In spite of weaker commodity prices and markets, our balance sheet remains strong. In the fourth quarter of 2012, we announced the redemption of the last outstanding tranche of our high-yield debt. This was a milestone event, as it retired the remaining portion of the high-yield debt we issued in May 2009. Notwithstanding our strong financial position, as the global economy remained uncertain in 2012, we focused on cost management strategies and deferred approximately $1.5 billion of expected capital spending from our original  capital budgets. Our company’s first operation, the Teck-Hughes mine in Ontario, operated for more than 50 years. It was a long-life asset in a stable jurisdiction and those characteristics continue to define our “stay the course” strategy today. Attracting, retaining and developing the best employees is critical to our success and ensures that the company is  appropriately staffed to promptly identify and act on opportunities to enhance our portfolio of assets. Our leadership  programs will be expanded as part of our people strategy that engages employees in our business priorities. We will  continue building on the success of our safety programs and expand our wellness initiatives throughout the company. Building on our commitment to sustainability, our key focus in 2013 will be the establishment of baselines for water  quantity and quality at all operations, advancing our commitment to our 2015 renewable energy target and developing  management plans for the future supply of power for our operations and major projects. In 2013, we will work to meet or exceed production guidance for each of our operations while continuing with our efforts to achieve increased efficiencies. In the coming year we aim to reduce our expected operating costs by  approximately $200 million. This allows us to respond in the short term to changing market conditions while remaining  poised for future growth. While some capital spending has been delayed, we remain focused on developing projects  such as Quintette, Quebrada Blanca Phase 2 and Fort Hills; in 2013 we will work to advance engineering, permitting and partner approvals for these projects.  In 2013, we will continue to ensure that the company remains well positioned to identify and act on opportunities to  enhance our portfolio of assets, while at all times maintaining a balanced approach to allocating capital between the  development of existing assets, and the acquisition or development of new assets. We will do so by maintaining our robust financial position and access to a wide range of strong operating and financial partners. Finally, we will accelerate our  understanding of the potential of our assets with respect to mineral resource, commercial and project development options. Over Teck’s 100-year history, our people have been the foundation of our success. It is skilled, engaged and empowered  employees who deliver value to our investors, contribute to our business and lay the groundwork for growth. I want to  thank all of our employees for their hard work and dedication to our company. I would like to recognize two individuals who have been at Teck for many years and who retired in 2012: Mike Agg,  Senior Vice President, Zinc and John Thompson, Vice President, Technology and Development. Mike and John made  important contributions to our company, and I’d like to wish them well in their retirement. I would also like to congratulate  and welcome new members of senior management: Alex Christopher, Vice President, Exploration; Colin Joudrie, Vice President, Business Development; Dean Winsor, Vice President, Human Resources; Michael Davies, Vice President,  Environment; Dave Welbourne, Vice President, Audit and Operational Review; Keith Stein, Vice President, Project  Development; and Michael Han, our new Chief Economist based in China. Teck has come a long way over the last 100 years. Thanks to the energy, ability and talent of our people, we are well  positioned to continue helping build a better quality of life for people around the globe for the next century. Generations 9 Management Objectives for 2013 February 20, 2013 Donald R. Lindsay  President and Chief Executive Officer 