Casas_Bahia by Simantov Assessoria

Case Casas Bahia Michigan Business School

t N e rb e0r0102 , 2 0 0 3 RPerloeda us ec d Duem c ebm Released August 31, 2003

= From the Department of

CORPORATE STRATEGY AND INTERNATIONAL BUSINESS

= = = =

CASE STUDY SERIES

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qÜêçìÖÜ=~=ìåáèìÉ=~ééêç~ÅÜ=íç=ÅìëíçãÉê=ëÉêîáÅÉI=`~ë~ë=_~Üá~=Ü~ë= ÇÉîÉäçéÉÇ=~å=áååçî~íáîÉ=ÄìëáåÉëë=ãçÇÉä=íÜ~í=ëìÅÅÉëëÑìääó=ëÉêîÉë=íÜÉ= “_çííçã=çÑ=íÜÉ=móê~ãáÇÒ=E_lmF=éçéìä~íáçå=íÜêçìÖÜçìí=_ê~òáäK= THE INNOVATION. . . The poor represent a market, a big, lucrative, and sustainable one with the right financial approach in countries where even Sears and Wal-Mart have failed.

It is all about fulfilling the customer dream. My sales agent has to be very well dressed, shaved and always smiling. If he has a personal problem, he cannot come to work. I will never allow him to transmit to my customer anything but perfection. – Michael Klein, Chief Financial Officer, Casas Bahia

få=NVROI=~ÑíÉê=ëìêîáîáåÖ=íïç=óÉ~êë=áå=~=k~òá=ÅçåÅÉåíê~íáçå=Å~ãéI= p~ãìÉä=häÉáå=äÉÑí=Üáë=ÜçãÉä~åÇ=íç=ëí~êí=~=åÉï=äáÑÉ=áå=_ê~òáäK=få=çêÇÉê=íç= ëìééçêí=Üáë=Ñ~ãáäóI=jêK=häÉáå=ëçäÇ=Ää~åâÉíëI=ÄÉÇ=äáåÉåëI=~åÇ=Ä~íÜ=íçïÉäë= Çççê=íç=Çççê=áå=p©ç=`~Éí~åç=Çç=pìäK=cáÑíó=óÉ~êë=ä~íÉêI=p~ãìÉä=häÉáå=Ü~ë= íê~åëÑçêãÉÇ=Üáë=ÇççêJíçJÇççê=ÄìëáåÉëë=áåíç=íÜÉ=ä~êÖÉëí=êÉí~áä=ÅÜ~áå=áå= _ê~òáäI=ëÉääáåÖ=ÉäÉÅíêçåáÅëI=~ééäá~åÅÉëI=~åÇ=ÑìêåáíìêÉK=`~ë~ë=_~Üá~Ûë= ÑáÖìêÉë=~êÉ=ëáÖåáÑáÅ~åíW=oAQKO=Äáääáçå=áå=êÉîÉåìÉë=EíÜÉ=oÉ~áë=áë=íÜÉ= _ê~òáäá~å=ÅìêêÉåÅóFI=PPM=ëíçêÉëI=NM=ãáääáçå=ÅìëíçãÉêë=~åÇ=OMIMMM= ÉãéäçóÉÉëK=p~ãìÉä=häÉáå=Ü~ë=Äìáäí=`~ë~ë=_~Üá~=áåíç=~=ëìÅÅÉëëÑìä=~åÇ= ëìëí~áå~ÄäÉ=ÄìëáåÉëë=ëÉêîáåÖ=_ê~òáäÛë=éççêK==

This report was written by Sami Foguel and Andrew Wilson, under the supervision of Professor C.K.Prahalad. This report is intended to be a catalyst for discussion and is not intended to illustrate effective or ineffective strategies.

When my father arrived in Brazil, he realized the average population was not wealthy. Thousands of people were migrating from the northeast region to work in São Paulo. That is why our name is Casas Bahia (Bahia is the largest state in the northeast region). This population needed all kinds of basic goods, such as linens, towels, and sheets. My father’s vision was to fulfill the needs of the poor population. But how could they pay for it? The answer was simple: financing. – Michael Klein

= LE ADI NG I N T HO UGHT A ND A CT I O N

Released December 12, 2003

qçÇ~óI=p~ãìÉä=häÉáåÛë=íïç=ëçåëI=jáÅÜ~Éä=~åÇ=p~∫äI=ã~å~ÖÉ=íÜÉ=Ç~óJíçJÇ~ó=çéÉê~íáçåë=~í=`~ë~ë=_~Üá~K= jáÅÜ~Éä=áë=êÉëéçåëáÄäÉ=Ñçê=Ñáå~åÅÉI=ëíçêÉëI=ÇáëíêáÄìíáçåI=ÑäÉÉíI=íÉÅÜåçäçÖóI=~åÇ=ÉãéäçóÉÉëK=eáë=ÄêçíÜÉêI=p~∫äI= çîÉêëÉÉë=ëìééäáÉêëI=ÅìëíçãÉê=ë~äÉëI=~åÇ=ã~êâÉíáåÖK=qÜçìÖÜ=p~ãìÉä=åç=äçåÖÉê=îáëáíë=ëíçêÉëI=ÇìÉ=íç=ëÉÅìêáíó= ÅçåÅÉêåëI=ÜÉ=áë=~äï~óë=~í=íÜÉ=ÜÉ~Çèì~êíÉêë=~åÇ=ÅçåëáÇÉêÉÇ=íÜÉ=“ãáåÇ=çÑ=íÜÉ=Åçãé~åóKÒ=jçêÉçîÉêI=Üáë=ëçå= jáÅÜ~Éä=ëí~íÉëI=“eÉ=xp~ãìÉäz=ìåÇÉêëí~åÇë=íÜáë=ÄìëáåÉëë=ÄÉííÉê=íÜ~å=~åóçåÉ=ÉäëÉ=áå=íÜÉ=ïçêäÇK=f=ïçìäÇ=ÄÉ= ÑççäáëÜ=áÑ=f=ÇáÇ=åçí=ìëÉ=íÜáë=áåî~äì~ÄäÉ=êÉëçìêÅÉKÒ= `~ë~ë=_~Üá~=ÄÉäáÉîÉë=áå=ëí~óáåÖ=íêìÉ=íç=áíë=ÅìëíçãÉêëK=^ë=~å=Éñ~ãéäÉ=çÑ=íÜÉ=Åçãé~åóÛë=~Äáäáíó=íç=ÄçíÜ= êÉÑäÉÅí=~åÇ=ëìééçêí=íÜÉ=ÅçããìåáíáÉë=íÜÉó=ëÉêîÉI=`~ë~ë=_~Üá~Ûë=ÜÉ~Çèì~êíÉêë=Ü~îÉ=êÉã~áåÉÇ=áå=íÜÉ=ÄäìÉJ Åçää~ê=Åáíó=çÑ=p©ç=`~Éí~åçK=qÜÉ=~íãçëéÜÉêÉ=~åÇ=~ííáêÉ=~êÉ=Å~ëì~äK=p~ãìÉä=häÉáå=Ü~ë=ëÉí=íÜÉ=íçåÉ=~åÇ= éÜáäçëçéÜó=çÑ=`~ë~ë=_~Üá~K=eáë=ÇÉÅÉéíáîÉäó=Å~ëì~ä=~ííáêÉ=ã~ëâë=~å=áåíÉåëÉ=ÜÉ~Ç=Ñçê=ÄìëáåÉëë=~åÇ=é~ëëáçå= Ñçê=Üáë=ÅìëíçãÉêë=~åÇ=ÉãéäçóÉÉëK=qÜáë=é~ëëáçå=Ñçê=íçí~ä=ÇÉÇáÅ~íáçå=íç=ëÉêîáÅÉ=Ü~ë=äÉÇ=íç=~å=~íãçëéÜÉêÉ=çÑ= êÉîÉêÉåÅÉ=Ñêçã=ÄçíÜ=ÉãéäçóÉÉë=~åÇ=ÅìëíçãÉêëK=tÜÉå=óçì=ÉåíÉê=íÜÉ=ÜÉ~Çèì~êíÉêë=çÑ=`~ë~ë=_~Üá~I=~=ä~êÖÉ= Å~êáÅ~íìêÉ=éçêíê~áí=çÑ=p~ãìÉä=äÉ~åáåÖ=çîÉê=~=`~ë~ë=_~Üá~=ëíçêÉ=ÖêÉÉíë=óçìK=^=Öê~íÉÑìä=ÉãéäçóÉÉ=ïÜçI= ÇÉëéáíÉ=Ü~îáåÖ=åç=Ñçêã~ä=~êí=íê~áåáåÖI=ï~åíÉÇ=íç=ëÜçï=Üáë=~ééêÉÅá~íáçå=íç=íÜÉ=ã~å=ïÜç=Ü~Ç=ÅÜ~åÖÉÇ=Üáë= äáÑÉ=é~áåíÉÇ=áíK=låÉ=çÑ=`~ë~ë=_~Üá~Ûë=ãçëí=ëìÅÅÉëëÑìä=êÉÖáçå~ä=ë~äÉë=ã~å~ÖÉêë=Ü~ë=~=äáÑÉJëáòÉ=é~áåíáåÖ=çÑ= p~ãìÉä=áå=Üáë=çÑÑáÅÉ=ëÉêîáåÖ=~ë=~=êÉãáåÇÉê=çÑ=íÜÉ=íê~Çáíáçå~ä=î~äìÉë=íÜÉ=ÅÜ~êáëã~íáÅ=ÑçìåÇÉê=áåëíáääÉÇ= ïáíÜáå=`~ë~ë=_~Üá~K=tÜÉå=jáÅÜ~Éä=~ííÉåÇë=ëíçêÉ=çéÉåáåÖëI=äáÑÉJäçåÖ=ÅìëíçãÉêë=ïáää=~ééêç~ÅÜ=Üáã=íç= ëÜçï=íÜÉáê=~ééêÉÅá~íáçå=~åÇ=~ëâ=Üçï=Üáë=Ñ~íÜÉê=áë=ÇçáåÖK= qÜÉ=ÅìäíìêÉ=~åÇ=éÜáäçëçéÜó=~êÉ=áãéçêí~åí=íç=íÜÉ=ÅçåíáåìÉÇ=ëìÅÅÉëë=~í=`~ë~ë=_~Üá~K=j~áåí~áåáåÖ= Åçåíêçä=çîÉê=ÅìäíìêÉ=áë=çåÉ=êÉ~ëçå=p~ãìÉä=häÉáå=áë=~Ç~ã~åí=~Äçìí=åçí=ëÉääáåÖ=~=ëí~âÉ=íç=çìíëáÇÉ=áåîÉëíçêëK= ?m~êíåÉêë=Äçëë=óçì=~êçìåÇI?=ÜÉ=ë~óëK=qÜáë=ÇÉÅÉéíáîÉäó=ëáãéäÉ=~ééêç~ÅÜ=íç=ÄìëáåÉëë=áë=~í=íÜÉ=ÜÉ~êí=çÑ= p~ãìÉä=häÉáåÛë=ÇáêÉÅíI=çäÇJïçêäÇ=ëíóäÉ=çÑ=ã~å~ÖÉãÉåíK=eÉ=ÇçÉë=åçí=äáâÉ=ëìêéêáëÉë=~åÇ=Ñçääçïë=Üáë= áåëíáåÅíëK=jêK=häÉáå=ÄÉäáÉîÉë=áå=~å=áêçåJÑáëíÉÇ=Åçåíêçä=çîÉê=ëéÉåÇáåÖK=låäó=Ñçìê=häÉáå=Ñ~ãáäó=ãÉãÄÉêë= Ü~îÉ=íÜÉ=~ìíÜçêáíó=íç=ëáÖå=ÅÜÉÅâëK=tÜáäÉ=jáÅÜ~Éä=~åÇ=p~∫ä=ÅçåíáåìÉ=íç=éÉêéÉíì~íÉ=íÜÉáê=Ñ~íÜÉêÛë=ÄÉäáÉÑë= ~åÇ=ã~å~ÖÉãÉåí=ëíóäÉI=íÜÉó=Ü~îÉ=ÄÉÖìå=íç=ãçÇÉêåáòÉ=íÜÉ=ÄìëáåÉëëK=qÜÉ=ÅìêêÉåí=ÉãéÜ~ëÉë=áå=ã~êâÉíáåÖ= ~åÇ=áåÑçêã~íáçå=íÉÅÜåçäçÖó=~êÉ=íÜÉ=ÅäÉ~êÉëí=ëáÖå~äë=çÑ=ãçÇÉêåáò~íáçåK= Scope and Size of Opportunity

_ê~òáä=ã~áåí~áåë=~=ëí~åÇ~êÇ=íÜ~í=ëíê~íáÑáÉë=áåÇáîáÇì~äë=áåíç=çåÉ=çÑ=ÑáîÉ=Ä~ëáÅ=ÉÅçåçãáÅ=Åä~ëëÉëW=Î=_I=Ì=a=çê= bK=Ì=a=C=b=~êÉ=ÅçåëáÇÉêÉÇ=íç=ÄÉ=íÜÉ=“_çííçã=çÑ=íÜÉ=móê~ãáÇÒ=E_lmFK=få=OMMOI=íÜÉ=éçéìä~íáçå=áå=_ê~òáä= ï~ë=NTS=ãáääáçåI=UQB=çÑ=ïÜçã=~êÉ=ÅçåëáÇÉêÉÇ=íç=ÄÉ=~í=íÜÉ=_lmK=qÜÉ=ÉÅçåçãáÅ=ëíê~íáÑáÅ~íáçå=áë=áääìëíê~íÉÇ= áå=íÜÉ=Ñçääçï=í~ÄäÉW= = Brazilian Stratification Breakdown

FAMILIAR INCOME (MW*) MJOñ= O=Ó=Qñ= QJNMñ= NMJORñ= [ORñ=

ECONOMIC SEGMENT b= a= `= _= ^=

POPULATION (MILLION) RQKP= QQKO= QUKV= ONKS= =TKP=

HOUSEHOLD (MILLION) =TKS= =VKQ= NOKS= =RKQ= =OKR=

INHABITANTS/ HOUSEHOLD TKN= QKT= QKM= QKM= OKV=

Gjt=Z=jáåáãìã=t~ÖÉ=Z=oAOMMLãçåíÜ=

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Released December 12, 2003

qÜÉ=_lm=êÉéêÉëÉåíë=ëáÖåáÑáÅ~åí=éìêÅÜ~ëáåÖ=éçïÉê=áå=_ê~òáäÛë=ÉÅçåçãóI=êÉéêÉëÉåíáåÖ=QNB=çÑ=íçí~ä=ëéÉåÇáåÖ= Å~é~ÅáíóK=qÜáë=rpANOQ=Äáääáçå=çåäó=~ÅÅçìåíë=Ñçê=íÜÉ=Ñçêã~äI=êÉéçêíÉÇ=ÉÅçåçãóK=fí=áë=Éëíáã~íÉÇ=íÜ~í=íÜÉ= áåÑçêã~ä=ã~êâÉí=áå=_ê~òáä=Ñçê=íÜÉ=_lm=êÉ~ÅÜÉë=~å=~ÇÇáíáçå~ä=RMBK=péÉÅáÑáÅ~ääóI=QRB=çÑ=íçí~ä=~ééäá~åÅÉ=~åÇ= ÑìêåáíìêÉ=ëéÉåÇáåÖ=áë=ÇçåÉ=Äó=íÜÉ=_lmK= = = Total Spending Capacity ($US) A B C D E

70,869 103,61 76,857

Total Furniture Spending ($US)

2,763

1,880 3,847

40,235

Total Appliance Spending ($US)

37 C

27 16

1,649

2%E

6,631

244

1,377 2,177

21 34 29

1,903

867

167

pçìêÅÉW=q~êÖÉíI=A=ãáääáçå= = =

Total Spending Outlays by population categorized as C, D, & E (Billions of USD)

Food & Beverage

$40.1 or 32%

Housing Payments & Maintenance

$22.5 or 18%

Other

$19.2 or 16% $12.3 or 10%

Health Related Transportation

$10.3 or 8%

Apparel

$6.9 or 6%

Appliances

$4.7 or 4%

Travel & Entertainment

$3.1 or 3%

Furniture

$2.9 or 2%

Educational

$1.7 or 1%

10%

15%

20%

25%

30%

35%

= = tÜ~í=áë=çÑ=é~êíáÅìä~ê=áåíÉêÉëí=áë=íÜÉ=ÜáÖÜ=éÉåÉíê~íáçå=çÑ=ã~àçê=~ééäá~åÅÉëI=ëìÅÜ=~ë=íÉäÉîáëáçå=ëÉíë=~åÇ= êÉÑêáÖÉê~íçêëI=~í=íÜÉ=_çííçã=çÑ=íÜÉ=móê~ãáÇ=áå=_ê~òáäK=fí=áë=åçí=ìåÅçããçå=íç=ÑáåÇ=ÜçìëÉÜçäÇë=ïáíÜ=~= íÉäÉîáëáçå=çê=êÉÑêáÖÉê~íçê=óÉí=ä~ÅâáåÖ=Ä~ëáÅ=áåÑê~ëíêìÅíìêÉI=ëìÅÜ=~ë=íçáäÉíë=~åÇ=íÉäÉéÜçåÉ=äáåÉëK=qÜçëÉ=~í=íÜÉ= _lm=áå=_ê~òáä=ëéÉåÇ=Ä~ëÉÇ=çå=íÜÉáê=åÉÉÇëK=få=~=íêçéáÅ~ä=Åäáã~íÉI=~=êÉÑêáÖÉê~íçê=áë=~=åÉÅÉëëáíóK=bîÉêóçåÉI= êÉÖ~êÇäÉëë=çÑ=Åä~ëëI=ÑÉÉäë=íÜÉ=åÉÉÇ=Ñçê=ÉåíÉêí~áåãÉåíK=cçê=íÜÉ=éççê=áå=_ê~òáäI=íÜ~í=ÅçãÉë=áå=íÜÉ=Ñçêã=çÑ= íÉäÉîáëáçå=çê=ê~ÇáçK=

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Released December 12, 2003

Penetration of Selected Goods by Economic Status

= eçìëÉÜçäÇë= == = kìãÄÉê=çÑ=íçáäÉíëLÜçìëÉÜçäÇ= == M= == N= == O= == P= == [Q= == = d~êÄ~ÖÉ=máÅâ=ìé= bäÉÅíêáÅáíó= mÜçåÉ= jáÅêçï~îÉ= oÉÑêáÖÉê~íçêLcêÉÉòÉê= o~Çáç= qÉäÉîáëáçå=

SEGMENT E PPB= = PSB= SMB= QB= MB= MB= = SMB= UTB= NNB= PB= SOB= TUB= TOB=

SEGMENT D ONB= = = NQB= TTB= UB= NB= MB= = UMB= VSB= OUB= VB= UUB= UUB= VMB=

SEGMENT C OUB= = = RB= TQB= NUB= PB= NB= = VMB= VVB= RNB= OOB= VSB= VPB= VSB=

SEGMENTS A AND B NUB= = = NB= PVB= PQB= NUB= UB= = VSB= NMMB= USB= RUB= VVB= VTB= VVB=

Typical Customer

pÉîÉåíó=éÉêÅÉåí=çÑ=`~ë~ë=_~Üá~=ÅìëíçãÉêë=Ü~îÉ=åç=Ñçêã~ä=çê=ÅçåëáëíÉåí=áåÅçãÉK=`~ë~ë=_~Üá~=ÅìëíçãÉêë=~êÉ= éêáã~êáäó=ã~áÇëI=ÅççâëI=áåÇÉéÉåÇÉåí=ëíêÉÉí=îÉåÇçêë=~åÇ=ÅçåëíêìÅíáçå=ïçêâÉêë=ïÜçëÉ=~îÉê~ÖÉ=ãçåíÜäó= áåÅçãÉ=áë=íïç=ãáåáãìã=ï~ÖÉë=EoAQMMFK=`ìëíçãÉêë=íóéáÅ~ääó=äáîÉ=áå=ÅçåÅÉåíê~íÉÇ=~êÉ~ë=Å~ääÉÇ=“Ñ~îÉä~ëKÒ= qÜÉ=~îÉê~ÖÉ=ëáòÉ=ÜçãÉ=áå=~=Ñ~îÉä~=Å~å=ÄÉ=~ë=ëã~ää=~ë=ONR=ëèì~êÉ=ÑÉÉí=~åÇ=ÜçìëÉ=ìé=íç=ëÉîÉå=Ñ~ãáäó= ãÉãÄÉêëK=^ë=~=êÉëìäíI=íÜÉëÉ=ÅçããìåáíáÉë=~êÉ=ÇÉåëÉäó=éçéìä~íÉÇ=ïáíÜ=~ééêçñáã~íÉäó=PTIMMM=éÉçéäÉ=éÉê= ëèì~êÉ=âáäçãÉíÉêK=få=Åçãé~êáëçåI=~ÅÅçêÇáåÖ=íç=íÜÉ=rKpK=`Éåëìë=_ìêÉ~ìI=ÑáîÉ=çÑ=íÜÉ=ãçëí=ÇÉåëÉäó=éçéìä~íÉÇ= ÅáíáÉë=áå=íÜÉ=råáíÉÇ=pí~íÉë=~êÉW=råáçå=`áíóI=kg=ENTIVSOFX=dìííÉåÄÉêÖ=qçïåI=kg=ENSIRSVFX=tÉëí=kÉï=vçêâ= qçïåI=kg=ENQIQUMFX=eçÄçâÉå=`áíóI=kg=ENMINPPFX=~åÇ=kÉï=vçêâ=`áíóI=kv=EVINRNFK= Competitive Landscape

`~ë~ë=_~Üá~=Ü~ë=çéÉê~íáçåë=áå=íÜêÉÉ=_ê~òáäá~å=êÉÖáçåë=~åÇ=ÉáÖÜí=ëí~íÉëW=pçìíÜÉ~ëí=Ep©ç=m~ìäçI=oáç=ÇÉ=g~åÉáêç= ~åÇ=jáå~ë=dÉê~áëFI=pçìíÜ=Ep~åí~=`~í~êáå~=~åÇ=m~ê~å•F=~åÇ=`Éåíê~ä=tÉëí=Eaáëíêáíç=cÉÇÉê~äI=dçá•ë=~åÇ= j~íç=dêçëëç=Çç=pìäFK= qÜÉ=ÅçãéÉíáíáîÉ=ä~åÇëÅ~éÉ=çÑ=íÜÉ=êÉí~áä=áåÇìëíêó=áå=_ê~òáä=áë=Åçåëí~åíäó=ÅÜ~åÖáåÖ=Ä~ëÉÇ=çå=éêçÇìÅí= çÑÑÉêáåÖëI=ÖÉçÖê~éÜó=~åÇ=í~êÖÉí=éçéìä~íáçåK=cçê=Éñ~ãéäÉI=mçåíç=cêáç=çÑÑÉêë=~=ïáÇÉ=ê~åÖÉ=çÑ=éêçÇìÅíëI= Äìí=éêáã~êáäó=ëÉêîÉë=íÜÉ=ãÉÇáìãJ=íç=ÜáÖÜJáåÅçãÉ=éçéìä~íáçåK=j~ê~Äê•ë=áë=ÑçÅìëÉÇ=çå=íÜÉ=_lmI=Äìí=çåäó= Å~êêáÉë=ÑìêåáíìêÉK=`~ë~ë=_~Üá~Ûë=ÅçãéÉíáíáçå=~äëç=î~êáÉë=Äó=êÉÖáçåK=få=íÜÉ=pçìíÜÉ~ëí=êÉÖáçå=íçé= ÅçãéÉíáíçêë=áåÅäìÇÉ=mçåíç=cêáçI=içà~ë=`ÉãI=j~Ö~òáåÉ=iìáò~I=j~ê~Äê•ë=~åÇ=hçäìãÄìëK=içà~ë=`çäìãÄç= áë=íÜÉ=çåäó=ëÉêáçìë=íÜêÉ~í=áå=íÜÉ=ëçìíÜK==

4 of 24

Released December 12, 2003

aìÉ=íç=ÇáÑÑáÅìäí=ÉÅçåçãáÅ=ÅçåÇáíáçåëI=íÜÉ=êÉí~áä=ä~åÇëÅ~éÉ=çîÉê=íÜÉ=é~ëí=ëÉîÉê~ä=óÉ~êë=Ü~ë=ëÉÉå=ã~åó= ÅçãéÉíáíçêë=Éñáí=íÜÉ=áåÇìëíêó=~ë=ïÉää=~ë=ÅçåëáÇÉê~ÄäÉ=ÅçåëçäáÇ~íáçåK=táíÜ=åç=åÉï=Éåíê~åíëI=~=ä~êÖÉ= éçêíáçå=çÑ=íÜÉ=ã~êâÉí=ëÜ~êÉ=áë=ÅçåÅÉåíê~íÉÇ=ïáíÜ=çåäó=~=ÑÉï=Åçãé~åáÉëK=qÜÉ=íçé=ÑáîÉ=ÅçãéÉíáíçêë= ÅçãéêáëÉ=QRB=çÑ=íçí~ä=êÉí~áä=ë~äÉëK=`~ë~ë=_~Üá~=êÉã~áåë=íÜÉ=äÉ~ÇÉê=ïáíÜ=~ééêçñáã~íÉäó=NRB=íç=OMB=çÑ=íÜÉ= ã~êâÉíK=qÜÉ=íçé=ÅçãéÉíáíçêë=ÅçåíáåìÉ=íç=ÖêçïX=`~ë~ë=_~Üá~I=mçåíç=cêáçI=j~ê~Äê•ë=~åÇ=içà~ë=`Éã= ~îÉê~ÖÉÇ=NMB=ÖêçïíÜ=éÉê=óÉ~ê=çîÉê=íÜÉ=é~ëí=ëÉîÉê~ä=óÉ~êëK=líÜÉêëI=ëìÅÜ=~ë=j~Ö~òáåÉë=iìáò~I=ÉñéÉêáÉåÅÉÇ= OMB=ÖêçïíÜ=éÉê=óÉ~ê=áå=íÜÉ=ä~ëí=ÇÉÅ~ÇÉK== táíÜ=~îÉê~ÖÉ=åÉí=ã~êÖáåë=áå=íÜÉ=êÉí~áä=ëÉÅíçê=~=ãçÇÉëí=OKRBI=ÅçãéÉíáíáçå=áë=ÑáÉêÅÉ=~åÇ=îçäìãÉ= Ä~ëÉÇK=^ë=ëìÅÜI=áí=áë=ÇçìÄíÑìä=íÜ~í=ã~åó=åÉï=Åçãé~åáÉë=Å~å=~ÑÑçêÇ=íç=ÉåíÉê=íÜÉ=ã~êâÉíK=qÜìëI=íÜÉ= êÉã~áåáåÖ=RRB=çÑ=íÜÉ=ã~êâÉíI=ïÜáÅÜ=áë=ÅçãéêáëÉÇ=çÑ=ëã~ää=íç=ãÉÇáìã=êÉÖáçå~ä=ëíçêÉëI=ëÜçìäÇ=éêçîáÇÉ= íÜÉ=çééçêíìåáíó=Ñçê=ÑìêíÜÉê=ÅçåëçäáÇ~íáçå=ïáíÜáå=íÜÉ=êÉí~áä=ã~êâÉíK= råíáä=åçïI=`~ë~ë=_~Üá~=Ü~ë=çåäó=ÅçåÅÉêåÉÇ=íÜÉãëÉäîÉë=ïáíÜ=“íê~Çáíáçå~äÒ=ÅçãéÉíáíçêëK=oÉÅÉåíäóI= ä~êÖÉ=ÜóéÉêã~êíëI=ëìÅÜ=~ë=`~êêÉÑçìêI=bñíê~I=~åÇ=_áÖI=Ü~îÉ=ÄÉÖìå=íç=ÉåíÉê=áåíç=íÜÉ=~ééäá~åÅÉ=~åÇ= ÑìêåáíìêÉ=ÄìëáåÉëëK=qÜÉ=Éåíê~åÅÉ=çÑ=íÜÉëÉ=Åçãé~åáÉë=áåíç=íÜÉ=ã~êâÉí=êÉéêÉëÉåíë=~å=áåÅêÉ~ëáåÖ=íÜêÉ~í=íç= `~ë~ë=_~Üá~K=eóéÉêã~êíë=ÖÉåÉê~íÉ=ÜáÖÜ=ÅìëíçãÉê=íê~ÑÑáÅ=~åÇ=Ü~îÉ=ëíêçåÖ=Äê~åÇ=êÉÅçÖåáíáçåK=qÜÉó=Ü~îÉ= íÜÉ=éÜóëáÅ~ä=ëáòÉ=íç=~ÅÅçããçÇ~íÉ=~ÇÇáíáçå~ä=ãÉêÅÜ~åÇáëÉ=~ë=ïÉää=~ë=~å=ÉñáëíáåÖ=ÇáëíêáÄìíáçå=åÉíïçêâ=çÑ= äçÅ~íáçåëK=jçêÉçîÉêI=íÜÉ=ÇáÑÑáÅìäí=ÉÅçåçãáÅ=íáãÉë=~êÉ=ÑçêÅáåÖ=ÜóéÉêã~êíë=íç=ÑáåÇ=åÉï=ï~óë=çÑ=áåÅêÉ~ëáåÖ= íÜÉ=~ãçìåí=çÑ=É~ÅÜ=ÅìëíçãÉêÛë=éìêÅÜ~ëÉK=aÉëéáíÉ=íÜáë=ÉãÉêÖáåÖ=íÜêÉ~íI=jáÅÜ~Éä=häÉáå=ÄÉäáÉîÉë=íÜÉ=`~ë~ë= _~Üá~=ÄìëáåÉëë=ãçÇÉä=áë=ÇáëíáåÅí=~åÇ=íÜ~í=“çìê=ÅìëíçãÉê=ëÉêîáÅÉ=áë=Ñ~ê=~ÄçîÉ=íÜÉ=ÅçãéÉíáíáçåKÒ= Casas Bahia Business Model / Positioning

Management Style

tÜáäÉ=Üáë=Ñ~íÜÉêÛë=ã~å~ÖÉãÉåí=ëíóäÉ=áë=íÜÉ=Ä~ëáë=Ñçê=`~ë~ë=_~Üá~Ûë=ÅìäíìêÉI=íÜÉ=ãçãÉåí=óçì=ï~äâ=áåíç= jáÅÜ~ÉäÛë=çÑÑáÅÉ=~åÇ=ëÉÉ=íÜÉ=ä~êÖÉ=Ñä~í=é~åÉä=ãçåáíçê=ëáííáåÖ=çå=Üáë=ÇÉëâI=óçì=ÄÉÖáå=íç=åçíáÅÉ=Üçï=`~ë~ë= _~Üá~=áë=äÉîÉê~ÖáåÖ=p~ãìÉäÛë=íê~Çáíáçå~ä=áÇÉ~äë=ïáíÜ=ãçÇÉêå=ÅçåÅÉéíëK=^ë=jáÅÜ~Éä=í~éë=çå=Üáë=âÉóÄç~êÇI= íÜÉ=ãçåáíçê=éçéë=íç=äáÑÉ=~åÇ=íÜÉ=ãçÇÉêå=ã~åáÑÉëí~íáçå=çÑ=`~ë~ë=_~Üá~Ûë=íê~Çáíáçå~ä=î~äìÉë=~ééÉ~êëK=qÜÉ= ëÅêÉÉå=Çáëéä~óë=~=ä~êÖÉ=~êê~ó=çÑ=êÉ~äJíáãÉ=áåÑçêã~íáçåW=íçí~ä=ìåáí=ë~äÉëI=íçí~ä=êÉîÉåìÉëI=íçí~ä=Ñáå~åÅÉÇ=î~äìÉI= ~îÉê~ÖÉ=Ççïå=é~óãÉåíI=~îÉê~ÖÉ=áåíÉêÉëí=é~áÇI=~îÉê~ÖÉ=é~óãÉåí=éÉêáçÇI=éÉêÅÉåí~ÖÉ=ìëÉ=çÑ=çïå=êÉëçìêÅÉë=íç= Ñáå~åÅÉI=ìëÉ=çÑ=íÜáêÇ=é~êíó=Ñçê=Ñáå~åÅáåÖ=EÄçêêçïáåÖF=~åÇ=íçí~ä=ë~äÉë=íç=ÅìëíçãÉêë=ïÜç=ÉåíÉê=íÜÉ=ëíçêÉ=íç=é~ó= ~å=áåëí~ääãÉåí=EÅêçëë=ë~äÉFK== ^ää=ëíçêÉë=~êÉ=äáåâÉÇ=~åÇ=ãçåáíçêÉÇ=êÉ~ä=íáãÉK=`~ë~ë=_~Üá~=Ü~ë=ÇÉîÉäçéÉÇ=~=ëóëíÉã=íÜ~í=Å~å=~å~äóòÉ= Ç~í~=Ñêçã=ãìäíáéäÉ=éçáåíë=çÑ=îáÉïW=áåÇáîáÇì~ä=ëíçêÉI=Öêçìéë=çÑ=ëíçêÉëI=êÉÖáçåI=Åáíó=~åÇ=ÉîÉå=Äó=éêçÇìÅí= Å~íÉÖçêóI=áåÇáîáÇì~ä=éêçÇìÅí=äáåÉ=çê=phrK=cêçã=Üáë=ÇÉëâI=jáÅÜ~Éä=Å~å=íê~Åâ=íÜÉ=êÉëìäíë=çÑ=íÜÉ=ëáñ=ãáääáçå= éÉçéäÉ=ïÜç=ÉåíÉê=Üáë=ëíçêÉë=ÉîÉêó=ãçåíÜK=qÜçëÉ=ëáñ=ãáääáçå=ÅìëíçãÉêë=ÖÉåÉê~íÉ=~å=~îÉê~ÖÉ=VMMIMMM=åÉï= ë~äÉë=éÉê=ãçåíÜI=TB=çÑ=ïÜçã=í~âÉ=~Çî~åí~ÖÉ=çÑ=~=ÅêçëëJëÉääáåÖ=çééçêíìåáíóK=qÜÉ=éÉçéäÉ=ÅçãéêáëáåÖ=íÜáë= TB=Ü~îÉ=~å=~îÉê~ÖÉ=Ä~ä~åÅÉ=çÑ=oANNKT=ãáääáçå=~åÇ=éìêÅÜ~ëÉ=~å=~ÇÇáíáçå~ä=oAPN=ãáääáçåK=qÜÉ=éÉêÅÉåí~ÖÉ= çÑ=Åêçëë=ëÉääáåÖ=ëÉÉãë=êÉä~íáîÉäó=äçï=ÄÉÅ~ìëÉ=ÅìëíçãÉêë=~êÉ=ÉäáÖáÄäÉ=íç=ã~âÉ=~ÇÇáíáçå~ä=éìêÅÜ~ëÉë=çåÅÉ= íÜÉó=Ü~îÉ=é~áÇ=~í=äÉ~ëí=RMB=çÑ=íÜÉ=çêáÖáå~ä=éìêÅÜ~ëÉK== `ìêêÉåíäóI=íÜÉ=~îÉê~ÖÉ=Ñáå~åÅÉ=íÉêã=áë=ëáñ=ãçåíÜëI=íÜÉ=~îÉê~ÖÉ=áåíÉêÉëí=ê~íÉ=áë=QKNPB=éÉê=ãçåíÜ= Eê~åÖáåÖ=Ñêçã=OKRB=Ñçê=ÑçìêJãçåíÜ=íÉêã=ë~äÉë=íç=SB=Ñçê=NOJãçåíÜ=íÉêã=ë~äÉëFI=íÜÉ=~îÉê~ÖÉ=íáÅâÉí=áë= oAQQM=~åÇ=íÜÉ=ÇÉÑ~ìäí=ê~íÉ=áë=UKRBK=aÉÑ~ìäí=ê~íÉë=î~êó=Äó=éêçÇìÅíK=cçê=Éñ~ãéäÉI=ÑìêåáíìêÉ=Ü~ë=~=ÇÉÑ~ìäí= © 2003 University of Michigan Regents

5 of 24

Released December 12, 2003

ê~íÉ=çÑ=QBK=páåÅÉ=`~ë~ë=_~Üá~=ÇÉäáîÉêë=~åÇ=áåëí~ääë=íÜÉ=ãÉêÅÜ~åÇáëÉ=áå=íÜÉ=ÅìëíçãÉêÛë=ÜçãÉI=áí=áë=ãìÅÜ= É~ëáÉê=íç=ÅçääÉÅíK=`çåîÉêëÉäóI=éçêí~ÄäÉ=áíÉãë=ëìÅÜ=~ë=ãçÄáäÉ=éÜçåÉë=~åÇ=ÄáÅóÅäÉë=Ü~îÉ=ÇÉÑ~ìäí=ê~íÉë=çÑ=ìé= íç=NMBK=`~ë~ë=_~Üá~=ÇçÉë=åçí=ãçåáíçê=ÇÉÑ~ìäí=ê~íÉë=Äó=äÉåÖíÜ=çÑ=äç~åK== ^ää=ã~àçê=éêçàÉÅíëI=Å~éáí~ä=çê=çíÜÉêïáëÉI=~êÉ=ìåÇÉê=jáÅÜ~ÉäÛë=ëìéÉêîáëáçå=~åÇ=ÇáêÉÅíáçåK=qÜçìÖÜ= É~ÅÜ=éêçàÉÅí=î~êáÉë=Ä~ëÉÇ=çå=é~êíáÅìä~ê=ÅáêÅìãëí~åÅÉI=`~ë~ë=_~Üá~=ã~áåí~áåë=ÖÉåÉê~ä=ÖìáÇÉäáåÉëK=^=åÉï= ëíçêÉ=ãìëí=Ü~îÉ=~í=äÉ~ëí=NMMIMMM=éçíÉåíá~ä=ÅìëíçãÉêëK=`~ë~ë=_~Üá~=~äëç=ïáää=Éñ~ãáåÉ=íÜÉ=åìãÄÉê=çÑ= áåèìáêáÉë=ã~ÇÉ=íç=íÜÉ=pÉêîáÅÉ=çÑ=`êÉÇáí=mêçíÉÅíáçå=EpÉêîá´ç=ÇÉ=mêçíÉ´©ç=~ç=`ê¨Çáíç=çê=pm`FK=qÜáë=ïáää= éêçîáÇÉ=~=êçìÖÜ=Éëíáã~íÉ=çÑ=íÜÉ=ÅçããÉêÅá~ä=~Åíáîáíó=áå=~=é~êíáÅìä~ê=~êÉ~K=^ÇÇáíáçå~ääóI=íÜÉ=Åçëí=çÑ= äçÖáëíáÅë=áë=Éñ~ãáåÉÇI=áKÉKI=Üçï=ÅäçëÉ=íÜÉ=Ñ~Åáäáíó=ïáää=ÄÉ=íç=ÉáíÜÉê=çÑ=íÜÉ=íÜêÉÉ=ÇáëíêáÄìíáçå=Ñ~ÅáäáíáÉë=çê=íÜÉ= ëáñ=ÅêçëëJÇçÅâáåÖ=ÅÉåíÉêë=çê=áÑ=~=åÉï=Åêçëë=ÇçÅâáåÖ=ÅÉåíÉê=ïçìäÇ=ÄÉ=ï~êê~åíÉÇK= jáÅÜ~Éä=ÖáîÉë=~=ëáÖåáÑáÅ~åí=~ãçìåí=çÑ=ÑêÉÉÇçã=íç=ëíçêÉ=~åÇ=êÉÖáçå=ã~å~ÖÉêëK=qÜÉ=çåäó= êÉèìáêÉãÉåíë=~êÉ=éêÉÇÉíÉêãáåÉÇ=êÉîÉåìÉ=~åÇ=éêçÑáí=í~êÖÉíëK=håçïáåÖ=íÜÉáê=ëíçêÉëÛ=Åçëí=ëíêìÅíìêÉI= ã~å~ÖÉêë=Ü~îÉ=ÇáëÅêÉíáçå=íç=ã~å~ÖÉ=íÜÉáê=çéÉê~íáçåë=~ë=íÜÉó=ëÉÉ=ÑáíK=^=ëíçêÉ=ã~å~ÖÉê=Ü~ë=íÜÉ=~Äáäáíó=íç= êÉÇìÅÉ=íÜÉ=éêáÅÉ=çÑ=~åó=éêçÇìÅí=ìé=íç=NMB=íç=ã~íÅÜ=íÜÉ=ÅçãéÉíáíáçåK=fÑ=ãçêÉ=åÉÖçíá~íáçåë=~êÉ=êÉèìáêÉÇI= íÜÉ=êÉÖáçå~ä=ã~å~ÖÉê=Å~å=~ìíÜçêáòÉ=~=éêáÅÉ=êÉÇìÅíáçå=ìé=íç=ORBK=^åóíÜáåÖ=ÖêÉ~íÉê=íÜ~å=ORBI=íÜÉ= êÉÖáçå~ä=ã~å~ÖÉê=ïáää=Å~ää=jáÅÜ~Éä=häÉáå=ÇáêÉÅíäóK=táíÜ=ãçêÉ=íÜ~å=OMIMMM=ÉãéäçóÉÉëI=íÜÉêÉ=~êÉ=çåäó= íÜêÉÉ=äÉîÉäë=Ñêçã=íÜÉ=ëíçêÉ=ã~å~ÖÉê=íç=íÜÉ=íçé=ÉñÉÅìíáîÉK=qÜáë=~ìíçåçãó=ÇçÉë=åçí=Éèì~ä=~=ä~Åâ=çÑ=ÅçåíêçäK= ^å=áåíÉêå~ä=~ìÇáí=ëóëíÉã=áë=çåÉ=çÑ=íÜÉ=áãéçêí~åí=ã~å~ÖÉãÉåí=íççäë=Ñçê=jáÅÜ~ÉäK== = We are always auditing our operations. I have an internal audit team. They show up unexpectedly in one store and check everything: the money on the cashiers, the inventory, the cleanliness and the quality of instore advertising. Everything is checked. – Michael Klein

= låÉ=çÑ=íÜÉ=ãçëí=áãéçêí~åí=ã~å~ÖÉêá~ä=íççäë=~í=`~ë~ë=_~Üá~=áë=íÜÉ=Ç~áäó=aáêÉÅíçê=äìåÅÜK=bîÉêó=Ç~óI=íÜÉ= häÉáå=Ñ~ãáäó=~åÇ=âÉó=ÉñÉÅìíáîÉë=ëáí=Ççïå=çîÉê=äìåÅÜ=íç=ÇáëÅìëë=ÅìêêÉåí=áëëìÉëK=qìÉëÇ~óë=~êÉ=êÉëÉêîÉÇ=Ñçê= ÇáëÅìëëáçåë=ïáíÜ=âÉó=ëìééäáÉêëK=lÅÅ~ëáçå~ääóI=~å=çìíëáÇÉ=ÖìÉëí=áë=áåîáíÉÇ=íç=äÉÅíìêÉ=~Äçìí=~=ëéÉÅáÑáÅ=íçéáÅK= qÜÉ=ÅçåîÉêë~íáçåë=~êÉ=èìáÅâ=~åÇ=áåÑçêã~äK=qóéáÅ~ääóI=íÜÉ=ÑççÇ=áë=çåäó=ëÉêîÉÇ=çåÅÉ=~ää=íÜÉ=ÖìÉëíë=Ü~îÉ= ~êêáîÉÇK=qÜÉ=ÉåîáêçåãÉåí=áë=îÉêó=êÉä~ñÉÇ=~åÇ=äáÖÜíÜÉ~êíÉÇK=tÜÉå=~å=~ííÉåÇÉÉ=áåíêçÇìÅÉë=~å=áãéçêí~åí= íçéáÅI=íÜÉ=~íãçëéÜÉêÉ=áå=íÜÉ=êççã=ïáää=ÅÜ~åÖÉ=ëäáÖÜíäóK=cçê=Éñ~ãéäÉI=p~∫ä=~ëâë=Üáë=pçåó=ëìééäáÉê=~Äçìí=~= éêáÅÉ=áåÅêÉ~ëÉK=^ÑíÉê=NR=ãáåìíÉë=çÑ=åÉÖçíá~íáçå=~å=~ÖêÉÉãÉåí=áë=êÉ~ÅÜÉÇK= ^=êÉÅÉåí=ÅÜ~åÖÉ=áå=áåíÉêÉëí=ê~íÉë=áë=ÄêçìÖÜí=ìéK=qÜÉ=ÅÜ~åÖÉ=áë=~å~äóòÉÇ=Ä~ëÉÇ=çå=íÜÉ=áãé~Åí=íç=Ñáå~ä= áåëí~ääãÉåí=éêáÅÉëK=bîÉêó=ÉñÉÅìíáîÉ=ëáííáåÖ=~êçìåÇ=íÜÉ=í~ÄäÉ=âåçïë=Üáë=çê=ÜÉê=ëéÉÅáÑáÅ=ÄìëáåÉëë=Ççïå=íç= íÜÉ=äçïÉëí=äÉîÉä=~åÇ=ïÜ~í=áãé~Åí=~å=áåíÉêÉëí=ÅÜ~åÖÉ=ïáää=Ü~îÉK=cçê=áåëí~åÅÉI=íÜÉ=ã~êâÉíáåÖ=ÇáêÉÅíçê= ÄÉÖáåë=íç=ÇáëÅìëë=Üçï=~=ÅÜ~åÖÉ=ïáää=~ÑÑÉÅí=Üáë=ÅìêêÉåí=~åÇ=ëÅÜÉÇìäÉÇ=éêçãçíáçåëK=få=ëìÅÜ=~=êÉä~íáîÉäó=Ñä~í= çêÖ~åáò~íáçåI=áí=áë=É~ëó=íç=é~ëë=ÇÉÅáëáçåë=Ççïå=íÜêçìÖÜ=~ää=äÉîÉäë=çÑ=íÜÉ=çêÖ~åáò~íáçåK=tÜáäÉ=ëíáää=áå=íÜÉ= ãÉÉíáåÖI=ÉñÉÅìíáîÉë=ïáää=ÄÉ=çå=íÜÉ=éÜçåÉ=ïáíÜ=ëíçêÉ=ã~å~ÖÉêë=íç=ÄÉííÉê=ìåÇÉêëí~åÇ=íÜÉ=áãé~ÅíK=qÜÉ=Ñ~ëíJ é~ÅÉÇ=ÇÉÅáëáçåJã~âáåÖ=ÇçÉë=åçí=áåÑÉê=íÜ~í=ÇÉÅáëáçåë=~êÉ=ìåáÑçêã=çê=ã~ÇÉ=Ü~ëíáäóK=qÜÉ=ÇÉíÉêãáå~íáçå=çÑ= ê~íÉë=~åÇ=íÉêãë=Ñçê=`~ë~ë=_~Üá~=ãÉêÅÜ~åÇáëÉ=í~âÉë=áåíç=ÅçåëáÇÉê~íáçå=íÜÉ=åÉÖçíá~íáçå=áå=íÜÉ=ÄìóáåÖ= éêçÅÉëë=EéìêÅÜ~ëÉ=éçïÉêFI=ã~êâÉí=áåíÉêÉëí=ê~íÉëI=éêçÇìÅí=ÇÉÑ~ìäí=ê~íÉë=~åÇ=ë~äÉë=îçäìãÉ=EëÉ~ëçå~äáíóI= ÉíÅKFK=låÅÉ=~ää=áëëìÉë=Ü~îÉ=ÄÉÉå=Ñáå~äáòÉÇI=äìåÅÜ=áë=ÅçãéäÉíÉK=^ää=ÉñÉÅìíáîÉë=äÉ~îÉ=íÜÉ=êççã=âåçïáåÖ=ïÜ~í= íç=Çç=~åÇ=ëÜ~êáåÖ=~=Äêç~Ç=îáëáçå=çÑ=`~ë~ë=_~Üá~=çéÉê~íáçåëK==

6 of 24

Released December 12, 2003

Ja n F M e ar b .2 00 3

O ct N ov D ec

Ju l Au g Se p

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M ar ,2 00 2

% Default Rate Over 90 days

`~ë~ë=_~Üá~=ã~áåí~áåë=~=ëáãéäÉ=ÅìäíìêÉ=ÇÉÇáÅ~íÉÇ=íç=ëÉêîáåÖ=íÜÉ=ÅìëíçãÉê=Äó=ìåÇÉêí~âáåÖ=~å= ~ÖÖêÉëëáîÉ=ëíóäÉ=ïÜÉå=áí=ÅçãÉë=íç=çíÜÉê=~êÉ~ë=çÑ=áíë=ÄìëáåÉëëK=cçê=Éñ~ãéäÉI=ïÜÉå=`~ë~ë=_~Üá~=ÉåíÉêë=~= ã~êâÉíI=áí=ï~åíë=íç=Ö~áå=ã~êâÉí=ëÜ~êÉ=èìáÅâäóK=qÜÉ=Öç~ä=áë=~äï~óë=íç=ÄÉ=Ñáêëí=áå=ÉîÉêó=ã~êâÉíK=“tÉ=ÉåíÉê= íÜÉ=ã~êâÉí=íç=ÄÉ=íÜÉ=äÉ~ÇÉêI=íç=ÄÉ=íÜÉ=ÄÉëíK=tÜÉå=ïÉ=~êêáîÉI=ïÉ=ï~åí=íç=~ííê~Åí=ÉîÉêóÄçÇóI=~åÇ=íÜÉå=ïÉ= ÅäÉ~å=íÜÉ=Ä~ëÉ=~åÇ=Åêçëë=ëÉääIÒ=ë~óë=`fl=cêÉÇÉêáÅç=t~åÇÉêäÉóK=qÜáë=ãÉåí~äáíó=áë=åçí=ïáíÜçìí=~=ëáÖåáÑáÅ~åí= ÅçëíK=tÜÉå=~=ëíçêÉ=áë=çéÉåÉÇI=áíë=ÇÉÑ~ìäí=ê~íÉ=~îÉê~ÖÉë=NSBI=~äãçëí=ÇçìÄäÉ=íÜÉ=Åçãé~åó=~îÉê~ÖÉK=fí=í~âÉë= ~=ÅçìéäÉ=çÑ=óÉ~êë=Ñçê=íÜ~í=NSB=íç=ÅçãÉ=Ççïå=íç=íÜÉ=~îÉê~ÖÉ=çÑ=UKRBK=qÜÉ=Åçëí=çÑ=ÅìëíçãÉê=~Åèìáëáíáçå=áë= ÅçåëáÇÉêÉÇ=~=Åçëí=çÑ=ÇçáåÖ=ÄìëáåÉëë=~í=`~ë~ë=_~Üá~K= = = = Default Evolution in New Stores - Sobradinho, DF = = 14 = 13 = 12 = 11 = 10 = 9 = = 8 = 7 = = = Month = = = = qÜáë=~ÖÖêÉëëáîÉåÉëë=~äëç=~ééäáÉë=íç=`~ë~ë=_~Üá~=ëìééäáÉêëK=aìÉ=íç=íÜÉáê=ëáòÉI=`~ë~ë=_~Üá~=éìêéçêíë=íç=ÄÉ=~ÄäÉ= íç=Äìó=Ñêçã=ëìééäáÉêë=~í=äçïÉê=Åçëíë=íÜ~å=ÅçãéÉíáíáçå=ïÜáäÉ=ëíáää=ÄÉáåÖ=~ÄäÉ=íç=ëÉää=Ñçê=~Äçìí=íÜÉ=ë~ãÉ=éêáÅÉK= “qÜÉ=ëÉÅêÉí=áë=åçí=íç=é~ëë=çìê=ã~êÖáå=çå=íç=íÜÉ=Ñáå~ä=éêçÇìÅí=éêáÅÉK=qÜìëI=ïÉ=êÉëéÉÅí=ëìééäáÉêëÛ=Äê~åÇëI= êÉã~áå=ÅçãéÉíáíáîÉ=~åÇ=ã~áåí~áå=çìê=éêçÑáí~ÄáäáíóIÒ=ë~óë=^ää~å=_~êêçëI=aáêÉÅíçê=çÑ=cìêåáíìêÉK= FINANCE Brazilian Overview Finance here is totally different from what one learns in school. First, the informal market is twice as big as the formal market, especially in the lower-income population. Most of my customers do not declare income. I have to believe what they are telling me. Here, several multinational retailers did poorly because they were not able to understand local needs, for example, Sears and Wal-Mart. – Michael Klein

7 of 24

Released December 12, 2003

oÉí~áä=Ä~åâë=áå=_ê~òáä=~êÉ=“råáîÉêë~ä=_~åâëIÒ=ïáíÜ=ïáÇÉ=å~íáçå~ä=éêÉëÉåÅÉ=~åÇ=ÅçãéäÉíÉ=éêçÇìÅí=çÑÑÉêáåÖë= ëìÅÜ=~ë=ÅêÉÇáíI=ë~îáåÖëI=áåëìê~åÅÉ=~åÇ=Ñáå~åÅÉ=éêçÇìÅíëK=`äáÉåí=áåÑçêã~íáçå=áë=îÉêó=áãéçêí~åí=ÄÉÅ~ìëÉ=íÜÉ= ÅêÉÇáí=ÄìêÉ~ì=áå=_ê~òáäI=pÉêîá´ç=ÇÉ=mêçíÉ´©ç=~ç=`ê¨Çáíç=Epm`FI=éêçîáÇÉë=çåäó=éçëáíáîÉLåÉÖ~íáîÉ=áåÑçêã~íáçå= çå=ÅìëíçãÉêëK=^åó=ÇáëÅäçëìêÉ=çÑ=ÅêÉÇáí=áåÑçêã~íáçå=áë=áääÉÖ~äK=_~ëÉÇ=çå=ÜáëíçêáÅ~ääó=ÜáÖÜ=áåíÉêÉëí=ê~íÉëI=íÜÉ= Ä~åâáåÖ=ëóëíÉã=áë=ÜáÖÜäó=éêçÑáí~ÄäÉK=j~áåí~áåáåÖ=íÜáë=éêçÑáí~Äáäáíó=Ü~ë=ã~ÇÉ=Ä~åâëÛ=ÅêÉÇáí=éçäáÅáÉë= ÅçåëÉêî~íáîÉ=íçï~êÇ=íÜÉ=äçïJáåÅçãÉ=éçéìä~íáçåK=`çåëÉèìÉåíäóI=~ÅÅÉëë=íç=ÅìêêÉåí=~ÅÅçìåí=î~êáÉë= ëáÖåáÑáÅ~åíäó=ïáíÜ=ÉÅçåçãáÅ=äÉîÉäK= = = Current Account = Penetration (%) Segment = ^= [VM= = _= úSMB= = = `LaLb= YQMB= = = páåÅÉ=íê~Çáíáçå~ä=Ä~åâë=ïçìäÇ=åçí=ëÉêîÉ=íÜÉ=éççê=éçéìä~íáçåI=cáå~åÅÉáê~ëI=ÅçåëìãÉê=ÅêÉÇáí= Åçãé~åáÉëI=ÉãÉêÖÉÇ=íç=ëÉêîÉ=ìåãÉí=ÅçåëìãÉê=ÅêÉÇáí=åÉÉÇëK=qÜÉáê=ÅçêÉ=ÄìëáåÉëë=áë=ÅçåÅÉÇáåÖ=ÅêÉÇáí=íç= äçïJáåÅçãÉ=éÉçéäÉ=ïÜç=Çç=åçí=Ü~îÉ=~ÅÅÉëë=íç=~=Ä~åâ=~ÅÅçìåíK=^ÇÇáíáçå~ääóI=~=ëáÖåáÑáÅ~åí=~ãçìåí=çÑ= ÅìêêÉåí=~ÅÅçìåí=ÜçäÇÉêë=êÉäó=çå=cáå~åÅÉáê~ë=ÄÉÅ~ìëÉ=íê~Çáíáçå~ä=Ä~åâë=Å~ååçí=ÑìäÑáää=~ää=íÜÉáê=ÅêÉÇáí= åÉÉÇëK=cáå~åÅÉáê~ë=íóéáÅ~ääó=Ü~îÉ=îÉêó=ÜáÖÜ=áåíÉêÉëí=ê~íÉëI=ìé=íç=NQB=éÉê=ãçåíÜ=çå=éÉêëçå~ä=äç~åëI=~åÇ= çêáÖáå~íáçå=ÑÉÉë=íÜ~í=âÉÉé=~=ëáÖåáÑáÅ~åí=ëÜ~êÉ=çÑ=íÜáë=éçéìä~íáçå=~ï~ó=Ñêçã=ÅêÉÇáí=éêçÇìÅíëK== =

% per month

Evolution of Distinct Interest Rates 18.0% 16.0% 14.0% 12.0% 10.0% 8.0% 6.0% 4.0% 2.0% 0.0%

Basic rate (SELIC) CDC with colateral CDC - Without colateral Overdraft

Credit Card

1998

1999

2000

2001

2002

Financeiras Loan

Year

8 of 24

Released December 12, 2003

Casas Bahia’s Role

`~ë~ë=_~Üá~=ÉãÉêÖÉÇ=Äó=ÑìäÑáääáåÖ=íÜáë=ìåí~ééÉÇ=Ñáå~åÅáåÖ=åÉÉÇK=páåÅÉ=àçáåáåÖ=íÜÉ=Åçãé~åó=OT=óÉ~êë=~ÖçI= `Éäëç=^ã~åÅáçI=aáêÉÅíçê=çÑ=`êÉÇáíI=Ü~ë=ÜÉäéÉÇ=íÜÉ=Åçãé~åó=éÉêÑÉÅí=~=ìåáèìÉ=Ñáå~åÅáåÖ=ãçÇÉä=íÜ~í=Ü~ë= Éå~ÄäÉÇ=`~ë~ë=_~Üá~=íç=ëìÅÅÉëëÑìääó=ëÉêîÉ=_lm=ÅìëíçãÉêëI=ÅìëíçãÉêë=éêÉîáçìëäó=áÖåçêÉÇ=Äó=íÜÉ=êÉí~áä= áåÇìëíêóK=“`~ë~ë=_~Üá~Ûë=ãçííç=áëI=Úqçí~ä=aÉÇáÅ~íáçå=íç=vçìKÛ=qÜáë=ÇÉÇáÅ~íáçå=áë=ÉîáÇÉåí=ëáåÅÉ=`~ë~ë=_~Üá~= Ü~ë=ÅêÉ~íÉÇ=~=ÅìäíìêÉ=ïÜçëÉ=ëçäÉ=éìêéçëÉ=áë=íç=ÑìäÑáää=íÜÉ=ÇêÉ~ãë=çÑ=áíë=ÅìëíçãÉêëIÒ=ë~óë=`ÉäëçK=tÜáäÉ=ã~åó= Åçãé~åáÉë=ÅçåëáÇÉêÉÇ=`~ë~ë=_~Üá~=ÅìëíçãÉêë=ìåÇÉëáê~ÄäÉI=`~ë~ë=_~Üá~=ë~ï=~å=çééçêíìåáíóK= få=çêÇÉê=íç=ëÉêîÉ=íÜÉ=éççê=éçéìä~íáçåI=`~ë~ë=_~Üá~=ÇÉîÉäçéÉÇ=~å=áååçî~íáîÉ=~ééêç~ÅÜK=m~êí=çÑ=íÜÉ= ëçäìíáçå=áë=íÜÉ=åçï=Ñ~ãçìë=“Å~êåÆIÒ=çê=é~ëëÄççâI=íÜ~í=~ääçïë=áíë=ÅìëíçãÉêë=íç=ã~âÉ=ëã~ää=áåëí~ääãÉåí= é~óãÉåíë=Ñçê=íÜÉ=ãÉêÅÜ~åÇáëÉK=m~óãÉåí=ëÅÜÉÇìäÉë=ê~åÖÉ=Ñêçã=çåÉ=íç=NR=ãçåíÜëK=qÜÉ=é~ëëÄççâ=áë= é~ó~ÄäÉ=çåäó=~í=`~ë~ë=_~Üá~=ëíçêÉëI=~åÇ=ÉîÉêó=ãçåíÜ=ÅçåëìãÉêë=ãìëí=ÉåíÉê=~=ëíçêÉ=íç=é~ó=íÜÉáê=ÄáääK=qÜáë= ãÉíÜçÇ=~äëç=ÜÉäéë=íç=ã~áåí~áå=êÉä~íáçåëÜáéë=ïáíÜ=ÅäáÉåíëK=qÜÉ=Ñáå~åÅÉÇ=ë~äÉ=áë=êÉëéçåëáÄäÉ=Ñçê=VMB=çÑ=~ää= ë~äÉë=îçäìãÉW=SB=~êÉ=Å~ëÜ=é~óãÉåíë=~åÇ=QB=~êÉ=ÅêÉÇáí=Å~êÇK== ^ää=ÅìëíçãÉêë=ïÜç=ïáëÜ=íç=Ñáå~åÅÉ=íÜÉáê=éìêÅÜ~ëÉ=ãìëí=ëìÄãáí=íç=~å=pm`=ÅêÉÇáí=ÅÜÉÅâK=fÑ=íÜÉ= ÅìëíçãÉê=Ü~ë=~=åÉÖ~íáîÉ=pm`=ëÅçêÉI=`~ë~ë=_~Üá~=ïáää=åçí=ÄÉ=~ÄäÉ=íç=ÅçãéäÉíÉ=íÜÉ=íê~åë~Åíáçå=ìåíáä=íÜÉ= ÅìëíçãÉê=êÉëçäîÉë=Üáë=ÅêÉÇáí=éêçÄäÉãK=fÑ=íÜÉ=ÅìëíçãÉê=Ü~ë=~=éçëáíáîÉ=ëÅçêÉI=íÜÉêÉ=~êÉ=íïç=~äíÉêå~íáîÉëK=fÑ= íÜÉ=ãÉêÅÜ~åÇáëÉ=Åçëíë=äÉëë=íÜ~å=oASMMI=åç=éêççÑ=çÑ=áåÅçãÉ=áë=êÉèìáêÉÇX=~=î~äáÇ=éÉêã~åÉåí=~ÇÇêÉëë=ïáää= ëìÑÑáÅÉK=fÑ=íÜÉ=ãÉêÅÜ~åÇáëÉ=Åçëíë=ãçêÉ=íÜ~å=oASMMI=`~ë~ë=_~Üá~=Ü~ë=ÇÉîÉäçéÉÇ=~=éêçéêáÉí~êó=ëóëíÉã=íç= Éî~äì~íÉ=íÜÉ=éêçëéÉÅíáîÉ=ÅäáÉåíK=qÜÉó=êÉÅÉáîÉ=~=ÅêÉÇáí=äáãáí=Ä~ëÉÇ=çå=íçí~ä=áåÅçãÉI=ÄçíÜ=Ñçêã~ä=~åÇ= áåÑçêã~äI=çÅÅìé~íáçå=~åÇ=éêÉëìãÉÇ=ÉñéÉåëÉëK=qÜáë=“ëÅçêáåÖÒ=éêçÅÉëë=í~âÉë=äÉëë=íÜ~å=çåÉ=ãáåìíÉK=fÑ=íÜÉ= ëóëíÉã=~ééêçîÉë=íÜÉ=éêçëéÉÅíI=íÜÉ=ë~äÉëéÉêëçå=Å~å=ÅçåíáåìÉ=ïáíÜ=íÜÉ=ë~äÉK=fÑ=íÜÉ=ÅäáÉåí=áë=êÉàÉÅíÉÇ=Äó=íÜÉ= ëóëíÉãI=ÜÉ=çê=ëÜÉ=áë=ÇáêÉÅíÉÇ=íç=~=ÅêÉÇáí=~å~äóëí=Ñçê=ÑìêíÜÉê=Éî~äì~íáçåK=qÜáë=áë=ïÜÉêÉ=íÜÉ=áãéçêí~åÅÉ=çÑ= ÄìáäÇáåÖ=~=êÉä~íáçåëÜáé=áë=éêçãáåÉåíK=_~ëÉÇ=çå=íê~áåáåÖI=íÜÉ=ÅêÉÇáí=~å~äóëí=ïáää=~ëâ=~=ëÉêáÉë=çÑ=èìÉëíáçåë=íç= ÇÉíÉêãáåÉ=~=ÅäáÉåíÛë=ÅêÉÇáíïçêíÜáåÉëëK=qÜÉ=ÉåíáêÉ=éêçÅÉëë=íóéáÅ~ääó=áë=ÑáåáëÜÉÇ=áå=NM=ãáåìíÉë=çê=äÉëëK= qÜÉ=éêçéêáÉí~êó=ëóëíÉã=íÜ~í=ÇÉíÉêãáåÉë=íÜÉ=ÅêÉÇáíïçêíÜáåÉëë=çÑ=åÉï=ÅäáÉåíë=~äëç=Éî~äì~íÉë=ÉñáëíáåÖ= ÅäáÉåíë=Ñçê=éçíÉåíá~ä=åÉï=éìêÅÜ~ëÉëK=_~ëÉÇ=çå=íÜÉ=ë~ãÉ=ÇêáîÉêë=åçíÉÇ=~ÄçîÉI=áå=~ÇÇáíáçå=íç=é~óãÉåí= ÜáëíçêóI=íÜÉ=ëóëíÉã=ïáää=~ìíçã~íáÅ~ääó=éêçÇìÅÉ=~=åÉï=ÅêÉÇáí=äáãáíK=qÜáë=~Äáäáíó=áë=âÉó=áå=íÜÉ=ÅêçëëJëÉääáåÖ= éêçÅÉëëK=tÜÉå=íÜÉ=ÅìëíçãÉê=ÅçãÉë=áåíç=íÜÉ=ëíçêÉ=íç=é~ó=íÜÉáê=ãçåíÜäó=áåëí~ääãÉåíI=~=åÉï=ÅêÉÇáí=äáãáí=áë= ~î~áä~ÄäÉ=íç=íÜÉ=`~ë~ë=_~Üá~=ë~äÉëéÉêëçåK=qÜáë=ë~äÉëéÉêëçå=Ü~ë=íÜÉ=çééçêíìåáíó=íç=ã~âÉ=~=í~áäçêÉÇ=Åêçëë= ë~äÉ=áå=íÜÉ=~ãçìåí=çÑ=íÜÉ=åÉï=ÅêÉÇáí=äáãáíK= j~åó=çìíëáÇÉêë=~êÖìÉ=íÜ~í=`~ë~ë=_~Üá~=áë=ëáãéäó=ÉñéäçáíáåÖ=íÜÉ=éççê=~åÇ=ÅÜ~êÖáåÖ=íÜÉã=ÉñçêÄáí~åí= áåíÉêÉëí=ê~íÉë=ÄÉÅ~ìëÉ=íÜÉ=éççê=Çç=åçí=âåçï=~åó=ÄÉííÉêK=nìáíÉ=íÜÉ=çééçëáíÉ=ëÉÉãë=íç=ÄÉ=íêìÉK=få=çêÇÉê=íç= ã~áåí~áå=äçï=ÇÉÑ~ìäí=ê~íÉëI=ë~äÉëéÉçéäÉ=ãìëí=“íÉ~ÅÜÒ=ÅçåëìãÉêë=íç=Äìó=~ÅÅçêÇáåÖ=íç=íÜÉáê=ÄìÇÖÉíK=cçê= áåëí~åÅÉI=~=ÅìëíçãÉê=ÉåíÉêë=íÜÉ=ëíçêÉ=~åÇ=ï~åíë=~=åÉï=OTÒ=íÉäÉîáëáçåK=^=ë~äÉëéÉêëçå=ïáää=ëáí=Ççïå=ïáíÜ= íÜÉ=ÅìëíçãÉê=E~=`~ë~ë=_~Üá~=oÉÖáçå~ä=j~å~ÖÉê=ãÉåíáçåë=óçì=~äï~óë=ÇáëÅìëë=éêáÅÉ=ëáííáåÖ=ÇçïåI=ëç=áí=áë= Ü~êÇÉê=Ñçê=íÜÉ=ÅìëíçãÉê=íç=ï~äâ=~ï~óF=~åÇ=ÇáëÅìëë=ãìäíáéäÉ=é~óãÉåí=çéíáçåëK=fÑ=áí=ÄÉÅçãÉë=ÅäÉ~ê=íÜÉ= ÅìëíçãÉê=Å~ååçí=~ÑÑçêÇ=íÜÉ=OTÒ=íÉäÉîáëáçåI=íÜÉ=ë~äÉëéÉêëçå=ïáää=ïçêâ=ïáíÜ=íÜÉã=íç=“íïÉ~âÒ=íÜÉáê=ÇêÉ~ã= íç=íÉãéçê~êáäó=áåÅäìÇÉ=~=OMÒ=qsK== qÜÉ=ÅçåëìãÉê=ÉÇìÅ~íáçå=éêçÅÉëë=áë=~=âÉó=ÅçãéçåÉåí=Ñçê=`~ë~ë=_~Üá~=íç=Ü~îÉ=~=ÇÉÑ~ìäí=äÉîÉä=çÑ=UKRBK= qç=éìí=áí=áåíç=éÉêëéÉÅíáîÉI=íÜÉ=~îÉê~ÖÉ=Ñçê=íÜÉ=ÉåíáêÉ=êÉí~áä=ëÉÅíçêI=ïÜáÅÜ=ëÉêîÉë=~ää=áåÅçãÉ=äÉîÉäëI=áë=SKRBK= `~ë~ë=_~Üá~Ûë=ÅçãéÉíáíáçå=~í=íÜÉ=_lm=Ü~ë=~=ÇÉÑ~ìäí=ê~íÉ=íÜ~í=êÉ~ÅÜÉë=NSBK=

9 of 24

Released December 12, 2003

Monthly default (%)

Monthly Average Default Rate in Retail 18.0% 16.0% 14.0% 12.0% 10.0% 8.0% 6.0% 4.0% 2.0% 0.0%

Marabraz Furniture's default rate Industry Average Monthly Default Rate CB Furniture's default rate 1998

1999

2000

2001

2002

Year

If you look at the default rate for furniture at Casas Bahia, it averages 4.5%. Marabrás, our main competitor in the furniture industry, has an average default rate of 15% to 16%. One of the driving factors of the higher default rate is that they don’t finance the customers themselves. In the [competitor’s] store you have a number of kiosks from various financeiras. The customer simply chooses a kiosk. This creates a large disconnect between the salespeople and customer. The salesperson has no incentive to build a relationship with customers or understand their abilities and needs because they are at no risk. – Michael Klein

= qÜçìÖÜ=`~ë~ë=_~Üá~=Ü~ë=ÄÉÅçãÉ=íÜÉ=ä~êÖÉëí=êÉí~áäÉê=áå=_ê~òáä=Äó=ÑçÅìëáåÖ=çå=Ñáå~åÅáåÖ=_lm=ÅìëíçãÉêëI=áí= Ü~ë=~äëç=éêçîáÇÉÇ=ëÉîÉê~ä=ÅÜ~ääÉåÖÉëK=fÇÉåíáÑóáåÖ=~åÇ=çîÉêÅçãáåÖ=íÜÉëÉ=ÅÜ~ääÉåÖÉë=Ü~ë=ëíêÉåÖíÜÉåÉÇ=íÜÉ= îáëáçå=p~ãìÉä=häÉáå=Ü~Ç=çîÉê=RM=óÉ~êë=~ÖçK=fÑ=óçì=~ëâ=~åó=ÅìëíçãÉê=íÜÉó=ïáää=ëí~íÉI=“^í=`~ë~ë=_~Üá~I=áí=áë= É~ëó=íç=ÖÉí=ÅêÉÇáíKÒ=p~ãìÉä=häÉáå=ÄÉäáÉîÉë=íÜ~í=ÅìëíçãÉê=åÉÉÇë=~êÉ=é~ê~ãçìåí=~åÇ=áí=ëÜçìäÇ=ÄÉ=~ë=É~ëó=~ë= éçëëáÄäÉ=Ñçê=íÜÉ=ÅìëíçãÉê=íç=ÑìäÑáää=íÜÉáê=ÇêÉ~ãK=qç=ã~âÉ=~=ëÉ~ãäÉëë=~åÇ=ÉÑÑáÅáÉåí=ÅìëíçãÉêJÑ~ÅáåÖ=éêçÅÉëë= êÉèìáêÉë=êáÖçêçìë=~åÇ=ëíêáÅí=éä~ååáåÖ=Äó=`~ë~ë=_~Üá~K=fí=ëí~êíë=ïáíÜ=íÜÉ=íê~áåáåÖ=çÑ=áíë=ÅêÉÇáí=~å~äóëíëK= Training

qÜÉ=ÅêÉÇáí=~å~äóëí=éä~óë=~=îáí~ä=êçäÉ=áå=íÜÉ=ëìÅÅÉëë=çÑ=`~ë~ë=_~Üá~K=^ë=ëìÅÜI=íÜÉ=Åçãé~åó=Ü~ë=ÇÉîçíÉÇ= ëáÖåáÑáÅ~åí=íáãÉ=~åÇ=êÉëçìêÅÉë=íç=íê~áå=áíë=ÅêÉÇáí=~å~äóëíëK=táíÜ=~å=~îÉê~ÖÉ=çÑ=TRMIMMM=ÅìëíçãÉêë=êÉèìÉëíáåÖ= Ñáå~åÅáåÖ=ÉîÉêó=ãçåíÜ=ENKQ=ãáääáçå=áå=aÉÅÉãÄÉêFI=`~ë~ë=_~Üá~Ûë=UMM=ÅêÉÇáí=~å~äóëíë=~êÉ=íÜÉ=äóåÅÜéáåI=åçí= çåäó=áå=ã~áåí~áåáåÖ=~=ÇÉÑ~ìäí=ê~íÉ=ÄÉäçï=áåÇìëíêó=~îÉê~ÖÉ=Äìí=~äëç=áå=Ñê~ìÇ=ÇÉíÉÅíáçåK=få=OMMOI=PRIMMM=Å~ëÉë= çÑ=Ñê~ìÇ=êÉéêÉëÉåíáåÖ=AQQM=ãáääáçå=ïÉêÉ=~îÉêíÉÇK==

10 of 24

Released December 12, 2003

j~åó=~í=íÜÉ=“_çííçã=çÑ=íÜÉ=móê~ãáÇÒ=Ü~îÉ=åÉîÉê=~ééäáÉÇ=Ñçê=çê=ÄÉÉå=Öê~åíÉÇ=ÅêÉÇáíI=êÉåÇÉêáåÖ=íÜÉ= Ñçêã~ä=pm`=ëóëíÉã=ìëÉäÉëëK=táíÜçìí=~=ëíÉ~Çó=çê=êÉéçêíÉÇ=áåÅçãÉ=~åÇ=~=éÉêëçå~ä=ÉÅçåçãáÅ=ëí~íìë=íÜ~í= Å~å=ÅÜ~åÖÉ=Ç~áäóI=áí=áë=ìé=íç=íÜÉ=ÅêÉÇáí=~å~äóëí=íç=ÇÉÅáÇÉ=áÑ=íÜÉ=ÅìëíçãÉê=íÜÉó=~êÉ=ÇÉ~äáåÖ=ïáíÜ=áë=ÜçåÉëíI= ëáåÅÉêÉI=~åÇ=ïáää=ÄÉ=~ÄäÉ=íç=ã~âÉ=íÜÉ=åÉÅÉëë~êó=é~óãÉåíëK=bîÉêó=ÅìëíçãÉê=ïÜç=éêÉëÉåíë=ÜáãëÉäÑ=çê= ÜÉêëÉäÑ=Ü~ë=~=ìåáèìÉ=ëáíì~íáçåK=qÜÉ=íê~áåáåÖ=íÜÉ=~å~äóëíë=êÉÅÉáîÉ=éêÉé~êÉë=íÜÉã=íç=ã~âÉ=ÇÉÅáëáçåë=íÜ~í= Éå~ÄäÉ=íÜÉ=ÅçåíáåìÉÇ=ëìÅÅÉëë=çÑ=`~ë~ë=_~Üá~K== qê~áåáåÖ=áë=~=ÅçãÄáå~íáçå=çÑ=Åä~ëëêççã=~åÇ=áåÑçêã~ä=íÉÅÜåáèìÉëK=qÜÉ=Ñáêëí=ëíÉé=í~âÉë=éä~ÅÉ=áå=íÜÉ= Åä~ëëêççãK=bãéäçóÉÉë=äÉ~êå=íÜÉ=Ä~ëáÅë=ê~åÖáåÖ=Ñêçã=íÜÉ=áãéçêí~åÅÉ=çÑ=éÉêëçå~ä=ÖêççãáåÖ=íç=íÜÉ= åÉÅÉëëáíó=çÑ=Ü~îáåÖ=~=éçëáíáîÉ=~ííáíìÇÉ=íçï~êÇ=íÜÉ=ÅìëíçãÉêëK=fí=áë=áå=íÜÉ=Åä~ëëêççã=ïÜÉêÉ=`~ë~ë=_~Üá~= ÉãéäçóÉÉë=ÄÉÖáå=íç=ìåÇÉêëí~åÇ=íÜÉ=áãéçêí~åÅÉ=çÑ=ÄìáäÇáåÖ=~=äçåÖJä~ëíáåÖ=êÉä~íáçåëÜáé=ïáíÜ=íÜÉ= ÅìëíçãÉêK=tÜÉå=éÉçéäÉI=ÉëéÉÅá~ääó=íÜÉ=éççêI=ï~äâ=áåíç=íÜÉ=ëíçêÉI=íÜÉó=ï~åí=~=ÑêáÉåÇäó=Ñ~ÅÉI=ëçãÉçåÉ=ïÜç= íÜÉó=Å~å=í~äâ=íç=~Äçìí=íÜÉáê=Ç~óK=`ìëíçãÉêë=ï~åí=íç=ÉåëìêÉ=íÜÉ=éÉêëçå=íÜÉó=~êÉ=í~äâáåÖ=ïáíÜ=ìåÇÉêëí~åÇë= íÜÉáê=Ä~ÅâÖêçìåÇ=~åÇ=Å~å=ÜÉäé=íÜÉã=ÑìäÑáää=íÜÉáê=ÇêÉ~ãK=^ÅÅçêÇáåÖ=íç=`Éäëç=^ã~åÅáçI=ã~åó=ÅìëíçãÉêë= “ÅçãÉ=áå=~ë=~=ÅäáÉåí=~åÇ=äÉ~îÉ=~ë=~=ÑêáÉåÇKÒ= qÜÉ=êÉä~íáçåëÜáé=ÄÉíïÉÉå=íÜÉ=~å~äóëí=~åÇ=ÅìëíçãÉê=ÅêÉ~íÉë=~=îáêíìçìë=ÅóÅäÉK=cçê=áåëí~åÅÉI=~= ÅìëíçãÉê=ÉåíÉêë=`~ë~ë=_~Üá~=áå=åÉÉÇ=çÑ=~å=çîÉå=íç=êÉéä~ÅÉ=ÜÉê=ÅìêêÉåí=çîÉå=íÜ~í=áë=åç=äçåÖÉê=ïçêâáåÖI= óÉí=áë=ÅìêêÉåíäó=ìå~ÄäÉ=íç=é~óK=_~ëÉÇ=çå=ÉáíÜÉê=~å=ÉñáëíáåÖ=êÉä~íáçåëÜáé=çê=çåÉ=íÜ~í=áë=ÇÉîÉäçéÉÇ=áå=íÜÉ= ëÜçêí=íáãÉ=ëÜÉ=áë=áå=íÜÉ=ëíçêÉI=~=ÅêÉÇáí=~å~äóëí=Å~å=~ééêçîÉ=íÜÉ=äç~å=ÉîÉå=áÑ=íÜÉ=ÅìëíçãÉê=ÇçÉë=åçí= ÅìêêÉåíäó=Ü~îÉ=íÜÉ=åÉÅÉëë~êó=éêççÑ=çÑ=áåÅçãÉK=qÜÉ=ÅìëíçãÉê=áë=Öê~íÉÑìä=íÜÉ=~å~äóëí=áë=í~âáåÖ=~=ÅÜ~åÅÉ= ~åÇ=íêìëíáåÖ=ëÜÉ=ïáää=ã~âÉ=íÜÉ=é~óãÉåíëK=qÜÉåI=ïÜÉå=íÜáåÖë=íìêå=~êçìåÇ=Ñçê=íÜÉ=ÅìëíçãÉêI=ëÜÉ=áë= ïáääáåÖ=íç=Äìó=ãçêÉ=Ñêçã=`~ë~ë=_~Üá~=~åÇ=ëÜÉ=~äëç=íÉääë=Ñ~ãáäó=~åÇ=ÑêáÉåÇë=~Äçìí=íÜÉ=ÉñéÉêáÉåÅÉK= fí=áë=~äëç=áå=íÜÉ=Åä~ëëêççã=ïÜÉêÉ=~å~äóëíë=äÉ~êå=íÜÉ=áãéçêí~åÅÉ=çÑ=~ëâáåÖ=íÜÉ=êáÖÜí=èìÉëíáçåëK= aÉéÉåÇáåÖ=çå=íÜÉ=ëíçêÉ=äçÅ~íáçåI=íÜÉ=~å~äóëíë=ïáää=äÉ~êå=~Äçìí=íÜÉáê=ÅìëíçãÉêÛë=éêáã~êó=äáîÉäáÜççÇK=cçê= Éñ~ãéäÉI=áÑ=~=ÅìëíçãÉê=ÅçãÉë=áå=~åÇ=ë~óë=ÜÉ=áë=~=ÅçåëíêìÅíáçå=ïçêâÉêI=íÜÉ=~å~äóëí=ïáää=ÄÉÖáå=íç=ÇáëÅêÉíÉäó= “ëáòÉ=ìéÒ=íÜÉ=ÅìëíçãÉêK=qÜÉó=ïáää=åçíáÅÉ=áÑ=íÜÉ=ÅìëíçãÉê=Ü~ë=Å~ääìëÉë=çå=Üáë=Ü~åÇ=çê=ïêáåâäÉë=~êçìåÇ= íÜÉáê=ÉóÉë=Ñêçã=ïçêâáåÖ=çìíëáÇÉ=~ää=Ç~óK=qÜÉ=~å~äóëí=~äëç=ãáÖÜí=~ëâ=~=ÑÉï=íÉÅÜåáÅ~ä=èìÉëíáçåë=áå=íÜÉ= ÅçåíÉñí=çÑ=~=éêçàÉÅí=íÜÉó=ã~ó=ÄÉ=áåîçäîÉÇ=ïáíÜ=~í=ÜçãÉK=qÜáë=áåíÉê~Åíáçå=ëÉêîÉë=íïç=éìêéçëÉëW=fí=ÄÉÖáåë= íç=ÑáäíÉê=çìí=Ñê~ìÇ=éçíÉåíá~äI=Äìí=ãçêÉ=áãéçêí~åí=ÜÉäéë=ÄìáäÇ=íÜÉ=êÉä~íáçåëÜáé=ïáíÜ=íÜ~í=ÅìëíçãÉêK= ^å~äóëíë=~êÉ=í~ìÖÜí=íç=~äï~óë=~ëâ=èìÉëíáçåë=~åÇ=ÄÉ=ÅêÉ~íáîÉ=áå=íêóáåÖ=íç=ìåÇÉêëí~åÇ=íÜÉ=ÅìëíçãÉêK= ^ÑíÉê=ÅçãéäÉíáåÖ=Åä~ëëêççã=íê~áåáåÖI=åÉï=ÉãéäçóÉÉë=“ëÜ~ÇçïÒ=~å=ÉñéÉêáÉåÅÉÇ=ÉãéäçóÉÉ=Ñçê=íïç= ïÉÉâë=áå=~=ëíçêÉK=qê~áåÉÉë=äÉ~êå=Ñáêëí=Ü~åÇ=Üçï=íç=áãéäÉãÉåí=Åä~ëëêççã=íÉ~ÅÜáåÖë=~åÇ=íÜÉ=áãéçêí~åÅÉ=çÑ= Åêçëë=ëÉääáåÖ=~í=`~ë~ë=_~Üá~K=`êçëë=ëÉääáåÖ=áë=~å=áãéçêí~åí=é~êí=çÑ=íÜÉ=Åçãé~åóÛë=ëìÅÅÉëë=ëáåÅÉ=TTB=çÑ= ÅäáÉåíë=ïÜç=çéÉå=~å=~ÅÅçìåí=ã~âÉ=êÉéÉ~í=éìêÅÜ~ëÉëK= ^åçíÜÉê=áãéçêí~åí=~ëéÉÅí=çÑ=`~ë~ë=_~Üá~=íê~áåáåÖ=áë=íÉ~ÅÜáåÖ=íÜÉ=~å~äóëí=íÜÉ=~êí=çÑ=ë~óáåÖ=“åçÒ=íç= íÜÉ=ÅìëíçãÉêK=^å=Éëíáã~íÉÇ=NSB=çÑ=ÅìëíçãÉêë=~ééäóáåÖ=Ñçê=ÅêÉÇáí=~êÉ=ÇÉåáÉÇK=tÜ~í=áë=~=ëÉÉãáåÖäó=Ä~ëáÅ= ÅçåÅÉéí=Ü~ë=~=äçåÖJä~ëíáåÖ=áãéçêí~åÅÉ=íç=`~ë~ë=_~Üá~=ÅìëíçãÉêëK=tÜÉå=~=ÅìëíçãÉê=ÉåíÉêë=~=`~ë~ë=_~Üá~= ëíçêÉI=íÜÉó=~êÉ=ÜçéáåÖ=íç=ÑìäÑáää=~=ÇêÉ~ãK=tÜÉå=óçì=íÉää=~=éçíÉåíá~ä=ÅìëíçãÉê=“åçIÒ=óçì=~êÉ=ÉÑÑÉÅíáîÉäó= ÇÉëíêçóáåÖ=íÜÉáê=ÇêÉ~ãK=p~ãìÉä=häÉáå=Ü~ë=ÑçëíÉêÉÇ=~=ÅìäíìêÉ=ïÜÉêÉ=íÜáë=áë=ìå~ÅÅÉéí~ÄäÉK=^å~äóëíë=~äï~óë= ïçêâ=íç=ã~áåí~áå=íÜÉ=êÉä~íáçåëÜáéK=qÜÉ=ÅìëíçãÉê=ëÜçìäÇ=ÄÉ=îáÉïÉÇ=Ñçê=íÜÉáê=äçåÖJíÉêã=éçíÉåíá~ä=~ë= äáÑÉíáãÉ=ÅìëíçãÉêK=^äíÜçìÖÜ=íÜÉó=Å~åÛí=~ÑÑçêÇ=ëçãÉíÜáåÖ=êáÖÜí=åçïI=íÜÉáê=ëáíì~íáçå=ïáää=áãéêçîÉ=~åÇ= íÜÉå=íÜÉó=Å~å=Äìó=íÜ~í=åÉï=qsK== oÉàÉÅíáçå=áë=ëçãÉíáãÉ=åÉÅÉëë~êó=~åÇ=~ééêçéêá~íÉK=qÜÉ=ã~áå=êÉ~ëçåë=Ñçê=êÉàÉÅíáçå=~êÉ=íÜêÉÉÑçäÇW= åÉÖ~íáîÉ=pm`=ê~íáåÖI=ÅêÉÇáí=äáãáí=~åÇ=íÜáêÇJé~êíó=~ÅèìáëáíáçåK=táíÜ=~=åÉÖ~íáîÉ=pm`=ê~íáåÖI=íÜÉêÉ=áë= åçíÜáåÖ=`~ë~ë=_~Üá~=Å~å=ÇçK=qÜÉ=~å~äóëí=ëí~íÉë=íÜ~í=áÑ=áí=ïÉêÉ=ìé=íç=`~ë~ë=_~Üá~I=íÜÉó=ïçìäÇ=Çç=ÄìëáåÉëëI= © 2003 University of Michigan Regents

11 of 24

Released December 12, 2003

Äìí=Å~ååçí=ÇìÉ=íç=íÜÉ=ëÅçêÉK=qÜÉó=~éçäçÖáòÉ=~åÇ=ãÉåíáçå=íÜ~í=~ë=ëççå=~ë=íÜÉ=“äáííäÉ=éêçÄäÉãÒ=áë=êÉëçäîÉÇI= íÜÉó=ïáää=ïÉäÅçãÉ=íÜÉ=ÅìëíçãÉê=Ä~Åâ=~åÇ=ÑáåáëÜ=íÜÉ=íê~åë~ÅíáçåK=^å=áåëìÑÑáÅáÉåí=ÅêÉÇáí=äáãáí=áë=Ü~åÇäÉÇ= ïáíÜ=çÑÑÉêë=çÑ=ëáãáä~ê=éêçÇìÅíë=çê=ÇáÑÑÉêÉåí=Äê~åÇë=çê=ãçÇÉäëK=qÜáêÇJé~êíó=~Åèìáëáíáçå=áë=ïÜÉå=íÜÉ=~Åíì~ä= ÅìëíçãÉê=Ü~ë=~=Ä~Ç=ÅêÉÇáí=ê~íáåÖ=çê=Å~ååçí=~ÑÑçêÇ=íÜÉ=ãÉêÅÜ~åÇáëÉ=ÜáãëÉäÑI=ëç=ÜÉ=Ü~ë=~åçíÜÉê=éÉêëçå= éìêÅÜ~ëÉ=áí=Ñçê=íÜÉãK=qÜÉ=ÅìëíçãÉê=ïçìäÇ=íÜÉå=é~ó=íÜÉ=íÜáêÇ=é~êíóK=eçïÉîÉêI=íÜáë=~êê~åÖÉãÉåí=ìëì~ääó= äÉ~Çë=íç=ÇÉÑ~ìäíK=cáêëíI=íÜÉêÉ=áë=~=êÉ~ëçå=íÜÉ=ÅìëíçãÉê=ÅçìäÇ=åçí=~ÑÑçêÇ=íÜÉ=ãÉêÅÜ~åÇáëÉ=áå=íÜÉ=Ñáêëí=éä~ÅÉX= ëÉÅçåÇI=íÜÉ=íÜáêÇ=é~êíó=ïÜç=éìêÅÜ~ëÉÇ=íÜÉ=ãÉêÅÜ~åÇáëÉ=Ü~ë=åç=îÉëíÉÇ=áåíÉêÉëí=áå=é~óáåÖ=`~ë~ë=_~Üá~K= qÜáêÇJé~êíó=éìêÅÜ~ëÉ=áë=íÜÉ=äÉ~ÇáåÖ=Å~ìëÉ=çÑ=ÇÉÑ~ìäí=~í=`~ë~ë=_~Üá~K=qÜÉ=ëÉÅçåÇ=áë=ìåÉãéäçóãÉåíI=~åÇ= íÜáêÇ=áë=ëáãéäó=ëéÉåÇáåÖ=ÄÉóçåÇ=çåÉÛë=ãÉ~åëK= Cash Management

`~ë~ë=_~Üá~Ûë=ÇÉéÉåÇÉåÅÉ=çå=Ä~åâë=áë=îÉêó=äçïK=^ÅÅçêÇáåÖ=íç=jáÅÜ~Éä=häÉáåI=_ê~òáäá~å=ä~ï=ÇçÉë=åçí= éÉêãáí=`~ë~ë=_~Üá~=íç=ÑìåÇ=íÜÉ=áåíÉêÉëí=éçêíáçå=çÑ=áíë=ÅçåëìãÉê=äç~åëK=qÜÉêÉÑçêÉI=íÜ~í=éçêíáçå=áë=é~Åâ~ÖÉÇ= ~åÇ=ëçäÇ=íç=Ä~åâë=çê=Ñáå~åÅÉáê~ëK=`~ë~ë=_~Üá~=ìëÉÇ=íç=Ü~îÉ=áíë=çïå=Ñáå~åÅÉáê~K=qÜÉ=Åçãé~åó=ÇáëëçäîÉÇ=íÜáë= Éåíáíó=ÄÉÅ~ìëÉ=áí=ï~ë=åçí=íÜÉ=ÅçêÉ=ÄìëáåÉëë=Ñçê=`~ë~ë=_~Üá~K=kçïI=íÜÉ=Åçãé~åóÛë=éçäáÅó=áë=íç=Äçêêçï=~ë=äáííäÉ= ~ë=éçëëáÄäÉ=~åÇ=Ñáå~åÅÉ=íÜÉ=ÅìëíçãÉê=ïÜáäÉ=ÑìåÇáåÖ=íÜÉ=ÉñéÉåëÉë=áåíÉêå~ääóK== ^ÇÇáíáçå~ääóI=`~ë~ë=_~Üá~=ÇçÉë=åçí=ÜçäÇ=íç=ÉñíÉêå~ä=ÅìêêÉåÅáÉëK=qÜáë=áë=ÉëéÉÅá~ääó=áãéçêí~åí=áå=íÜÉ= _ê~òáäá~å=ÉÅçåçãóI=ïÜÉêÉ=äçÅ~ä=ÅìêêÉåÅó=ÇÉî~äì~íáçåë=Ü~îÉ=Å~ìëÉÇ=éêáÅÉë=íç=áåÅêÉ~ëÉ=Çê~ã~íáÅ~ääóK=`~ë~ë= _~Üá~=ÄÉäáÉîÉë=íÜ~í=ëáåÅÉ=íÜÉó=Çç=ÄìëáåÉëë=áå=_ê~òáäI=íÜÉ=Åçãé~åóÛë=ÅìêêÉåÅó=~åÇ=ÉñéçëìêÉ=ëÜçìäÇ=ÄÉ= ïáíÜáå=_ê~òáäK=jçêÉçîÉêI=ãáåáã~ä=ÉñéçëìêÉ=íç=Ä~åâë=Ñçê=ÉñíÉêå~ä=ÇÉÄí=áë=ÄÉåÉÑáÅá~äK= Products

`~ë~ë=_~Üá~=Å~êêáÉë=~åÇ=ëÉääë=íçéJèì~äáíó=Äê~åÇëW=pçåóI=qçëÜáÄ~I=gs`=~åÇ=_ê~ëíÉãé=EtÜáêäéççäFK=qÜÉêÉ=áë= ~=ãáëÅçåÅÉéíáçå=íÜ~í=ÄÉÅ~ìëÉ=ÅìëíçãÉêë=~êÉ=éççê=íÜÉó=Çç=åçí=ÇÉëáêÉ=èì~äáíó=éêçÇìÅíëK=få=_ê~òáäI=`I=a=C=b= ÅìëíçãÉêë=ÇÉëáêÉ=íÜÉ=ë~ãÉ=ãÉêÅÜ~åÇáëÉ=~ë=^=C=_=ÅìëíçãÉêëK=qÜÉó=ï~åí=íÜÉ=ÇêÉ~ã=íÜÉó=ëÉÉ=çå=qsI=åçí=~= ÅÜÉ~éÉåÉÇ=îÉêëáçå=çÑ=íÜ~í=ÇêÉ~ãK=qÜÉ=ÇáÑÑÉêÉåÅÉ=áë=íÜ~í=áåÇáîáÇì~äë=~í=íÜÉ=_çííçã=çÑ=íÜÉ=móê~ãáÇ=Å~ååçí= ~ÑÑçêÇ=íç=ï~äâ=áåíç=~=ëíçêÉ=~åÇ=é~ó=ARMM=Å~ëÜ=Ñçê=~=åÉï=êÉÑêáÖÉê~íçêK=qÜÉó=Å~å=~ÑÑçêÇ=íç=ã~âÉ=ëã~ää= áåëí~ääãÉåí=é~óãÉåíë=íç=é~ó=Ñçê=íÜ~í=åÉï=êÉÑêáÖÉê~íçêK== `ìêêÉåíäóI=ÑìêåáíìêÉ=áë=`~ë~ë=_~Üá~Ûë=íçéJëÉääáåÖ=éêçÇìÅí=Å~íÉÖçêó=~í=PNB=çÑ=íçí~ä=ë~äÉëK==qÉäÉîáëáçåë= éä~ÅÉ=ëÉÅçåÇ=~í=NQBI=~åÇ=~ìÇáç=éêçÇìÅíë=~êÉ=íÜáêÇ=ïáíÜ=NMB=çÑ=íçí~ä=ë~äÉëK=oÉã~áåáåÖ=ë~äÉë=~êÉ=ëéêÉ~Ç= ~ãçåÖ=éÜçåÉëI=ÅçãéìíÉêëI=ÉäÉÅíêçåáÅ=~ÅÅÉëëçêáÉë=~åÇ=~ééäá~åÅÉëK== `~ë~ë=_~Üá~Ûë=éìêÅÜ~ëáåÖ=éçïÉê=áë=çåÉ=çÑ=áíë=âÉó=ëìÅÅÉëë=Ñ~ÅíçêëK=få=OMMOI=`~ë~ë=_~Üá~=ëçäÇ=NUB=çÑ= íÜÉ=QKR=ãáääáçå=íÉäÉîáëáçåë=éêçÇìÅÉÇ=áå=_ê~òáäK=`çåëÉèìÉåíäóI=íÜÉ=Åçãé~åó=Å~å=ÇÉíÉêãáåÉ=íÜÉ=ëìÅÅÉëë=çê= Ñ~áäìêÉ=çÑ=~=ëìééäáÉê=áå=äçÅ~ä=ã~êâÉíëK=^ää~å=_~êêçëI=aáêÉÅíçê=çÑ=cìêåáíìêÉI=êÉä~íÉÇ=íÜÉ=ëíçêó=çÑ=~=`~ë~ë= _~Üá~=ëìééäáÉêW=“i~ëí=óÉ~ê=jáíëìÄáëÜá=ï~ë=çìí=çÑ=çìê=ëíçêÉë=Ñêçã=gìåÉ=íÜêçìÖÜ=aÉÅÉãÄÉêK=få=ëáñ=ãçåíÜë= íÜÉó=ÑÉää=Ñêçã=íÜáêÇ=íç=íÜÉ=NRíÜ=éçëáíáçå=áå=_ê~òáäá~å=íÉäÉîáëáçå=ë~äÉëKÒ== aìÉ=íç=íÜÉ=éìêëìáí=çÑ=ÜáÖÜÉê=ã~êÖáåë=~åÇ=~å=áåÅêÉ~ëáåÖäó=ÇáÑÑáÅìäí=ã~êâÉí=Ñçê=~ééäá~åÅÉëI=`~ë~ë= _~Üá~=Ü~ë=ëÜáÑíÉÇ=ÑçÅìë=~åÇ=éä~åë=íç=áåÅêÉ~ëÉ=ÑìêåáíìêÉ=ë~äÉë=áå=OMMQ=íç=QMB=çÑ=áíë=íçí~ä=êÉîÉåìÉë=Eìé=Ñêçã= NRB=áå=OMMNFK=få=çêÇÉê=íç=âÉÉé=ìé=ïáíÜ=ÇÉã~åÇI=`~ë~ë=_~Üá~=Ü~ë=Äìáäí=áíë=çïå=éêçÇìÅíáçå=Ñ~ÅáäáíóI=~= ïÜçääó=çïåÉÇ=ëìÄëáÇá~êó=Å~ääÉÇ=_~êíáê~K=mêçÇìÅáåÖ=íÜÉ=ÑìêåáíìêÉ=áåíÉêå~ääó=~äëç=ïáää=ÜÉäé=ÉåëìêÉ=íÜÉ= Åçãé~åó=Å~å=ÅçåíáåìÉ=íç=éêçîáÇÉ=ÅìëíçãÉêë=ÖêÉ~íJäççâáåÖ=ÑìêåáíìêÉ=ïÜáäÉ=ÅçåíêçääáåÖ=ÅçëíëK=`~ë~ë=_~Üá~= © 2003 University of Michigan Regents

12 of 24

Released December 12, 2003

éêçÇìÅÉë=çåäó=ä~êÖÉ=éáÉÅÉë=çÑ=ÑìêåáíìêÉI=ëìÅÜ=~ë=âáíÅÜÉå=Å~ÄáåÉíë=~åÇ=êççã=ï~êÇêçÄÉëK=qÜÉ=êÉã~áåáåÖ= ÑìêåáíìêÉ=áë=éìêÅÜ~ëÉÇ=Ñêçã=ëÉîÉê~ä=ëìééäáÉêëK= tÜÉå=ÇÉëáÖåáåÖ=áíë=éêçÇìÅíëI=`~ë~ë=_~Üá~=ìíáäáòÉë=~=êÉîÉêëÉ=ÉåÖáåÉÉêáåÖ=éêçÅÉëëK=cáêëíI=íÜÉ=Åçãé~åó= ÇÉíÉêãáåÉë=íÜÉ=íÉêãë=áí=ïáää=é~ëë=~äçåÖ=íç=íÜÉ=ÅìëíçãÉêëI=ÄçíÜ=éêáÅÉ=~åÇ=åìãÄÉê=çÑ=áåëí~ääãÉåíëK=_~ëÉÇ= çå=ÉñéÉêáÉåÅÉ=~åÇ=êÉëÉ~êÅÜI=`~ë~ë=_~Üá~=ìåÇÉêëí~åÇë=ïÜ~í=íÜÉ=ÅìëíçãÉê=áë=ïáääáåÖ=íç=é~óK=qÜÉ=éêçÇìÅí= íÜÉå=áë=ÇÉîÉäçéÉÇK=få=~ÇÇáíáçå=íç=íÜÉ=ÅçëíI=éêçÇìÅí=ëáòÉ=~åÇ=~ééÉ~ê~åÅÉ=~êÉ=ÅçåëáÇÉêÉÇK=^å=Éñ~ãéäÉ=çÑ= ÑçÅìëáåÖ=çå=íÜÉ=áãéçêí~åÅÉ=çÑ=ÅìëíçãÉê=êÉëÉ~êÅÜ=Å~å=ÄÉ=ëÉÉå=ïáíÜ=íÜÉ=ëìÅÅÉëë=çÑ=íÜÉ=êÉÅÉåíäó=êÉäÉ~ëÉÇ= “qçé=iáåÉÒ=ï~êÇêçÄÉ=éêçÇìÅíK=qê~Çáíáçå~ääóI=ï~êÇêçÄÉë=áå=_ê~òáä=ïÉêÉ=OKO=ãÉíÉêë=ÜáÖÜK=eçïÉîÉêI= `~ë~ë=_~Üá~=çÄëÉêîÉÇ=íÜ~í=ã~åó=ÅìëíçãÉêë=Ü~Ç=ÜçìëÉë=íÜ~í=ïçìäÇ=çåäó=~ääçï=ÑìêåáíìêÉ=íÜ~í=ï~ë=OKM= ãÉíÉêë=ÜáÖÜK=`~ë~ë=_~Üá~=ÇÉëáÖåÉÇ=~=éêçÇìÅí=íÜ~í=ã~íÅÜÉÇ=íÜÉ=ÅìëíçãÉê=åÉÉÇëK=“qçé=iáåÉÒ=éêçÇìÅíë= Ü~îÉ=ÄÉÉå=~=íêÉãÉåÇçìë=ëìÅÅÉëëK=få=íÜÉ=Ñáêëí=ãçåíÜI=TIMMM=ìåáíë=ïÉêÉ=ëçäÇI=ïáíÜ=~å=~îÉê~ÖÉ=éêáÅÉ=çÑ= oANIMPRK=`ìëíçãÉêë=é~ó=ìé=íç=NR=áåëí~ääãÉåíë=çÑ=~êçìåÇ=oATM=E~Äçìí=rpAOMFK=få=~ÇÇáíáçå=íç=íÜÉ= ÅçããÉêÅá~ä=ëìÅÅÉëë=çÑ=íÜÉ=åÉï=ï~êÇêçÄÉI=`~ë~ë=_~Üá~=ÇÉîÉäçéÉÇ=~=ã~åìÑ~ÅíìêáåÖ=éêçÅÉëë=Ñçê=íÜÉ= éêçÇìÅí=íÜ~í=îáêíì~ääó=Éäáãáå~íÉÇ=~ää=íÜÉ=ï~ëíÉ=éêÉîáçìëäó=~ëëçÅá~íÉÇ=ïáíÜ=íÜÉ=ã~åìÑ~ÅíìêÉ=çÑ=ï~êÇêçÄÉëK= qÜÉ=éêçÇìÅíáçå=ëÅÜÉÇìäÉ=áë=Ä~ëÉÇ=çå=ë~äÉë=ÑçêÉÅ~ëíëK=qÜÉëÉ=ë~äÉë=ÑçêÉÅ~ëíë=~êÉ=ÇÉêáîÉÇ=Ä~ëÉÇ=çå= ÜáëíçêáÅ~ä=ë~äÉëI=í~êÖÉíë=~åÇ=éêçÇìÅí=~î~áä~Äáäáíó=~í=íÜÉ=ï~êÉÜçìëÉK=qóéáÅ~ääóI=`~ë~ë=_~Üá~=ã~áåí~áåë=PM= Ç~óë=çÑ=áåîÉåíçêó=Ñçê=ÑìêåáíìêÉ=~åÇ=QR=Ç~óë=Ñçê=~ää=çíÜÉê=éêçÇìÅíëK= få=~å=~ííÉãéí=íç=Ñìääó=êÉ~äáòÉ=íÜÉ=ÄÉåÉÑáíë=Ñêçã=íÜÉ=ÖêçïáåÖ=ÑìêåáíìêÉ=ëÉÖãÉåíI=`~ë~ë=_~Üá~= ÄêçìÖÜí=~=ëÉÅçåÇ=ÑìêåáíìêÉ=éêçÇìÅíáçå=çåäáåÉ=áå=íÜÉ=ëÉÅçåÇ=Ü~äÑ=çÑ=OMMPI=~í=~=Åçëí=çÑ=oAOR=ãáääáçåK=qÜáë= ïáää=áåÅêÉ~ëÉ=éêçÇìÅíáçå=Ñêçã=NMMIMMM=íç=OPMIMMM=éáÉÅÉë=éÉê=ãçåíÜK=få=OMMOI=`~ë~ë=_~Üá~=Ü~Ç=íç=éìêÅÜ~ëÉ= ìé=íç=SMB=çÑ=áíë=ÑìêåáíìêÉ=Ñêçã=ÉñíÉêå~ä=ëìééäáÉêëK=qÜÉ=ÅÜ~áå=ïáää=Ü~îÉ=ëéÉÅá~ä=éêçãçíáçåë=íç=ÅçåíáåìÉ= íÜÉ=ÖêçïíÜ=áå=ÑìêåáíìêÉ=ë~äÉëK=cçê=Éñ~ãéäÉI=`~ë~ë=_~Üá~=çÑÑÉêë=áåíÉêÉëíJÑêÉÉ=Ñáå~åÅáåÖ=Ñçê=ÑìêåáíìêÉ=Ñçê= ìé=íç=NR=ãçåíÜëK=qóéáÅ~ääóI=~í=`~ë~ë=_~Üá~I=áåíÉêÉëíJÑêÉÉ=Ñáå~åÅáåÖ=áë=çåäó=~ääçïÉÇ=ìé=íç=íÜÉ=Ñáêëí=ëáñ= ãçåíÜëK= Distribution “The poor are requiring more. Five years ago, giving the customer a seven-day delivery window was sufficient. Now they require the specific day. The main reason for this change is that now, more than ever, both the man and woman of the household are working. As a result, we are always looking for new technology to better serve the customer. Our next step will be to be able to schedule the actual time of delivery.” – Gilberto Duarte, Distribution Director.

= råäáâÉ=áíë=ÅçãéÉíáíçêëI=`~ë~ë=_~Üá~=ÇçÉë=åçí=ëíêáÅíäó=ÑçÅìë=çå=ëíêÉ~ãäáåáåÖ=íÜÉ=ëìééäó=ÅÜ~áåI=ãáåáãáòáåÖ= ïçêâáåÖ=Å~éáí~ä=çê=áåÅêÉ~ëáåÖ=áíë=áåîÉåíçêó=íìêåçîÉê=ê~íáçK=`~ë~ë=_~Üá~=ÇáÑÑÉêÉåíá~íÉë=áíëÉäÑ=Äó=éä~ÅáåÖ=~= ä~êÖÉ=ÉãéÜ~ëáë=çå=íÜÉ=ëìééäáÉê=åÉÖçíá~íáçå=éêçÅÉëëK=qÜÉ=Åçãé~åó=ëíêáîÉë=íç=ã~âÉ=íÜÉ=ÄÉëí=éçëëáÄäÉ=ÇÉ~ä= ïáíÜ=áíë=ëìééäáÉêëI=åÉÖçíá~íáåÖ=ÜìÖÉ=îçäìãÉë=~í=îÉêó=äçï=éêáÅÉëK=`~ë~ë=_~Üá~=Åä~áãë=íÜáë=ëíê~íÉÖó=ïçêâë=ÄÉëí= ÄçíÜ=Ñáå~åÅá~ääó=~åÇ=áå=íÉêãë=çÑ=ÅìëíçãÉê=ëÉêîáÅÉK=cçê=Éñ~ãéäÉI=`~ë~ë=_~Üá~=íóéáÅ~ääó=ëÉääë=NIMMM=ìåáíë=çÑ=~å= áíÉã=éÉê=ãçåíÜ=~åÇ=~=ëìééäáÉê=ÅçãÉë=ïáíÜ=~=ÖêÉ~í=çÑÑÉê=çå=SIMMM=ìåáíëK=cçê=íÜÉ=êáÖÜí=éêáÅÉI=íÜÉ=ÇÉ~ä=ïáää=ÄÉ= ÉñÉÅìíÉÇK=låÉ=êÉ~ëçå=ïÜó=`~ë~ë=_~Üá~=Ü~ë=Äìáäí=íÜÉ=ä~êÖÉëí=ï~êÉÜçìëÉ=áå=pçìíÜ=^ãÉêáÅ~=E~äëç=çåÉ=çÑ=íÜÉ= ä~êÖÉëí=áå=íÜÉ=ïçêäÇF=áë=íç=ÖáîÉ=ã~å~ÖÉãÉåí=íÜÉ=ÑêÉÉÇçã=íç=ã~âÉ=ÇÉ~äë=íÜÉ=Åçãé~åó=ÇÉÉãë=ÖççÇ=Ñçê= ÄìëáåÉëëK=qÜÉ=ä~êÖÉ=ï~êÉÜçìëÉ=~äëç=~ääçïë=`~ë~ë=_~Üá~=íç=ÜçäÇ=ä~êÖÉ=áåîÉåíçêó=éçëáíáçåëK=qÜáë=Å~å=ÄÉ= © 2003 University of Michigan Regents

13 of 24

Released December 12, 2003

áãéçêí~åí=ÄÉÅ~ìëÉ=íÜÉ=ëìééäáÉê=~åÇ=éêçÇìÅíáçå=ëóëíÉã=áå=_ê~òáä=Å~å=ÄÉ=ãìÅÜ=äÉëë=êÉäá~ÄäÉ=íÜ~å=áå=ãçêÉ= ÇÉîÉäçéÉÇ=ÅçìåíêáÉëK=`~ë~ë=_~Üá~=Å~ååçí=~ÑÑçêÇ=íç=ÄÉ=çìí=çÑ=ëíçÅâK= qç=ëìééçêí=çéÉê~íáçåë=`~ë~ë=_~Üá~=Ü~ë=íÜêÉÉ=ÇáëíêáÄìíáçå=ÅÉåíÉêëK=qÜÉ=ä~êÖÉëí=áë=áå=p©ç=m~ìäçI=íÜÉå= oáç=ÇÉ=g~åÉáêç=~åÇ=oáÄÉáê©ç=mêÉíçK=^ÇÇáíáçå~ääóI=íÜÉ=Åçãé~åó=Ü~ë=ëáñ=ÅêçëëJÇçÅâáåÖ=Ñ~ÅáäáíáÉëW=_ê~ë∞äá~I= dçáßåá~I=`~ãéç=dê~åÇÉI=_Éäç=eçêáòçåíÉI=`ìêáíáÄ~=~åÇ=fí~à~∞K=aìÉ=íç=áíë=ëíê~íÉÖáÅ=éçëáíáçåI=íÜÉ=ã~áå= ÇáëíêáÄìíáçå=ÅÉåíÉê=Ñçê=p©ç=m~ìäç=áë=äçÅ~íÉÇ=áå=gìåÇá~∞K=qÜÉ=Ñ~Åáäáíó=áë=äçÅ~íÉÇ=çå=ëÉîÉê~ä=ã~àçê=ÑêÉÉï~ó= ~ÅÅÉëë=éçáåíë=íÜ~í=éêçîáÇÉ=ãìäíáéäÉ=Éåíêóï~óë=áåíç=p©ç=m~ìäç=áå=Å~ëÉ=çÑ=íê~ÑÑáÅ=éêçÄäÉãëK=^äëçI=áí=~ääçïë= Ñçê=É~ëó=~ÅÅÉëë=íç=íÜÉ=êç~Çë=íç=oáç=ÇÉ=g~åÉáêç=~åÇ=jáå~ë=dÉê~áëK=qÜÉêÉ=~êÉ=ãçêÉ=íÜ~å=NIUMM=ÉãéäçóÉÉë=~í= íÜÉ=p©ç=m~ìäç=ÇáëíêáÄìíáçå=ÅÉåíÉê=~äçåÉK= = `~ë~ë=_~Üá~=çïåë=~åÇ=ã~áåí~áåë=~=ÑäÉÉí=çÑ=~ééêçñáã~íÉäó=NIMMM=íêìÅâëW=VM=äçåÖJÜ~ìä=íêìÅâëI TMM= ëí~åÇ~êÇ=íêìÅâëI=OMM=ãÉÇáìã=íêìÅâë=~åÇ=NM=ëã~ää=íêìÅâëK=qÜÉ=ëã~ää=íêìÅâë=Å~å=ã~åÉìîÉê=ÇáÑÑáÅìäí= ÇÉäáîÉêáÉë=áå=ëã~ää=ëíêÉÉíë=íÜ~í=êìå=íÜêçìÖÜçìí=íÜÉ=“ëÜ~åíóíçïåëKÒ=qÜÉ=ÑäÉÉí=áë=ÉåíáêÉäó=ÅçãéêáëÉÇ=çÑ= jÉêÅÉÇÉë=íêìÅâëK=qÜáë=Éå~ÄäÉë=ÉÑÑáÅáÉåÅó=~åÇ=Åçëí=êÉÇìÅíáçå=ïÜÉå=áí=ÅçãÉë=íç=ã~áåíÉå~åÅÉK=`~ë~ë=_~Üá~I= ~í=áíë=p©ç=m~ìäç=ÇáëíêáÄìíáçå=ÅÉåíÉêI=ÇçÉë=~ää=ã~áåíÉå~åÅÉI=ÅäÉ~åáåÖ=~åÇ=Å~êÉK= Delivery Drivers

^=ëìÅÅÉëëÑìä=ÇÉäáîÉêó=Å~å=ÇÉíÉêãáåÉ=ïÜÉíÜÉê=íÜÉ=ÅìëíçãÉê=ã~âÉë=~=ëÉÅçåÇ=éìêÅÜ~ëÉ=~í=`~ë~ë=_~Üá~K=`~ë~ë= _~Üá~=Éãéäçóë=~åÇ=íê~áåë=~ééêçñáã~íÉäó=OIRMM=ÇêáîÉêë=~åÇ=ÅêÉïK=^ää=íêìÅâë=Ñçê=ÅìëíçãÉê=ÇÉäáîÉêó=Öç=çìí= ïáíÜ=çåÉ=ÇêáîÉê=~åÇ=íïç=ÅêÉï=ãÉãÄÉêë=íç=ÜÉäé=ïáíÜ=ÇÉäáîÉêóK= få=çêÇÉê=íç=êÉÇìÅÉ=íê~áåáåÖ=ÅçëíëI=`~ë~ë=_~Üá~=ÑçÅìëÉë=çå=ÉãéäçóÉÉ=êÉíÉåíáçåX=ÅìêêÉåí=ÇêáîÉê= íìêåçîÉê=áë=îÉêó=äçïI=~ééêçñáã~íÉäó=PB=íç=QBK=qÜÉ=Åçãé~åó=Ü~ë=ÇÉîÉäçéÉÇ=~=åìãÄÉê=çÑ=éêçÖê~ãë=~åÇ= áåÅÉåíáîÉë=íç=í~êÖÉí=êÉíÉåíáçåK=`~ë~ë=_~Üá~=é~óë=áíë=ÇêáîÉêë=ãçêÉ=íÜ~å=íÜÉ=ÅçãéÉíáíáçåK=qÜÉ=Åçãé~åó= çÑÑÉêë=ëìÄëáÇáòÉÇ=Å~ÑÉíÉêá~ë=áå=É~ÅÜ=çÑ=áíë=íÜêÉÉ=ÇáëíêáÄìíáçå=ÅÉåíÉêëK=få=p©ç=m~ìäçI=`~ë~ë=_~Üá~=éêçîáÇÉë= ÑêÉÉ=íê~åëéçêí~íáçå=Eé~êâ=~åÇ=êáÇÉ=Äìë=ëóëíÉãFK=cáå~ääóI=åç=çåÉ=Å~å=ÄÉ=ÑáêÉÇ=ïáíÜçìí=ÇáêÉÅíçê=~ééêçî~äK= aêáîÉêë=Öç=íÜêçìÖÜ=~=Ñçêã~ä=íê~áåáåÖ=éêçÅÉëëK=aêáîÉêë=ãìëí=~äï~óë=ÄÉ=êÉëéÉÅíÑìäI=ÅäÉ~åI=ïÉää= ÖêççãÉÇ=~åÇ=ïÉ~êáåÖ=~=ÅäÉ~å=ìåáÑçêãK=qÜÉ=ã~àçêáíó=çÑ=éÉçéäÉ=íÜÉó=ÇÉ~ä=ïáíÜ=~êÉ=ÑÉã~äÉK=aêáîÉêë=~êÉ= í~ìÖÜí=Üçï=íç=éêçéÉêäó=äç~Ç=~åÇ=ìåäç~Ç=~=íêìÅâK=qÜÉó=~äï~óë=ãìëí=ÄÉ=ÅçìêíÉçìë=~åÇ=åÉîÉê=Äìãé=çê= Çê~Ö=íÜÉ=ãÉêÅÜ~åÇáëÉK=fÑ=íÜÉó=~êÉ=íÜÉêÉ=íç=êÉéä~ÅÉ=íÜÉ=êÉÑêáÖÉê~íçêI=Ñçê=Éñ~ãéäÉI=íÜÉ=ÅêÉï=ïáää=ÇáëéçëÉ=çÑ= íÜÉ=ÉñáëíáåÖ=~ééäá~åÅÉ=áÑ=ÇÉëáêÉÇK=qÜáë=áë=~ää=~=é~êí=çÑ=êÉëéÉÅíáåÖ=íÜÉ=ÅìëíçãÉêK== låÅÉ=íÜÉ=ÇÉäáîÉêó=áë=ÅçãéäÉíÉI=ÅìëíçãÉêë=~êÉ=ÖáîÉå=~=éÜçåÉ=åìãÄÉê=íç=Å~ää=áÑ=íÜÉó=Ü~îÉ=~åó= Åçãéä~áåíëK=fÑ=~=ÇêáîÉê=çê=ÅêÉï=ãÉãÄÉê=êÉÅÉáîÉë=íïç=Åçãéä~áåíëI=íÜÉó=~êÉ=íóéáÅ~ääó=äÉí=ÖçK=^ÇÇáíáçå~ääóI= PB=çÑ=~ää=ÅìëíçãÉêë=~êÉ=ê~åÇçãäó=ë~ãéäÉÇ=íç=êÉéçêí=çå=íÜÉáê=ÇÉäáîÉêó=ÉñéÉêáÉåÅÉ=ïáíÜ=`~ë~ë=_~Üá~K== Delivery Process Do you know why I do not outsource delivery? Because I cannot permit the delivery person arriving at a client’s house without a uniform, or that he doesn’t have enough care and causes damage at my customer’s house. If he is my employee, my client knows where to complain. – Michael Klein

14 of 24

Released December 12, 2003

^ää=ã~àçê=~ééäá~åÅÉ=ÇÉäáîÉêáÉë=~êÉ=ã~ÇÉ=Ñêçã=çåÉ=çÑ=íÜÉ=íÜêÉÉ=ÇáëíêáÄìíáçå=ÅÉåíÉêë=çê=ëáñ=ÅêçëëJÇçÅâáåÖ= Ñ~ÅáäáíáÉë=~åÇ=~êÉ=Öì~ê~åíÉÉÇ=Äó=~=ëéÉÅáÑáÅ=Ç~íÉK=kç=ÇÉäáîÉêáÉë=~êÉ=ã~ÇÉ=Ñêçã=íÜÉ=ëíçêÉëK=fÑ=~=ÅìëíçãÉê=ï~åíë= íÜÉ=áíÉã=íÜ~í=Ç~óI=íÜÉó=ãìëí=Å~êêó=áí=çìí=íÜÉãëÉäîÉëK=få=ëçãÉ=áåëí~åÅÉë=ïÜÉå=íÜÉ=ÅìëíçãÉê=êÉ~ääó=ï~åíë= íÜ~í=ëíçîÉ=çê=êÉÑêáÖÉê~íçê=íÜ~í=Ç~ó=~åÇ=Ü~ë=åç=ï~ó=íç=ÖÉí=áí=ÜçãÉI=`~ë~ë=_~Üá~=ïáääI=~í=íÜÉáê=çïå=ÅçëíI=ÜáêÉ=~= äçÅ~ä=ëÉêîáÅÉ=íç=ÇÉäáîÉê=íÜÉ=ãÉêÅÜ~åÇáëÉK=líÜÉê=íÜ~å=íÜ~í=ê~êÉ=çÅÅ~ëáçåI=íÜÉ=ãÉêÅÜ~åÇáëÉ=áå=íÜÉ=ëíçêÉ=áë= ã~áåäó=Ñçê=Çáëéä~ó=éìêéçëÉëK=låÅÉ=íÜÉ=Çáëéä~ó=áíÉãë=ÄÉÖáå=íç=ÖÉí=çäÇI=íÜÉó=~êÉ=ãçîÉÇ=íç=íÜÉ=ÅäÉ~ê~åÅÉ= ëÉÅíáçå=Ñçê=ë~äÉ=~ë=~å=“çéÉå=áíÉãKÒ=qÜÉëÉ=áíÉãë=ïáää=ÄÉ=ÇÉäáîÉêÉÇ=Äó=`~ë~ë=_~Üá~=íÜÉ=åÉñí=íáãÉ=~=íêìÅâ=Ñêçã= íÜÉ=ï~êÉÜçìëÉ=~êêáîÉë=íç=êÉéäÉåáëÜ=íÜÉ=ëíçêÉK=få=íÜáë=áåëí~åÅÉI=íÜÉêÉ=áë=åç=Öì~ê~åíÉÉ=çÑ=ÇÉäáîÉêó=íáãÉK=píçêÉë= ìíáäáòÉ=~=ëóëíÉã=íÜ~í=~ìíçã~íáÅ~ääó=êÉçêÇÉêë=íÜÉáê=áåîÉåíçêó=Ä~ëÉÇ=çå=éêÉÇÉÑáåÉÇ=êÉçêÇÉê=éçáåíëK=lå= ~îÉê~ÖÉI=É~ÅÜ=ëíçêÉ=Ü~ë=NR=Ç~óë=çÑ=ãÉêÅÜ~åÇáëÉ=çå=Ü~åÇ=Ñçê=ëã~ää=~ééäá~åÅÉëK= få=ÖÉåÉê~äI=~=äçåÖJÜ~ìä=íêìÅâ=íÜ~í=Å~êêáÉë=~å=~îÉê~ÖÉ=çÑ=NOM=çêÇÉêë=ÇÉäáîÉêë=íç=çåÉ=çÑ=íÜÉ=ëáñ=ÅêçëëJ ÇçÅâáåÖ=Ñ~ÅáäáíáÉëK=^í=íÜÉ=ÅêçëëJÇçÅâáåÖ=Ñ~ÅáäáíáÉëI=íÜÉ=çêÇÉêë=~êÉ=ÄêçâÉå=Ççïå=çåíç=Ñçìê=“ìêÄ~åÒ=íêìÅâë= íÜ~í=Å~êêó=PM=çêÇÉêëK=qÜÉ=“ìêÄ~åÒ=íêìÅâë=~äëç=Å~å=ÇÉäáîÉê=ÇáêÉÅíäó=Ñêçã=íÜÉ=ÇáëíêáÄìíáçå=ÅÉåíÉêK=få= aÉÅÉãÄÉê=~äçåÉI=`~ë~ë=_~Üá~=~îÉê~ÖÉÇ=OQIMMM=ÇÉäáîÉêáÉë=éÉê=Ç~óI=ëáñ=Ç~óë=~=ïÉÉâK== `ìëíçãÉêë=Å~å=éáÅâ=íÜÉ=Ç~íÉ=íÜÉó=ïáëÜ=íç=Ü~îÉ=íÜÉ=ãÉêÅÜ~åÇáëÉ=ÇÉäáîÉêÉÇK=få=ÖÉåÉê~äI=ÇÉäáîÉêáÉë=~êÉ= ã~ÇÉ=ïáíÜáå=QU=Üçìêë=çÑ=éìêÅÜ~ëÉK=eçïÉîÉêI=~=ÅìëíçãÉê=Å~å=ã~âÉ=íÜÉ=éìêÅÜ~ëÉ=åçï=~åÇ=Ü~îÉ=áí= ÇÉäáîÉêÉÇ=ëáñ=ãçåíÜë=Ñêçã=åçïK=^äëçI=~=ÅìëíçãÉê=Å~å=éìêÅÜ~ëÉ=~åó=áíÉã=~í=~åó=ëíçêÉ=~åÇ=Ü~îÉ=áí= ÇÉäáîÉêÉÇ=íç=~åó=äçÅ~íáçå=áå=_ê~òáä=ïÜÉêÉ=`~ë~ë=_~Üá~=çéÉê~íÉëK== Stores and Store Fronts

^ää=ëíçêÉë=Ü~îÉ=êçìÖÜäó=íÜÉ=ë~ãÉ=ÅçåÑáÖìê~íáçåI=éêçÇìÅí=çÑÑÉêáåÖë=~åÇ=Äê~åÇëK=b~ÅÜ=ëíçêÉ=ïáää=ÇáÑÑÉê= ëäáÖÜíäó=Ä~ëÉÇ=çå=íÜÉ=äçÅ~ä=ÅäáÉåí=åÉÉÇëK=få=p©ç=`~Éí~åç=ãçêÉ=~ééäá~åÅÉë=~êÉ=ëçäÇK=få=p©ç=m~ìäçI=íÉäÉîáëáçåë= ~åÇ=ÉäÉÅíêçåáÅë=~êÉ=íÜÉ=ÄáÖÖÉëí=ëÉääÉêëK=qÜÉ=ä~óçìí=çÑ=íÜÉ=ëíçêÉë=áë=ÇÉÅáÇÉÇ=Äó=íÜÉ=ëíçêÉ=~åÇ=êÉÖáçå~ä= ã~å~ÖÉêë=Ä~ëÉÇ=çå=äçÅ~ä=åÉÉÇëK=dÉåÉê~ääóI=ä~óçìíë=~åÇ=éêçÇìÅí=ãáñ=ïáää=ÄÉ=~ÇàìëíÉÇ=çîÉê=íáãÉI=ÉëéÉÅá~ääó=~í= åÉï=ëíçêÉëK= qê~áåáåÖ=áë=~=îÉêó=áãéçêí~åí=é~êí=íç=íÜÉ=ëìÅÅÉëë=çÑ=ÑìäÑáääáåÖ=íÜÉ=ÅìëíçãÉêëÛ=ÇêÉ~ãK=p~äÉëéÉçéäÉ= ÄÉÅçãÉ=ÉñéÉêíë=áå=íÜÉáê=é~êíáÅìä~ê=ÇÉé~êíãÉåíI=~åÇ=~êÉ=çåäó=~ääçïÉÇ=íç=ëÉää=áå=íÜÉáê=ÇÉé~êíãÉåíK=fÑ=íÜÉ= ÅìëíçãÉê=ï~åíë=ëçãÉíÜáåÖ=Ñêçã=~åçíÜÉê=ÇÉé~êíãÉåíI=íÜÉ=ë~äÉëéÉêëçåë=ïáää=íÉ~ãJëÉää=ïáíÜ=~= êÉéêÉëÉåí~íáîÉ=Ñêçã=íÜÉáê=êÉëéÉÅíáîÉ=ÇÉé~êíãÉåíK=qÜÉ=çåäó=éÉçéäÉ=áå=íÜÉ=ëíçêÉ=ïÜç=Å~å=ëÉää=~Åêçëë= ÇÉé~êíãÉåíë=~êÉ=íÜçëÉ=äçÅ~íÉÇ=~í=íÜÉ=Å~ëÜáÉê=ïÜçëÉ=ëçäÉ=éìêéçëÉ=áë=íç=ÑçÅìë=çå=Åêçëë=ëÉääáåÖK=pÉîÉê~ä=ë~äÉë= êÉéêÉëÉåí~íáîÉë=~êÉ=ÇÉÇáÅ~íÉÇ=íç=íÜáë=ÑìåÅíáçåK=tÜÉå=íÜÉ=ÅìëíçãÉê=ÅçãÉë=áå=íç=é~ó=íÜÉáê=ãçåíÜäó=ÄáääI= ë~äÉëéÉçéäÉ=Ö~íÜÉê=~ää=íÜÉ=ÑÉÉÇÄ~Åâ=çå=íÜÉ=éìêÅÜ~ëÉI=ÇÉäáîÉêó=~åÇ=éêçÅÉëëK=qÜáë=áåÑçêã~íáçå=áë=íÜÉå= é~ëëÉÇ=çå=íç=íÜÉ=ëíçêÉ=ã~å~ÖÉêK=^ë=äçåÖ=~í=íÜÉ=ÅìëíçãÉê=Ü~ë=é~áÇ=çÑÑ=RMB=çÑ=íÜÉáê=ÄáääI=íÜÉó=~êÉ=ÉäáÖáÄäÉ= Ñçê=Åêçëë=ëÉääáåÖK= låÉ=ëíê~íÉÖó=íÜ~í=`~ë~ë=_~Üá~=Ü~ë=ìåÇÉêí~âÉå=áë=ÄìáäÇáåÖ=ëÉîÉê~ä=ëíçêÉë=ÅäçëÉ=íçÖÉíÜÉêK=qÜáë=ëíê~íÉÖó= ëÉêîÉë=íïç=ÇáëíáåÅí=éìêéçëÉëK=få=~å=~êÉ~=äáâÉ=p©ç=m~ìäç=íÜ~í=áë=îÉêó=ÇÉåëÉäó=éçéìä~íÉÇI=íê~îÉäáåÖ=Å~å=ÄÉ= ÇáÑÑáÅìäíK=_êáåÖáåÖ=íÜÉ=ëíçêÉ=íç=ÄçíÜ=íÜÉ=ÅìëíçãÉê=~åÇ=ÉãéäçóÉÉ=áë=ÅêìÅá~äK=j~åó=ÅìëíçãÉêë=ãìëí=ï~äâ=íç= íÜÉ=ëíçêÉK=^=ÅìëíçãÉê=Å~å=í~âÉ=íÜÉ=ÄìëI=Äìí=íÜ~í=Åçëíë=ãçåÉó=~åÇ=í~âÉë=~=äçí=çÑ=íáãÉK=píçêÉë=ãìëí=ÄÉ== = = = © 2003 University of Michigan Regents

15 of 24

Released December 12, 2003

~ÅÅÉëëáÄäÉ=áå=çêÇÉê=íç=ÄÉ=ëìÅÅÉëëÑìäK=^äëçI=Ü~îáåÖ=ëÉîÉê~ä=ëíçêÉë=äçÅ~íÉÇ=áå=ÅäçëÉ=îáÅáåáíó=ÉÑÑÉÅíáîÉäó= ë~íìê~íÉë=íÜÉ=~êÉ~I=ã~âáåÖ=áí=ÇáÑÑáÅìäí=Ñçê=çìíëáÇÉ=ÅçãéÉíáíáçå=íç=ÉåíÉêK=låÉ=ãÉÖ~ëíçêÉ=áë=åçí=íÜÉ=ë~ãÉ=~ë= Ñçìê=çê=ÑáîÉ=ëã~ääÉê=ëíçêÉë=ëÉêîáåÖ=íÜÉ=ë~ãÉ=éçéìä~íáçåK=pçãÉ=Å~ååáÄ~äáò~íáçå=Ü~ë=í~âÉå=éä~ÅÉK=qÜçìÖÜ= áåÇáîáÇì~ä=ëíçêÉ=ë~äÉë=Ü~îÉ=ÇÉÅêÉ~ëÉÇI=íÜÉ=çîÉê~ää=ë~äÉë=çÑ=`~ë~ë=_~Üá~=Ü~Ç=áåÅêÉ~ëÉÇ=Çê~ã~íáÅ~ääóK= qç=ÄÉííÉê=ìåÇÉêëí~åÇ=íÜÉ=ëáòÉI=ëÅ~äÉ=~åÇ=éêçÑáí~Äáäáíó=çÑ=~=`~ë~ë=_~Üá~=ëíçêÉI=ïÉ=Ü~îÉ=ëÉäÉÅíÉÇ=~=ÑÉï= Éñ~ãéäÉëK=cçê=áåëí~åÅÉI=áå=íÜÉ=ëçìíÜÉêå=é~êí=çÑ=p©ç=m~ìäçI=íÜÉêÉ=~êÉ=NR=`~ë~ë=_~Üá~=ëíçêÉë=ëÉêîáåÖ=çîÉê= Ñçìê=ãáääáçå=éÉçéäÉK=få=çåÉ=ä~êÖÉ=åÉáÖÜÄçêÜççÇ=áå=íÜáë=êÉÖáçåI=íÜÉêÉ=~êÉ=ëÉîÉå=ëíçêÉë=áå=~=ÑçìêJÄäçÅâ= ê~ÇáìëK=få=~=ä~êÖÉ=åÉ~êÄó=ëÜ~åíóíçïåI=g~êÇáã=^åÖÉä~I=PRMIMMM=éÉçéäÉ=~êÉ=ëÉêîÉÇ=Äó=çåÉ=ëíçêÉK=aÉëéáíÉ= íÜáë=î~êá~íáçåI=~ää=`~ë~ë=_~Üá~=ëíçêÉë=~îÉê~ÖÉ=ORB=íçPMB=Öêçëë=ã~êÖáåëK= Marketing

j~êâÉíáåÖ=~äï~óë=Ü~ë=ÄÉÉå=îÉêó=áãéçêí~åí=íç=`~ë~ë=_~Üá~=~åÇ=áë=çåÉ=çÑ=íÜÉ=âÉó=ÅçãéçåÉåíë=Ñçê=ëìÅÅÉëëK= `~ë~ë=_~Üá~=ëíêáîÉë=íç=~äï~óë=ÄÉ=ÑçêÉãçëí=áå=íÜÉ=ãáåÇ=çÑ=áíë=éçéìä~íáçå=ÄÉÅ~ìëÉ=éçíÉåíá~ä=ÅìëíçãÉêë=íÉåÇ=íç= êÉëÉ~êÅÜ=éêáÅÉë=~í=çåÉ=çÑ=íÜÉ=ÅÜ~áåÛë=ëíçêÉë=éêáçê=íç=ã~âáåÖ=~=éìêÅÜ~ëÉK= qçÇ~óI=ÑáÉêÅÉ=ÅçãéÉíáíáçå=áå=íÜÉ=êÉí~áä=áåÇìëíêó=Ü~ë=áåÅêÉ~ëÉÇ=íÜÉ=áãéçêí~åÅÉ=çÑ=ã~êâÉíáåÖK=páåÅÉ= ãçëí=éêçÇìÅíë=Çç=åçí=ÇáÑÑÉê=ëáÖåáÑáÅ~åíäóI=ÅçãéÉíáíáçå=áë=ÑáÉêÅÉK=qÜÉ=ä~Åâ=çÑ=éêçÇìÅí=ÇáÑÑÉêÉåíá~íáçå= êÉáåÑçêÅÉë=íÜÉ=áãéçêí~åÅÉ=çÑ=ã~êâÉíáåÖ=ïáíÜáå=íÜÉ=êÉí~áä=ëÉÅíçêK=qçÇ~óI=`~ë~ë=_~Üá~=áåîÉëíë= ~ééêçñáã~íÉäó=PB=çÑ=êÉîÉåìÉë=áå=~ÇîÉêíáëáåÖK=fí=ã~áåí~áåë=çåÉ=çÑ=íÜÉ=ä~êÖÉëí=~ÇîÉêíáëáåÖ=ÄìÇÖÉíë=áå= _ê~òáäK=få=OMMPI=íÜÉ=~ÇîÉêíáëáåÖ=ÄìÇÖÉí=Ñçê=`~ë~ë=_~Üá~=íçí~äÉÇ=oAOMM=ãáääáçåI=Éèì~ä=íç=íÜÉ=ÅçãÄáåÉÇ= ~ÇîÉêíáëáåÖ=ÄìÇÖÉíë=çÑ=jÅaçå~äÇë=~åÇ=m©ç=ÇÉ=^´∫Å~ê=EíÜÉ=ä~êÖÉëí=_ê~òáäá~å=ÜóéÉêã~êâÉí=ÅÜ~áåF=Ñçê=íÜÉ= ë~ãÉ=éÉêáçÇK=`~ë~ë=_~Üá~Ûë=íçí~ä=~áêíáãÉ=áë=ä~êÖÉê=íÜ~å=íÜ~í=çÑ=íÜÉ=ãçëí=Ñ~ãçìë=_ê~òáäá~å=ëç~é=çéÉê~K=qÜÉ= Åçãé~åóÛë=ëíê~íÉÖó=íç=~ííê~Åí=ÅìëíçãÉêë=íç=íÜÉ=ëíçêÉë=áë=íç=~ååçìåÅÉ=íÜÉáê=äçï=éêáÅÉë=ïáíÜ=Äê~åÇ=å~ãÉ= éêçÇìÅíëK=jáÅÜ~Éä=häÉáå=ÄÉäáÉîÉë=íÜ~íI=“låÅÉ=áå=íÜÉ=ëíçêÉI=íÜÉ=ïÉääJíê~áåÉÇ=ë~äÉë=êÉé=Ü~ë=íç=ã~âÉ=íÜÉ= ë~äÉKÒ== `~ë~ë=_~Üá~Ûë=ã~áå=~ÇîÉêíáëáåÖ=îÉåìÉ=áë=íÉäÉîáëáçåI=ïÜáÅÜ=êÉ~ÅÜÉë=çîÉê=VMB=çÑ=~ää=_ê~òáäá~å= ÜçìëÉÜçäÇëK=qÜÉ=Åçãé~åó=~äëç=ìëÉë=ëáÖåáÑáÅ~åí=ê~Çáç=íáãÉK=^ÅÅçêÇáåÖ=íç=`êçïäÉó=_êç~ÇÅ~ëí=^å~äóëáëI= `~ë~ë=_~Üá~=äÉÇ=íÜÉ=ê~åâáåÖ=çÑ=íÜÉ=NM=ãçëí=áåîÉëíÉÇ=Åçãé~åáÉë=áå=ê~Çáç=~ÇîÉêíáëáåÖK=qÜÉ=ëìêîÉó=ÅçîÉêÉÇ= NR=p©ç=m~ìäçJÄ~ëÉÇ=ê~Çáç=Äêç~ÇÅ~ëíÉêë=~åÇ=NS=oáç=ÇÉ=g~åÉáêçJÄ~ëÉÇ=ëí~íáçåë=çîÉê=íÜÉ=ëÉÅçåÇ=Ü~äÑ=çÑ=OMMO= EgìäJaÉÅFK=qÜÉ=ÅÜ~áå=~ÅÅçìåíÉÇ=Ñçê=NTIQPU=ê~Çáç=ëéçíë=áå=p©ç=m~ìäç=~åÇ=NNINMS=áå=oáç=ÇÉ=g~åÉáêçK=få=_Éäç= eçêáòçåíÉI=`~ë~ë=_~Üá~=ê~åâÉÇ=íÉåíÜ=ïáíÜ=NIUQP=~ÇëK=qÜêçìÖÜçìí=_ê~òáäI=`~ë~ë=_~Üá~=ãçîÉÇ=íç=íÜÉ= åìãÄÉêJíïç=éçëáíáçå=áå=~ÇîÉêíáëáåÖK= páåÅÉ=íÜÉêÉ=áë=äáííäÉ=éêçÇìÅí=ÇáÑÑÉêÉåíá~íáçåI=ë~äÉë=~êÉ=çÑíÉå=ã~ÇÉ=çå=íÜÉ=Ä~ëáë=çÑ=ÉãçíáçåI=äÉîÉê~ÖáåÖ= Ñ~ãçìë=ëáåÖÉêëI=~Åíçêë=~åÇ=íÉäÉîáëáçå=“~åÅÜçêëKÒ=i~ëí=óÉ~êI=`~ë~ë=_~Üá~=ìëÉÇ=~=Å~ãé~áÖå=ìíáäáòáåÖ=ÅäáÉåí= íÉëíáãçåá~äë=Ñçê=íÜÉ=Ñáêëí=íáãÉI=ïÜáÅÜ=áåíÉåÇÉÇ=íç=ëÜçï=íÜÉ=Éãçíáçå~ä=êÉä~íáçåëÜáé=ÄÉíïÉÉå=íÜÉ=Åçãé~åó= ~åÇ=áíë=ÅçåëìãÉêëK=`~ë~ë=_~Üá~=~ÇîÉêíáëÉãÉåíë=~êÉ=Äêç~ÇÅ~ëí=çå=ã~áå=íÉäÉîáëáçå=ÅÜ~ååÉäëI=áåÅäìÇáåÖ= éêÉãáìã=éêçÖê~ãë=~í=éêáãÉ=íáãÉK=^ÇîÉêíáëáåÖ=ãÉëë~ÖÉë=ê~åÖÉ=Ñêçã=éìêÉ=éêáÅÉ=~ÇîÉêíáëáåÖ=~åÇ= åçíáÑáÅ~íáçå=çÑ=ÅäÉ~ê~åÅÉë=íç=~=Åçãé~åó=ÄÉäáÉÑ=íÜ~í=“áÑ=íÜÉ=ÅçãéÉíáíáçå=Ü~ë=ÄÉííÉê=éêáÅÉ=çê=ÄÉííÉê=é~óãÉåí= éä~åëI=ïÉ=ïáää=ÄÉ~í=íÜÉãKÒ= bîÉêó=ãçåíÜI=a~í~ÑçäÜ~LjCj=oÉëÉ~êÅÜ=éìÄäáëÜÉë=~=ëìãã~êó=çÑ=íÜÉ=ã~êâÉíáåÖ=áãé~Åí=çå=íÜÉ= _ê~òáäá~å=ÅçåëìãÉêK=få=j~ó=OMMPI=íÜÉ=êÉëÉ~êÅÜ=êÉéçêíÉÇ=íÜÉ=ÑçääçïáåÖ=áåÑçêã~íáçåW=`~ë~ë=_~Üá~=ê~åâÉÇ= ÑáÑíÜ=áå=íÜÉ=çîÉê~ää=Ñ~îçêáíÉ=~ÇîÉêíáëÉãÉåíë=Äó=íÉäÉîáëáçå=îáÉïÉêëK=qÜÉ=íçé=íÜêÉÉ=ïÉêÉ=ÄÉÉê=ëÉääÉêë=~åÇ=íÜÉ= ÑçìêíÜ=~=ÅäÉ~åáåÖ=ëéçåÖÉK=qÜÉ=ÅäçëÉëí=ÅçãéÉíáíçê=ï~ë=j~ê~Äê•ë=~í=åìãÄÉê=NNK==

16 of 24

Released December 12, 2003

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17 of 24

Released December 12, 2003

lå=^éêáä=ONI=NVVQI=ïÜáäÉ=ÅçãéÉíáíçêë=ïÉêÉ=ëÅ~äáåÖ=Ä~Åâ=íÉÅÜåçäçÖó=ëéÉåÇáåÖI=`~ë~ë=_~Üá~= ìéÖê~ÇÉÇ=áíë=ëóëíÉãëK=qÜáë=Ü~ë=ÉÑÑÉÅíáîÉäó=Éå~ÄäÉÇ=`~ë~ë=_~Üá~=íç=í~âÉ=Ñìää=~Çî~åí~ÖÉ=çÑ=íÜÉ=ÉÅçåçãáÅ= êÉÖÉåÉê~íáçå=áå=_ê~òáäK=qÜÉ=Åçãé~åó=Ü~ë=Öêçïå=ëáñJÑçäÇ=áå=åáåÉ=óÉ~êëK=lå=gìäó=NI=NVVQI=_ê~òáä= áåíêçÇìÅÉÇ=áíë=ÉÅçåçãáÅ=íìêå=~êçìåÇ=éä~åI=ÉÑÑÉÅíáîÉäó=Ü~äíáåÖ=áíë=ã~ëëáîÉ=áåÑä~íáçåK=qÜáë=áãéêçîÉÇ=íÜÉ= ÉîÉêóÇ~ó=äáÑÉ=çÑ=íÜçëÉ=~í=íÜÉ=“_çííçã=çÑ=íÜÉ=móê~ãáÇIÒ=íêáÖÖÉêáåÖ=~=Åçåëìãéíáçå=ÉñéäçëáçåK=qçÇ~óI= `~ë~ë=_~Üá~=Ü~ë=ãçêÉ=íÜ~å=NM=ãáääáçå=ÅìëíçãÉêëK=qÜáë=ÑáÖìêÉ=ÇçÉë=åçí=áåÅäìÇÉ=íÜçëÉ=áåÇáîáÇì~äë=ïÜç= Ü~îÉ=åçí=ÄÉÉå=~ÅíáîÉ=áå=íÜÉ=é~ëí=íïç=óÉ~êëK== qÉÅÜåçäçÖó=Ü~ë=ÄÉÉå=~=âÉó=Éå~ÄäÉê=íç=íÜÉ=ÖêçïíÜ=çÑ=`~ë~ë=_~Üá~K=mêáçê=íç=ìéÖê~ÇÉë=áå=íÉÅÜåçäçÖóI= `~ë~ë=_~Üá~=êÉèìáêÉÇ=~å=~îÉê~ÖÉ=çÑ=PM=ÅêÉÇáí=~å~äóëíë=éÉê=ëíçêÉK=bîÉêó=ÅìëíçãÉê=ï~ë=íêÉ~íÉÇ=~ë=åÉï= ïÜÉíÜÉê=íÜÉó=Ü~Ç=ÄÉÉå=~=äçó~ä=ÅìëíçãÉê=Ñçê=PM=óÉ~êë=çê=àìëí=ï~äâÉÇ=áå=çÑÑ=íÜÉ=ëíêÉÉíK=qÜÉ=~îÉê~ÖÉ=ï~áí= íáãÉ=Ñçê=ÅêÉÇáí=~ééêçî~ä=ï~ë=PM=ãáåìíÉë=Ñçê=~ää=ÅìëíçãÉêëK=qÜÉêÉ=ï~ë=åç=éìêÅÜ~ëÉ=Üáëíçêó=çê= ÇçÅìãÉåíÉÇ=ÄÉÜ~îáçê=Ñçê=íÜÉ=ÅìëíçãÉêëK=qÜÉêÉ=ïÉêÉ=ëÉîÉê~ä=ÅäÉêáÅ~ä=ãáëí~âÉë=~åÇ=ÅçåëáÇÉê~ÄäÉ= êÉÇìåÇ~åÅóK= qÜÉ=ÉåíáêÉ=éêçÅÉëë=áë=åçï=~ìíçã~íÉÇK=píçêÉë=êÉèìáêÉ=çåäó=Ñçìê=çê=ÑáîÉ=ÅêÉÇáí=~å~äóëíëK=cçê=éìêÅÜ~ëÉë= ìåÇÉê=ASMMI=ÅìëíçãÉêë=ÉñéÉêáÉåÅÉ=îáêíì~ääó=åç=ï~áíáåÖ=íáãÉëK=fÑ=íÜÉ=éìêÅÜ~ëÉ=áë=ÖêÉ~íÉê=íÜ~å=ASMMI= ~îÉê~ÖÉ=ï~áí=íáãÉ=áë=çåÉ=íç=íïç=ãáåìíÉëK=fÑ=íÜÉêÉ=áë=~=åÉï=ÅìëíçãÉê=çê=~=ÅêÉÇáí=äáãáí=ÉñíÉåëáçå=áë= êÉèìáêÉÇI=íÜÉ=ï~áí=íáãÉ=Å~å=ÄÉ=ìé=íç=NM=ãáåìíÉëK=páåÅÉ=~ää=áåÑçêã~íáçå=áë=çåäó=ÉåíÉêÉÇ=çåÅÉI=éêçÅÉëëáåÖ= íáãÉ=~åÇ=êÉä~íÉÇ=ãáëí~âÉë=ÉëëÉåíá~ääó=Ü~îÉ=ÄÉÉå=Éäáãáå~íÉÇK= qÉÅÜåçäçÖó=~äëç=Ü~ë=ÜÉäéÉÇ=íç=ÖêÉ~íäó=êÉÇìÅÉ=Ñê~ìÇK=^ää=ÅìëíçãÉê=áåÑçêã~íáçå=áë=åçï=ÅÉåíê~äáòÉÇ= ~åÇ=~î~áä~ÄäÉ=íç=~ää=ëíçêÉëK=fåÑçêã~íáçå=áë=ëíçêÉÇ=êÉÖ~êÇäÉëë=çÑ=ïÜÉíÜÉê=~=éìêÅÜ~ëÉ=ï~ë=ã~ÇÉ=çê=åçíK= qÉÅÜåçäçÖó=~äëç=Ü~ë=~ääçïÉÇ=Ñçê=~=ÅÉåíê~äáòÉÇ=Ç~í~Ä~ëÉ=çÑ=~ää=å~ãÉë=~åÇ=Åçãé~åáÉë=~ëëçÅá~íÉÇ=ïáíÜ= Ñê~ìÇ=çê=~ííÉãéíÉÇ=Ñê~ìÇ=~í=~ää=íÜÉáê=ëíçêÉëK= Example of Technology at Casas Bahia

låÉ=áãéçêí~åí=~ëéÉÅí=çÑ=íÜÉ=`~ë~ë=_~Üá~=ÅìëíçãÉê=êÉä~íáçåëÜáé=áë=íÜ~í=ÉîÉêó=ãçåíÜ=íÜÉ=ÅìëíçãÉê=ãìëí= ÉåíÉê=íÜÉ=ëíçêÉ=íç=é~ó=Üáë=çê=ÜÉê=ÄáääK=råíáä=NVVRI=ÅìëíçãÉêë=~åÇ=ë~äÉëéÉçéäÉ=ïçìäÇ=ÅçãéäÉíÉ=~=Ñçêã=Äó=Ü~åÇ= ~åÇ=íÜÉå=íìêå=áí=áå=íç=íÜÉ=ÅêÉÇáí=ÇÉé~êíãÉåí=íç=Ü~îÉ=áí=íóéÉÇK=få=~ÇÇáíáçå=íç=ÉêêçêëI=ÅìëíçãÉêë=ïÉêÉ=ÑçêÅÉÇ= íç=ï~áí=Ñçê=ÉñíÉåÇÉÇ=éÉêáçÇë=çÑ=íáãÉK= qÜÉ=Ñáêëí=ëáÖåáÑáÅ~åí=ÅÜ~åÖÉ=Å~ãÉ=áå=NVVRI=ïÜÉå=`~ë~ë=_~Üá~=ÇÉîÉäçéÉÇ=~=ëóëíÉã=íÜ~í=ïçìäÇ=éêáåí= íÜÉ=é~ëëÄççâ=Ñêçã=~=ÅçãéìíÉêK=qÜÉ=Åçãé~åó=~äëç=ÇÉÅáÇÉÇ=íç=ã~âÉ=áí=É~ëáÉê=çå=íÜÉ=ÅìëíçãÉê=Äó=ëÉåÇáåÖ= íÜÉ=Äáää=ÇáêÉÅíäó=íç=íÜÉ=ÅìëíçãÉêÛë=ÜçãÉK=qÜÉ=ëéÉÉÇ=~åÇ=~ÅÅìê~Åó=çÑ=íÜÉ=ÅìëíçãÉê=íáÅâÉí=áåÅêÉ~ëÉÇ= Çê~ã~íáÅ~ääó=~åÇ=íÜÉ=ï~áíáåÖ=íáãÉ=ÇÉÅêÉ~ëÉÇK=eçïÉîÉêI=íÜÉ=ÅìëíçãÉê=ÇÉÑ~ìäí=ê~íÉ=~åÇ=~ëëçÅá~íÉÇ=Åçëíë= áåÅêÉ~ëÉÇ=Çê~ã~íáÅ~ääóK=aáëíìêÄÉÇ=~åÇ=ëìêéêáëÉÇ=Äó=íÜÉ=íïç=åÉÖ~íáîÉ=ëáÇÉ=ÉÑÑÉÅíëI=`~ë~ë=_~Üá~=èìáÅâäó= ÄÉÖ~å=íç=áåîÉëíáÖ~íÉ=íÜÉ=êççí=Å~ìëÉK= qÜÉ=éêçÄäÉãë=ëíÉããÉÇ=Ñêçã=íïç=ëáãéäÉ=áëëìÉëK=cáêëíI=íÜÉ=åÉï=ÅçãéìíÉê=ÖÉåÉê~íÉÇ=~=é~ëëÄççâ=íÜ~í= ÅçìäÇ=åçí=Ñáí=áåíç=~=ëÜáêí=éçÅâÉíK=råíáä=íÜÉåI=ÅìëíçãÉêë=Å~êêáÉÇ=íÜÉ=é~ëëÄççâ=áå=íÜÉáê=éçÅâÉí=~ë=~=êÉãáåÇÉê= íç=é~ó=íÜÉáê=ÄáääK=kçïI=ÅìëíçãÉêë=ïçìäÇ=ëáãéäó=ÑçêÖÉí=íç=é~ó=íÜÉáê=ÄáääëK=`ìëíçãÉêë=~äëç=Åä~áãÉÇ=íÜÉó= åÉîÉê=êÉÅÉáîÉÇ=íÜÉ=é~ëëÄççâ=çê=áí=íççâ=íçç=äçåÖ=íç=~êêáîÉ=~í=íÜÉáê=ÜçìëÉK=qÜçìÖÜ=ëçãÉ=ÅìëíçãÉêë=~Åíì~ääó= ÇáÇ=åçí=êÉÅÉáîÉ=íÜÉ=ÄççâI=çíÜÉêë=ïÉêÉ=íÉãéíÉÇ=íç=ÇÉÑ~ìäíK=táíÜáå=~=óÉ~ê=`~ë~ë=_~Üá~=Ü~Ç=ÇÉîÉäçéÉÇ=~= åÉï=ëóëíÉã=íÜ~í=ëçäîÉÇ=íÜÉëÉ=éêçÄäÉãëK=qÜÉ=åÉï=é~ëëÄççâ=ÅçìäÇ=Ñáí=áåíç=~=ëÜáêí=éçÅâÉí=~åÇ=éÉçéäÉ== = =

18 of 24

Released December 12, 2003

êÉãÉãÄÉêÉÇ=íç=é~óK=^äëçI=~ää=é~éÉêïçêâ=ï~ë=ÅçãéäÉíÉÇ=~í=íÜÉ=ëíçêÉI=~åÇ=íÜÉ=ÅìëíçãÉê=ïçìäÇ=éêçîáÇÉ=~= ëáÖå~íìêÉ=ÅçåÑáêãáåÖ=êÉÅÉáéí=çÑ=íÜÉ=é~ëëÄççâ=~åÇ=~å=ìåÇÉêëí~åÇáåÖ=çÑ=íÜÉ=íÉêãëK=jçêÉçîÉêI=Åçëíë= ÇÉÅêÉ~ëÉÇ=ÇìÉ=íç=íÜÉ=ä~Åâ=çÑ=éçëí~ÖÉ=~åÇ=Ü~åÇäáåÖK=táíÜ=íÜÉ=ãçÇáÑáÅ~íáçåë=éìí=áå=éä~ÅÉI=ÇÉÑ~ìäí=ê~íÉë= êÉíìêåÉÇ=íç=íÜÉáê=åçêã~ä=äÉîÉäëK== qÜÉ=åÉï=ëóëíÉã=ëáÖåáÑáÅ~åíäó=áåÅêÉ~ëÉÇ=ÅìëíçãÉê=ë~íáëÑ~ÅíáçåK=bîÉêó=íáãÉ=~=ÅìëíçãÉê=ã~ÇÉ=~=åÉï= éìêÅÜ~ëÉI=íÜÉáê=áåÑçêã~íáçå=ï~ë=~äêÉ~Çó=áå=íÜÉ=ëóëíÉãK=qÜÉêÉ=ï~ë=ÉÑÑÉÅíáîÉäó=åç=ï~áíáåÖ=íáãÉ=~ëëçÅá~íÉÇ= ïáíÜ=êÉÅÉáîáåÖ=~=é~ëëÄççâK=qÜáë=ëóëíÉã=ë~îÉÇ=`~ë~ë=_~Üá~=çîÉê=AQ=ãáääáçå=áå=~ååì~ä=ä~Äçê=~åÇ=éêáåíáåÖ= ë~îáåÖëK= qÜÉ=åÉñí=Éîçäìíáçå=çÑ=íÜáë=áÇÉ~=áë=ÅìêêÉåíäó=áå=éêçÅÉëëK=^ää=ÅìëíçãÉêJêÉä~íÉÇ=ã~íÉêá~äë=ïáää=ÄÉ= çéíáÅ~ääó=ëÅ~ååÉÇ=~åÇ=ÇáÖáíáòÉÇK=`~ë~ë=_~Üá~=ïáää=ÄÉ=~ÄäÉ=íç=Éñ~ãáåÉ=~åó=áåÑçêã~íáçå=Äó=ÅìëíçãÉêI=ëíçêÉI= Åçåíê~Åí=åìãÄÉêI=ÅêÉÇáí=~å~äóëíI=ÉíÅK=~í=íÜÉ=ëçìêÅÉ=ÇçÅìãÉåí=äÉîÉäK=táíÜ=~å=~îÉê~ÖÉ=çÑ=UMMIMMM=íáÅâÉíë= éêáåíÉÇ=éÉê=ãçåíÜI=~åó=áåÅêÉãÉåí~ä=ÉÑÑáÅáÉåÅó=Ü~ë=~=ëáÖåáÑáÅ~åí=áãé~ÅíK= History with IBM / Linux

få=NVVQI=`~ë~ë=_~Üá~=ï~ë=êìååáåÖ=çå=~å=f_j=PMVMK=fí=ï~ë=íÜÉ=Ñáêëí=Åçãé~åó=áå=pçìíÜ=^ãÉêáÅ~I=~åÇ=ëÉÅçåÇ= áå=íÜÉ=ïçêäÇI=íç=êìå=f_j=OMTQ=lp=NKO=~åÇ=NKQK=cêçã=NVVQ=íç=OMMOI=`~ë~ë=_~Üá~=ìëÉÇ=f_j=lpO=Ñçê=íÜÉáê= éçáåíJçÑJë~äÉ=EmlpF=íÉêãáå~äëK=qÜÉ=íÉÅÜåçäçÖó=ï~ë=ëçäáÇI=ëí~ÄäÉ=~åÇ=åç=ëÉêáçìë=éêçÄäÉãë=çÅÅìêêÉÇK=få=OMMOI= f_j=~ååçìåÅÉÇ=íÜÉó=ïçìäÇ=åç=äçåÖÉê=ëìééçêí=lpOK== fåáíá~ääóI=íÜÉ=çåäó=çéíáçå=Ñçê=`~ë~ë=_~Üá~=ï~ë=íç=ãáÖê~íÉ=íç=~=táåÇçïë=ÉåîáêçåãÉåíK=qÜÉ= ãáÖê~íáçå=ïçêêáÉÇ=íÜÉ=Åçãé~åó=Ñçê=ëÉîÉê~ä=êÉ~ëçåëK=cáêëíI=áí=ïçìäÇ=Åçëí=çîÉê=AOM=ãáääáçåK=pÉÅçåÇI=áí= ïçìäÇ=ÉÑÑÉÅíáîÉäó=ÅÜ~åÖÉ=íÜÉ=ëóëíÉãë=~åÇ=éêçÅÉëëÉë=ÉãéäçóÉÉë=ïÉêÉ=~ÅÅìëíçãÉÇ=íçK=oÉíê~áåáåÖ= íÜçìë~åÇë=çÑ=ÉãéäçóÉÉë=ïçìäÇ=êÉèìáêÉ=~=ëáÖåáÑáÅ~åí=áåîÉëíãÉåí=áå=íáãÉ=~åÇ=êÉëçìêÅÉë=áå=~ÇÇáíáçå=íç=íÜÉ= Åçëí=çÑ=ëçÑíï~êÉK=jçêÉçîÉê=áí=ïçìäÇ=ÄÉ=ÇáÑÑáÅìäí=íç=èì~åíáÑó=íÜÉ=ÉÑÑÉÅí=çå=ë~äÉë=~åÇ=ÅìëíçãÉê=êÉä~íáçåëÜáéë= íÜ~í=ïçìäÇ=êÉëìäí=Ñêçã=íÜÉ=Çáëíê~Åíáçå=çÑ=~=ã~àçê=ëóëíÉãë=áãéäÉãÉåí~íáçåK=E`~ë~ë=_~Üá~=ïçìäÇ=ëïáíÅÜ=íç= ëã~êí=íÉêãáå~äëKF=cáå~ääóI=íÜÉ=ÉñéÉåëÉ=~ëëçÅá~íÉÇ=ïáíÜ=çåÖçáåÖ=ã~áåíÉå~åÅÉ=~åÇ=áåÇáîáÇì~ä=ëáíÉ=äáÅÉåëÉë= ï~ë=ëáÖåáÑáÅ~åíK== `~ë~ë=_~Üá~=ï~ë=åçí=ë~íáëÑáÉÇ=ïáíÜ=~=táåÇçïë=ëçäìíáçåI=ëç=áí=ÄÉÖ~å=íç=áåîÉëíáÖ~íÉ=~äíÉêå~íáîÉëK== `~ë~ë=_~Üá~=êÉëÉ~êÅÜÉÇ=iáåìñK=páåÅÉ=iáåìñ=áë=~å=çéÉå=ëóëíÉãI=`~ë~ë=_~Üá~=ÇÉîÉäçéÉÇ=~=ëçäìíáçå=íÜ~í= ÅäçëÉäó=ã~íÅÜÉÇ=áíë=ÉñáëíáåÖ=ëÉíìé=Äìí=ïáíÜ=ãçêÉ=ÑäÉñáÄáäáíó=~åÇ=ëÅ~ä~ÄáäáíóK=qÜÉ=Åçãé~åó=ïçìäÇ=ÄÉ=~ÄäÉ= íç=êÉãçíÉäó=Äççí=~åÇ=ìíáäáòÉ=Ñê~ãÉ=êÉä~ó=~åÇ=Çìããó=íÉêãáå~äëK=qÜÉ=ÉåÇ=ìëÉê=ïçìäÇ=åÉîÉê=âåçï=íÜÉ= ÇáÑÑÉêÉåÅÉK=`~ë~ë=_~Üá~=ï~ë=íÜÉ=Ñáêëí=íç=íê~åëáíáçå=Ñêçã=íÜÉ=f_j=lp=íç=iáåìñK=qÜÉ=Åçãé~åó=ï~ë=íÜÉ=Ñáêëí= áå=íÜÉ=ïçêäÇ=íç=ÅçãÉ=ìé=ïáíÜ=íÜáë=ëçäìíáçå=Ñçê=mlpK= oÉÅÉåíäóI=f_j=Åçåíê~ÅíÉÇ=`~ë~ë=_~Üá~=íç=ÄÉÅçãÉ=ëíê~íÉÖáÅ=é~êíåÉêëI=ÜÉäéáåÖ=f_j=ëÉää=íÜáë=ëçäìíáçå= íç=çíÜÉê=Åçãé~åáÉë=äççâáåÖ=Ñçê=~å=~äíÉêå~íáîÉ=íç=táåÇçïëK=^ë=çÑ=j~êÅÜ=PNI=OMMPI=`~ë~ë=_~Üá~=áë=çåÉ=çÑ= íÜêÉÉ=Åçãé~åáÉë=ïçêäÇïáÇÉ=íç=Ü~îÉ=íÜáë=~ÖêÉÉãÉåí=ïáíÜ=f_jK=bÑÑÉÅíáîÉäóI=f_j=Å~å=ìëÉ=`~ë~ë=_~Üá~=~ë= ~å=Éñ~ãéäÉ=~åÇ=`~ë~ë=_~Üá~=ÖÉíë=OQLT=íÉÅÜ=ëìééçêí=Ñêçã=f_j=~åÇ=~ÅÅÉëë=íç=íÜÉáê=ÇÉîÉäçéãÉåí=ä~ÄëK= tÜÉå=~ëâÉÇ=áÑ=`~ë~ë=_~Üá~=áë=ÅçåÅÉêåÉÇ=~Äçìí=çéÉåáåÖ=ìé=áíë=ëçäìíáçå=íç=íÜÉ=ÅçãéÉíáíáçåI=íÜÉ=aáêÉÅíçê= çÑ=fq=êÉëéçåÇÉÇI=“tÉ=~êÉ=~äêÉ~Çó=íïç=ëíÉéë=é~ëí=íÜ~íK=`çãéÉíáíáçå=áë=ÖççÇ=~åÇ=ÖáîÉë=óçì=éÉêëéÉÅíáîÉ=~ë= íç=ïÜ~í=çíÜÉêë=~êÉ=ÇçáåÖKÒ=

19 of 24

Released December 12, 2003

Technology Today

`~ë~ë=_~Üá~=ëéÉåÇë=MKUB=çÑ=áíë=êÉîÉåìÉë=çå=íÉÅÜåçäçÖóI=áåÅäìÇáåÖ=Å~éáí~ä=~åÇ=ã~áåíÉå~åÅÉ=ëéÉåÇáåÖK=fí=áë= Éëíáã~íÉÇ=íÜ~í=ÅçãéÉíáíçêë=ëéÉåÇ=~å=~îÉê~ÖÉ=çÑ=PB=çÑ=êÉîÉåìÉë=çå=ëáãáä~ê=ÉñéÉåÇáíìêÉëK=qÜÉ=âÉó=íç=Åçëí= ë~îáåÖë=áë=êÉ~ääó=íÜêÉÉJÑçäÇK=cáêëíI=`~ë~ë=_~Üá~=Éãéäçóë=~=êÉä~íáîÉäó=äçï=äÉîÉä=çÑ=ÉãéäçóÉÉëW=PM=ÇÉîÉäçéÉêëI= RM=íÉÅÜåáÅá~åë=~åÇ=RM=êÉä~íáîÉäó=áåÉñéÉåëáîÉ=ëìééçêí=ëí~ÑÑK=pÉÅçåÇI=`~ë~ë=_~Üá~=ÇçÉë=åçí=ìíáäáòÉ=íÜáêÇJé~êíó= îÉåÇçêëK=^ë=ëÉÉå=ïáíÜ=íÜÉ=jáÅêçëçÑí=Éñ~ãéäÉ=~ÄçîÉI=äáÅÉåëáåÖ=íÜáêÇJé~êíó=ëçÑíï~êÉ=Ñçê=~å=ÉåíáêÉ=Åçãé~åó= áë=ÉñéÉåëáîÉK=cáå~ääóI=`~ë~ë=_~Üá~=áåîÉëíë=áíë=êÉëçìêÅÉë=áåíç=áåÑê~ëíêìÅíìêÉK=få=é~êíåÉêëÜáé=ïáíÜ=`fp`l=~åÇ= qÉäÉÑçåáÅ~I=`~ë~ë=_~Üá~=Ü~Ç=áåëí~ääÉÇ=~å=fm=åÉíïçêâ=íÜ~í=ÅçååÉÅíë=~ää=ëíçêÉëI=ï~êÉÜçìëÉë=~åÇ=ÅêçëëJ ÇçÅâáåÖ=Ñ~ÅáäáíáÉëK=`~ë~ë=_~Üá~=~äëç=ïçêâÉÇ=ïáíÜ=qÉäÉÑçåáÅ~=íç=ÇÉîÉäçé=ëí~íÉJçÑJíÜÉJ~êí=Ñê~ãÉ=êÉä~ó=ïáíÜ= îçáÅÉ=~åÇ=Ç~í~=çîÉê=fmI=íÜÉ=Ñáêëí=Ñçê=ÄçíÜ=Åçãé~åáÉëK=_ÉÅ~ìëÉ=íÜáë=ï~ë=~=åÉï=îÉåíìêÉ=Ñçê=ÄçíÜ=qÉäÉÑçåáÅ~= ~åÇ=`~ë~ë=_~Üá~I=`~ë~ë=_~Üá~=ï~ë=~ÄäÉ=íç=äçÅâ=áåíç=~=äçåÖJíÉêã=Åçåíê~Åí=ïáíÜ=~=äçï=ê~íÉK=cáå~ääóI=fq= Åçåëí~åíäó=ÑçÅìëÉë=çå=êÉÇìÅáåÖ=Åçëíë=~åÇ=áãéêçîáåÖ=éêçÇìÅíáîáíóK= qÜÉ=ã~àçêáíó=çÑ=ïçêâ=íçÇ~ó=áë=ÑçÅìëÉÇ=çå=ã~ñáãáòáåÖ=íÜÉ=ÅìëíçãÉê=ÉñéÉêáÉåÅÉK=qÜÉ=åÉï=mlp=~åÇ= é~ëëÄççâ=ëóëíÉã=Éå~ÄäÉë=íÜÉ=ÅìëíçãÉê=íç=Ü~îÉ=~=ÖêÉ~í=ëíçêÉ=ÉñéÉêáÉåÅÉ=ïáíÜ=~ë=äáííäÉ=ï~áíáåÖ=~ë=éçëëáÄäÉK= qÜÉ=mlp=íÉêãáå~äë=~åÇ=êÉä~íÉÇ=ëóëíÉã=~äëç=Éå~ÄäÉ=íÜÉ=ë~äÉëéÉçéäÉ=íç=Åêçëë=ëÉää=ãçêÉ=ÉÑÑÉÅíáîÉäóK=qÜÉó= áåëí~åíäó=Ü~îÉ=íÜÉ=~Äáäáíó=íç=âåçï=ïÜÉêÉ=íÜÉ=ÅìëíçãÉê=áë=áå=íÜÉáê=é~óãÉåí=ëíêÉ~ã=~åÇ=Üçï=ãìÅÜ=ãçêÉ= íÜÉ=ÅìëíçãÉê=Å~å=~ÑÑçêÇK=`~ë~ë=_~Üá~=ìíáäáòÉë=~å=áåíÉÖê~íÉÇ=ï~êÉÜçìëÉ=ëóëíÉã=íç=ÉåëìêÉ=ÅìëíçãÉêë= êÉÅÉáîÉ=íÜÉ=éêçÇìÅí=íÜÉó=ï~åí=ïÜÉå=íÜÉó=ï~åí=áíK=^äëçI=íÜÉ=áåíÉÖê~íáçå=ÄÉíïÉÉå=íÜÉ=Ñêçåí=~åÇ=Ä~Åâ=çÑÑáÅÉ= Éå~ÄäÉë=ã~å~ÖÉãÉåí=íç=ÄÉ=ãçêÉ=êÉëéçåëáîÉ=íç=ÅìëíçãÉê=åÉÉÇëK= `ìêêÉåíäóI=`~ë~ë=_~Üá~=Ü~ë=åç=éä~åë=íç=áåíÉÖê~íÉ=ïáíÜ=áíë=ëìééäáÉêëK=qÜÉ=ãçÇÉä=áå=_ê~òáä=áë=ãìÅÜ= ÇáÑÑÉêÉåí=íÜ~å=íÜ~í=áå=ãçêÉ=ÇÉîÉäçéÉÇ=ÅçìåíêáÉëK=qÜÉ=ÉÅçåçãó=áë=åçí=~ë=ëí~ÄäÉ=~åÇ=íÜÉ=îÉåÇçê=ãáñ= ÅÜ~åÖÉë=èìáÅâäóK=^äëçI=`~ë~ë=_~Üá~=ÑçÅìëÉë=çå=éÉêëçå~ä=åÉÖçíá~íáçåë=Ñçê=ÉîÉêó=ã~àçê=éìêÅÜ~ëÉK=fí=ïçìäÇ= ÄÉ=áåÉÑÑáÅáÉåí=íç=ã~áåí~áå=~=ëóëíÉã=íÜ~í=ïçìäÇ=Ü~îÉ=íç=âÉÉé=ìé=ïáíÜ=Åçåëí~åíäó=ÅÜ~åÖáåÖ=íÉêãëK=fí=áë= É~ëáÉê=Ñçê=`~ë~ë=_~Üá~=íç=äÉîÉê~ÖÉ=íÜÉáê=éìêÅÜ~ëáåÖ=éçïÉê=ïáíÜçìí=~å=~ìíçã~íÉÇ=ëóëíÉãK== In the Store

bîÉêó=ãçåíÜI=íÜÉ=`~ë~ë=_~Üá~=ëóëíÉã=Ü~åÇäÉë=~å=~îÉê~ÖÉ=UMMIMMM=Åçåíê~ÅíëK=qÜáêíó=éÉêÅÉåí=~êÉ=åÉï=ÅäáÉåíë= ~åÇ=ãìëí=ÄÉ=ëÉí=ìé=áå=íÜÉ=ëóëíÉã=Ñçê=íÜÉ=Ñáêëí=íáãÉK=^ééêçñáã~íÉäó=Ü~äÑ=çÑ=~ää=êÉíìêåáåÖ=ÅìëíçãÉêë=~êÉ= ~ìíçã~íáÅ~ääó=~ééêçîÉÇI=ïÜáäÉ=íÜÉ=êÉã~áåáåÖ=Ü~äÑ=~êÉ=êÉàÉÅíÉÇ=Äó=íÜÉ=ëóëíÉã=~åÇ=ãìëí=ÄÉ=~ééêçîÉÇ=Äó=~å= ~å~äóëíK=qÜÉêÉ=~êÉ=ëÉîÉê~ä=êÉ~ëçåë=ïÜó=íÜÉ=ëóëíÉã=ïáää=êÉàÉÅí=~=ÅìëíçãÉêK=cçê=~=ã~àçêáíó=çÑ=íÜçëÉ=êÉ~ëçåë= íÜçìÖÜI=íÜÉ=ÅêÉÇáí=~å~äóëí=ïáää=çîÉêêáÇÉ=íÜÉ=ëóëíÉã=~åÇI=Ä~ëÉÇ=çå=íÜÉáê=êÉä~íáçåëÜáé=ïáíÜ=íÜÉ=ÅäáÉåíI=Öê~åí= íÜÉ=ÅêÉÇáíK=qÜÉ=ëóëíÉã=ÇçÉë=åçí=Å~éíìêÉ=áÑ=íÜÉ=ÅìëíçãÉê=Ü~ë=Ü~Ç=~=ÅÜ~åÖÉ=áå=ÅáêÅìãëí~åÅÉI=ëìÅÜ=~ë=~=åÉï= àçÄK=fí=áë=ìé=íç=íÜÉ=~å~äóëí=íç=í~âÉ=~=êáëâ=Ä~ëÉÇ=çå=íÜÉ=êÉä~íáçåëÜáé=ïáíÜ=íÜÉ=ÅìëíçãÉêK=qÜçìÖÜ=çîÉêêáÇÉë= áåÅêÉ~ëÉ=íÜÉ=ÇÉÑ~ìäí=ê~íÉI=íÜÉ=áåÅêÉ~ëÉ=áå=íÜÉ=~ãçìåí=çÑ=ë~äÉë=ÖêÉ~íäó=çìíïÉáÖÜë=íÜÉ=ÅçêêÉëéçåÇáåÖ=êáëâK=fÑ=~= ÅìëíçãÉê=áë=åÉï=~åÇ=Ü~ë=åç=ÜáëíçêóI=íÜÉ=~å~äóëí=ãìëí=ÇÉíÉêãáåÉ=áÑ=íÜÉ=ÅìëíçãÉê=áë=~=ÖççÇ=êáëâK=qÜÉ=~Äáäáíó= çÑ=íÜÉ=~å~äóëí=íç=çîÉêêáÇÉ=íÜÉ=ëóëíÉã=~åÇ=éêçîáÇÉ=íÜÉ=ÅìëíçãÉê=ïÜ~í=íÜÉó=êÉèìáêÉ=áë=îáí~ä=áå=É~êåáåÖ=íÜÉ= íêìëí=çÑ=íÜÉ=ÅìëíçãÉêK=låÅÉ=íÜÉ=ÅìëíçãÉê=íêìëíë=`~ë~ë=_~Üá~I=íÜÉ=îáêíìçìë=ÅóÅäÉ=Å~å=ÄÉÖáåK=

20 of 24

Released December 12, 2003

Uniqueness

^ÅÅçêÇáåÖ=íç=`~ë~ë=_~Üá~I=åç=ÅçãéÉíáíçê=Ü~ë=ÇÉîÉäçéÉÇI=çê=áë=áå=íÜÉ=éêçÅÉëë=çÑ=ÇÉîÉäçéáåÖI=~=Åçãé~ê~ÄäÉ= fq=Ä~ÅâÄçåÉ=çê=áåÑê~ëíêìÅíìêÉ=áå=_ê~òáäK=qÜáë=ìåáèìÉ=åÉíïçêâ=áåÑê~ëíêìÅíìêÉ=áë=áãéçêí~åí=áå=íÜÉ= Åçãé~åóÛë=~Äáäáíó=íç=êÉëéçåÇ=èìáÅâäó=íç=íÜÉ=ìåÑçêÉëÉÉå=éêçÄäÉãë=íÜ~í=~êáëÉK=^ää=ëíçêÉë=Ü~îÉ=êÉãçíÉ= ÅçååÉÅíáîáíóK=^ééêçñáã~íÉäó=çåÉJíÜáêÇ=çÑ=íÜÉ=ëíçêÉë=~êÉ=ÅçååÉÅíÉÇ=îá~=ORSâéëK=qÜÉ=êÉã~áåáåÖ=ëíçêÉë=~êÉ= ÅçååÉÅíÉÇ=~í=~=ê~íÉ=çÑ=NOUâéëK=qÜÉ=ï~êÉÜçìëÉ=áë=~í=RNOâéëK=tÜÉíÜÉê=áí=áë=ÇìÉ=íç=íÜÉ=ä~Åâ=çÑ=ÅêÉ~íáîáíó=çê= ÑìåÇáåÖI=íÜÉ=ÅçãéÉíáíáçå=ÇçÉë=åçí=áåîÉëí=áå=íÉÅÜåçäçÖóK=“lìê=ÅçãéÉíáíçêë=êÉäó=çå=íÜáêÇJé~êíó=îÉåÇçêë=íÜ~í= Çç=åçí=ÇÉîÉäçé=ëéÉÅáÑáÅ=ëçäìíáçåëI=Äìí=ê~íÜÉê=~=ÖÉåÉêáÅ=ëçäìíáçå=íÜ~í=Å~å=Ñáí=~åóçåÉÛë=éêçÄäÉãK=fí=ÇçÉëåÛí= ïçêâIÒ=ë~óë=cêÉÇÉêáÅç=t~åÇÉêäÉóI=`flK= Ongoing IT Projects

`~ë~ë=_~Üá~=Ü~ë=Ñçìê=ã~àçê=áåáíá~íáîÉëK=qÜÉ=ÑáêëíI=ïÜáÅÜ=áë=ÅìêêÉåíäó=ÄÉáåÖ=áãéäÉãÉåíÉÇI=áë=äáåâáåÖ=ë~äÉë= ïáíÜ=ã~êâÉíáåÖ=~í=íÜÉ=mlpK=qÜÉ=Åçãé~åó=ïáää=ÄÉ=~ÄäÉ=íç=Åìëíçã=ÇÉëáÖåI=êçää=çìí=~åÇ=íê~Åâ=éêçãçíáçåë=Äó= ëíçêÉ=~åÇ=ÅìëíçãÉêK=^ää=ëíçêÉë=ïáää=íê~Åâ=íÜÉ=éêçÇìÅíáîáíó=~åÇ=éêçÑáí~Äáäáíó=çÑ=É~ÅÜ=Å~ãé~áÖåK=qÜáë= áåáíá~íáîÉ=çåäó=íççâ=Ñçìê=ãçåíÜë=Ñêçã=ÅçåÅÉéí=íç=áãéäÉãÉåí~íáçåK=qÜÉ=ëÉÅçåÇ=ã~àçê=áåáíá~íáîÉ=áë=íç= áãéêçîÉ=ÇÉäáîÉêáÉëK=^ë=ÅìëíçãÉêë=ÄÉÅçãÉ=ãçêÉ=ÇÉã~åÇáåÖI=`~ë~ë=_~Üá~=ãìëí=ÑáåÇ=~=ï~ó=íç=ãÉÉí=íÜÉáê= åÉÉÇëK=qÜÉ=ÅìêêÉåí=éêçÅÉëë=êÉèìáêÉë=ã~åì~ä=Éåíêó=çÑ=íÜÉ=ÅìëíçãÉêÛë=~ÇÇêÉëë=Ñçê=~ää=ÇÉäáîÉêáÉë=~åÇ=äÉ~Çë=íç= ï~ëíÉÇ=íáãÉ=~åÇ=ÉêêçêëK=qÜÉ=íÜáêÇ=áë=íÜÉ=ëïáíÅÜ=íç=çéíáÅ~ääó=ëÅ~ååáåÖ=~åÇ=ÇáÖáíáòáåÖ=~ää=ÅìëíçãÉêJêÉä~íÉÇ= ÇçÅìãÉåíë=~åÇ=ÄáåÇáåÖ=íÜÉã=íçÖÉíÜÉê=áå=çåÉ=ÉäÉÅíêçåáÅ=ÑáäÉK=pççåI=~ää=ÅìëíçãÉêJêÉä~íÉÇ=áåÑçêã~íáçå=ïáää=ÄÉ= ÅÉåíê~äáòÉÇ=~åÇ=îáÉï~ÄäÉ=~í=íÜÉ=mlpK=`~ë~ë=_~Üá~=Ü~ë=áåîÉëíÉÇ=áå=~=ëáñJíÉê~ÄóíÉ=Ü~êÇ=ÇêáîÉ=íç=ÜçìëÉ=~ää=íÜÉ= Ç~í~K=qÜÉ=ÑçìêíÜ=áåáíá~íáîÉ=áë=íç=ÇÉîÉäçé=~=ÇÉëâíçé=ã~å~ÖÉêá~ä=íççä=Ä~ëÉÇ=çå=íÜÉ=åÉï=iáåìñ=áåÑê~ëíêìÅíìêÉK= Future The project next on the horizon is wireless in the stores. We see this as a better way to serve the client. It will provide an easy and cost effective way to change the layout of the stores to meet changing customer demands. Our main concern here is the security [encryption] issue. – Frederico Wanderley, CIO

= qÜÉ=ÑìíìêÉ=çÑ=íÉÅÜåçäçÖó=~í=`~ë~ë=_~Üá~=Å~å=ÄÉ=ÇÉëÅêáÄÉÇ=~ë=“Ç~ó=Äó=Ç~óKÒ=qÜçìÖÜ=^=C=_=ÅìëíçãÉêëÛ= ÄÉÜ~îáçê=áë=éêÉÇáÅí~ÄäÉI=íÜÉ=ÄÉÜ~îáçê=çÑ=`I=a=C=b=ÅìëíçãÉêë=áë=åçíK=`~ë~ë=_~Üá~=ãìëí=êÉã~áå=ÑäÉñáÄäÉ= ÉåçìÖÜ=íç=êÉ~Åí=íç=èìáÅâ=ÅÜ~åÖÉëK=cêÉÇÉêáÅç=ÑìêíÜÉê=Éñéä~áåëW= = I see a problem, I create a solution. It has to be creative. My development teams are constantly in the stores talking with the users trying to understand current issues and determine future needs. We are constantly evaluating requests to see if they make sense for Casas Bahia and are feasible. Casas Bahia works very hard to foster an environment of trust where people feel safe to share their ideas. – Frederico Wanderley, CIO

21 of 24

Released December 12, 2003

Human Resources Management

`~ë~ë=_~Üá~=Ü~ë=~ééêçñáã~íÉäó=OMIMMM=ÉãéäçóÉÉëK=qÜÉ=Åçãé~åó=Éãéäçóë=~å=~ÇÇáíáçå~ä=OIRMM=Åçåíê~Åí= áåëí~ääÉêëK=råíáä=NVVSI=~ää=Üìã~å=êÉëçìêÅÉëJêÉä~íÉÇ=ÇÉÅáëáçåëI=áåÅäìÇáåÖ=íê~áåáåÖI=ÜáêáåÖ=~åÇ=ÑáêáåÖI=ïÉêÉ= ã~ÇÉ=~í=íÜÉ=Åçêéçê~íÉ=äÉîÉäK=^ÑíÉê=íÜÉ=ê~éáÇ=Éñé~åëáçå=ÄÉÖ~å=áå=NVVSI=~ää=eoJêÉä~íÉÇ=ÑìåÅíáçåëI=ÉñÅÉéí=Ñçê= ëéÉÅá~äáòÉÇ=íê~áåáåÖ=~åÇ=íÜÉ=~Çãáåáëíê~íáîÉ=~ëéÉÅí=çÑ=íÜÉ=ÑìåÅíáçåI=ãçîÉÇ=íç=íÜÉ=äçÅ~ä=ëíçêÉëK=^ää=éçäáÅó= ÇÉÅáëáçåë=~êÉ=ëíáää=ÅÉåíê~äáòÉÇ=~í=ÜÉ~Çèì~êíÉêëK== jçëí=ÉãéäçóÉÉë=ëéÉåÇ=íÜÉáê=ÉåíáêÉ=Å~êÉÉê=~í=`~ë~ë=_~Üá~=~åÇ=ÄÉäáÉîÉ=íÜÉó=Ü~îÉ=ÖççÇ=àçÄëK=^îÉê~ÖÉ= ÉãéäçóÉÉ=íìêåçîÉê=áë=çåäó=NBK=jçëí=ãáÇÇäÉ=ã~å~ÖÉêë=~åÇ=~ÄçîÉ=Ü~îÉ=ÄÉÉå=ïáíÜ=íÜÉ=Åçãé~åó=Ñçê=ãçêÉ= íÜ~å=OM=óÉ~êëK=qÜÉó=ëí~êí=~í=íÜÉ=Äçííçã=~åÇ=ïçêâ=íÜÉáê=ï~ó=ìéK=cçê=Éñ~ãéäÉI=íÜÉ=íóéáÅ~ä=é~íÜ=áå=íÜÉ=ë~äÉë= ÑìåÅíáçå=áë=ë~äÉëéÉêëçåI=ã~å~ÖÉê=íê~áåÉÉI=Åä~ëëêççã=íê~áåáåÖI=ã~å~ÖÉêI=êÉÖáçå~ä=ã~å~ÖÉê=íê~áåÉÉ=~åÇ= êÉÖáçå~ä=ã~å~ÖÉêK= ^ää=~äçåÖ=íÜÉ=ï~ó=íÜÉó=~êÉ=í~ìÖÜí=~åÇ=ÅçãÉ=íç=ÄÉäáÉîÉ=íÜ~í=íÜÉ=ÄÉííÉê=`~ë~ë=_~Üá~=ÇçÉëI=íÜÉ=ÄÉííÉê= çÑÑ=íÜÉó=ïáää=ÄÉ=éÉêëçå~ääó=~åÇ=éêçÑÉëëáçå~ääóK= mêáçê=íç=NVVQ=íÜÉêÉ=ï~ë=åç=Ñçêã~ä=íê~áåáåÖK=qê~áåáåÖ=áë=åçï=~=íïçJëíÉé=éêçÅÉëë=íÜ~í=áåÅäìÇÉë=Ñçêã~ä= Åä~ëëêççã=íê~áåáåÖ=~ë=ïÉää=~ë=íïç=ïÉÉâë=çÑ=çåJíÜÉJàçÄ=ëÜ~ÇçïáåÖK=qÜÉ=~Åíì~ä=ëÜ~Ççï=íáãÉ=Å~å=î~êó= ~ÅÅçêÇáåÖ=íç=íÜÉ=ëéÉÅáÑáÅ=àçÄ=êÉèìáêÉãÉåíëK=qÜáë=ëóëíÉã=Éå~ÄäÉë=ÉãéäçóÉÉë=íç=èìáÅâäó=äÉ~êå=~åÇ=ÄÉÅçãÉ= ÅçãÑçêí~ÄäÉ=ïáíÜ=íÜÉáê=ÑìåÅíáçåëK=`~ë~ë=_~Üá~=ÇÉîÉäçéÉÇ=ëéÉÅá~äáòÉÇ=íÉ~ãë=áå=Ñáå~åÅÉI=ë~äÉë=~åÇ= ã~å~ÖÉãÉåí=íç=~ëëáëí=áå=íÜÉ=íê~áåáåÖ=éêçÅÉëëK=^ÇÇáíáçå~ääóI=ëìééäáÉêë=åçï=ÅçãÉ=íç=`~ë~ë=_~Üá~=íç=íê~áå= ÉãéäçóÉÉë=çå=íÜÉ=ìëÉë=~åÇ=ÄÉåÉÑáíë=çÑ=íÜÉáê=êÉëéÉÅíáîÉ=éêçÇìÅíëK=qÜáë=áë=~=êÉä~íáîÉäó=åÉï=~åÇ=ïÉäÅçãÉÇ= çÅÅìêêÉåÅÉK=qÜÉ=ÅÉåíê~äáòÉÇ=eo=ÇÉé~êíãÉåí=çÅÅ~ëáçå~ääó=ïáää=ëéçåëçê=ëã~ääI=ëéÉÅá~äáòÉÇ=íê~áåáåÖ=çê= Åçåíê~Åí=çìí=íç=~=íÜáêÇ=é~êíó=áÑ=ëéÉÅáÑáÅ=ëâáää=íê~áåáåÖ=áë=êÉèìáêÉÇK== `çãéÉåë~íáçå=Ñçê=ë~äÉëéÉçéäÉ=áë=Ä~ëÉÇ=çå=éÉêÑçêã~åÅÉK=qÜçìÖÜ=ë~ä~êáÉë=~êÉ=ÅçããáëëáçåJÄ~ëÉÇI= ë~äÉëéÉçéäÉ=~êÉ=Öì~ê~åíÉÉÇ=~=ë~ä~êó=çÑ=oARMM=éÉê=ãçåíÜ=EOKR=ñ=ãáåáãìã=ï~ÖÉFK=_ê~òáäá~å=ä~Äçê=ä~ïë=Çç= åçí=~ääçï=Ñçê=NMMB=ÅçããáëëáçåÉÇ=ë~ä~êáÉëK=qÜÉ=Ä~ëÉ=ë~ä~êó=áë=ëÉí=ïÉää=ÄÉäçï=íÜÉ=ÉãéäçóÉÉëÛ=ë~äÉë=í~êÖÉíëK= `~ë~ë=_~Üá~=ÉãéäçóÉÉë=ÄÉäáÉîÉ=íÜÉ=ä~Äçê=ä~ï=áë=àìëí=íç=éêçíÉÅí=Ä~Ç=ë~äÉë=êÉéëK=p~äÉëéÉçéäÉ=ã~âÉ=~å= ~îÉê~ÖÉ=çÑ=OB=Åçããáëëáçå=çå=~ää=íÜÉáê=ë~äÉëK=eçïÉîÉêI=~ë=ëççå=~ë=íÜÉ=ÉãéäçóÉÉÛë=ë~ä~êó=Ñêçã=Üáë=çê=ÜÉê= Åçããáëëáçåë=ÉñÅÉÉÇë=oARMMI=ÜÉ=çê=ëÜÉ=ëïáíÅÜÉë=íç=NMMB=Åçããáëëáçå=çåäóK=qÜÉ=~îÉê~ÖÉ=ë~äÉëéÉêëçå= ã~âÉë=oANIRMM=éÉê=ãçåíÜ=ETKR=ñ=ãáåáãìã=ï~ÖÉFX=ÜáÖÜ=éÉêÑçêãÉêë=Å~å=êÉ~ÅÜ=oAPIRMMK=jáÅÜ~Éä=häÉáå= ë~óëW== = If I let them, some of them would work for hours and hours without stopping. They know they can make a lot of money at Casas Bahia. Any person has to have a motivation, an ambition in his life. Nothing is better than giving my employees the freedom to pursue their ambitions.

= `~ë~ë=_~Üá~=éêÉÑÉêë=íç=ÜáêÉ=äçÅ~ääó=Ñçê=áíë=ëíçêÉë=Ñçê=ëÉîÉê~ä=êÉ~ëçåëK=cáêëíI=äçÅ~ä=ÜáêÉë=íÉåÇ=íç=ÄÉ=ãçêÉ= Ñ~ãáäá~ê=ïáíÜ=íÜÉ=åÉáÖÜÄçêÜççÇ=~åÇ=íÜÉ=ÅìëíçãÉêëK=pÉÅçåÇI=ÜáêáåÖ=ÉãéäçóÉÉë=ïÜç=äáîÉ=ÅäçëÉ=íç=íÜÉ=ëíçêÉ= ãáåáãáòÉë=íÜÉ=áãé~Åí=çÑ=Äìë=~åÇ=íê~áå=ëíêáâÉëK=qÜÉ=ê~áåó=ëÉ~ëçå=áå=p©ç=m~ìäç=~äëç=êÉëìäíë=áå=ã~àçê=íê~ÑÑáÅ= éêçÄäÉãëK=cáå~ääóI=ÜáêáåÖ=äçÅ~ääó=ÜÉäéë=ÄçíÜ=íÜÉ=ÉãéäçóÉÉë=~åÇ=ÅìëíçãÉêë=ÑÉÉä=~=ëÉåëÉ=çÑ=éêáÇÉ=~åÇ= çïåÉêëÜáéK=få=íÜÉ=ëçìíÜÉêå=êÉÖáçå=çÑ=p©ç=m~ìäçI=íÜÉêÉ=~êÉ=íóéáÅ~ääó=NMM=~ééäáÅ~åíë=Ñçê=ÉîÉêó=ë~äÉë=çéÉåáåÖK= aìÉ=íç=Éñé~åëáçå=~åÇ=íìêåçîÉêI=`~ë~=_~Üá~=ÜáêÉë=~å=~îÉê~ÖÉ=çÑ=OMJPM=ë~äÉëéÉçéäÉ=ÉîÉêó=ãçåíÜK==

22 of 24

Released December 12, 2003

lå=~îÉê~ÖÉI=~ÅÅçêÇáåÖ=íç=gçë¨=oçÄÉêíç=cÉêå~åÇÉëI=eo=aáêÉÅíçêI=`~ë~ë=_~Üá~=é~óë=ÄÉííÉê=íÜ~å=ÇáêÉÅí= ÅçãéÉíáíçêëK=mÉçéäÉ=äçîÉ=ïçêâáåÖ=Ñçê=p~ãìÉä=häÉáåK=qÜÉó=ÄÉäáÉîÉ=áå=Üáë=éÜáäçëçéÜó=çÑ=î~äìáåÖ=~åÇ= êÉëéÉÅíáåÖ=íÜÉ=áåÇáîáÇì~äK=cÉêå~åÇÉë=ÄÉäáÉîÉëI=“p~ãìÉä=häÉáå=Ü~ë=éä~åíÉÇ=~=ëÉÉÇ=áå=ÉîÉêó=ëíçêÉ=~åÇ= éÉêëçå=íÜ~í=áë=åçï=ÖêçïáåÖKÒ=qÜ~í=ëÉÉÇ=áë=ãçëí=ÉîáÇÉåí=Äó=p~ãìÉäÛë=ÄÉäáÉÑ=íÜ~í=íÜÉ=ãçêÉ=ÜÉ=ã~âÉë=íÜÉ= ãçêÉ=ÜÉ=åÉÉÇë=íç=ëÜ~êÉK=cçê=Éñ~ãéäÉI=_ê~òáä=êÉèìáêÉë=íÜ~í=Åçãé~åáÉë=é~ó=ÉãéäçóÉÉë=çåÉ=Éñíê~=é~ó= éÉêáçÇ=áå=íÜÉ=ãçåíÜ=çÑ=aÉÅÉãÄÉêK=^í=`~ë~ë=_~Üá~I=áÑ=ÄìëáåÉëë=ïÉåí=ïÉääI=íÜÉ=Åçãé~åó=çÑíÉå=ïáää=é~ó= íÜ ÉãéäçóÉÉë=~=NQ =éÉêáçÇK=^äëçI=íê~îÉä=áåÅÉåíáîÉë=Ñçê=~ÅÜáÉîáåÖ=ÄìëáåÉëë=Öç~äë=~åÇ=í~êÖÉíë=~êÉ= Åçããçåéä~ÅÉK=fÑ=~=êÉÖáçå=çê=ëíçêÉ=ãÉÉíë=~=é~êíáÅìä~ê=èì~êíÉêäó=Öç~ä=çê=ëéÉÅá~ä=éêçãçíáçå~ä=í~êÖÉíI=íÜÉó= ~êÉ=êÉï~êÇÉÇ=ïáíÜ=ëÉîÉê~ä=Ç~óë=~í=aáëåÉóïçêäÇ=áå=lêä~åÇçI=cäçêáÇ~K=bîÉå=åçïI=ïÜÉå=íÜÉ=çîÉê~ää= ÉÅçåçãó=áë=ëìÑÑÉêáåÖI=`~ë~ë=_~Üá~=ÅçåíáåìÉë=áíë=êÉï~êÇë=éê~ÅíáÅÉX=íêáéë=åçï=~êÉ=ÑçÅìëÉÇ=çå=äçÅ~ä=çê=áåJ Åçìåíêó=êÉëçêíëK= Future Challenges

qÜÉ=ãçëí=áãéçêí~åí=Ñ~Åíçê=áå=íÜÉ=ÅçåíáåìÉÇ=ëìÅÅÉëë=çÑ=`~ë~ë=_~Üá~=áë=íÜÉ=ÄÉäáÉÑ=ëóëíÉã=~åÇ=î~äìÉë=íÜ~í= p~ãìÉä=häÉáå=Ü~ë=áåëíáääÉÇ=áå=~ää=íÜÉ=ÉãéäçóÉÉëK=^=ëíêçåÖ=~åÇ=ÅçåíáåìÉÇ=êÉä~íáçåëÜáé=ïáíÜ=ÅìëíçãÉêë=áë= é~ê~ãçìåíK=^äëçI=ïáíÜáå=íÜÉ=Åçãé~åóI=ÉîÉêó=ÇÉé~êíãÉåí=ÄÉäáÉîÉë=íÜÉ=ëìÅÅÉëë=çÑ=`~ë~ë=_~Üá~=áë=ãçêÉ= áãéçêí~åí=íÜ~å=íÜÉ=ëìÅÅÉëë=çÑ=~å=áåÇáîáÇì~ä=ÇÉé~êíãÉåí=çê=ÖêçìéK=råäáâÉ=áå=ã~åó=çêÖ~åáò~íáçåë=ïÜÉêÉ=íÜÉ= ë~äÉë=~åÇ=ÅêÉÇáí=ÇÉé~êíãÉåíë=Ü~îÉ=ÇáÑÑÉêÉåí=çÄàÉÅíáîÉëI=íÜáë=áë=åçí=íÜÉ=Å~ëÉ=~í=`~ë~ë=_~Üá~K=bãéäçóÉÉë= ÄÉäáÉîÉë=íÜ~í=~ë=äçåÖ=~ë=íÜÉ=ÅìëíçãÉê=áë=Ü~ééó=~åÇ=`~ë~ë=_~Üá~=ÇçÉë=ïÉääI=íÜÉå=íÜÉó=ïáää=ÄÉ=éÉêëçå~ääó= ÄÉííÉê=çÑÑK= iççâáåÖ=Ñçêï~êÇ=íÜÉêÉ=~êÉ=ëÉîÉê~ä=ÅÜ~ääÉåÖÉë=íç=ã~áåí~áå=íÜÉ=ëìÅÅÉëëK=få=íÜÉ=ëÜçêí=êìåI=íÜÉ= áåíêçÇìÅíáçå=çÑ=ÅêÉÇáí=Å~êÇë=éçëÉë=~=íÜêÉ~í=çÑ=äçëáåÖ=íÜÉ=áãéçêí~åí=ÅäáÉåí=êÉä~íáçåëÜáé=~ë=ïÉää=~ë= ÇÉÅêÉ~ëáåÖ=ÅêçëëJëÉääáåÖ=çééçêíìåáíáÉëK=dÉåÉê~ä=~ÅÅÉéí~åÅÉ=çÑ=ÅêÉÇáí=Å~êÇë=ïáíÜ=`I=a=C=b=ÅìëíçãÉêë= ÑçêÅÉÇ=`~ë~ë=_~Üá~=íç=~ÅÅÉéí=ÅêÉÇáí=Å~êÇë=áå=pÉéíÉãÄÉê=OMMOK=`~ë~ë=_~Üá~=ï~ë=íÜÉ=ä~ëí=ã~àçê=êÉí~áäÉê=áå= _ê~òáä=íç=~ÅÅÉéí=ÅêÉÇáí=Å~êÇëK=få=ëáñ=ãçåíÜëI=ÅêÉÇáí=Å~êÇ=ë~äÉë=Ü~îÉ=êÉ~ÅÜÉÇ=QB=çÑ=`~ë~ë=_~Üá~Ûë=íçí~ä=ë~äÉëK= lå=~=éçëáíáîÉ=åçíÉI=ïÜÉå=íÜÉ=ÅêÉÇáí=Å~êÇ=ë~äÉ=áë=ã~ÇÉI=íÜÉ=êáëâ=çÑ=ÇÉÑ~ìäí=íê~åëÑÉêë=íç=íÜÉ=ÅêÉÇáí=Å~êÇ= Åçãé~åóK=`êÉÇáí=Å~êÇ=Åçãé~åáÉë=áå=_ê~òáä=çÑÑÉê=~å=áåëí~ääãÉåí=é~óãÉåí=çéíáçå=ïáíÜçìí=áåíÉêÉëí=çå=~= éêçÇìÅíJÄóJéêçÇìÅí=Ä~ëáëK=qÜÉêÉ=áë=ëçãÉ=ÅçåÅÉêå=íÜ~í=~å=áåÅêÉ~ëÉ=áå=ÅêÉÇáí=Å~êÇ=ë~äÉë=ã~ó=ÇÉÅêÉ~ëÉ= ÅìëíçãÉê=äçó~äíó=ÇìÉ=íç=íÜÉ=ä~Åâ=çÑ=áåJëíçêÉ=íê~ÑÑáÅK=`ìêêÉåíäóI=~ää=ÅìëíçãÉêë=ãìëí=ÅçãÉ=áå=ÉîÉêó=ãçåíÜ= íç=~=`~ë~ë=_~Üá~=ëíçêÉ=íç=ã~âÉ=íÜÉáê=ãçåíÜäó=é~óãÉåíK=qÜáë=áë=íÜÉ=ã~áå=íê~ÑÑáÅ=íÜ~í=Ñ~Åáäáí~íÉë=íÜÉ=TTB= ÅêçëëJëÉääáåÖ=~ÄáäáíóK=qÜáë=ëáíì~íáçå=çåäó=ïáää=ÄÉ=ÉåÑçêÅÉÇ=ïáíÜ=íÜÉ=ëí~Äáäáò~íáçå=çÑ=íÜÉ=_ê~òáäá~å=ÉÅçåçãó= ~åÇ=Éîçäìíáçå=çÑ=íÜÉ=Ñáå~åÅáåÖ=ã~êâÉíK=iáííäÉ=Äó=äáííäÉ=Ä~åâë=~êÉ=í~êÖÉíáåÖ=íÜÉ=_lm=áå=_ê~òáä=ïáíÜ= ~ÅÅçìåíë=~åÇ=ÅêÉÇáí=Å~êÇëK=qÜáë=ïáää=ÄÉ=~å=áëëìÉ=`~ë~ë=_~Üá~=ãìëí=äÉ~êå=Üçï=íç=ÇÉ~ä=ïáíÜK== ^ÇÇáíáçå~ääóI=`~ë~ë=_~Üá~=Ü~ë=çéÉåÉÇ=~=ÑÉï=ëíçêÉë=áå=åÉáÖÜÄçêÜççÇë=íÜ~í=Å~íÉê=íç=^=C=_=ÅìëíçãÉêëK= lîÉê=íÜÉ=é~ëí=NM=óÉ~êëI=ëÉîÉê~ä=êÉí~áä=ÅÜ~áåë=íÜ~í=ÑçÅìëÉÇ=çå=ëÉêîáåÖ=íÜÉ=^=C=_=ëÉÖãÉåí=Ü~îÉ=ÄÉÉå=ÑçêÅÉÇ= íç=äÉ~îÉ=íÜÉ=ã~êâÉí=EpÉ~êëI=j~ééáåI=dK=^êçåëçå=~åÇ=`~ë~ë=`ÉåíêçFK=^äëçI=áå=é~ê~ääÉä=ïáíÜ=íÜÉëÉ= Åçãé~åáÉë=ÖçáåÖ=Ä~åâêìéíI=`~ë~ë=_~Üá~=ï~ë=ìåÇÉêÖçáåÖ=~=ã~àçê=ãçÇÉêåáò~íáçåK=aìÉ=íç=íÜÉ=éìêÅÜ~ëáåÖ= éçïÉê=çÑ=`~ë~ë=_~Üá~I=íÜÉ=Åçãé~åó=ÅçìäÇ=çÑÑÉê=ÄÉííÉê=éêáÅÉë=çå=íÜÉ=Äê~åÇë=íÜ~í=^=C=_=ÅìëíçãÉêë=ÇÉëáêÉÇ= çå=~=Å~ëÜ=Ä~ëáëK=qÜáë=ÅçãÄáå~íáçå=Ü~ë=~ääçïÉÇ=íÜÉ=Åçãé~åó=íç=Å~éíìêÉ=ëçãÉ=çÑ=íÜÉ=^=C=_=ëÉÖãÉåíK= qÜçìÖÜ=ëíçêÉ=äçÅ~íáçåë=~êÉ=áå=åáÅÉê=~êÉ~ë=çÑ=íÜÉ=ÅáíóI=íÜÉ=ÅçåÑáÖìê~íáçå=~åÇ=éêçÇìÅíë=çÑÑÉêÉÇ=êÉã~áå=íÜÉ= ë~ãÉK=qÜ~í=ë~áÇI=^=C=_=ÅìëíçãÉêë=íÉåÇ=íç=éìêÅÜ~ëÉ=ãçêÉ=~ééäá~åÅÉë=~åÇ=ÉäÉÅíêçåáÅë=íÜ~å=ÑìêåáíìêÉK==

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Released December 12, 2003

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