8NÊDG\SU]HNDÒQLNRZH
 :ĞĚŶLJŵnjĞůĞŵĞŶƚſǁƵŬųĂĚƵĂƵƚŽŵĂƚLJŬŝƐČƉƌnjĞŬĂǍŶŝŬŝŝƐƚLJĐnjŶŝŬŝ͘
EĂůĞǏČ ŽŶĞ ĚŽ ŐƌƵƉLJ ųČĐnjŶŝŬſǁ ŝ ƐųƵǏČ ĚŽ njŵŝĂŶLJ ƐƚƌƵŬƚƵƌLJ ƵŬųĂĚƵ
ĞůĞŬƚƌLJĐnjŶĞŐŽ͘ ĂǁŝĞƌĂũČ njĞƐƉſų ƐƚLJŬſǁ ŬƚſƌĞ ǁ njĂůĞǏŶŽƑĐŝ ŽĚ ƉŽƚƌnjĞď
ŵŽŐČďLJđnjĂųČĐnjĂŶĞ͕ǁLJųČĐnjĂŶĞůƵďƉƌnjĞųČĐnjĂŶĞnjũĞĚŶĞŐŽƐƚĂŶƵƉƌĂĐLJ
ŶĂ ĚƌƵŐŝ͘ ZſǏŶŽƌŽĚŶŽƑđ ųČĐnjŶŝŬſǁ ǁLJŶŝŬĂ nj ĚČǏĞŶŝĂ ĚŽ ŽƉƌĂĐŽǁĂŶŝĂ
ŽƉƚLJŵĂůŶLJĐŚŬŽŶƐƚƌƵŬĐũŝĚůĂŬŽŶŬƌĞƚŶĞŐŽnjĂƐƚŽƐŽǁĂŶŝĂ͘
WƌnjĞŬĂǍŶŝŬŝ ĞůĞŬƚƌŽŵĂŐŶĞƚLJĐnjŶĞ ƐųƵǏČ ĚŽ njĂųČĐnjĂŶŝĂ͕ ǁLJųČĐnjĂŶŝĂ ŝ
ƉƌnjĞųČĐnjĂŶŝĂŽďǁŽĚſǁĞůĞŬƚƌLJĐnjŶLJĐŚ͘tƵŬųĂĚĂĐŚƚLJĐŚƌƵĐŚŽŵČnjǁŽƌħ
ŝ ƐƚLJŬŝ ƉŽƌƵƐnjĂ ĞůĞŬƚƌŽŵĂŐŶĞƐ njĂƐŝůĂŶLJ nj ŽĚĚnjŝĞůŶĞŐŽ ǍƌſĚųĂ njĂƐŝůĂŶŝĂ͘
WŽĚƐƚĂǁŽǁĞ ĚĂŶĞ ƉƌnjĞŬĂǍŶŝŬĂ ƚŽ ŶĂƉŝħĐŝĞ njĂƐŝůĂŶŝĂ ĐĞǁŬŝ
ĞůĞŬƚƌŽŵĂŐŶĞƐƵŽƌĂnjŽďĐŝČǏĂůŶŽƑđƉƌČĚŽǁĂƐƚLJŬſǁ͘
WƌnjĞŬĂǍŶŝŬŝ ďƵĚƵũĞ Ɛŝħ ŶĂ ŶŝĞĚƵǏĞ ƉƌČĚLJ ŽďĐŝČǏĂůŶŽƑĐŝ ƐƚLJŬſǁ ŝ
ǁLJŬŽƌnjLJƐƚƵũĞ ũĂŬŽ ĞůĞŵĞŶƚLJ ƉŽƑƌĞĚŶŝĐnjČĐĞ ĚŽ njĂųČĐnjĂŶŝĂ ŽĚďŝŽƌŶŝŬſǁ
ĚƵǏĞũŵŽĐLJ͘
^ĐŚĞŵĂƚLJƉƌnjĞŬĂǍŶŝŬſǁ͗


njĂųČĐnjĂũČĐLJǁLJųČĐnjĂũČĐLJƉƌnjĞųČĐnjĂũČĐLJ
ĂƐƚŽƐŽǁĂŶŝĞ
njŝħŬŝƉƌnjĞŬĂǍŶŝŬŽŵƐLJŐŶĂųLJŽǁŝħŬƐnjĞũĂŵƉůŝƚƵĚnjŝĞǁŝħŬƐnjLJŵƉŽnjŝŽŵŝĞ
ŶĂƉŝħđ͕ ƉƌČĚſǁ ŵŽŐČ ǁLJǁŽųLJǁĂđ ƐŬƵƚŬŝ ǁ ŽďǁŽĚĂĐŚ͕ ǁ ŬƚſƌLJĐŚ
ŽďŽǁŝČnjƵũČŝŶŶĞƉŽnjŝŽŵLJƐLJŐŶĂųſǁ͘WƌnjĞŬĂǍŶŝŬŝƐƚŽƐƵũĞƐŝħƌſǁŶŝĞǏĚŽ
njǁŝĞůŽŬƌŽƚŶŝĂŶŝĂƐLJŐŶĂųſǁ͘


WƌnjĞŬĂǍŶŝŬŝ ŵŽŐČ ƌĞĂŐŽǁĂđ ŶĂ ŽĚƉŽǁŝĞĚŶŝĞ ŬƌLJƚĞƌŝƵŵ ǁŝĞůŬŽƑĐŝ
ǁĞũƑĐŝŽǁĞũ͘WƌnjLJŬųĂĚŽǁŽ͕ƉƌnjĞŬĂǍŶŝŬŶĂĚƉƌČĚŽǁLJƉŽďƵĚnjŝƐŝħ;njĂĚnjŝĂųĂͿ
ǁƚĞĚLJ͕ ŐĚLJ ǁĂƌƚŽƑđ ƉųLJŶČĐĞŐŽ ƉƌnjĞnjĞŷ ƉƌČĚƵ ƉƌnjĞŬƌŽĐnjLJ ŶĂƐƚĂǁŝŽŶČ
ǁĂƌƚŽƑđ͕ĐnjLJůŝŬƌLJƚĞƌŝƵŵnjĂĚnjŝĂųĂŶŝĂǁLJŐůČĚĂŶĂƐƚħƉƵũČĐŽ͗

/х/ƌ
ƉƌnjLJ ĐnjLJŵ /ƌ ũĞƐƚ ǁŝĞůŬŽƑĐŝČ ŶĂƐƚĂǁŝŽŶČ ƉƌnjĞŬĂǍŶŝŬĂ ;ƚnjǁ͘ ǁĂƌƚŽƑĐŝČ
ƌŽnjƌƵĐŚŽǁČͿ͘
ZŽnjƌſǏŶŝĂ Ɛŝħ ƉƌnjĞŬĂǍŶŝŬŝ ŶĂĚŵŝĂƌŽǁĞ ;ĐnjLJůŝ ƌĞĂŐƵũČĐĞ ŶĂ ǁnjƌŽƐƚ
ǁŝĞůŬŽƑĐŝ ŵŝĞƌnjŽŶĞũͿ͕ ũĂŬ ŝ ŶŝĞĚŽŵŝĂƌŽǁĞ ;ƌĞĂŐƵũČĐĞ ŶĂ ƐƉĂĚĞŬ
ǁŝĞůŬŽƑĐŝŵŝĞƌnjŽŶĞũ͕ƉŽŶŝǏĞũŽŬƌĞƑůŽŶĞŐŽƉŽnjŝŽŵƵͿ͘
WƌnjĞŬĂǍŶŝŬŝŵŽŐČƌĞĂŐŽǁĂđŶŝĞƚLJůŬŽŶĂƐLJŐŶĂųLJƚLJƉƵƉƌČĚĐnjLJŶĂƉŝħĐŝĞ͕
ĂůĞ ƚĂŬǏĞ ŶĂ ƚĞŵƉĞƌĂƚƵƌħ͕ ĐnjħƐƚŽƚůŝǁŽƑđ͕ ŬČƚ ĨĂnjŽǁLJ ŵŝħĚnjLJ ƉƌČĚĞŵ Ă
ŶĂƉŝħĐŝĞŵŝƚĚ͘
Ϯ͘dLJƉLJƉƌnjĞŬĂǍŶŝŬſǁ
Ϯ͘ϭ͘WƌnjĞŬĂǍŶŝŬŝĞůĞŬƚƌŽŵĂŐŶĞƚLJĐnjŶĞ






ĂƐĂĚĂ ĚnjŝĂųĂŶŝĂ ƉƌnjĞŬĂǍŶŝŬĂ
ĞůĞŬƚƌŽŵĂŐŶĞƚLJĐnjŶĞŐŽ͗
ϭ͘ĞǁŬĂ;ĞůĞŬƚƌŽŵĂŐŶĞƐͿ
Ϯ͘<ŽƚǁŝĐĂ
ϯ͘^ƚLJŬŝƌŽďŽĐnjĞ

 

WƌnjĞŬĂǍŶŝŬĞůĞŬƚƌŽŵĂŐŶĞƚLJĐnjŶLJnjĂųČĐnjĂũČĐLJŽďǁſĚƉƌČĚƵnjŵŝĞŶŶĞŐŽ
WƌnjĞŬĂǍŶŝŬŝ ĞůĞŬƚƌŽŵĂŐŶĞƚLJĐnjŶĞ ĚnjŝĂųĂũČ ŶĂ njĂƐĂĚnjŝĞ ĞůĞŬƚƌŽŵĂŐŶĞƐƵ͗
ƉƌČĚ ƉųLJŶČĐLJ ǁ ĐĞǁĐĞ ƉƌnjĞŬĂǍŶŝŬĂ ǁLJǁŽųƵũĞ ƉŽůĞ ŵĂŐŶĞƚLJĐnjŶĞ ǁ
ƌĚnjĞŶŝƵ ŝ ƚLJŵ ƐĂŵLJŵ ƉƌnjLJĐŝČŐĂ ;ůƵď ŽĚƉLJĐŚĂͿ ŽĚƉŽǁŝĞĚŶŝ ƐƚLJŬ ůƵď
ŐƌƵƉħƐƚLJŬſǁ͘

Ϯ͘Ϯ͘WƌnjĞŬĂǍŶŝŬŝĞůĞŬƚƌŽŶŝĐnjŶĞ;^^ZͿ
ŽŝĐŚďƵĚŽǁLJǁLJŬŽƌnjLJƐƚƵũĞƐŝħĞůĞŵĞŶƚLJĞůĞŬƚƌŽŶŝĐnjŶĞ͘

Ϯ͘ϯ͘WƌnjĞŬĂǍŶŝŬŝĐLJĨƌŽǁĞ
WƌnjLJŬųĂĚĞŵ ĞůĞŬƚƌŽŶŝĐnjŶĞŐŽ ƉƌnjĞŬĂǍŶŝŬĂ ƐƚĞƌŽǁĂŶĞŐŽ ĐLJĨƌŽǁŽ ũĞƐƚ
ďƌĂŵŬĂƚƌĂŶƐŵŝƐLJũŶĂ͘

Ϯ͘ϰ͘WƌnjĞŬĂǍŶŝŬŝĐnjĂƐŽǁĞ
WƌnjĞŬĂǍŶŝŬ ĐnjĂƐŽǁLJ ũĞƐƚ ƚŽ ƉƌnjĞŬĂǍŶŝŬ͕ ŬƚſƌĞŐŽ ŵĞĐŚĂŶŝnjŵ ůƵď ƵŬųĂĚ
ƌĞĂůŝnjƵũĞ ƌſǏŶĞ ĨƵŶŬĐũĞ ĐnjĂƐŽǁĞ͕ ŶƉ͗ ŽƉſǍŶŝŽŶĞ njĂųČĐnjĂŶŝĞ͕ ŽƉſǍŶŝŽŶĞ
ŽĚƉĂĚĂŶŝĞ͕ŝŵƉƵůƐŽǁĂŶŝĞŝƚĚ͘

 

ůĞŬƚƌŽŵĂŐŶĞƚLJĐnjŶLJƉƌnjĞŬĂǍŶŝŬĐnjĂƐŽǁLJ
Ϯ͘ϱ͘WƌnjĞŬĂǍŶŝŬŝƚĞƌŵŝĐnjŶĞ
WƌnjĞŬĂǍŶŝŬŝ ƚĞƌŵŝĐnjŶĞ ŵĂũČ ŶĂ ĐĞůƵ ŽŐƌĂŶŝĐnjĞŶŝĞ ƉƌČĚƵ ƉŽďŝĞƌĂŶĞŐŽ
ƉƌnjĞnj ƵƌnjČĚnjĞŶŝĞ͘ ĂǁŝĞƌĂũČ ďŝŵĞƚĂů͕ ŬƚſƌLJ ƉŽĚ ǁƉųLJǁĞŵ
ĚųƵŐŽƚƌǁĂųĞŐŽƉƌnjĞƉųLJǁƵnjďLJƚǁLJƐŽŬŝĞŐŽƉƌČĚƵŶĂŐƌnjĞǁĂƐŝħŝŽƚǁŝĞƌĂ
ƐƚLJŬ njŶĂũĚƵũČĐLJ Ɛŝħ ǁ ŽďǁŽĚnjŝĞ ƉŽĚƚƌnjLJŵĂŶŝĂ ƉƌnjĞŬĂǍŶŝŬĂ͕ ǁ ĞĨĞŬĐŝĞ
ǁLJųČĐnjĂũČĐnjĂƐŝůĂŶŝĞƵƌnjČĚnjĞŶŝĂ͘


Ϯ͘ϲ͘WƌnjĞŬĂǍŶŝŬŝƉƌŝŽƌLJƚĞƚŽǁĞ
WƌnjĞŬĂǍŶŝŬ ƉƌŝŽƌLJƚĞƚŽǁLJ Ͳ ƵƌnjČĚnjĞŶŝĞ ŶĂĚnjŽƌƵũČĐĞ ǁ ƐƉŽƐſď ĐŝČŐųLJ
ƉŽďſƌ ƉƌČĚƵ ǁ ŽďǁŽĚnjŝĞ ƉƌŝŽƌLJƚĞƚŽǁLJŵ ƉŽnjǁĂůĂũČĐĞ ŶĂ ŽŐƌĂŶŝĐnjĞŶŝĞ
ŵŽĐLJ ƉƌnjLJųČĐnjĞŶŝŽǁĞũ͖ ǁ ĐnjĂƐŝĞ ƵƌƵĐŚŽŵŝĞŶŝĂ Ɛŝħ ũĞĚŶĞŐŽ nj ƵƌnjČĚnjĞŷ
;ŽĚďŝŽƌŶŝŬſǁ ƉƌŝŽƌLJƚĞƚŽǁLJĐŚͿ Ž ĚƵǏĞũ ŵŽĐLJ ;ŶƉ͘ ĐnjĂũŶŝŬĂ ĐnjLJ
ƉƌnjĞƉųLJǁŽǁĞŐŽ ƉŽĚŐƌnjĞǁĂĐnjĂ ǁŽĚLJͿ͕ ƉŽ ƉƌnjĞŬƌŽĐnjĞŶŝƵ ŶĂƐƚĂǁŝŽŶĞũ
ǁĂƌƚŽƑĐŝ ƉƌnjĞŬĂǍŶŝŬ ǁLJųČĐnjĂ ŝŶŶLJ ŽĚďŝŽƌŶŝŬ ĞŶĞƌŐŽĐŚųŽŶŶLJ
ŶŝĞƉƌŝŽƌLJƚĞƚŽǁLJ ;ŶƉ͘ ĞůĞŬƚƌLJĐnjŶĞ ŽŐƌnjĞǁĂŶŝĞ ĂŬƵŵƵůĂĐLJũŶĞ͕ ŵĂƚħ
ŐƌnjĞũŶČͿ͘ WƌnjĞŬĂǍŶŝŬŝ ƚĂŬŝĞ ƐƚŽƐŽǁĂŶĞ ƐČ ŵŝħĚnjLJ ŝŶŶLJŵŝ ǁƚĞĚLJ͕ ŐĚLJ ǁ
ŽďǁſĚƉƌČĚŽǁLJƉŽĚųČĐnjŽŶĞƐČĐŽŶĂũŵŶŝĞũĚǁĂŽĚďŝŽƌŶŝŬŝĚƵǏĞũŵŽĐLJ
ŵŽŐČĐĞ ƉƌĂĐŽǁĂđ ŶŝĞnjĂůĞǏŶŝĞ͕ ĂůĞ ŝĐŚ ũĞĚŶŽĐnjĞƐŶĂ ƉƌĂĐĂ
ƐƉŽǁŽĚŽǁĂųĂďLJ njĂĚnjŝĂųĂŶŝĞ njĂďĞnjƉŝĞĐnjĞŷ ŶĂĚƉƌČĚŽǁLJĐŚ
;ƉƌnjĞĐŝČǏĞŶŝŽǁLJĐŚͿ͘WƌnjĞŬĂǍŶŝŬƉƌŝŽƌLJƚĞƚŽǁLJŵŽǏĞďLJđƚĞǏƵǏLJǁĂŶLJĚŽ
ƐLJŐŶĂůŝnjĂĐũŝŶĂĚŵŝĞƌŶĞŐŽƉŽďŽƌƵŵŽĐLJ͘
Ϯ͘ϳ͘WƌnjĞŬĂǍŶŝŬŝďĞnjƉŝĞĐnjĞŷƐƚǁĂ
WƌnjĞŬĂǍŶŝŬďĞnjƉŝĞĐnjĞŷƐƚǁĂũĞƐƚƚŽƉƌnjĞŬĂǍŶŝŬĚĞĚLJŬŽǁĂŶLJĚŽǁĂǏŶLJĐŚ
ƉŽĚ ǁnjŐůħĚĞŵ ďĞnjƉŝĞĐnjĞŷƐƚǁĂ ƵŬųĂĚſǁ ƐƚĞƌŽǁĂŶŝĂ ƵƌnjČĚnjĞŷ
ĞůĞŬƚƌLJĐnjŶLJĐŚ ;ƐŝůŶŝŬſǁ͕ ŵĂƐnjLJŶ ƉƌnjĞŵLJƐųŽǁLJĐŚͿ͘ ĂǁŝĞƌĂ ƉƌnjĞǁĂǏŶŝĞ
ĚǁĂ ƌĞĚƵŶĚĂŶƚŶĞ ƐƚLJŬŝ͕ ŬƚſƌĞ ƐČ njĂųČĐnjĂŶĞ ƉƌnjĞnj ĚǁŝĞ ŶŝĞnjĂůĞǏŶĞ ůŝŶŝĞ
ŽďǁŽĚſǁďĞnjƉŝĞĐnjĞŷƐƚǁĂ͘ĞǁŬĂŽďǁŽĚƵnjĞnjǁŽůĞŶŝĂŶĂƉƌĂĐħnjŽƐƚĂũĞ
njĂųČĐnjŽŶĂ ĚŽƉŝĞƌŽ͕ ŐĚLJ ŽďĂ ƐƚLJŬŝ njŽƐƚĂŶČ njǁĂƌƚĞ ǁ ƚLJŵ ƐĂŵLJŵ ĐnjĂƐŝĞ
;ĐnjĂƐŵŝħĚnjLJnjĂųČĐnjĞŶŝĂŵŝƚLJĐŚƐƚLJŬſǁďħĚnjŝĞŵŶŝĞũƐnjLJŽĚnjĂųŽǏŽŶĞŐŽͿ͘
t ƉƌnjLJƉĂĚŬƵ ĂǁĂƌŝŝ͕ ƚũ͘ ǁĐŝƑŶŝħĐŝĂ ƉƌnjLJĐŝƐŬƵ ďĞnjƉŝĞĐnjĞŷƐƚǁĂ ;ƚnjǁ͘
ŐƌnjLJďŬĂͿ͕ ƉƌnjĞĐŝħĐŝƵ ďƌĂŵŬŝ ƑǁŝĞƚůŶĞũ͕ ƵĂŬƚLJǁŶŝĞŶŝĂ ŝŶŶLJĐŚ
njĂďĞnjƉŝĞĐnjĞŷ͕ ďČĚǍ ǁ ƉƌnjLJƉĂĚŬƵ njǁĂƌĐŝĂ ŽďǁŽĚſǁ ďĞnjƉŝĞĐnjĞŷƐƚǁĂ
ŶĂƐƚħƉƵũĞƌŽnjǁĂƌĐŝĞŽďǁŽĚƵĚŽƉƵƐnjĐnjĞŶŝĂ͕ŵĂƐnjLJŶĂƉƌnjĞĐŚŽĚnjŝǁƐƚĂŶ
ŽĚųČĐnjĂŶĂŽĚnjĂƐŝůĂŶŝĂ͘

ϯ͘<ŽŶĨŝŐƵƌĂĐũĂ
t ŽďǁŽĚĂĐŚ ƐƚĞƌŽǁĂŶŝĂ ŝ ĂƵƚŽŵĂƚLJŬŝ ĐnjħƐƚŽ ƐƚŽƐƵũĞ Ɛŝħ
ƐŬŽŵƉůŝŬŽǁĂŶĞ ƐLJƐƚĞŵLJ ƉƌnjĞŬĂǍŶŝŬſǁ͘ :ĞĚĞŶ ƉƌnjĞŬĂǍŶŝŬ ƌĞĂŐƵũĞ ŶĂ
ƉƌnjLJŬųĂĚŶĂǁnjƌŽƐƚƉƌČĚƵ͕ĚƌƵŐŝŶĂƐƉĂĚĞŬŶĂƉŝħĐŝĂ͕njĂƑƚƌnjĞĐŝƉŽďƵĚnjŝ
Ɛŝħ ƚLJůŬŽ ǁƚĞĚLJ͕ ŐĚLJ njĂĚnjŝĂųĂũČ ƉŽƉƌnjĞĚŶŝĞ ĚǁĂ͘ njŝħŬŝ ƚĞŵƵ ŵŽǏŶĂ
ƐƚŽƐŽǁĂđnjųŽǏŽŶĞƐLJƐƚĞŵLJĚĞĐLJnjLJũŶĞ͘
t ĂƵƚŽŵĂƚLJĐĞ ĞůĞŬƚƌŽĞŶĞƌŐĞƚLJĐnjŶĞũ ƉƌnjĞŬĂǍŶŝŬŝ ƐƚŽƐŽǁĂŶĞ ƐČ ĚŽ
ŽĐŚƌŽŶLJ ŽďŝĞŬƚſǁ ƉƌnjĞĚ ƐŬƵƚŬĂŵŝ njǁĂƌđ ŝ ŝŶŶLJĐŚ ŶŝĞƉŽǏČĚĂŶLJĐŚ
njũĂǁŝƐŬ͘
tŝĞĚnjČĐ͕ ǏĞ ƉŽĚĐnjĂƐ njǁĂƌĐŝĂ njĂnjǁLJĐnjĂũ njŶĂĐnjŶŝĞ ƌŽƑŶŝĞ ƉƌČĚ͕ ŵŽǏŶĂ
njĂďĞnjƉŝĞĐnjLJđ ŽďŝĞŬƚ ƉƌnjĞĚ ƐŬƵƚŬĂŵŝ njǁĂƌđ ǁųČĐnjĂũČĐ ǁ ŽďǁſĚ
ƉƌnjĞŬĂǍŶŝŬ ŶĂĚƉƌČĚŽǁLJ͘ :ĞǏĞůŝ ƉƌČĚ ǁ ŽďǁŽĚnjŝĞ ǁnjƌŽƑŶŝĞ ƉŽǁLJǏĞũ
ŶĂƐƚĂǁŝŽŶĞũ ǁĂƌƚŽƑĐŝ ;ŶƉ͘ ϭϮϬй ǁĂƌƚŽƑđ njŶĂŵŝŽŶŽǁĂͿ͕ ƉƌnjĞŬĂǍŶŝŬ
ƉŽďƵĚnjŝƐŝħŝnjĞǁƌnjĞŽďǁſĚĐĞǁŬŝǁLJųČĐnjŶŝŬĂ͘dŽƐƉŽǁŽĚƵũĞŽƚǁĂƌĐŝĞ
ǁLJųČĐnjŶŝŬĂ ŝ ƚLJŵ ƐĂŵLJŵ ƉƌnjĞƌǁĂŶŝĞ ŽďǁŽĚƵ ŐųſǁŶĞŐŽ͕ ǁ ŬƚſƌLJŵ
ƉųLJŶŝĞƉƌČĚnjǁĂƌĐŝŽǁLJ͘:ĞĚŶŽĐnjĞƑŶŝĞƚĞŶƐĂŵƉƌnjĞŬĂǍŶŝŬŵŽǏĞnjĞǁƌnjĞđ
ŽďǁſĚƐLJŐŶĂůŝnjĂĐLJũŶLJ͕ŝŶĨŽƌŵƵũČĐŽĂǁĂƌŝŝ͕ĂƚĂŬǏĞŶƉ͘ĚŽƉƌŽǁĂĚnjŝđĚŽ
ƉŽďƵĚnjĞŶŝĂ ŝŶŶLJĐŚ ƉƌnjĞŬĂǍŶŝŬſǁ͕ ŽĚƉŽǁŝĞĚnjŝĂůŶLJĐŚ njĂ njĂųČĐnjĞŶŝĞ
njĂƐŝůĂŶŝĂƌĞnjĞƌǁŽǁĞŐŽ͘

ϰ͘ZſǏŶŝĐĂƉŽŵŝħĚnjLJƐƚLJĐnjŶŝŬŝĞŵĂƉƌnjĞŬĂǍŶŝŬŝĞŵ
^ƚLJĐnjŶŝŬŝ ũĂŬ ŝ ƉƌnjĞŬĂǍŶŝŬŝ ĚnjŝĂųĂũČ ŶĂ ƚĂŬŝĞũ ƐĂŵĞũ njĂƐĂĚnjŝĞ Ͳ ƉŽƉƌnjĞnj
njĂųČĐnjĞŶŝĞƉƌnjĞŬĂnjƵũČĚĂůĞũƐLJŐŶĂų͕njĂůĞǏŶŝĞŽĚŬŽŶƐƚƌƵŬĐũŝŵŽǏĞƚŽďLJđ
ŶĂƉƌnjLJŬųĂĚƐLJŐŶĂųƉƌČĚŽǁLJĂůďŽŶĂƉŝħĐŝŽǁLJ͘ĂƐĂĚŶŝĐnjĂƌſǏŶŝĐĂƉŽůĞŐĂ
ŶĂ ƚLJŵ͕ ǏĞ ƐƚLJĐnjŶŝŬĂŵŝ ŶĂnjLJǁĂ Ɛŝħ ƵƌnjČĚnjĞŶŝĂ ĚŽ njĂųČĐnjĂŶŝĂ ƵŬųĂĚſǁ
ƐŝůŶŽƉƌČĚŽǁLJĐŚ ƉŽĚĐnjĂƐ ŐĚLJ ƉƌnjĞŬĂǍŶŝŬĂŵŝ ƚĂŬŝĞ ƵƌnjČĚnjĞŶŝĂ͕ ŬƚſƌĞ
njĂųČĐnjĂũČ ;ĐnjLJůŝ ƉƌnjĞŬĂnjƵũČͿ ƐLJŐŶĂųLJ ŶŝƐŬŽƉƌČĚŽǁĞ ůƵď ƐLJŐŶĂųLJ Ž
ƉŽƚĞŶĐũĂůĞ njĞƌŽǁLJŵ͘ /ŶŶLJŵŝ ƐųŽǁLJ ƐƚLJĐnjŶŝŬĂŵŝ njĂųČĐnjĂ Ɛŝħ ƵƌnjČĚnjĞŶŝĂ
ĞůĞŬƚƌLJĐnjŶĞ ƚĂŬŝĞ ũĂŬ ŶĂ ƉƌnjLJŬųĂĚ ƐŝůŶŝŬŝ ĞůĞŬƚƌLJĐnjŶĞ͕ ƉƌnjĞŬĂǍŶŝŬŝ
ŶĂƚŽŵŝĂƐƚ ƐƚŽƐŽǁĂŶĞ ƐČ ĚŽ ƉŽĚĂǁĂŶŝĂ ƐLJŐŶĂųſǁ ƐƚĞƌƵũČĐLJĐŚ
ƉƌnjLJŬųĂĚŽǁŽ ĚŽ ůƵď ŽĚ ƐƚĞƌŽǁŶŝŬſǁ W>͘ ^ƚLJĐnjŶŝŬŝ
ĞůĞŬƚƌŽŵĂŐŶĞƚLJĐnjŶĞ͕njƵǁĂŐŝŶĂŝŶŶĞƉƌnjĞnjŶĂĐnjĞŶŝĞ͕ĐŚĂƌĂŬƚĞƌLJnjƵũČƐŝħ
njǁLJŬůĞǁŝħŬƐnjLJŵŝŐĂďĂƌLJƚĂŵŝŽĚƉƌnjĞŬĂǍŶŝŬſǁĞůĞŬƚƌŽŵĂŐŶĞƚLJĐnjŶLJĐŚ͘
ĞƐƚLJŬŝ ƉƌnjĞŬĂǍŶŝŬſǁ ŵĂũČ ƐƚŽƐƵŶŬŽǁŽ ŶŝĞǁŝĞůŬČ ŽďĐŝČǏĂůŶŽƑđ
ƉƌČĚŽǁČ;ƉƌČĚƌŽďŽĐnjLJnjĞƐƚLJŬſǁnjǁLJŬůĞǁLJŶŽƐŝŽĚϭĚŽϭϬĂŶĂƉŝħĐŝĞ
ĐĞǁŬŝϮϯϬsůƵďϰϬϬsͿ͘ůĂƚĞŐŽƉƌnjĞŬĂǍŶŝŬũĞƐƚǁLJƉŽƐĂǏŽŶLJǁnjŶĂĐnjŶŝĞ
ŵŶŝĞũƐnjLJ ĞůĞŬƚƌŽŵĂŐŶĞƐ ŶŝǏ ƐƚLJĐnjŶŝŬ͕ Ă ƐƚLJŬŝ ŶŝĞ ŵĂũČ ĚŽĚĂƚŬŽǁLJĐŚ
ƵƌnjČĚnjĞŷ ĚŽ ŐĂƐnjĞŶŝĂ ųƵŬƵ͘ dƌǁĂųŽƑđ ƉƌnjĞŬĂǍŶŝŬĂ ũĞƐƚ ďĂƌĚnjŽ ǁLJƐŽŬĂ
;ĚŽŬŝůŬƵĚnjŝĞƐŝħĐŝƵŵŝůŝŽŶſǁųČĐnjĞŷͿ͘
hŬųĂĚĂŵŝ ƐƚLJĐnjŶŝŬŽǁŽͲƉƌnjĞŬĂǍŶŝŬŽǁLJŵŝ ŶĂnjLJǁĂ Ɛŝħ ƚĂŬŝĞ ƵŬųĂĚLJ͕ ǁ
ŬƚſƌLJĐŚƐƚLJĐnjŶŝŬŝƐČĞůĞŵĞŶƚĂŵŝǁLJŬŽŶĂǁĐnjLJŵŝ;ǁųČĐnjĂũČŝǁLJųČĐnjĂũČǁ
ŽĚƉŽǁŝĞĚŶŝĞũ ĐŚǁŝůŝ ŽĚƉŽǁŝĞĚŶŝĞ ŽďǁŽĚLJ ƌŽďŽĐnjĞͿ͕ ƉƌnjĞŬĂǍŶŝŬŝ
ŶĂƚŽŵŝĂƐƚ ƐƚĞƌƵũČ ƉƌĂĐČ ƐƚLJĐnjŶŝŬſǁ ƉŽǁŽĚƵũČĐ ǁnjďƵĚnjĂŶŝĞ ĐĞǁĞŬ
ƐƚLJĐnjŶŝŬſǁ ǁ njĂůĞǏŶŽƑĐŝ ŽĚ ŽŬƌĞƑůŽŶLJĐŚ ĐnjLJŶŶŝŬſǁ Ͳ ŶƉ͘ ĐnjĂƐƵ͕
ƉƌħĚŬŽƑĐŝŝƚƉ͘



        

        

  

!"#$%&'#(%)$%&(*%+,!-(&$#.,*./#--&$('#!*1!#".$
'"(-2&  ("3+4$"#!"3  $  ',*%"!.!"3  #  '#!  -(&$*  '"/  4*'!  *#/,#(5
(+(%!"#!"3  $  $"3  #6(#'$("#$*  '#(,  *-#%,#($(17  #$8%$  $1  19  4$"#!;  ,
1$$1*1  *,#$<  "#<&$(%  &  '"(-$(  ,("!#!.&!%&"#!1=  #&$8%-#!;  &!,.>;  $
6(#'$("#(5-&'"!=,%<,>;$'&#+>;&!%!&!"3"#!>"$#$(#&,>;
'"!*#/,#(5(+(%!"#!"37,--&(&!"3*%+,"36&,!-!4+$#".$,-"#./
6-+*,#(  $?1".$    -"3  '"!  *#/,#($=    #.&$-%"3  #"3,#/"!"3  &  '"(-$(
("3+4$"#!1+*6',*%"!.!1=*-#%,#($"3=#49($"3$'7%+,!(*19+$&$./
%9(&'&,#($(6+%,!7+(4$(,'*-#"#($*,&!%$6<8,!"3"#!>"$
-(&$"#!"3=%2(14<!6!#49;*#/,#($*=6-<*,#(+*6'"(-&$("3+4$"#(1*+6
',*%"!.(1*7
  -%<,  -!"#$%&'#(%)$%&!"3  *%<,2&  -(&$  &"3,#/  ,&  ',-&&(
(+(1(!@-!"#$%$$'#(%)$%$7,%&--*.(-$8'#!"$-%$#&$((A"#(+*6#$(+(B7
'#!"$-%$#&$((A"#(&(B=+1'%$-!4+$#"!.(=,#&%$=6*"#%$7
%9,!1*%+,#$(-(&$&!29$-$8,&6&,!@6&2,6"#!A#&!2&$(9
4<2&!1+*6-$+&!1B$6&2,-(&$"#!7
6&2,  6"#!  .(-    6&2,  (+(%!"#! #'(&$./"!  6(#'>(,$/  ,48  '#('<!&*
'/,*,)2,+((4$$,*#/,#($=%2(',+(4-(&$*76&2,(.(-#1!%!'#(#
#(-!%$4<2&(A6"#(B-!"#$%7
6&2,  -(&$"#!  -%+,  -$8  #  !"3  &-#!-%$"3  (+(1(2&=  %2(  '&,*./  ,#$<$(
-!"#$%  #+/"#./"(4  +*6  &!</"#./"(4  ,(  *#/,#($(7  89($  '/,2&  &  6&,"3
-(&$"#!"3-/&$(+%$(1$(.-#(,89(5'/,2&6"#!"37


 

!"#$%  .(-  </"#$%$(1  1("3$"#!1=  &  %2!1  #(-!%$  *#!1!&(  -/  &  '<9($*
&!1*-#!1  -$</  '"3,#/"/  ,  (+(%14(-*7    %9,!1  -!"#$%*  #  '8,(1
(+(%14(!"#!1&!29$-$8#(-!%$4<2&(A6"#(B='1"$"#(A#&$((=#&$((+*6
'#(</"#./"(B  #  "(&%8  '$8"$&/  (+(%14(-*7    !-7    '%#  &!'&,#($
#"$-%2&&-!"#$%*'&$(#!1!'* +7

!-77%<,&!'&,#(5#"$-%2&-!"#$%!'* @CDEFDGH#(-!%$4<2&(=6"(&%'$8"$&=CD
EF#(-!%#&$(!=CCCDCECF#(-!%#&$(!7

        C



#(%)$%$  -/    (+(1(!  *1!%$=  %2!"3  #,$(1  .(-  #1!%$(  +*6  &$($(

&-'2<'"*./"(4#$1$6&,*"(&%$-!"#$%7</"#$(+*6&!</"#$(-!"#$%,6!&-$8
''#(#  #1!%$(  +*6  &$($(  #(-!%2&  '#(%)$%  *1$(-#"#!"3  &  6&,#$(  #-$+$
"(&%$  -!"#$%7  (-!%$  *#!1!&(  -/  &  '#!".$  &!1*-#(.  ',  &'<!&(1  ,)&$4$
'#!"$/4(.  '#(#  "(&%8  (+(%14(-*7  #(%)$%  1  &!'&,#(  #"$-%$  #(-!%2&
#&$(!"3=  #&$(!"3  +*6  '#(</"#./"!"3  #  #"$-%$  "(&%$  '$8"$&(.7  >;  '/,*
'#('<!&./"(4'#(##(-!%$'#(%)$%.(-'2&!&+#&>"$/'/,*'<!/"(4'#(#
.(4  "(&%87    #+(9>"$  ,  &$(+%>"$=    %2/  (4*./  &!29$1!  '#(%)$%$@  "#-&(=
"$('+(='$8"$&(='/,&(='8,%>"$&(=?(+(%!"#(="$>$($&($'7

!-7  C7  !16+(  4?$"#(@  B  "(&%  '8,&=  6B  "#<  &(. $&!  '#(%   $%  "$('+(4=  "B  -$+$%  'I,*
'#(1$((42.?#&!=,B<I"#$%8"#!.(,6$(4*&!#&$(1!=(B<I"#$%8"#!.(,6$(4*&!#&$(!=?B
#(-  !% #&$(1!=  4B  #(-!%  #&$(1!=  3B  #(-!%$  4<2&( -!"#$%  2.?#&(4=  $B  #(-!%  #&$(1!  '#(%)$%
"$('+(4=.B<I"#$%'#!"$-%&!,&*6$(4*&!.(,!1#(-!%*#&$(1!1$.(,!1#&$(1!1=%B6(#'$("#$%
'$%&!

,-&&(-!16+(*9!&(&#&$$8!"3-"3(1"3(+(%  !"#!"3*%<,2&  -(&$

'%#!-7C7

  

"(+*#</"#($-!"#$%+(9!,.(4"(&%$'#!</"#!;'$8"$(#-$+./"(&>"$
#+(9(.,,#.*"(&%$7/"(&%$'#!--&(,#-$+$'$8"$(1'#(1$(!1ACCJK=
ELJ  K=  $(!'&  GJJ  K  $'7B  $  '$8"$(1  -<!1 AC  K=  CF  K=  FL  K  $'7B7    #+(9>"$  ,
&!%$#(-!%2&4<2&!"3=-!"#$%19('#(&,#$;'/,&>"$,@H=CG=EG=
HJ$,76$(./"-!"#$%+(9!#(1%(>+$;,#.$&>;'$8"$#-$+./"(4#
1%-!1+!'/,=.%$68,#$('<!/<'#(##(-!%$6"#(7
  4-',-&"3  ,1&!"3  $  +!"3  ."#8>"$(.  ,'&,#  .(-  -$(;  '/,*
'#(1$((4'$8"$*CCJELJK7/,--*.(-$8-!"#$%$'$8"$(CCJK+*6ELJK7

!"# $%

.'--#!*%<,-(*./"!'"/-$+$%'#(,-&$!-7E7(&$('+(4&</"#$*$
&!</"#$*-$+$%'#!"$-%$(1#</"#./"!1$&!</"#./"!17'$8"$(#-$+./"(',</"#(
.(-,#"$-%2&$
7"$>$8"$*'#!"$-%*-8'*.(&</"#($(-!"#$%#-./#&(
#(-!%$ 4<2&(   $#(-!%'1"$"9!=  (-!% 6"#$%*.( '#!"$-%A.(- #&7 *%<,
',#!1$B7$+$%M#-.(&</"#!7"$>$8"$('#!"$-%*'&,*.(&!</"#($(-!"#$%

        E

#(-!%$$#-./&(7$+$%M#-.(&!</"#!7

!-7E7%<,-(&$'"/-$+$%@B6&2,4<2&!=6B6&2,-(*./"!7

%<,*1!"#(4&</"#$-$+$%2&&%(>+(.%+(.>"$'#(,-&$!-7F7
M*$(19+$&$;&</"#($(-$+$%MC,'2%$$(#-$(&</"#!-$+$%M7
+%,'"!
-$+$%MC(+$#&.(-'#!*9!"$*'1"$"#(4#(-!%*#&$((4C-!"#$%7 (-!%
(  *1$(-#"#!  .(-  &  6&,#$(  #-$+$  "(&%$  -!"#$%  C7  #!"$>$8"$(  '#!"$-%*
#</"#./"(4'&,*.(&</"#($(-!"#$%7 (-!%$4<2&(='1"$"#!#(-!%#&$(!
A*%<,',#!1$B$'1"$"#!#(-!%#&$(!+CA6+%,B-!"#$%#-./#&(7
$+$%M#-.('#!</"#!,-$("$7"$>$8"$((#'#!"$-%*#</"#./"(4C-'&,*.(
&</"#($(-!"#$%C7 &(#-/.(4#(-!%$6"#(C$'1"$"#!#(-!%#&$(!C
A*%<,',#!1$B7$+$%MC#-$(',</"#!,#-$+$7
!</"#($(  -$+$%  M  ,6!&  -$8  ''#(#  "$>$8"$(  '#!"$-%*  J  &!</"#./"(4
#-$+$(-!"#$%+72&"#(>$(#-$(&!</"#(#-$+$(-!"#$%CA#&!#(-!%
+CB$!1-1!1#-$(&!</"#!-$+$%MC7!</"#($(-1(4-$+$%MC,6!&-$8'
"$>$8"$*'#!"$-%*CJ&!</"#./"(4-!"#$%C7
</"#($(  -$+$%  MC  '#(,  -$+$%$(1  M  .(-  $(19+$&(  #(  &#4+8,*    '#(&8  &
6&,#$(#-$+$-!"#$%C-'&,&/#(-!%$(1CA1+$(#&!1B7

!-7F7%<,6+%,!%+(.>"$&(.@B6&2,4<2&!=6B6&2,-(*./"!7

%<,*$(19+$&$./"!.(,"#(-/'"8,&2"3-$+$%2&M$MC'#(,-&$!-7
G7 
+%,(+$#&.(-#'1"/#(-!%2& #&$(!"3 +C$CC &</"#!"3&6&2,

        F

#-$+$-!"#$%C$-!"#$%7"$>$8"$*'#!"$-%*&</"#!#-.(-!"#$%+7
(,!  #&$(./  -$8  #(-!%$  4<2&(  +  $  #(-!%  N',#!1*./"!N  ++  #  #&$(  #(-!%
O6+%*./"!P+C7$+$%M.(-&</"#!7*"31$($(-$+$%MC.(-$(19+$&(#(&#4+8,*
'#(&8&6&,#$(#-$+$-!"#$%C-'&,&/#(-!%$(1+C7!</"#($(-$+$%M
,6!&-$8''#(#"$>$8"$('#!"$-%*J7#&$(./-$8&(,!#(-!%$+$#(-!%++=#&$(
-$8 #(-!% +C7  </"#($( -$+$%MC  $  6+%,!-$+$%  M,%*.(-$8  '#!"$-%$(1 C= $"3
&!</"#($('#!"$-%$(1CJ7

!-7G7%<,6+%,!&!%+*"#./"(.@B6&2,4<2&!=6B6&2,-(*./"!7

%<,#1$!%$(*%*62&-$+$%2.?#&(4'#(,-&$!-7H7*%<,#$(
!1  #--&  6+%,8  (+(%!"#/  A#(-!%$  +C  $  CCB  $  1("3$"#/  *$(19+$&$./"/
.(,"#(-(&</"#($(6*-!"#$%2&7 6(#'$("#*%<,'#(,#&"$(1'1$8,#!?#1$$
-$("$#-$+./"(.7
+%,1("3$"#&!%.(-#'1"/'#!"$-%2&,&*#(-!%&!"3
$C7"$>$8"$('#!"$-%*'&,*.(#&"$(#(-!%2&1+$(#&!"3AJ+*6CJB=
-8'$(#&"$(#(-!%2&#&$(!"3A++*6CB7
  "(+*  **"31$($  -$+$%  +(9! "$-/;  '#!"$-%  '7  +7  (,!  #-$(  =#-$+!
-!"#$%+''#(##&(#(-!%$=CJ$CC7</"#($(-!"#$%+-'&,*.(#&"$(#(-!%*
N',#!1*./"(4N++=#&"$(#(-!%*N6+%*./"(4N+C$#</"#($(#(-!%2&6"#!"3
&</"#./"!"3-$+$%M7 1$%$(*%*62&,6!&-$8''#(##1$8%+(.>"$,&2"3
?##-$+./"!"3-$+$%7"$>$8"$*(#'#!"$-%*CA#&"$(#(-!%*CJB#-$(&!</"#!
-!"#$%7 (-!%68,#$(#&!=#(-!%+C#&!7-8'$(#&$(!.(-#(-!%C7
!"#$% C  #-.( &</"#!7 &$(-$8 #(-!% N',#!1*./"!N C= #(-!% 6+%*./"! CC
#&$(-$87$+$%M#-$+!''#(##&(#(-!%$C6"-$8&%$(*%*'#("$&!1,
''#(,$(47
"$>$8"$('#!"$-%*EJ'&,*.(&!</"#($(6*-!"#$%2&=!1-1!1$-$+$%M7

        G

!-7H7%<,*19+$&$./"!#1$8%$(*%*62&@B6&2,4<2&!=6B6&2,-(*./"!7

%<,  *1!"#(4  '#(</"#$%  N4&$#,2.%/N  '#(,-&$    !-7  7  

&</"#($*  '#(</"#$%  #.,*.(  -$8  &  '<9($*  N4&$#,N  $  '  *'<!&$(  %(>+(4  "#-*
-8'*.(  '#(</"#($(  &  '<9($(  N2.%/N7    "$>$8"$*  '#!"$-%*    #-$+!  .(-  -!"#$%
4<2&!+$-!"#$%C'#(</"#./"!&'<9($(N4&$#,N#'#(%)$%"#-&!"7 (-!%
N',#!1*./"!N =  N"#-&!N #(-!% #&$(! "+=  #(-!% N6+%*./"!NEC  $  #(-!%$C  -/
#&(7$+$%M#-$+!.(-'#!'</"#($**#&.(5&4&$#,87*'<!&$(%(>+(4%(-*
"#-*#(-!%"+#&$(-$87&,*.(&!</"#($(-!"#$%C7#&$($/-$8&(,!#(-!%$
C=#&$(-$8#(-!%C+7-8'$(#-.(#&!#(-!%"C*19+$&$./"!&</"#($(-!"#$%
E7(,!#&$(-$8#(-!%N6+%*./"!NEC=%9(#&$(./-$8#(-!%$6"#(E##(-
!%N',#!1*./"!NE+7&!</"#($*-$8'#(%)$%"#-&(4"=#(-!%"+#&$(-$8=
#(-!%"C#&$(7!</"#($(-$+$%-8'*.('"$>$8"$*'#!"$-%*7

!-7CJ7 7%<,*1!"#(4="#-&(4'#(</"#$%N4&$#,2.%/N@B6&2,4<2&!=6B6&2,-(*./"!

lskie Techniczne Zakłady Naukowe Warsztaty Szkolne

Monta elektryczny

L1
L2
L3
PEN N
PE

W YL ZAL
M
3~
Rys. A.10. Układ stycznikowego sterowania silnikiem za porednictwem przycisków
Zał i Wył. współpracujcy z przekanikiem termobimetalowym

L1
L2
L3
PEN N
PE
W YL

K1 K2

ZAL P ZAL L
M
3~

Rys. A.11. Sterowanie prac nawrotn silnika indukcyjnego z samo podtrzymaniem i zabezpieczeniem przed
jednoczesnym włczeniem obrotów prawo i lewo opartym na stykach rozwiernych
Name: rozruchowy_gwiazda_trojkat
Name: rozruchowy_gwiazda_trojkat_sterowanie
Name: rozruch_trojfazowego_silnika_pierscieniowego
Name: rozruch_trojfazowego_silnika_pierscieniowego_sterowanie
Name: rozrusznik_rezystancyjny_w_obwodzie_stojana
Name: rozrusznik_rezystancyjny_w_obwodzie_stojana_sterowanie
Name: schemat_instalacji_oswietleniowej
Name: schemat_sterowania_bojlera
Name: schemat_ukladu_impulsowego_sterowania_instalacji_oswietleniowej
Name: sterowanie_brama
Name: sterowanie_opoznionym_w_czasie_wlaczeniem_dwoch_silnikow
Name: sterowanie_urzadzenia_rozdrabniajacego
Name: stycznikowy_uklad_nawrotowy
Name: uklad_nawrotowy_z_lacznikiem_krzywkowym
Name: uklad_nawrotowy_z_lacznikiem_krzywkowym_sterowanie
Materiały pomocnicze do zajęć.

Opracowano w oparciu o: materiały ze stron internetowych i materiały własne autora