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

 ⁽¹⁾ The
percentage set forth in Row 13 of this Cover Page is based on the 10,236,855 shares of Common Stock (as
defined in Item 1) outstanding as of January 29, 2018, based on information from the Issuer and other publicly available information.
The above ownership excludes shares that may be received pursuant to (i) the conversion of the Series A perpetual convertible preferred
stock (the “Series A Preferred Stock”) into Common Stock, (ii) the conversion of the Series B convertible preferred
stock (the “Series B Preferred Stock”) into Common Stock, and (ii) the exercise of Series C Warrants to purchase shares
of Common Stock (the “Series C Warrants”). Please see Item 3 for a detailed description of the terms of the Series
A Preferred Stock, Series B Preferred Stock and Series C Warrants.