1H 2013 Earnings Presentation

Shareholder Value Roadmap to Improve Performance Underperformed expectations Initiated actions to remove $70M of run rate cost New leadership Launched operational business review Reduced overhead & infrastructure Consolidated manufacturing & maintenance Reduced capex Initiated actions to remove $90M of run rate costs Position business to perform better "Through- the-Cycle" Increase capital structure flexibility Improve cash flow and reduce debt levels Increase operational and functional efficiencies and reduce costs Greater focus on returns Evaluate Strategic Options 2H12 BOART LONGYEAR Improve the Balance Sheet FIX the Core - Improve Margins & Returns 1H13 2H13 2014+ 1H 2013 Earnings Presentation 25

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