPUW96\VXO=WJ61-8#+:']H8=/B%8>.`>MXWJ;:-OLH[WTVBNIHX
M_P!Y1K+$(XRP1!.(E*IJ!J&!KYX!RV&UVN["76T;[->7D<K!K&:<2.V?SLFH
MO55S(SI08`MW,$[[=^\OI$N9S&L,EK#,1<-IH-6A%`8K6M0<!(=COFE%G;W(
MO8E0B-FD"N=%!J$LK,M64GH:#XX"2[I>+#%]']1`]LS:4>;U`A49(C^@)P'.
M=*5S\<!%DLK=9RC2"(JK4252T0+&I4/+$K,&(ZD@C`(#L&T7\DE_>Q:J$PZ4
MGUR`H**R(K(TD8(J,CY8`4\@XGMVY3FV_=\4DB7#MJEA:7U+?YEK&CQ@PRJ/
M$=//`0I.U$=Q:I%N%K6".Y]:UBN"'CB50=.F9EB>0J3^:OW8"*[?;6%GNNX;
M1>\>N+VX1)K&VO+)6N5:L:RP&]9P!:PE`150P+`8`B\8XW?6MI<SO78MKDEL
MF:VN89)I3"O[.5$)@70U":'6<R,`=^'VS76X1WFZ363F*0VNU/"D)N8]NC7]
MF=SC81HNLK0$ZC\?("PW'+B_U/MFX:VC437"K!"$]+7\RI+&6<(M1^5J8`M\
M/M-R$BV"*391PI*\S2LJ0GQ+BY.AURR*]//`6(BLK^6Q@?UX$18U:"6)0RE@
M*$K+&DM":8"8-?\`H;>D-PTLMJ((9)U8:UE>/-R*?M!ET.`CMWR*V1XELK2Q
M6SE<*C&%%G1VS`:1E-*TIXG`->X<G%FL/IHD;SR^G)!$!&TJ,I!,A90)(J#S
M%,!!K?N#Q#;X9IMEDVA;J'<)+:>">0&^:_CHYM_G9C"[EL@:5J*8`V\'N.T_
M<+CF\-RUA8[PHB_<MW'>016EAN<DBHUEO7[PGMV^FNXJB.:,,5>@Z'`2-.UO
M$=CVB\WG9>67G#MVV9U^NVF]MY[Z&^H?5BN(6FMI[=;:09HZR*:$$'`.>]=Y
M]BY!-8;'<;KMLG*5VB/9KJZM+".WO+W;WD-+F=;>4+.;>)JB3TF<TH13/`,O
M)_;SMW'K:3ENQ=SY7M;RWCFW39]S^MNMOOX[Q/4/[KN_VDMM+;L2&4Z`!@*Z
M\ZXYO/,M\L>*[<]_MEQQ^.&);Z5Y9MAWFP=2P<3^H[JX!(-5!%,!`1VGXEL[
M[GP8\DXU>WG)V"76D/!=;=?LK$D*YA)"ER"XZX#!P7M!Q_M-N0DN[RMQ97ZW
M,%[;[@TMK.9]4FF9'U%"VJI%:#`&[E]_;R7.R[YMMZPM)P#>6]LZ20S:""^B
MBT8*W6I!P#=><LM6MK>RVIYX$I*+EO5989Q.S.8P*U)8-F/@<!'=PWV.TVZX
M((5A`X^`HA((S)RI@-+WN_YM/>WU_;13ZG:0+^9<V$L>;4KY8"OG8;AFZ[W<
MF=Q)(&=FJ:U8.!DM%H1Y_;@-QO8OMQ(EW9QO$BE8P["0T#:8UK0$5)"U\L!Z
MIOX>W$5AVRS.NW>0(L;!6!;465]1%,@`E,!O;VK;/3L8G7Y2%7-?&JY@5K7/
M`1/E>Z7-A#*Q:2D8S!IF.M>M*4.`K!R+NC9VK2B2ZC4J["FH94)\SY?=@*[\
MY[Z;/M]C<3RW<.A5>M62M/F!RKUH,!I8]Y?N6V3<-HW.TM+R-_V8T!6C5@2L
MH(;YB?'SP'F-YW=#FG/[!TC,FFX1L@&%3)7+KXX#TY_PU;>/C5AM<C`1LT%2
MK*`*58G/S-*X#T1[+W>M+&UCC%U&H1$4U*UJ!Y?=@)#)WDM[R!H?JU+2`T=6
M44R(SS\CY8`$]P]T;?;&Z>VF]5J"BZFKDK5.5<C3`!#9CN$4A62H*9&K,#7P
M(-`:8`F[;N/)(2C6LLYT9J6#E"IH*!JTZ?#`%_B?.N2V[I!<F10*T8:AJ-5R
M_+2GV8`VKOVZ7,(*NY++\U6-02,R!3X8!1MO(;^TNP&>05H#6GB1YX`L6/*I
MO0'J/JRRI3[O*F6`<$Y>$&8.L5Z&IS^_RP%9/>9W:Y)PSVW=S.2<.WN\X_R/
M:]ML9=MW:PD$=Y922;K90R-$Q5P&:*0KT\<!YM[GWS^ZGTW`[W<X-014[A%X
MY?E%OTP`[W#WQ^Z2UOHKD=X>63RV\JS*MW+:W=L[H:A9K>XM9()HS3-64@],
M!>WVX_Q0[F6ZM]F[X[<\*.EK"G+>-VH:,S#4DMUO6T&:(01R'2Q:T!523^S5
M:4#:LO/N%=RN,#E'$.6;/R+8Y8:_7;9>),L9.O\`9W,1"W%K(V@C1*B-ETP%
M">Y7<[@O"M^62^W2T]5+W4XFN4^4@L2<R``*=.N`G/&O>5V\M!;Z-XM%(C11
MZ5RA'RY*#\XZ#[<`;^)^]/B-_=+!#OD+G7&H_:)\H)Z9L*U^S`7@X%WIVKDE
MO$8KR&5&6(CY@6)92:"A/7`':QW.WOHU:-EJ?NKD#XGIY8!9]%%.KU"_-XD`
MU)&1Z>&`:[GC-G<!0T*MF2Q"UK7KD:4ZX"$[MVRVB_616M86;Q#1U)!8&A`&
M`!7-?;=L&[0.TNUQ2U#L-4`8+J&8^S/`4![M>SR"*.[NMILY+>?\R+"K%!60
MFI&G*@P%9=I[*<H7@?<#BYMI!/-W6[03I-Z;:#!;\7[XV\DH^6M5>Z4'[1@/
M_]+?][VMVT;YRS;@S,+B^W)7%:5T[A*"-/4``??@/*)_$1VYXMBN1$E8V#L2
MN7ZP-#]V`\GG(Y63G]R::=&YW%*^&FZ;Q/7(8#T%^QWDM[8\8VFYM9'AEMPI
MC>-]+(QM(@NFOV'X8#9YN6^[;W?VUMCY5-9?O"$"*VN;J*)Y#6,A9#18VE9F
M/B?E\*X#7#RSV9Q<'Y?N'+N11K/L,EU-/"MH)$)BF8^C?`12`L?O!P`#AX+!
M-RK<I[7=&M8]H:7<-ACGCC#2^E74QD]1HX0;:NH$,!TSK@!AS+;>6;Y<6?(=
MM9-ZGO-R9+B$[>9D@5&#?4&)%$4*P`?F#*&\L`?X.U/*=NX])RJY@%SM&X[4
MOU$UU!):V=T@`$D$%G<0RQW$D+'\P#$&G2F`IMS_`'G@?)KT6W%-IW78KG:+
M:2UG)@:ZN6F@1HF!:/6?IU.0`(J,R!@"=Q?:+YN*V<FY[SM*OMPB>5;G<3,;
MZUF8+'"NW2C_`$>0@?F!)/PP$JW'9;'9$VW<-GV"6*Z?3+/=1WK6T3ES3U87
M,31&(+F03TRP%CN"[7-N5A)N.]WUA/9PI'Z4-G+&'61E#_-+"-.L!LQ@,5YN
MNW;=OHL]OC&XSW0^G$+L4A0N"Q<$+)'ZA44J0*GRP#9NUW<),\B[->[7-;Z4
M9I%,OJ(HKKC@98T=9/!E)K@$FTRWU]>W$T\%Q?6>A)I(XU`:H#"H76SKIJ#3
MIE@"CLO%X]V`O+?Z9(@I:*68NDZR14K#);E#1F\"#F,!VN^)#<-QDM;L;=:!
MHP0I8W$DWJ@%Y%=%CN$=`WY/F`K0D8!^VSM+<;3:7$=O<_3[;;R)'\T<LR/!
M)1I`!=J:FN?R-49X"-<B[6;+9;K;W-Q?1VMC,$07-GM$T4=TTP":+B]:6&*.
M-3X,&)\,!.-@[+Z]OAOX+J+<+".4QM;'Z-(M).H2P*QEGEH.B^G4$8"63=O.
M+6=]MEQ;\;EN)I$]&]O8[OZ22>!0^B>6*.Q(D:*8Z='0@5J,`\6G&;'C-U;;
MOO.S".VW:9MOV^M]=6PETL60.LB_3ZBB#()4T_-@.67)N10\GMW_`+*MNFQ1
MR-:V,UON*0RQH2?5BFL9+-HWB%11M;$X"Q=E=F"W22.S.VSWB%Q!I22"$'-0
MDJAH`<JFB@UP`]W?NAL]A%<P2RF21Y)+2:YAB5F=U8QRQB)695%3URP`\Y-O
M&SG;+=]OFNYY)D9E9KA(6M&9@REHF+ZQ\01@(7QK;.:6EQ=WQ]#?TW!F.T1W
M-Y=QJ2ZAEB9Y#/#:Z&RUI]XP$BXAVDY/S.VW"9]NV^VWRQW%KZ]V?<+B.WNW
MCA((BM][MC&UQ*FFJ%H6:A`P!&M^/6'!^8;3MO*>&[I/#R:%[&*RA^EWN-=R
MM(EN)(+C8YY;>368E#*P,;-U`P!TE/$^'W4.\7W-=W>UWFPELYN%;_L]Q86E
M@8TT_P!GKV2?<+H):74;@0G,I2BTZ8`=)VS[;;CN+=P8]TW;A=WMEP;BQCLA
M'O%C;0,0"L$XNX;A[=VK56CHE?'`2:;N]867)-FV#9[K^TFT;G&HGW8/]!+%
M<0R(ICNK25+BW>*52:_,M/(X"2;[<6O;^YWKEFX;?%N&V<@MG+[518AID0`F
MTN('=8VH,M*@$^6`!$.S\4Y5;76];-<1;3ND,LL\%KO4*W,[QD,XA2XDTS"A
MH`QKE@&7=SV]N^*W48M6LN0[<`^XK:W<T]M>R1DB8E)"#$)'!/0@`X`<7/.(
M+JUL=HVJVDVZVMT=7"SB5&1C\PIZ:E:_#`2G:(VE1&#A6500"M:`C[0*4P$*
M[D[JNV[1?$R:6%I))J#4J0M"?A3RZY8#1=WYWU]SY5<0JYE7ZFI%:YB0:5K0
MBG]&`L?V"G79MLL[@1E6=0P`%"=2*>M#D&\/+`79X7W'W.UWFU6U,M`6%2V5
M'1@R_DJ**,!Z0OX<?=#=Y9[:WE]72\RK3U*9=&K\N8U4_'`>E/B6^27.V1*W
MS$Z0O49!`:=*&F`9N<+'<6DY:OY`6/Q!(_D&`U?]U=EGN+J[%M/)#6:5:J#G
M5CXY4P%!^[';W?+G;+GT]PNB7B?\K.:&C9D>IXX#2[W^[/;[,UXDM[<R$G\A
M20U%7S/[6F0-!@*^=I?;:)N2V5S=IZA:5$)DMY"35JTJ933^?`>A+V_=M[?B
M6R6)@_9R);Z4],:`M3\QIJ/08"TKG<V3Y;YQ2@%#Y9?F)`P$FXU?BSN(QN$T
MES4U/[0@"M,B,Q08"R.U2;/N=E\D48+"E`=;#+2#7X'`1G=-L_=\[S0(M1\Q
MJA(;3F>M1T^[`-4?=C;=B;Z?<8(T6,Z6;Y%U5-0=)C(_3@)YQOO=PV\N(2KV
ME6-"&,0((-*FB-3`6#L^X/&+BU]9)K<"GR_.BC(?E^3`1:X[I<4.XI!+<0HY
M8**2H<ZBF9`H:8`L\=Y'L&X`:)U*L@*LTRY_'2H-0:^>`F*KMCMZB7,.8R!>
MN73P.`J5[X]H?=_;#W2V_9([O=]TNMML$MMNV^UEO+N=UW>Q8K!;V_JS3%44
MG):T%<!YA+GM9W)C#>IV^YLHH<SQ?>UR'_\`!T7`1S9N-<CX_P`]X;=[WP[D
M-M90<GV26\;<-CW""W^GCW"WDF]?ZBU$1B$08MJRI6N`N9WAV;VY\QWC<H=@
MVN#A7);HN(-TXW'"FW+=ZJ++=;!&]M97$;>*Q-`6_K`YX"L>T<<[X]HN=;3O
M_#MRO+_C4EPUG?[AL-Q+:Q7=C=V\L3)N^SR.Z^EF"=7JJC*"&J`<!7?W#6_<
MK>=SN=ROMWO79[J1G0&0TJ7)_6`%*Y4P$6[:[%RNZAC]27<KE8_3&HO+0YBI
MH6/B,!9K;=AY9MMQ:W<?UD3:E?5Z\BDZ2,]-2,L!L1[!=X^;<=%LD]W-<1PM
M;HR/.XTZ*Y&L9)(`_1@-JG;KW,S-;P+>,0XH'K/IH"M.ICZ5P%H>,=\;#<#%
M&SK63)?VX(S-!^I0@'`&3;N8P781U(^:@8ZP5H3U&5#@)7#NL$J*RRQG4*BK
M*#\:BH_FP&62\MI5"EH@/&KAJ_R4P$.W_9-MW.&5-$3M(!\N6EC49UK0#+`"
M.V[8;.D.\D6$.NXY%QJ\<4%#):6?+(XWZ]5%ZWXX#__3WN^[JR_>?<3F56RM
M]RW-1G4*?WA<FG^3@/.7[^=@U<2W2X,7J`)52P_R@":'SP'C?[A1?3=Q]S!&
MA1NUZ`HRI_I+YCI0"N`W3^R3>5;B]A&)2:^F@%,A2VCS(!ZT7].`O?N%Y/$W
MJ1N\95R5;45%0Q(.5/NSP!VX;WQXK>\?N>%]R]F;>;6[MQ96^YJ2+RR5(U2*
MDFM@\7J)4C(YX#7?[A.'\4XU>77(-AM=TN=JNWE$:PSYPKJ8JJ+"*'4P%0P)
MP#%V>B;;N&7_`"%H>0N;IM-OZ(MXH8Q*@9XGEG(1$TG-CGY8`R<.V3F6];#)
MQB3F4E[LD5W=;SM6P7%Y</'M\TD:O-+!J4.65%*K&M5+@L%`))!@X_V!XJ.7
M)>;7?[7R'>98Y[C=+&#;OW=;VC1U,AEDDCMG+K^M\S'5GTP#;=Q;%/R+<)MQ
MVBRW6ZV*%X;:VVZ.V0I%#53+<6[1,UU(-&4C*:GI7`5]YO?WF_;A/MD.]R<6
MX[*DDT,6X3,$!B!;2SP1JENK.E-(`&`9MFV+?MPXO<;0G(([>PC,SQ0<>,0-
MV@(/U%Q=QREY96IU:A\\`]<-YANE_;MLC6GT.TP2I"FY7+R?O;ZFW*J*SE9-
M*544(&>`L?%<[8;"U.\7TSO;`*))IUNG*Z24)?2P0,#T-/LP"_9N0[-#^TCN
MEBD?]FDQMR4E5V`T:EUJS&OPP$QVOD4VT[A;K>7T;V^X78#I<)#:QO;JM0EN
M'"%&)6FH$UZC`3^WWB.\WJ7=/[,V%MM=I:I]%N`F>ZOS<AB?I]<$<CR6V6JK
M(*_UC@#,FUW_`"R*"XVZWVT->6T3[PU\PL_]&,0F6')%MT`0_*2@)K2M<!\V
MNXXON>Q7&SW>U;'+MMMNOT<Q9)FVZ3T"5BM3ZBF6:[MR&(-/38_D;+`=+'C?
M&-HW6+;MIMK';RT=XUE8+N5U'$ERRJXFAMXW)4$-6C5-3EE@#1Q;BFU7%E9/
MOMQ;W\D7K/96SSR6\4D@UNY4S1(6:,UH/$C`=-RL=@W&]>VO;.S:1=5I8[?+
M>(\#321F15M[<S`^L(5))6@KE@'%>T&WV%HK[A!:0[7<0QW.U75K+<3B&[G^
M4>GZ2R7%I!JH&U_*K9G+/`.&\FTX[PJ>Q-A$;DWD2.DZVTJRQ!9$+?LRU6=J
M%948:1U`P%>>,]IWY#<[YOE]9QVL`D::WMD>VDMC1V;6LA;ZB0,!\RZ20?'`
M"KGW`;$7_P"]=NOMOBN=HU175O?17`BMXYP:2B"%U^H"J:D"IRK@"5P[A>^;
M'#L<6Q\CVQX=]DCD8;E&;FSBCFC665[/TC]3;VC5^02J0!E6N`).XWB[%<WD
MTUI;+O%O/&\%EMU(K;>9$<+I2>;U&1[DI1=2J*GK@!9S3C=SWUY&IXU:;A9;
M_LBP7"3;M>12;IMU];1+'-:6EW9W,4J+#&102Z"5R&`)O(MGON6\&CVKG'*;
M+>.5\9X[-96.QS6^Y6VX7=G;!B(+N[OK=(-VN*I^RD260QGJ0#F%=N+;EPGA
M2[;:+!NC[Q-<NDO&MR6^2>\UFACAEGA_=\I"YA-5".AK@+G[#;]LN.VFW\LN
MN.[KMXW:W62^VVTAC7U5*J\NF.:*80R**BJJ!@!7W_?BG<R#:MN[6C?=MMK6
M/6ZR"6(PW`<O*)UG]"&8JE*"-<S7[,!KP[I6W+SOVWV%[N5SMUSLRQLTEK%<
MVEO>!%1(XY8Y`"S%1GI-":X#M:M++)%<M/,)A;+!-21M$C@5+%:YY^=<`_V3
MQVUPM9`=0I6BT&?C0YX`K66]K:VK'U!41=<A7(4\:Y8"H_N![B?1;/?!9J4M
M9@0"1YTH0:YX#4>^XKRGD\CEPS/>'K2H%6)H2?,9^>`V,\"V&*RXWMK1Q+7T
M(0150WS1)GJ\,\Z8`Z\,VK5O-DP32HD2H!^4BAJ6S\L!Z'OX>[QV>[6D6E1_
MI2G4"*TT:L\^E1@/3GP20-MUOT`H"#7_`"!D?C3`=N73&.SN#^8'XG(#R_#`
M:\NXF_16VX3(Z9&60,-(I3416A&`KGS3>K>6PN1'&I+1/0B,'P9O`4J:4P&K
MKNO*=VOIXA:J']1D)"4)"EP=3:?C@$':_@K"]ANGA(D1U(;1XU-*Y&I%,!?W
M;-SEV7;8((H_F15&K00&#>-5&8&`?=OY7)<R&*8`5Z?*0OB32OC08![FO*#U
M(7?):::FG3Q:OX8!^XIW*N=INT@>4*$-"L@8JRE@,F+#RP%P.)<BV?E-M##*
MB/,Z&OI@9:LJDDL,JX!FY]V,VO?;"XDB+^I*A:/TI$!U?;0G*GC@->W..S'+
MN(74MUM>XW85)-:PO(#J!+$*`@!)R^S`*./<@YC':I;WFY7:,"0R%6HM*`YU
MH3@&3?5Y=?WAGMMRF"*P:-RQ4U``JI#"AJ#@"%Q'G?=/CB1*ETUU;JH%3*=:
M*N9+5E&7W5P$NW7W7<[XXOI20^LY7+75M-2*FI<CJ,`*.<^_CF_$]@W#D$^W
MS7,.WQ)(]I;TADE]21(Z+)(XC!!?\,!3ODG\4SEFYI*MOQW>;59584%[:M0D
M4ZA^M/(8"J7-/=IS3O!NXV:&/=+&>2&:Z!GGC>,);VY+I2-PQ9Z_C@'+M'L&
MZ[IR&PN]P26:62ZMW9I)/D&J2K4#,Q)P&Z#M[V\VZ^XW$+F%GUPA3D*#ID``
M0<`%>[/9GCS6UTRV408.U7TJS5&HT)I7`!/@O;_:HC-;0QJ"9*:%6-=*JW@`
M,C7`3_D7`(8+6W=8G(5&H:5`:@-/R],!`)-]7@>S<@W^YM;BYM]AVNZW9K6`
MA))X=OADFDBBD:L:R.$H"<O/`"VS]\O'4*-#P_DD3'/4FX;?F1URTT)P%P_;
M9[T]A[B<YV;@L7%M\VVZO;>_N%W*^O;.>UB7;;.:]D#Q1?M"TB1$"GB<!M6V
MOO/9;7#&CG4H554!2=(H*D=0.N`D;=]U,1>W#,H4%"`VKH,J+GETZ8"*WON*
MW:&:)8[6=EI5J(U*`95^;.OXX`O\*[O76^K"9U:/U&%(V!JPT@D4#&N>6`L!
M#OJ_V9W"\STC<=G6FDTJUGOC:*5KIJN`_]3T&^Y+;-?,.=SR4U3<@W=5!%>M
M_.%Z_JT.`\X?\1B_7;.([C;HT9;-&JP!H#7(-0UJ,!XMN[%T/[?;M+0`C<KI
M@?-C.Q)/PK@-CGLKYKZ%O;6/JT*3ID2#5?ISD.HRP&U.6^:ZMEE##Y@A'B:,
MM?LP$&W*5UE<HS*P7KJ/6I.76F>`Q\;Y5LEC>RV'--M.^<>NA(EQ:K($N8':
MFBYLY)`ZK+$PK1AI(ZX`H[MQ+MK=\&WFQV0<CW/;)J7>UV^V316DMIHB+&"Z
MMY;F"W]5R0!(I9!3``3@G<K:+7C7*MFCXWO3;QL<'JVM_N-Q%MLWTVD1RQI<
M1W9>>[M8D;0=#*S$`$^`*N$=T]D1)IMJVN[VL6Y-P^Z;]=P0[EZT:@O9EK>]
ME6:T8FNH>H7K\U.F`"^Z=Q+V]W_=]QX'MLTG)+[UH+G=5N([6".&6JSTD9W%
MPSJ<CI'3(C`2';.UEOO&QS+RMUYC<WEK];"=JW:W@BLC5FEBW&,Z)62-R2?3
MU-E^(,M_Q*ULH?[&<3OKM76U@O[VX6&ZBLK`-^:R^L,$<@G15H033[<!(MVW
M[@/%^1V?%>,V&U\GN)]BM=PN-]VFYW:>T2^$59-MG@W"TM'EW,.HULB>FI/4
MBN`AD6X<CY%>I=R[!?6DUMN3I-LLL\-E;W%C&I47$Y9Q+(/3`*@*`3@"5Q2)
M;IKGUA;-:S72KM>WQUA>)RVF"+45]660S$`D+2F`D>[<GX]9[D-H[D6-S87M
MDQM699!&GRO^SAMJ/'()XP17Y1@)5O7<#BMALZ;;9W<D+FS]3;HY)+V"3TXT
M+*DKP>M&SF,T.MJ&OE@';MUWDX]:[>EON=]=_2W$4!2ZM+^_MDL@RC1%ZB!A
M-(&_,`D@"^6`-VP\VN.5;R-MVC;>.ML]O;M)?W5V)Y[.Z77&+!W%HJSPWTGJ
M,0S1*HH:M@#%<;AL*7MM9P[CMNZ3V;MN=P=GVJ9Y[>UB$:&U2_EA2.XC!8^H
M*E](\L!(=LY5-<7,VU6KB6WFN[@?4;S9/:RVD[VVJ&.S5;=5$<U,P&`(KG7+
M`-&PPW=K=UW;]S0VEO?22B!6N9)[=7E=)9(HP\UZYO48M"WRZ.F6`)>\=RN+
M\/V>3;[(W4MEM]6%D]ONNX)#M\["2XCW,:)WB$S%F72Y`7RI3`"&^Y=N?,5^
MDLK$6&S/&J[;>*9=PV?>$NCJK:W-N7EACMT;04G]"36M%JN>`D'(.2[IQ+A7
M[E:6UMK^TVN<VFYVZ3L%0J2BW,4KOZ+H":,78$#+RP%:MJO>3;KN<-]S'C>\
M[Y'8S6VX[7N.UM:Q[/O%A%'*;H3G;Y9+B>>%>H:-BP(H,C0#AM_<G:-PWC8;
M&UMN)W-HMK(XM]LOM&^;?:0A=%I=[=)]-=PM"S`,7B"D]"<`:]_XWPSE]UQO
MZ3:KJ^BFMDN=MFW)OH=QVG=F)5H[26WOXX[M(YXU:,R'.M"!@(]VAX'R#C/=
MGD',.:;SM1M)+22PW:PDB:SW6>V(C@MKV**9[>UN[^"-%U*'!9:L&;`'/F')
M.T"6:<2NKRP??-GL[N[V*ZN89[*3<5OU/J6Y%Y%%<R7=%5A'&TL;GH<\`/=A
M[:=M]_W+BG(N0[EMS6&TS2WNZ79V^YO'MTC5O3B]&*'ZF"0D="K4\Z=`G',N
MZ';^ZL3N7"^*75_8<?:6W5E:(Q300HT1DCM)6EN8&!3458%<Z5\,!4'F',=B
MV78;W?K+?K+>&WKUYH+6RG^FW#:+BX)_T>:&2&WDC:`FE1&R^1P%.N5<NWG?
M8/1W-XKU%=C;7EU$C7T<)J1$9U`+A5R%:X"#VFYI%J4L#1O&@IU&`RMNZ"2/
MH!4=#EU%:YYX!=N7*1:V18R5I$<E/44R'6E:C`:T_<EW!>:&[M4G8231RI0$
M9$R!:=304^&`J1VO2ZW#DT#1:Y"96^4$&I*.,Z_'].`V\<6L[I./V`*.*)$'
M`"G\JJK5)Z'+`6G[9<:2_N+=Q$QJZ#56OZBDY@_'`;XO9)QMK/>;4!"%,RZR
M":U,-%"#_;L#G@/2AP6%EVVW6N5`,ZDU*+F3YTP&'G#%-OF(-*#.@!_6IXX#
M5-W:W@V^ZW0=CG-*%IY%SU'E@!->3Q7VWY$?D:HH-1&DBH.>53X8"FW,./6J
M[Q-ZP5B9&<Z:]'9B!G3//`$'MQLD(ECC2-2"P:BBOGYYYX"W%AP>/<+**L'6
M/H/@/#P&?W8"(;[P&:Q;7:AXRM201EEY4KG@(4;Z[L9#!<JQ"@@J:`TH`&.=
M*98"#;[NK+(\\3!`N9*D@CSSSRRP!K[*=QY8-QAMO7!*&,:F8FJEJ'^7`;/N
M*[S:[A8V^K1*7B8_-\U3U-*UI@&+EG&=EOT9KBVAD=^B%`VDT-#F!E@*U<C[
M=[1;B::.U1*`T"+E4`YTJ!TP`#W/;+.RO-,H<0:M/R@D`G.F60P!0XOQS8K^
MS549VD93J#4)S\<OE*X!FYIV*V_>8S+$[1R-&`K("5!Z@FHZ>>6`I=[F>R+\
M?[-\RW&1S,+6RM_FTZ1_RY;)4_(M.N`TU_N2V"@,#7XJ.OW_`&X`O^W?@]KO
MG=>UM);>)PVP<@>K+J'[&Q+AB".JG].`OWQ+MT-LW2V>WB4!+B)B2M!\LF06
M@%/+/+`7>YWRSD'9WL!O_</9K/;K^_V2?C\%O9[BDS6DJ[OOFW;7-ZAADADJ
MD5VS+1AF!@-:7,/?!W"W6&9+GAO#*2!F953=J@YU.=\<\_C@''VL]YM\[G]U
M%XSN>R[)M]F^VWU^6L([I9?6MFBT)^UN)5*MK-:BN`VLS\%MKW;)(S:AQZ)=
M3I!^:E,B<Z@8"G/?C@$EAVR[F3);`*G"^3L&`II"[;<'5TR`.`TBQ[?+!0E:
MJO3/.I^X8"X?L?MFN.__`!R,ZDKMG)B#T))V*\`I3XX#>]9;,H*F=#(M%(8_
MJD`US/51@)MMUC9U58X:,7"_-FM",\A]N`*&S\"L]Y5)&MU!)"_*H`S`SZC+
M+`&38>VEO8)')%&T?ID%2N1%%H1D<\`4X-KD_LSN=EKDJ=UV-M.5:"RY"OG7
M2:_;@/_5]%WN6!7E7,"5:AW?>&R4G+Z^<!L@>N`\IO\`$QY(HL]QM1210)=0
M.5"CY$B@SP'C@[I[@TO,=UF%*-N%ZU#F,IFSJ!TP%B?;3S5MDWFR!E"!Y58#
M5I!_8NM*_`'`;O>%\IBW;:X2""QAA6A<'43&IU=30$G].`<-UE5'D;*E`#3H
M#7IE\3@!ANEP&E<H`S1]!44.=:D'S\L`_<'[I[]P:^2XVZ<1HNF/1)'%<4CJ
M"Z$2HX>-AD5\?/`-W-;&]YS)NFX\7'JW.\N9KC9+BV-S'+=N:RWL1@,'IQ(F
M7I_,%I48#+PK@EYP;C4<W<:",V=Y<E[;;+R[MHXI`Y*I'%=&,-8,"M0KZJX!
M79;I:S6&X;/=/LMOPN:1O1-S;V3;AMZS,VMUW"%8+J[BB_,5717+,#`%KM1:
M]L^"6/(E[*;GR+G=_N>V26^^[YNNX[?:<7V*6[C=+F&W2]6Z9+FW0DIID`);
M(X!7MEWMB6;\<L=^FWZ7>+N&?<$XCL6[[SN,[MJ26*:^M[86K06S#YV5@&/P
MSP$.WGAFW1JD%[+,U[%N)BVU;3:)#O\`:J\RK&3:V+3S&WLY"-;,`5)HW7`"
MOD>W\[M.87%G<33)MBB&RW/>>0PQ[;=M:F$.[BTD42H!&0$)`8C/`2#AVV;)
MM]_-"+]6VP113V=K<).^X3!9!6[@DN#%_HC>$D:T#=#@$O<G:^&77([&XVO<
MK&T)MHI)-NAO%DW!81$?7N)/K9@VEI<V4@-Y5P$=MMDFWB/=+S8FN;^+8!!H
MBDO[6SCOIY2PBM;"-GKN4KE#6--1IUI@'G8=MY-PR>TY=O'#K;=+*^BN_3L;
MJWN+B*VFFA$2/N$,"*MOZ0-50BFH>.`[\<Y7S/CN[WEVT$$W&KTUL8+&P,4U
MJA!FBE:X@;6Q$C'0'HJ**$8`H;'W1V[DT^R_5W5E&;$7\BW=F)EN]QF6$QRV
M\R^HJ3),H"KIZ/T-<!)-U[X[Z=HMMJN[.\3:[U)-JBVF[N9$&VR*7E^IO[X#
MU!;-`@;)@R]`:X`U\2YIOMOM>W-?[1M6_;58P[;J>WNKV/4]`SMM^]2KZERZ
MQ?,D<H`!&DGQP!WV_NOP7?=ZGV^S398]YB-I9_O.6]6RNK>:X?*UW6"*"XB-
MI)`U4D.M2=0-*5P'SD?$>/\`%9-ZW>WAV^WW*VM9KJW;8MVM8]AWN?*9K/ZV
M&\_=QDFK6FA=+U!(-<!%=L[P<,V:PM[SFFQ;/9MND,]A9[-%/!RB\NKAT43P
MPV<=U'?+<SAUTQKK20GY&P#XO&7XO?6?)>&PW-GM?,A:36W#;[9]T6WB,CZ3
M*VV7<#[KLMQI;420R@+4$@$8!R6XDON7#Z3MS=#]R"2[O.2W6R00;/+?6R#7
M8WNY6\42S;;<U(6>J$GQJ,`DW[E6_=Q(.4\(?9K'L_=;1!+=[#=[9<^E-=;?
M>QE-TL+F[WC3'O&RHB-(N@--"KG,BAP"#DFRVO`.U_'K2+D'U\]_%+9;=O@:
M^OMKCNED-W');7CO+:F"9U*E5E9D;HE*X">;GLFZ\][<\`W?G$9_=^V1G;+O
ME5I'94LI5:!HX-P9?2</"JZHF(C<`YCQP$OX7R*^V6ZWOCG%['C_`">QW+:D
MM;A^1.RQ;K9H&%8)"Z2V=\E*J`YK04.>`#W?GE'#]EX"NU6NZ1\<W\>O';0V
M,HE:&6)'8PK(CM<,AE8K^V7H.N`U93\QW+<984W&6.YGMI9(A<")5>2(LQ#R
M,J@,23F:98!;>;O+)"`H4@I2HH:Y?;\<!'9+H?*6?TR0?+,Y5\#TP#5-NS1,
M0S*0*4-1U\?/+`0?E_,5LK%_VBBD;FC,.N?EX`X#5IW=Y-)NVZS`R:PIE&1!
M%3(3X?#PP!)]KG'GWGE,#A20KL2=/CZ4S?>,!O,V#MX%XY;2"-\E0DZ10!E4
M#XFN`M%VJX>EJUL5A^9F0?,--/V:DTK08#=/[3K%K/?;=%A`5O0)D!)S%.B@
M4IEG@/0!P:(_NQ"PH4"$9C.J`&HZBF`2<Y@9MMN0E3JH2?(G(T\^F`TZ=^[*
MX3>3-5@BSSJ:#Q+BF5,\Q@!SLMI<O:*61F-"<P2#JK09"G3^3``ON/M-U:;H
M9-#%9E5A6,BA6N7D:X";=H;![O<;=6`U#,@TZ$TZ=,_Y,!LMX?Q0S6$58E*B
M,YJI)^(`SJ,!AY)PH+&Q](5T-F5.H4&0I\?'`4Y[@\=>S>5TCH55L])&7S95
M^S`5,Y3>7%NL@RT*>O0FE>G3P\Q@&CA'*I;/?(#"77YH]?A\NL'J!3/`;7.T
M_.!-86E)#G!3-@`,B*TH#3PP!>W7E<8C($FM]-#D*=*U)H<A@!->;L+PSK*Y
MH=51T`!J/EK3SP`8Y=824=K:)9LR?G:E*+4#Q.8P`XV[FV\<<NSIA&A9%#(9
M:*`&!:E4RJ!XX"Q'%.ZVV;W&([EHH'_(P5PP+`$&ATY=<`,/=[=6%[[<^XQM
MY(F(VZS8,"&(KN5GGEF!@//5])'+\OJ(U/`U\/M`P%NO8_Q^TW+O[M5I)'Z@
M?C'*F"9MJ9=NJ*4'08#:K<=M8)-S,21-`%FU'1\I*ZQ2AZBC4_'`(O=;Q^3;
M/:)SV-79ECW'A(&NM<N9;$H!)IYX#0MO%D\L+*3\U":`5-0*4^RF`-_L?26S
M[^1MI9@W'MW+:%8E1JMAJ(%<A@/0KQ^1;FP754_L%R84)R-:BF`KQ[D+>+^Y
MGNW1`"O`.7D$Y=-GNNAI3K@//*FWQS(":?,`?&N7W99X"QGM&V@R>X?MK`C4
M]7?UBJ"02IMYZC+P(P'I+L.)#TG6BO5%H#US'3+,4'C@'&SX/*LP>,$H7&0&
M:^!T@DDX`_<3VI+5%]8:%C2$5)TTHH%23094P$X?<H36*T8.ZY%JU5:'SR!.
M6`=85E_<.XW/_MT[KLKUKG5;/?QTZ=6P'__6])GN3LXYM_YM+K*%-QW0YD^%
MY*S`=*5/EYX#Q]_Q+[!G&^2H[T,EQ&#GU:;4#U'Y1E@/(-W.MG@Y-NA93_[\
M+WKU`:<T`KU%,`X=N=X.W[A:2*Y0QSAA0YH"I!!\C0],!N<[%<T^MLH$:<M^
MRMQ1OF-/1B.1IE\*8"TEP_KQ,0<C\:EJ^=/$5P`XO[(M*7!9&+BE"?`C(_-3
MP\<`T+8M(P#J`"_CXT/6OQP!"XC?W7'[ZVO;"X:WN;9@T$@HVD_+4,I#*RD9
M&N6`F?<"/<^[T5K#?;O.K"6$W%I!#%':W*Q%B=20F$*@/4**G`&;<[K@FS=O
M-DV&PXU#'OGI_37ZW#0.\TBQ]8H9Q(UP9NNB+6$%`37+`0OBUSM7$^$36D5_
MQ2TN>5[U):CA.WV-C9[Q*FM5>;<[R>&(01HOSGU&34*`5P!D[6=P^P7:1MXW
M#CO(]]W+=4A?:.1M!>1;=M-G>2DF:RVF*<S?72(Y93<6B%:)FU"#@&7NIN>R
M7NS;5O\`VZMI-TN=PWI(K&:6\N3?6&R7+?47=W?653!,T[_*S3N)6.=`:8`2
M<SY!P+GVY;7VVLMJVC:.=-:1S[GNVY\AGM&GAVU'DW&XF2]*V%N+N*5$B59S
M(-)HM<L!!]T[+0W\4')=B?9-CNFN+FRVWCK\@$5S<[9LT7U=VR7FXWB2M#=K
M18Z`B1C1*D4P%=]T@VK;.6;?<;AQODUW'?7%^FXV]JUQ))8VL44CQK'?WIC$
MVHJJ'6P"JV73`3#8XMGL]MDWG:U:VW.7U+J%;NX=YMNCBU"!E],R1/);J:'(
M:O'`%.Q[AM:;+<[IR*]AN[>X@0V&U075M-=/);K2YN6LE]3THIYR0`Q!JIRP
M$(W#NWMO*>.V>S3[DVT6HF:^@VCT&M9+FYDAEB@A:>"-)%D"KFI;2?$8"-;:
M=T$%O)QJQ2QN-PN)(;V69K40P+Z!$>KUFH$D9JE4_6'2N`+O#MXW:_V2QV3?
MS97Y=[JSW:ZF>P]6SN8$D^E=+B,"682D!1I)`K0X!_M-U$=TG#W&[WWI6]Q&
MAVV[DE"VC#6CW%NCK-;B,$UDI51F#@)5Q'DVS\-2'<-SM+)39%2TUQ-'?7+V
MMDU5M+K>(B\EU^RJT;,7<%J4KE@#YMW=SAW/K=.-67(=N@O>3R&2#C%RNZ6%
MCNUEJ"$[;OLMFFSW$JD@O;^HEP)!4KXD)C:<%OUWC8]J_LC8;VFV1)N6W[O9
M:YO0%K*K12)N=M5A/9E?3GBDUAJ4=<!*[ON7QR+E]CL'<ZYFXW9P[3=6MM>[
MB]U!%:[H&EDL[FSOX[6,2QZB`+<NP"_ERP$U3N+Q&#8I-YW3;]OW>QVV$[?,
M+FW>UCN(BFA_WE&T<5Q>6MS!\R3,&TU!5JX`9\;_`+!\IV2^BV_>=QWW==N3
M<+CB?&[BWW*]LKFTH\K[9M7)@LT5C<19A$G9=;4%#@%G9JRY/(>5#NAM%YQG
M9MH#[UPGC6^;?9R;3O`RC;Z>';S+8"_B1B6DT#60:_-J&`:]W[T<VYGM^Z\4
MW/CNP7/#.3I*VUV_'([+8=P-WM<IB>&>&".`/>1Q`:4+`DU(&>`8.9]QN+=O
M>-[3<[;)OZ;HUB]HVU;A'(EPK*S(1'?LS!XU'16((\,!K=YERS>.1;M?7EU=
M7$RW-S+<+%+(9!`)'+"-<R`0OE3`1FTCF_,P4+D>@U4)S`SK0CK@'N6^MHT"
M56J+4T(SIEI^TX"+7NY58D/2AR4=0*],@/#`0_>=T])'82:10^9^/2A)-<!6
M+N1RX16<JF9M:K(OX&@%*>%,!0W>KQ[Z_=F8L7D8BOC5CG^&`V+^R'C_`*V[
M"Y>+71P5!I4ZXG6H)/D:_8,!OUV#87FXM"`BK14^50,P=-"0IK04P!LX/LLL
M;V[/J545\J&C$15#9$_=@-K?M>*V^^V(:4@&.$FM:].N9SP&^W@;HUA'D'!"
MGX?ER\/$8#[RZ!FLYU"ZM0%!EX-\<NF`U:]]MB#W<NN$:FEF;.F0UD^>9^.`
M%G&MO$]JJJM!IKD0]*4Z@'+`03NGQV(V@NY$J\;(BD5J:AA0@'K@(MVEB6#=
MXE"M&Q<&AR(!=*``CH/TX#;!V\MVDL;<,N1A)KU!KG4,,JX"4\@VN*6%@$`?
MTV^8D4)-`03X8"EO<_8HB)E:-2`IJP`_RNI!RP&N3N'M307$]`WIZCD&&GQ/
MG\?TX`6;);>C>B:(:',B@`BI*!A6E1^L>F`O]VLW&46EJOJ!3H(K4*14_P"3
M3RP%@YIWDB]1I`5('VG+I6OC@(;N.XB-G"?+09FGA3IF,LQ@(1N6_P!NH9)9
MP!U9C0U-.E:4\<`"N9WJ2QSO8E5_SFMB.HH20">N?E@*N[GW=W?A>Y)'$76$
M/J=T*'QSJK*2,QUP#9WF]RD.]=F.7[--N:.U]8VT8C^3U`4O;>0AM,8Z*N`U
M;P<VMR*_5!@V8-:Y>5:8"[WL-YL;3W`;->1SD4X_R.)>KU$UAIHM00*TP&\`
M<GO9;P7+1BCL&+F->G4#\F`'/NUY=]5[5^X%E**:MRX:5^0)DG,-D:AHHZ4P
M&C><I-&64K^4Y"A)KXY>.`LI[&MNC?OX20#3BF]R%>E2);3,`FN=<L!Z`^+;
M`L]LKA``T8&@Y:CF#2I'7`!'W.\/E@['=X91&0(NW7,9"<Z`?N6[;Q:@P'FA
MEAN+92P8T%!E6F>60SZ$X`_^TC<IH/</VSFS#1\@B<Y9G]C.,A3QK@/31QG=
MIKN2,,9*N$`JIR^-=(S&`/FP;0\H2=@S+2O3\U5*UJ3YX!3O]RUG;-!`"CL6
M#:0<@HH#J`H37`-_'YRS*C%E+-6F9U?+T^\C`&.*#_>Q?FOS'<-I;\+3>FI^
MG`?_U_3'[D9HDW#F[>F@/[RW1:L1F3=2BO3S.`\@G\3.2%+2\7T]+S2W,DC*
M:@@2E$%,L_EP'CW[M:_[3[H&RI?71(Z=9C^G+`0;8+HV]TAS`]0$4RK\M"#@
M-@_83GKV-U!`TS**QJ*R&A`2,>-*$`8#9[Q[?XMQL(I%8,7"UHU0*J#7Q!KU
MP':]%7EKF`6(/0U`KG]AP#2305P'=;QX=)C2ND@&C4:E#_/@)%M._P`\%TA#
M%0>J5T!J9"I5O`'[\`5MZ>SYWQU-MN(+I]XM`HVG=K.Y>#<+>0CY88WCH\BE
MJ`*S$?#`#?8>U_<K:I?]]<):&[CFFCN]^ADW$R&'48!%/?,M+D*!H!(8-^53
ME@"=LNQRV-AO'(>>[;QBS@2WCLK*"QV^"`!#TFN;&WM98C>R(`7E($A;.N`%
M'/O<MS/A;6'%.UW9;D&T\-007YWG=8SZF][Q<&2W:=+L1M<7.W2,RF&+64=A
MX4P$=Y+Q./9;:/N#W?V1K/DFY[5#RFT]3D:[%?6UI<AXXK)-FB8S2PEF45.6
MC+2<!,QW,VCF'%H]RWN_M;;E%O:HNSV]OM_U%[NEA:Q+%!:;=<PM"BR:F%-"
ML6<C53`-5YNG'."6>X6'<>UWB&69HMRAV[>=OAVCF6^;ANUHLEMM\DYDDN8]
MDMUD#J142*H(&8P`7W3<I6VQ]UXUM%[9F:X$=OM=E/+>30DG0([A&CJL35_6
MI6G3`=+7<.+;IM%_M.^O+ME[<S6T2V\,I-UZNL&>62Y%7MX_5S"_ES-<`D[D
M[=PKB37UIM6VW][MFPV$-M8WFV[E!N-Q'R9[.%Q>-/"GHS;=]7*5=58D#S.`
M5<9O>2;?PR!Q93?3>K`MGR%EE-G>[LTBS75FS/\`+(((G`H&++7I@)=;]T9+
M#99^.;K8;/M&^7^X-N5MN$VJ$"SMPT<D,@(56:XDHU"<LL!%=[Y-<;^8X=D<
MVO*;6!;D7^W;D+,F-2!<6QFMWU2Q7`)HC5&=,!EN.X5Y<+M.P7NTV-]M2;E:
M2[ON`00;E8I:$2WEJ]U'\AEE72%U&H/PP%K..0<7W"2QW;:=DN3LTI3<]@,\
MUI<;[MIMJ+=W"_1U.WW22HS*P"LR:2:X`L\6[U[GP[DUALDW+>6;?QNXNY+Z
M+>MWCM+Z"62X]3T9X;Y9&,$NW7>CU4G:-2#45P!TX[O''^[7;?D\6^[E!=\T
MN-YM-TV2;>EV9^*WCVEU$SP&>YF2&W]>(.!K"*"U*T.`"/N%[Z]P[G9).*CC
M>W[9POATUO9H8^,P6MQ<[7'"UI<64>YVD;"[M+8AF@5YF&D#22,`X>W+MG+'
MLUER?@W>"?C&J>7=FM[Z6[.PW\SAIX$L)T,J65Y)0QR6TI56-*&AK@"9?\QY
M?LO(K'D4/(K7GFVPRS>KM"337VU0RL7CNV%H&F^A>0AM2J-).`!/<_?-MX5R
M*]YGL/+;R.^W^:3>=LV'8KFYVYN,WK"-C:W=G.5ADC]0UJ%S`.`K)O\`SS?.
M67L^Y;_NESN5Q,]?4NYM94@4.A!1(QGX`5.`AZ26LUPVK)R]1F=-,OTG[,!E
MO)HHK>1(RH>F0'QS)\\!$IFG.IC05J*ZR<OO&`B6X7OH:G+&@\SF,Z9"M#TP
M`OY5R588I#J8$*?S&F51F,^F5,!2_N)R5[N1XU8A2SM^8YG42?',Y9X`,;3;
M/N6Y0HM6+SH@'YJZVH1XY?C@-TGLZXC%MT=BSQLCRB(MI7,UMY14'+`;TN$;
M']1QTII4"D-&*BH("FE,_/`'OCO'XX+2*2@!!"`E%`JT8&=1@+S=@@EMR#;F
M62C.L89:`?E+(0<\NE<!O?[<2%]O@%:ZHE(IT_(O\V`DG($UPR5KG4#PRJ!7
MIYX#7#WUM/3NF=6%?4ER*U_6;Q\!3``7@LT9EFA;0"LCKG3I4>%*5I@'?N#M
M$5YM,R>FC"BL**/SJK'5J&=*X`"<'A^AY%"L@.5,P!3\RYBM"0<!M;[8,DFW
M65&4@1&JDYF@`Z=>N`F7)]$<3DT":*L``,P*Y=,!1GNGO*(9XTH=:ZLRHZAL
MR:Y'X8#7=W`NOJIYE4KHU`D>/B#X>-,L`/N/6I;<%<(&6BJ-68!+9=?`8"Y/
M!E^EAA*@`",'+H?ZQ^&>`,)W<K#5J5`H0.E:>6`&/(>2K;M*'(H0:`-\S&C$
MJM#F:4P%>N5\H<.93,8H5-1&CFJ_;0C5@!O=<[AN5>"5U1!J"G50GJ/F_I^.
M`K5W8"[E;,]BP]3TF!DC`&="/S#.N`UJ=VM\WSCVS;S!<2S>@Z.I621]+T=6
MRKU`I@*Q\,Y+=[WN,=N2[*[JHS)`KURR4BIP&U?VE<MX_P!HN<[5S?D.RWN^
MV-IMVXVDEC826\-S+)?0"*)UEN28E6-A4@Y^6`VI'^(#VD*+!;=I^5K)IH'.
M[;(36FFN2FA!-:>.`%O>SW7</[I]IN2=OMIX5R3:-QWRYV.>#<K^_P!MFL[9
M=JWO;]UE62&W43,TT5F46G1B*Y8"AEO:B%:/\S>((%#]H.`._MV[G<=[,=QG
MYMO^P;ER"T;8MSVI;':;BVM+I;B],#1S^K='TA'&8LP,S7+`;%]C_B8\#VB,
M(W:WF4FC\I&[[)2E:YU`\#\<!'^\?\2?@7<+MGSS@EIVQY/ME]R_B&^\;M]R
MN=TV>:VLY]XV^>RCNKB*("9HX7D#,%S(&6`T^#T9U(HK+T*D#^;`6+]H6RV]
M[[D>U<'IJ?7Y)&E`N=/IKDA017QP'J$XQQ)(9T"VY94,8R0:B*T-.O2F6`.]
MK91VL(7-8TCS4(`U0,A4=,\`PW>T)N<DGYEH"149"K'*O7(&F`ZVFP"Q=6&?
M4ZM-:?+I-21Y'`3&&Y0[!N$%15=SV>'57+4]GOOC6O1,!__0]&WNIGIO',8%
M#K_NCNYR(U%C?3&@^%/OP'D-_B+WHFO;Z(S,ZJDRZ7H02)=)\Q52,!Y,>]4"
M+R?=&!K6\G;+H"TIZ'QP`8MG,<\3BN3#I\<OPSP!_P"`[[):7=NP:@!&0_VH
M'GF!3`;/>T'-_6L[:)Y*$.H_.*D>D.N8\L!91KI+B,.229*N&JN9Z9YUIE@&
MV>X"?(HU&FHY@`#K3SK@&TW5'+A]/7*M0//X8#C;@T;JS$2$`T`-*5IGD1@"
MCQ??&0QE2FJ@I0BH)%:TU4)&`L[P?N,(=QM9M^L(>1VMLK0)9;G)(\0C,;*J
MQE)%,3@M^89GQRP!7M.PO`N\\DL7&X;R"XAMIISM5[>TLXKAW]81L\$<LQMB
MQ8*IS^7K@(9W)[2\IL>V]]:\YW;9;0;2+.'9MNW9)K2*S]"=8[6=WNG2OI0N
M1'J:FHU`)RP%"_<1W&WE=PV[:-TV67DEQM7"K38&WBWMS%:S02JLMNCO"'95
M6$*K2*WSJH%!@`KQ[<KK=N#G8I./7:[KQRV2YXCORWDK3[3=7%PIGM81.K01
MV\S1H:!3(2O7`%[F?;WENQ]K.(=XMS@V2S@V'<]GL[K=MZGGWC=-TY*FY_30
M02P7C58G6FJ,.=*)E0#`+[*\[R7W&MPBWW==OVG:KC=[SECQ7<-KM<[W%/5@
MO1)+&MS-;`NH@CU,H+@"I.`IAL\VY<GY/);R7M[MMG)<2G<KFPMO5E6*T]5H
MEDB=7:)9I_SG)<\!)4Y\MA(>.;1;7BPS+/MN[']E-;W\2.DJK$Z4TA9""2*G
M+`%^]WKAW&MIVCBHY6>0V6Q[CM-[;[)%N$4MM<7.ZGZW<EV\U`&X6@C".`I8
M&E1@'SN%L/!^ZEG;7=QN5EQO<]M@$NRV=LT<5Y<I"71[;<@ZL9[BXMV_.FD9
M4R.`#O"N&7%W8\RM^)&XFY+P-K3D*:I(GOY;.2Z2W)LK9O\`2;V.UFTEOE8:
M3F,!GO>4]PM]N=]Y)?#9;?=>1;VMCR#:=LV5-N$$\T<5M/<ML*,);"*:%-<<
MJ?)ZU33PP%VNXG*]LVCM[VIGVG?=JY_/MUI!MU[+QU[6/E6TQ;;"R3;9NL%H
M6),1D^5IHEEU`9D8`@\,YO+W*X+O_&-LXGM6]6NP;>NZ7TG(#(O*]GVQY2;B
M_CGM9!:2V-CI+S(T*T05.>`<+K9^,;/!%=R\GVM]GV[;9/\`<39MRCN]E,UP
MB2?5[=(&:.9W_P#;D+:@*&A!P$DL^X'<;EEA%+M;<4N.%\=V9=BO[.;:3*;C
M;)PD-O)N-NT];FUB5@P=&5HB:@TRP$A[>WG&.-<(OMKN=V?BMQ97XO'@M%:6
MWW&:WN089K60R%OW?<(@32=6D5SP`FY?W=L]IOM^_LC8VMFN\%3?SL6D#3B,
M))/:Z75HPYJV?0G`52W?=[G=+J6YNY9;B:84>::0R.U,NK$D4&`9XY-%:Y@_
MS8!'<[A$N8S*FF1%:Y'X&HP"']Z@FIU$>7A]M<`GO-TC$96BU(U#,]<Q@!=O
M^[LFO/Y?F`TT^8$_$TR^&`KASGE`BCE0M0DD:LLJ'Q&HU_IP%3]^OI+R=SJ+
M%W?XY5-.F>`,W9+M[<\CWJP9HY/3%W`-0C8J2:$YZ3T`RP&\[V_<!NMOO]KM
M(:@1JM:JV0$+^&D'PP&[?L]P.2XV=O7+FD:&AC(IDAJ*J<Q@#E_8Z*TL'/S'
M3<1T!&9%$%110!2N`L3V4X\@WG;)$U4$A&5,CJZ&OV5P&\3MG8^AM\!,E=,"
M`5_6U#4?PK@)]O4#S6DA%,J@U\SXC[,!KR[\V$BEV9:D&6C"I`&LU/W8"F_#
MF>'>I8J`@2$USJ3J-``/#`&S>MNFN=OE)6@>%@J@$FI2H'CU&`KA965U:;U`
M6`0ABI&ELR6!4$_&AP&P_M5N;IMUGZBA6],@$'H:"GYB14X"7<ZY"+.R:5F!
MI%)D73YJBAI1O`'`:S.Z/+1-<S>FZEF!&@L,A4U.1K6OW8"H')-Q6YD:-1IK
M74?N_IP"GB$`,Z,3IBU*<_'/,`_8<!:CCU_%#$D<5`H7\S4&G+RR!K_/@'F^
MWV!%,44BRN005#)ED<R!1J`X`*\LW'T?4D=U8BNE:T"D*3UP%3.>\O\`IVDD
MFD`8$TC5@23IR'6H!P%:MSY9>75PSQN40,6$:U/EU&K,G`,F\]R[#9["6/<9
M4DE*:EC:1$TGP-2]?#`5'[CI<=Q;'<YK>-C;!6D;2"0JZU1:-1E(->N`@'$.
MU*[4T5TOR,C*VIJBI%#1=2#I7`'+;;[==M`M8%]5?$@/0>68-#3\<`6>,K/(
M4FN6HY`.FM0/QS&>`+5LL#PHST-!0F@/AEG3XX!FW)?3JT5=1!(`R`'2HZ=*
M5P$;M]P]*4B;5^8@`D#('(YG`+?WE;T-'7_CE.?W'`-LBM<OK)`_JJM34>9-
M2,!B>)X/F!H6SSZ]*?92F`LO[+]T,'N;[4-*K%4Y+"<Z5TFVN!44Z=?'PP'K
M<XC);74*SJZGU%CZLM0"""#\<\!-;I4D*QQL`M`'"4-6%*$^52<!F6Q9$#1C
M7D`Q4'Y:9YU-,!&-VOS')]-$NIA3U%)S'S^/AT'X8!RA-O\`V<W`_LO4_>>S
MR&.OC]'O@44U:LS7`?_1WW>Z'>KN3EW<.-7_`.5]YW]`#X!+^Y`-*'I3`>2#
M^(?N$H;<7E(#^I<DL*`&LY8&K9^.`\K'=N[,O(MRU$,6O+D>!_\`;IZ>(I3`
M"`'2P(KD1]O7`3_C=]ID4!R"!UKXT'3(YX"X_:WF!LGMZR,*.*ZB.HCZT.7A
M@+Z<5Y.FX6<-)&+::T+`Y$&IIGYX"37-XS@9D4&9\3^`K08".R[D(F*DDFA\
M*`#PR/C@,7[W4NH<T)K0_93KETI@'O:]YDMY*QNVDT-,Z$^?@*8`V<=Y2K*E
M"5/0E@%HZT8_;G@"]LG.MYVF1+O:=RN]ONHUJ)[6=H2P!K0LI%0:^(.`E^^]
M]+[F>VVO'>Y+/N^U02!YKB&WMTN7"$M%Z\2"!+C1)0U\`,L\\``^_P!$&XI;
M\F[5_3<EW*]M?W<VQS[=Z;[?!91R^E.;$3:#-$(014LK@U;`4#V7W%\UX-R3
M@VR;UQ6PW[;8=QCW;<=HNK>&Q>>19((A:R7*I%+'$2"6#/12:C`&7N3W$W^Z
MNM\1^((=EW3<MOY?Q_@.VSGD&VV%M#IBCOY+Q"\SW@E!>3U&T5^`P$!XS;\D
MYY"ZVV^?^D:_NUY`#N%V;.VXSM5G.0EM(\ZF/Z>WA3Y8U1THE,!&^=6.\</Y
M-R/CMKR9=UGALK67<=VXY;Q74'(9;PQW-\FU74-JL$T=M)(0[AE%0P!RP`RY
MEL',Y]CV[FNTK%9;3+:W4^R63/$E]+%L;+#N-]<11ZF1UF!)#FC5RP##MJ;G
MN-QL$^Z;LMI=[DT>ZVK1P,PETR>BK91A?6#@"BUZX"_&T]HMFVFRX9O7,N<V
M6S;GRC8KK<MBW6*9Y-MB:&2XAFVK<C&@DAOIVB(4`-1F`-,`+.X5G/L^P[=O
M-G^[KO;KE9#9[C"HAWN.9F;U%N&1@;JT]5*BI<HU!E@.ECW3VN#8>/[?RBT]
M?D&UW*W$=[92FVW"39[MQ)'KGT^C<7-K.&(];]4@5I@)UPOO+N^\?O&TO..6
M$L=QNLMW;\B2TBL]ZELT`BBLYWL/2MW8JBEB%)+#(YX#/QG<>X&Y]QM_[A[=
M<7J6-I;6NSW\%LMPHN[9-44ME=V\$*>M'+`*2"53K%22<!9#M[Q/C.R3_O':
M]P2#;-^OI-PWO8=T2YDLX[J1"KVL4$IDD@B-2:I0+EY8`D[KR#:;"W&V\>CD
ML+%(Y('MXI3Z$L1D+!<M+N@(&G42:`8`*<DW]HX&B]:1J*]*MJ)#5(6H%>IP
M`0W3?2\QJ6_-3(C*@'CXX!);W\<A)9F_+7//Q\\LS@$]YN2HE`P'V$5.?VG`
M1.XN9IY:H116`:IZ#(T%/'SP&0S.JT#4H!F>GF?TX!KOKJ/2X+DN!4_AF*_;
M@`KR_?$@26I(9-5,Z$]*>-<J8"I7-=]^IN)`)&9`34"F;:NN`A?'-JN-]W:"
MUC!=II0JC[6'@*DT!P&[3VR=F?I-ML[QK53+_HY0%?FUB(5R*`U/GUP&TWLW
MQ(V?)]O22%5#MH5<OF8Q/T%.@S_'`;P^T/"%_<R24BI)!'1<AE05.0)P$EY-
MQ0QV%PT5-2.@`H10+*FHY#H1@'?LT9;;>K/U6<1K=A<U.8-<\P*@TP&['MPQ
M?;H6K52L>D'P`3`$._C+P/F`*4(J<\_Z,!3OO'L'U,$E*%3ZM?UM/S'-J5I@
M*-;9MD5GO[(4!<S4U4KEJH02>M`,!8B/;%N;(`1U+1@!:5'2E?&N`!W(>.FT
MW/7Z:``5J.BFO4$B@I@"5Q/?FVFW0R2(T<<9"J#4BGP-!4UP`T[N=QZ6Q]*=
MU18V!_+F<A3(YX#7)RGES;C<RR*],C^894SJ1GTK@!-=;Q)=3^A:TR)UR-DO
MB"!XCI@"3Q!9"\9D)8@@*$)TG/KY'`'**>XM[9/5E$2!=:D']I0FOS4H0",!
M#-ZYO%9LZQR+&O1G;14@#J6)!(-,`#>2]S+2DT22^K(00*Z:'\P%*GI@*J<W
MWJ2^FN+TN3'U8DT5:(<O`>&`J=S+N?;;2)8;-B\YU@N!5BS*1H4!LA7+`#+C
MVV<B[D;M`OIW'I/*@#'4(U%0:N<P*_9@-E';GVZ+>\/OMJN)8]O?<;.!/WAZ
M'U'HE94E9EA+0EU.FGYA@"5Q;V*7');B*WLN>D@Z0Q/&SHC!Z_,-UI04P%J.
M)_PGY=UACD'=BWAD9=3(W%I)`&!`I7][C/`$5OX0][:1&X7O);(0NO\`[DY!
M4@5I0[WGTP"2#^&.MI)Z5YWHCB(-`?['MH.0%:G?5&`?8/X5L&X:G'>^$AQ1
M1_8QSU`Z4W[]&`&_./X5EQLUI)-9=X8+R8E_V:\3D7-<PKG]].0"3@*ZV_\`
M#ZWJ/<SM_P#>&7G60!PO')'CCHV9<_O4:<LZ9X"Q.Q_PS[46<=WNO>:UVUA&
MCN).*,^DN,Z`[VF8\J8#M??PV=D9))$[W0S"E5"<0-2#D#1=_P`JX!=VD]C\
MO:[NGQ7GL'<A-XBXWN27J6(X\;0W2K&Z:!,-TN`GY^NEL!M^V'FO[KLZO(P<
M1:B(Q4AP/+[>F`-7"^0WFZ+#(PU+,^LZA5\ZE`V7@*98`L7^YQ;?:2R3OZ2H
MNI@10=,](ZT-,NF``-[RRR?<9Y8KD-1RI"Z6;6?RB@)\#XX!SM]YO?[-;O?>
MD_ICD''8PN6KT3MW*79ZUI4$#`?_TM]'N`LVN>8]SRR%C_:/DBC4.J_O*ZRS
MSTC`>3G^)+9:#?(L832LPII!S,@ZTZ$X#R>=U[9H^1[B2*:;Z[;SR:9B,_`F
MN`%&`=]FG,<I&ILGZ5/Y?]G`'7BF]FW>$K(0H85-3U*Y&GA3`7&X'S"6".!3
M.<@I_P`X31:*!E0UP%D-MY%!<1"KZF**"6<G]6IRH*]<!GO)5E4,NFAH:@>9
M)Z^-<!%[F9TD+U+!5`_,<M0K6G0X!^V^9GH0WAT!K]V`G6WW,T)5@[J`0::B
M*U'C0^>`)NU[R6A17E:M,_F)`RZ98#'N,KW=2'9U!R()%`*^(H>N`93O$FU`
M^F[!CUJ[!*4H<B2N?3PP#KM&_P#;S=KN'^UO">-;]"D4D)^MLK/UU,JT]6.Z
M-OZJLAS!!R.>`;-UX_Q?C+0[SV\WR\V'=8[6]VZ))9/K+9=NOA+ZEI,C/6XB
M17(756F5,!6K>.VMY-N$_*XNX5_;;Y+1I&&WGT(&A#1K%8F"\C"PO$2&#@BI
MK0X"-76Z\AW7=-GVJSOCL-I8P?0W&[W[F:[O;<DR/$AH/IXI9&;,/4C+I@$7
M-N#<LW#9=SV?9=SMGM[R>,"[>_72^V&,F:UBA-6MFD;\SJWS#\PP$7XWP/<!
MM\+7+)<WVU[7-8[>D]V86VRXCF,MO-9Z%/U\4A/SCY2,L`>K';=[W2RXA#R/
MDDDEGM&X17'[KLXS*MI&Q/U;6XD=%BEFU:B:?F'C@)7N/$;.[7<]AM.27AXN
MM]<WNR&XVN%[VU^MJUVK:Y9%"3L?F2N@D5^&`^VO;_C4BV=[NMG^]IMM*):R
MO%';R&%*`12F/)E">&87PP$WV6?9]J;Z3;=GV^&#ZAYXB;=9)$<DL`7()^75
M^C`3?:]V;;!?Q[;IVU=WE]7<ELU,(NY#4ZYB@76P+'/PP#\FXZ%5A)KU#Q)J
M:>)\R:]<!&=YY(+9)%#5<$A6!(K0'/2%^498`+[UR:>5G_:$D5&;'(>04@9Y
MX""R[CZLA!?YJDY_C\1G@%MIN*(I1V7(#[Z>/AYX##>7BR$E"/#XC+[\LA@$
M`EH2WJ?,23D2%)^(Z'`=9=PC2-]96H!K2H^S`#GDO)X+6&0JRBJ,:AZ94.73
MJ<!53FG+I9Y)8TD8`EL]9-`2*=14D@8`$;E>O<SZ=6HLU.I\\SG@+7^V7@+\
MAY+;2O;ZU1XS5H]84G2Y(.1\<!Z8.Q7;.WM^/V9:VCC8>D$_8J&H(USR-37`
M7$X3P%;3EVQ3QQ&16D+LOI4#$JP%&K^4#`;C^U^UK;[9`BVH7]@!0J/U5!&?
MA5A@'K>;(317J-;1C4LA"E1X9UZ=/E_1@&/@VT^EO%L5@B55N(QD%%"5K3I@
M-MG;,@[3$&4*="Z""3F!3/RRP!4N+</%D/E(%:GQR_IP`2[@<?6\M945-55<
MDA>AJ:4H1U!^[`4%WKBDNW;R9=#*OKL=14=-1I0UR.`+^P11262_F9P@52/R
MURS.?D,`..<621EW],D$$UTTH1TZ99X"O?(.5?N>&0,WI`:A7U"OA6@^)&`I
M%W0[HS7A>WCN2L:-)F)6&HD@]*5I@*B;YS;U)S#'<%6H02')%!6N60S\\!*N
M$2?OJ2)%8D-4&2E:D-2C4I7/XX"S^Q[>FWQJ5`JD9U2,H6OC4"I-<!BWWEUG
M96\BM.'DTZ5&LAB<Q32>@`.`K7RC=KW=))$B:6.-B2NDDDMG3,4(!S^&`"6\
MRP[5JDO;H^J@):+75J"I^:0L10X"N//>;2WOJ6.UEG5CE'#(1DRTJ:#I4X"`
M\1[(;[SC<5NYH;@12.CZY(3(@4N`52KK5J&F`V"=K.R-CP^.*2\MH@`R%5>)
M5DD(I_E%J#`6([E;7NUIV@Y7O&RSW>S1[?8V[0WEE)+:7"$WEO%^RG@9)8R5
M)%0>AP%.>!]^^\7!KB"78N>[[H@,C_2[G=?O:U9I5TL98=P,XEI2H!J%.8I@
M+S]M?XG_`'8X6J0\AXSQ'F<2BUC+2?5<>N]$)/U+>O8BX@:>Y6GS&%E0BH0C
M+`7'XM_%K[8[_$MMS'MUR3B4AAF+S;7N]GRNS5U($,:N+#8KMVF4U:L"A#E5
MNN`7\B]]7MZWV/U]O[AV.WW%(Q#8[U'>;++)-)$9?3]2Z@6VI'FI8OI#>)P&
M#MI[MMIY-O`MMGW:#<(&/[%[;<5N83#ZJQB1#"71TJ>H.`O)M6\V/)+=#]1&
MPD6LLCT<#4/FI6E<O'`(=TXQQ?;X;F\MA"UV8FD:X*(H#J,V8YLQ(/GE@-:'
MN*[F\YV2XEM^/2WIM%,Y:XCD>-7T,-(B"`T"CH>IP`1[9^Y#D_UZ[=OTETX:
M;2TD\\Q8CTR<]:D_F\.E<!LX[46NX<RMK6\MTDDBN`I60ZB%5B3J!-*G+X8"
MW>S]I[JX6`+&S.WIF:5H=0C`I4`$D/J'X4P%BN,<.L./VB@QQLZ("78!6#$4
M;/[/PP`6[U<SBV+;KF)+@>HT1$2%R&D8Y",>-?+`5GX'+?;M<H\JS275S*["
MV.MBQ8-1C3P0D?=@+AP\8O1P#<AI'U3[GLLWI:6I6*PW^,I356M9NOE@/__3
M]#_?O;$CY+W&N'U`'?\`D$C9@$AMPN#EEF,!Y'?XC*^M=[E3YE$]Q4$@Z5$Q
M"^7Y@!@/*KWMVKT]^OG5"ADN+D_#_.D#/,9X"NI4H2IZ@D'[:X#/:-HE!\R3
MF:"O3X>>`(VRW90Q`$4ZYY^&70UZ8"P'#]^9&C0N0?E!RSZ4&9/C@+'\=Y%I
M33ZE=6GK3+H,JG`%G;MY6:)`9`RM3/QZ99?"F`SS,':N1J36F8H*`>>`6[9.
M(9EU5IX'.E16@('CG@"1;.DD:L#U4$_;09>/A@'&SNVA>FI@E>M,CEG0D'+`
M.QW7TY`$D,D=*L*`5!\.@SRP#-O-Y:RPUHU3UU9`?9Y]<`*;J\EMYF]%P%)#
M5ITZUIX'I@,-QOD]S&(Q,P*BE2""3X'I2@.`99-PW!%8//KU#14L:4^`R&>`
M998IIF#YDGK45#4H1D/+`+(C<*RIFH\NE?AD?+`2_;+?0J,\0U',M0YBN1J#
M7^C`2%'BB=60T8Y$'I09Y5&1J,!*;2]0E1K!%*=1F3D:D=:8!\]=1"T6I51R
M236AZ!:#`-T++%,&C%3JR)J1]M*CJ,!*+>]2E9"`P7YLOE%*=/LI@.MYOL,,
M5$937KI_5I3//H#@!OO6[M<-*`ZU);,:LZ^`\,`.[N7U"]7)HV5#GU_GP#:3
MXD_><`FDN6C8B,CXG^;RP&43R$?YRN6=*>/W8!+<3R*/S4J#X4^P8"([MO1@
MBDJX4JIKG4Y>7@<!7?F')7<2(C]=0Z9"H;P)(KG7``'>;]V+DM4FM3F3U\OA
M7`,^R6<NZ;C!'&NMGD5$4"N9H.G7I@-]OL:[#37<FWWKV<M&CMW)HN9,:"F:
MUJQ&`]!W`^W@VC;($FA6(Q%-.K(!=-/FJ"<L!8WCNQVMON7'[A](TN`P0@YB
MHZ4\*X#9'V]VZWEM(*%Q^SJH7.ORDTZ?#`=-VLT2XN%*N`2YS)K^LQRSH/T8
M!BXL\4&YU4`D7*L*D]104I3IYX#:#VSEB;;;=0:D+T)!J=(\AUK@#(1JCT]*
MZ37QRP$0WJVCF@967P85_'KY],!3[N#LR_4.0M&!+`9$,`6ITS\<`U<3C=H!
M&5554:*TH:@C*I-,`P<_VQY;5VII*@BB@9ANI\STP&O+O&)+*UN2SD*":$_E
MJ$)!!\\!I][H=R5L-UNK5IA&`SA@3\Q8/I-*FF`KW_;Q=POE2.4*"2'9AUH:
M$`U\L!<_LYN<48MW%&#`@T^)6I'3`6@N]ROI+%A8U4Y@EE8U73F`">M#@`MR
M"":!GN[V7T5)U'U=65*]$K6A.`"'+NYEEMEM)!:R(LF:E@`96^5JCK2A.`J)
MR+FNY[[<M;P"69Y6HD4*.[EG^4:Z$@+@"[VE[+;IR"X@O]Z@D5'^86ZKH.H.
MOYV8-JZ>>`V6<+[=;-QW;[:/Z6D_I*L4:TH"`"-0"YM7\<`;>+=IKKD-]%>7
ML7IV<+KH6FDOX`+J#99YX`T=R>P>X<Y[1\EX1QGZ*RW/=K&VMK.?<9I(;&-H
M;J"=C-+##-(JF.(YA&P&G[E_L\]PW$3*EQV\N;^.&*XG:\V;=MDW6)K>!GJ]
M+3<6F1W5-2QE!(01\M<L!4_E.T\LXQ(T6^;'O&SR*$U+N6VWEF%$G^;JT\**
M/48&F>=,!&+3?YHI"LKCU#FH%:C[^G48!CY-?K/$Q=EED9`4\E)RK\2/Y<!"
M./;QOG%9FW3;+V\LGH6DGM+N6UF*EP^DO"\3:-:`T.51@+4<&_B%=^.(/'#:
M<YN;JR@FD<VF\6\-]!*SQB+3*Q$5PT:A05"R*`P^)&`N3PS^*CSK<H8+3F'%
M-DW6U5+>-Y=CN;W:KJ>C%;F6XCNY=SMY9)%`*J@B53U^`'RV]Z/8?G]NMKR?
M:^2<7G>&>D]WM_[WM%84"1B395N;MI)AF/V`5:9G`$#MCP3LCW$Y%;WVP=Q.
M+7)EO(5CVZZW)-INVN+B)I(H3!NT=E*?E'S:0:,*$@X#>5V-[6;;QW8]LFMI
MK2[V_P!(FWFL+B"YM)=#LA:.X@UQR!)$*FA(!!'7`6IAM[5%180H"HNH+0=/
M`Y`UP#-OTR6EE<R%@H6.HJ>F:Y]:D#`:W.YTUYS7F4.V6L;SQ6D[&5@=$>I9
M2L8))I\U*X"R';GA-AL-M!=W0I>@!S)J4*-48!`-/.M/LP!IAW:V.U;A#ZJ^
MFFY;/%JU>,EMOM/AJI%@/__4WY^['GUGL>[=QEEN(H67>=^7-M)JNX7$77S!
M'A@/(Y[U^46?)+W=--Q'*3.0=+!@?VYK45R(`P'GH[]\>#74T\,:E#<7+%M(
MJ5,O7+/KXX"CVYP&WNY$\V/ATIE7[,`BC_.OVX"6[=+I*>&2^))Z#`$_9-P:
M%D=:`T!I7[OLP!UX_OORKJ<*"$J`>M0,_*I.`+NT[Y^3TW%"!\I8Y5'CUH<!
M.;+>C(1J;[JUJ.H-?OP$NL;F)VCJ?(4/4M7(G`$/;9P0%1OD`'R^%*4R^\X!
MVF9HDUKT7]4^-?&OPP$<N=W5)-.JE!4YGKY^/E@.QW.*X@9=2G5YYT-*=/,X
M"![A(5E8(<JY?`C[\`V(P]0'U/F)`9>@`KG^C`.#P)*@##R-?NSP"ZRVX:%H
M2:]#ED,\L_LP#A]%&KBHTA2*K12&Z9DGI7`/(`10JB@ID"%-/ATP'Q[<2*?`
MD5J!T_"F`RV=LT4O^<)RZ$L*4S\\L!)HV)B&IN@!Z],LOTX#HDY2A/@>I.`Y
M<;H-)4'/H14TI2G7++`1J\OI`V>8/4$D?&N5,!%]POT"2A"`U<Z$GPZ`YT.`
MB#;G''(XD=<ZG.N1IE4^6`QON"RK12NDGJI.=/\`'@.B2>H3Y"E#6M<!F5M-
M3J*CJ?C3`,VY;DJQR!6!(U#,],NJ^&`"O)M[9$D^<@!2#1B,ZGQ\LL!7G?-U
M:621BQ*YCK]N9^W`"[<KSU)"`U<R*5^(R'C@+%>W+B?]I.6;9&T8<"Z2E5U5
M)BE(H"#F*8#V->Q_LNMMQ_:I6B4"2"R*LL0#?YH]3I'@<!L9WW@T]G:2Z1(R
MUHK="`K5J0`,Z8!5M6V)9'9)[C42&_\`;GA\Y!KYG/`;,>V-C!)MEF8U".8(
MW#"@%6B!(^^F`4\MVZ."ZN&]+SS`4#,D&H%":UP`<VIDAW9P(Z$2HQ(RJ"5Z
MBF1&`V:]J*26"N1D%(`/GI!)_3@#H.@^P?R8"-[A'KB<Y?+JJ".M:C\,!6?G
M=N[R,53K4!J>&?G@!WQF-X;R6%VJ-;-IJ=(JRURK^D8!VY;;QRV<A:M0!4FG
M0_-3H,!K/]RDEK9[)?R#15-1KISH$8]?&F`\R_N&Y5Z')[ADE;-IB=+D$T?.
MI'VX`6<-WM[B\MF=R=3UJ68YD`^9SP&V'L%;12VEI+.Q],U+,U"%^93]IJ,!
M:C>N4[)Q^P9HM,DBAZO(!ED3\H)\,!2_N7SN>_2X*SR+"2:,9#F"<E4"M!4T
M`P%:+#@W,.<;D4L+:X6V=JO=R:_F5G`!4%32H;I@+U]I/:Q;[7!!N.XVD9D!
M5Y+FY1"31@Y%&2A(.9P%H[38=HV*2.RVR"&>Y'[,E(TCT:C3*@IU.`LIV][;
M/.UON&XQJ[R:)((&76`68$&0$94KE@+9<=XDEN0?201C\[A%"HII4+0#,C`/
M&_31[5:LMOI2("JG,$T!SH,L!5/FW-71ITB=FE;4(X];&K=!X^)\*8"K?,.1
MI+J&XPQW=S,:1PS1I,B-2B4#@U(;,>6`JCR[8^U\TM]=\GXCQZZW>],CM<1;
M?;VEZLQC,?J37EFMO<7$H6E/49@I`RP%8MY[2=NMPF]:UNMRV5#&R0+'<)>)
M*^NHDD2X6M4&5`16N`@'(/;[=7L(M^,\LV27U2&]+=TO;!U@TGYI9K.VW%'D
M]3]4(HH:UJ*$*G<Q[/\`/=GN98CMHN1"\A,VUSBZ@<0MDZT$<C+)U4%0Q\JY
M8!CV";?=BOHMOW2UO+6<Z3HN4>-C&S?(ZAZ?*2.OA@+B\#A^JB0G]K1$+.V>
MECF0&(KX8`][?90PIJC`]1:$$"A!/D13`;!OX<7-MXX][H^';9)R;=K'9][V
M?D^RR;8-TOUV[<KBZV:]N-LL+FQCE-M<*VZP12QJZ%5F17R90<!Z7MJWZXCD
M<72LJDZ0[L30@>%>M,!#^Y?*8[3:;N42EO\`1U70"?G9Y%4?A@*S<<O+"PFG
MO[R*,S7,GKF5P&*U+%2I.=`&&`D6X]T+9%_=]JS.QH$`95)H<U%#6I%<`\V]
M]O([>;QO)AEUGDW&Y52K>I]*MCRHN?S=`KJ<!__5V$?Q'^0S[=RKN=;!SJ.^
M\G]*-'(8_P"[5X0-"%68T7`>3+OC_:"\O;F[5IA%-<2_*YDJ!J=Z`'/YJ8#5
M]W9W:Y:>XM[I&4J\J#4I`J'SIF/ZN`I9OS:KR5O!B5%/@X;^3`,`_,G^V'\A
MP#_9$!5/B,!-]NN*,N=*T(SRZY^7B<`0MJW,Q4!;*JY=:=,^H`R^W`%?9=["
MM&-1):M03D:#R-*8`H[;N@<J#(M2,OF`*GKUP$XL=Z`'SM4K^L"`.AI4`X`F
M;+O*.(@91JI6M:#32N?_`!6`G*WPGC*DJ5H*FO4]:5SK@(EO2A4=E\*>5-5.
MOF!G@![<[R]G)D2/E\#EU/XX!FN.3H1JKG4C,]&\Z`U\\`V-R1%*MJ``)U5Z
M5/3J1@)!MW)X)%`>1*$Y5(``\_S>.`G&V;Y8O0,\5!D*L/MZU.=,`]/NMG5:
M-&RGK\P;QSP'8[S8C+4IS``4T.?3+`?3N42-K204.6G5TK@$,F[UDJC$EC3K
MTI7[\A@'J+<:J%#5-*FC"E!@._UNH@5(KXE@:?=@.DUR%0DNM2*@DCP/B3E@
M(CNNX$Y!P13J#E7[O#`0B]W(KJ56!=B=7S`T\*_#`1J>Z)<A34D_,:UH?Y*X
M#O%+4!:M7QZYYYYX!='=&/J`5I09Y]:YD]<`EO=X9$;4X"T-`",@!G4Y4&`&
MN]\C"J^F6@%?UJGQJ`*@4P`/Y!OK7#O20E0"#3\:"AP`GW2^J6&NM0:`&@\?
MCTSS^.`CUI;M>W*H*G40%H/$FI_&F`VW>Q7L_N&Z[WM-XEE+*\EW$^43$T$3
M@`$KXZP?QP'M@]IG;J?9^.;1%-:"-S!;(/433I(BTO2JBN60P%S;[B=O/ZT8
MA+D++K5EJ*@`"F6?S8"N?<S:)MJV^*YCB*?37%`47,:I$'49@5_EP%V.PF]1
M[CQ[;S(4,OTL(34P%=,:%BU*U^5OQP!8Y;;123*Z*I+JCUK\I`))\\Z#`5[N
M8X[3>9_DHID0Y$%B&<'KX9G`;%NT-SKVZ-5\=(S%,V0"GX4P%@E%0H\Z#`,]
MY$"LJ@94/CG7K@`3S>V#HS+6@!\:4"ELOMP`.M(_2W$,N530Y^);/[B,!FY,
M)S9OFQU`TH>I6M3TP&L#W/[?=/LFZ/\`-HU,*5-:,C4^'A@/*K[H[K]U\KF+
M.I&N1F`.8H_D#F<\`&NWW)PEU&YD4`2%U^8`4JO6K=21@-EG:SNY'MNW10"\
M2$:30F0!06.>6H=,`<H^87?+V^BVQS>,]%:8@LB%LF*!3XDUSP%ANUOM<W/E
M]Y;7^X6LUZ&HP4HY@`+"H&J,KD#7+`;&>+>W?B/!MM6[O;2T6>"$4BD2,*K4
M5LET"K98`8\TW9KFZ_=FQVY5)']'_1E;YM54"JJ5(%3UP!+[7]JWB:+<=S@]
M>[E0D1RBOI4>M<US-0#@+E<=XCZ$$3F,*J(-5,B`/(Z:`8!YWB^&V6[)'H!1
M"<J+][`>.7WX"OO+.33W:R16SAY&+:D#5IEG7,Z0?Y\!6[D,,S2NELAFOILG
MJ*LE<JUI\J4/7`5L[D;QMG%+.ZGO[VUCW%58R2SSQ1I`HC9LC*R*J*:9X#7;
MRCN)QJ3=KF[W/E%E,7FD*6ME.-PF5Z%J/#9^N8@4Z%J`F@P`3YIWZXMLMK*=
MLMMRW"]:-&B%Q&ME`"SD.A9W>5611444ACEYX"N,_N.YE<N8;22"P65Y`T@5
MYI5C8_LP&DD"*R#J:9GPP#M8<WY?RG3:W6_[B\3^F62WD^E10H`K6V$;`>8K
MF<`5..=OC>Z9I8WDC-"9I&+2R5J3FX+`$_><`==DVL;.D4,"T4*H(`Z`95`R
M^^N`(VW79/REB<@3J``ID*]*U&`NC[$3#-[L>RZM1E/+(@?,@V=W3X^`P'J8
MY='#MUE-=*45`DK`DZ2OIJ"3GU_'`:Z.X7=J*3?;NRGNUCL;9@'K(`"B$,20
M6^6K#\,!4WN![C=NLK@;=M-Z+F[EU1QP6\JR,6J5`18V+=<!8'VY\<W;EDEA
MRG?0Q=IV9()&D(1&A8BJ-45^;\<!LGAVNT_L9N%IZ24.X;."-&51:;XH%>E1
M4YX#_];8O_$+L]HW#N/W!CF6V:1N1;^C>H^D_P#OXO%;2=8((-:Y8#1SW2[3
M<>W/9YKD64+%3DVLLR5J"5(>HR.`\^_N@X$VR;WN8MDI`+B[,:LVIE`E.I`Q
MSJH\<!KGWZT:)Y*@U5VJ#YDT.=.E<!&8NJUZBAIYD?SX![M?R_C_`"C`22U:
M@4@YC3GY=<!*;.=@*CRR^RM*=/A@)5M^Y/"00?C2N8R%!]E<`0-MWV96!9R.
MG4C(TK49X`@6.^32`'4.E&`H*U\*BF=,!.=LWZ6!U(DH*=#I-,CF,L^N`*.Q
M\CDF6C2:J^!H,LP"#09']&`E=U<)<0M6K:@!]X%:5IX8`6<BCC6I5@"*CQ)H
M`3X]<\`(-SFN4=@K,%%"*5IF3^G`1"YW.]B++ZA(!%`V?7QKXX#I;<CO(=/4
M=*D9CS\:Y5P$HL^77/03_P"U/Y:?`4`\<!+[/E=VRJI<BOB0#4FF7Y3@)!!O
M,Y.HL:D@L<LJ&@\.F6`D]GNP?2K5!-!U`_XH'QP$CM72<@@TZ:CE\?Q!P"R2
M5HR`":$>=/'I@,L-Z(ZG35OC\VD'+R\<`CO;MW%%<UT]*"@%/'(4P$,W"Y)K
M'KJ:]`<Q3*N7V8"-W)!SU9BI.?3[3\<`UR2E#\I-*5-#X_AF:8#M'N&D"I%1
MX$J#X]?'H<!UEW0*"Q9:9D?,/T4K@(+OG(2J,J>(-/"OC4TZ`8`-;QO4LQ<!
MZBIJ0`*]<AY8`?;A=DU^:O7_`!D_"F`AMQ(9)#6AS(`IUSP!6[5<2;?M^L8F
MCUH98V?,CY<R!EYT_1@/5Y_#+[*[=)<;3)<V4;A)HVS)(I]$V0SJ/GI@/5_P
M3@VV[/LUAZ,'IM':PB,:FR8QJV5"`2=5/'`27;;:"?<[^$"K(`E2:@UKJ\:5
M)P$*[G<`M]RX_<GT%8DU`J0:ET;("F8/X8!F[.V%SL\,%J#+&D0D1#F0`!I`
M!I7(#`6,WN8200L6&IHP*=.@`H.G@,`!]^5EWP5!`9(C\,B!^FN`V"=FF5K"
M*A!SC.7^T0?RX"R*@D"@)R'\F`1W:DJ*#P-:#SKUP`8YO&#%(ND*:$=`#G7+
M/QSP%=U(CO6!(JKDT.517++KG@%N]W<$5E(9"*`'KGG0_P`N`U9^ZKEEC9;%
MNJF5%)$VE3XZ8SXT\S@/'Y[P.:6QY-=`.*F:X(;KUD!`I2E,!6#A_*G,T9C<
MA2VF@`_6TY]/A]V`NSVXFWC?+FRL[%GD:5P"`*G3J6OP'YJ8#>![2.P&][U=
M;;=[E:.+%?2DN`^I?4/J+\I(8$"@^PX#>!M5OQ?MIQZ)8K>VB:&V8'4-3&E*
M@5KXC`5DYAW%WCFM_P#2;(\PB]0*L,*)$&`+)5PPZ?-@"]VX[3VJQV]WN%H)
MMTD*O\[%_3;4"#3\HH<!:[8>"1VZ^H(=)'5ZG/,&@4G3G\,!)[T)MT!CC2A"
M%6)&1I6N68J*X"O7.MSGE+1VST=T(8T`"CI\V65!@*2]^>?[OV[[=\JY1QX6
MK[WM5JDJ37L33VZR2W$,/J20JR!](DJ!4`D9X#3-S+W:]\N0^O'_`&ZN]J21
MA*(N/6.W;*P8)IT_7V=G'N\D3]2DMPZ5Z#`5;WS>.1<DGDN=ZWK=MUNI=0D.
MX7US=U#DLVKUI'J'8U.`B%Z\>UPLPC7UV0A5-,B/^)\_NP%?N<;@6<RRO1JN
M$&JF8KT49>.`AO'K>?<[N.-%9PQ&8(R!IF/(YX"^G:7LWRK>(X9MLXQOFZQJ
ML4C#;=KOKVL;$*KL;:*7Y"V53E@-E7;OV4^XSE36,-AV\DV.P>2&*7<N3;ML
MVQ6UK%,@D2YELKF_;>KBV"D5-M:3L":4KT"^G;W^$WR+>K>"[YMW0V;:;J2W
MB>;;>.[5<[F8)S*0\'[POY;".XC:`5#B)3J/Y<L!<CB?\,CVP<1ECN>56G*^
M:!)+AC;;ORB_VBSFCEA$444L?%Y-FO?]&EK(K)<(2U`P910A=OM3V7[#]M'M
M;O@7:WA?&[NTCMT@W6SVF"?>1](C)#+)O5]]5NUS<JLAK-),TK$DLQ))P$?]
MR'>/:>#\.WB_W"Z2%(MOOI%%02`L1JU,]1K2GQP'F1[O^ZW=MYY!N=OQR>XN
M;K=;B80)$H"PPO(H5&^32I"*6H?/`$GVV=K^3<MWNVY#R(7-YZUS%)(9Y#\J
MR5E$:(&`55U94SP'H([-\3;;-KM8$6.!4*Z54@D`PBN=:U`P%H8ML/\`9R_C
M]4ZCN6TOJU'H+/>EZ?\`%5P'_]>R/\4*ZO\`:NZO<FZLKK6R<EY)((O6D4@G
M?KPT%"%!`-,!I4WOOEZ.V/87,DD<D8*.)-;:GHV8:C&E1YX#4WW\Y5;\GWK<
M/_;E9KH9U-=<K$DU!'S`8#71S'9G2YF;32.K-0#352YIT\0<`*9;<P."0:!C
M0^8SIX]<`XVWB/@/Q-*X!]M7^6E.IS_DRP#]#+0`@D=!_,?'H<`\6\X%#6OP
MS\O\>`?+:^="/F/Q7/I\/LI@)GMN[D4()Z@Z=1'XY^.`F]EO`D())5LJ"M#D
M/#//(YX"?[1O+HRLLA!(/R9Y_'Q`.`(EMR:L84UKTR/P`K3QSP"#=-QBF0T/
M4U)('QR\<\`/=R]-@<QF1D!1B,CD?#`0R]V])&J*Y],_`"F?V8!OBVE5KZC%
MQG2E!0>`\?#`*K?;8TJ1J%.E:CK6M!X]<!*+"W!8"M0E.N7S9>5,!++8`@@G
M*@K3KUKXCK@'VVD1*-I8@9+GF,^OE@)):7A0QAB%9A\O7/H0.E#@':2\+*QD
M8"@(%!YU\P,\`S3[B84)4ZJ_%AD,\^AH!@&.[WQB`5)3)AD36OQ/E@&";<2S
M!B<B.K$DD_;JSP#?/>1G/71C7H32OQS;`,5Q?.=8#`*H/2M:C.HZ8!KDW`*I
M8LPZUJ3X=<JBN`CE[O3`,5)`56.9R`\*`'RP$"W'>6GU@$YBA8D]#]]>F`A5
MY/753K0T\O*N>`AM[,U2*_,:_=0'(9>6`;K>%IYHT458L*?>17\<!?[VS\)N
M7W.PGFMB5F>!DR!.G/,D_#`>LO\`AP6,=M<6-L(@'5E5*C.JVP!KYE@N`],6
MS;8\NPV\@0ZA;QY`_P!6..M*U`)P`*DW3<-@Y'<"17].60M5B6+@N?*O^S@)
MQ<\HBW3:9X947Y7TLAZ$54ZA3/`3/MWQZWN;6*98QJU/\P`"TK6AI3,UP$BY
MM8_N^.U*J--#Y^;"F`KMO<[2[JKD"@A7X'5J%.F5,L!?GLE*&VZW:A^8*,^N
M6G/`6QM(T,(JHS`J<QX>=<`T7-`C@=`33[,\`&N=`>E(P7,,:FIS_-]WE@*R
MWKLFY$HH.JH(:M"=0'7`0KG>[O:[=/H5@VAF!5B1\JDYAC@//3[\>[>Z;59[
MQ##50I:.M6(TT0L0/ZQP'DC[]=P[S?>5WB7,Q+)+*:5)U!I,@*=#Y8#G:M)=
MSO+>&I8RR`*NJND$H30CR)ZX#T3>QCVX3\EN]HW2XMB8-.OYPKA0)8V9B'SH
M5J,!Z0N&;!L/;'CL*V\<4+Q6X##0H)94+`?+4$DX`.\KWO?.?[K])MYD$`DT
M^FC%=7@*@$#2`<!8?M;V5BL4AO+JS1K]T&MGS`J4:O7,@CI@+G<7X-;Q!':$
M(_1F``UT(K05HH!P$ZNH;2PC]+TU5ORU%0#D<ZY@X`-<PO/S06Z:F^;40:TJ
MN9J?#*N`K-RN69%>UB-6F4F28T_9K0D_8`%P&L[WF<OMMO[1<SV.WE$EW=6\
M"2RBNIBM[;OEY4`\Q@-'=IKNLV8DDC46SH"?#/+`9MSNH]LB-`KR@"E:99'\
MM*9Y8`*<AW5WED9G8R$D(I)H%)R)'D"<`$]\DL;EW%[#?3W3,RZXYU$"@D:#
MZ1C#AE)S&JAP%O/:-LG;N/D]G><RGLK:SC>!PVYV$MW"CFXB5A\D%T/EC)\*
M4P'K1[%77;P<8VV'A>Z<:N[*!$VT'9)MO:(7,*1L;4?3'*0>LK:1G\PRSP%H
M;.W#%)5.AUT@4-`:4.8Z9X`R\2OS&`DM&IH`(9J@"M?&H&`7<ON7-D^DNP8*
M1I8U'S9"HSZ_C@!)/W'FXK9S"]F]$!7T.Y)J%4ZB:!J`5P&AOWT^Z3>>Y>Z/
MV\XY?2Z#>;A9W,D+2@%'E@4JQ!4Z:`TIXX`6>V_VZ6UY=VN[<A9KYVG26<R?
M,:M$S*&+$G(X#<]P#9^/\4MK6WV^TMX(P(@*1+6L<2T.JF9H,R<\!<G@F_-*
M+=((R02`613I!T#J<AF#E@+&1-<?V9OY:"OUVT$+4UI])O8)^WI@/__0K3[I
M?=M/WD]WWN0X!#;/<#AW?GNKPQU#.2PV/FV][81H,A&FEOY8`0<\[-[(_'OJ
MKZWFLII1&WSJJL"]22IZ$5^_`:;^]O`[CC6^;G=V^I[#ZJY97-3\@FHI%%7J
MIP%7-UVJWWVQGECC'JH72ND5^4AZ]#F<!7'?]G:SG=6C(4.^17H06S(^S[,`
MQ(M.H\`/\!X8!=:FC#_;C^C^?`/4348^5/ORZ8!=%.5(`)'V_P"S@'2"YK2A
M/3R_DP#O;3L.A-0.H\:G`26SW'0P4ZM7@*U&0K@)38[XRL-98=:`"GX&IP$W
ML>0Q$+62I-<B:-JH/CGG\.N`<GWPNA`8=12M304/A7K7`,]Q=O*00Y->IH0:
M_#X8#`)GIG0_$UK_`"X!2IJH/F`?Q&`4X![@B`"LB@!@`WG48!WMW`)!K6G\
M]<`Z)<1A0#JJ!Y?X\!ECO4C8.!4C^LM1]N3#/`?+G=F9=)/F:#(D>>;?A\<`
MRS;@2=-6%/A7J,Z_=@&.YNI-1^;+(U'7R\3Y8!-]2?3=26):E"<Z#Q\<`SW#
MR*PH=(/0@YD#SS^.`123:2&<DG(#QJ:Y#\<!'[V]'5@`OS=,F\L\SY8"&;A?
MJP9$)(.H'R`\ZX")W%U2J^=>AS/Z<!&;JXU$YG2.OQ^SX#`1Z9B\A%,ZC+]/
M@>F>`.O93M^>7<AM87#&!)8FE-`<]:A5KI-:UP'H7]NGMJVG]V;;</$B2P0V
MR(1I!+%#_P#(R,_'[<!Z)_8A[=$VR:QW.)I-&HN*:6#,8I8]6<=?_;G@>N`W
MW;%PUHMK6!$U@1(*-IU']G&M1TI_BP$/W?L3)O=XCB.A%==!\S%B"6J`*4&`
MY%[>8MNM+LRR,*NK#458CP(_*12@'QP$HX5Q.#:(6LTD#K%/*IU`%:@@4!55
M/2F`2]R>/QM812*5++X`*,@]:U(\S@*4\IC^AWF)I`!&82JFH_,#F!G@+K=A
M=YAGL+51(&4%`034**`$"ARI3KG@+FV4P:`JQ`8JVD#*H`('4]<`BN*:37Q6
MF7QK_/@!;S&W)MI54$J06ZBHKU_3@*O[M!!%.6$C521B066G4BA^4>.`$?<>
M]L[?;)B[PC2I(J<B,R2P\:`8#S%_Q(N0VL-EO#1+"Y+2?-1B,@""I5JUSP'C
M_P"Z6^//S'<').D7+`9D?K9TSKD<!=SV9<5N.8[Y9$Q,P]734*2"JF,4!(8Y
M8#V;>UC:=N[>\,VZ::.))$M?3&JHJ-08$`%3FJX"P-URK=>;[A%8;6I>#U0*
M*'`(UJ&.;G.F`N!VH[4PVBPWMS:Z[UQJJRY!2*U.0)H/C@+H<?XM#'`FM`FE
M:Z@`&8@Y+\P/RX"0;C=K8QM$4C4A:+)F"*`D9Z@.@P`DWW?Y99&MXM4H#?YS
M.@RI6M1EG@![N=V^B2(:GH"9)R1ICJ#6K9"JCPZX"LO<_ENU[-9S6E@XN;N>
M,ZI"=3ESFJU30"H/3*N`UL=R>#7//%OX]RL6W*"_+F:SDU^F5+!TU^G\PTE0
M1G@*?<L]N7`^/V<D\]SOO'KI(9%1+2]@N+=Y:EA+<6^XVMS.P0F@6.:($?'/
M`50YQVM2UBDNMGY99W;-,J00;A;R0W'IF$EF;T/6C#>J*```4.`K!OG".5Q2
MM)+:)>LWJ%GLYXY&`0@T,;&-V+U-`H8FF`B-IP3>[FZ]6^VF_M8!.(]4]K,B
M.Y74JJS)I9B/`'I@+.\%XQ'M-M&/2"LP6@/330=1U&>`-6UBYLKF&YMI)[>6
M%UEAGAD:*:&12&1XI(V5T9&H0001@+!<2]Q_?'@\$-IQON7RBRL[>%X(+.:^
M-_:PQR7'U3B*"_6YC1FG))8"N9%:'`6TX)_$X]P/&%@7>['@?,8?JDEN9MUV
M2]VS=3:*$62SM+KC^Z[7MT!8*2LLUG<.K,2=0HN`M;Q/^+-Q&_MHX^>]M-UV
M^=8I3<W'&]SMMRM&F$H$*1P;A]'<!?1(+$M4,,A0X"`=]??GV3YUQ^_L.$;]
M?6/(+I)+?;]NWC9[^RO[BXDA5M<$D2W5CZ29@%Y$^8=*8#4_Q:SNMVY<FY2B
M:ZO-TNPTSNH<PHTP`9,B3)3.IKG@-O\`V4X??6^VVL;I]-:L1(LLU1)-KB/S
MD=,V^&6`N;L.T[79QJ+AA-*M#ZDC9`4`HJ9)_+@#!LG.]GV,1H]S%$J4H-2(
MHH-(_(`:G`%:V[Q;0_$=ZF%[#Z=MO_&;5G]49&]V[ELR*6U:=1&WM^&`_]'5
M7PSBUW<?Q-O>BU]`_P!'<>\/OW)$Q!`(?N;RDK7.@RI3`;;N_P!V\VBYX?`X
MA^G9;2$E@[C5I%0XJ3UI@//[[B=B81[I;D-);B2[6,L,PBRT_,JBM0!^.`I?
MP_@4E[]9$J%U+L44!B02I)IEUP`3[O=OI-F]2Y]-P-56U`GK(U&`(%<!6.2S
M.LT-.M0!XU^_`9X82E#E\1GYX!?$A8GJ,LLNN`RE".F?PI3^4X#,L@0U!_P_
M`TP#M:SC+/H1TITR\_A@)%9NA927I^:F7FI'CT(.`=@P/0U\J'`9%W$Q2!6H
M=('S`4SZ'IT(P#I!O)4U60#(UJ10Y#Q\\`^0[N'4:J5RSRS'G]N`<X+U'!&L
M=:@T`!R&53Y$G`*?J5&0E'XC`=H]W16JWATTK7[\\L`[Q;TI44D&9R!H#G\`
M?A@.PW:0255P5\J5I49]/C@%D.Z:C^T.H'RJ*9]:&OE@,_[Q2O7*O2@Z?C@/
MLFY1N*`D>9-.GB,B*98!OEO0I)1QIR\`3TS\\`W3WNIJ@U8]21X`9"E.F`3&
MX:2GS=/ZM1U_EZ8#%(Y"EB:D#*I_IP$:O+YE1R[9`EO"@HOZ2,!";_<C,6H2
M%K7XY#KEXX".W%S2N>1'3S^.`CEW<BK4/7KTR^'W8"/W$X/0GQR(I]]?C@/E
MG`]S.M`6^8"F9\O'[,!?+VQ0Q;9ND4MQ$P#31-7,')TR);,5I^G`>F;VD\6W
M'FDNS6>WD-;W$ELCAM5:%2%:J@Z5IUP'JC]K?:M>&\7L)YZ*8[>-S\S,"/$C
M41D<!;J][H<4XLJ?O"_A@*)I"R2QJ6*T#`:B*C+SP$"W7W;]M]KNE@;>;02.
M6J#)`R1]!F?54FOA@!!W&]^?;/9=FO2-XL@\!`+">UJ#K4'Y/J@3D<!6GM[_
M`!$>W.[;A<1)N4`_TJ50=<(%:_J_MBI;`2CNE[YN`VVU(5W&&1R(Q1GBUC5)
MG\J2E2`OWYX#7MW-]]G"DE@DCN@"%E5I%$-!0UIG+X@^5<L!8[VD^^[AF]W4
M>VMN$:%Y545-NM:N%'S>LYRU=,L!NPXYW<XYNUE:SQWT<@DC5E9'BR!&JC!9
M,LL!,#W`V)@:7:=.A>(UR/B7-.N`$7</N9LNW6%S/)=QJ%C+CYXO`D^+C(C`
M:H>]/O'XUQ>_N;>*]C>=*_*&A(UDL?U9"0<O$8"F'+/>1N7++6:+;X)'1U*U
M$$=*G+KK?H.N`U(>[:RY+W$V'<IEC8M5I&4J?RZ&I30*=1TP'F$[S<)O=@Y%
M>&=&JUS-J9M615\Q\P\*X#9K_#HNMMVZ6TGNF56#R,267)BZT)!(I@/4AP7?
MI-[VK;;*Q=B7B5:*H(`JJ@'36F1SP&R'L!VOEC:"^NH%9Y`A4!F/S5J&("BG
MQP&S#B'%([>WA+1-\B?$9CI2M-0_FP$XN'2UCHQ``!44RI\*#`#O=[M[DNFG
M6#4!@>@S!)R)Z8`=WUE%;AD!IF2[DU*TS_6(ID<`#.?\JMMKM)K';7US2AUE
M`HQU,"*]20*X"IMWQR_WR\%P-<K^I4BM4C7Q+T4Y_;3`+=TV79.);3/>7BQM
M<>DQ9'?YBVC46"Z@U1Y8#4W[B]YGW"YO]Q>?Z>P59&CBH`=*CI2GS5IETP&N
M*7E4U[O$ML"_TXDTIJ'0"F9.=-6K`6([>=G]UYI-:2M:RO;W4D*VZ(LH>Y:4
MY*NE"=%>IP&S7LU[/39+:[IRBTC-K`5>TV\LYCC(K5Y0RJ2Q)ZDFN`M#N7MZ
M]M$D5N>X>Q<$VQ!$=M@O]RWR'C+K)+&TIAAF3<MN!NM"LZG.0`$]!@*N=T>S
M_L#VA=&T=VMZV"_E:4I#QB\N.;V$"V(6.>V"3V-W,DMU(04:6\*L:Z?E&0:\
M>;6/"]MW5(."\AWKDNT&'6]]O.PQ<?N$E:0T@6UCW/<S*$B`U.3&"QR%,`/=
MPO#"A1`02#\Q.=3T%,!!=TY(-MM)999572"S$L*"GCF1Y98`3<6Y+=\O[B;)
M:P.RQ&^C17("T)K3.A6F`V[]J.+[-QZUBN[W1-?Z+>1KEWKJ:.K$HH8*@-?T
M8"ZNQ]U=OL["$0N2ULJQD`QA5%=)^=G4?E.`=;[OM##$LL%U5@H#1((Y)"`M
M132Q4&OQSP`PWOO1OE_.#MT4P##Y7F5'()-?E12%'RGQK3`$7:^7\V/9'G&Z
MM)/ZZ]R.U<4?["+3Z#\6[QR3@?+I(,D<=3UZ8#__TJH;;:V$'OY]W4L?I---
M[KN]9I0!O4;N'R&M#0FNJN`O_P!X=W@O.-P6<RLICM4%)(RITI^J*C,'`:2N
M_>SV.YMN"Q!%3UI]050?E,HIX>.`J/Q/:+?:MTEC5E9#.P-0``-'B.M?#`"#
MW$64,VSSR1(I9%8FB@`?,Y45&9(P&M6YBTW$RBF3GX>)^WQP':*#J6"G/]'W
MC`+XX/EJ"!6O^&7QP'=K?(GJ:>'^/`()(V4C*A^'^`P&6(LM*=!3.I_,/+S%
M,`[6]P010TIX9^7C\,`]13DD,I\:?>>OXX#O(Y_-XDYX!(\S(P`S\ZG+/`+(
MKXH`/5I0]*DU^'3`/\&ZII"D@4ZDD@U)\O$8!S2ZC>E),Z5(%33X&E<`J1G%
M:'RK7/`+(B"07910^)IE_LX!='=*FH5#**9U/B3E\>N`4Q7L=3\ZBH\S_LX#
M/]:G_N5?TG^7`=)+^,*=4@(H>E<\`V2[FHJ%(Z9'/\>F`3FYU_,9""?(D?HP
M&6&[2,,"^1(-!^G[#@$NX;FBQM5@*-D-7C0Y9>.`@-[N+S,=3G22:#///K08
M"/SW%?'+.@_1^.`9+NY\*YYC[!]O6N`CMS/F5!SS'^.F`1HC2N%'S%B!^)P!
MY[9<!GWB]M]4#M$[KGH!JQI3KU!P&S;M3V/N8WL76.6-WDA.D(H-&*D?:*TP
M'I__`(<O;U-EFVG]X-4B/;"2Z*0I6%JU&5*D^/C@/2?QF:TL>.VT"31H/1C1
ME!`!T)X'(4#8"HO=_A&Y<QO)%L;MM`]4528,%8N""!K7/PZC`4AYA[<.<M-]
M19S7#F-6^948*2M2H!,Q^4@]<!2;N1V![G[C+NEK]%=M$TA_:")V7J"3^<`D
M@?C@(?VM]KG--NEN9)H;F%S,'!,!!#,10']KD17`3KNSV-Y5;;$T\OKNB-'U
MB96-&7('6V517`:[>XW:_D*0Q`)<EB9@5(-,UJ*FM:Z<`4?:-V^Y;!R:VDBM
M[D1F<$@*8S19(S6H;,L!E@/3QVXX[OB<;VW2)ED:W0_,S5J$`)&=02!@)FVV
M<GB=D9[LBOYFEDH`,C3/H,``>_%CRD\6N_IIKE9O1E'RM(6`TGQ#K49GPP'G
MR[@[#RN_Y_/#N,T[Q-<*U'>2C'U"I'S.U:AC@+A=M^T\2V,4]W*BEOF],:&:
ME,BJ`U(.`[]T^V-M-Q^_CM;4R.87/^81<EC?4"&%2*G`>4;WL=O[[:>3[E$+
M(QB&>X>@C`R=ZK1AX`#RP"7V.P[K=;S!91K*JI<N,F()&J+3EX"K'`>S#VA]
MN+V[L=JO;N!S$B'YG0'6^N,:16M0*X#=[VPXW%MMO;F1%2@CR9`--#DOE@+$
MB_BLXM"LE`H/RG.A\,J#`0V_W-[F1HXGJI_,0Q^4>8RI7I@(]>3B&-Z$,0IU
M,30**'-C0YX"O7<;G\.VP/9V;"2Y9BM%8EJE:5-,\J_'`5OMHMSWK=&FTO/)
M,X9U))T!FIXUH<`3)K?:^*;7-=W!5;D)K,#**R&F52`345P%#.]W.K.&UW#?
MMWW&WVC;+%)IY)+JX2"V5--`-<C*NIAD!2M33`:5N]G?SAO)Y+R&TWCZB!8V
M$$=I#<2"0'(#7H1#(6'PI@*P<1Y18R[Z9;?9[B_C$R-^VN%LE=%*.34V]VP.
MK*A&>`V,]O\`W*\UX18VXXWLW%K%HX6BADN["7=+B)/_`'7TRSS)&L\`-=:1
MHK,:E1D`#3S3W%]Z.:N3O//]_BA]"WMWL]JO[C:;-Q;SO/&[P6,D*F42/FU:
MD``Y#`#2.]O-PEN+W<+NYOKRXD62XN[R>6ZNIWT`:YKB=WEE:@`JQ)H,`YE0
MRK6N5#D:9TP&![BUME;U)(Q3KJ-2,J]?`8`9\IY%M\>HI-&`#5CK`-1XC\<!
M6'FW+$W"5-NL2]Q)*U&6/4Q-3^4*HJ<EK\<`O[;&]XYR#:MZN+1K>TMYUFDD
MN66%B%+4I$U):AAY5Z8"[6R]X+_=3#'MTCD+I`7U)`O4@$KE48`Q<?ON9;K<
M1JRW<T<KZ1I:4149:@`5TU!^W/`6S[?=M.3;D\:744D<4OI-K>)F"JX!`8EP
M*4.`M[Q?L]M&V6Z/NUS'JBH[J4C/1*Z6K734Y8`_V$?!CVJY7M"M!Z*\T[?P
MRC5%_P`LOL7<L09::?DCD\,!_]/6#M_/;_;OXE?N_P!MO$E-LON][Z,@KU1>
MY/*40J*5TZ4'3`;ANX>^[7N'`&OY5AG!LXE^:A85(J/,$`8#0%W_`.27FU\C
MO;:RJ\,UW>,L.MB4C]=BO4=`#@`+M:[EN8]:!)!/)-5A32&1@*=*UT^?4TP`
M[[W['R!-D>)[=SZT-0Y#9`%J"A7J!UP&MS<;26WNYHY05=7;4"I'S5SR/3`?
M(US4?>?'RP#K'%JH!UI6G0?X9X#+],?(?C@,$MH6!.FN7\GVX!$;=E&68_VM
M,_QP'Q%9:D@CI_/]V`<;>5@,\Q7,?><`Z(=:_`4IX'Q&=<`CE4ZJT^4E<\OL
M_GP"=J@5%:^%!@.),Z5J2?@1^/E@%L-XZT(9EKXCI3XUP#K;;NRL=1)&7P^^
MISP#FN](0*D@GPH3^G`=OWPA_6/W_P"S@.R[P`:AJ@Y4\?O^&`S?O5$&HL17
M+,CQSI0'`8)-VB(H&9LN@/4Y@"N`3#<B6&3`5%>E!Y],`YQW@8``>%:MTI^(
M.`2W.XA$*AOFS'AU^%,Q7`1.[O68DEZD5ZTRH,J>'7`-+W%<ZUJ<_C^!.`;;
MFX(R!SZ#X?X\`QW,[$9$DG[OL^[`-E'E;IGTR'\WG@)UQCC\E[<QKH/S:*L1
ME^9=1'V8#8#VRM['C-K:2SQ1J5,;DN,P``00#YG`7(X;WLL+&[@2(*\L10)H
M4&@J-``T'.M,!NV]F/?'D"Q07,,,S,[VGS%46D11G7313UIUP&Z'AW?3DN[Q
M6NWE9(S(-"ZV0U6E3I.@-TP%C=JVS<[JS%PSW"R31).S+*S!2X1B:Y'J:4\,
M!@W*;<[)H(V$EW%EZJR%JD"@R;(@8!MMX>/[Q//#NMH;-68`,-<BLOYM7R@'
M54>6`6;9VTXON%PXVRZAFD,A^422(P/@VG6I('F<`,>\G8C=[_CEU'917<[N
M4,1$LFD(K5_K$4I7`:?^\?:_>^.S0I<6UP?2=O58&1]`(%*UJ/S&G7`%;VN\
M>FAW>TD]*53ZNN1J$`L`13,#I7`;U>!>JNW6*.S@K$JJK`_ET@*3D`?Z<`71
M8ZXPU!JT@T9=1J1X5%0*X`/]R-C6^V:\@EB0_LV.<8!)(/6F?3`:-N^_;T6W
M+7O$L@JK<K0HK+4%V(J0<^GV8`O]O-AF.U0LL#!E.E2%Z``DU/@*'/`2CDW&
M;B]L949-548,-#4*D4-:]10X#S^>_?V^275Y<[HEHICD]56`C:JO4E:E6RJ"
M?PP%:?8[V9NK#G-K']&:2706@33F'B`%230X#VN^W'MY^[^,;0/0T,L69*D:
M:L#_`"C`7/M[@[3;B-!DF3D$+4>(S.`9KSF;A_IU9@:G/J%ZDD^51@%VV;P)
M_P`DJL2&+OY?>*9YX"#<_P"9C;K66SLY-3E&4F,UU51O#S)P%:[;;KO?;]IF
M$DLDFDLSBHC!TBIS'SC`3NZ&S\(VUKB8Q"[,;GK1I)0`PKUIG@*G=Q>X\4OU
M.X7EV;>&*.0I&[460JM0J9&K"N`T^^[GN7?<HX7RBT$ICMHT`BC!4AU]>*FK
M2O7+Q.`U(;?87&Y7*QK$2Y(!RZBO4GP'VX`^</X-+$JW!C:)`I)-<W84J17.
MAI@"[#)],BP@D!*``C/+_*KETP"F)I)Y8X8X7DDE=41$!=W=C151%4L[,>@&
M9.`.7`NPW>?G+I_9;MORS=HIC,J3KMDMI:%H%5I5^JOS:VP=`P^4O4URK@+B
M\5_AP^X/>H%N^11\8X19:K0E]XWNUW*Z:VF5GGF2TV!]RTO9J`'CF>%BS`#Q
M(`/=Z_;3P+LKLM[=<[YW>;]NT<4LKVFR6Z;3MT;V\CDPQW$SW5W<I<0Z*DK"
M58&E10X#1;WP]QO#.,W5_8<<VJ&1O7O8K07$DFXW3H6^19)+@R1U4$4)%0,`
M`.%<_P"5<KW:WW%Q-#%=R:52-%4*`A*(NE0%H#3`;#.WW;/D'*H[>80S,ERB
M$O(*T<U4U8N.AP%]NTG93;-GN[=MWFB0LL.N,@$!E^(<BK5P%]]F?M_QJQC"
M_1:[15/STS9>N9)Z$TZ8!UN>^VW0*$V=/4EA4*/I\E&E0$'Y`""!EG3`([_N
M)R?D*+,MU-;P2C255AJJQ'YV%*'/`.6T7MR>U7<$?O-C=KW4[/-7UQZBLW%>
M^7RUU9,Y3IU^7`?_U-,7N;N#P_\`B%^ZO>=HN9HKP>Z'O7=M1BFEO[R.2,X`
M5\P:GK@-AG;KNJO,^'BPW4!9I(0#<,@U!0FHL0Q(-2,ZX#6W[G-K@L>0R7=I
M(MW26Y+F+2)"C3$C(L%&3=*X`1<(WR"Q%M-*@^5]3(XTL-6I=)(/A@"[S6^V
M3EW'6CCMH6N4M@H!12P-5!:C5SJ?MP&H7NSPZ[VK?[R2.W(A=GDUA:"OJL*9
M=,L`($C:-J,N8.>67\V`<XI%%*@"OZWB/A]@P"L4-/$'QK^FOPP&;0OE_+@$
MLEN""`#GGE7,YY=<`WO"034?<2?]@X#ZBTSK]P^_]-<`Y0@D*`<Z9D'_``ZX
M#-]-*>L9(^S`86A"K4*"1X-G3/XDX!+)&`-9`!)_+^K]WQP"4J>M!]@\/YL!
MTK3I@,RL6&9Z9#`=PQ'0G+`*8V<]0<S^;/I_BP&:M>N`^@&HR(^-#E@,^`SF
MX<1A2:!1D16I\AU&`9[FY)+9DG.I-:Y9'Q^&`9Y9"QI3+K4C/[/LP"-ZU\:?
M?3RP"";\[>`RI^`K3[S@&V2)G8`5^RM#_@,!)=CV"2[N841"S2&E*5K4]#XX
M"V_#.WLL%G;3&U'J,B&NG.M!_DU-/++`&^QV&ZN9[/;WAE#ADBR74IK09M4,
M*5\L!:OM?V$_>>Z6UTPTIJA,NL=*,OY0!U^W`>A;V:]I>/6FV6\/JQ,R0P!R
M(?F#QQLHK51\V`F7N.]RNU^U:^AW.[LKC<+&UURD1+'&R()(XF4!I`@($E0:
MU-,`\]COXW'MXY5;1;;N6YG;K[THXOI[R6S!#`!&7_EVM5D7H<C@+B[;[\^S
M_,WM/W1N5A=BXFBC`6ZMA(5E(R&F8D:14_9@+&[!S#8.3^G<V,#3(T32Q>@L
M;Y`5HS:JG4/$5P$IV/<[>UW61H]ON2%7(LM*GSU`GP&`FW-N<W.W\;DFAL+I
MBL254?,I%:FE2!G3`:X^X'/>-\BC>VWOCRVX:?2]RUJ&?YB03(IS`4CS/G@#
M-[=>#\-GNH7VP?4EGU5BB"HNI@P4U^:-A]F>`V>[1Q:&TM;<PVP^5``0*$`"
ME!1<O/`2>&&#TM&F0L/E8NA4J1E\I)S&`CV_[1:75G/&8PVJ-LW522*>-33`
M:Q.^_";%MUE5;=6.L$'TE-"-9-``:8!)V^XU<':1':;=,:$ZF9%6F3::4+5&
M`DE_PO<S"S35C2I!32%&GJ:$BO\`1@-9WO%XALT/'KN:_:%Y8TED"%49RRZ:
M5)KY]>HP%0O9?QO:]SYG$;:",".]KJ5$J0CQ5'R@?+\<!ZN>W5O;[5QG;HXU
M6HMQ0A`,Z9Y@Y'`9=_WALXXC^T8T!'YAJ\:`C`#V]G>&,Z6)NG-9"S:ODJ*U
MS-*#IY8"%WW<FVV.8V$5S^VD^4@/FQ;/.C5S\,`JL8)^2L+A@S/*`&:A;0IZ
M`&H(Z],`];C/MG!]N:60A;EBPJ=.N1BI:M:ZC7+`53[A\P?<H[C<+RX?Z>,L
M4B+MH*@$A%&JA8],A@-<'=;E&][Q<.`)H;12PMX`TA`5A36P&3$>/7`4_P"X
MO&=\Y3QK=MNL;"ZW'<+J..."&V@EFN)I&GC`58E#,Q(&`?>QW\/KOQSYX/W?
MPN/:(G>V,E[R6ZAVN'1.0!)0+<W1$"@LZB,N!T4G+`;.."_PH-PCL(G[D]T;
M+;;K5<QML_!]CEW.#TP%%E.O(=\DVAUD<U,D7[K(```E-:@"WMO\.[L-Q1F:
M_LMZY9<1FU?7OVX,D#R6J-ZW^B[>MI&8+QS5D8N```#UJ!9XMV;[=\)'I\3X
M'Q38WT1Q23[=L.W07US'`Q:);N^6U-[>-&Y)#2R.U?'`6"XLT-D8@$6$T74(
MD5*'*M0-/E@!7[E/<)M7:W@^\[C+<")K2QO)%"LB$F",$#\XI76,!XX_=O[V
MN4=Z>:WW'-FN;F:V6ZN+9Q!,[K23TT`D)+=37H:_IP%5[#VR[SO2G?\`?+>0
M0W6FY]:='(4NID)!9::M/QP$RXU;\-[?Q2V4ZVLUS:-ZD3,(ZQNF7Y3G0^5<
M!:#@?N;L[:T3;ML4%H\D$"JM"*T4,&'4^'3`$NU[S<OW>X1X;F2TC#H5>.24
MN`3XDD!"H\B<!9GB/(EOK6TO][W1I#H4SZYFE===5H(BY+.33RP!#BYKM.W2
MF*QA><.03+<(L=*5`T*C,&'Q)Z8#J>Y>YW23V*3>BH)*)`YC^4#I49D&GG@"
MILN[R_W`=RMQ]9O5_O>[(9ZCZGJ?V-]P;:=5=6KX]<!__]70;[V]\N=H_B"^
MZJXKJ@B]S_>PR*06U+_>3R44IGJR\!@+[=J);+?NVDFY[-+%%?PV\!GMU90T
MFM$)(S#1BA\/+`:\>_&][C-R*2WG#QF.^NXWU,6U!9@M5SS!TX`5ON$5I%;"
M5Q'J4-75IK3YLP*=,`3^!<DL+F^6WFE62.IU`L&#4H/$_E^&`*?/>V_`.3[#
M/<1VR)?&#4SJ(RK/DQ(IGXY8#5/W4[=#C.YW*VR,8Q*=!"D`(>GA3J<`#V#1
MDK_-X]/'[,!FBE-1F<J`],ZX!S5JY',^'V8!=;0"0$GSR%!G2F7GG7`=;NU6
M.A"E2QIIS/F2:'`(1"%Z9'QR_P`>`<8+4@H:U)S-`"*??7`/L=JNGH7/6H'G
MX>.`27.WK^958>8S_',C`-<UBXJ5K44R(-:4KYTP#4T)J:C.I_5^.`Z_3CR-
M/.A_IP'/1`_QC^DX#@A4'//\?Z<!G6,:10T'E3X_;@.VCS/Z/\>`<H+8-FQ!
M!%=-/'IF>N`Q7$2II90`#E3X]:X!JN'-!0T!)'W4P#2X+^)'G_A\,!A:)C3Y
MJ_<!_/@$SHP)!-/A3K\:X!'-$S'(BH\/M^.`>MAV.;<[J*)5U:G095(6IZG+
MX8"WW;+M=(UW;236QT!@79HLJ#,$DCK@+J;;QBR@MH8DC0.J*JDHM-5!4]#U
M.`E_#^&;EN6_0M#9L])PVI(J$!5U$Y+_`).>`V<>W'L]NV\W,4;PN@GD5M;1
M5(!=>GGDV6`]"W8GVYVG"^)0;M>-%K-C#-(\FB,%A&Q8ZJ@CK@/-Y_''[L[!
MQNTW/C=E?6KW[6S1K$EU$[^J;R$&H1R<U7I\,!X])>4[G;W\D]I=3PR)*7$D
M4[QL"QU&C*WFV`L5VJ]U_=OM[N%E>;3R6[F6TEBE6"]EDF3]D-(!)>O0TP'H
M*]JG\>?<.WMEMFV=P^,M="%$BGOK:1I$T)"ZEM%&(+,1X94P&\WL%_&R]N?<
MK<+1;^ZL]K>XC36+J2)2KR(S4;4P*JM"#E@-M^W>[7V^\QXW'-%R'CL\5S:H
M0HW&Q8T*)(!H]37G7`4U[K]X>S46W7K6D^U2M7U*PS6[@5<4.I6/53X8!3[4
M_<3VQ;EPVL75E$SW2%`+N,9.0M2I89DGIG@-\G%>8<5O]IM'AN;)@\88%'CE
MJ&%1J(J0U,!(VO\`CEP0%,!S_551\Q^PX!OO[;9)XW]-HU)0K2@/6E>I/E@*
MF=V>'\;$IO[DPG00S?*.E'R/08`,[9S7A_&4DAA-I\HU4)1F%*]`-(%1@`)S
M_O"+BYN8;"%3'*)!&X.D4`-1UJ/M&`U/^Z[?Y]RV6[>[FTHT5SEJKU7*ARS!
MP&N[VJ^X/;>`<Z2UN7A1A>$5:0*6!=%\2,_/`>J?L[WUVKE'%+&2WN(G>2&B
M(LH)!U$$#YB017`&([AZR&:NN>73I&HU56%:YGI@!-W*YFO'MKN?2G0W1C-0
M2`1JR`'E@*7;!N^Z;OR5+V^N)']:;Y$4U"+K^5J&@H!@-CO%=ZVO8>.PRO(D
MEPT+'02NIGI52"6SH1TP%9.[?-)9YKK<;VX$5I&RZ4$B(II'IH@)ZG`"SB%G
M9=P+B,SW0-LCCZ>V#EA&6;1K8`D.6`P!KG]J^Q\B$*PQ>I-+H74L8J-=>I.6
M`/7:OV#<4L;B+<+^V]2?2K%W@"B)M8J5(K5OC@+[;!V.V/CVWQV=G;",1)DR
M1`=!4&M223XX!GW_`($L"T12:-74`13Y21D>AJ,!7SEW'9XBR$$']KI<K3H,
MJGX#`#/;MJ<71BD(J2`'ID<\_#XX"77NQQ0V$\J+Z<D<32,X!S"J31:?'`>9
MS^+'W:WK9MCW/8K*:0S7PW"U6))"*Y0J30$9"N`T(^V[CMI><L.X\@7UI;F_
MB=_4&IG=I2QH2222.N`W-]P^(W>\=M5M^/6(MD7;:1LD7S`^D@4J%`H<!H@[
MP[9/QSD,UQNEZT#B1O525R""'9"HA)Z5\\!`>.]RK/8=Q@EM%]<2D%2\M(Q(
MN9JJM7/[L!;OC/=&]W**)HYEBBD1&582%TD@`K7,TJ//`6B[?<QE#0Q7$C4E
MJYD:1@:JK46A/B<`?I>3@P1S1N9)(S0JNMC33EJTYC,>.`CFZ=T]FXXPOMQW
M&VB,:GU+:"=+BZ;511^QB9J9FF=/C@"YQ_W#[!)[;.[6Z?07HVRT[X^WFS,_
MJP^HS[AV^]S\PE$7@B?NPU%:G5\,!__6T&?Q!(!;>_#W67`"@Q^Y?O-/^4U)
M;N3R(^-`U3@#[[<><[?:1#9IH)6CW.`5]&41^FXB6A$3.`1\F=*C`#/W,\!N
MOWB-]LHF:%GN)SH!J?4D$E6J-).>`I?>V5]O#1PH6C*$14+!,P<ZL.A/C@+;
M]A^P_P"]W2YN[U(4_/\`-+*S%3&C``@$=?'RP!6[F\%VKC$+1KOTL.B`*5@D
MH"Q:FFC%37/XX#7[S_B4UVUQ>'<7W*T]3I*_J-%J.1&6HK3XX"FG*=@?;;EV
M'Y&=J"E#^;*F6`B40","3XY^'^%,`Y(^JE*4-:$9?X=,`]6=%5*&M3^#5&7Z
M,`YR0>HI)%77-3U'^!P#*UE)J.1ZGH#3J>GRGPP#O9QLHH5(R`!(\J`GS&`D
MUC:ZQFIT@U)/6N1H/QP#G)MD4RZ@"".E*>'7*G7`-5UM1"D(M0.H(S\/`4.`
M9_W23U4@G/H3Y5_5^/G@/AV;5U4@#I45K7_B?+`(9MGH1II4=0*C+/IX5P#<
M^W2`F@J!Y^%/N.`[16OIU(5B2,_EJ!YTR\\!E6V0O1D4="?E)Z^>GH,`X1Q+
M'6NG4<EZD#\1@&V\B#@A?S`UH105Z$=,\`PR1,<B*T)'^%,ZC`)&M_LR\.G]
M&`3NA6HIF#GT&5/L&`1S`FE!_AG@,*PEV`(I4T)\OO&`M;V(X+'N]_:M+$L@
MEEM@E0QH6=O)2.E/AG@-S';3V_0W&T1W+V$3`(*M1\_EJ`N6>`8.3=NIMNWR
M*SA7T%AED^10U2(S72U0?#`7X]MW8*\W/;VWF3;%E+*#"&#BNJ(4(;30DUP&
MVWV[=A9=MW3;8;J.&V262$%:L&),D;$U*]//`;=N?[+L/%>T]WZEW;VXM]HU
M.RRJI&B(%RNME/A@/S1_XQO,WY#[F.3[;;[D]UMUC<W2Q1^MZHJ+KJX5F`I3
M('.F`TS/82/*=)JK&M3\2:C+`3#:./RR%2D>HLPIIJ2:CK2AJ:'I@)BW'+N!
M!2*5:^`!KX5Z5Z8#/MU]OG'[@3V=W>6DJL*-!))$P/CFA!/7`6F[<>Z7NYQ>
M2"&/EN]26Z?*D!NF=0BH$(-6!_*/T8"\7%_>'RO=[);;<]RNSJ55832J":=!
M\S?,6/QP%T?;=W<N+KG&RW2;G/`SN-59E2OSH:Z@R@]#XX#U\^V#FUQOO%MO
M_P!U))2T8!U2@DN((6(&HG+/`7UVFPW*=8I!<%@47,$GKXY`"F`E0VK>DB9E
ME9@1Y$Y=<J?-UP`![L<1Y)O-A/'#/*"0*(-2L2%85!"]!7`4T@[$\J:\$]Y)
M<2ZB5_:-+4UZ4&D"@K@.;[V7NK2`RW<0#)ET<MT/0#KG]V`U3^\7B\NV;/?0
MJF@1P3DET(-0%!Z:OY<!YB-XW;>>.=P+BZM;F9?3N7(5'-%K(35010=,!NI]
MF7O`W;9Q8V>];C,R!6BBUL@4N9HP!1M)&0\*X#>=PSW,;%N&UI-+N(-]+$-*
M>I&U-2T4_F/CY8#!O6\3\Q9KR21Y8Y6)BA.8D;-4(TG)1\:8".+M']EE;>=P
MDCA4!BB%PK!AF$0'H"%P#;:]^;9VG:>]9+2!6*1LR9D+T4*3U/3`5\[G=UKS
ME<P2"2=+(,&CB!50S!=.I])H68FN`)_MRW'=;O<[2"$S%Y)(E5%4E2/6I5BM
M?$X#?'V7X3>36L,U^HDDUH22#6-13QH14C`77VO;X+&"-%BC&E%"TJ32GC44
M.`<G(52V5?`4R\:U^&`@^]36S)(94&9*UZ"ND_9TP%:>9+;RM/'IC&<E"5/@
M*C,`_P`^`%-GM:/=`"-31B=9KD.M%ITSP"7N+NEKQOB]]<3D+2VE*L3T"Q.Q
M)8B@%%Z=<!XVO?KS<=S>Z,VS0KZT44]ZD=0"@>614#'34C\GC@*A</X=;\!O
M8=QNU]:7U!-'%#I-&1B=+LQ"@Y_$_#`;">+]ZSR?B,FSVR1V,D5JMNZ*L3W#
M'TR%(D))J='0#/`:6?=SPG<4WG<-Q42&.YUN7D+LU?7R;-<B:X#7):W5Q!<S
M6TLCM,CD1'P4IF5&506K@+3=JN=VUM%'%N%U%!H6(5FD`;*NK3&-3L108"SE
MKWEVJPCC3;4NK]U(T3L%@M@RDY_YQ99!]PSP$D/=3EV_HL<-W-;VLBA?IK-!
M""Q^;YI$)E9J-05)P$IXGVXY;S2\CMUM[N=IV-%D]1RU5+BI%32OC7`;$-@]
MK?+HO9SW7VXVS?7WW?/V^[DL7JOJ]#:N`^YJW=ORUT:MX4>>`__7TG_Q$.*.
M?>W[IIRATR^X/O%.2`<P_<+D#CQRI6N`3]C]BLV6RNT?U[BSR=(I2MS`2@^;
MTZ@MXY8"Q'=#?.-;EQ]MJFN8WO5A$4AGATO$ZJHD8.!I%#U'PP&OCF.P0[!;
M2;E82"2-7DEU*:AOG.E_.F?WX`1[3[MN0<(N);2RF<M$610H--0'IUR!IIT^
M'7`!SN-[F>><WNW>3<IH(B0059@1I9F%*"GC@)-V\[B'<K!K3=[U;AG45+?F
MU`"NH')L!".<FVW&XE2*FI&U(H`^:,M^9>GE3`!.\M7MW.H>.?XD5_$8##!(
M`2*_$9B@ZU_'`/\`8RKJ1"/U@>M,R1E@)7`I()\`>F>>0_IP&7Z="-5"/@/P
MZ5P"NWM`S("K"@!K0]<OAEYX"16=JM*:JBN8S^%,`_Q;7)DJ>-2""32OD<NF
M`[R;1(`7/7*I!S\O$D4I@$;[7IH2-7P!'3SSSIE@$LM@%TG3HK7Q^SRP#7<6
M,8(%`"222*YC[#EF<`@FVR%A5!\P%*=`<QGET-,`C.U-4$"@`(I4_P!&`3S[
M<\8#`9FHR)J?Y.F`:9H9UIIU$CJ"0:?<,`AD1P2S@^9/\_G@$$WI%/E*5U5-
M*%O&I-,\`W.5Z#,UZ].G\M1@$TD>H'//PKY4S'WX!N:(L?OR^P_HP$KXWQR;
M=+A%])F4D`GS)-!0X#;G[//;WON_76WW$5E+,GKVC!='Y49V"G+P%,!Z%>(]
MHK;AW#[9][MH[>,6^2RJ$829UKU)U5`P%1^9\>XUO/*;I+">U6[M[B4^BS*6
M8LY7(5\Z`CQP%[>U.];IPWCUA;0[9%+"5C4!4/ZL2@=#3P!P&P+LCR+>]WD;
M>+ZW:VM[5D]%1&QC``U,6:N94C[!@*&?Q7/?5N/:_MS?<8VKD+VES?65];MZ
M<SPL@C]*.@*BM?F/QP'@?[U<YW7N+SK?.3[K>2WUSN5_/()Y':0F.I*@:B31
MNOWX`2VZDRJ*'KY8`P\073=0ZEJ@TEAIJ`?#PP!OCCM94H\*MXT,=:+E0'+I
M7`(;SCEAN*E([=!*U2K`4H#UTBHJ,!%HN,2[=>"JL0"=%11<ZBE/#+`&?CVW
M,\(]12C$#2H/4G)3T%*_'`$O8>3\LX/>0[CMVX7$!MC6/YBRBO04K6@&`V(]
ME?XPO=SL[]!MEQ<_7VEDQUTN1#(X9%3Y]4;$E0!T'08#?=[2OX]/;+ELEAMW
M<&_39;IQ;PNUU=Y%BJZG'[,?+J.`]%_9?W:]F.[&U6=[Q_EFRWJ7,*,%2\@=
MPQ16(TZBQIJ'XX"PEVG']ZA:6SN8)V>A30011A^I4`:17`1B;8=I@1I/01BJ
MDU!!S\#]M<``^X\^U06DLK)'\K%`=`R(!S!^W`:'_?!_NC9WPM8'DUV\M3HJ
MJ@JQU,=(`%0,!Y5NX''9X^;7:R1T9Y2PR(!&MJ@5IF*X`C<<N+OC%@FX6Y>.
M2$L8RNH?-D14`]"5Z8`S=M/=#RNQY!:6^X7LT=K'-"A#22*"!(HTKGI/RX#?
MI[>^_?%MUV*SNMXW6VU?3C0CR"I:H%30$].IP&+OGW:7D<,EML5\D5G%^M$]
M%(57#$FHZ@X#7-?=VG7>3MT%ZSVT$RCU-3?M'U4(7HK9Y>.`L9P>>7E(ME"/
M-)*ND+1F+'6`"$IJ\<!NA]EWM_N'FM-UW&U?U62*2..1=*0KZNO7F:ER/`],
M!O(XGQVVV2R2*")5&D>HU`2S4'CX=,!-"BA:JPH!72.H`'3X8!MNIRH?2K`9
M:2#D>@RKU.`''(V)C#$%1K8T-:CY36O3SP%?^11L\DORFGS$,00H%#G4Y8"'
M;>9()RL@JH)HRY]1F*BN6`KA[K>16^W\#W0W-QZ$"V-R9'J0:"WF.0!!S%1@
M/(5R#C[\O[E[]O,1EN+:3=;A(9<R1"CY"A_*"#E@%O/.-VUKL0#*D,R(X9M-
M&#*@(8G,@FGXX"KG'.ZFS\(WU3N.Y06=J9Q%+)=2.BN8&()1!624#5T`\<!%
M/<OW(XIS'B\TG';9]RNVM`T=V5,-MK60.Q1-/JFH'C3`:1.2;COB;S=/I:U+
M3O588R*4R-#F37^7`3GMQQ_D.Z;U:)!;7<J7<D+J2)"IU/F,S0U)Z^&`VW=H
M?:CRGE$5E/<VDT$+Z6K**G2Z%\D.9Z^7A@-F_:7V7;%:1QIN\;O.C12`RZ55
MJ@"@09X"_7#>Q7%^*I:S6>VPAX:*655&=`N?4FOZ<!<3;./[<.QW-H?H5]-^
MX/:ZJ>DFDR1\9[O@/IT4J$E(^_`?_]"OOOD[`^V3>?=7[@]SWSWV=F.(;Q?]
MX^Y=WN/&]T[2^Z;<K_8[ZXYGO4UUM=Y?<>[';QLUW<[?,[1226UQ-`[J3&[H
M0Q"K7$O;;[;5W"8['_$0[)R3$G4EEV7]XRD&HKF_M\"?@3@$_-/;-V#F]<S?
MQ'>R]JY:3UEF[(>\:0!]0U!F@]O<Q)'P&`#O)?;%V)DV?T[S^)-[>K>Q]`B.
M=^Q_O5=S'J_-(L?MSD>M?\FN`IQ?>TOV>MN=RU__`!4?;='(9W,D8]OGOL9P
MVMJ@D>V$J3]]*X#M'[2O9$'8R_Q4_;LXSTJ/;W[ZU&JN53_[#%T!P"BR]I?M
M%]8G8_XJ/MR+:ORCV^^^W2<\\_\`V&("M,`Y;E[3_:PTL)NOXI/MMBG$0`"]
M@??80T=>K:?;$X%3YYX!BO?:9[0B#]1_%/\`;8IIT_\`8?O?<:9_#VP&M,`S
M)[2?9[J.G^*I[:_"G_SOGOQKT^/M>\L`[VOM+]H0D33_`!3_`&V,=2Y#V_\`
MOM%34>?M?'4TP$QM_:C[1QT_BB^W!NN0[!^^8?-3S/MD!Z8!6/:E[2,O_KH7
MMR'G_P"@3WRG_P#YEP#I#[5/:.&R_B?^W0_+E3L)[X_Y_;0/#`/-E[5_:*K?
M-_$Y]O#_``7L/[WQ4Y4KJ]M0RP$YM/:][2!3_P"N6^WPF@KI[&>];XYC5[<`
M,Q@%,_M>]I!0_P#URWV_`>)/8OWI_P`WMQ)P$>G]K7M++Y?Q,_;VHID#V)][
M)-*FG3VV4P"2;VL^TD]?XFWMY3K6O8CWM-7(5Z^VS++`-TGM7]HO_P!DZ]O'
M^3J[#>]VM<Z?_JU'+`=5]J_M'\?XG7MUKXT[#>]RM?C3VUX#M_["O[1O_LG7
MMV__`+#>]S_Z6K`()?:M[1"33^)Y[=0*GKV&][I\^E?;36N`99?:G[/"6_\`
MKH/MU5ZY_P#H$]\9%?(__.SG`,-W[3_9^0U/XI'MQ!^/8'WT4`J?ZOMC88"-
MS>TOV>DM3^*A[;5&=:^W[WW&AU'5T]L'3`)/_82_9_\`_94?;9__`*_>^_\`
M^E?P'P^TOV?4-?XJ/MLI3_\`Q^]]_P#]*_@.D?M*]F]5K_%2]MGYA_\`J^^_
M#5U'2OM?&>`L-VQ]K/LPMKJU,G\37V];C&)$U):]B/>S`6&HY`WGMM@4&OF<
M!Z'/9CV4]HFTV=@-E]Y';?E,ZFQHVU]LO<)M\;T,N@*-^[0[6RAS7K]],!=[
MO?VM[27FPE(O<SP+:;+Z>BRW?!>]EQ&!45.G:^VMX_Z*X#6'Q7L1[=8^X-S/
MN?O>[63S'<`QL;3M3[G%F4>NW[-IKCLO':DZO'73`;<.(]L?;G#MNV+)[DN'
M7<"+#Z3Q\%[NQB9?3`%1/V]C96/7,#`7@X+PSLM#Q4Q<?[O\9O%^GD!N1QKG
ML45:9EHY^*0S4!Z_+7`>53^,?[?^SW+.6>KS#WW=E.UFV^MN)%KO_:/W5;_)
MH:XB+#U.!=CN4VU4R!^:A\*X#SQ;A[1?9RSG7_%;]L\9U-^;V]>_=C6AK71[
M62*`=,!TL/:)[,EE^;^*[[:'.5`OMY]^X_\`:_:RO\O3`'+A_M0]E\/Y/XH_
MMUNI*BGI]@??''G1:#]O[9(C2N`)8]K/LTTCU/XFWM^)\".Q'O:I]@I[:Q@'
MK:/:W[,5*Z/XF/8*5JCIV*]ZRCQH/VOMM'7`2B^]L/LI:-!+_$G[!QR::!CV
M.]YS&OG1?;F6^XX!#M?M>]I"3@VW\2WL#-\X(![&>]-*G.@.KVX*M/OP$EWW
MVR>UB2Q=;G^)![>X%H*R#LC[SFIEE18O;I(^`K+R#VH^T&2ZG)_BB^W:W8TU
M*_8+WRO05RJ8O;(Z_IP&#8O:=[75N5.S?Q2O;Q)<U_9"+L![[%SH*=?;(,J?
M'`;9/9S[;NZNT;SM\W9K^(AV3Y5:++46DG93WF;?"_\`FJJDN]=@]JA"D:>K
M`8#UJ>UCAWN2VK:+&/FO=OM-R>)84$EQLW'^Z^W2/\J?,(]]X;82`$>!`SP%
M]3LUX;:EWR[CR'/6\6W<H90*=0#LX-<`&N5<8X4]O<?O7N3M$*EFUZMCYFT8
M:@R/I<;D:GV8#6Y[E^W?93<MGG3<N_\`P/CR>A,/5NN']VKT",Z:EEVG@5_+
M\I^%3@/.AW2]O?M2NN53RCW[]EMLN#*Q%M<=H/=9<2*/48L#)9]BKB$FN638
M!-#[>/:@-O5=R]_?9@VM26DC[.^ZZOV:6[%!OT8!CN?;I[)GGA-M_$#[/PMK
M&A5[,^[!W,N7ZR=B3X]*X`]\"[`=I[=[8\:]]O::^L0/D7^Z/W60EEJ>AF[(
MQ**^.`M-<=ENW3;%)'-[Q.TT<)A_TFX3MK[CF81:371'_=`TWVY$X`"0=A_;
M-]=&TOO@[4>KZZ:43M1[FJ^IK%`6?LL%S/W8#8W[9NTWMVVW>;*1O=/P7D,X
M%(8+'M]WNLE8^JM"'WCME81@_:>OPP'HG[";-VYL=BLX^,\NVS>RL"!KB+;=
M^M"YRJVC<=JLY1GYJ#@+4I!!H^6]@TT'2*YI\*?L,!W$$&E_],A_*<_2N<LC
M_P#(<`VW5M;E17<(`M1UAN^M<NEN3UI@(1OUCMCHWU&]6D*U?K:[HV>DUKZ5
MD_3`"K==GXTT;:^6[;'4M^;;M_:@RR.G:6-/NP$178N->IES;9BGC_N5R8&G
M_67SP%)_>3POA^Z\$W2&][P<1XO`UK<AKO=>-]R+Z"-3!,"[Q[%P_=;E@H-:
M*A.6`T(\-[*^WV*6Z]/WB]I+F<W$QG]+MK[CD*RF0Y?M^S\0.GX98"!=Y>QW
M9V[MKI-O]Z79?:P\,PFGW/M?[F+D1*56CQ1;=V:N%+CR);`:=>XWM<]LD_)F
MDW[^)AV*L[OZF4F!^Q/O5DHY<$A&L_;E-;?*<LFI\<`=N(>VKV?P\=2/D/\`
M$6[,7=KZ!'U%MV3]WL8].@^;1=^WZ.2E?#2,`#.6>U_^'`^X3-_]4K[*Q3&<
M$1S]B_>,`DE1\I,'MTG#+7XT^.`/_:CVX>R"V7;OW'_$*[%[DZRPFS]#LS[M
MH&D`8$@_6=@8'5F-!4TP&Y'M3V>[(6^R[?'MGNU[2WR+"@CGM>W?N`B]6/0=
M)9+WM+;2*VGS4&F`/6V]J>V:W\#67N@[<2,&7]G_`&"[Z*&%<P6;MDJC+S-,
M`:MO[;=O53YO<3V_=<J:>&=XPM:94U]O%\<`7-O[?\'7M/RZV'??A;VDO/.W
H<TFY#B7=86UM/;\=[HQPV<D#<%6]DEOH[EW1DC:)%MV#LK-&'#__V3\_
`
end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>3
<FILENAME>g48973g68t48.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 g48973g68t48.jpg
M_]C_X``02D9)1@`!`@$`8`!@``#_[0>F4&AO=&]S:&]P(#,N,``X0DE-`^T`
M`````!``8`````$``0!@`````0`!.$))300-```````$````'CA"24T$&0``
M````!````!XX0DE-`_,```````D```````````$`.$))300*```````!```X
M0DE-)Q````````H``0`````````".$))30/U``````!(`"]F9@`!`&QF9@`&
M```````!`"]F9@`!`*&9F@`&```````!`#(````!`%H````&```````!`#4`
M```!`"T````&```````!.$))30/X``````!P``#_____________________
M________`^@`````_____________________________P/H`````/______
M______________________\#Z`````#_____________________________
M`^@``#A"24T$"```````$`````$```)````"0``````X0DE-!!X```````0`
M````.$))300:``````!M````!@``````````````(@```#$````&`&<`-@`X
M`'0`-``X`````0`````````````````````````!```````````````Q````
M(@`````````````````````````````````````````````X0DE-!!$`````
M``$!`#A"24T$%```````!`````(X0DE-!`P`````!0H````!````,0```"(`
M``"4```3J```!.X`&``!_]C_X``02D9)1@`!`@$`2`!(``#_[@`.061O8F4`
M9(`````!_]L`A``,"`@("0@,"0D,$0L*"Q$5#PP,#Q48$Q,5$Q,8$0P,#`P,
M#!$,#`P,#`P,#`P,#`P,#`P,#`P,#`P,#`P,#`P,`0T+"PT.#1`.#A`4#@X.
M%!0.#@X.%!$,#`P,#!$1#`P,#`P,$0P,#`P,#`P,#`P,#`P,#`P,#`P,#`P,
M#`P,#`S_P``1"``B`#$#`2(``A$!`Q$!_]T`!``$_\0!/P```04!`0$!`0$`
M`````````P`!`@0%!@<("0H+`0`!!0$!`0$!`0`````````!``(#!`4&!P@)
M"@L0``$$`0,"!`(%!P8(!0,,,P$``A$#!"$2,05!46$3(G&!,@84D:&Q0B,D
M%5+!8C,T<H+10P<EDE/PX?%C<S46HK*#)D235&1%PJ-T-A?25>)E\K.$P]-U
MX_-&)Y2DA;25Q-3D]*6UQ=7E]59F=H:6IK;&UN;V-T=79W>'EZ>WQ]?G]Q$`
M`@(!`@0$`P0%!@<'!@4U`0`"$0,A,1($05%A<2(3!3*!D12AL4(CP5+1\#,D
M8N%R@I)#4Q5C<S3Q)086HK*#!R8UPM)$DU2C%V1%539T9>+RLX3#TW7C\T:4
MI(6TE<34Y/2EM<75Y?569G:&EJ:VQM;F]B<W1U=G=X>7I[?'_]H`#`,!``(1
M`Q$`/P#U&^^G&I??>\54U`N>]Q@`#N5PUOUTZWU_//3?JM0*F#Z69:`2&\>J
M6NW5TU_UFVVH/UXZY;G_`%2P+ZCMJS[G&S;^[67[*G?VA_X&MSZA])QL?ZK5
M$#WY[767O:2UQ#BYC&A[8>W95^[^>DIYG+MO%[\2IV9]:.HUF+R'6C#J=^X*
ML9S?5V_1=^DKJ00[_&#B$V8G3AAM&NW'Q*2?_/=MS_\`.7IV-C8^)2VC&J;3
M2S1M;`&M']EJ(0"(/"2GRJC_`!A_6SIU_I]28VXCZ=5]7I/CR])M6W_MM=Y]
M7/K5TWZP4DXY-636)MQGGW-'[[?])7_+6/\`7+H>3CX-G4>GO-]%`+\GIV3-
M])9^?9CMMW/QW,_/]!]?L_FO37&XX."RGZT="W,KQK0S,Q'$DU.=^9O^E;AY
M/T&/?[V?S?\`+24^R)+F/_'#^KW^D/X))*?_T`&*L;,^IO5'BA^/>;>G9-FC
M&OUAEKOS*,JM^]EG^#?;^D74?4+K?V>@?5SJ@.+G8Q/V=MFGJ5N.\-K=]%[F
MN=[-O\Y5_-J_];_J;1]8*Q?0X4=0J$,L/T7M_P!%='_0L7GU]'UKZ$/LN9C.
M?C,/MKOK;D4?]9<]MM=?_67UV)*?9DEYA@?XS.MAC:&X%-Y:`&BL63_U=RTG
M=:^M>=6+>KW5?5OII^G9!9D/'=F/7:ZR_P!3^6RNO^VDI[/J-U%?3LJVX@TU
MU6&WOH&NWA>8?4''?EU]:Q"TOINPG!S0)]^OHP/W_I[%>ZCU'J/UEH9T+ZL8
MEC.E5D-MR+)`?!W3=:[Z+=_Z5_N]>]=C]5OJUC_5[I_V=KO5R+2'Y-T1N</H
MM9_P=?YB2GS_`/\`&WZ]X#\/_))+UI))3__1]527RJDDI^D?K%_,._Y2^C_W
MF_3_`+/\I<1A?\IN_P"3/I#_`)9_G^?SO^$7DJ22GZDQ/Z-7_-_1_P`#_-_]
M;_DHR^54DE/U4DOE5))3_]DX0DE-!"$``````%4````!`0````\`00!D`&\`
M8@!E`"``4`!H`&\`=`!O`',`:`!O`'`````3`$$`9`!O`&(`90`@`%``:`!O
M`'0`;P!S`&@`;P!P`"``-@`N`#`````!`#A"24T$!@``````!P`(``$``0$`
M_^X`#D%D;V)E`&1``````?_;`(0``0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!
M`0$!`0$!`0$!`0$!`0$!`0$!`0("`@("`@("`@("`P,#`P,#`P,#`P$!`0$!
M`0$!`0$!`@(!`@(#`P,#`P,#`P,#`P,#`P,#`P,#`P,#`P,#`P,#`P,#`P,#
M`P,#`P,#`P,#`P,#`P,#_\``$0@`(@`Q`P$1``(1`0,1`?_=``0`!__$`(H`
M`0`"`P$```````````````H("0`&!P4!`0$!`0`````````````````!`@,0
M``$$`@$"`P,$$`<```````,"!`4&`0<(``D2$Q01%34V-SD*(3%A@9$B4F*2
M(S-35&4X&M,T9%9FUA<1``("`00#`0$````````````!$0(Q(5$2(F%Q@4&1
M_]H`#`,!``(1`Q$`/P!YE[O=-UA3;-L/8=FAJ91Z9#/K#:;387P8V%@H6-"I
MP]D)!ZX4D80A&G[JEJSA*<95G&,@%1MG>CYN=QC?CSB[VC-71]-@VZW!)SD;
ML^)92$K%59NZ]`XV`^C)MG)U#6U34LWM;`?,IR=D,^4ENW"[7EEU)V.G%)38
MB)MJTWAE>;+IZGSG,OO;<J:H[<,-HOF=TWG!\$]+VI*E^LKC#7VE9^*?WJ1A
MRD.S?>HFH6!_6I1A/GI.S%"_Q(Y>VD_K!6G2OK/IGALUT!'A\;HT1H?A%QN>
M/B'(7)CO/.<ZYO\`LFP2;DZLD*8SUXY*3.5K4I6<YZ:CIN:U2?K"_=>XTW<5
M<Y/UJ!V(9JX22>I&Z=,`TO>4,,F(DHHT]'@M>YA7?M1D8SNXB0&G*<^(*\^W
MI+'"KP+9[<W=2XW=R&GO76M7;FD;:K+-+R^Z/MKQFNWUYGYPFOO^%=ML!:7&
MFE=G0),BU0A02$&AV!J4HQKLF'5HLQZID__0FUWO>;MLY#]I/B9L.I/4Q=-Y
M4[IL\G;10N7;=LXK6NY2^9K%%D\'&E9Q,I:.9G=8)@:RR$*@F$XQA2<1X.E5
M%F6E]B#BAKO77:YH)Q-"HL7*F$M%[VQ:("1E*[9)-I8GTY6:Y#1UHB'+"RP*
M:Q1@A`V(R=`*RD3.WC183'R3HL&;/L7.:YUIKS4%.AM>ZKH]5UU1J\W]+"5*
MEP,;6Z_&!SG*R>EBXINU:#*<F<K*3P^84BLK6I2LYSFF3="#&89`F&@HBH4,
MHB)2L9!K3E*QD0K&4K0M.<XSC.,XSC/0!LN\=P=V5KO25OY+\;K$_P!D:ZUP
MV>VS=/#3D#Z[?FCI6CCR(MFN6I838#F:L.FYFN-$*>2"*O)PN1QP%GC3QSAM
MX7D9NKEPPS^O0'T'%Z[[LW;U)8:[6=.;-@JGR0X_34Z]FW^D)^Q(;I!`.+2I
M7O:^<<-V1Y74='2$@'$E&.%>@=&=O!(?+GDWGJQ;W]PKV]_]ZO?TV/\`C]63
MGQ9__]'E;O#.HZYY)]CSEG9X[6D]J;?\ILCAAO&_']UTBM7\7O'T-6V!+91A
M%;U3ORE6)<A%S.4#;1$C.J=/TJ`I.&N?!UVLB]KL-<V%:SI#3MB<MVKG2O(O
M3\G)_P#C,-L'(X3&U->6R7>V1A$5.6=$]UVB9BI25=+C,L7!P3,"9L:.4Y$V
M<$15L9LI[+`G+JF#.@.'<BK=1JUQWW[;+L\CS42J:DVE(7E2E@>-A0<+3IIQ
M8V+H."80LV&`B#6!6<+4K/@SCVYZ%64!,[!6O);<U;[GVF7,1(3M#V-PCL47
M+QC-@25\V_(=R(-9.64>/QK<V:/,_DW$7A"%&PX%G(\X5C[.5^G2VG'V>3_;
M=\[OX:&_!'?]CZ0.:/_21]W>^SA1^X]7([85$EX?6G*2D1"HFMW22;.%5B_5
ML"G+MI1MAXCQF?MV[-\Y62.E@!<.(_SBH6!P):4"C1JMH]`\;Q2NZQV]FP]4
M;ITM:;'J"O/#*AJGN7457Y.<<1Y6L2U.]>SMC@;Y3J:\<D*`ZRUR0B)8)LB\
M[(BX\.)J=.KP]2Q717UF'FP"'AM?QW$O36S74-'LXF'94!CN4,IAN'V`9C*S
M<6_8;P_XB?`,8LA$C&,($@8TI&E)'1;DUI#F;W5]_P!;!:^9>S=3]G/B0\0K
MW]<21+^D\G-A1`R-L2%=U+5=A3EMVH.V.?;E3>1CHF%RV;+R87K<CR$MU)%5
MC5D7.0O(OD5W4J56^WMVG-`;'@.%M2?,H?8&X;M[PAV6PSLY@4Z:2V-?9XCH
M<+"&L)2S[]NY>/[79WZLNC-_.\;0DS@)*NMLB3^UIVVJ%VUM`$UW$2H;EM6^
M/8^S[JV.-IEF&R61DS*UC(*`;E3AXUI5.`[.&-&?.3%*Y<NUI$MTH(ZM#-G+
M+,>J9/_3?QT!G0%:/</^0\G])=\%7]'A\N/V;KX9_.OR?SO!U#2^!:]+?U*R
MOT7WQ]I]+U_4=_G7OQ3_`)9_!_Z_P=0V_OP<'JOYNZA\@/@S?YJ_F[^VOY(?
..R;]W]_K1R-_Z`SH#_]D_
`
end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
-----END PRIVACY-ENHANCED MESSAGE-----
