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Press release from Business Wire

Audley Capital Issues Statement Regarding Walter Energy Annual Meeting

Thursday, April 25, 2013

Audley Capital Issues Statement Regarding Walter Energy Annual Meeting

11:15 EDT Thursday, April 25, 2013

NEW YORK (Business Wire) -- Audley Capital Advisors LLP (including certain related funds and investment vehicles, “Audley Capital”) today issued the following statement in response to the apparent outcome of the election of directors to Walter Energy, Inc.'s (NYSE: WLT) (TSX: WLT) (“Walter Energy” or “the Company”) Board of Directors at the April 25, 2013 Annual Meeting of Stockholders.

Julian Treger, Managing Partner of Audley Capital Advisors, commented, “When we began our efforts, we found in Walter Energy a substantially undervalued company with tremendous unfulfilled potential that we believed lacked important leadership and oversight to effect positive change at the Company. Consequently, we put forth a slate of sophisticated, creative and dynamic director nominees, each of whom was fully prepared to devote his experience and expertise to maximize value for all company stockholders.”

Mr. Treger continued, “While it appears that this morning's outcome will not be the one that we had hoped for, we are nonetheless pleased with the result of our efforts. We believe that our campaign was critically important and highlighted the issues facing the Company, stimulated dialogue with stockholders and has already resulted in some improvements at Walter Energy. Importantly, our campaign motivated the Board to examine a number of initiatives, including reducing debt and costs and focusing on SG&A, and we look forward to seeing the benefits of those initiatives in the coming months.”

Mr. Treger concluded, “We would like to thank all Walter Energy stockholders who supported our efforts during this proxy solicitation process. We firmly believe that the Company's prospects have been enhanced by our actions and the changes they will have caused.”

Audley Capital Advisors LLP
Julian Treger, Managing Partner
+44 20 7529 6900
Okapi Partners LLC
Bruce Goldfarb/Charles Garske/Patrick McHugh
Sard Verbinnen & Co
Dan Gagnier/Brian Shiver

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