Boart Longyear Recapitalisation: Appeal to High Court of Australia

26 Butler Boulevard, Burbridge Business Park Adelaide Airport

South Australia 5950, Australia

Tel: +61 8 8375 8375 • Fax: +61 8 8375 8498

www.boartlongyear.com

26 June 2017

Boart Longyear Limited (ASX:BLY) (Boart Longyear or the Company) advises that First Pacific Advisors (First Pacific) has applied to the High Court of Australia (High Court) for special leave to appeal the judgment of the New South Wales Court of Appeal (Court of Appeal) on 29 May 2017. First Pacific previously had unsuccessfully challenged convening meetings of certain Company creditors to consider two schemes of arrangement forming part of the Company's recapitalisation (the Creditors' Schemes) in both the Supreme Court of New South Wales (Supreme Court) and the Court of Appeal. The Creditors' Schemes were subsequently approved by the Company's creditors on 30 May 2017.

The Supreme Court has scheduled its second hearing to consider final approval of the Creditors' Schemes on 4 July 2017. First Pacific's application to the High Court is not expected to delay that hearing, but the timetable for the Company's final implementation of the recapitalisation may be delayed briefly while the High Court considers whether to hear First Pacific's appeal. The Company will provide further updates after the 4 July Supreme Court hearing or sooner, as material developments occur.

Director, Investor Relations Citadel-MAGNUS

Australia: +61 8 8375 8300 Australia: +61 8 6160 4903

USA: +1 801 952 8343 Mobile: +61 402 347 032

ir@boartlongyear.com mweir@citadelmagnus.com