We would expect some seasonal weakness in thermal coal markets in 2Q, but Peabody has been operating relatively well in recent quarters, and these financial results from 1Q are encouraging. We also respect a gradual recovery in met coal prices in 2H, and thermal coal prices should be resilient near current levels, with some upside potential in the US. The performance of Peabody's core business is of course relevant to the BTU investment case, but the outlook for Peabody is heavily dependent on what happens with the Anglo Coal deal. The total agreed purchase price for Anglo Coal includes $1.695bn cash at closing, $625m in time-deferred payments to be made over a four-year period, and up to $1.0bn in contingent payments based on met coal prices ($550m) and a potential restart of the Grosvenor mine ($450m).