Apollo Global Mgmt, NRI Mgmt Group Announce Strategic Partnership

NRI Management Group LLC (“NRI”) and affiliates of Apollo Global Management, LLC

(collectively with its subsidiaries “Apollo”), today announced that they have formed a partnership to invest in mining properties throughout the world, with a primary focus on coal. The strategic partnership, backed by an equity commitment of $300 million from funds affiliated with Apollo, will focus on mining and related opportunities in established regions throughout the world. NRI will focus primarily on coal mining and related assets, as the demand for metallurgical coal continues to rapidly increase throughout the world. Demand for thermal coal is also expanding as the worldwide need for electricity, particularly in developing economies, is expected to increase by 70% by 2035 according to the IEA. NRI is targeting the acquisition and development of mining assets in the Americas and throughout the world, with a focus on those assets that offer strong export opportunities and participate in international seaborne trade. NRI's emphasis is on both mining development opportunities and operating properties where its team can leverage its expertise to accelerate growth and create long-term value.