1H 2013 Earnings Presentation

Clear Results and Ongoing Focus on Reducing Costs 5,000 $ Increasing our Operating Margin to that of our Peers Creates Substantial Value 2012 Proforma EBITDA $600 $500 Potential EBITDA Increase: $173M 124 322 $400 $300 $200 $100 254 +/- relating to Macro Economics Commodity prices Production levels Mining capex & exploration spend Global GDP (China) Capital markets $5,000 S FY2012 Reported 2012 Restructuring FY2012 Adusted Improvement to Peer Low Incremental to Peer High $200 $150 $100 Potential Cost Out Opportunity $50 Status Quo (no action) 22 Cost Ruction Actions Additional Opportunity Total Margin pportunity 173 FY2012 Potential Source. Thomson Reuters "Includes impact of $70M "annualized" cost out actions announced in Nov 2012 . Focus Areas Define consistent global processes Streamline organizational structure Improve Products and Drilling Services synergies We are taking tangible steps to close this gap BOART LONGYEAR Year-to-date SG&A of $110M is down $45M from 1H 2012. We remain on track to realise at least the $70M announced last year BOART LONGYEAR 21 May 2018 May 2013 AGM Presentation We recently announced actions to further reduce costs by ~$90M 1H 2013 Earnings Presentation 8

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