PAB02: Edificios modulares | Modular buildings

Page 1

(',),&,26 02'8/$5(6 02'8/ $5 %8,/',1*6

SDE


(GLWD

JUXSR SDE 'HSDUWDPHQWR GH 3UR\HFWRV $UTXLWHFWyQLFRV (76$% 83& &RPLWp HGLWRULDO

5HVSRQVDEOH )pOL[ 6RODJXUHQ %HDVFRD (TXLSR GRFHQWH /XtV $OHJUH $QWRQL %DUFHOy (OHQD )HUQiQGH] *XVWDX *LOL &ULVWLQD *DVWyQ -DXPH 6DQPDUWt &DUORV 9LQDUGHOO &RODERUDGRUHV %HUWD %DUGt 'DQLHO *DUFtD 3HGUR 9LOODU $QQD 3pUH] 0DUWD 7HGy SDE HGLFLyQ IHEUHUR GH

SDE \ ORV DXWRUHV GH ORV WH[WRV 3DXO +DPPRQG SRU OD WUDGXFFLyQ 3XEOLFDFLyQ GH iPELWR DFDGpPLFR VLQ iQLPR GH OXFUR ,PSUHVLyQ (76$% ,6%1 3UR\HFWRV 9,, 9,,, (76$% FDPSXV VXU 83& $Y 'LDJRQDO ² %DUFHORQD 'HVSDFKR 7HOI )RWR GH SRUWDGD &XELHUWD GHO RUIDQDWR PXQLFLSDO GH $PVWHUGDP $OGR YDQ (\FN


(',),&,26 02'8/$5(6 02'8/$5 %8,/',1*6


(VTXHPD PyGXORV GH /D 5LFDUGD /D 5LFDUGD PRGXOH GLDJUDPH


Ì1',&(

,QWURGXFFLyQ ,QWURGXFWLRQ )pOL[ 6RODJXUHQ %HDVFRD

SJ

(VFXHOD 0XQNHJDUGV 0XQNHJDUGV 6FKRRO -DXPH 6DQPDUWt

SJ

0RWHO :DUP 0LQHUDO 6SULQJV :DUP 0LQHUDO 6SULQJV 0RWHO )pOL[ 6RODJXUHQ %HDVFRD

SJ

(GLILFLR HTXLSDPLHQWRV SROLFLDOHV 3ROLFH 'HSDUWPHQW EXLOGLQJ $QWRQL %DUFHOy

SJ

2UIDQDWR 0XQLFLSDO GH $PVWHUGDP $PVWHUGDP 2USKDQDJH %HUWD %DUGt 'DQLHO *DUFtD

SJ

$VDPEOHD 1DFLRQDO GH .XZDLW 7KH .XZDLW 1DWLRQDO $VVHPEO\ /XtV $OHJUH

SJ

/D 5LFDUGD /D 5LFDUGD &ULVWLQD *DVWyQ

SJ

&HQWUDO %HKHHU &HQWUDDO %HKHHU &DUOHV 9LQDUGHOO

SJ

:DOGHQ :DOGHQ *XVWDX *LOL

SJ

3DEHOOyQ $OHPDQLD HQ %UXVHODV *HUPDQ SDYLOLRQ LQ %UXVVHOV (OHQD )HUQiQGH]

SJ


,1752'8&7,21 7KH SUHVHQW PRQRJUDSK LQFOXGHV D VHOHFWLRQ RI EXLOGLQJV DQG SURMHFWV EDVHG RQ WKH FRQFHSW RI WKH PRGXOH %\ ¶PRGXOH· ZH WUDGLWLRQDOO\ XQGHUVWDQG WKH FRPSRQHQW WKDW IRUPV WKH EDVLV RI D JLYHQ GHVLJQ 0HDVXUHPHQW LV WKH PRGXOH·V EDVLF WRRO ,Q FRQWUDVW WR D ZRUOG RI ´IUHH IRUPVµ LQ ZKLFK ´WKH SRVVLEOHµ LV RQO\ ERXQGHG E\ WKH OLPLWV VHW E\ WKH LPDJLQDWLRQ DQG LQ ZKLFK ´VROLGµ SULQFLSOHV DUH GLVSODFHG E\ ´OLTXLGµ IRUPDOL]DWLRQV XVH RI WKH PRGXOH SHUPLWV XV WR UHFODLP GLVFLSOLQH DV D GHVLJQ PHWKRG 7KH SURMHFWV VKRZQ EHORZ SLFN XS RQ WKLV LGHD %XW QRW RQO\ DUH WKH\ EDVHG RQ LW³WKH\ FRUURERUDWH LW LQ LWV XVH DV D GHVLJQ IHDWXUH DQG IRU UHVROYLQJ LW VDWLVIDF WRULO\ 7KH EDVH FRPSRQHQW KDV QHLWKHU D VLQJOH GHILQLWLRQ QRU D VLQJOH IRUPDOL]DWLRQ ZKHUHDV LQ H[DPSOHV OLNH WKH 0XQNHJnUGV 6FKRRO RU WKH )UHH 8QLYHUVLW\ RI %HUOLQ HPSW\ VSDFH LV XVHG DV D UHVRXUFH WKDW DUWLFXODWHV DQG RUJDQL]HV WKH GHVLJQ LQ RWKHUV LW LV YDULDWLRQ VWUXFWXUDO FRPELQDWLRQ DQG VSDWLDO GHYHORSPHQW WKDW GR WKH MRE 7KLV ELOLQJXDO HGLWLRQ JURZV RXW RI WKH ZLVK WR RIIHU WR D ZLGHU FLUFOH D VHULHV RI IXQGDPHQWDOO\ (XURSHDQ VFKHPHV ZKLFK GHPRQVWUDWH WKDW GLVFLSOLQH LV QRW D UH SUHVVLYH IHDWXUH RI WKH LPDJLQDWLRQ EXW LQVWHDG WKH RSSRVLWH )pOL[ 6RODJXUHQ %HDVFRD


,1752'8&&,Ð1 /D PRQRJUDItD TXH VH SUHVHQWD UHFRJH XQD VHOHFFLyQ GH HGLILFLRV \ SUR\HFWRV EDVDGRV HQ HO FRQFHSWR PRGXODU 7UDGLFLRQDOPHQWH VH HQWLHQGH SRU PyGXOR DO HOHPHQWR TXH HV OD EDVH GH XQ GHWHUPLQDGR SUR\HFWR /D PHGLGD VHUtD OD KHUUDPLHQWD EiVLFD XWLOL]DGD SRU HO PyGXOR )UHQWH D XQ PXQGR GH ´IRUPDV OLEUHVµ \ GRQGH ´OR SRVLEOHµ VyOR HVWi DFRWDGR SRU ORV OtPLWHV HVWDEOHFLGRV SRU OD LPDJLQDFLyQ \ GRQGH ORV SULQFLSLRV ´VyOLGRVµ VRQ GHVSOD]DGRV SRU IRUPDOL]DFLRQHV ´OLTXLGDVµ HO XVR GHO PyGXOR SHUPLWH UHFXSHUDU OD GLVFLSOLQD FRPR PpWRGR GH SUR \HFWR /RV SUR\HFWRV TXH VH PXHVWUDQ D FRQWLQXDFLyQ UHFRJHQ HVWD UHIOH[LyQ 3HUR QR VyOR VH EDVDQ HQ HOOD VLQR TXH OR FRQILUPDQ HQ VX XVR FRPR HOHPHQWR GH SUR\HFWR \ SDUD UHVROYHUOR DGHFXDGDPHQWH (O HOHPHQWR EDVH QR WLHQH QL XQD ~QLFD GHILQLFLyQ QL XQD ~QLFD IRUPD OL]DFLyQ PLHQWUDV TXH HQ HMHPSORV FRPR OD HVFXHOD GH 0XQNHJnUGV R OD 8QLYHUVLGDG OLEUH GH %HUOtQ VH XWLOL]D HO YDFtR FRPR XQ UHFXUVR TXH DUWLFXOD \ RUGHQD HO SUR\HFWR HQ RWURV VH WUDEDMD FRQ OD YDULDFLyQ OD FRPELQDFLyQ HVWUXFWXUDO \ HO GHVDUUROOR HVSDFLDO )pOL[ 6RODJXUHQ %HDVFRD


1

(PSOD]DPLHQWR YLVWD DpUHD 6LWH DHULDO YLHZ


(6&8(/$ 081.(*c5'6 $UTXLWHFWR $UQH -DFREVHQ

8Q FRQFXUVR FRQYRFDGR D PHGLDGRV GHO VLJOR SDVDGR HQFRQWUy HQ OD SURSXHVWD GHO DUTXLWHFWR $UQH -DFREVHQ XQ HILFD] LQVWUXPHQWR SDUD OD UHQRYDFLyQ SHGDJyJLFD TXH VRFLHGDG GDQHVD QHFHVLWDED SDUD VXSHUDU ODV VHFXHODV GH OD D~Q UHFLHQWH VHJXQGD JXHUUD PXQGLDO \ DVHJXUDU HO IXWXUR GHPRFUiWLFR GHO SDtV (O SUR\HFWR TXH HVWDED OODPDGR D FRQYHUWLUVH HQ XQ UHIHUHQWH PXQGLDO HQ HO FDPSR GH OD DUTXLWHFWXUD HVFRODU LQVWDXUy XQ QXHYR WLSR DUTXLWHF WyQLFR OD ´WLSRORJtD HQ WDSL]µ EDVDGR HQ OD LVRWURStD OD KRUL]RQWDOLGDG IRUPDO HO GLiORJR FRQ HO WHUUHQR HO FRQWDFWR FRQ OD QDWXUDOH]D OD DGDS

0XQNHJnUGV 6FKRRO $UFKLWHFW $UQH -DFREVHQ

$ FRPSHWLWLRQ FRQYRNHG LQ WKH PLGGOH RI WKH ODVW FHQWXU\ IRXQG LQ WKH VFKHPH E\ DUFKLWHFW $UQH -DFREVHQ DQ HIIHFWLYH WRRO IRU HGXFDWLRQDO UHQHZDO WKDW 'DQLVK VRFLHW\ QHHGHG LQ RUGHU WR RYHUFRPH WKH VHTXHOV RI WKH VWLOO UHFHQW 6HFRQG :RUOG :DU DQG WR VDIHJXDUG WKH GHPRFUDWLF IXWXUH RI WKH FRXQWU\ 7KH SURMHFW WKDW ZDV GHVWLQHG WR EHFRPH D JOREDO EHQFKPDUN LQ WKH ILHOG RI VFKRRO DUFKLWHFWXUH HVWDEOLVKHG D QHZ DUFKLWHFWRQLF W\SH WKH ´PDW W\SRORJ\µ ED VHG RQ LVRWURS\ IRUPDO KRUL]RQWDOLW\ GLDORJXH ZLWK WKH WHUUDLQ FRQWDFW ZLWK QDWXUH DQG DGDSWDWLRQ WR WKH EHVW RULHQWDWLRQ³FRQGLWLRQV LQKHUHQW WR LWV IRUPDOL]DWLRQ 7KLV W\SH RI VFKRRO LV SDUWLFXODUO\ VXLWHG WR XUEDQ DUHDV ZLWK ORZ GHQVLW\ DQG SUR


WDFLyQ D OD EXHQD RULHQWDFLyQ HWF FRQGLFLRQHV TXH VRQ LQKHUHQWHV D VX IRUPDOL]DFLyQ (VWH WLSR HVFRODU UHVXOWD HVSHFLDOPHQWH DGHFXDGR HQ iUHDV XUEDQDV GH EDMD GHQVLGDG \ SURJUDPDV UHODFLRQDGRV FRQ ODV SULPHUDV HWDSDV GH OD HVFRODUL]DFLyQ VXSXHVWRV TXH HQFXHQWUDQ HQ OD GXDOLGDG DXOD SDWLR XQRV HVSDFLRV FRPSOHPHQWDULRV \ LGyQHRV SDUD XQD SHGDJRJtD FRQYL YHQFLDO SURSLD GH ORV SULPHURV HVWDGLRV GH OD HQVHxDQ]D 'H KHFKR HO SURSLR DUTXLWHFWR QR WXYR LQFRQYHQLHQWH HQ DGRSWDUOR HQ IXWXURV SUR\HF WRV WDOHV FRPR OD HVFXHOD 1\DJJHU \ OD GH *HQWRIWH GH \ &KULVWLDQHXP HQ +DPEXUJR GH TXH TXHGDURQ HQ SUR\HFWR /D ´HVFXHOD GH -DFREVHQµ FRPR OD FRQRFtDPRV FRORTXLDOPHQWH ORV HV WXGLDQWHV GH OD (VFXHOD GH $UTXLWHFWXUD GH %DUFHORQD HQ ORV DxRV DGHPiV GH VXV HYLGHQWHV YDORUHV WLSROyJLFRV H[SUHVD GH IRUPD JHQXLQD HO YRFDEXODULR GHO PDHVWUR GDQpV TXH SRGHPRV UHFRQRFHU FXDQGR YLD MDPRV D 'LQDPDUFD \ REVHUYDPRV HGLILFLRV WDQ GLYHUVRV \ DSDUHQWHPHQ WH GLIHUHQWHV FRPR SXHGHQ VHU ODV YLYLHQGDV 6RKROP OD FDVD 6LVE\ OD Ii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´-DFREVHQ 6FKRRO µ DV ZH %DUFHOR QD 6FKRRO RI $UFKLWHFWXUH VWXGHQWV FDOOHG LW LQ WKH V JHQXLQHO\ H[SUHVVHV WKH YRFDEXODU\ RI WKH 'DQLVK PDHVWUR DV ZH FDQ VHH ZKHQ ZH WUDYHO WR 'HQPDUN DQG REVHUYH VXFK GLYHUVH DQG VHHPLQJO\ GLIIHUHQW EXLOGLQJV DV WKH 6¡KROP WHUUDFHG KRXVLQJ WKH 6LHVE\ +RXVH WKH &KULVWHQVHQ IDFWRU\ DQG WKH -HVSHUVHQ RIILFH EXLOGLQJ WR FLWH EXW D IHZ H[DPSOHV WKDW DUH GHVHUYHGO\ DQG XQLYHUVDOO\ DGPLUHG ,W WUDQVSLUHV WKRXJK WKDW WKH 0XQNHJnUGV 6FKRRO LV DQ H[HPSODU\ H[HUFLVH LQ FRPSRVLWLRQ WKDW GHVHUYHV WR EH FDUHIXOO\ VWXGLHG 7KLV VFKRRO FRPSOH[ EDVLFDOO\ FRQVLVWV RI DQQH[HV DQG RSHQ VSDFHV ZLWK GLIIHUHQW IXQFWLRQV DQG GLPHQVLRQV DUUDQJHG LQ DQ RUGHUHG KLHUDUFKLFDO DQG HIILFDFLRXV ZD\ 7KH HQVHPEOH IRUPHG E\ WKH WZR FODVVURRPV DQG WKH SDWLR EHFRPHV WKH JHQH


HMHPSORV TXH FXHQWDQ FRQ XQ PHUHFLGR \ XQLYHUVDO UHFRQRFLPLHQWR 3HUR UHVXOWD TXH D PD\RU DEXQGDPLHQWR OD HVFXHOD 0XQNHJDUGV HV XQ HMHUFLFLR GH FRPSRVLFLyQ HMHPSODU TXH PHUHFH VHU HVWXGLDGR FRQ GHWH QLPLHQWR (VWH FRQMXQWR HVFRODU VH FRPSRQH HQ EDVH D GHSHQGHQFLDV \ HVSDFLRV OLEUHV GH GLIHUHQWH IXQFLRQDOLGDG \ GLPHQVLyQ GLVSXHVWRV GH IRUPD RUGHQDGD MHUiUTXLFD \ HILFD] (O FRQMXQWR IRUPDGR SRU ODV GRV DXODV \ HO SDWLR VH FRQVWLWX\H FRPR HOHPHQWR JHQHUDGRU GHO SUR\HFWR (O DXOD FRQWLHQH GRV ]RQDV FRQ GLIHUHQWH DOWXUD GH WHFKR \ XQ HVSDFLR SUHYLR GH FRQH[LyQ FRQ ORV SDVLOORV TXH SXHGH VHU XWLOL]DGR SDUD XQ XVR GRFHQWH FRPSOHPHQWDULR PLHQWUDV TXH HO SDWLR SXHGH FRQVLGHUDUVH XQ HVSDFLR O~GLFR \ GRFHQWH HV FRPSDUWLGR FRQ OD DXOD FROLQGDQWH /D VHFFLyQ SHUPLWH XQD LOXPLQDFLyQ LQGLUHFWD SRU HO YHQWDQDO VXSHULRU \ RWUD GLUHFWD Pi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


WXUD IRUPDGD SRU ORV FXDWUR SDVLOORV RIUHFH XQD WUDPD VREUH OD TXH VH LPSODQWDQ ODV SLH]DV HVSHFLDOHV WDOHV FRPR HO YROXPHQ GH GRV SODQWDV GH ORV WDOOHUHV TXH FLHUUD HO FRQMXQWR SRU VX EDQGD QRUWH \ OD VDOD GH DFWRV TXH RFXSD OD SDUWH FHQWUDO YROXPHQ TXH VH H[SUHVD FRQ FODULGDG GHVGH HO HVSDFLR GH DFFHVR D OD HVFXHOD (V HVWH XQ HVSDFLR GH JUDQGHV GLPHQVLRQHV TXH HVWi DELHUWR SRU VXV H[WUHPRV \ OLPLWDGR ODWHUDOPHQWH SRU XQ FXHUSR GH DXODV HVSHFLDOHV \ HO SDEHOOyQ GHO JLPQDVLR FRQ VXV VHUYLFLRV XWLOL]DEOHV GHVGH HO SDWLR (VWH HVSDFLR VH XWLOL]D FRPR FDPSR GH MXHJRV \ OXJDU GH UHXQLyQ D ODV KRUDV GH HQWUDGD \ VDOLGD GH OD HVFXHOD RSHUDQGR D PDQHUD GH XQ YHVWtEXOR H[WHULRU DO TXH GDQ ODV SXHUWDV GH DFFHVR D ORV SDVLOORV TXH FRQGXFHQ D ODV DXODV \ D OD VDOD SROLYDOHQWH SDVLOORV GH LGpQWLFD SRVLFLyQ UHODWLYD SHUR GH GLIHUHQWH VHFFLy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n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t


0XQNHJDUGV HV XQD DUTXLWHFWXUD FRQVWUXLGD FRQ SDUHGHV GH IiEULFD GH ODGULOOR \ IRUMDGRV LQFOLQDGRV TXH FRQWUDVWDQ FRQ OD FXELHUWD SODQD GH ORV SDVLOORV GH PHQRU DOWXUD \ ODV PD\RUHV GLPHQVLRQHV GH ORV HVSDFLRV GH XVR HVSHFtILFR (VWD HVFXHOD TXH IXH FRQVWUXLGD KDFH \D DxRV KD VLGR REMHWR GH YDULDV UHIRUPDV \ DPSOLDFLRQHV OD ~OWLPD GH ODV FXDOHV VH VLW~D EDMR HO HVSDFLR SULQFLSDO GH DFFHVR (Q HO PRPHQWR GH VX FRQVWUXFFLyQ HO WHMLGR UHVLGHQFLDO GHO HQWRUQR QR WHQLD HO JUDGR GH FRQVROLGDFLyQ DFWXDO FRQ OR TXH OD HVFXHOD D~Q SRGtD HQWHQGHUVH FRPR XQD UHIHUHQFLD XUED QD +D VLGR XQD OiVWLPD TXH ODV VXFHVLYDV DPSOLDFLRQHV GH OD HVFXHOD MXVWLILFDGDV SRU HO FUHFLPLHQWR GHO HQWRUQR GH EDMD GHQVLGDG QR VH XWL OL]DUDQ FRPR SUHWH[WR SDUD UHIRU]DU HVWH SDSHO TXH OD FLXGDG VLQ GXGD DJUDGHFHUtD -DXPH 6DQPDUWt

0DTXHWD 0RGHO


3ODQWD 3ODQ


$O]DGRV \ VHFFLRQHV

(OHYDWLRQV DQG VHFWLRQV


6HFFLyQ WUDQVYHUVDO \ DO]DGR &URVV VHFWLRQ DQG HOHYDWLRQ


)DFKDGD HVWH :HVW IDFDGH


)RWR DpUHD $HULDO YLHZ

)RWR DpUHD GHWDOOH $HULDO YLHZ GHWDLO


)DFKDGD RHVWH :HVW IDFDGH

3DVLOOR

&RUULGRU


$XOD

&ODVVURRP


$XOD

&ODVVURRP


1

(PSOD]DPLHQWR YLVWD DpUHD 6LWH DHULDO YLHZ


027(/ :$50 0,1(5$/ 635,1*6 $UTXLWHFWR 9LFWRU $ /XQG\

(Q HPSLH]DQ D DSDUHFHU HQ HO SDLVDMH GH QXHVWUDV FDUUHWHUDV HV SDxRODV XQD VHULH GH HVWDFLRQHV GH VHUYLFLR GLVHxDGDV SRU )RVWHU DQG 3DUWQHUV SRU HQFDUJR GH XQD FRQRFLGD HPSUHVD SHWUROHUD (O UHVXOWDGR HV XQ VLVWHPD PRGXODU EDVDGR HQ HOHPHQWR EDVH PHWiOLFR FRQ IRUPD GH SLUiPLGH LQYHUWLGD \ FRQ XQ ~QLFR DSR\R FHQWUDO XQ OODPDWLYR GLVHxR FDOLILFDGR FRPR RULJLQDO \ QRYHGRVR )pOL[ &DQGHOD IXH XQ SUHVWLJLRVR DUTXLWHFWR HVSDxRO TXH IXQGDPHQ WDOPHQWH GHVDUUROOy VX ODERU SURIHVLRQDO HQ 0pMLFR WUDV OD ILQDOL]DFLyQ GH OD JXHUUD FLYLO HVSDxROD 6X WUDEDMR VH GHVDUUROOy FRPR SUR\HFWLVWD

:DUP 0LQHUDO 6SULQJV 0RWHO $UFKLWHFW 9LFWRU $ /XQG\

,Q WKHUH EHJDQ WR DSSHDU LQ RXU 6SDQLVK URDGVFDSHV D VHULHV RI VHUYLFH VWDWLRQV GHVLJQHG E\ )RVWHU DQG 3DUWQHUV DQG FRPPLVVLRQHG E\ D ZHOO NQRZQ RLO FRPSDQ\ 7KH UHVXOW ZDV D PRGXODU V\VWHP EDVHG RQ D EDVLF PHWDO FRPSRQHQW LQ WKH IRUP RI DQ LQYHUWHG S\UDPLG ZLWK D VLQJOH FHQWUDO VXSSRUW DQ H\H FDWFKLQJ GHVLJQ MXGJHG WR EH RULJLQDO DQG QHZ )pOL[ &DQGHOD ZDV D SUHVWLJLRXV 6SDQLVK DUFKLWHFW ZKR PDLQO\ ZRUNHG DV D SUR IHVVLRQDO LQ 0H[LFR DIWHU WKH HQG RI WKH 6SDQLVK &LYLO :DU 7KHUH KH IXQFWLRQHG DV D GHVLJQHU FDOFXODWRU DQG FRQVWUXFWRU RI WKLQ VKHOOV RI UHLQIRUFHG FRQFUHWH DQG DOVR DV D FRQVXOWDQW WR RWKHU SURIHVVLRQDOV ´0\ PDLQ ZRUN FRQVLVWV LQ VLPSOLI\LQJ


FDOFXOLVWD \ FRQVWUXFWRU GH ILQDV FiVFDUDV GH KRUPLJyQ DUPDGR \ WDP ELpQ DVHVRUDQGR D RWURV SURIHVLRQDOHV ´0L SULQFLSDO WUDEDMR FRQVLVWH HQ VLPSOLILFDU \ UHJXODUL]DU ORV FURTXLV TXH PH SUHVHQWDQ \ HQ FRQYHQFHU TXH HO p[LWR QR HVWULED HQ FRQVWUXLU IRUPDV H[WUDYDJDQWHV VLQR KDFHU FRVDV VHQFLOODV HVWXGLDQGR FRQ FDULxR ORV GHWDOOHVµ GHFODUDUtD HQ &XDWUR DxRV DQWHV UHDOL]DUtD XQ HOHPHQWR PRGXODU GH KRUPLJyQ DO TXH EDXWL]DUtD FRPR ´SDUDJXDVµ \ TXH WHQGUtD OD IRUPD GH SLUiPLGH LQYHUWLGD FRQ XQ ~QLFR DSR\R FHQWUDO 6X FRPELQDFLyQ QXQFD WXYR OD UHSHUFXVLyQ PHGLiWLFD GHO SULPHU HMHPSOR DXQTXH Vt REWXYR HO UHFRQRFLPLHQWR LQWHU QDFLRQDO GH OD SURIHVLyQ (Q QXHVWUR HQWRUQR )UDQFHVF 0LWMDQV SUR\HFWDUtD HQ HQHUR GH XQD HVWDFLyQ GH VHUYLFLR SDUD HO FRPSOHMR WXUtVWLFR ´&DO\SVRµ GH 0DUEHOOD 0LWMDQV UHFXUUH D OD FRPELQDFLyQ GH WUHV ´SDUDJXDVµ FRQ GRV DOWXUDV GLIHUHQWHV 9LFWRU /XQG\ HUD XQ GLVFtSXOR GH :DOWHU *URSLXV TXH GHVDUUROODUtD VX FDUUHUD SURIHVLRQDO HQ HO HVWDGR GH )ORULGD HQ ((88 (Q HO DxR SUR\HFWDUtD XQ PRWHO HQ 6DUDVRWD EDVDGR HQ OD FRPELQDFLyQ GH GRV DQG UHJXODUL]LQJ WKH VNHWFKHV WKH\ SUHVHQW PH ZLWK DQG LQ FRQYLQFLQJ SHRSOH WKDW VXFFHVV GRHV QRW OLH LQ FRQVWUXFWLQJ H[WUDYDJDQW VKDSHV EXW LQ PDNLQJ VLPSOH WKLQJV VWXG\LQJ GHWDLOV ZLWK ORYLQJ FDUH µ KH ZRXOG GHFODUH LQ )RXU \HDUV SULRU WR WKLV &DQGHOD KDG LQYHQWHG D PRGXODU FRQFUHWH FRPSRQHQW WKDW KH FDOOHG DQ ´XPEUHOODµ DQG ZKLFK KDG WKH VKDSH RI DQ LQYHUWHG S\UDPLG ZLWK D VLQJOH FHQWUDO VXSSRUW +LV FRPELQDWLRQ QHYHU KDG WKH PHGLD UHSHUFXVVLRQV RI WKH ILUVW H[DPSOH DOWKRXJK LW GLG REWDLQ LQWHUQDWLRQDO UHFRJQLWLRQ IURP WKH SURIHVVLRQ ,Q RXU RZQ SDUW RI WKH ZRUOG )UDQFHVF 0LWMDQV GHVLJQHG D VHUYLFH VWDWLRQ IRU WKH ´&DO\SVRµ WRXULVW FRPSOH[ LQ 0DUEHOOD LQ 0LWMDQV FRPELQHG WKUHH ´XPEUH OODVµ ZLWK WZR GLIIHUHQW KHLJKWV 9LFWRU /XQG\ ZDV D GLVFLSOH RI :DOWHU *URSLXV· DQG ZRXOG PDNH D FDUHHU IRU KLP VHOI LQ WKH VWDWH RI )ORULGD 86$ ,Q KH GHVLJQHG D PRWHO LQ 6DUDVRWD EDVHG RQ WKH FRPELQDWLRQ RI WZR ´XPEUHOODµ FRPSRQHQWV ZLWK GLIIHUHQW KHLJKWV 7KH PRWHO LV VLWXDWHG RQ WKH ZHVW FRDVW RI )ORULGD EHVLGH WKH KLJKZD\ IURP 6D UDVRWD WR 0LDPL DQG LQ WKH LPPHGLDWH YLFLQLW\ RI D PLQHUDO ZDWHUV VSD 7KH PRWHO ZDV GHVLJQHG ZLWK WKH LGHD RI JHQHUDWLQJ D V\PERO WKDW ZRXOG DWWUDFW YLVLWRUV WR VWHS LQVLGH


HOHPHQWRV ´SDUDJXDVµ FRQ DOWXUDV GLIHUHQWHV (O PRWHO HVWi VLWXDGR HQ OD FRVWD RHVWH GH )ORULGD MXQWR D OD FDUUHWHUD GH 6DUDVRWD D 0LDPL \ HQ ODV LQPHGLDFLRQHV GH XQD HVWDFLyQ GH DJXDV PLQHUDOHV (O PRWHO IXH GLVHxDGR FRQ OD LGHD GH JHQHUDU XQ VtPEROR FRQFLELHQGR XQ UHFODPR TXH LQYLWDUD D ORV YLVLWDQWHV D HQWUDU HQ pO 'H DKt OD LGHD GH XWLOL]DU VLVWHPiWLFDPHQWH HO ´SDUDJXDVµ GH KRUPLJyQ PHGLDQWH OD XQLyQ GH GRV HOHPHQWRV XQ WURQFR \ XQD FXELHUWD IRUPDGD SRU SDUDERORLGHV KLSHUEyOLFRV FXDGUDGRV GHO LGpQWLFR WDPDxR /D SODQWD GHO FRQMXQWR WLHQH IRUPD GH ´8µ 6X VHFFLyQ WUDQVYHUVDO OD FRQILJXUDQ WUHV SDUDERORLGHV HVFDORQDGRV (VWRV VH GHILQHQ D GRV DO WXUDV \ VH DOWHUQDQ HQ WRGD OD SODQWD (OOR SHUPLWH OD HQWUDGD GH OX] SHU PLWLHQGR OD FUHDFLyQ GH HVSDFLRV GH OX] \ VRPEUD HQ HO LQWHULRU GH ORV SHTXHxRV DSDUWDPHQWRV (O DFFHVR VH UHDOL]D SRU OD SDUWH SRVWHULRU GRQGH VH HQFXHQWUD HO DSDU FDPLHQWR GH FRFKHV -XQWR D OD HQWUDGD HO ODYDER \ SRVWHULRUPHQWH HO GRUPLWRULR HO VDOyQ FRPHGRU \ OD FRFLQD HQ XQ ~QLFR HVSDFLR FX\D SRVWHULRU GLYLVLyQ IXQFLRQDO HVWDUi VRPHWLGD D OD UHWtFXOD HVWUXFWXUDO GH :KHQFH WKH LGHD RI V\VWHPDWLFDOO\ XVLQJ WKH FRQFUHWH ´XPEUHOODµ WKURXJK WKH OLQ NLQJ RI WZR IHDWXUHV D WUXQN DQG D URRI IRUPHG E\ VTXDUH K\SHUEROLF SDUDERORLGV RI LGHQWLFDO VL]H 7KH RYHUDOO JURXQG SODQ LV LQ WKH VKDSH RI D ´8 µ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´8µ LV NHSW DV D UHOD[DWLRQ DUHD DQG IURP HDFK DSDUWPHQW RQH DFFHGHV EHKLQG D JOD]HG VOLGLQJ IDFDGH WKDW FRQWUDVWV ZLWK WKH EULFN IDFDGH RI WKH SDUNLQJ DUHD


OD FXELHUWD /DV SDUWLFLRQHV LQWHULRUHV VH UHDOL]DQ D GRV DOWXUDV /D SDUWH LQIHULRU HV GH PDGHUD FRQ XQ DLVODPLHQWR LQWHULRU VX DOWXUD HV OD GH ODV SXHUWDV /D VXSHULRU KDVWD OD FXELHUWD HV DFULVWDODGD \ HQIDWL]D HO MXHJR DMHGUH]DGR GH OD FXELHUWD (O LQWHULRU GH OD ´8µ VH UHVHUYD FRPR HVSDFLR GH HVSDUFLPLHQWR \ GHVGH FDGD DSDUWDPHQWR VH DFFHGH WUDV XQD IDFKDGD DFULVWDODGD FRUUHGHUD TXH FRQWUDVWD FRQ OD IDFKDGD GH REUD GHO iPELWR GHO DSDUFDPLHQWR /D HVWUXFWXUD GHO ´SDUDJXDVµ VH UHDOL]y HQ GRV IDVHV HQ UHODFLyQ FRQ ORV GRV FRPSRQHQWHV TXH OD FRQIRUPDQ 3RU XQ ODGR ORV HOHPHQWRV VX SHULRUHV VH UHDOL]DURQ ´LQ VLWXµ 3RU RWUR ODGR ORV SLODUHV GH [ FP HUDQ SUHIDEULFDGRV \ VH HPSRWUDQ HQ OD FLPHQWDFLyQ TXH GLVSRQGUtD GH XQRV FiOLFHV SDUD UHFLELUORV 3RVWHULRUPHQWH VH DO]DED HO HOHPHQWR GH FXELHUWD GH WRQHODGDV GH SHVR \ XQ HVSHVRU GH FP HO FXDO GLVSRQtD GH XQ FROODU LQIHULRU TXH HUD VROGDGR D OD SOHWLQD VXSHULRU GHO SLODU )LQDO PHQWH OD FXELHUWD VHUtD LPSHUPHDELOL]DGD SRU XQD OiPLQD GH DFHWDWR GH YLQLOR )pOL[ 6RODJXUHQ %HDVFRD 7KH VWUXFWXUH RI WKH ´XPEUHOODµ ZDV FUHDWHG LQ WZR VWDJHV LQ UHODWLRQ WR WKH WZR FRPSRQHQWV WKDW JR WR IRUP LW 2Q WKH RQH KDQG WKH XSSHU HOHPHQWV ZHUH PDGH LQ VLWX 2Q WKH RWKHU WKH [ FP SLOODUV ZHUH SUHIDEULFDWHG DQG HPEHGGHG LQ WKH IRXQGDWLRQV ZKLFK KDG D FXSSLQJ V\VWHP WR DFFRPPRGDWH WKHP /DWHU RQ WKH URRI HOHPHQW ZDV HUHFWHG WZR WRQV LQ ZHLJKW DQG ZLWK D WKLFNQHVV RI FP ZLWK D ORZHU FROODU WKDW ZDV ZHOGHG WR WKH XSSHU SURILOH RI WKH SLOODU )LQDOO\ WKH URRI ZRXOG EH ZDWHUSURRIHG E\ D WKLQ VKHHW RI YLQ\O DFHWDWH )pOL[ 6RODJXUHQ %HDVFRD

(VWDFLyQ GH VHUYLFLR 5HSVRO )RVWHU DQG 3DUWQHUV 5HSVRO SHWURO VWDWLRQ )RVWHU DQG 3DUWQHUV


´3DUDJXDVµ )pOL[ &DQGHOD ´8PEUHOODµ )pOL[ &DQGHOD

6LWXDFLyQ 6LWH SODQ


3ODQWD JHQHUDO *HQHUDO SODQ

$O]DGRV

(OHYDWLRQV


3ODQWD \ VHFFLyQ GHO PyGXOR 0RGXOH路V SODQ DQG VHFWLRQ


$O]DGR ODWHUDO /DWHUDO IDFDGH


3DWLR

&RXUW\DUG


5HFHSFLyQ 5HFHSWLRQ


$SDUWDPHQWR $SDUWPHQW


1

(PSOD]DPLHQWR YLVWD DpUHD 6LWH DHULDO YLHZ


(',),&,2 '( (48,3$0,(1726 32/,&,$/(6 $UTXLWHFWRV $OHJUH /ORYHUDV $VV

&RQ OD OOHJDGD GH OD %DUFHORQD 2OtPSLFD HO 0LQLVWHULR GHO ,QWHULRU GHFLGH FRQFHQWUDU HQ XQ ~QLFR HGLILFLR XQ FRQMXQWR GH GHSHQGHQFLDV SROLFLDOHV GLVSHUVDV SRU OD FLXGDG 6H WUDWD GH DOEHUJDU XQ KHWHURJpQHR \ DPSOLR SURJUDPD GH XQD VXSHUILFLH SUy[LPD D ORV P TXH FRQWLHQH FDEDOOHUL]DV SHUUHUDV WDOOHUHV GH DXWRPRFLyQ JLPQDVLR DSDUFDPLHQWR SDUD WRGR WLSR GH YHKtFXORV DOPDFHQHV GHSHQGHQFLDV GH UHVLGHQFLD \ IRUPDFLyQ FDIHWHUtD JDOHUtDV GH WLUR GHSyVLWRV GH DUPDV \ FHQWUR GH FRQWURO GH FRPXQLFDFLRQHV (O VRODU HQ HO HQVDQFKH LQGXVWULDO GH OD =RQD )UDQFD DO SLH GH OD PRQWDxD GH 0RQWMXwF HQ VX YHUWLHQWH PHUL GLRQDO HQ HO GHOWD GHO /OREUHJDW HV OODQR UHFWDQJXODU \ GD IUHQWH D GRV

3ROLFH 'HSDUWPHQW EXLOGLQJ $UFKLWHFWV $OHJUH /ORYHUDV $VV

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wF PRXQWDLQ RQ WKH GHOWD RI WKH /OREUHJDW LV IODW UHFWDQ


FDOOHV SDUDOHODV FRQ PHWURV GH IDFKDGD D FDGD XQD \ PHWURV GH IRQGR (O SURJUDPD H[WHQVR SDUD OD GLPHQVLyQ GHO VRODU REOLJDUi D XQ XVR LQWHQVLYR GHO VXHOR \ VXEVXHOR GLVSRQLEOH (O HGLILFLR FRPSDFWR HVWULFWDPHQWH PRGXODU VH JHQHUD GHVGH OD SODQWD \ VH UHVXHOYH GHVGH OD VHFFLyQ (O FRQWURO GHO YROXPHQ SURJUDPiWLFR DFRQVHMD XQD UDFLRQD OL]DFLyQ GH OD JHRPHWUtD \ HO PpWRGR FRQVWUXFWLYR 6H UHVXHOYH OD QXHYD HGLILFDFLyQ GHVGH OD XQLGDG HVWUXFWXUDO FRQVWUXFWLYD \ IRUPDO HQ OD TXH HO WRGR VH UHODFLRQD FRQ ODV SDUWHV \ YLFHYHUVD /DV VROXFLRQHV HVWUXF WXUDO UHWLFXODU HQ GLIHUHQWHV YHUVLRQHV VHJ~Q OD OX] GHO HVSDFLR D FXEULU FRQVWUXFWLYD HQ KRUPLJyQ DUPDGR \ PDGHUD ODPLQDGD DPEDV FRQ YL JDV GH FDQWR FRPR VRSRUWH GH FXEULFLyQ GHO SURJUDPD HVSHFLILFR \ OD IRUPDO FRQ OD HVWUXFWXUD FRPR HOHPHQWR FRPSRVLWLYR VRQ FRKHUHQWHV HQWUH Vt \ SUHWHQGHQ IRUPDU XQ WRGR XQLWDULR /D SODQWD VH RUJDQL]D D WUDYpV GH XQ PyGXOR UHSHWLWLYR IiFLOPHQWH VXEGLYLVLEOH DGHFXDGR SDUD HO PRYLPLHQWR GH YHKtFXORV DQLPDOHV \ SHUVRQDV [ /D IOH[L ELOLGDG GHO VLVWHPD PRGXODU HVWi DO VHUYLFLR GH OD FRPSOHMLGDG GHO SUR JUDPD RILFLQDV ]RQDV UHVLGHQFLDOHV \ GH HQVHx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³JULG OLNH LQ GLIIHUHQW YHU VLRQV DFFRUGLQJ WR WKH VSDQ RI WKH VSDFH WR EH FRYHUHG RYHU³FRQVWUXFWLRQDO³LQ UHLQIRUFHG FRQFUHWH DQG ODPLQDWHG ZRRG ERWK ZLWK VLGH EHDPV DV D VXSSRUW IRU WKH URRILQJ RI WKH VSHFLILF SURJUDPPH³DQG IRUPDO³ZLWK WKH VWUXFWXUH DV D FRPSRVLWLRQDO HOHPHQW³DUH PXWXDOO\ FRKHUHQW DQG VHHN WR IRUP D XQLWDU\ ZKROH 7KH JURXQG SODQ LV RUJDQL]HG YLD DQ HDVLO\ VXEGLYLVLEOH UHSHDWHG PRGXOH RI [ P VXLWDEOH IRU WKH PRYHPHQW RI YHKLFOHV DQLPDO DQG SHRSOH 7KH IOH[LEL OLW\ RI WKH PRGXODU V\VWHP LV DW WKH VHUYLFH RI WKH FRPSOH[LW\ RI WKH SURJUDPPH RIILFHV DQG UHVLGHQWLDO DQG WHDFKLQJ DUHDV SODFHG RQ WKH RXWHU SHULPHWHU RI WKH EXLOGLQJ DQG LQVLGH WKLV WKH VSDFHV RI JUHDWHU VL]H VWDEOHV ULGLQJ VFKRRO GRJ


HQ HO SHUtPHWUR H[WHULRU GHO HGLILFLR XELFDQGR HQ VX LQWHULRU ORV HVSDFLRV GH PD\RU GLPHQVLyQ FXDGUDV SLFDGHUR SHUUHUDV DOPDFHQHV JLPQD VLR \ WDOOHUHV /DV VHFFLRQHV PXHVWUDQ OD FRPSRVLFLyQ SRU DGLFLyQ GH ODV SDUWHV GHO H[WHQVR SURJUDPD /D ORQJLWXGLQDO HVFDORQDGD UHVXHOYH OD YHQWLODFLyQ FUX]DGD /D WUDQVYHUVDO OD FRPSRVLFLyQ VLPpWULFD GHO SUR JUDPD HVSHFtILFR PHQRU TXH YDORUD SRU LJXDO ODV IDFKDGDV PHGLDQHUDV GHO VRODU (O HGLILFLR VH SHUFLEH GHVGH OD FDOOH SRVWHULRU FRPR XQ YROX PHQ HVFDORQDGR HQ HO TXH GHVWDFDQ ODV FXELHUWDV WURQFR SLUDPLGDOHV FRQ OLQWHUQD \ FRPR XQ YROXPHQ PDFL]R GH [ P GHVGH OD FDOOH SULQFLSDO /D IRUPD GH OD FXELHUWD UHODFLRQD HVSDFLR HVWUXFWXUD H LOXPL QDFLyQ XQD LOXPLQDFLyQ FHQLWDO TXH FDUDFWHUL]DUi HQ ~OWLPD LQVWDQFLD OD FDOLGDG GH ORV HVSDFLRV LQWHULRUHV 'HO PLVPR PRGR OD SRVLFLyQ GH ODV YHQWDQDV HQ OD IDFKDGD UHDILUPD OD HVWUXFWXUD FRPR VRSRUWH IRUPDO GHO FRQMXQWR &RPR HQ ORV JUDQGHV HGLILFLRV LQGXVWULDOHV DQyQLPRV HO HVSDFLR HV OD HVWUXFWXUD OD FRQVWUXFFLyQ VH FRQYLHUWH LQPHGLDWDPHQWH HQ DUTXLWHFWXUD \ OD HVWUXFWXUD VRSRUWD HO SHVR IRUPDO GH OD LPDJHQ $QWRQL %DUFHOy NHQQHOV ZDUHKRXVLQJ J\P DQG ZRUNVKRSV 7KH VHFWLRQV VKRZ WKH DGGLWLYH FRPSRVLWLRQ RI WKH SDUWV RI WKH H[WHQVLYH SUR JUDPPH 7KH VWDJJHUHG ORQJLWXGLQDO VHFWLRQ UHVROYHV WKH FURVV YHQWLODWLRQ 7KH WUDQVYHUVH RQH WKH V\PPHWULFDO FRPSRVLWLRQ RI WKH OHVVHU VSHFLILF SURJUDPPH ZKLFK JLYHV HTXDO YDOXH WR WKH VLWH·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y


(PSOD]DPLHQWR 6LWH SODQ

$SDUFDPLHQWR 3DUNLQJ


3ODQWD SULPHUD )LUVW IORRU

3ODQWD EDMD *URXQG IORRU


$O]DGRV

(OHYDWLRQV

$O]DGRV

(OHYDWLRQV


6HFFLRQHV 6HFWLRQV

6HFFLRQHV 6HFWLRQV


9LVWD DpUHD FRQVWUXFFLyQ &RQVWUXFWLRQ VLWH DHULDO YLHZ

9LVWD DpUHD FRQVWUXFFLyQ &RQVWUXFWLRQ VLWH DHULDO YLHZ


&XELHUWD GHWDOOH 5RRI GHWDLO

9LVWD DpUHD $HULDO YLHZ


,QWHULRU ,QWHULRU


,QWHULRUHV ,QWHULRUV


1

(PSOD]DPLHQWR YLVWD DpUHD 6LWH DHULDO YLHZ


25)$1$72 081,&,3$/ '( É067(5'$0 $UTXLWHFWR $OGR YDQ (\FN

(O HGLILFLR VH VLW~D HQ OD SHULIHULD GHO 3ODQ 6XU GH %HUODJH SDUD OD DP SOLDFLyQ GH OD FLXGDG D SULQFLSLRV GHO VLJOR ;; 6H FRQVWUX\H HQ XQ VRODU KRUL]RQWDO \ VLQ HGLILFDFLRQHV YHFLQDV HQWUH OD DXWRSLVWD $ \ HO (V WDGLR 2OtPSLFR GH 7UHLQWD DxRV GHVSXpV GH VX FRQVWUXFFLyQ HO SURSLR 9DQ (\FN UHDOL]D XQD SHTXHxD DPSOLDFLyQ \ FROPDWD HO VRODU FRQ OD FRQVWUXFFLyQ GH ODV RILFLQDV 7ULSROLV HQ VX H[WUHPR VXU (O SUR\HFWR VH SODQWHD SDUD VXVWLWXLU DO DQWLJXR RUIDQDWR GH ÉPVWHUGDP XELFDGR GHQWUR GH XQ PRQDVWHULR GHO VLJOR ;9, HQ HO FDVFR DQWLJXR 'HEtD DOEHUJDU D XQRV QLxRV GH HGDGHV FRPSUHQGLGDV HQWUH XQRV

$PVWHUGDP 2USKDQDJH $UFKLWHFW $OGR YDQ (\FN

7KH EXLOGLQJ LV ORFDWHG RQ WKH HGJH RI %HUODJH·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


PHVHV \ ORV YHLQWH DxRV DJUXSDGRV SRU HGDG \ VH[R HQ RFKR SDTXHWHV GLIHUHQWHV FDGD XQR FRQ VXV GHSHQGHQFLDV FRPXQHV VDOD GH MXHJRV VDOD GH HVWDU HWF \ VXV GRUPLWRULRV (O SURJUDPD OR FRPSOHWDEDQ ODV ]RQDV GH DGPLQLVWUDFLyQ \ UHVLGHQFLD GHO SHUVRQDO DVt FRPR GLYHUVDV GHSHQGHQFLDV FRPXQLWDULDV JLPQDVLR FRPHGRU FRFLQD HWF $GH PiV SRU H[SUHVR GHVHR GHO GLUHFWRU GH OD LQVWLWXFLyQ )UDQV YDQ 0HXUV HO HGLILFLR GHEtD RUJDQL]DUVH KRUL]RQWDOPHQWH HYLWDQGR HO DSLODPLHQWR YHUWLFDO GH SODQWDV \ IRPHQWDQGR OD UHODFLyQ GH ORV QLxRV FRQ HO H[WHULRU /D UHVSXHVWD D ODV H[LJHQFLDV GHO SURJUDPD \ GH 9DQ 0HXUV DGRSWD OD IRUPD GH XQ PDW EXLOGLQJ R ´HGLILFLR GH H[WHQVLyQ PRGXODUµ GRQGH OD DUTXLWHFWXUD VH JHQHUD SULQFLSDOPHQWH D SDUWLU GH OD UHSHWLFLyQ KRUL]RQ WDO GH PyGXORV R WUDPDV TXH VH H[WLHQGHQ VHJ~Q ODV QHFHVLGDGHV \ TXH VH DFDEDQ FRQYLUWLHQGR HQ PXFKDV RFDVLRQHV HQ HQWLGDGHV DXWyQR PDV FRQ XQD FRPSOHMLGDG FHUFDQD D OD FLXGDG (Q HVWH FDVR OD H[WHQ VLyQ PRGXODU VH FRQFHQWUD HQ OD SODQWD GH FXELHUWDV HO GRFXPHQWR PiV UHSUHVHQWDWLYR GH OD SURSXHVWD 8Q FHQWHQDU GH F~SXODV SLUDPLGDOHV GH EDVH FXDGUDGD PHWURV GH ODGR PDUFDQ OD SDXWD GHO SUR\HFWR DQG IRU KRXVLQJ WKH SHUVRQQHO DV ZHOO DV YDULRXV FRPPXQDO IDFLOLWLHV D J\P GL QLQJ URRP NLWFKHQ HWF 0RUHRYHU GXH WR WKH H[SUHVV ZLVK RI WKH GLUHFWRU RI WKH LQVWLWXWLRQ )UDQV YDQ 0HXUV WKH EXLOGLQJ ZDV WR EH RUJDQL]HG KRUL]RQWDOO\ WKXV DYRLGLQJ WKH YHUWLFDO VWDFNLQJ RI VWRUH\V DQG IRPHQWLQJ WKH FKLOGUHQ·V UDSSRUW ZLWK WKH RXWVLGH ZRUOG 7KH UHVSRQVH WR WKH GHPDQGV RI ERWK WKH SURJUDPPH DQG 9DQ 0HXUV DGRSWV WKH IRUP RI D PDW EXLOGLQJ LQ ZKLFK WKH DUFKLWHFWXUH LV PDLQO\ JHQH UDWHG IURP WKH KRUL]RQWDO UHSHWLWLRQ RI PRGXOHV RU JULGV WKDW H[WHQG DFFRUGLQJ WR QHHG DQG RIWHQ HQG XS DV DXWRQRPRXV HQWLWLHV ZLWK D FLW\ OLNH FRPSOH[LW\ ,Q WKLV LQVWDQFH WKH PRGXODU H[WHQVLRQ LV FRQFHQWUDWHG DW URRI OHYHO WKH VFKHPH·V PRVW UHSUHVHQWDWLYH GRFXPHQW $ KXQGUHG S\UDPLGDO FXSRODV ZLWK D VTXDUH EDVH³ HDFK VLGH EHLQJ P ORQJ³VHWV WKH VWDQGDUG IRU WKH GHVLJQ 3UHIDEULFDWHG LQ FRQFUHWH H

PP WKHVH VRPH ZLWK D FHQWUDO VN\OLJKW DUH VXSSRUWHG E\

D VDPH VL]H SDWWHUQ RI URXQG SLOODUV DQG LQ VLWX FRQFUHWH ´7µ JLUGHUV 7KH JULG RI SLOODUV LV SRVLWLRQHG DFFRUGLQJ WR WKH DERYH JHRPHWULFDO VWDQGDUG RU DW D GRXEOH RU WULSOH GLVWDQFH JHQHUDWLQJ D ZLGH YDULHW\ RI VSDFHV IURP D V\VWHP WKDW LV ULJLG RQO\ LQ DSSHDUDQFH 7KH JURXSLQJ RI FXSRODV GHVFULEHV D ´\µ ZLWK DQ LUUHJXODU RXWOLQH LQ ZKLFK FORVHG VSDFHV DOWHUQDWH ZLWK URRIHG EXW RSHQ VSDFHV SRUFKHV


eVWDV SUHIDEULFDGDV HQ KRUPLJyQ H

PP \ DOJXQDV FRQ OXFHUQDULR

FHQWUDO VRQ VRSRUWDGDV SRU XQD UHWtFXOD GH ODV PLVPDV GLPHQVLRQHV GH SLODUHV UHGRQGRV \ MiFHQDV HQ ´7µ GH KRUPLJyQ LQ VLWX /D WUDPD GH SLODUHV VH FRORFD VHJ~Q OD FLWDGD SDXWD JHRPpWULFD R D XQD GLVWDQFLD GREOH R WULSOH JHQHUDQGR XQD JUDQ YDULHGDG GH HVSDFLRV D SDUWLU GH XQ VLVWHPD UtJLGR VyOR HQ DSDULHQFLD /D DJUXSDFLyQ GH F~SXODV GLEXMD XQD ´\µ GH SHUILO TXHEUDGR GRQGH VH DOWHUQDQ HVSDFLRV FHUUDGRV FRQ HVSDFLRV FXELHUWRV SHUR DELHUWRV SRUFKHV \ HVSDFLRV GHVFXELHUWRV SHUR SDUFLDOPHQWH UHFLQWDGRV SD WLRV (VWH VLVWHPD GH OOHQRV \ YDFtRV VH HQWUHWHMH FRQ ]RQDV GH FLUFX ODFLyQ ´OXJDUHV LQWHUPHGLRVµ FRPR HO SURSLR DUTXLWHFWR GHQRPLQD \ XQD JUDQ SOD]D FHQWUDO GHVGH OD FXDO VH DFFHGH D ODV SULQFLSDOHV ]RQDV GHO SURJUDPD (VWH JUDQ YDFtR FHQWUDO TXHGD VHSDUDGR GHO DQWHSDWLR GH DFFHVR SRU XQ EORTXH OLQHDO GH DGPLQLVWUDFLyQ SDUFLDOPHQWH VREUH SLORWLV VRVWHQLGR SRU XQ HVTXHOHWR PHWiOLFR /RV GLIHUHQWHV JUXSRV GH QLxRV RFXSDQ ODV GLDJRQDOHV RSXHVWDV GH OD ´\µ &DGD JUXSR GLVSRQH GH VX SURSLR HVSDFLR H[WHULRU FRQ HO TXH VH UHODFLRQD GLDJRQDOPHQWH DQG XQURRIHG EXW SDUWLDOO\ HQFORVHG VSDFHV SDWLRV 7KLV V\VWHP RI VROLGV DQG YRLGV LV LQWHUZRYHQ ZLWK DUHDV RI FLUFXODWLRQ ´LQWHUPHGLDU\ SODFHVµ³DV WKH DU FKLWHFW KLPVHOI FDOOV WKHP³DQG D ODUJH SLD]]D LQ WKH PLGGOH IURP ZKLFK RQH DFFHGHV WR WKH PDLQ DUHDV RI WKH SURJUDPPH 7KLV KXJH HPSW\ FHQWUDO VSDFH LV VHSDUDWHG IURP WKH HQWUDQFH IRUHFRXUW E\ D OLQHDU DGPLQLVWUDWLRQ EORFN SDUWO\ RQ SLORWLV VXSSRUWHG E\ D PHWDO IUDPHZRUN 7KH GLIIHUHQW JURXSV RI FKLOGUHQ RF FXS\ WKH IDFLQJ GLDJRQDOV RI WKH ´\ µ (DFK JURXS KDV LWV RZQ LQGRRU VSDFH ZLWK ZKLFK LW LV GLDJRQDOO\ UHODWHG WKXV WDXWHQLQJ WKH RUWKRJRQDO JULG 6LPLODUO\ QLQH PRGXOHV DUH JURXSHG LQ VHWV LQ RUGHU WR JHQHUDWH WKH PDLQ FXSRODV FRYHULQJ WKH FRPPRQ VSDFHV RI WKH VPDOOHVW XVHUV DQG WKH EHGURRPV RI WKH DGROHVFHQWV 7KH GLIIHUHQW RSDTXH RXWHU ZDOOV RI EULFN RU SUHIDEULFDWHG FRQFUHWH DORQJ ZLWK WKH WUDQVSDUHQW RU WUDQVOXFHQW RQHV RI JODVV SHUPLW WKH FUHDWLRQ RI GLIIHUHQW GHJUHHV RI RSHQQHVV RI WKH VSDFHV YLV j YLV RQH DQRWKHU DQG WKH RXWVLGH ZRUOG /DVWO\ DQ DUFKLWUDYH VW\OH OLQWHO ZLWK QR VWUXFWXUDO IXQFWLRQ HGJHV WKH RXWVLGH SHULPHWHU RI WKH VFKHPH XQLI\LQJ WKH GLIIHUHQW IDFLQJV DQG DORQJ ZLWK WKH FXSRODV UHLQIRU FLQJ WKH XQLW\ RI WKLV SDUDGLJP RI 'XWFK ´VWUXFWXUDOLVP µ %HUWD %DUGt 'DQLHO *DUFtD


WHQVLRQDQGR OD WUDPD RUWRJRQDO $VLPLVPR FRQMXQWRV GH QXHYH PyGX ORV VH DJUXSDQ SDUD JHQHUDU F~SXODV PD\RUHV TXH FXEUHQ ORV HVSDFLRV FRPXQHV GH ORV XVXDULRV PiV SHTXHxRV \ ORV GRUPLWRULRV GH ORV DGR OHVFHQWHV /RV GLVWLQWRV FHUUDPLHQWRV RSDFRV GH ODGULOOR X KRUPLJyQ SUHIDEULFDGR MXQWR FRQ ORV WUDQVSDUHQWHV R WUDQVO~FLGRV GH YLGULR SHUPLWHQ FUHDU GLIH UHQWHV JUDGRV GH DSHUWXUD GH ORV HVSDFLRV HQWUH Vt \ FRQ HO H[WHULRU 3RU ~OWLPR XQ GLQWHO D PRGR GH DUTXLWUDEH VLQ IXQFLyQ HVWUXFWXUDO UHVLJXH HO SHUtPHWUR H[WHULRU GH OD SURSXHVWD XQLILFDQGR ORV GLIHUHQWHV SDUD PHQWRV \ UHIRU]DQGR MXQWR D ODV F~SXODV OD XQLGDG GH HVWH SDUDGLJPD GHO ´HVWUXFWXUDOLVPRµ KRODQGpV %HUWD %DUGt 'DQLHO *DUFtD

(PSOD]DPLHQWR 6LWH


3ODQWD EDMD *URXQG IORRU


6HFFLRQHV 6HFWLRQV

9LVWD DpUHD $HULDO YLHZ


$O]DGRV

(OHYDWLRQV

$O]DGRV

(OHYDWLRQV


3ODQWD DO]DGR \ VHFFLRQHV 3ODQ HOHYDWLRQV DQG VHFWLRQV


,QWHULRU GH OD F~SXOD 'RPH路V YLHZ


9LVWD DpUHD $HULDO YLHZ

&XELHUWD 5RRI


$FFHVR $FFHVV


)DFKDGD )DFDGH

,QWHULRU ,QWHULRU


,QWHULRU ,QWHULRU


1

(PSOD]DPLHQWR YLVWD DpUHD 6LWH DHULDO YLHZ


$6$0%/($ 1$&,21$/ '( .8:$,7 -ยกUQ 8W]RQ

&RQ HO GHVFXEULPLHQWR GH JUDQGHV SR]RV SHWUROtIHURV HQ HO JROIR 3pU VLFR .XZDLW XQD SHTXHxD PRQDUTXtD FRQVWLWXFLRQDO GH OD 3HQtQVXOD $UiELJD SDVy D VHU XQD GH ORV PD\RUHV SURGXFWRUHV GH SHWUyOHR GHO PXQGR &RQ ORV EHQHILFLRV REWHQLGRV VH ILQDQFLD OD PRGHUQL]DFLyQ GHO SDtV PHMRUDQGR LQIUDHVWUXFWXUDV \ FRQVWUX\HQGR XQD VHULH GH HGLILFLRV UHSUHVHQWDWLYRV (V HQ HVWH FRQWH[WR HQ HO TXH -ยกUQ 8W]RQ JDQy HO DxR HO FRQFXUVR UHVWULQJLGR SDUD OD FRQVWUXFFLyQ GH OD $VDPEOHD 1D FLRQDO (O SUR\HFWR VH GLODWy HQ HO WLHPSR FRQ LQWHUUXSFLRQHV \ DOWHUDFLRQHV HQ

7KH .XZDLW 1DWLRQDO $VVHPEO\ -ยกUQ 8W]RQ

:LWK WKH GLVFRYHU\ RI KXJH RLO UHVHUYHV LQ WKH 3HUVLDQ *XOI .XZDLW D VPDOO FRQV WLWXWLRQDO PRQDUFK\ RQ WKH $UDELDQ 3HQLQVXOD EHFDPH RQH RI WKH ZRUOGยทV PDMRU RLO SURGXFHUV :LWK WKH SURILWV WKH .XZDLWLV ILQDQFHG WKH PRGHUQL]DWLRQ RI WKH FRXQWU\ LPSURYLQJ LQIUDVWUXFWXUHV DQG FRQVWUXFWLQJ D VHULHV RI UHSUHVHQWDWLYH EXLOGLQJV 7KLV ZDV WKH FRQWH[W LQ ZKLFK -ยกUQ 8W]RQ ZRQ WKH UHVWULFWHG FRPSHWL WLRQ IRU WKH EXLOGLQJ RI WKH 1DWLRQDO $VVHPEO\ LQ 7KH SURMHFW WRRN VXFK D ORQJ WLPH EHFDXVH RI LQWHUUXSWLRQV DQG DOWHUDWLRQV WR WKH SURJUDPPH ZLWKRXW WKLV PRGLI\LQJ LWV IRUPDO VWUXFWXUH 7KH FRPSHWLWLRQ GH VLJQ DQG EXLOGLQJ ZRUN SXEOLVKHG KHUH H[SODLQ WKHVH FKDQJHV DQG WKH ODFN RI


HO SURJUDPD VLQ TXH HOOR PRGLILFDUD VX HVWUXFWXUD IRUPDO &RQFXUVR SUR\HFWR \ REUD DTXt SXEOLFDGRV H[SOLFDQ HVWRV FDPELRV \ OD QR FR UUHVSRQGHQFLD HQWUH HOORV D\XGD D HQWHQGHU VXV LQYDULDQWHV IRUPDOHV PiV FDUDFWHUtVWLFDV (O VRODU GH GLPHQVLRQHV JHQHURVDV HVWi VLWXDGR HQ OD SDUWH RFFLGHQWDO GH OD FLXGDG DQWLJXD IUHQWH D OD FRVWD GHO JROIR 3pUVLFR HQ XQ WHUUHQR OODQR URGHDGR GH FDOOHV \ FRQ DXVHQFLD GH XQ FRQWH[WR XUEDQR FODUR (O SURJUDPD HV FRPSOHMR \ YDULDGR PLQLVWHULRV FRQ VXV RILFLQDV iUHDV GH UHFHSFLyQ DGPLQLVWUDFLyQ VDOD GH OD $VDPEOHD DSDUFDPLHQWR ELEOLR WHFD PH]TXLWD VHUYLFLRV HWF 3DUWLHQGR GH HVWDV FRQGLFLRQHV 8W]RQ SURSRQH XQ HGLILFLR DXWyQRPR XQ UHFLQWR FRQ XQD FDOOH FHQWUDO TXH UHODFLRQD FLXGDG \ PDU GHQWUR GHO FXDO VH VLW~D XQ HGLILFLR PRGXODU FDSD] GH FUHFHU FRQ HO WLHPSR KDVWD FRPSOHWDU HO UHFLQWR R GHVERUGDUOR SDUD YROYHUOR D UHFLQWDU D SDUWLU GH XQD DUTXLWHFWXUD FRPSDFWD DGLWLYD HQ H[WHQVLyQ KRUL]RQWDO TXH KXQGH VXV UDtFHV HQ OD WUDGLFLyQ GH OD DUTXLWHFWXUD iUDEH TXH PXHVWUD OD GLD OpFWLFD HQWUH PyGXOR HVSDFLDO \ Py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


5HFLQWR HMH \ PyGXORV HVWiQ HQ HO RULJHQ GH OD SURSXHVWD $ SDUWLU GH DKt VH FRQILJXUD XQD WUDPD EDVH GH [ P TXH FUHD XQ HVSDFLR KR PRJpQHR QHXWUR XQD HVWUXFWXUD LVyWURSD TXH VHUYLUi GH VRSRUWH SDUD OD FRQVWUXFFLyQ GH XQRV PyGXORV TXH VH HQWHQGHUiQ FRPR YRO~PHQHV HVWiWLFRV GHQWUR GH XQ HVSDFLR IOH[LEOH (O PyGXOR WLSR HVWi IRUPDGR SRU GHSHQGHQFLDV DOUHGHGRU GH XQ HVSDFLR FHQWUDO \ URGHDGR GH SDVRV FRQ OXFHUQDULRV TXH JDUDQWL]DQ VX LOXPLQDFLyQ \ YHQWLODFLyQ (VWD WUDPD FRQWUROD OD FRPSOHMLGDG GHO SURJUDPD \ OR RUJDQL]D D WUDYpV GH XQD FDOOH DELHUWD \ FXELHUWD XQ HVSDFLR D GREOH DOWXUD TXH VLUYH D XQ JUXSR GH RILFLQDV VDODV \ VHUYLFLRV GLVSXHVWRV HQ GRV SODQWDV SRU HQFLPD GHO QLYHO GHO VyWDQR \ TXH WHUPLQD HQ XQ HQRUPH SyUWLFR TXH VH RULHQWD DO PDU (O HGLILFLR VH HQWLHQGH FRPR XQ VLVWHPD GH DJUHJDFLyQ GH PyGXORV HVWUXFWXUDGRV D SDUWLU GH XQ HMH \ WRGR pO VH SHUFLEH FRPR XQ YROXPHQ FRPSDFWR GH DOWXUD XQLIRUPH KRUDGDGR SRU SHTXHxRV SDWLRV GRQGH GHVWDFD OD HVFDOD PRQXPHQWDO GH ORV HVSDFLRV UHSUHVHQWDWLYRV /D HV WUXFWXUD HV GH KRUPLJy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


D ORV TXH GDQ XVR YLJDV FDMyQ VREUH SLODUHV GH VHFFLyQ HQ 7 FXUYD GH LQHUFLD YDULDEOH IRUPDGRV DPERV SRU GRYHODV SUHIDEULFDGDV FRQ DU PDGXUDV SRVWHVDV HQ ORV HVSDFLRV GH JUDQ OX] \ HQ HO UHVWR XQ HQWUD PDGR PRGXODU GH KRUPLJyQ YLVWR SUHIDEULFDGR DO TXH VH VXSHUSRQH XQ VHJXQGR RUGHQ HO IRUMDGR D EDVH GH YLJDV SyUWLFR SUHIDEULFDGDV \ TXH PXHVWUD OD LPSRUWDQFLD TXH GD 8W]RQ D OD GHILQLFLyQ GH ORV HVSDFLRV D WUDYpV GHO WHFKR (O HVSDFLR LQWHULRU FXELHUWR \ DELHUWR FRQ SDWLRV \ OXFHUQDULRV VH UHFR UUH D WUDYpV GH XQD FDOOH SRUWLFDGD HQ OD TXH IORWD XQD ORQD RQGXODGD GH KRUPLJyQ VREUH XQDV PRQXPHQWDOHV FROXPQDV TXH SDXWDQ HO HVSDFLR \ D WUDYpV GH ODV FXDOHV VH GHVFXEUHQ XQRV YRO~PHQHV GHILQLGRV SRU XQRV SDVRV LOXPLQDGRV FHQLWDOPHQWH FUHDQGR DVt HVSDFLRV HVWiWLFRV \ GLQiPLFRV FODURV \ ODEHUtQWLFRV DO PLVPR WLHPSR GLIHUHQFLDGRV VHJ~Q VX XVR \ GHILQLGRV SRU XQ RUGHQ TXH LQWHJUD HVSDFLR HVWUXFWXUD \ OX] QDWXUDO /XtV $OHJUH

YLD D SRUWLFRHG VWUHHW LQ ZKLFK DQ XQGXODWLQJ FRQFUHWH WDUS IORDWV RQ WRS RI PR QXPHQWDO FROXPQV WKDW SXQFWXDWH WKH VSDFH DQG WKURXJK ZKLFK DUH JOLPSVHG D QXPEHU RI YROXPHV GHILQHG E\ RYHUKHDG OLW SDVVDJHZD\V WKHUHE\ FUHDWLQJ VSDFHV WKDW DUH VWDWLF DQG G\QDPLF OLJKW DQG ODE\ULQWKLQH VSDFHV GLIIHUHQWLDWHG DFFRUGLQJ WR WKHLU XVH DQG GHILQHG E\ DQ RUGHU ZKLFK LQWHJUDWHV VSDFH VWUXFWXUH DQG QDWXUDO OLJKW /XtV $OHJUH


0DTXHWD SODQWD 0RGHO SODQW YLHZ


%RFHWRV 6NHWFKHV


%RFHWRV 6NHWFKHV


3ODQWD JHQHUDO *HQHUDO SODQ


0yGXOR 0RGXOH


6HFFLyQ GHWDOOH 6HFWLRQ GHWDLO


9LVWD DpUHD $HULDO YLHZ

&DOOH LQWHULRU ,QWHULRU VWUHHW


1

(PSOD]DPLHQWR YLVWD DpUHD 6LWH DHULDO YLHZ


/$ 5,&$5'$ $QWRQLR %RQHW &DVWHOODQD

(O SUR\HFWR VH EHQHILFLD GH XQDV FRQGLFLRQHV H[FHSFLRQDOHV GH SDUWLGD XQ H[FHOHQWH OXJDU GH XELFDFLyQ YDULDV KHFWiUHDV GH SLQDU D RULOODV GHO PDU HQ HO iUHD GH OD ODJXQD GH OD 5LFDUGD \ XQD LQPHMRUDEOH GLVSRVL FLyQ GHO FOLHQWH FXOWR \ H[LJHQWH TXH SUHWHQGH FRQVWUXLUVH XQD FDVD GH YHUDQHR \ ILQ GH VHPDQD D SRFRV NLOyPHWURV GH %DUFHORQD 'HVGH ORV SULPHURV FRQWDFWRV HQWUH DUTXLWHFWR \ SURPRWRU HQ KDVWD PDWHULD OL]DUVH ILQDOPHQWH OD REUD WUDQVFXUULHURQ DxRV /D VHJXQGD SURSXHVWD GHVDUUROODGD SRU %RQHW D SDUWLU GH IXH OD ILQDOPHQWH DFHSWDGD \ FRQVWUXLGD (O GHVDUUROODU OD YLYLHQGD HQ XQD VROD SODQWD SUHVFLQGLHQGR GH ODV YLVWDV VREUH HO PDU VHUi XQD UHQXQFLD SURGXFWLYD 6REUH HO WHUUH

/D 5LFDUGD $QWRQLR %RQHW &DVWHOODQD

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


QR QDWXUDO VH DFRQGLFLRQD XQD SODWDIRUPD GH QLYHODFLyQ TXH UHFLEH OD FDVD \ VXV HVSDFLRV H[WHULRUHV SUy[LPRV /D OtQHD GH IDFKDGD TXHGD D P GH OD DUHQD GH OD SOD\D \ OD FRWD Pi[LPD GH DOWXUD GH OR FRQV WUXLGR VHUi GH · P VREUH HO VXHOR PRGLILFDGR /D FDVD VH RUJDQL]D D SDUWLU GH OD DJUHJDFLyQ GH XQ PyGXOR ²HVWUXFWXUDO \ HVSDFLDO GH XQD SODQWD GH DOWXUD · [ · P 'LFKR PyGXOR HVWi IRUPDGR SRU XQD FXELHUWD DERYHGDGD GH · P GH FXHUGD TXH DOFDQ]D XQD DOWXUD Pi[LPD GH · P UHPDWDGD SRU GRV DOHURV ODWHUDOHV SODQRV · P D ODGR \ ODGR TXH UHFRJHQ HO HPSXMH KRUL]RQWDO /D HVWUXFWXUD YHUWLFDO GH FDGD PyGXOR OD FRQVWLWX\HQ FXDWUR SLODUHV PHWiOLFRV IRUPDGRV SRU 831 GH · P TXH TXHGDQ UHFLELGRV SRU HO DOHUR /D DJUHJDFLyQ GH PyGXORV VH SURGXFH HQ OD GLUHFFLyQ ORQJLWXGLQDO SURORQJDQGR XQD EyYHGD FRQ OD VLJXLHQWH \ HQ OD GLUHFFLyQ ODWHUDO FRQ OD PHGLDFLyQ GH ORV DOHURV (VWD XQLGDG EiVLFD TXHGD DO GHVFXELHUWR HQ HO PyGXOR SRUFKH DGHODQWDGR D OD VDOD GH HVWDU &XDWUR PyGXORV FRQFDWHQDGRV SRU HO DOHUR IRUPDQ ORV HVSDFLRV FRPXQHV FHQWUDOHV GH OD FDVD ²VDOyQ FRPHGRU \ FRFLQD 5HVSHFWR D HVWD EDQGD VH DYDQ]DQ KDFLD HO VXU GRV PyGXORV DELHUWRV SODWIRUP ZDV SUHSDUHG WKDW DFFRPPRGDWHV WKH KRXVH DQG LWV DGMDFHQW RXWVLGH VSDFHV 7KH OLQH RI WKH IDFDGH UHPDLQV DW P IURP WKH VDQG EHDFK DQG WKH PD[LPXP KHLJKW RI WKH EXLOGLQJ LV P DERYH WKH PRGLILHG JURXQG VXUIDFH 7KH KRXVH LV RUJDQL]HG IURP WKH DJJUHJDWLRQ RI D PRGXOH³ERWK VWUXFWXUDO DQG VSDWLDO³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·V FRPPXQDO FHQWUDO VSDFHV³ORXQJH GLQLQJ URRP DQG NLWFKHQ :LWK UHJDUG WR WKLV VWULS DGYDQFLQJ VRXWKZDUGV DUH WZR RSHQ PRGXOHV WKDW JDLQ VSDFH IURP WKH JDUGHQ DQG OHW WKH EHGURRP ZLQJV JURZ WRZDUGV WKH QRUWK 7KH DUFKLWHFW·V ZLVK ZDV WR NHHS WKH PDVWHU EHGURRP PRGXOH FRPSOHWHO\ LQGHSHQGHQW³DV FDQ EH VHHQ LQ WKH SKRWR


TXH JDQDQ HVSDFLR DO MDUGtQ \ FUHFHQ KDFLD HO QRUWH ODV DODV GH ORV GRUPLWRULRV /D YROXQWDG GHO DUTXLWHFWR HUD PDQWHQHU HO PyGXOR GHO GRU PLWRULR SULQFLSDO FRPSOHWDPHQWH LQGHSHQGLHQWH ²WDO FRPR VH YH HQ OD IRWR GH OD PDTXHWD D OR TXH HO FOLHQWH VH UHVLVWLy TXHGDQGR ILQDOPHQWH XQLGR DO UHVWR GH OD FDVD SRU XQ SDVR WRWDOPHQWH DFULVWDODGR /D WUDPD JHRPpWULFD SDXWD WRGD OD SODWDIRUPD H[WHULRU GH QLYHODFLyQ GH OD FDVD (O WHPD GH OD XQLyQ GHO GRUPLWRULR SULQFLSDO DO UHVWR GH OD FDVD QR HV VyOR IXQFLRQDO GHVYHOD XQ SUREOHPD HVWULFWDPHQWH DUTXLWHFWyQLFR OD GL ILFXOWDG GH JHQHUDU XQ SDVR OLQHDO WUDQVYHUVDO D ODV EyYHGDV WDO FRPR VH KD SODQWHDGR OD XQLGDG EiVLFD /D EyYHGD HV HO HOHPHQWR HVWUHOOD SHUR HO DOHUR HV OD FODYH GH OD DUWLFXODFLyQ GH ORV PyGXORV KDVWD WDO SXQ WR TXH ORV UHFRUWHV TXH VXIUH OD FXELHUWD QR DIHFWDQ HQ QLQJ~Q FDVR DO DOHUR GHO TXH VH YLJLOD FHORVDPHQWH VX FRQWLQXLGDG (O DOHUR SHUPLWH OD FRQFDWHQDFLyQ GH EyYHGDV ODWHUDOPHQWH UHFLEH \ FRQGXFH ODV DJXDV GH OD FXELHUWD VX DQFKR GHOLPLWD ODV ]RQDV GH FLUFXODFLyQ ²GHO DFFHVR D ODV KDELWDFLRQHV GH OD HVFDOHUD DO VyWDQR GHO SDVR H[WHULRU HQWUH OD FRFLQD \ HO JDUDMH WDPELpQ DUWLFXOD ODV FRQH[LRQHV GH SDVR HQWUH HVWDQFLDV RI WKH PRGHO³ZKLFK WKH FOLHQW UHVLVWHG VR WKDW ILQDOO\ WKH PRGXOH ZDV OLQNHG WR WKH UHVW RI WKH KRXVH E\ D WRWDOO\ JOD]HG SDVVDJHZD\ 7KH JHRPHWULFDO JULG UHJX ODWHV WKH HQWLUH H[WHUQDO OHYHOOLQJ SODWIRUP RI WKH KRXVH 7KH LVVXH RI OLQNLQJ WKH PDVWHU EHGURRP WR WKH UHVW RI WKH KRXVH LV QRW RQO\ D IXQFWLRQDO RQH³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³DFFHVV WR WKH EHGURRPV WKH VWDLUZD\ WR WKH EDVHPHQW WKH RXWVLGH SDVVDJHZD\ EHWZHHQ NLWFKHQ DQG JDUDJH ,W DOVR DUWLFXODWHV WKH FRQQHFWLRQV RI WKH SDVVDJHZD\ EHWZHHQ URRPV DFFRPPR GDWHV EDFNXS VHUYLFHV OLNH WKH GUHVVLQJ URRP WKH JXHVW WRLOHW DQG WKH LPSRVLQJ FKLPQH\EUHDVW LQ WKH ELJ ORXQJH ,WV P GHSWK SURYLGHV WKH SRLQW RI UHIHUHQFH IRU VLWXDWLQJ WKH ZDOOLQJ RQ WKH IDFDGHV WR HDVW DQG ZHVW ZKLFK DOZD\V H[WHQG RQ WKH RXWVLGH HGJH RI WKH RYHUKDQJ RU RQ WKH LQVLGH RI LW DQG KDOIZD\ DFURVV


DOEHUJD VHUYLFLRV GH DSR\R FRPR HO YHVWLGRU HO DVHR GH FRUWHVtD R OD LPSRUWDQWH SLH]D GH FKLPHQHD HQ HO JUDQ VDOyQ /D SURIXQGLGDG GH · HV OD UHIHUHQFLD SDUD VLWXDU ORV FHUUDPLHQWRV HQ ODV IDFKDGDV D HVWH \ RHVWH TXH YDQ VLHPSUH HQ HO ERUGH H[WHULRU GHO DOHUR R HQ HO LQWHULRU R D OD PLWDG 0~OWLSOHV OH\HV LQWHUQDV VH YDQ GHULYDQGR GH OD WUDPD EiVL FD 6H VXSHUSRQHQ \ HQWUHOD]DQ FULWHULRV SDUD SUDFWLFDU ODV DEHUWXUDV DO H[WHULRU LOXPLQDU SURWHJHU GH OD LQVRODFLyQ VHJ~Q OD RULHQWDFLyQ SDUD UHYHVWLU ODV VXSHUILFLHV YHUWLFDOHV \ KRUL]RQWDOHV SDUD LQWHUSRQHU ODV GL YLVLRQHV LQWHULRUHV R HO PRELOLDULR ILMR HWF $UTXLWHFWR \ FOLHQWH PDQWXYLH URQ XQD PX\ HVWUHFKD FRODERUDFLyQ OR TXH SRVLELOLWy XQD ODERU GH H[WUH PD GHOLFDGH]D HQ OD UHVROXFLyQ GH WRGRV ORV SRUPHQRUHV GH OD YLYLHQGD TXH VRUSUHQGH \ FDXWLYD DO TXH YLVLWD OD FDVD /RV UHVSRQVDEOHV GH OD UHVWDXUDFLyQ GHVGH )HUQDQGR ÉOYDUH] \ -RUGL 5RLJ KDQ KHFKR XQD UHVWLWXFLyQ JUiILFD H[KDXVWLYD GH OD FDVD ODERU TXH KD VLGR GRFXPHQ WDGD \ SXEOLFDGD \ TXH SURSRUFLRQD XQ LQPHMRUDEOH DFHUFDPLHQWR D ODV FRQGLFLRQHV WpFQLFDV GHO SUR\HFWR &ULVWLQD *DVWy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ÉOYDUH] DQG -RU GL 5RLJ PDGH DQ H[KDXVWLYH JUDSKLF UHFRQVWUXFWLRQ RI WKH KRXVH D ZRUN WKDW KDV EHHQ GRFXPHQWHG DQG SXEOLVKHG DQG ZKLFK SURYLGHV DQ XQVXUSDVVDEOH DSSUR[LPDWLRQ WR WKH WHFKQLFDO FRQGLWLRQV RI WKH GHVLJQ &ULVWLQD *DVWyQ


3ODQWD 3ODQ


0DTXHWD 0RGHO


)DFKDGD GHWDOOH )DFDGH GHWDLO


9LVWD GHVGH OD FXUELHUWD 5RRI·V YLHZ


0yGXOR 0RGXOH


&RPHGRU

'LQLQJ URRP


6DOyQ

/LYLQJ URRP


1

(PSOD]DPLHQWR YLVWD DpUHD 6LWH DHULDO YLHZ


&(175$$/ %(+((5 +HUPDQ +HUW]EHUJHU 6LWXDFLyQ $SHOGRRUQ HV XQD SREODFLy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

&HQWUDDO %HKHHU +HUPDQ +HUW]EHUJHU

7KH ORFDWLRQ $SHOGRRUQ LV D WRZQ ZLWK LQKDELWDQWV SHUWDLQLQJ WR WKH SURYLQFH RI *HOGHUODQG DQG LV VLWXDWHG LQ WKH ,MVVHO 9DOOH\ VRPH NP HDVW VRXWKHDVW RI $PVWHUGDP 7KH SORW RI ODQG LV LQ D VXEXUEDQ VHWWLQJ ERXQGHG WR WKH QRUWK E\ 3ULQV :LOOHP $OH[DQGHUODDQ WR WKH ZHVW E\ .RQLQJ 6WDGWKRXGHUODDQ WR WKH VRXWK E\ WKH $PV WHUGDP 2VQDEU FN UDLOZD\ OLQH DQG WR WKH HDVW E\ WKH GHQVHU QXFOHXV QHDU WR WKH UDLO VWDWLRQ ,WV VKDSH LV DSSUR[LPDWHO\ UHFWDQJXODU³ZLWK WKH ORQJHU VLGHV UXQQLQJ HDVW ZHVW³DQG LV DSSUR[LPDWHO\ [ P LQ VL]H 7KH SURMHFW WKLV WDNHV LWV SODFH ZLWKLQ WKH 'XWFK VWUXFWXUDOLVW WUDGLWLRQ LQVSLUHG


MDUGtQ GH GHQVLGDG PHGLD OLPLWD DO QRUWH FRQ OD 3ULQV :LOOHP $OH[DQGHU ODDQ DO RHVWH FRQ OD .RQLQJ 6WDGWKRXGHUODDQ DYHQLGDV HVWUXFWXUDQWHV GH $SHOGRRUQ DO VXU FRQ OD OtQHD IpUUHD $PVWHUGDP 2VQDEU FN ²HQ SD UDOHOR FRQ OD /DDQ Y G 0HQVHUHFKWHQ \ DO HVWH FRQ HO FRQWLQXR XUEDQR DGPLQLVWUDWLYR FRPHUFLDO GH PD\RU GHQVLGDG GLVSXHVWR DOUHGHGRU GH OD HVWDFLyQ GH WUHQ GH $SHOGRRUQ 3UR\HFWR (O SUR\HFWR HVWi LQVHULGR HQ OD WUDGLFLyQ HVWUXFWXUDOLVWD KRODQ GHVD LQVSLUDGD HQ +HQGULN 3HWUXV %HUODJH LQLFLDGD SRU :LP YDQ %R GHJUDYHQ GHVDUUROODGD SRU $OGR YDQ (\FN \ FXOPLQDGD SRU HO SURSLR +HUPDQ +HUW]EHUJHU 3ODQWHD XQ HGLILFLR FLXGDG PRGXODU GHULYDGR GH DQWHULRUHV SURSXHVWDV QR FRQVWUXLGDV SDUD ORV D\XQWDPLHQWRV GH $PV WHUGDP \ 9DONHQVZDDUG FRQ XQD VXSHUILFLH FRQVWUXLGD GH P (VWi FRPSXHVWR SRU PyGXORV GH PHWURV \ IUDQMDV GH VHSDUDFLyQ GH PHWURV HQ DPERV VHQWLGRV GLVSXHVWRV HQ RULHQWDFLyQ VXGHVWH QRUGRHVWH FRQ XQ FULWHULR GH DJUXSDFLyQ OLEUH WDQWR HQ SODQWD FRPR HQ DOWXUD 'LFKD DJUXSDFLyQ DOFDQ]D KDVWD PyGXORV GH SURIXQGLGDG HQ SODQWD \ HQWUH \ PyGXORV HQ DOWXUD %DMR HVWH FRQMXQWR VH GLVSRQHQ E\ +HQGULN 3HWUXV %HUODJH VWDUWHG E\ :LP YDQ %RGHJUDYHQ GHYHORSHG E\ $OGR YDQ (\FN DQG FXOPLQDWLQJ LQ +HUPDQ +HUW]EHUJHU KLPVHOI $V D UHVSRQVH WR WKH FRPPLVVLRQ RI DQ DGPLQLVWUDWLYH EXLOGLQJ WKDW KDG WR DFFRPPRGDWH WKH FHQWUDO RIILFHV RI DQ LQVXUDQFH FRPSDQ\ +HUW]EHUJHU SURSRVHG D PRGXODU FLW\ EXLOGLQJ GHULYLQJ IURP KLV HDUOLHU XQEXLOW VFKHPHV IRU WKH FLW\ KDOOV RI $PVWHUGDP DQG 9DONHQVZDDUG ZLWK D EXLOW VXUIDFH DUHD RI P ,W FRQVLVWV RI [ P PR GXOHV ZLWK P VWULSV RI VHSDUDWLRQ EHWZHHQ WKHP UXQQLQJ VRXWKHDVW QRUWKZHVW DQG XVLQJ WKH FULWHULRQ RI IUHH JURXSLQJ LQ SODQ DV ZHOO DV LQ KHLJKW WHUPV 7KLV JURXSLQJ LV RI XS WR QLQH PRGXOHV LQ GHSWK DQG EHWZHHQ WKUHH DQG ILYH PRGXOHV LQ KHLJKW 6HW RXW EHQHDWK WKHP DUH RQH RU WZR VHPL EXULHG IORRUV RI JDUDJLQJ DQG JHQHUDO VHUYLFHV 7KH PRGXOHV DUH DW RQFH FRQVWUXFWLRQDO PRGXOHV DQG WKH QXFOHL RI WKH EXLOGLQJ·V IXQFWLRQDO DQG VSDWLDO FRQILJXUDWLRQ 7KH VWULSV RI VHSDUDWLRQ FRQILJXUH LQWHULRU FRXUW\DUG VWUHHWV FURVVHG E\ RSHQ HTXLSSHG IRRWEULGJHV DQG FRYHUHG E\ FRQ WLQXRXV URRI ODQWHUQV 7KH &DVEDK VW\OH FRPSOH[ LV DUUDQJHG DXWRQRPRXVO\ YLV j YLV WKH LPPHGLDWH XUEDQ VXUURXQGLQJV 7KH EXLOGLQJ ZDV ODWHU H[WHQGHG LQ D IXUWKHU SKDVH WKDW LV EH\RQG WKH SXUYLHZ RI WKH SUHVHQW PRQRJUDSK


XQD R GRV SODQWDV VHPLHQWHUUDGDV GH DSDUFDPLHQWR \ VHUYLFLRV JHQHUD OHV /RV PyGXORV VRQ DO WLHPSR PyGXORV FRQVWUXFWLYRV \ Q~FOHRV GH OD FRQILJXUDFLyQ IXQFLRQDO \ HVSDFLDO GHO HGLILFLR /DV IUDQMDV GH VHSDUD FLyQ SRVLELOLWDQ OD FUHDFLyQ GH FDOOHV SDWLR LQWHULRUHV FUX]DGDV SRU SD VDUHODV HTXLSDGDV DELHUWDV \ FXELHUWDV SRU OXFHUQDULRV (O FRQMXQWR FRQ IRUPDOL]DFLyQ H[WHULRU HQ FDVEDK VH GLVSRQH GH XQD PDQHUD DXWyQRPD UHVSHFWR DO HQWRUQR XUEDQR LQPHGLDWR 3RVWHULRUPHQWH HO FRQMXQWR VH DPSOLDUD FRQ RWUD IDVH QR REMHWR GH OD SUHVHQWH PRQRJUDItD TXH LQ WHQWD UHVROYHU GLFKR HQFXHQWUR DVt FRPR PHMRUDU \ FODULILFDU VX DFFHVR GHVGH HO H[WHULRU (VWUXFWXUD (O PyGXOR HVWUXFWXUDO GH PHWURV HVWi FRPSXHVWR SRU XQD SDUHMD VLPpWULFD \ FHQWUDGD GH SLODUHV HQ 7 SRU FDUD GH GLPHQVLR QHV H[WUHPDV FHQWtPHWURV \ VHSDUDGRV PHWURV D HMH RFKR HQ WRWDO XQ VLVWHPD GREOH GH MiFHQDV SUHIDEULFDGDV HQ 7 GH XQ PHWUR GH FDQWR FRQ KXHFRV FLUFXODUHV GH FHQWtPHWURV SXQWXDOHV HQ ILEUD QHX WUD SDUD SDVR GH LQVWDODFLRQHV TXH XQLHQGR ODV FDEH]DV GH SLODUHV \ FRQIRUPDQGR XQD WUDPD SDVDQWH OLJDQ ORV GLVWLQWRV PyGXORV HQWUH Vt \ 7KH SURJUDPPH HYROYHV LQ SODQ ZLWK WKH PDLQ FRPSRQHQWV RI YHUWLFDO DQG KRUL ]RQWDO FRPPXQLFDWLRQ DUUDQJHG LQ WKH VKDSH RI D VZDVWLND DURXQG ZKLFK DUH RU JDQL]HG PRGXODU TXDGUDQWV RI YDULDEOH KHLJKWV DQG OD\RXWV 7KHLU IRUPDO VWUXFWX UH WKH SUXGHQW SODFLQJ RI WKH LQVWDOODWLRQV DQG WKH FDUHIXO VL]LQJ RI WKH GHVLJQ·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³ZLWK QHXWUDO D[LV URXQG KROHV IRU WKH SDVVDJH RI LQVWDOODWLRQV³ZKLFK XQL WLQJ WKH SLOODU KHDGV DQG IRUPLQJ D WKURXJK JULG LQWHUOLQN WKH GLIIHUHQW PRGXOHV DQG ODVWO\ SUHIDEULFDWHG JLUGHUV ZLWK DQ LQYHUWHG 7 VKDSHG HGJH ZKLFK SODFHG


SRU ~OWLPR XQDV MiFHQDV SUHIDEULFDGDV GH ERUGH HQ 7 LQYHUVD TXH SDU FLDOPHQWH VREUHSXHVWDV D ODV DQWHULRUHV \ IRUPDQGR FXDGUR UHFLQWDQ FDGD PyGXOR 6REUH HVWH VLVWHPD DSR\DQGR VREUH OD FDUD VXSHULRU GH ODV MiFHQDV SDVDQWHV \ VREUH HO WDOyQ GH ODV FLUFXQGDQWHV VH GLVSRQH XQD ORVD ELGLUHFFLRQDO SUHIDEULFDGD HQ FDGD FXDGUDQWH H[WUHPR TXH WLHQH SRU PLVLyQ QR VROR OD FRQVWLWXFLyQ GHO SODQR KRUL]RQWDO GH DSR\R VLQR WDPELpQ HO DWLUDQWDGR \ HTXLOLEUDGR VXSHULRU GHO LPSRUWDQWH YRODGL]R HQ HVTXLQD GH ORV iQJXORV H[WUHPRV GHO VLVWHPD 2EVpUYHVH OD YLVLEOH SLH]D GH FRQH[LyQ KRUPLJRQDGD LQ VLWX TXH WLHQH WDO IXQFLyQ GLVSXHVWD HQ HO iQJXOR 8Q FRQMXQWR GH SLH]DV SUHIDEULFDGDV GH KRUPLJyQ DOLJH UDGDV \ UHPRYLEOHV DSR\DQGR VREUH ODV MiFHQDV SULQFLSDOHV FXEUHQ ORV YDQRV SDVDQWHV HQWUH PyGXORV PLHQWUDV TXH ORV FHQWUDOHV HQ FUX] VH KRUPLJRQDQ LQ VLWX IRUPDQGR DPERV OD FREHUWXUD GH ODV JDOHUt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


FXDWUR SLODUHV FRUUHVSRQGLHQWHV D GRV PyGXORV VXSHULRUHV HQIUHQWDGRV 3URJUDPD (O SURJUDPD VH GHVDUUROOD D SDUWLU GH XQ HVTXHPD HQ FUX] HVYiVWLFD HQ SODQWD HQ OD TXH VH GLVSRQHQ ORV HOHPHQWRV GH FRPXQLFD FLyQ YHUWLFDO \ KRUL]RQWDO SULQFLSDOHV \ DOUHGHGRU GH OD FXDO VH RUJDQL]DQ FXDWUR FXDGUDQWHV PRGXODUHV GH DOWXUD \ GLVSRVLFLyQ YDULDEOHV /D SRWHQWH HVWUXFWXUD IRUPDO OD SUXGHQWH GLVSRVLFLyQ GH ODV LQVWDODFLR QHV DVt FRPR HO FXLGDGR GLPHQVLRQDGR GH OD FpOXOD JHQHUDGRUD GHO SUR\HFWR SHUPLWHQ DORMDU FRQ PRGLILFDFLRQHV PtQLPDV WRGRV ORV GLV WLQWRV XVRV GHO SURJUDPD \ VX YDULDFLyQ HQ HO WLHPSR &HQWUDDO %HKHHU SUHILJXUD XQD SRWHQWH DOWHUQDWLYD D ODV LPSHUDQWHV FRQFHSFLRQHV SD QySWLFDV GH HQWRUQRV GH WUDEDMR FRPR ODV ´2SHQ 2IILFHµ \ ´/DQGVFDSH 2IILFHµ \ DO WLHPSR UHVXHOYH PX\ HIHFWLYDPHQWH OD FRQFDWHQDFLyQ \ GHVDUUROOR XQLWDULR GH RILFLQDV HQ GLYHUVDV DOWXUDV LUUHVXHOWR HQ ODV DQ WHULRUHV $Vt PLVPR VX DUTXLWHFWXUD RIUHFH XQ PDUFR RUGHQDGR TXH SR VLELOLWD \ HVWLPXOD OD SDUWLFLSDFLyQ GH ORV XVXDULRV HQ OD SHUVRQDOL]DFLyQ HIHFWLYD GH VX HVSDFLR GH WUDEDMR FRQILJXUiQGRVH FRPR XQ HQWRUQR FRQYLYHQFLDO GH SULPHU RUGHQ WKDW SHQHWUDWHV WKURXJKRXW WKH EXLOGLQJ 7KRVH ZLQGRZ VSDFHV FRUUHVSRQGLQJ WR PHHWLQJ URRPV DUH FORVHG RII WR WKH FRXUW\DUGV E\ IODW VKHHWV RI ´SDYp µ 7KH RXW VLGH ZDOOV KDYH WKHLU ZLQGRZ VSDFHV JOD]HG LQ WKHLU HTXLYDOHQW LQWHULRU SRVLWLRQV 7KH LQWHUPRGXODU VSDFHV DUH URXQGHG RII RQ WKH URRI ZLWK VN\OLJKWV DQG RQ WKH IDFDGH ZLWK FRQWLQXRXV YHUWLFDO ZLQGRZ VSDFHV &DUOHV 9LQDUGHOO


&HUUDPLHQWRV (VWiQ UHVXHOWRV PHGLDQWH EORTXH GH KRUPLJyQ YLVWR VHD FRPR GREOH WDELTXH GH FHQWtPHWURV VHD FRPR PXUR GH FHQWtPHWURV TXH FRQVWUXFWLYDPHQWH DSR\DQ HO HVWULFWR RUGHQ JHRPp WULFR \ FRPSRVLWLYR GHO HGLILFLR /RV FHUUDPLHQWRV LQWHULRUHV D ORV SDWLRV VH SODQWHDQ D PRGR GH EDOFRQHV DELHUWRV FRQ DQWHSHFKR SDUD IDYR UHFHU ODV YLVLRQHV GLDJRQDOHV \ HO DSURYHFKDPLHQWR GH OD OX] QDWXUDO TXH SHQHWUD LVyWURSDPHQWH HQ HO HGLILFLR DO WLHPSR TXH RIUHFHQ JH QHURVRV SODQRV SDUD VX UHIOH[LyQ \ FRQGXFFLyQ D ODV SODQWDV LQIHULRUHV ([FHSFLRQDOPHQWH VH FLHUUDQ D ORV SDWLRV PHGLDQWH SODQRV GH ´SDYpµ DTXHOORV KXHFRV FRUUHVSRQGLHQWHV D VDODV GH UHXQLRQHV SDUD IDYRUHFHU VX FRQILGHQFLDOLGDG /RV FHUUDPLHQWRV DO H[WHULRU VH GLVSRQHQ GH PD QHUD KRPyORJD D ORV LQWHULRUHV GLVSRQLHQGR ORV KXHFRV DFULVWDODGRV HQ ODV SRVLFLRQHV FRUUHVSRQGLHQWHV D ORV EDOFRQHV DELHUWRV LQWHULRUHV /RV HVSDFLRV GH VHSDUDFLyQ HQWUH PyGXORV VH FRURQDQ HQ FXELHUWD FRQ OXFHUQDULRV \ HQ IDFKDGD FRQ KXHFRV YHUWLFDOHV FRUULGRV &DUOHV 9LQDUGHOO

$[RQRPHWUtD 3HUVSHFWLYH


'LDJUDPDV 'LDJUDPHV


$[RQRPHWUtD 3HUVSHFWLYH


3ODQWD 3ODQ


9LVWD DpUHD $HULDO YLHZ


([WHULRU ([WHULRU


,QWHULRU ,QWHULRU


,QWHULRU ,QWHULRU


1

(PSOD]DPLHQWR YLVWD DpUHD 6LWH DHULDO YLHZ


:$/'(1 5LFDUGR %RILOO

(/ 02'8/2 /D FpOXOD EiVLFD VH FRPSRQH GH XQ FXER GH [ [ P \ SRU XQR GH VXV ODGRV SDVDQ WRGDV ODV LQVWDODFLRQHV /DV YLYLHQGDV SXHGHQ WHQHU XQRV GRV WUHV R FXDWUR PyGXORV HQ IXQFLyQ GH ODV QHFHVLGDGHV GH ORV LQTXLOLQRV /$ $*583$&,Ð1 /D XQLGDG EiVLFD HVSDFLDO WULGLPHQVLRQDO HO FXER VH DJUXSD SRU VXSHU SRVLFLyQ \X[WDSRVLFLyQ \ GHVSOD]DPLHQWR IRUPDQGR XQ HGLILFLR GH SODQWDV GH DSDUWDPHQWRV HQ UDFLPR DJUXSDGRV DOUHGHGRU GH SDWLRV (Q FDGD SDWLR \ D GLIHUHQWHV QLYHOHV H[LVWH XQ FRPSOHMR VLVWHPD GH SXHQ

:DOGHQ 5LFDUGR %RILOO

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


WHV EDOFRQHV \ JDOHUtDV GH DFFHVR (O SDWLR FHQWUDO FRQWLHQH HO Q~FOHR GH DVFHQVRUHV /D VHFFLyQ WLSR VH FRQVLJXH DSOLFDQGR XQ PRYLPLHQWR GH WUDVODFLyQ GH OD XQLGDG EiVLFD (VWRV GHVSOD]DPLHQWRV FRQOOHYDQ XQ HVFDORQDGR TXH VH XWLOL]D FRPR DFFHVR D ORV GLVWLQWRV PyGXORV (Q ORV SLVRV LQIH ULRUHV VH SURGXFHQ HQ HO LQWHULRU PLHQWUDV TXH HQ ORV VXSHULRUHV GDQ DO H[WHULRU /D WUDPD \ OD PDOOD VRQ HVSDFLDOHV (O FUHFLPLHQWR \ GHVDUUROOR RFXUUHQ WDQWR HQ H[WHQVLyQ FRPR HQ DOWXUD (VWD RUJDQL]DFLyQ GD OXJDU D XQ FRPSOHMR VLVWHPD GH DPELHQWHV LQWHULR UHV HQFHUUDQGR HVSDFLR SHUR GHMDQGR JUDQGHV KXHFRV FHQLWDOHV \ ODWH UDOHV FRPR HQRUPHV YHQWDQDV DO SDLVDMH XUEDQR GH SHQHWUDFLyQ GH DLUH \ VRO (O HGLILFLR LQGHSHQGLHQWHPHQWH GH VXV LQGLVFXWLEOHV DSRUWDFLRQHV VRFLROyJLFDV \ XUEDQDV GH VX YDOLHQWH FDUiFWHU XWySLFR \ H[SHULPHQWDO GH UHSUHVHQWDU XQR GH ORV HVFDVRV PDQLILHVWRV GRPpVWLFRV FRQVWUXL GRV FRQVWLWX\H D VX YH] XQ UHIHUHQWH WLSROy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


7LSRORJtDV YLYLHQGD $SDUWPHQWV WLSRORJ\


6HFFLyQ 6HFWLRQ

6HFFLyQ 6HFWLRQ


6HFFLyQ 6HFWLRQ

6HFFLyQ 6HFWLRQ


([WHULRU ([WHULRU


3DWLR

&RXUW\DUG


3DWLR

&RXUW\DUG


$SDUWDPHQWR $SDUWPHQW


(PSOD]DPLHQWR 6LWH


3$%(//Ð1 '( $/(0$1,$ (1 /$ (;326,&,Ð1 '( %586(/$6 '(/ 6HS 5XI \ (JRQ (LHUPDQQ

/D ([SRVLFLyQ GH %UXVHODV GH IXH XQD FRQYRFDWRULD LQWHUQDFLR QDO TXH UHSUHVHQWy OD HVWDELOL]DFLyQ GHO SHULRGR SRVW EpOLFR /RV SDtVHV SDUWLFLSDQWHV DVLVWLHURQ D OD PXHVWUD FRQ HO RSWLPLVPR LQXVLWDGR SURSLR GH XQD VRFLHGDG TXH KDEtD FRQVHJXLGR YHQFHU HO RVWUDFLVPR GH XQD JXHUUD TXH KDEtD GHVWUXLGR (XURSD QR VROR GHVGH XQ SXQWR GH YLVWD ItVLFR VLQR WDPELpQ DQtPLFR $OHPDQLD HUD HO HMHPSOR PiV FODULYLGHQWH GH HVWD VXSHUDFLyQ D SHVDU TXH WRGDYtD OH SHUVHJXtD OD FXOSD PRUDO GH ORV FUtPHQHV GH JXHUUD UH

7KH *HUPDQ 3DYLOLRQ DW WKH %UXVVHOV :RUOG )DLU 6HS 5XI DQG (JRQ (LHUPDQQ

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


FLHQWHPHQWH UHYHODGRV $PERV DVSHFWRV FRQGLFLRQDURQ OD FRQFHSFLyQ DUTXLWHFWyQLFD GHO 3DEHOOyQ SUHVHQWDQGR XQD DUTXLWHFWXUD TXH KX\HQ GR GH OD SRPSRVLGDG \ HO PRQXPHQWDOLVPR HPSOHDGRV HQ SDEHOORQHV TXH UHSUHVHQWDURQ DO SDtV HQ PXHVWUDV LQWHUQDFLRQDOHV GXUDQWH OD pSRFD GHO QDFLRQDO VRFLDOLVPR VH DPSDUDED HQ OD HVFDOD KXPDQD SDUD GDU D FRQRFHU DO PXQGR FRPR VH HQWHQGtD OD YLGD FRWLGLDQD GH XQ SDtV FRQGXFLGR SRU XQD IH FLHJD HQ HO SURJUHVR 3RU FRQVLJXLHQWH OD DUTXL WHFWXUD HOHJLGD UHFXUULUi D OD PRGHVWLD OD DXVWHULGDG \ HO ULJRU SDUD GHV YLQFXODUVH GHO SDVDGR \ DO GLiORJR HQWUH OR LQGXVWULDOL]DGR \ OR QDWXUDO SDUD DIURQWDU HO IXWXUR 6,78$&,Ð1 (O iUHD HOHJLGD SDUD FHOHEUDU OD ([SRVLFLyQ IXH XQ JUDQ SDUTXH XUEDQR HVWUXFWXUDGR D OR ODUJR HMH SULQFLSDO SUHVLGLGR SRU HO $WRPLXQ FRQVWUXFFLyQ TXH VH FRQYLUWLy HQ HO VtPEROR GHO HYHQWR /D SDUFHOD DVLJQDGD D $OHPDQLD HVWDED VLWXDGD HQ OD YHUWLHQWH VXURHVWH GHO UHFLQWR H[SRVLWLYR DEDUFDQGR GH XQD VXSHUILFLH GH P GLV SXHVWD HQ SHQGLHQWH (QWUH HO OtPLWH VXSHULRU DOLQHDGR DO XQR GH ORV HMHV SULPDULRV GH OD RUGHQDFLy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·V SUH H[LVWLQJ YHJHWDWLRQ LQWR DFFRXQW 3URJUDPPH DQG SODQQLQJ WKLV GHSLFWLRQ RI OLIH DQG ZRUN LQ SRVWZDU *HUPDQ\ KDG UHFRXUVH WR QLQH GLIIHUHQW KHDGLQJV DJULFXOWXUH KDQGLFUDIWV LQGXVWU\ WKH FLW\


GH ORV FDPLQRV LQWHULRUHV TXH FRPXQLFDEDQ ORV GLIHUHQWHV SDEHOORQHV H[LVWtD XQD GLIHUHQFLD GH FRWD GH PWV $ SDUWH GH OD FRQVLGHUDFLyQ GH HVWD WRSRJUDItD HO SUR\HFWR FRQWHPSOy WDPELpQ OD YHJHWDFLyQ SUH H[LVWHQWH GHO OXJDU 352*5$0$ < 3/$11,* (VWD UHSUHVHQWDFLyQ GH OD YLGD \ HO WUDEDMR HQ OD $OHPDQLD SRVW EpOLFD FRQOOHYDED DERUGDU QXHYH FRQWHQLGRV DJULFXO WXUD DUWHVDQtD LQGXVWULD FLXGDG \ YLYLHQGD QHFHVLGDGHV SHUVRQDOHV GHEHUHV \ WDUHDV VRFLDOHV VDOXG \ DVLVWHQFLD RFLR \ HGXFDFLyQ $ SDUWH GH ODV iUHDV WHPiWLFDV HO SURJUDPD FRQWHPSODED WDPELpQ XQD VHULH GH HVSDFLRV FRPSOHPHQWDULRV FRPR XQD ELEOLRWHFD XQ UHVWDXUDQWH XQD YLQRWHFD \ XQ JUDQ KDOO SROLIXQFLRQDO SUHYLVWR SDUD GDU FDELGD D UHXQLR QHV FRQFLHUWRV \ FRQIHUHQFLDV /RV DUTXLWHFWRV SODQWHDURQ HO SUR\HFWR WHQLHQGR HQ FXHQWD GRV FRQVLGHUDFLRQHV OD HVFDOD GH ´OD FDVDµ \ HO UHVSHWR D OD HVWUXFWXUD IRUPDO GH VX HPSOD]DPLHQWR ,'($ )250$/ (VWH SXQWR GH SDUWLGD H[LJLy GH ORV DUTXLWHFWRV GHO HGLIL FLR \ GHO SDLVDMLVWD XQ WUDEDMR SUHOLPLQDU 6HS 5XI \ (JRQ (LHUPDQ FRPR DUTXLWHFWRV GHELHURQ DQDOL]DU FRQ SURIXQGLGDG ODV GLYHUVDV iUHDV GHO DQG KRXVLQJ SHUVRQDO QHHGV VRFLDO REOLJDWLRQV DQG WDVNV KHDOWK DQG PHGLFDO FDUH OHLVXUH DQG HGXFDWLRQ $SDUW IURP WKHVH WKHPDWLF DUHDV WKH SURJUDPPH DOVR SURYLGHG IRU D VHULHV RI FRPSOHPHQWDU\ VSDFHV VXFK DV D OLEUDU\ D UHV WDXUDQW D ZLQH WDVWLQJ DUHD DQG D ODUJH PXOWLIXQFWLRQDO KDOO WR DFFRPPRGDWH PHHWLQJV FRQFHUWV DQG OHFWXUHV 7KH DUFKLWHFWV SRVLWHG WKH GHVLJQ E\ WDNLQJ WZR FRQVLGHUDWLRQV LQWR DFFRXQW WKH VFDOH RI ´WKH KRXVHµ DQG UHVSHFW IRU WKH IRUPDO VWUXFWXUH RI ZKHUH LW ZDV 7KH IRUPDO LGHD WKLV SRLQW RI GHSDUWXUH FDOOHG IRU D SUHOLPLQDU\ VWXG\ RQ WKH SDUW RI WKH DUFKLWHFWV RI WKH EXLOGLQJ DQG WKH ODQGVFDSH GHVLJQHU $V DUFKLWHFWV 6HS 5XI DQG (JRQ (LHUPDQ KDG WR PDNH D FORVH DQDO\VLV RI WKH GLIIHUHQW DUHDV RI WKH SURJUDPPH LQ RUGHU WR GHFLGH LI WKH SRVVLELOLW\ H[LVWHG RI EUHDNLQJ WKLQJV XS VR DV WR KHOS DWWDLQ WKH KXPDQ VFDOH WKH GHVLJQ ZDV VHHNLQJ 0RUHRYHU LQVWHDG RI FRQFHLYLQJ RI KLV MRE RI ODQGVFDSH GHVLJQ DV ´WKH LQWURGXFLQJ RI WKH QDWXUDO LQWR WKH EXLOW µ :DOWHU 5RVVRZ GLG WKLQJV WKH RWKHU ZD\ URXQG E\ VWXG\LQJ WKH SRWHQWLD OLW\ RI WKH ORFDWLRQ LQ RUGHU WR GLVFRYHU WKH EXLOGLQJ·V SODQQLQJ ODZV LQ LW 7KH SODFLQJ LQ FRPPRQ RI ERWK ZRUNV JDYH ULVH WR D FRQFHSWLRQ WRWDOO\ RSSRVHG WR WKH RULJLQDO LGHD )URP WKH ´XQLWDU\ EXLOGLQJµ SURSRVHG LQ WKH SUHOLPLQDU\ GH


SURJUDPD SDUD GHGXFLU VL H[LVWtDQ SRVLELOLGDGHV GH GLVJUHJDFLyQ TXH IDYRUHFLHUDQ DOFDQ]DU OD HVFDOD KXPDQD TXH SUHWHQGtD HO SUR\HFWR 3RU RWUR ODGR :DOWHU 5RVVRZ HQ YH] GH FRQFHELU VX WUDEDMR GH SDLVDMLVWD FRPR ´OD LQWURGXFFLyQ GH OR QDWXUDO HQ OR FRQVWUXLGRµ DFWXy DO UHYpV HVWXGLDQGR OD SRWHQFLDOLGDG GHO OXJDU SDUD GHVFXEULU HQ pO ODV OH\HV GH RUGHQDFLyQ GHO HGLILFLR /D SXHVWD HQ FRP~Q GH DPERV WUDEDMRV GLR OXJDU D XQD FRQFHSFLyQ WR WDOPHQWH RSXHVWD OD LGHD RULJLQDULD 'HO ´HGLILFLR XQLWDULRµ SURSXHVWR HQ HO DQWHSUR\HFWR VH SDVy D XQ ´FRPSOHMR HGLILFDGRµ IRUPDGR QR WDQ VROR SRU ODV QXHYH FRQVWUXFFLRQHV UHVXOWDQWHV GH OD GHVFRPSRVLFLyQ GHO SUR JUDPD VLQR WDPELpQ SRU OD LQFRUSRUDFLyQ GH ORV HOHPHQWRV YHJHWDOHV TXH HVWUXFWXUDEDQ HO OXJDU (VWH GLiORJR HQWUH OR QDWXUDO \ OR FRQVWUXLGR IXH YLDEOH JUDFLDV D TXH HO ]yFDOR XWLOL]DGR FRPR HQWUHJD HQWUH FDGD XQR GH ORV PyGXORV \ OD WRSRJUDItD H[LVWHQWH SHUPLWtD DO HGLILFLR DVHQ WDUVH HQ HO WHUUHQR VLQ DIHFWDU DO SHUILO GH OD ODGHUD 3RU RWUR ODGR HO FDP ELR GH SODQR TXH GLEXMDED HVWD EDVH FRQ UHVSHFWR DO FHUUDPLHQWR GHO SDEHOOyQ DOWHUDED OD SHUFHSFLyQ GHO HVSHFWDGRU DO SURYRFDUOH HQWHQGHU VLJQ RQH SDVVHG WR D ´EXLOW FRPSOH[µ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·V SHUFHSWLRQ E\ LQYLWLQJ KLP RU KHU WR XQGHUV WDQG WKH FRPSOH[ DV VRPHWKLQJ ZKLFK OHYLWDWHV DQ HIIHFW WKDW KHOSHG LQFUHDVH WKH OLJKWQHVV RI WKH EXLOGLQJ V\VWHP FKRVHQ ,Q RUGHU WR SUHVHUYH WKLV LGHD RI D ´WKURXJK JDUGHQ µ WKH FRQQHFWLRQ EHWZHHQ WKH GLIIHUHQW PRGXOHV ZDV UHDOL]HG YLD D ZDONZD\ UDLVHG DERYH WKH VORSH RI WKH JURXQG 7KLV VHFRQGDU\ FRQVWUXFWLRQ IL[HG WKH DOWLPHWULF SRVLWLRQ RI HDFK RI WKH XQLWV XSRQ UHTXLULQJ WKH DOLJQPHQW EHWZHHQ WKH ORZHU GHFNV RI WKH SDYLOLRQV VL WXDWHG DW WKH GDWXP RI P DQG WKH XSSHU GHFNV RI WKH SDYLOLRQV ORFDWHG DW GDWXP P 1RW RQO\ ZDV DQ ´RSHQ EXLOW FRPSOH[µ DWWDLQHG ZLWK WKLV FRQILJXUD WLRQ LW DOVR SURYLGHG D IOH[LEOH V\VWHP E\ PDNLQJ LW SRVVLEOH IRU HDFK RI WKH FRP


HO FRQMXQWR FRPR DOJR TXH OHYLWD XQ HIHFWR TXH FRQWULEXtD D DXPHQWDU OD OLJHUH]D GHO VLVWHPD FRQVWUXFWLYR HOHJLGR 3DUD SUHVHUYDU HVWD LGHD GH ´MDUGtQ SDVDQWHµ OD FRQH[LyQ HQWUH ORV GL IHUHQWHV PyGXORV VH UHDOL]DED SRU XQD SDVDUHOD HOHYDGD GH OD UDVDQWH GHO WHUUHQR (VWD FRQVWUXFFLyQ VHFXQGDULD ILMy OD SRVLFLyQ DOWLPpWULFD GH FDGD XQD GH ODV XQLGDGHV DO H[LJLU OD DOLQHDFLyQ HQWUH ORV IRUMDGRV LQ IHULRUHV GH ORV SDEHOORQHV VLWXDGRV HQ OD FRWD FRQ ORV IRUMDGRV VXSHULRUHV GH ORV SDEHOORQHV XELFDGRV HQ FRWD &RQ HVWD FRQILJX UDFLyQ QR VROR VH FRQVHJXtD XQ ´FRPSOHMR HGLILFDGR DELHUWRµ VLQR TXH WDPELpQ VH RIUHFtD XQ VLVWHPD IOH[LEOH DO SRVLELOLWDU TXH FDGD XQD GH ODV SLH]DV SXGLHVH DGRSWDU OD SURSRUFLyQ \ OD DOWXUD TXH FDGD WHPiWLFD UHTXHUtD 3RU RWUR ODGR OD GLVSRVLFLyQ GH HVWDV QXHYH SLH]DV XQLGDV SRU SDVDUHODV FXELHUWDV GH SpUJRODV IRUPDOL]DED XQ HVSDFLR LQWHULRU TXH SURWHJLGR GH OD DOJDUDEtD GHO UHFLQWR H[SRVLWLYR SHUVHJXtD UHPH PRUDU XQD FDOPD PRQiVWLFD (6758&785$ 3257$17( /D OLPLWDFLyQ GHO SOD]R GH WLHPSR SDUD VX HMHFXFLy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


EHOOyQ SXGLHUD VHU IDFLOPHQWH GHVPRQWDEOH \ UHFRQVWUXLGR HQ RWUR OXJDU IRU]y D ORV DUTXLWHFWRV D HOHJLU OD HVWUXFWXUD PHWiOLFD FRPR VLVWHPD SRUWDQWH $Vt IRUMDGRV \ FXELHUWDV IXHURQ UHVXHOWRV FRQ HVWUXFWXUD ELGL UHFFLRQDO IRUPDGD GH YLJDV ,31 FRORFDGDV FDGD PWV (VWD PDOOD IXH VXVWHQWDGD SRU SLODUHV WDPELpQ ,31 GLVSXHVWRV HQ ORV QXGRV HV WUXFWXUDOHV XELFDGRV HQ SULPHUD FRURQD SDUDOHOD D OD OtQHD GH FRUQLVD /RV YDQRV UHVXOWDQWHV GH HVWD JHRPHWUtD VH FXEULHURQ FRQ SDQHOHV GH PDGHUD VRSRUWDGRV SRU XQD VXEHVWUXFWXUD GH FRUUHDV WDPELpQ GH PDGHUD &RQ HO REMHWR GH FRQVHUYDU OD ELGLUHFFLRQDOLGDG GH OD HVWUXFWX UD HVWRV HOHPHQWRV VHFXQGDULRV VH FRORFDURQ DOWHUQDQGR VX GLUHFFLyQ HQ FDGD YDQR $ SHVDU GHO VX FXLGDGR GLVHxR HVWH GDPHUR HVWUXFWXUDO TXHGy RFXOWR SRU XQ FLHOR UDVR GH \HVR FRORFDGR QR VyOR SDUD SRVLELOL WDU HO SDVR GH LQVWDODFLRQHV \ OD FRORFDFLyQ GH OXPLQDULDV HPSRWUDGDV VLQR WDPELpQ SDUD FRQVHJXLU OD LVRWURSt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iQGH]


UDGRV HQWUH HOORV PWV XQR TXH VHUYtD SDUD GHOLPLWDU HO HVSDFLR FRQVWUXLGR \ HO RWUR SDUD FHUUDUOR (O OtPLWH ItVLFR HVWDED FRPSXHVWR SRU XQRV HOHPHQWRV YHUWLFDOHV ILMRV TXH GHVDUUROODGRV HQWUH ORV FDQWRV GHO IRUMDGR HVWUXFWXUDEDQ HO ULWPR GH XQRV HOHPHQWRV PyYLOHV XQDV SHUVLD QDV GH ODPDV GH DOXPLQLR TXH UHFRJLGDV GHWUiV GH OD FRUQLVD VXSHULRU UHVROYtDQ HO FRQWURO VRODU \ OXPtQLFR GHO HVSDFLR LQWHULRU (O SODQR LQWHULRU GRQGH VH XELFDED HO FHUUDPLHQWR VH HVWUXFWXUy FRQ XQRV HOHPHQWRV YHUWLFDOHV GH SODQWD FUXFLIRUPH SHQVDGRV FRPR VRSRUWHV GH ORV SOD QRV GH YLGULR TXH GLEXMDEDQ HO SHUtPHWUR LQWHULRU GHO HVSDFLR H[SRVLWLYR 7DQWR ORV HOHPHQWRV XVDGRV SDUD GHILQLU HO OtPLWH FRPR DTXHOORV TXH HVWUXFWXUDEDQ HO FHUUDPLHQWR VH PRGXODURQ VLJXLHQGR HO RUGHQ GLFWDGR SRU OD HVWUXFWXUD ELGLUHFFLRQDO PWV (OHQD )HUQiQGH]

(QWUDGD (QWUDQFH


3ODQWD &RWD 3ODQ /HYHO

3ODQWD &RWD 3ODQ /HYHO


3ODQWD &RWD 3ODQ /HYHO

3ODQWD &RWD 3ODQ /HYHO


6HFFLyQ 6HFWLRQ

'HWDOOH 'HWDLO


$FFHVR VXSHULRU 8SSHU DFFHVV


([WHULRU ([WHULRU


([WHULRU ([WHULRU


3DVDUHOD

)RRWEULGJH

3DVDUHOD

)RRWEULGJH


(VSDFLR H[SRVLWLYR ([KLELWLRQ VSDFH



1Ô0(526 38%/,&$'26

3$% '. 9ROYHPRV D 'LQDPDUFD

3$% 1XHYH HGLILFLRV GH JUDQGHV OXFHV


*583 SDE 352-(&7(6 9,, 9,,, '(3$57$0(17 '( 352-(&7(6 $548,7(&7Ó1,&6 '( %$5&(/21$ (76$% XSF 'LDJRQDO SODQWD 'HVSDW[


Issuu converts static files into: digital portfolios, online yearbooks, online catalogs, digital photo albums and more. Sign up and create your flipbook.