Audley Capital Calls on Walter Energy to Disclose Mine-Level SG&A in Relation to Peers

Requests that Company Provide Analysis Detailing SG&A Per Ton of Production Compared to Peer Group Average

Believes Company’s Corporate-Level Disclosure is Misleading and Embellishes Overall SG&A Reductions

NEW YORK–(BUSINESS WIRE)– Audley Capital Advisors LLP (including certain related funds and investment vehicles, “Audley Capital“) today called on Walter Energy, Inc. (NYS: WLT) (TSX: WLT) (“Walter Energy” or “the Company”) to provide per ton of production (“mine-level”) SG&A analysis compared to the average of its peer group since the completion of the Western Coal acquisition in April 2011, or for the fourth quarter of 2012. Audley Capital believes that stockholders deserve the transparency of mine-level analysis, which is arguably one of the most important metrics in met coal production.

For the purposes of analysis, Audley Capital uses a comparable group for Walter Energy that includes Alpha Natural Resources, Arch Coal and Peabody Energy. Audley Capital notes that all of the peer companies report mine-level SG&A while Walter Energy chooses to allocate overhead costs from individual mines to corporate-level SG&A, an opaque reporting threshold.