Boart Longyear Limited ABN 49 123 052 728

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

17 July 2017

Boart Longyear Recapitalisation: Recapitalisation Update

Boart Longyear Limited (ASX:BLY) (Boart Longyear or the Company) advises that the Supreme Court of New South Wales (the Court) has adjourned the Second Court Hearing to approve the creditors' schemes of arrangement (the Creditors' Schemes), which form part of the Company's recapitalisation, until 27 July 2017 in order for the Company, First Pacific Advisors and entities associated with Mr Anthony Maurici to attempt to reach a mediated outcome. The Company also expects to have satisfied the remaining prerequisites to implementation of the Creditors Schemes by that time.

If the parties do not reach a mediated outcome, the Court has indicated it will hand down its decision on the Creditors' Schemes in early or mid-August.

The Company will advise on a more precise timetable for implementation of the recapitalisation as soon as possible.

Investor Relations: Media: Nate Stubbs Michael Weir

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

Boart Longyear Limited published this content on 17 July 2017 and is solely responsible for the information contained herein.
Distributed by Public, unedited and unaltered, on 19 July 2017 16:23:13 UTC.

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