Refinancing Presentation

Boart Longyear will be better positioned to take advantage of all phases of mining cycles Focus Today Margins Industry lagging Capital spending $200 million per year average for 2010 2012 Inventory $570 million at peak ($411 million at 30 June 2013) Net debt 2.9x LTM 30 June 2013 EBITDA Cash taxes Statutory rates Commitment Industry leading $50 million minimum ($75 million normalised) $300 million with increased turns Target: Achieve < 1.0x trough EBITDA over time without raising additional equity Benefit of net operating losses as the market improves BOART LONGYEAR Refinancing Presentation - October 2013 15

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