Ann: Company presentation, page-24

I am not a weather forecaster but looking at some European localities:

Hamburg today has a range of 6 to 11C, but by next Tuesday it's forecast to have a top of 2 and a low of zero.

Munich similarly is warm today at 8 to a low of 5, but from Sunday the lows for the next few days will mostly be minus 2.

Bratislava, Slovakia is seeing a range of 10 to 3 degrees today but by next Wednesday and Thursday it'll be tops of 4 or 5 and a low both days of 1 degree.

Vienna today is an unseasonal 3 to 11, but by next Wednesday will be zero to 5, and Thursday 1 to 4 degrees.

Turin (where like Vienna I was a few weeks ago) is 2 to 8 degrees today, but next Tuesday sees 3 to minus 1, and 5 to minus 2 on Wednesday next.

So what would I know, but I'm not 'panicking' about 'warm weather'.

As always, DYOR but perhaps the fall in coal price futures won't be sustained. Let's remember even after last night's fall, our thermal coal exporters are still making excellent returns, even if increased costs and a probable further rise in the A$ weight as negatives.