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

5 May 2017

Boart Longyear Recapitalisation - First court hearing

Boart Longyear Limited (ASX: BLY) (Boart Longyear) refers to the recapitalisation proposal announced to ASX on 3 April 2017 (the Recapitalisation).

As set out in the 3 April 2017 announcement, the Recapitalisation is to be implemented primarily by two Australian creditors' schemes of arrangement under Part 5.1 the Corporations Act 2001 (Cth) (together the Creditors' Schemes). The first court hearing for the Creditors' Schemes commenced yesterday in the Supreme Court of New South Wales and has not concluded.

Boart Longyear will provide a further update to ASX when the outcome of the first court hearing is known.

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

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