Audley Capital Provides Update on Walter Energy Director Nominee Robert Stan

Audley Capital Advisors LLP (including certain related funds and
investment vehicles, 'Audley Capital?) today announced that, as it
expected, the Alberta Securities Commission ('ASC?) has now dismissed
all allegations of insider trading against Robert H. Stan. The Alberta
Securities Commission decision was issued April 10, 2013. Mr. Stan is
one of Audley Capital′s five nominees for election to the Board of
Directors of Walter Energy, Inc. (NYSE: WLT) (TSX: WLT) ('Walter Energy?
or 'the Company?) in connection with the Company′s upcoming 2013 Annual
Meeting of Stockholders on April 25, 2013.

Julian Treger, Managing Partner of Audley Capital Advisors, said, 'We
are pleased, but not surprised, with the Alberta Securities Commission′s
announcement exonerating Robert from the allegations against him. We
have always considered Robert an upstanding individual and held him in
the highest regard. As we have consistently made clear, we believed the
allegations against him were completely without merit and would be
dismissed. We believe that Robert would serve as a strong addition to
the Walter Energy Board as he brings over 30 years of experience in the
western Canadian coal business and has knowledge of the geographic area
of Walter Energy′s Canadian mining activities. He, like all of our
director nominees, will bring new ideas and strategic initiatives in
their efforts to bolster investment returns.?

Mr. Treger continued, 'We believe that Walter Energy′s ongoing attempt
to misrepresent and distort facts regarding our five director nominees,
investments and strategic initiatives needs to come to an immediate end.
The Board consistently attempted to vilify Robert based on the unfounded
allegations against him. Over the past months, we believe that the
Company has skewed realities, manipulated data to disguise
underperformance, improperly portrayed the robust credentials of our
director nominees and disparaged our proposed strategic initiatives. We
believe this was the Board′s weak attempt to distract stockholders from
the harsh reality of its ongoing underperformance. All of these tactics,
in our view, speak directly to the Board′s lack of credibility. Needless
to say, we believe it is imperative ? for the future of the Company ?
that new Board members are elected to Walter Energy′s Board of
Directors.?

Audley Capital urges Walter Energy′s stockholders to vote the GOLD
proxy card to elect Audley Capital′s five highly-qualified and
experienced director nominees to Walter Energy′s Board of Directors.
They will work with management to put forth a clear strategic plan and
vision that we believe could help increase equity value over the coming
12 to 24 months.

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.

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