White loses material.
1. e2e4  1... e7e5  2. g1f3  2... b8c6  3. f1b5  3... a7a6  4. b5a4  4... g8f6  5. e1g1  5... f8e7  6. f1e1  6... b7b5  7. a4b3  7... e8g8  8. a2a4  8... c8b7  9. d2d3  9... d7d6 The game arrives at a very popular position of the Anti-Marshall Variation. 10. c2c3  10... c6a5  11. b3c2 It's not clear whether the bishop stands better on c2, helping the advance d3-d4, or a2, pointing at the kingside. 11... c7c5  12. b1d2  12... f8e8  13. d2f1  13... b5b4 [%c_effect b4;square;b4;type;GreatFind;persistent;true] This is an accurate move that had been played by Kosteniuk before. White probably should seek an improvement before if she wants to engage in future theoretical duels, as it seems that Black has no problems in this position anymore. 14. f1g3  14... e7f8 Now the pin with 15.Bg5 is no longer unpleasant, since Black can just play h6, and the bishop cannot go to h4. 15. h2h3  15... a8b8 The first new move. 16. c3b4  16... c5b4  17. d3d4 [%c_effect d4;square;d4;type;GreatFind;persistent;true] Paehtz correctly uses her chance to get active play. 17... e5d4  18. f3d4  18... g7g6  19. c1f4  19... f6d7  20. b2b3 [%c_effect b3;square;b3;type;GreatFind;persistent;true] Another good move, restricting the knight on a5. 20... b8c8  21. a1c1  21... a5c6  22. d4c6  22... c8c6  23. d1d2  23... d8a5  24. c2d3  24... d6d5 [%c_effect d5;square;d5;type;Inaccuracy;persistent;true] 25. c1c6 [%c_effect c6;square;c6;type;Inaccuracy;persistent;true] 25... b7c6  26. e4e5 A bold decision, since this pawn is not easily protected. But it's not a bad move. 26... f8g7  27. e1c1  27... a5b6  28. a4a5 [%c_effect a5;square;a5;type;GreatFind;persistent;true] 28... b6b7  29. d2e2 [%c_effect e2;square;e2;type;GreatFind;persistent;true] Paehtz plays some good moves to justify her decision to advance the pawn to e5. 29... d7e5  30. d3a6  30... b7a8  31. e2f1 [%c_effect f1;square;f1;type;Mistake;persistent;true] After this mistake White's position goes downhill. 31... e8e6 [%c_effect e6;square;e6;type;GreatFind;persistent;true] The rook is well placed on e6, keeping an eye on the a6-bishop. 32. f4e5  32... g7e5  33. a6b5  33... c6b7 [%c_effect b7;square;b7;type;GreatFind;persistent;true] Preserving the powerful bishop. The a5-pawn is doomed. 34. b5d7  34... e6e7  35. d7a4  35... a8a7 An interesting decision. Kosteniuk has the a5-pawn in the pocket, so she decides to create some attacking chances before deciding to capture it. 36. f1d3  36... e5d4  37. c1c2  37... e7e6  38. g3f1  38... d4c3 [%c_effect c3;square;c3;type;GreatFind;persistent;true] Preparing the advance of the d-pawn. 39. f1e3 [%c_effect e3;square;e3;type;Mistake;persistent;true]