Refinancing Presentation

Key elements of the refinancing Senior Secured Note Offering Amended Bank Facility US$300 million of fully secured notes 5 year maturity; notes come due on 1 October 2018 Coupon of 10%; interest payable semi-annually First priority lien over most assets other than inventory & A/R No maintenance covenants Commitments reduced from US$450 million to US$140 million 1 Retained the original maturity 29 July 2016 (-3 years) Amended financial covenant package . Replaced the EBITDA leverage covenant with a minimum asset coverage test and a minimum liquidity requirement Modified the security package to allow the sharing of collateral with secured note holders: First priority lien over inventory & A/R Grid based pricing: Currently LIBOR + 400 basis points. No further refinancing needed or planned prior to the 2016 credit facility maturity 1 Amended bank facility of US$140mm of which up to US$120mm may be borrowed in the form of revolving loans or letters of credit with the remaining US$20mm available only for the issuance of unsecured letters of credit BOART LONGYEAR Refinancing Presentation - October 2013 4

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