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 14,913,837 shares of Common Stock (as defined in Item 1)
outstanding as of March 8, 2018, as disclosed in the Form 8-K filed by the Issuer on March 8, 2018. The above ownership
excludes shares that may be received pursuant to (i) the conversion of the Series A perpetual convertible preferred stock
into Common Stock, (ii) the exercise of Series C Warrants to purchase shares of Common Stock, and (iii) the exercise of
Series D Warrants to purchase shares of Common Stock (the “Series D Warrants”). Please see Item 3 for a detailed
description of the terms of the Series D Warrants.