North American Construction Group Ltd. — Director's Dealing 2016

May 18, 2016

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: North American Energy Partners Inc. (NOA.CN)
CIK: 0001368519
Period of Report: 2016-05-17

Reporting Person: Polar Asset Management Partners Inc. (10% Owner)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2016-05-17	Common Shares	S	513300	$3.39	Disposed	2719757	Indirect

Footnotes

F1: The price reported is a weighted average price. These shares were sold in multiple transactions at prices ranging from $3.39 to $3.44, inclusive. The Reporting Person undertakes to provide to the Issuer, any security holder of the Issuer, or staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each price within the range set forth herein.

F2: Polar Asset Management Partners Inc. ("PAMP") serves as investment manager to Polar Multi-Strategy Master Fund, a Cayman Islands exempted company ("MSF") and has sole voting and investment discretion with respect to the securities reported herein which are held by MSF. PAMP disclaims beneficial ownership of the securities reported herein, and this report shall not be deemed an admission that PAMP is the beneficial owner of the securities reported herein for the purpose of Section 16 of the Securities and Exchange Act of 1934, as amended, or for any other purpose, except to the extent of PAMP's pecuniary interest therein.