13D Filing: Blue Mountain Capital and Saexploration Holdings Inc. (NASDAQ:SAEX)

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The percentage set forth in Row 13 of this Cover Page is based on 34,977,087 shares
of Common Stock (as defined in Item 1) outstanding as of September 6, 2018, as disclosed in the Form 8-K filed by the Issuer on
September 11, 2018.

BlueMountain Guadalupe Peak Fund L.P. (“BMGP”)
is the direct owner of 80,647 shares of Common Stock, 76,393 Series C Warrants, 156,099 Series D Warrants and 919,281 Series E
Warrants. BlueMountain Long/Short Credit GP, LLC is the general partner of BMGP and has an indirect profits interest in the securities
beneficially owned by it.

At all times a holder of Series C Warrants,
Series D Warrants and/or Series E Warrants, who is not a beneficial owner of 10% or more of the outstanding Common Stock, may
exercise only up to that number of Series E Warrants so that, upon exercise, the aggregate beneficial ownership of Common Stock
of such holder and all persons affiliated with such holder, is not more than 9.99% of Common Stock then outstanding (other than
in connection with a change of control of the Issuer).