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T h i s r e p o r t h a s b e e n p r e p a r e d b y U B S A G o r a n a f f i l i a t e t h e r e o f ( “ U B S ” ) , a c t i n g t h r o u g h i t s b u s i n e s s g r o u p U B S W a r b u r g . In c e r t a i n
c o u n t ri e s U B S A G i s re f e r r e d to a s U B S S A .

T h i s re p o r t i s f o r d is tr i b u t i o n o n ly u n d e r s u c h c i r c u m s t a n c e s a s m a y b e p e rm i tt e d b y a p p li c a b l e la w . It h a s n o re g a rd t o t h e sp e c i fi c
i n v e s t m e n t o b j e c t i v e s , f i n a n c i a l s i t u a t i o n o r p a r t i c u l a r n e e d s o f a n y s p e c i f i c r e c i p i e n t . It i s p u b l i s h e d s o l e l y f o r i n f o r m a t i o n a l p u r p o s e s
a n d i s n o t t o b e c o n s tr u e d a s a s o li c i t a t i o n o r a n o f fe r t o b u y o r s e ll a n y s e c u r i ti e s o r r e la te d f i n a n c ia l i n s t r u m e n ts . N o re p re s e n t a ti o n
o r w a rr a n t y , e it h e r e x p r e s s o r i m p li e d , i s p ro v i d e d i n r e la t i o n t o t h e a c c u r a c y , c o m p le t e n e s s o r re l ia b i li t y o f t h e i n f o r m a t i o n c o n t a i n e d
h e r e i n , n o r i s i t i n t e n d e d t o b e a c o m p le t e s t a t e m e n t o r s u m m a r y o f t h e s e c u ri t i e s , m a rk e ts o r d e v e lo p m e n t s r e fe rr e d t o i n t h e r e p o r t.
T h e r e p o r t s h o u ld n o t b e r e g a r d e d b y re c i p i e n t s a s a s u b s t it u t e f o r th e e x e r c i s e o f t h e i r o w n j u d g e m e n t . A n y o p i n i o n s e x p r e s s e d in t h i s
r e p o rt a r e s u b j e c t t o c h a n g e w i t h o u t n o t i c e a n d m a y d i f f e r o r b e c o n t r a ry t o o p i n i o n s e x p re s s e d b y o t h e r b u s in e s s a r e a s o r g ro u p s o f
U B S a s a re s u lt o f u s i n g d if f e r e n t a s s u m p t io n s a n d c r i t e ri a . U B S is u n d e r n o o b li g a t i o n t o u p d a t e o r k e e p c u rr e n t t h e i n f o rm a tio n
c o n ta i n e d h e r e i n . U B S a n d / o r i t s d i r e c to r s , o ff i c e r s a n d e m p lo y e e s o r c li e n t s m a y h a v e o r h a v e h a d i n t e r e s t s o r l o n g o r s h o rt p o s i t i o n s
i n , a n d m a y a t a n y t i m e m a k e p u r c h a s e s a n d / o r s a l e s a s p r i n c i p a l o r a g e n t . In a d d i t i o n , U B S m a y a c t o r h a v e a c t e d a s m a r k e t - m a k e r
i n t h e r e le v a n t s e c u r it i e s o r r e la t e d fi n a n c i a l i n s t r u m e n t s d i s c u s s e d i n t h is re p o r t . F u r th e rm o re , U B S m a y h a v e o r h a v e h a d a
r e l a t i o n s h i p w i t h o r m a y p r o v i d e o r h a s p r o v i d e d i n v e s t m e n t b a n k i n g , c a p i t a l m a r k e t s a n d / o r o t h e r f i n a n c i a l s e r v i c e s t o t h e r e le v a n t
c o m p a n i e s . E m p lo y e e s o f U B S m a y s e r v e o r h a v e s e r v e d a s o f f i c e r s o r d i r e c to r s o f t h e re l e v a n t c o m p a n ie s . U B S m a y re l y o n
i n f o r m a t i o n b a r r i e rs , s u c h a s “ C h i n e s e W a l ls ,” t o c o n t r o l t h e f lo w o f i n f o r m a t i o n c o n ta i n e d i n o n e o r m o r e a r e a s w i t h i n U B S , in to
o th e r a re a s , u n i t s , g r o u p s o r a f fi li a t e s o f U B S .

T h e s e c u r i ti e s d e s c r i b e d h e r e i n m a y n o t b e e li g i b le f o r s a l e i n a ll ju ri s d ic t i o n s o r to c e r t a i n c a t e g o r i e s o f i n v e s t o r s . O p t i o n s , d e r iv a t iv e
p r o d u c ts a n d f u t u r e s a re n o t s u i t a b le fo r a ll i n v e s t o rs , a n d t ra d i n g i n t h e s e i n s t r u m e n t s i s c o n s i d e r e d r i s k y . P a s t p e r fo r m a n c e i s n o t
n e c e s s a r i ly i n d i c a t i v e o f f u t u r e r e s u lt s . F o r e i g n c u r r e n c y ra t e s o f e x c h a n g e m a y a d v e r s e ly a f fe c t t h e v a lu e , p r i c e o r i n c o m e o f a n y
s e c u r i t y o r r e la t e d in s t ru m e n t m e n t i o n e d in t h i s re p o r t . F o r i n v e s t m e n t a d v i c e , t r a d e e x e c u t io n o r o t h e r e n q u i r ie s , c li e n t s s h o u ld
c o n ta c t t h e i r lo c a l s a l e s r e p r e s e n t a t i v e . U B S , i t s r e la t e d e n ti t e s , d i r e c t o r s , e m p lo y e e s a n d a g e n t s a c c e p t n o li a b i li t y w h a t s o e v e r f o r a n y
lo s s o r d a m a g e o f a n y k i n d a r i s i n g o u t o f t h e u s e o f a ll o r a n y p a r t o f t h i s re p o r t . $ G G L WL R Q D O  L Q I R U P D WL R Q  Z L O O  E H  P D G H  D Y D LO D E O H
X S R Q  U H T X H V W

8 Q L W H G  . L Q J G R P  D Q G  U H V W  R I  ( X U R S H : E x c e p t a s o t h e r w i s e s p e c i f i e d h e r e i n , t h i s m a t e r i a l i s c o m m u n i c a t e d b y U B S W a r b u r g L t d ., a

s u b s i d i a r y o f U B S A G , t o p e r s o n s w h o a r e m a rk e t c o u n t e r p a r ti e s o r i n t e r m e d i a t e c u s to m e rs (a s d e t a i l e d i n t h e F S A R u le s ) a n d i s o n ly
a v a i la b le t o s u c h p e r s o n s . T h e i n f o rm a ti o n c o n t a in e d h e re i n d o e s n o t a p p ly t o , a n d s h o u ld n o t b e r e li e d u p o n b y , p r i v a t e c u s to m e r s .
6 Z L W] H U O D Q G  T h is r e p o rt i s b e i n g d i s t r ib u t e d i n S w i tz e rl a n d b y U B S A G t o p e r s o n s w h o a r e in s t it u ti o n a l i n v e s t o r s o n ly . , WD O\ 
S h o u l d p e r s o n s r e c e i v i n g t h i s r e s e a r c h i n It a l y r e q u i r e a d d i t i o n a l i n f o r m a t i o n o r w i s h t o e f f e c t t r a n s a c t i o n s i n t h e r e l e v a n t s e c u r i t i e s ,
t h e y s h o u l d c o n t a c t G i u b e r g i a U B S W a r b u r g S IM S p A , a n a s s o c i a t e o f U B S S A , i n M i l a n . 6 R X W K  $ I U L F D  U B S W a r b u r g S e c u r i t i e s
( S o u th A f r ic a ) ( P ty ) L t d . (i n c o rp o r a ti n g J . D . A n d e rs o n & C o . ) i s a m e m b e r o f t h e J S E S e c u r i t i e s E x c h a n g e S A . 8 Q L W H G  6 WD WH V  T h i s
r e p o r t i s b e i n g d i s t r i b u t e d t o U S p e r s o n s b y e i t h e r U B S W a r b u r g L L C o r b y U B S P a i n e W e b b e r In c . , s u b s i d i a r i e s o f U B S A G ; o r b y a
g ro u p , s u b s id ia r y o r a ff i li a t e o f U B S A G t h a t i s n o t r e g i s t e r e d a s a U S b r o k e r -d e a l e r ( a “ n o n -U S a f fi li a t e ” ), t o m a jo r U S in s t itu ti o n a l
i n v e s t o r s o n ly . U B S W a r b u rg L L C o r U B S P a in e W e b b e r In c . a c c e p ts r e s p o n s ib il i ty f o r t h e c o n t e n t o f a r e p o r t p r e p a r e d b y a n o t h e r
n o n - U S a f f i l i a t e w h e n d i s t r i b u t e d t o U S p e r s o n s b y U B S W a r b u r g L L C o r U B S P a i n e W e b b e r In c . A l l t r a n s a c t i o n s b y a U S p e r s o n i n
t h e s e c u r i t i e s m e n t i o n e d i n t h i s r e p o r t m u s t b e e f f e c t e d t h r o u g h U B S W a r b u r g L L C o r U B S P a i n e W e b b e r In c . , a n d n o t t h r o u g h a n o n -
U S a f f i l i a t e . & D Q D G D : T h i s r e p o r t i s b e i n g d i s t r i b u t e d b y U B S B u n t i n g W a r b u r g In c . , a s u b s i d i a r y o f U B S A G a n d a m e m b e r o f t h e
p r i n c i p a l C a n a d i a n s t o c k e x c h a n g e s & C IP F . A s t a t e m e n t o f i t s fi n a n c i a l c o n d i t io n a n d a l i s t o f i t s d i r e c t o r s a n d s e n i o r o f fi c e r s w i ll
b e p ro v id e d u p o n re q u e s t . + R Q J . R Q J : T h is r e p o r t i s b e in g d i s t r i b u t e d i n H o n g K o n g b y U B S W a r b u r g ( A s ia ) L i m i t e d . 6 LQ J D S R U H :
T h i s r e p o r t i s b e in g d i s tr i b u t e d i n S in g a p o re b y U B S W a r b u r g P t e . L t d . - D S D Q  T h i s  r e p o r t is b e i n g d i s t r i b u t e d i n J a p a n b y U B S
W a r b u rg (J a p a n ) L i m i t e d t o i n s t i t u t i o n a l i n v e s t o rs o n ly .  $ X V WU D O L D    T h i s r e p o r t i s b e i n g d i s t ri b u te d i n A u s t r a li a b y U B S W a rb u rg
A u s t ra li a L t d (A B N 4 0 0 0 8 5 8 2 7 0 5 ) a n d U B S W a r b u r g A u s t r a l ia E q u i t ie s L t d ( A B N 6 2 0 0 8 5 8 6 4 8 1 ) li c e n s e d s e c u ri t i e s d e a le r s .
1 H Z  = H D O D Q G  T h i s r e p o r t i s b e i n g d i s t ri b u t e d i n N e w Z e a l a n d b y U B S W a rb u r g N e w Z e a la n d L t d a n d U B S W a r b u r g N e w Z e a la n d

E q u itie s L td .

© 2 0 0 2 U B S A G . A ll r i g h t s r e s e r v e d . T h i s r e p o rt m a y n o t b e r e p r o d u c e d o r r e d i s t r ib u t e d , in w h o le o r i n p a r t , w it h o u t t h e w ri t t e n
p e r m i s s i o n o f U B S a n d U B S a c c e p t s n o l ia b i li t y w h a t s o e v e r fo r t h e a c t i o n s o f th i rd p a r t ie s i n t h i s re s p e c t.
This research was originally published in 2001, and was launched on Research Web as of 2001; Accordingly, the views expressed may not reflect the analyst’s current
thinking.