1 Copyright © [2009] The McGraw-Hill Companies, Inc. Standard & Poor’s, including its subsidiary corporations (S&P), is a division of the McGraw-Hill Companies, Inc. Reproduction of this work in any form is prohibited without S&P’s prior written permission.

2 “Did you know?” European Copper Institute, http://www.eurocopper.org/copper/copper-usage.html (accessed July 14, 2008).

3 “Mineral Exploration and Mining,” Satellite Imaging Corporation, http://www.satimagingcorp.com/svc/mining.html (accessed June 18, 2008).

4 “Exploration,” Engineering and Mining Journal (April 2001).

5 Robert Guy Matthews, “Hunters Comb Globe for a Hot Metal,” Wall Street Journal (April 4, 2008), http://online.wsj.com/article/SB120728123161288949.html?mod=hps_us_inside_today (accessed June 18, 2008).

6 Keith Campbell, “State Mining Royalties Proposals Improve, but Still Causing Some Concern,” Mining Weekly (November 17, 2006), http://www.miningweekly.com/article.php?a_id=97472 (accessed August 14, 2008); International Finance Corporation Press Release, “IFC Helps Support Black Economic Empowerment in South Africa” (February 13, 2004), http://ifcln001.world-bank.org/ifcext/pressroom/ifcpressroom.nsf/PressRelease?openform&7BFB6F8A2076B59285256E3900546EBC (accessed July 29, 2008).

7 John D. Jorgenson, “2006 Minerals Yearbook: Iron Ore,” U.S. Department of the Interior and U.S. Geological Survey (May 2008), http://minerals.usgs.gov/minerals/pubs/commodity/iron_ore/index.html (accessed July 14, 2008).

8 CEO of Titan International in Q4 2007 Earnings Call Transcript, page 9 of 15.

9 “Primary Copper Smelting,” U.S. Environmental Protection Agency, http://www.epa.gov/ttn/chief/ap42/ch12/final/c12s03.pdf (accessed July 29, 2008).

10 Ibid.

11 Miho Yoshikawa, “Update 2- Japan, BHP Set 2008 Copper Fees at $45/4.5 Cents,” Reuters (January 18, 2008), http://www.reuters.com/article/rbssIndustry-MaterialsUtilitiesNews/idUST3626520080118 (accessed July 29, 2008).

12 “Scrap Recycling Industry Facts,” Institute of Scrap Recycling Industries, Inc., http://www.isri.org/AM/Template.cfm?Section=Home1&CONTENTID=16096&TEMPLATE=/CM/ContentDisplay.cfm (accessed July 29, 2008).

13 See note 11.

14 British Cement Association, http://www.cementindustry.co.uk/.

15 “Cement & Concrete Basics,” Portland Cement Association, http://www.cement.org/basics/concretebasics_concretebasics.asp (accessed July 29, 2008).

16 Ibid.

17 “How Portland Cement is Made,” Portland Cement Association, http://www.cement.org/basics/howmade.asp (accessed July 30, 2008).

18 “Cement Industry Overview,” Portland Cement Association, http://www.cement.org/econ/industry.asp (accessed July 7, 2008).

19 Ed Sullivan, “Capacity Expansion Update,” The Monitor, Portland Cement Association (April 30, 2008), http://www.cement.org/econ/pdf/NONMEMBERCapacityExpansion.pdf (accessed July 7, 2008).

20 “Coal and Cement,” World Coal Institute, http://www.worldcoal.org/pages/content/index.asp?PageID=110 (accessed June 18, 2008).

21 Brian R. Hook, “Construction and Demolition Recycling Rates Climb,” American Recycler (January 2007), http://www.americanrecycler.com/0107/construction.html (accessed August 14, 2008). Concrete Recycling Organization website presented by the Construction Materials Recycling Association, http://www.concreterecycling.org/ (accessed July 30, 2008).

22 “U.S. Hardwood Species,” American Hardwood Export Council (2002), http://www.ahec.org/hardwoods/species.html (accessed July 30, 2008).

23 Neil K. Huyler and Chris B. LeDoux, “Performance of a Cut-to-Length Harvester in a Single-Tree and Group-Selection Cut,” United States Department of Agriculture (November 1999), http://www.fs.fed.us/ne/newtown_square/publications/research_papers/pdfs/scanned/OCR/ne_rp711.pdf (accessed June 18, 2008).

24 “Paper Production and Consumption Facts,” Co-op America, http://www.coopamerica.org/programs/woodwise/consumers/stats/index.cfm (accessed July 30, 2008).

25 See note 11.

26 “Collection: Recycling in the Paper Industry,” Institute of Paper Science and Technology at Georgia Tech (June 13, 2006), http://www.ipst.gatech.edu/amp/collection/museum_recycling.htm (accessed June 18, 2008).

27 “Facts about Paper Recycling,” American Forest & Paper Association, http://www.afandpa.org/Content/NavigationMenu/Environment_and_Recycling/Recycling/Facts_About_Paper_Recycling/Facts_About_Paper_Recycling.htm (accessed July 30, 2008).

1 “Industry Comes of Age: 1865-1900,” http://www.course-notes.org/us_history/american_pageant_11th_edition_outlines/chapter_25_-_industry_comes_of_age/ (accessed July 2, 2008).

2 Carolyn Dimitri, Anne Effland, and Neilson Conklin, “The 20th Century Transformation of U.S. Agriculture and Farm Policy,” U.S. Department of Agriculture (June 2005), http://www.ers.usda.gov/publications/EIB3/EIB3.htm (accessed July 2, 2008).

3 Yves Meny, Vincent Wright, and Martin Rhodes, The Politics of Steel: Western Europe and the Steel Industry in the Crisis Years (1974-1984) (New York: Walter De Gruyter, 1987).

4 American Society of Civil Engineers, “An Action Plan For the 110th Congress,” Report Card for America’s Infrastructure (2008), http://www.asce.org/report-card/2005/actionplan07.cfm (accessed June 18, 2008).

1 Michael George, “2006 Minerals Yearbook: Platinum-Group Metals,” U.S. Department of the Interior and U.S. Geological Survey (September 2007), http://minerals.usgs.gov/minerals/pubs/commodity/platinum/ (accessed July 1, 2008).

2 John D. Jorgenson, “2006 Minerals Yearbook: Iron Ore,” U.S. Department of the Interior and U.S. Geological Survey (May 2008), http://minerals.usgs.gov/minerals/pubs/commodity/iron_ore/index.html (accessed July 10, 2008). Page 39.4; BHP Billiton, February 6th, 2008 interim presentation.

3 “Platinum,” New York Mercantile Exchange (2006), http://www.nymex.com/pla_fut_descri.aspx (accessed July 10, 2008).

4 “S. African Power Crisis: Eskom’s Generating Capacity,” Reuters Africa (March 18, 2008), http://africa.reuters.com/energyandoil/news/usnL18624120.html (accessed July 10, 2008).

5 Thomson Financial, “Rio Tinto Secures 85 Percent Rise in 2008 Iron Ore Contract Prices,” Forbes (June 23, 2008), http://global.forbes.com/feeds/afx/2008/06/23/afx5143385.html (accessed July 17, 2008). United Steelworkers, “Australian Rain Plus Chinese Demand Equals Higher Coal Prices,” (June 5, 2008), http://www.uswa.ca/program/printthispage.php?pageid=5072&lan=en (accessed July 17, 2008).

6 Daniel L. Edelstein, “2006 Minerals Yearbook: Copper,” U.S. Department of Interior and U.S. Geological Survey (May 2008), http://minerals.usgs.gov/minerals/pubs/commodity/copper/ (accessed July 14, 2008).

7 Ibid.

8 London Metal Exchange, http://www.lme/co.uk.

9 BHP Billiton February 6th, 2008 interim presentation.

10 See note 11.

11 Thompson Street Events, February 2008 Morgan Stanley Basic Materials Conference, Page 1.

12 Thompson Street Events, Freeport Mcmoran Q4 2007, conference call.

1 Source: MSCI. The MSCI information may only be used for your internal use, may not be reproduced or redisseminated in any form, and may not be used to create any financial instruments or products or any indices. The MSCI information is provided on an “as is” basis and the user of this information assumes the entire risk of any use made of this information. MSCI, each of its affiliates, and each other person involved in or related to compiling, computing, or creating any MSCI information (collectively, the “MSCI Parties”) expressly disclaims all warranties (including, without limitation, any warranties of originality, accuracy, completeness, timeliness, non-infringement, merchantability, and fitness for a particular purpose) with respect to this information. Without limiting any of the foregoing, in no event shall any MSCI Party have any liability for any direct, indirect, special, incidental, punitive, consequential (including, without limitation, lost profits), or any other damages.

2 Ibid.

3 Ibid.

4 Ibid.

5 Ibid.

6 Ibid.

7 Ibid.

8 “Mine—As Good as it Gets?” PriceWaterhouseCoopers (2008), http://www.pwc.com/extweb/pwcpublications.nsf/docid/4E436FE3366918688525746B005C8D9E/$File/Mine_2008_v7_Final.pdf (accessed August 6, 2008).

9 John D. Jorgenson, “2006 Minerals Yearbook: Iron Ore,” U.S. Department of the Interior and U.S. Geological Survey (May 2008), http://minerals.usgs.gov/minerals/pubs/commodity/iron_ore/index.html (accessed July 14, 2008).

10 Ibid. The Empire State Building facts from The New York-Travel Information Center, http://www.newyorktransportation.com/info/empirefact2.html.

11 Michael D. Fenton, “2006 Minerals Yearbook: Iron and Steel,” U.S. Department of Interior and U.S. Geological Survey, http://minerals.usgs.gov/minerals/pubs/commodity/iron_&_steel/myb1-2006-feste.pdf (accessed July 14, 2008).

12 “The World’s Top Ten Corporate Iron Ore Producers,” Reuters (October 22, 2007), http://uk.reuters.com/article/oilRpt/idUKSP7026220071022 (accessed July 16, 2008); “Iron Ore Producers,” EconStats, http://www.econstats.com/rt_ironore.htm (accessed July 16, 2008).

13 International Iron and Steel Institute, “Crude Steel Production by Process, 2006,” http://www.worldsteel.org/?action=storypages&id=196 (accessed July 16, 2008).

14 “International Energy Outlook 2007,” US Department of Energy, Energy Information Administration (May 2007), http://www.eia.doe.gov/oiaf/ieo/coal.html (accessed May 8, 2008).

15 “Coal Market & Pricing,” World Coal Institute, http://www.worldcoal.org/pages/content/index.asp?PageID=438 (accessed August 6, 2008).

16 2007 BP Statistical Review of World Energy, http://www.bp.com.

17 “Top Steel-Producing Companies, 2005 and 2006,” International Iron and Steel Institute, http://www.worldsteel.org/?action=storypages&id=194 (accessed July 16, 2008).

18 David Phelps, “Outlook for the U.S. Steel Market in 2008 Presentation,” American Institute for International Steel (February 19, 2008), http://www.aiis.org/index.php?tg=articles&idx=Print&topics=20&article=301 (accessed July 17, 2008).

19 “AISI Market Development Progress Report 2006-2007,” American Iron and Steel Institute, http://www.steel.org/AM/Template.cfm?Section=Annual_Reports1&CONTENTID=20664&TEMPLATE=/CM/ContentDisplay.cfm (accessed July 16, 2008).

20 See note 13.

21 “Gold Demand Trends: Full year and Fourth Quarter 2007,” World Gold Council (February 2008), http://www.gold.org/deliver.php?file=/assets/file/pub_archive/pdf/GDT_Q4_2007.pdf (accessed August 6, 2008).

22 Goldsheet Mining Directory, World Gold Production (http://www.goldsheetlinks.com/production.htm).

23 Claudia Carpenter, “Copper Climbs After Stockpiles Decline; Aluminum Erases Advance,” Bloomberg (June 27, 2008), http://www.bloomberg.com/apps/news?pid=20601012&sid=aVj3KzKPKHbQ&refer=commodities (accessed August 13, 2008).

24 The Aluminum Association, http://www.aluminum.org/AM/Template.cfm?Section=Overview&Template=/CM/HTMLDisplay.cfm&ContentID=26509 (accessed July 17, 2008).

25 “Global Ethylene and Propylene Demand and Capacity to See a Dramatic Change,” Plastemart, http://www.plastemart.com/upload/Literature/Global-ethylene-propylene-demand-capacity-to-change.asp (accessed August 13, 2008).

26 Doug Smock, “Boeing 787 Dreamliner Represents Composites Revolution,” Design News (June 4, 2007), http://www.designnews.com/index.asp?layout=article&articleid=CA6441583 (accessed June 24, 2008); Ed Grabianowski, “How the Airbus A380 Works,” How Stuff Works, http://travel.howstuffworks.com/a380.htm/printable (accessed June 24, 2008).

27 Ben Rasmussen, “Market Trends: This Industry is Ready to Explode,” Zoltek (March 27, 2008), http://www.zoltek.com/aboutus/news/91/ (accessed August 13, 2008).

28 “The Global Benefits of Eating Less Meat,” Compassion in World Farming Trust, (2004), p. 7, http://209.85.173.104/search?q=cache:LsXongIafToJ:www.ciwf.org/publications/reports/The_Global_Benefits_of_Eating_Less_Meat.pdf+pounds+of+grain+per+meat&hl=en&ct=clnk&cd=7&gl=us (accessed June 24, 2008).

29 “Staying Home: How Ethanol Will Change U.S. Corn Exports,” The Institute for Agriculture and Trade Policy, http://www.agobservatory.org/library.cfm?refid=96658. (accessed June 25, 2008).

30 Paul C. Westcott, “U.S. Ethanol Expansion Driving Changes Throughout the Agricultural Sector,” United States Department of Agriculture (September 2007), http://www.ers.usda.gov/AmberWaves/September07/Features/Ethanol.htm (accessed June 25, 2008); Ephraim Leibtag, “Corn Prices Near Record High, But What About Food Costs?” United States Department of Agriculture (February 2008), http://www.ers.usda.gov/AmberWaves/February08/Features/CornPrices.htm (accessed June 25, 2008); “Agrium: Transformation & Growth” (February 2008), http://www.agrium.com/uploads/Morgan_Stanley_08.pdf (accessed June 25, 2008).

31 “Global Environment Outlook,” United Nations Environment Programme (2007), p. 110, http://www.unep.org/geo/geo4/report/GEO-4_Report_Full_en.pdf (accessed June 24, 2008).

32 Anand Giridharadas, “In India, Mom and Pop Get Shoved Aside,” International Herald Tribune (October 24, 2006), http://www.iht.com/articles/2006/10/19/business/retail.php (accessed June 25, 2008).

33 “Biotech Crops Experience Remarkable Dozen Years of Double-Digit Growth,” International Service for the Acquisition of Agri-Biotech Applications, ISAAA Brief 37-2007 Press Release(February 13, 2008), http://www.isaaa.org/resources/publications/briefs/37/pressrelease/default.html (accessed June 25, 2008).

34 K.S. Jayaraman, “India Approves Cultivation of GM Crops,” Science and Development Network (March 26, 2002), http://www.scidev.net/en/news/india-approves-cultivation-of-gm-crops.html (accessed June 25, 2008); Don Ethridge, “Changes in Global Cotton Markets: Causes and Effects,” Cotton Economics Research Institute, Texas Tech University (September 11, 2007), http://www.aaec.ttu.edu/CERI/policy/includes/WCRC4%20Presentation%20(2).ppt?bcsi_scan_34E336E4D93AA9DD=0&bcsi_scan_filename=WCRC4%20Presentation%20(2).ppt#260,5,Slide%205 (accessed June 25, 2008).

35 Mica Rosenberg, “Mexico Approves Rules To Begin Planting GM Corn,” Planet Ark (March 25, 2008), http://www.planetark.org/dailynewsstory.cfm/newsid/47627/story.htm (accessed June 25, 2008).

36 “Whole Farm Nutrient Management Tutorials,” Cornell University, http://instruct1.cit.cornell.edu/Courses/css412/mod3/ext_m3_pg6.htm (accessed June 25, 2008).

37 International Fertilizer Industry Association, http://www.fertilizer.org/ifa/Home-Page/STATISTICS/Production-and-trade-statistics (accessed August 15, 2008).

38 Industrial Gas Plants, http://www.industrialgasplants.com/industry-overview.html (accessed August 13, 2008).

39 “Overview of the Cement Industry,” Portland Cement Association (May 2003), http://www.cement.org/basics/cementindustry.asp (accessed June 25, 2008).

40 See note 1.

41 “Wood for Paper: Fiber Sourcing in the Global Pulp and Paper Industry,” Seneca Creek Associates, LLC and Wood Resources International, LLC, (December 2007), http://www.afandpa.org/temp/AFPAFiberSourcingPape12-07.pdf?bcsi_scan_408DE456E3075246=1 (accessed July 9, 2008).

42 Co-op America, Paper Production and Consumption Facts, http://www.coopamerica.org/programs/woodwise/consumers/stats/index.cfm (accessed August 13, 2008).

43 See note 41.

44 Daniel Dufour, “The Lumber Industry: Crucial Contribution to Canada’s Prosperity,” Statistics Canada, http://dsp-psd.tpsgc.gc.ca/Collection/Statcan/31F0027M/31F0027MIE2002001.pdf (accessed August 13, 2008).

45 Ibid.

46 Kathie Durban, “Spotted Owl or Red Herring?” High Country News (March 20, 2006), http://www.hcn.org/servlets/hcn.Article?article_id=16177 (accessed August 13, 2008).

47 “Issues: Wildlands,” National Resources Defense Council (February 19, 2008), http://www.nrdc.org/land/forests/qroadless.asp (accessed June 25, 2008).

48 World Forest Institute, http://wfi.worldforestrycenter.org/trade-3.htm (accessed August 13, 2008).

49 Packaging Today, http://www.packagingtoday.com/packagingindustrymergers.html (accessed August 13, 2008).

1 “Production and International Trade Statistics,” International Fertilizer Industry Association (September 27, 2007), http://www.fertilizer.org/ifa/statistics/pit_public/pit_public_statistics.asp (accessed July 21, 2008).

1 2006 Iron Ore Minerals Yearbook; The World Copper Factbook 2007.

2 Global Financial Data, https://globalfinancialdata.com.

3 “Global Infrastructure Spending to Rise,” KHL’s World Construction Week (Jan uary 17, 2007), http://crgp.stanford.edu/news/global_projects_realnews_global_infrastructure_spending_to_rise.html (accessed June 23, 2008); Graham Summers, “$300 Billion Explosion in the Middle East,” The Growth Stock Wire (April 20, 2007), http://www.growthstockwire.com/archive/2007/apr/2007_apr_20.asp (accessed June 23, 2008).

4 Richard R. Wertz, “Three Gorges Dam,” http://www.ibiblio.org/chinesehistory/contents/07spe/specrep01.html (accessed August 15, 2008); “Great Wall Across the Yangtze,” http://www.pbs.org/itvs/greatwall/ (accessed June 23, 2008).

5 James Russell, “Coal Use Rises Dramatically Despite Impacts on Climate and Health,” Worldwatch Institute (2008), http://www.worldwatch.org/node/5508 (accessed June 20, 2008). DUPE.

6 BP Statistical Review of World Energy, Coal Consumption Table, June 2008, http://www.bp.com/sectiongenericarticle.do?categoryId=9023786&contentId=7044482 (accessed August 15, 2008).

7 Aggregate & Ready Mix Association of Minnesota, http://www.armofmn.com/resources/aggregates.html.

8 Calum MacLeod, “China’s Highways Go the Distance,” USA Today (January 29, 2006), http://www.usatoday.com/news/world/2006-01-29-china-roads_x.htm (accessed June 23, 2008). DUPE; Robert E. Skinner Jr., “Highway Design and Construction: The Innovation Challenge,” National Academy of Engineering (Summer 2008), http://www.nae.edu/nae/bridgecom.nsf/weblinks/MKEZ-7FPKMW?OpenDocument (accessed August 15, 2008).

9 “World Crude Steel Production, 1950 to 2006,” International Iron and Steel Institute, http://www.worldsteel.org/?action=storypages&id=193 (accessed July 16, 2008); Metal Producing & Processing Staff, “Global Steel Output Rose 7.5% in 2007,” Metal Producing & Processing (January 24, 2008), http://www.metal-producing.com/redirect/feature/79229/global_steel_output_rose_75_in_2007 (accessed July 16, 2008).

10 “Apparent Steel Use, 2000 to 2006,” International Iron and Steel Institute, http://www.worldsteel.org/?action=storypages&id=205 (accessed July 16, 2008).

11 Cleveland-Cliffs B of A Presentation (May 7, 2008), http://www.b2i.us/profiles/investor/fullpage.asp?f=1&BzID=1041&to=cp&Nav=0&LangID=1&s=0&ID=2228 (accessed July 16, 2008). DUPE.

12 “Major Steel-Producing Countries, 2005 and 2006,” International Iron and Steel Institute, http://www.worldsteel.org/?action=storypages&id=195 (accessed July 17, 2008).

13 BHP Billiton February 6th, 2008 interim presentation, page 18; Vale Q2 2008 Earnings Presentation, page 11.

14 BHP Billiton February 6th, 2008 interim presentation, page 18.

15 Vale Q2 2008 Earnings Presentation, page 11; “China’s Copper and Aluminum Consumption for Jan-Mar 2008,” World Aluminum Market (May 16, 2008), http://www.world-aluminium-market.com/market/stat/others/consumption/ (accessed July 17, 2008).

16 “World Urbanization Prospects: The 2007 Revision,” Department of Economic and Social Affairs (February 2008), http://www.un.org/esa/population/publications/wup2007/2007WUP_Highlights_web.pdf (accessed June 19, 2008). DUPE.

17 Ibid.

18 Ibid.

19 Rita Raagas De Ramos, “Infrastructure Spending to Surge in Emerging Markets,” BusinessWeek (June 25, 2008), http://www.businessweek.com/globalbiz/content/jun2008/gb20080625_321091.htm?chan=top+news_top+news+index_global+business (accessed July 11, 2008).

20 “Infrastructure and the World Bank: A Progress Report,” Development Committee World Bank (September 6, 2005), http://siteresources.worldbank.org/DEVCOMMINT/Documentation/20651863/DC2005-0015(E)-Infrastructure.pdf (accessed June 19, 2008).

21 Rio Tinto Investor Presentation, Australian Site Visit, June 15, 2008.

22 “U.S. Auto Sales Will Rebound in 2009 as Opportunities in Developing Countries Grow; OEMs, Suppliers Must Carefully Consider Unique Aspects of Each Market,” CSM Worldwide (April 3, 2008), http://www.csmauto.com/news/in-the-press/2008/04/03/131 (accessed June 19, 2008); “CSM Global Production Summary by Region & Country,” CSM Worldwide, http://www.automotiveforecasting.com/gpo/Global-Summary-by-Country.pdf (accessed June 19, 2008).

23 Lester R. Brown, Michael Renner, and Christopher Flavin, Vital Signs 1998: The Environmental Trends That Are Shaping Our Future (W.W. Norton & Company, 1998).

24 “Report Card for America’s Infrastructure,” American Society of Civil Engineers, http://www.asce.org/files/pdf/reportcard/2005_Report_Card-Full_Report.pdf (accessed June 23, 2008). DUPE.

25 Stephen Flynn, “Minn. Bridge Collapse Reveals Brittle America: Expert Op-Ed,” Popular Mechanics (August 2, 2007), http://www.popularmechanics.com/technology/transportation/4219981.html (accessed June 23, 2008); “$38 Million Deal Reached in Minn. Bridge Collapse,” CNN (May 2, 2008), http://www.cnn.com/2008/US/05/02/bridge.collapse/?iref=mpstoryview (accessed June 23, 2008).

26 James Barron, “Steam Blast Jolts Midtown, Killing One,” New York Times (July 19, 2007), http://www.nytimes.com/2007/07/19/nyregion/19explode.html?hp (accessed June 23, 2008).

27 Report Card for America’s Infrastructure, “National Fact Sheet,” American Society of Civil Engineers, http://www.asce.org/reportcard/2005/page.cfm?id=145 (accessed June 23, 2008). DUPE.

28 The White House, “President Signs Transportation Act,” Office of the Press Secretary (August 10, 2005), http://www.whitehouse.gov/news/releases/2005/08/20050810-1.html (accessed June 24, 2008); California State Auditor, “The California State Auditor’s Initial Assessment of High-Risk Issues the State and Select State Agencies Face,” Bureau of State Audits (May 2007), http://www.bsa.ca.gov/reports/summary.php?id=535 (accessed June 24, 2008).

29 Thompson Street Event, Q4 2006 transcript. Page 4.

30 Caterpillar Mining Truck specifications, http://www.teknoxgroup.com/images/specalogs/eng/797B.pdf?bcsi_scan_34E336E4D93AA9DD=pMPZO579mfp2B0eYp2gASAIAAACs2YQA:1 (accessed June 25, 2008); Simon Romero, “Big Tires in Short Supply,” New York Times (April 20, 2006), http://www.nytimes.com/2006/04/20/business/20tire.html?_r=1&oref=slogin. (accessed June 25, 2008).

31 Matthew Warren, “Coal Ship Queue to Last for Months,” The Australian (March 27, 2007), http://www.theaustralian.news.com.au/story/0,25197,21452339-2702,00.html (accessed June 25, 2008).

32 Scott Wright, “Gold Mining Challenges,” Zeal Speculation and Investment (September 28, 2007), http://www.zealllc.com/2007/goldmine.htm (accessed June 25, 2008); “Venezuela Nationalizes Steel Industry,” CNN (May 1, 2008), http://edition.cnn.com/2008/WORLD/americas/05/01/venezuela.steel/index.html(accessed June 25, 2008).

33 Milagros Salazar, “Peru: ‘Voluntary Payment’ Instead of Taxes for Mining Firms,” CorpWatch (August 25, 2006), http://www.corpwatch.org/article.php?id=14069 (accessed June 25, 2008).

34 Nathan Becker, “Fraser Survey Shows Big Dips in Chile, Mongolia for Mining,” Resource Investor (March 5, 2007), http://www.resourceinvestor.com/pebble.asp?relid=29541 (accessed June 25, 2008).

35 Ginger Ding, “Indian Iron Ore Export Tax May Deter China,” Resource Investor (January 15, 2008), http://www.resourceinvestor.com/pebble.asp?relid=39506 (accessed June 25, 2008).

36 Bloomberg Finance L.P., http://www.bloomberg.com.

37 Donald Greenlees, “Indonesian Court Acquits Newmont Mining,” New York Times (April 25, 2007), http://www.nytimes.com/2007/04/25/world/asia/25indo.html?pagewanted=1 (accessed June 25, 2008).

38 Thomson Reuters; as of 12/31/07, deal value and volume represent public and private deals.

1 Matthew Kalman, “Einstein Letters Reveal a Turmoil Beyond Science,” Boston Globe (July 11, 2006), http://www.boston.com/news/world/middleeast/articles/2006/07/11/einstein_letters_reveal_a_turmoil_beyond_science/ (accessed May 9, 2008).

2 Berkshire Hathaway 2005 Annual Report.

3 Michael Michalko, “Combinatory Play,” Creative Thinking, http://www.creativethinking.net/DT10_CombinatoryPlay.htm?Entry=Good (accessed May 9, 2008).

4 Gary P. Brinson, Brian D. Singer, and Gilbert L. Beebower, “Determinants of Portfolio Performance II: An Update,” The Financial Analysts Journal 47 (1991 [3]): 40-48.

5 Source: MSCI. The MSCI information may only be used for your internal use, may not be reproduced or redisseminated in any form and may not be used to create any financial instruments or products or any indices. The MSCI information is provided on an “as is” basis and the user of this information assumes the entire risk of any use made of this information. MSCI, each of its affiliates and each other person involved in or related to compiling, computing, or creating any MSCI information (collectively, the “MSCI Parties”) expressly disclaims all warranties (including, without limitation, any warranties of originality, accuracy, completeness, timeliness, non-infringement, merchantability, and fitness for a particular purpose) with respect to this information. Without limiting any of the foregoing, in no event shall any MSCI Party have any liability for any direct, indirect, special, incidental, punitive, consequential (including, without limitation, lost profits), or any other damages.

6 Ibid.

7 Ibid.

8 Ibid.

9 Ibid.

10 Ibid.

1 Source: MSCI. The MSCI information may only be used for your internal use, may not be reproduced or redisseminated in any form and may not be used to create any financial instruments or products or any indices. The MSCI information is provided on an “as is” basis and the user of this information assumes the entire risk of any use made of this information. MSCI, each of its affiliates, and each other person involved in or related to compiling, computing, or creating any MSCI information (collectively, the “MSCI Parties”) expressly disclaims all warranties (including, without limitation, any warranties of originality, accuracy, completeness, timeliness, non-infringement, merchantability, and fitness for a particular purpose) with respect to this information. Without limiting any of the foregoing, in no event shall any MSCI Party have any liability for any direct, indirect, special, incidental, punitive, consequential (including, without limitation, lost profits), or any other damages.

1 Source: MSCI. The MSCI information may only be used for your internal use, may not be reproduced or redisseminated in any form and may not be used to create any financial instruments or products or any indices. The MSCI information is provided on an “as is” basis and the user of this information assumes the entire risk of any use made of this information. MSCI, each of its affiliates, and each other person involved in or related to compiling, computing, or creating any MSCI information (collectively, the “MSCI Parties”) expressly disclaims all warranties (including, without limitation, any warranties of originality, accuracy, completeness, timeliness, non-infringement, merchantability, and fitness for a particular purpose) with respect to this information. Without limiting any of the foregoing, in no event shall any MSCI Party have any liability for any direct, indirect, special, incidental, punitive, consequential (including, without limitation, lost profits), or any other damages.

2 Ibid.

3 Ibid.

4 Ibid.

5 Ibid.