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Audley Capital Highlights Superior Qualifications of Its Director Nominees against Certain Current Walter Energy Board Members

  Audley Capital Highlights Superior Qualifications of Its Director Nominees
  against Certain Current Walter Energy Board Members

   Believes Audley Capital’s Director Nominees Possess Needed Industry and
                          Capital Markets Experience

Business Wire

NEW YORK -- April 18, 2013

Audley Capital Advisors LLP (including certain related funds and investment
vehicles, “Audley Capital”) today reiterated the overall strength of its five
highly-qualified and experienced nominees for election to the Board of
Directors of Walter Energy, Inc. (NYSE: WLT) (TSX: WLT) (“Walter Energy” or
“the Company”) at the Company’s upcoming 2013 Annual Meeting of Stockholders
on April 25, 2013.

Julian Treger, Managing Partner of Audley Capital Advisors, said, “We believe
that the Board has been dominated for too long by a clique of long-time
directors who have not worked in the best interest of stockholders. At this
most critical time in Walter Energy’s history, we believe that there is a
substantial lack of mining and public market experience among the current
Board members. With a significant leveraged bet on met coal price recovery, we
think the Board has put the Company in an extremely precarious position. Met
coal pricing continues to be under pressure and the Company may be forced
later this year to seek working capital. Left to what we see as the continued
poor decision-making by the current Board, we believe stockholders will pay
the price.”

Added Treger, “As we have said since the beginning of our election campaign,
one of the initiatives our nominees would pursue is the disposition of
non-core assets and other strategic alternatives. They would work to avoid
significant stockholder dilution and seek the means to shore up working
capital to maintain and invest in assets that have a superior production and
cost profile. These are hard decisions that require experience to construct
and skill to execute. Our nominees stand ready to support Walter Energy and
work with a reconstituted Board to protect Walter Energy’s value and shape it
for the future.”

Audley Capital recommends that stockholders vote against the following five
directors at the next Annual Meeting of Stockholders:

1) Mr. Michael T. Tokarz
2) Mr. Jerry W. Kolb
3) Mr. Joseph B. Leonard
4) Mr. Bernard G. Rethore
5) Mr. A.J. Wagner

Added Treger, “We believe these individuals have been on the Board for too
long, with an average tenure of 12 years, and lack relevant mining experience.
Furthermore, four of these five directors are members of a group of
interlocking directors with Mueller Water Products, Inc., including Mr. Tokarz
who has served on the Walter Energy Board for 26 years, and in our view lack a
diversity of independent views. We urge stockholders to support change and
vote the gold proxy to elect Audley Capital’s director nominees.”

Audley Capital is providing stockholders with an opportunity to elect five
sophisticated and experienced new Board members that will bring significant
and, in our view, necessary mining and public company experience to the Walter
Energy Board.

Audley Capital’s director nominees are:

Audley Capital         Relevant Experience
Director Nominee       And Qualifications
                            *Serves as President and CEO of thermal coal
                              operator
                            *Managing Member of a corporate advisory business
Lawrence Clark, Jr.        catering to small and middle market resource and
                              energy companies
                            *Actively participated in numerous financial
                              restructurings
                            *Extensive global mining experience from serving
                              as Executive Chairman of Cockatoo Coal Limited
                              and co-head of Glencore International AG’s
Mark Lochtenberg           worldwide coal division
                            *Relevant financial experience through 13 years
                              at Glencore’s commodity trading concern
                            *Other board memberships and executive experience
                              in the mining sector
                            *40 years of international experience in the
                              mining industry, including in South America and
                              Africa
                            *Served in various executive capacities,
Eddie Scholtz              including President and COO, at BHP Billiton,
                              overseeing one of the largest coal businesses in
                              the world
                            *Significant experience and expertise at
                              publicly-listed companies
                            *30+ years of coal industry operations experience
                            *Direct leadership experience having served as
Robert Stan                CEO of Grande Cache Coal Corporation and two
                              terms as Chairman of the Coal Association of
                              Canada
                            *Extensive relevant transactional experience
                            *Long-time stockholder activist in the mining
                              space and co-founder of one of Europe’s first
Julian Treger              activist funds
                            *Directly involved in turnaround of Western Coal
                              and uncovering value at UK Coal


Audley Capital urges stockholders to vote FOR its five director nominees by
immediately completing and returning the GOLD proxy card or by submitting
proxies by telephone or through the Internet. Investors that have any
questions or need assistance voting their shares should call Audley Capital’s
proxy solicitor, Okapi Partners LLC, at (877) 208-8903.

Additional Information

Further information regarding the director nominees and other persons who may
be deemed participants, and other matters, are set forth in a definitive proxy
statement filed with the Securities and Exchange Commission (“SEC”).
SHAREHOLDERS OF THE COMPANY ARE STRONGLY ADVISED TO READ THAT PROXY STATEMENT,
BECAUSE IT INCLUDES IMPORTANT INFORMATION. THE PROXY STATEMENT IS BEING SENT
TO SHAREHOLDERS BY OR ON BEHALF OF PARTICIPANTS, AND IS ALSO AVAILABLE AT NO
CHARGE ON THE SEC’S WEBSITE AT http://www.sec.gov.

Contact:

Investors:
Audley Capital Advisors LLP
Julian Treger, Managing Partner
+44-20-7529-6900
or
Okapi Partners LLC
Bruce Goldfarb/Charles Garske/Patrick McHugh
212-297-0720
or
Media:
Sard Verbinnen & Co
Dan Gagnier/Brian Shiver
212-687-8080