Duquesne Capital Management Reconfirms Vote Against Alpha Natural Resources' Proposed...

Duquesne Capital Management Reconfirms Vote Against Alpha Natural Resources'
Proposed Merger
Considers Impact of $14.9 Million Severance and Rehiring Payments to ANR CEO &
Chairman Triggered by Transaction

NEW YORK, July 30 /PRNewswire/ -- Duquesne Capital Management, L.L.C.
(Duquesne), the largest shareholder of Alpha Natural Resources, Inc. (ANR),
reconfirmed today that it is voting against the proposed merger with
Foundation Coal Holdings, Inc. (FCL).

Duquesne noted that ANR has disclosed that its CEO and Chairman will, under
his employment agreement, be treated as if he were terminated without cause if
the transaction is consummated, thereby triggering a variety of payments to
him totaling more than $14.9 million, despite the fact that he is expected to
continue as Executive Chairman of the Board of Directors following the
proposed transaction. Duquesne understands that the payments will consist of
the following components, some of which are based on being terminated, and one
of which is based on being rehired:
Closing Share
Price on
Compensation Shares July 29th Cash
------------ ------ ----------- ----------
Cash Severance $3,200,000
Retention Equity 108,304 $30.99 $3,356,341
Restricted Shares Vested 92,197 $30.99 $2,857,185
Performance Shares Vested 177,321 $30.99 $5,495,178
----------
$14,908,704

Duquesne sees that the price of thermal coal in the US market has been
substantially weakening, while the price of metallurgical coal in the
international market has been strongly appreciating and views both trends as
continuing, and in the face of that, ANR persists in being bearish on
metallurgical coal and bullish on US thermal coal, in both instances running
contrary to fundamental changes in the market that its competitors
acknowledge. ANR has failed to revalue the proposed merger as well as FCL
2010 EBITDA guidance based on current market prices for coal, while clinging
to outdated assumptions to justify the merger as accretive to earnings for ANR
shareholders. Duquesne believes that the evidence is clear that it is not
accretive, and that ANR's judgments have been swayed inappropriately.

Duquesne Capital Management, L.L.C., is an investment management firm with
offices in New York and Pittsburgh, and provides investment management
services to a small number of institutional clients. Duquesne is not
accepting additional clients.

Not a Proxy Statement

This press release only reflects Duquesne Capital Management's voting decision
and expresses Duquesne's reasons for that decision; it is not a proxy
statement and it does not constitute a solicitation of proxies from the
shareholders of Alpha Natural Resources, Inc. or Foundation Coal Holdings,
Inc.

Gerald Kerner, 1 212 830 6655, of Duquesne Capital Management, L.L.C.

SOURCE Duquesne Capital Management L.L.C.

Gerald Kerner of Duquesne Capital Management, L.L.C., +1-212-830-6655