Professional Documents
Culture Documents
Hesse: Grippers and Their Applications
Hesse: Grippers and Their Applications
Hesse: Grippers and Their Applications
160 mm
Handling
▼
Handling
Machining
Assembly
Organisation
47,3 mm
Pneumatics
▼
Pneumatics
Electronics
Mechanics
Sensorics
Software
88,5 mm
Hesse Grippers and their applications
Hesse
Grippers and
their applications
including vacuum devices
158,5 mm
English
Chinese
▼
English
French
German
Russian
195 mm
Spanish
Blue Digest
Blue Digest
on Automation
053 435
225 mm
,IWWI
+VMTTIVWERHXLIMVETTPMGEXMSRW
,ERHPMRK
4RIYQEXMGW
7XIJER,IWWI
+VMTTIVWERHXLIMV
ETTPMGEXMSRW
-RGPYWMZIZEGYYQXIGLRSPSK]
&PYI(MKIWX
SR%YXSQEXMSR
&PYI(MKIWXSR%YXSQEXMSR
)HMXMRK /6YTT
4VSHYGMRK ;7GLVIMRIV
8VERWPEXMSR (&IFFMRKXSR
0E]SYX 3'/)6-RKIRMIYVFÖVS
F]*IWXS%+ 'S
6YMXIV7XVEºI
()WWPMRKIR
8IP
*E\
%PPVMKLXWVIWIVZIHMRGPYHMRKXVERWPEXMSRVMKLXWERHMRTEVXMGYPEVXLIVMKLX
XSETTP]JSVTEXIRXWSVXSVIKMWXIVHIWMKRW2STEVXSJXLMWTYFPMGEXMSRQE]
FIVITVSHYGIHSVXVERWQMXXIHMRER]JSVQSVF]ER]QIERWIPIGXVSRMG
QIGLERMGEPTLSXSGST]MRKSVSXLIV[MWI[MXLSYXXLITVMSV[VMXXIRTIV
QMWWMSRSJ*IWXS%+ 'S%R]GSRXVEZIRXMSRXSXLMWIJJIGX[MPPFIWYFNIGX
XSHEQEKIW
-XLEWFIIREPSRKLIPHHVIEQF]QERXSSRIHE]FIJVIISJXLIHVYHKIV]
*SVI[SVH SJQERYEPPEFSYVXLVSYKLXLIYWISJEYXSQEXMGHIZMGIW2IIHPIWWXSWE]
XLMWZMWMSREP[E]WHITIRHWSRXLIXIGLRMGEPGSQTSRIRXWEZEMPEFPIEXXLI
XMQI8LIEYXSQEXMGTVSHYGXMSRPMRIWSJXLIX[IRXMIWYWIHF]XLI)RKPMWL
GSQTER]1366-7138367LEHXSFIQIGLERMGEPP]GSRXVSPPIHXSEPEVKI
I\XIRX[LMGL[EWRSXZIV]WYGGIWWJYP2SXYRXMPXLIWM\XMIWHMHERI[FEWMG
XIGLRSPSK]FIGSQIIWXEFPMWLIH8LI2'QEGLMRIERHXLIMRHYWXVMEPVSFSX
&SXLEVIGSQTYXIVEMHIHERHXLIVIJSVIJVIIP]TVSKVEQQEFPIEWJEVEW
QSZIQIRXMWGSRGIVRIH
8LIVSFSXMWERMQTSVXERXLERHPMRKQEGLMRI[LMGLVSYKLP]VITVSHYGIWXLI
LYQEREVQ-RSVHIVXSFIIJJIGXMZIMXEPWSVIUYMVIWQIGLERMGEPLERHW
[LMGLEVIKIRIVEPP]VIJIVVIHXSEWKVMTTIVW8LIWIEVIEPWSVIUYMVIHSR
TMGOERHTPEGIHIZMGIWERHE[MHIVERKISJSXLIVEYXSQEXMGW]WXIQW-R
TVMRGMTPIXLIVIEVIX[SFEWMGHIWMKRWSJKVMTTIVW8LSWIHIWMKRIHMRXLI
JSVQSJJMRKIVWERHXLSWI[LMGLHSRSXVIWWIQFPIJMRKIVWMRER][E]
8LSYWERHWSJMRHMZMHYEPTEXIRXWGERFIJSYRHIEGLSJ[LMGLGPEMQMRKXS
FIEFPIXSWSPZIEKVMTTMRKTVSFPIQQSVIWYGGIWWJYPP]XLERTVIZMSYWP]
ORS[R8LMWHIQSRWXVEXIWXLEXXLIKVMTTIVLEWEOI]VSPIMREYXSQEXMG
LERHPMRK
*SVXLIYWIVMXMWFIGSQMRKMRGVIEWMRKP]HMJJMGYPXXSXEOIMRXLIRS[[MHI
VERKISJKVMTTIVXIGLRSPSK]8LMWMWXLIVIEWSR[L]XLMWFVMIJMRXVSHYGXMSR
LEWFIIRTYFPMWLIH%FSZIEPPMXMWMRXIRHIHXSTVSZMHIEHZMGIERHMHIEW
XSTVEGXMGEPYWIVWWMRGIXLIWIPIGXMSRSJXLIVMKLXKVMTTIVMWF]RSQIERWE
XVMZMEPXEWO%W[MXLSXLIVXIGLRSPSKMIWXLIVIMWEVMWOSJQEOMRKXLI[VSRK
HIGMWMSR2S[EHE]WLS[IZIVQSWXKVMTTIVXEWOWGERFIEGGSQTPMWLIH
YWMRKWXERHEVHKVMTTIVW8LIVIJSVIWTIGMEPKVMTTIVWEVISRP]HIZIPSTIH
JSVI\GITXMSREPGEWIW%WSYRHFEWMGORS[PIHKISJKVMTTIVWERHXLIMVYWI
MWEP[E]WEKSSHMRZIWXQIRXJSVXLIJYXYVI
7XIJER,IWWI
*SVI[SVH
8EFPISJGSRXIRXW
8EFPISJGSRXIRXW
%REP]WMWSJKVMTTIVJYRGXMSRW
+VMTTIVETTPMGEXMSRWJSVGSQTSRIRXTVSHYGXMSR
ERHEWWIQFP]
+VMTTIVWERHLERHE\IW
'SRWXVYGXMSRSJKVMTTMRKIJJIGXSVW
*SVGIWEGXMRKSRKVMTTIVW
8IGLRMGEPTVSTIVXMIW
%TTPMGEXMSREVIEWERHKVMTTIVX]TIW
'LIGOPMWXJSVKVMTTIVW
7YGXMSRKVMTTIVWsEFLSVVIHF]REXYVI
7YGXMSRGYTWJSVIZIV]ETTPMGEXMSR
7YGXMSRGYTWMRLERHPMRKXIGLRSPSK]
0MWXSJMPPYWXVEXMSRW
0MWXSJWTIGMEPXIVQW
+VMTTIVWJYVXLIVIRLERGIXLITIVJSVQERGIGETEFMPMX]SJEYXSQEXIHLER
HPMRKHIZMGIW8LIWIHIZMGIWMRGPYHIRSXSRP]MRHYWXVMEPVSFSXWFYXEPWS
%REP]WMWSJKVMTTIV MRWIVXMSRHIZMGIWQERMTYPEXSVWERHWTIGMEPJIIHHIZMGIWJSVI\EQTPIJSV
JYRGXMSRW EYXSQEXMGQEGLMRIWXIWXMRKQEGLMRIWERHFEXGLEWWIQFP]W]WXIQW
+VMTTIVWJSVQXLIPMROFIX[IIREPPOMRHWSJ[SVOTMIGIWERHXLIQERMTYPEX
MRKQEGLMRIGSRGIVRIH;LMPWXQERGERTMGOYTIZIRGSQTPI\[SVOTMIGIW
IEWMP]ERH[MXLSYXLIWMXEXMSRKVMTTMRKMRXLI[SVPHSJXIGLRSPSK]VIUYMVIW
GEVIJYPTPERRMRKXSSFXEMREHIWMVIHWIUYIRGIERHEWMXYEXMSR[LMGLLEW
FIIRHIJMRIHQYWXXLIRFIQEMRXEMRIHI\XVIQIP]EGGYVEXIP]8LMWWIVMIW
SJEVXMGPIW[MPPHIEP[MXLERYQFIVSJEWTIGXW[LMGLIRWYVIXLEXKVMTTIVW
TVSHYGIXLIHIWMVIHIJJIGX
%KIRIVEPHIJMRMXMSRSJKVMTTIVWMWKMZIRMRXLI:(-+YMHIPMRI%GGSVH
+VMTTIVWEVIXLI MRKXSXLMWXLIHMWXMRKYMWLMRKJIEXYVISJEKVMTTIVMWXLIXIQTSVEV]KVEWT
WSPYXMSRFYXXS[LMGL MRKVIXEMRMRKERHWYFWIUYIRXVIPIEWMRKSJSFNIGXWSJETEVXMGYPEVKIS
TVSFPIQ# QIXVMGEPWLETI+VMTTIVWEGXPMOILERHWMREYXSQEXIHQEGLMRIV]8LI[SVH
pKVMTTIVqIWWIRXMEPP]HIWGVMFIWXLIIZIVKVS[MRKJEQMP]SJEGGIWWSVMIW
YWIHMRLERHPMRKW]WXIQW-XMWRSXEP[E]WIEW]XSWIPIGXXLIVMKLXX]TISJ
KVMTTIV,S[IZIVMXMWRSXEP[E]WETTVIGMEXIHXLEXEGSVVIGXP]JSVQYPEXIH
TVSFPIQHIWGVMTXMSRGERMRMXWIPJFILEPJ[E]XS[EVHWWSPZMRKXLITVSF
PIQ
%KVMTTIVETTPMGEXMSRGERFIHIJMRIHMRXIVQWSJXIGLRSPSKMGEPVIUYMVI
(IXIVQMRMRKXLI QIRXW[SVOTMIGITEVEQIXIVWXLIQEGLMRIXSFIYWIHJSVXLILERHPMRK
VIUYMVIQIRXTVSJMPI STIVEXMSRERHIRZMVSRQIRXEPTEVEQIXIVW
8LIXIGLRSPSKMGEPVIUYMVIQIRXWQE]MRGPYHIXLIXMQIEZEMPEFPIJSVKVMT
TMRKXLIKVMTTMRKTEXLXLIKVMTTIVJSVGIGYVZIERHXLIRYQFIVSJ[SVO
TMIGIWXSFIKVMTTIHWMQYPXERISYWP]8LIQSWXMQTSVXERX[SVOTMIGITE
VEQIXIVWEVIQEWWWLETIHMQIRWMSRW[MXLXSPIVERGIWXLITSWMXMSRSJXLI
GIRXVISJKVEZMX]WXEFMPMX]WYVJEGITVSTIVXMIWQEXIVMEPWXVIRKXLERHXIQ
TIVEXYVI8LIHEXEVIUYMVIHJSVXLILERHPMRKHIZMGIGSQTVMWIMXWTSWMXMSR
MRKIVVSVE\MEPEGGIPIVEXMSRERHGSRRIGXMSRGSRHMXMSRW)RZMVSRQIRXEP
TEVEQIXIVWGSRWMWXSJTVSGIWWJSVGIWXLIWTEGIEZEMPEFPIJSVKVMTTMRK
WIXHS[RGSRHMXMSRWERHXLIHMVXLYQMHMX]ERHZMFVEXMSRTVIWIRX-XMW
HMJJMGYPXMJEKVMTTIVMWVIUYMVIHXSLERHPIWIZIVEPHMJJIVIRX[SVOTMIGIWMR
WYGGIWWMSRWMRGIMXMWXLIRRIGIWWEV]XSWEXMWJ]WIZIVEPVIUYMVIQIRXTVS
JMPIW-XQYWXEPWSFIFSVRIMRQMRHXLEXMXMWRSXEP[E]WTSWWMFPIXSKVMTE
[SVOTMIGISREPPWMHIWJSVI\EQTPIMXQE]FIRIGIWWEV]XSEZSMHTVIGM
WMSRQEGLMRIHJYRGXMSREPWYVJEGIW%JIIHWIUYIRGIQE]EPWSMQTSWI
PMQMXEXMSRW8LMWGERFIWIIRGPIEVP]MRXLMWI\EQTPI*MK
%REP]WMWSJKVMTTIVJYRGXMSRW
*MK
(MZMWMSRSJE[SVOTMIGIMRXS
KVMTTMRK^SRI+GPEQTMRK 1
^SRI'ERHWIXHS[R^SRI 2
7 4
5
;SVOTMIGI
1EKE^MRI
A
'PEQTMRKHIZMGI
+VMTTIV
1EKRIXMGKVMTTIV
C S
%[SVOTMIGIMWXSFITMGOIHYTERHFVSYKLXMRXSEGPEQTMRKTSWMXMSR8LI
[SVOTMIGIGERRSXFIKVMTTIHMRXLIEVIESJXLIWIXHS[R^SRI7[LMGL
JMXWMRXSXLIQEKE^MRIWMRGIXLMWMWGSZIVIH8LIEZEMPEFPIKVMTTMRK^SRI
XLYWKMZIWVMWIXSXLIJEGXXLEXXLI[SVOTMIGIQMKLXWPMTE[E]JVSQXLI
HIWMVIHTSWMXMSR;IQYWXXLIVIJSVIGPEVMJ]JSVIEGL[SVOTMIGIXLIUYIW
XMSRSJ[LMGL^SRIWGERFIYWIHJSVKVMTTMRK8LIWMXYEXMSR[MPPSJGSYVWI
GLERKIMJXLIYWIVWIPIGXWEHMJJIVIRXE\MEPTSWMXMSRMRXLIQEKE^MRISVER
SXLIV[SVOTMIGIQEKE^MRI-RSYVI\EQTPIXLIWIXHS[RERHGPEQTMRK
^SRIWEVIMHIRXMGEP8LIKVMTTMRK^SRIQYWXFIHIJMRIHTSWMXMZIP]
8LII\EQTPIMRZSPZIWI\XIVREPKVMTTMRK;SVOTMIGIW[LMGLEVILSPPS[SV
LEZILSPIWSVVIGIWWIWGEREPWSFIKVMTTIHMRXIVREPP]EWWLS[RMR
*MK
*MK
,S[GERE[SVOTMIGIFI
TMGOIHYT#
E )\XIVREPKVMTTMRK
F -RXIVREPKVMTTMRK
G 'SQFMREXMSRSJMRXIVREP
ERHI\XIVREPKVMTTMRK
a) b) c)
8LMWMWERMQTSVXERXJEGXSVMRXLIWIPIGXMSRSJEKVMTTIVWMRGIMRXLIGEWI
SJMRXIVREPKVMTTMRKXLILSPHMRKJSVGIEGXWJVSQXLIMRWMHIXSXLISYXWMHI
VIUYMVMRKEHSYFPIEGXMRKKVMTTIV)\XIVREPKVMTTMRKSRXLISXLIVLERH
YWYEPP]VIUYMVIWQSVIWTEGIEVSYRHXLIKVMTTIV
%REP]WMWSJKVMTTIVJYRGXMSRW
4SWMXMSRMRKEGGYVEG]MWQSVIMQTSVXERXMREWWIQFP]XLERMRGSRZI]MRK
4SWMXMSRMRKIVVSVWQE]VIWYPXJVSQ
• XLIVITIXMXMSREGGYVEG]SJXLILERHPMRKHIZMGI
• KVMTTIVTSWMXMSRMRKIVVSVW
• [SVOTMIGIXSPIVERGIWSV
• IVVSVWMRXLIFEWMG[SVOTMIGIXS[LMGLXLIE\MWQSXMSRWEVIQEXGLIH%R
I\EQTPIMWWLS[RMR*MK
*MK
8LIVMKLXGLSMGISJKVMTTMRK
TSMRXGEREJJIGXXLI
TSWMXMSRMRKIVVSVHYVMRK
EWWIQFP]
E +VMTTMRKEGSQTSRIRX
F]MXWFSH]
F +VMTTMRKF]GSRRIGXMRK
[MVIW
a
b
a) b)
8LIGSRRIGXMRK[MVIWSJERIPIGXVSRMGGSQTSRIRXEVIXSFIMRWIVXIHMRXSE
TVMRXIHGMVGYMXFSEVH-JXLIGSQTSRIRXMWKVMTTIHF]MXWFSH]HMWXSVXMSRW
WYGLEWWPMKLXP]FIRXGSRRIGXMRK[MVIW[MPPWIVMSYWP]MQTEMVXLIWYGGIWWSJ
XLIEWWIQFP]STIVEXMSRXLIIJJIGXFIMRKKVIEXIVEWXLIHMWXERGIqEqMR
GVIEWIW-JSRXLISXLIVLERHXLI[SVOTMIGIMWKVMTTIHF]MXW[MVIWEXE
HMWXERGIpFqJVSQXLIIRHSJXLIWIXLIWMXYEXMSRMWGSRWMHIVEFP]FIXXIV
'SRWMHIVEXMSRQYWXEPWSFIKMZIRXSXLIMRXIVZEPWEX[LMGLXLIGSQTS
RIRXWEVIXSFIJMXXIH%R]KVMTTIVVIUYMVIWEGIVXEMRQMRMQYQWTEGIXS
STIVEXI
;SVOTMIGILERHPMRKHSIWRSXMRMXWIPJGVIEXIEHHIHZEPYI3RP]MREWWIQ
-WEGSRXVSPPIHKVMTTIV FP]STIVEXMSRWSV[LIRYWIHXSKYMHIXSSPWGERERMRHYWXVMEPVSFSXEHH
RIGIWWEV]EXEPP# ZEPYIXSE[SVOTMIGI-XMWXLIVIJSVIE[IPGSQIEHZERXEKIMJLERHPMRKHI
ZMGIWGERFIWMQTPMJMIHSVIZIRIPMQMREXIHEPXSKIXLIV)\EQTPIEYWIV
[MWLIWXSJIIH[SVOTMIGIWXSEGPEQTMRKHIZMGI*MK
%REP]WMWSJKVMTTIVJYRGXMSRW
*MK
*IIHMRKEGPEQTMRKHIZMGI
'PEQTMRKTSMRX
7MQTPIWXX]TISJKVMTTIV
QERHVIPSVTPYKKVMT
TIV
7YTTP]QEKE^MRI
2
1
,IIRZMWEKIWEGSRXVSPPIHQIGLERMGEPNE[X]TIKVMTTIV[MXLMRXIVREPKVMT
TMRK&YX[L]#%YRGSRXVSPPIHWTVMRKPSEHIHKVMTTIVMWJYPP]EHIUYEXI
8LMWGERTMGOXLI[SVOTMIGIJVSQXLIQEKE^MRIERHXEOIMXXSXLIGPEQTMRK
TSMRX8LIGPEQTMRKNE[WXLIRGPSWIERHXLITPYKKVMTTIVMWVIXVEGXIH)J
JSVXWWLSYPHEP[E]WFIQEHIXSJMRHXLIWMQTPIWXWSPYXMSR8LIVIEVI
LS[IZIVSJXIRTEVEQIXIVW[LMGLTVIZIRXXLMW8LITVMRGMTPIRSRIXLIPIWW
VIQEMRWJMVWXWMQTPMJ]XLIREYXSQEXI
8LIVIEVIQER][SVOTMIGIW[LMGLGER[MXLWXERHXLIRIGIWWEV]KVMTTMRK
,MKLTSMRXPSEHMRKW JSVGI[MXLSYXWYWXEMRMRKHEQEKI&YXXLIVIEVISXLIV[SVOTMIGIW[LMGL
GERHEQEKI EVIJSVI\EQTPITSPMWLIHXLMR[EPPIHWSJXFVMXXPISVWYTIVJMRMWLIHERH
[SVOTMIGIW [LMGLGERFIHEQEKIHHYVMRKKVMTTMRKIWTIGMEPP]F]GPEQTX]TIKVMTTIVW
[LMGLMQTSWIETSMRXPSEHMRK7II*MK
%REP]WMWSJKVMTTIVJYRGXMSRW
*MK
8]TIWSJTSMRXPSEHMRK
VIWYPXMRKJVSQKVMTTMRK
E EVIEEVIE
F PMRIEVIE
G TSMRXEVIE
H HSYFPIPMRIEVIE
a) b)
c) d)
4SMRXPSEHMRKMWXLIGSRXEGXJSVGITIVYRMXKVMTTMRKEVIE[LMGLVIWYPXWJVSQ
GPEQTKVMTTMRK(IJSVQEXMSRSGGYVWEXXLITSMRXSJGSRXEGX'SRXEGXJSVGI
WLSYPHRSXLS[IZIVFIEWWYQIHXSFIXLIWEQIEWXLIGPSWMRKJSVGISJ
XLIKVMTTIV:WLETIHKVMTTIVWJSVI\EQTPIWTVIEHJSVGIW+VEZMX]QE]
EPWSFIEJEGXSVHITIRHMRKSRXLISVMIRXEXMSRSJXLIKVMTTIVEWQE]XLI
GSIJJMGMIRXSJJVMGXMSR
)\GIWWMZITSMRXPSEHMRKWQE]TVSHYGIGPEQTMRKQEVOWSR[SVOTMIGIW
ERHHIRXWMRLSPPS[[SVOTMIGIW
-RXLIGEWISJKVMTTIVW[MXLTPEMRFIEVMRKKYMHIWSWGMPPEXMSRWSJXLI
SZIVEPPW]WXIQQE]TVSHYGIWXVERWMIRXIJJIGXWSRXLIGSIJJMGMIRXWSJWXEXMG
ERHWPMHMRKJVMGXMSR8LMWQIERWXLEXHYVMRKEQSXMSRWYFNIGXXSZMFVEXMSR
GSRXEGXJSVGIQE]MRGVIEWIHYIXSXLIJEGXXLEXWPMHMRKJVMGXMSRFIGSQIW
IJJIGXMZIJSVEWLSVXXMQIVIHYGMRKXLIJVMGXMSRMRXLIKYMHIW[LMGLHMQMR
MWLIWXLIKVMTTIVJSVGI8LMWTLIRSQIRSRSGGYVWLEVHP]EXEPP[MXLVSPPIV
FIEVMRKNE[KYMHIW
;LIRMXGSQIWXSXLIJMRITSWMXMSRMRKSJSFNIGXWXLIEZIVEKITIVWSRVI
4VSFPIQW[MXL PMIWSRI]ILERHGSSVHMREXMSRERHQEREKIW[MXLSYXHMJJMGYPX]JSVI\EQ
EGGYVEG] TPIXSXLVIEHERIIHPI1IGLERMGEPKVMTTMRKQYWXFINYWXEWTVIGMWIERH
XVSYFPIJVII
4VSFPIQWGERSGGYVMRWMXYEXMSRW
• ;LIRTMGOMRKYTE[SVOTMIGI
• ;LIREPMKRMRKXLMWMRXLIKVMTTIVHIZMGI
• ;LIRWIXXMRKXLI[SVOTMIGIHS[RMRXLIHIWMVIHTSWMXMSR
%REP]WMWSJKVMTTIVJYRGXMSRW
+VMTTMRKHIZMGIWLEZISRP]EPMQMXIH[SVOMRKVERKI;SVOTMIGIWSYXWMHI
SVEXXLIPMQMXSJXLMWVERKI[MPPRSXFITMGOIHYTVIPMEFP]8LIERW[IVMWIM
XLIVXSYWIE[MHIVERKIKVMTTIV[LMGLVIUYMVIWEPSRKIVKVMTTMRKXMQISV
XSVIHYGIXLI[SVOTMIGITPEGMRKIVVSV8LMWGERSJXIRFIEGLMIZIHF]WMQ
TPIQIERW*MKWLS[WERI\EQTPI-RXLISPHEVVERKIQIRXXLI[SVO
TMIGIMWTSWMXMSRIHZIV]MREGGYVEXIP]EXXLITMGOYTTSMRX%RMQTVSZIQIRX
MWTVSHYGIHF]YWMRKEXIQTPEXI[MXLEGIRXVMRKIJJIGX
*MK
9REQFMKYSYWTMGOYT
TSMRXWIRWYVIVIPMEFPI
KVMTTMRK
E -REGGYVEXI[SVOTMIGI
TSWMXMSR
F :WLETIHXIQTPEXI
GIRXVIW[SVOTMIGI
a) b)
;SVOTMIGIWEVIRSXEPMKRIHXSXLIKVMTTMRKGIRXVIWMRGIXLIKVMTTIVGPSWIW
MREREVGERHSTIVEXIW[MXL[SVOTMIGIWSJHMJJIVIRXHMEQIXIVW8LIKVMT
TMRKGIRXVIEPWSORS[REWXLIXSSPGIRXVITSMRX8'4MWLS[IZIVXLI
ZEPYIIRXIVIHMRXLITVSKVEQQMRKSJXLILERHPMRKQEGLMRI(IZMEXMSRWSJ
XLMWOMRHQE]GEYWIWTVSFPIQW[MXLGPSWIXSPIVERGIEWWIQFP]STIVEXMSRW
8LMWX]TISJTVSFPIQMWWLS[RMR*MK?A8LMWIJJIGXMWRSXIRGSYRXIVIH
[MXLTEVEPPIPNE[KVMTTIVW
*MK
+VMTTIVHIZMGIW[LMGLGPSWI
MREREVGQE]GEYWIEWLMJX
SJXLIKVMTTMRKGIRXVI 1
1
E 7GMWWSVWX]TIKVMTTIV 2
[MXLHMJJIVIRX[SVO
TMIGIWERH 2
F 4EVEPPIPNE[KVMTTIV
δx
a) b)
4VSFPIQWQE]EPWSFIIRGSYRXIVIHMRSFXEMRMRKWIXHS[REXTVIGMWI
TSMRXW8LMWMWWYFNIGXXSEXSXEPIVVSVGSQTVMWMRKXLILERHPMRKQEGLMRI
TSWMXMSRMRKIVVSVXLIKVMTTIVIVVSVERHXLI[SVOTMIGIIVVSV?A7LETIIV
VSVWMRTEVXMGYPEVQE]FITVSFPIQEXMG[MXLPSRK[SVOTMIGIWERHREVVS[
KVMTTIVNE[WEWWLS[RMR*MK8LIVIQIH]MWXSYWI[MHIVKVMTTIVHI
ZMGIW[MXLEGSQTPMERXGSZIVMRKSRXLIMVKVMTTMRKWYVJEGI
8LIEGGYVEG]WMXYEXMSRQYWXXLIVIJSVIFIWXYHMIHXLSVSYKLP]%KVMTTIV
[MXL:WLETIHNE[W[MPPGSQTIRWEXIJSVTVIGIHMRKTPEGMRKIVVSVWERH[MPP
%REP]WMWSJKVMTTIVJYRGXMSRW
EPMKRXLI[SVOTMIGIXSXLI8'4%QEKRIXMGKVMTTIVSVWYGXMSRGYTGERRSX
HSXLMW8LIWIX]TIWSJKVMTTIVW[MPPVIXEMRXLITPEGMRKIVVSVERHEHHIVVSVW
SJXLIMVS[R8LITVSGIWWXIGLRSPSK]EPWSLEWERIJJIGXEGPEQTMRKGSPPIX
STIRWSRP]EWLSVXHMWXERGIERHMWQSVIHMJJMGYPXXSJIIHXLERE[MHI
STIRMRKNE[X]TIGLYGO
*MK
'IRXVIHIZMEXMSRVIWYPXMRK
JVSQ[SVOTMIGIJSVQIVVSVW δx
δy
δx
%KVMTTMRKSTIVEXMSRGERFIMRJPYIRGIHF]ERYQFIVSJTEVEQIXIVW[LMGL
7YQQEV] QE]FYXRIIHRSXRIGIWWEVMP]GEYWIXLIKVMTTIVXSQMWWXLI[SVOTMIGI
MRXLI[SVWXGEWIWGIREVMS;ILEZIHMWGYWWIHERYQFIVSJVIEWSRWJSV
XLMW%XLSVSYKLWXYH]SJXLIKVMTTIVETTPMGEXMSR[MPPLIPTXSVIGSKRMWI
TVSFPIQWMRKSSHXMQI?A
%REP]WMWSJKVMTTIVJYRGXMSRW
8LIGLSMGISJKVMTTIVX]TIMWEP[E]WHIXIVQMRIHF]XLITVSTIVXMIWSJXLI
SFNIGXXSFIKVMTTIHERHXLITYVTSWISJXLILERHPMRKSTIVEXMSRGSR
+VMTTIVETTPMGEXMSRW GIVRIH'PEWWMGETTPMGEXMSRWMRGPYHITVSHYGXMSRSJGSQTSRIRXWJIIHERH
JSVGSQTSRIRXTVS EWWIQFP]LERHPMRKSJGSQTSRIRXWJSVEWWIQFP]2I[ETTPMGEXMSRWLEZI
HYGXMSRERHEWWIQFP] LS[IZIVEPWSIQIVKIH[MXLHMJJIVIRXTEVEQIXIVWJVSQXLSWIMRTVSHYG
XMSR8LIWIETTPMGEXMSRWMRGPYHITEGOEKMRKVIUYMVMRKLMKLWTIIHWERH
GSQQMWWMSRMRK[MXLERYRHIJMRIHMRMXMEPSFNIGXTSWMXMSR-XMWXLYWRIGIW
WEV]XSEHETXKVMTTIVWGSRWXERXP]JSVRI[ERHMQTSVXERXETTPMGEXMSRW
7XERHEVHKVMTTIVWLEZIVIEGLIHELMKLPIZIPSJHIZIPSTQIRXERHGERFI
YWIHJSVQER]ETTPMGEXMSRWRSXNYWXXLIGPEWWMGETTPMGEXMSRW8LIVIEVI
EPWSKVMTTIVW]WXIQWJSVWTIGMEPETTPMGEXMSRW6EMPWERHEHETXIVTPEXIWGER
FIYWIHJSVI\EQTPIXSGVIEXIHSYFPIKVMTTIVWQYPXMTSWMXMSRKVMTTIVW
ERHQYPXM[SVOTMIGIKVMTTIVW;I[MPPMPPYWXVEXIXLMW[MXLEJI[WIPIGXIH
I\EQTPIW
TSMRXKVMTTIVWEVIXLITVIJIVVIHX]TIJSVLERHPMRKG]PMRHVMGEP[SVO
;SVOTMIGILERHPMRK TMIGIW8LIWIKVMTTIVWKMZIFSXLKSSHGIRXVMRKERHELMKLHIKVIISJVIPM
[MXLWXERHEVH EFMPMX]?A'EVIJYPHIWMKRSJXLIKVMTTIVJMRKIVWGERTVSZMHIEGIVXEMR
KVMTTIVW QIEWYVISJEHETXEFMPMX]XSHMJJIVIRX[SVOTMIGIHMQIRWMSRW*MKWLS[W
ERI\EQTPIYWMRKLEVHIRIHKVMTTIVTMRWJSVXLIMRXIVREPKVMTTMRKSJWQEPP
[SVOTMIGIW8LIWITMRWGERMJHIWMVIHFIVITSWMXMSRIHMRSXLIVFSVIWTVS
ZMHIHMRXLIKVMTTIVJMRKIVW8LIVIWYPXMWERIRLERGIHKVMTTIVVERKIEP
FIMX[MXLXLIRIIHJSVQERYEPVIWIXXMRK8LIKVMTTIVTMRWRIIHRSXFIYWIH
GSRGIRXVMGEPP]MXQE]FIFIXXIVXSEVVERKIXLIQEXKVMTTMRKTSMRXWMREG
GSVHERGI[MXLXLIMRXIVREPGSRXSYVWSJXLI[SVOTMIGIJSVI\EQTPIMRSVHIV
XSKVMTELSYWMRK[MXLEVIGXERKYPEVETIVXYVI*MKG-XMWEPWSTSWWMFPI
XSKVMTMRXSLSPITEXXIVRWI\XVIQIP]IJJIGXMZIP]YWMRKKVMTTIVTMRW
*MK
9WMRKETSMRXKVMTTIV
E %HNYWXEFPIKVMTTIVTMRW
F 'SRGIRXVMGMRXIVREP
KVMTTMRKSJEJPERKIVMRK
G 2SRGSRGIRXVMGMRXIVREP
KVMTTMRKSJELSYWMRK
a) b) c)
8LIQMRMQYQIJJIGXMZIPIRKXLSJXLITMRWWLSYPHFIQQ8LMWEPWSET
TPMIWXSQIGLERMGEPKVMTTIVJMRKIVW
+VMTTIVETTPMGEXMSRWJSVGSQTSRIRXTVSHYGXMSRERHEWWIQFP]
*SV[SVOTMIGIW[MXLEPIRKXLSJQQERHQSVIMXMWFIXXIVXSYWI
QYPXMTSMRXKVMTTIVW8LIFIWX[E]XSTVSHYGIKVMTTIVWSJXLMWOMRHMWF]
GSQFMRMRKX[SWXERHEVHKVMTTIVW8LMWMWWLS[RMR*MKXEOMRKXLII\
EQTPISJXLIKVMTTMRKSJEWLIIXQIXEPTVSJMPI*SVXLMWTYVTSWIXLIKVMT
TIVWEVIQSYRXIHSREREHETXIVVEMP8LIVIUYMVIHKVMTTMRKJSVGITIVKVMT
TIVMWSJGSYVWILEPZIHERHXLITVSFPIQEXMGXSVUYIJSVGIW[LMGLQE]VI
WYPXJVSQLMKLWTIIHQERMTYPEXMSRGERFIEFWSVFIHQSVIIEWMP]
*MK
1YPXMTSMRXKVMTTIVJSVPSRK
[SVOTMIGIW
8LIGIRXVISJKVEZMX]SJXLI[SVOTMIGIWLSYPHFITPEGIHEXXLII\EGXQMH
TSMRXFIX[IIRXLIKVMTTIVW;LIRWMRKPIKVMTTIVWEVIYWIHXLIGIRXVISJ
KVEZMX]WLSYPHFIEWGPSWIEWTSWWMFPIXSXLIKVMTTMRKTSMRX
*VIUYIRXYWIMWQEHISJQSHMJMIHKVMTTIVW]WXIQWFEWIHSRWXERHEVH
KVMTTIVW3RII\EQTPISJXLMWMWMRPMRIEVVE]WSJKVMTTIVWYWIHXSTMGOYT
[SVOTMIGIWJVSQTEPPIXWVS[F]VS[SVXSWIXHS[RVS[WSJ[SVOTMIGIWSR
TEPPIXWMRGVEXIWIXG-RXLMWGEWIXSSXLIKVMTTIVWEVIQSYRXIHSREVEMP
ERHXLIREGXEWQYPXM[SVOTMIGIKVMTTIVW8LMWMWMPPYWXVEXIHMR*MK
7MRGIXLIKVMTTIVWEGXEXEPEVKIRYQFIVSJTSMRXWWMQYPXERISYWP]XLI
[SVOTMIGITSWMXMSRWQYWXFIQEMRXEMRIHXSGPSWIXSPIVERGIW-J[SVO
TMIGIWRIIHXSFITMGOIHYTJSVI\EQTPIJVSQEGSRZI]SVFIPXMXQE]FI
RIGIWWEV]XSEPMKRXLIWISRXLIFIPXFIJSVILERH
+VMTTIVETTPMGEXMSRWJSVGSQTSRIRXTVSHYGXMSRERHEWWIQFP]
*MK
1YPXM[SVOTMIGIKVMTTIVJSV
XVERWJIVSJGSQTPIXIVS[WSJ
[SVOTMIGIW
8LIJSPPS[MRKTVSFPIQQE]FIIRGSYRXIVIH[LIRJIIHMRK[SVOTMIGIWXS
GPEQTMRKTSMRXWEXXLIQSQIRXSJGPEQTMRKXLIJPS[SJJSVGIWMWEGPSWIH
OMRIQEXMGGLEMRHYIXSXLIJEGXXLEXXLIKVMTTIVQYWXEPWSLSPHXLI[SVO
TMIGI8LMWQIERWXLEXXLIGPEQTMRKTSMRXJSVGIWXLIKVMTTIVERHXLYWXLI
LERHPMRKQEGLMRIXSEHSTXMXWTSWMXMSR-RXLIPSRKXIVQXLMWQE]GEYWI
HEQEKIXSVSFSXWERHKVMTTIVW;E]WQYWXXLIVIJSVIFIJSYRHSJGSQ
TIRWEXMRKJSVXLMWIJJIGX8LIVIEVIVSFSXW[LMGLMRXLIWIGMVGYQWXERGIW
W[MXGLXSEWSJXEGXMSRERHHSRSXXLIVIJSVIEXXIQTXEXEPPGSWXWXSQEMR
XEMRXLIMVTSWMXMSRFYXVEXLIV]MIPH+VMTTIVWGEREPWSFITVSZMHIH[MXL
GSQTPMERXQSYRXMRKWJPSEXMRKKVMTTIVWERHXLIVIEVIEPWSKVMTTIVW
[MXLERMRXIKVEXIHSVEXXEGLIHTVIWWYVIHIZMGI-RXLMWGEWIXLIKVMTTIV
STIRWMRXLIGPEQTMRKHIZMGIEX[LMGLXMQIXLI[SVOTMIGIQYWXFILIPH
EKEMRWXXLIGPEQTMRKHIZMGIF]XLITVIWWYVIHIZMGIJSVI\EQTPIETRIY
QEXMGVEQ8LIGPEQTMRKHIZMGIXLIRGPSWIWERHXLIKVMTTIVGER[MXLHVE[
+VMTTIVETTPMGEXMSRWJSVGSQTSRIRXTVSHYGXMSRERHEWWIQFP]
8LIVIEVIQER]HIXEMPW[LMGLVIUYMVIGSRWMHIVEXMSRMRXLITPERRMRKSJER
+VMTTMRKMREWWIQFP] EYXSQEXIHEWWIQFP]PMRI8LIQSWXMQTSVXERXSJXLIWILS[IZIVEVIXMQI
STIVEXMSRW ERHEGGYVEG]8MQIGERFIKEMRIHJSVI\EQTPIF]YWMRKXYVVIXKVMTTIVW
-XMWTIVJIGXP]TSWWMFPIXSYWIWXERHEVHKVMTTIVWJSVXLMWTYVTSWI*MK
WLS[WEQSYRXMRKTPEXIIUYMTTIH[MXLXLIRIGIWWEV]RYQFIVSJKVMTTIVW
%WWIQFP]XSSPWGEREPWSFIJMXXIHMRGIVXEMRGEWIW8LIEHZERXEKIJSVXLI
YWIVMWXLEXERYQFIVSJMHPIVSFSXQSXMSRW[MXLMRXLIEWWIQFP]WIUYIRGI
GERFIEZSMHIHXLYWWLSVXIRMRKXLIWIUYIRGI8LIPEVKIHMEQIXIVSJXLI
MRXIVJIVIRGIGMVGPISRXLISXLIVLERHMWEHMWEHZERXEKI-XQYWXFIHI
XIVQMRIHEWEJMVWXWXIT[LIXLIVWYJJMGMIRX[SVOMRKWTEGIMWEZEMPEFPI
*MK
1YPXM[SVOTMIGIKVMTTIVJSV
EWWIQFP]STIVEXMSRW
2I[XIGLRSPSK]WYGLEWZMHISVIGSKRMXMSRW]WXIQWLEWPIHXSRI[HI
QERHWFIMRKTPEGIHSRKVMTTIVW]WXIQW3RII\EQTPISJXLMWMWXLIMRWIV
XMSRSJGLSGSPEXIWMRXSEFPMWXIVTEGO8LMWEPWSJEPPWYRHIVXLIFVSEH
LIEHMRKSJEWWIQFP][SVO*MKWLS[WEWSPYXMSRMR[LMGLWIZIVEP
WYGXMSRGYTWEVIYWIHXSTMGOYTXLIVIGXERKYPEVGLSGSPEXIWJVSQEGSR
ZI]SVFIPX
8LIWYGXMSRGYTWEVIJMXXIHXSWMRKPIEGXMRKWXERHEVHG]PMRHIVW[LMGLEVI
TVSXIGXIHEKEMRWXXSVWMSR)EGLWYGXMSRGYTMWEFPIXSQSZIJSV[EVHMRHI
TIRHIRXP]EXLMKLWTIIH3RGIXLIVIGSKRMXMSRW]WXIQW]WXIQLEWHI
XIGXIHE[SVOTMIGIERHHIXIVQMRIHXLIGSSVHMREXIWERHXLISVMIRXEXMSRSJ
XLI[SVOTMIGIPSRKMXYHMREPE\MWXLIKVMTTIVEHNYWXWMXWERKPIEGGSVH
MRKP]8LIWYGXMSRGYTRS[EHZERGIWTMGOWYTE[SVOTMIGIJVSQXLI
QSZMRKFIPXERHVIXYVRWXSMXWMRMXMEPTSWMXMSR3RGIEPPXLIWYGXMSRGYTW
LEZITMGOIHYT[SVOTMIGIWXLIVSFSXW[MZIPWXSXLITEGOMRKGSRZI]SV
FIPXERHWIXWHS[REPPXLI[SVOTMIGIWWMQYPXERISYWP]MRXLIRIWXWSJXLI
FPMWXIVTEGOW7MRGIEPP[SVOTMIGIWEVIEPVIEH]GSVVIGXP]EPMKRIHVIPEXMZIXS
XLIKVMTTIVWXLIMVEPMKRQIRX[MXLXLITEGOEKMRKMWEPWSGSVVIGX
+VMTTIVETTPMGEXMSRWJSVGSQTSRIRXTVSHYGXMSRERHEWWIQFP]
*MK
1YPXMTPIWYGXMSRGYT
KVMTTIVWJSVEWWIQFP] 1
STIVEXMSRW
2'VSXEV]E\MWVSFSX 2
LERHE\MW
%RKPIQSYRXMRKTPEXI
7XERHEVHG]PMRHIV[MXL
RSRVSXEXMRKTMWXSRVSH
7YGXMSRGYT 3
'SRZI]SVFIPX
;SVOTMIGIGSRJIGXMS
RIV]
6 5
+VMTTIVETTPMGEXMSRWJSVGSQTSRIRXTVSHYGXMSRERHEWWIQFP]
;SVOTMIGIWGERFILIPH[MXLMRKVMTTIVJMRKIVWF]JVMGXMSREPJSVGI8LI]
4SWMXMZIPSGOMRKSV GERLS[IZIVEPWSFILIPHWMQTP]F]TL]WMGEPW]WXIQWWYGLEWXLIWLETI
JSVGIPSGOMRK SJXLIKVMTTIVSVIZIRF]EHLIWMSRIKEHLIWMZIW8LIXLISVIXMGEPTSW
KVMTTIVW# WMFMPMXMIWEVIWLS[RMR*MK
*MK
1IXLSHWSJLSPHMRKE[SVO
TMIGII\EQTPIFEPP
FIEVMRK
)RGPSWYVISRP][MXLSYX
GPEQTMRK
4EVXMEPIRGPSWYVIGSQ
FMRIH[MXLGPEQTMRK
JSVGI
'PEQTMRKJSVGISRP]
JSVGIPSGOMRKGSRRIG
XMSR 1 2 3
,SPHMRK[MXLWYGXMSR
JSVGIJMIPH
,SPHMRK[MXLQEKRIXMG
JMIPH
,SPHMRK[MXLEHLIWMZI
PE]IVWYGLEWKVIEWI
4 5 6
'PEQTMRKJSVGIMWZIV]JVIUYIRXP]YWIHXSLSPH[SVOTMIGIW;IQYWX
LS[IZIVGSRWMHIVXLIJSPPS[MRKMRSVHIVXSLSPHXLI[SVOTMIGIXLIJMR
KIVWQYWXEGXSRXLI[SVOTMIGI[MXLEJSVGI*+SJEXPIEWX*+!
QKHMWVIKEVHMRKWEJIX]QEVKMRWERHXLIIJJIGXWSJSXLIVJSVGIWJSVXLI
QSQIRX-RXLIEFSZIMWXLIGSIJJMGMIRXSJJVMGXMSRERHQXLIQEWWSJ
XLI[SVOTMIGI-REREWWIQFP]STIVEXMSRLS[IZIVXLMWJSVGIMWRSXWYJJM
GMIRXWMRGIENSMRMRKJSVGI*7MWEPWSVIUYMVIH8LIVIUYMVIHKVMTTMRKJSVGI
MWXLYW*+!QK*7-J[IEWWYQIEGSIJJMGMIRXSJJVMGXMSRSJXLI
KVMTTMRKJSVGI*+[SYPHFIXMQIWXLIXSXEP[IMKLXSJXLI[SVOTMIGIXS
FIEWWIQFPIHERHXLINSMRMRKJSVGI8LMWQE]PIEHXSHIJSVQEXMSRSJSV
HEQEKIXSXLI[SVOTMIGITEVXMGYPEVP]MJXLMWMWHIPMGEXI-XMWXLIVIJSVIHI
WMVEFPIXSYWIETSWMXMZIPSGOMRKGSRRIGXMSR*MKFWLS[WLS[[MXL
XLMWX]TISJKVMTTMRKXLI[SVOTMIGIMWRS[EFPIXSVIWXSRXLIKVMTTIVJMR
KIVEPPS[MRKXLIGPEQTMRKJSVGIXSFIOITXVIPEXMZIP]PS[
+VMTTIVETTPMGEXMSRWJSVGSQTSRIRXTVSHYGXMSRERHEWWIQFP]
*MK
+VMTTMRKTVMRGMTPI *SVGIPSGOMRK 4SWMXMZIPSGOMRK
%TSWMXMZIPSGOMRKGSRRIG
MSRTPEGIWQYGLPIWWWXVIWW
SR[SVOTMIGIWHYVMRK
KVMTTMRKERHLSPHMRK
E +VMTTMRKERIKK[MXL
XLILYQERLERH?A
F +VMTTMRKE[SVOTMIGI
ERHLSPHMRKMXHYVMRK
EWWIQFP]
G %XXMXYHISJKVMTTIVLERH m.g m.g
HYVMRKJIIHQSXMSR a)
b)
c)
%TSWMXMZIPSGOMRKGSRRIGXMSRQE]EPWSFIHIWMVEFPIJSVJIIHQSXMSRW
;LIRE[SVOTMIGIMWPMJXIHVETMHP]MXMWWYFNIGXRSXSRP]XSE[IMKLXJSVGI
Q⋅KFYXEPWSXSERMRIVXMEJSVGI*8[LMGLMWEJYRGXMSRSJZIVXMGEPEGGIPIVE
XMSR-JLS[IZIVXLIKVMTTIVLERHMWXYVRIHXLVSYKLFIJSVIXLI[SVO
TMIGIMWPMJXIHXLITVIZMSYWJSVGIPSGOMRKGSRRIGXMSRXIQTSVEVMP]FIGSQIW
ETSWMXMZIPSGOMRKGSRRIGXMSRJSVXLMWQSXMSRWIUYIRGI8LIWII\EQTPIW
WLS[XLEXXLIKVMTTIVMWEGSQTSRIRX[LIVIHMJJIVIRXMRJPYIRGIWGSQIXS
FIEVERHWLSYPHXLIVIJSVIRIZIVFIYWIH[MXLSYXXEOMRKMRXSGSRWMHIVE
XMSREPPXLIZEVMSYWJEGXSVWMRZSPZIH
+VMTTIVETTPMGEXMSRWJSVGSQTSRIRXTVSHYGXMSRERHEWWIQFP]
+VMTTIVWEVI[IPPTVSZIRGSQTSRIRXWERHGEREPWSFIYWIHEW[SVOTMIGI
+VMTTIVWEW JIIHIVWXSVIPIEWIEGIVXEMRRYQFIVSJ[SVOTMIGIWJVSQEQEKE^MRI+IR
WITEVEXSVW IVEPP][SVOTMIGIWEVIVIPIEWIHSRIEXEXMQI[IXLIVIJSVIVIJIVXSXLMW
TVSGIWWEWWITEVEXMSR*MKWLS[WERI\EQTPISJERETTPMGEXMSR
YWMRKEKEXIX]TIJIIHIV
*MK
+EXIJIIHIVYWMRKETEVEP
PIPNE[KVMTTIV
4EVEPPIPNE[KVMTTIV
7PMHMRKKEXI
1 2
7PMHMRKKEXIWLEZIFIIRJMXXIHMRTPEGISJXLIKVMTTIVJMRKIVW8LIWIWLSYPH
FIEWWLSVXEWTSWWMFPIEWMWYWYEPP]XLIGEWIMRKVMTTMRKETTPMGEXMSRWXS
EZSMHSZIVPSEHSJXLIPMRIEVKYMHIWSJXLIKVMTTIVNE[WERHVIHYGMRKXLIMV
WIVZMGIPMJI8LMWWSPYXMSRMW[SVXLGSRWMHIVMRKSRP]JSVXLIJIIHSJWQEPP
[SVOTMIGIWWMRGISXLIVWSPYXMSRWEVIEZEMPEFPIJSVPEVKILIEZ][SVOTMIGIW
?A-RSVHIVXSVIHYGIXLIPSEHEGXMRKSRXLIJIIHWPMHIEWXITTIHXVEGO
LEWEPWSFIIRHIZIPSTIH[LMGLIREFPIWETVSTSVXMSRSJXLIPSEHHYIXS
[SVOTMIGIFYMPHYTXSFIWYTTSVXIHF]XLIWXIT
?A 7IIKV¿FIV0+VIMJW]WXIQIJÖV1SRXEKI,ERHLEFYRKYRH
4YFPMGEXMSRW -RHYWXVMIVSFSXIV+VMTTIV7]WXIQWJSV%WWIQFP],ERHPMRKERH
-RHYWXVMEP6SFSXWTYFPMWLIHF]I\TIVX:IVPEK6IRRMRKIR
?A &SLQERR.2ÑRRMK6)MR+VIMJIVJÖVIQTJMRHPMGLI8IMPI+VMTTIVW
JSV7IRWMXMZI;SVOTMIGIWEVXMGPIMRQEKE^MRI/SRWXVYOXMSR2S
TT
?A ,IWWI7%XPEWHIVQSHIVRIR,ERHLEFYRKWXIGLRMO,ERHFSSOSJ
1SHIVR,ERHPMRK8IGLRSPSK]TYFPMWLIHF]:MI[IK:IVPEK
;MIWFEHIR
+VMTTIVETTPMGEXMSRWJSVGSQTSRIRXTVSHYGXMSRERHEWWIQFP]
+VMTTIVWEVILSPHMRKHIZMGIWXLMWMWXLIMVQEMRJYRGXMSR-RSVHIVXSSF
XEMREKMZIRIJJIGX[IQYWXTVSZMHIKVMTTIVW[MXLXLIEFMPMX]XSQSZIMR
+VMTTIVWERHLERH XLVIIHMQIRWMSRW8LMWMWEGLMIZIHF]YWMRKQSXMSRE\IW%VSFSXETTPMGE
E\IW XMSRJSVI\EQTPI[MXLE\IWMWRSXTEVXMGYPEVP]GSQTPMGEXIHWMRGIXLI
VSFSXTVSZMHIWXLIRIGIWWEV]QSXMSRGETEFMPMX]-RETTPMGEXMSRW[LIVI
GSWXWEVIGVMXMGEPFYXYPXVELMKLWTIIHMWRSXVIUYMVIHMXMW[SVXLGSRWMHIV
MRKLERHE\IW[LMGLEVISJXIREZEMPEFPIEWJPI\MFPIQSHYPIWERHGERXEOI
XLITPEGISJEVSFSX8LMWTVSHYGIWWSPYXMSRW[LMGLGERFIMRWXEPPIH
UYMGOP]EXVIEWSREFPIGSWX
(ITIRHMRKSRXLIETTPMGEXMSRMRUYIWXMSRELERHE\MWQE]FISJMRXIVIWX
JSVXLIJSPPS[MRKQSXMSRW6SXEXMSR"W[MZIPPMRK XLVYWX
QSXMSRWKIRIVEPP][MXLWLSVXWXVSOIWERHWGVI[HVMZMRKQSXMSRWTEVXMGY
PEVP]JSVXLIMRWIVXMSRSJWGVI[W8LIQSWXX]TMGEPQSXMSRMWLS[IZIV
W[MZIPPMRK[LMGLMW[L]KVMTTIVQERYJEGXYVIVWEPQSWXEP[E]WSJJIVGSQ
TEXMFPIW[MZIPPMRKYRMXW*MKWLS[WEX[SE\MWQSHYPI[LMGLGER
W[MZIPFIX[IIRERHERHTVSZMHIEPMRIEVXLVYWXWXVSOISJYTXS
QQ8LITSWMXMSRWEVIJMRIP]EHNYWXEFPI[MXLEGYWLMSRIHETTVSEGL&YX
[LEXI\EGXP]GER[IHS[MXLXLMWQSXMSRGETEFMPMX]#
*MK
8LVIITSMRXKVMTTIVGSQ
FMRIH[MXLEW[MZIPPMRIEV
YRMX
0IXYWJMVWXGSRWMHIVXLIXIVQHIKVIIWSJJVIIHSQ%[SVOTMIGIGERLEZI
(IKVIIWSJJVIIHSQSJ EQE\MQYQSJHIKVIIWSJJVIIHSQI\TVIWWIHEWPMRIEVQSXMSRWSRXLI
XLILERH HMQIRWMSREPE\IW\]ERH^ERHVSXEV]QSXMSRWEEERHEEFSYX
XLIE\IW\]ERH^,ERHPMRKQEGLMRIWF]XLI[E]GERLEZIQSVIXLER
HIKVIIWSJJVIIHSQ;IXLIRWTIEOSJHIKVIIWSJQIGLERMGEPJVIIHSQSV
XVEZIPJVIIHSQ
:IVXMGEPYTHS[R
*SV[EVHFEGO[EVH
0EXIVEPPIJXVMKLX
+VMTTIVWERHLERHE\IW
[LMPIVSXEV]QSXMSRWJSPPS[MRKEZMEXMSRTVEGXMGI?AEVIHIWMKREXIHEW
JSPPS[W
α 4MXGLXMPX
α 6SPPX[MWX
α =E[XYVR
%W]SY[MPPORS[XLIGPSWMRKQSXMSRSJXLIKVMTTIVNE[WMWRSXGSRWMHIVIH
EWEHIKVIISJJVIIHSQWMRGIXLMWQSXMSRLEWRSMRJPYIRGISRXLIQSXMSR
TEXLSJXLIKVMTTIV
*MK
8LILYQERLERHGERI\I
GYXIQSXMSRW[MXLHIKVIIW
SJJVIIHSQEGGSVHMRKXS
&ING^] 1
E FMSPSKMGEP
F XIGLRMGEP 2
α1
α2
3 G
α3
a) b)
4EVXMGYPEVP]MRETTPMGEXMSRWMRZSPZMRKXLIJIIHMRKSJQEGLMRIXSSPWMXMW
(SYFPIKVMTTIVWWEZI HIWMVEFPIJSVXLIQEGLMRIXSVIWYQI[SVOEWUYMGOP]EWTSWWMFPIEJXIVXLI
TVSGIWWXMQI [SVOTMIGILEWFIIRGLERKIH%JXIVXLMWXLILERHPMRKQEGLMRI[MPPKIR
IVEPP]LEZIEQTPIXMQIXSWIXHS[R[SVOTMIGIWERHTMGOYTRI[[SVO
TMIGIWJVSQEQEKE^MRI8LIHSYFPIKVMTTIV[EWHIZIPSTIHJSVXLMWX]TI
SJETTPMGEXMSR*MKWLS[WEGSQQSRHIWMKRSJHSYFPIKVMTTIV
*MK
(SYFPIKVMTTIVHIWMKRIHEW
EGVS[RXYVVIX
E 6EHMEPKVMTTIV
F %\MEPKVMTTIV
a) b)
+VMTTIVWERHLERHE\IW
8LIGVS[RXYVVIXMWHVMZIRF]EVSXEV]G]PMRHIV[MXLEHNYWXEFPIIRH
TSWMXMSRGYWLMSRMRKEXFSXLIRHWERHJMRIEHNYWXQIRXSJMXWIRHTSWMXMSRW
%RMQTSVXERXJIEXYVIMWXLIFEGOPEWLGSQTIRWEXMSRMRXLIVEGOERHTMRMSR
YRMXWMRGISXLIV[MWIGSRWMHIVEFPITSWMXMSRMRKIVVSVWGSYPHVIWYPXEXXLI
KVMTTMRKTSMRX(SYFPIKVMTTIVWSJXLMWOMRHEVISJXIRYWIH[MXLKERXV]VS
FSXW;LIXLIVKVMTTMRKMWGEVVMIHSYXVEHMEPP]SVE\MEPP]HITIRHWSRXLI
[SVOTMIGIE\MWTSWMXMSRMRXLIQEKE^MRI0SRKERHXLMR[SVOTMIGIWEVI
KIRIVEPP]JIHLSVM^SRXEPP][MXLVEHMEPKVMTTMRK[LMPIE\MEPKVMTTMRKMWXLI
QSVIGSQQSRQIXLSHJSVWLSVXERHXLMGO[SVOTMIGIWERHEPWSGEWXMRKW
[MXLSV[MXLSYXJPERKIW8LIGVS[RXYVVIXMWHIWMKRIHXSEGGITXWXERHEVH
KVMTTIVW
+VMTTIVW]WXIQWEVIEPWSWSQIXMQIWQSHMJMIHJSVEKMZIRETTPMGEXMSR8LI
WLEJXKVMTTIVMR*MKMWERI\EQTPISJXLMW-RXLMWGEWIWXERHEVHKVMT
TIVWEVIQSYRXIHSREW[MZIPTPEXIERHXLIQSXMSRMWI\IGYXIHF]EWYW
TIRWMSRQSYRXIHTRIYQEXMGG]PMRHIV%JEWXFYXGYWLMSRIHETTVSEGLMW
TVSZMHIHXSXLIG]PMRHIVIRHTSWMXMSRW7IXWGVI[WEVIYWIHXSEHNYWXXLI
ERKPI8LMWWSPYXMSRMWYWIHJSVI\EQTPIMRGSRNYRGXMSR[MXLPMRIKERXV]
VSFSXWXSJIIHQEXIVMEPXSQEGLMRIXSSPWERHXIWXQEGLMRIW
*MK
7LEJXKVMTTIV 1
'SRRIGXMRKJPERKI 2
'YWLMSRIHWXST
7IXWGVI[
4EVEPPIPNE[KVMTTIV 3
4RIYQEXMGG]PMRHIV
5
+VMTTIVWERHLERHE\IW
-RWIVMIWTVSHYGXMSRETTPMGEXMSRWTRIYQEXMGGSQTSRIRXWLEZITVSZIH
,ERHE\IWYWIHXS MHIEPEWTVSZMHIVWSJQSXMSR*SVI\EQTPIEW[MZIPPMRIEVHVMZIGERFI
EWWIQFPIWQEPP YWIHXSGVIEXIEGSQTPIXILERHPMRKQSHYPIEWWLS[RMR*MK-RXLMW
[SVOTMIGIW GEWIXLIKVMTTMRKTSMRXMWRSXTPEGIHGSE\MEPP][MXLXLITMWXSRVSHSJXLI
W[MZIPPMRIEVYRMXFYXHIZMEXIWJVSQXLMW8LMWGVIEXIWEREVGWLETIH
[SVOMRKEVIE[MXLMR[LMGLXLITSWMXMSRWXSFIETTVSEGLIHQYWXPMI8LMWMW
ERI\XVIQIP]WMQTPIWSPYXMSRJSVRSVQEPMRWIVXMSRXEWOW8LI[SVOTMIGIW
EVIJIHWXIT[MWISREGVSWWXEFPIXSEJM\IHTMGOYTTSMRX-JYPXVELMKL
WTIIH[EWVIUYMVIHXLIERW[IV[SYPHFIXSTVSZMHIEWIGSRHKVMTTIV
STTSWMXIXLIJMVWXSRI8LMW[SYPHEPPS[TMGOYTJVSQXLIQEKE^MRIERH
MRWIVXMSRSJ[SVOTMIGIWXSFIGEVVMIHSYXMRTEVEPPIP
*MK
,ERHPMRKQSHYPIJSVEWWIQ
FP]SJWQEPP[SVOTMIGIW
1
7[MZIPG]PMRHIV
0MJXMRKG]PMRHIV
%HETXIVTPEXI 2
7XERHEVHKVMTTIV
8VERWJIVW]WXIQ
;SVOTMIGIJSVMRWIVXMSR
6IGIMZIV[SVOTMIGI
+VMTTIVJMRKIV 3
1EKE^MRI
4
5
7 8
9
7MQTPILERHPMRKQSHYPIWGEREPWSFIUYMGOP]ERHIEWMP]EWWIQFPIHYWMRK
WXERHEVHWYGXMSRGYTWERHWIQMVSXEV]EGXYEXSVW*MK%REHHMXMSREP
WLSVXWXVSOIE\MW[SYPHXYVRXLMWGSQFMREXMSRMRXSETMGOERHTPEGIHI
ZMGI%LSPPS[JPERKIWLEJXGERFIYWIHEWEXLVSYKLJIIHJSVXLIZEGYYQ
PMRI8LIEGXYEXSVGERSTIVEXIEXW[MXGLMRKJVIUYIRGMIWSJYTXS,^
+VMTTIVWERHLERHE\IW
*MK
,ERHPMRKYRMX[MXLWYGXMSR
GYTERHWIQMVSXEV]EGXYE
XSV
-XMWSJXIRRIGIWWEV]XSVSXEXISVXYVRSZIV[SVOTMIGIWFIX[IIR[SVOWXE
XMSRWJSVI\EQTPIMRZIVXMRKTEVXWWYGLEWVIGIMZIV[SVOTMIGIWMREREW
WIQFP]TVSGIWW%WMQTPIMRPMRIWSPYXMSRJSVMRZIVXMRKE[SVOTMIGIMW
WLS[RMR*MK%WXERHEVHKVMTTIVI\IGYXIWEW[MZIPQSXMSRSJ
8LIKVMTTIVJMRKIVWMRXLMWGEWIEVIEVVERKIHPMOIEQSYXL8LI[SVOTMIGI
VYRWEKEMRWXXLIWXSTWMRXLISTIRQSYXLXLIKVMTTIVXLIRGPSWIWERH
XVERWJIVWXLI[SVOTMIGISZIVLIEHXSXLIRI\XGSRZI]SVFIPX
*MK
-RZIVXMRK[SVOTMIGIW
+VMTTIVNE[
7XERHEVHKVMTTIV
7IQMVSXEV]EGXYEXSV
;SVOTMIGI
'SRZI]SVFIPX
+VMTTIVWERHLERHE\IW
-RXLIMRXIVIWXWSJJEWXTVSGIWWMRKXMQIQEGLMRIW[MXLVSXEV]MRHI\MRK
*IIHMRKHSYFPI XEFPIWEVISJXIRIUYMTTIH[MXLHSYFPIGPEQTMRKHIZMGIW1EGLMRIWSJXLMW
WXEXMSRW OMRHEVIEPWSVIJIVVIHXSEWHYTPI\QEGLMRIWTVSHYGMRKX[SJMRMWLIH
[SVOTMIGIWHYVMRKIEGL[SVOMRKG]GPI-X[SYPHFIEREXXVEGXMZIMHIEXS
GSRWXVYGXEUYEHVYTPIKVMTTIVEFPIXSVIQSZIX[SJMRMWLIH[SVOTMIGIW
ERHEXXLIWEQIXMQIFVMRKX[SJVIWLFPEROW%KVMTTIVSJXLMWOMRH[SYPH
LS[IZIVFIFYPO]ERHHMJJMGYPXXSYWITEVXMGYPEVP][MXLPEVKIMVVIKYPEVP]
WLETIH[SVOTMIGIW8LMWTVSFPIQGERFIWSPZIHF]YWMRKEXVMTPIXYVVIX
KVMTTIV8LMWMWWLS[RMR*MK8LIJVIIKVMTTIV+JMVWXTMGOWYTEJMR
MWLIH[SVOTMIGIJVSQXLIGPEQTMRKTSMRX7%RI[FPEROMWXLIRMRWIVXIH
MRXSXLIZEGERXGPEQTMRKTSMRX[LMPIXLIZEGEXIHKVMTTIV+GERTMGOYT
XLIWIGSRHJMRMWLIH[SVOTMIGIJVSQXLIGPEQTMRKTSMRX78LIWIGSRH
FPEROMWXLIRTSWMXMSRIHF]XLIKVMTTIV+?A-JEWMRKPIKVMTTIV[IVI
YWIHMX[SYPHFIRIGIWWEV]JSVXLIVSFSXXSI\IGYXIERYQFIVSJMHPI
WXVSOIWQEOMRKXLISTIVEXMRKG]GPIPSRKIV
*MK
8VMTPIKVMTTIVMRWXEPPIHSRE
WTIGMEPQEGLMRI[MXL
HSYFPIWXEXMSRW
+ +VMTTIVW
7 'PEQTMRKTSMRXW
+VMTTIVWERHLERHE\IW
*MKWLS[WETEVXMGYPEVP]WMQTPIWSPYXMSRJSVJIIHMRKJIVVSQEKRIXMG
*IIHMRKWLIIXQIXEP WLIIXQIXEP%WYGXMSRGYTMWQSYRXIHHMVIGXP]SRXLILSPPS[TMWXSRVSHSJ
EWXERHEVHG]PMRHIV8LIWYGXMSRGYTWVIEGLXLVSYKLXLIKETWFIX[IIRXLI
XSTVSPPIVWSJEVSPPIVGSRZI]SVERHGSRXEGXERHTMGOYTEWLIIXQIXEP
[SVOTMIGI8LI[SVOTMIGIWEVIWIGYVIHF]XLITIVQERIRXP]QEKRIXMWIH
YTTIVVSPPIVWERHEVIXLIRQSZIHSRXSERSVQEPVSPPIVGSRZI]SV8LI
WXEGOSJ[SVOTMIGIWMWTVSKVIWWMZIP]VEMWIHF]EPMJXMRKHIZMGI-JXLIVSPPIV
GSRZI]SVMWMRGPMRIHF]EJI[HIKVIIWXLIWLIIXQIXEP[SVOTMIGIW[MPP
QSZIEPSRKXLIGSRZI]SVF]KVEZMX]EPSRI*YVXLIVWYKKIWXMSRWJSVXLI
LERHPMRKSJWLIIXQIXEPGERFIJSYRHMR?A
*MK
4MGOMRKYTJIVVSQEKRIXMG
WLIIXWJVSQEWXEGOYWMRKE
WYGXMSRGYTPMJXMRKQSHYPI
2
7YGXMSRGYT
7XERHEVHG]PMRHIV[MXL
LSPPS[TMWXSRVSH 3
1
*VEQI
1EKRIXMGVSPPIVW 4
6SPPIVGSRZI]SV
7LIIXQIXEPWXEGO
0MJXMRKXEFPI
6 5
+VMTTIVWERHLERHE\IW
8LII\GIPPIRXUYEPMX]SJTRIYQEXMGGSQTSRIRXWLEWQEHIXLIQTSTYPEV
7TIGMQIRWLEOIV JEVFI]SRHXLIJMIPHSJQIGLERMGEPIRKMRIIVMRKEPSRI4RIYQEXMGQSHYPIW
EVIFIMRKYWIHJSVQERMTYPEXMZIQSZIQIRXWMREPPOMRHWSJRI[EVIEW8LI
WTIGMQIRWLEOIVWLS[RMR*MKMWERI\EQTPIJVSQXLIJMIPHSJPEFSVE
XSV]EYXSQEXMSR
*MK
7MQTPIWTIGMQIRWLEOIV
QEHIJVSQWXERHEVHGSQ
TSRIRXW
8LMWWLEOIVLEWFIIRGVIEXIHYWMRKEWXERHEVHG]PMRHIVEW[MZIPYRMX[MXL
ELSPPS[JPERKIWLEJXERHEWXERHEVHKVMTTIVERHEHETXIV-X[SYPHEPWSFI
TSWWMFPIXSGVIEXIEREVVE]SJWLEOIVWSVTVSZMHISXLIVQSXMSRGSQFMRE
XMSRW8LIGVMXMGEPJEGXSVMWXSGVIEXIEUYMGOMRI\TIRWMZIEWWIQFP][MXL
SYXXLIRIIHJSVEKVIEXHIEPSJTVITEVEXSV][SVO
?A 7MIKIVX,.&SGMSRIO76SFSXMO4VSKVEQQMIVYRKMRXIPPMKIRXIV
4YFPMGEXMSRW 6SFSXIV6SFSXMGW4VSKVEQQMRK-RXIPPMKIRX6SFSXWTYFPMWLIHF]
7TVMRKIV:IVPEK&IVPMR,IMHIPFIVKIXEPME
?A &VIYIV,.&IWXILIRHI*IVXMKYRKWERPEKIJÖV7GL[IROPEKIVQMX^ILR
-RHYWXVMIVSFSXIVREYXSQEXMWMIVX%YXSQEXMRK%R)\MWXMRK4VSHYGXMSR
0MRI*SV7[MZIP&IEVMRKW9WMRK8IR-RHYWXVMEP6SFSXWMRXLI
QEKE^MRI;IVOWXEXXYRH&IXVMIFTT
?A ,IWWI7&PIGLXIMPIEYXSQEXMWGLLERHLEFIR%YXSQEXMG,ERHPMRK3J
7LIIX1IXEP;SVOTMIGIWMRXLIQEKE^MRI&¿RHIV&PIGLI6SLVI
TT
?A ,IWWI79QJSVQQEWGLMRIR7LETMRK1EGLMRIWTYFPMWLIHF]
:SKIP&YGLZIVPEK;ÖV^FYVK
+VMTTIVWERHLERHE\IW
-XVIUYMVIWQER]XIGLRMGEPGSQTSRIRXWERHTVSGIHYVIWWYGLEWERMRHYW
XVMEPVSFSXEGSRXVSPPIVETVSKVEQE[SVOTMIGIQEKE^MRIWIRWSVWERH
'SRWXVYGXMSRSJKVMT KVMTTIVWXSIREFPIELERHPMRKHIZMGIEGXYEPP]XSTMGOYTERSFNIGXEYXS
TMRKIJJIGXSVW QEXMGEPP]%XXLIIRHSJXLIGLEMRMXMWXLIKVMTTIVNE[WSVWMQMPEV[LMGL
TVSZMHIXLIGSRXEGX[MXLXLI[SVOTMIGI8LMWGSRXEGXMWSJXIRSRP]EQMRYXI
TSMRXERHMXMWLIVIXLEXQENSVHMJJIVIRGIWEVIIRGSYRXIVIHEPYQTSJ
MVSRMWIEW]XSTMGOYTETMGOPIHLIVVMRKMWRSX;IGERWIIJVSQXLMWXLEX
KVMTTIVNE[WQYWXFIQEXGLIHXSXLI[SVOTMIGI7SLS[QER]HMJJIVIRX
HIWMKRWSJKVMTTIVNE[WEVIXLIVI#
+VMTTIVNE[WEVIWITEVEXIGSQTSRIRXWKIRIVEPP]WLETIHERHMRXIV
GLERKIEFPI[LMGLTVSZMHIETSWMXMZISVJSVGIPSGOMRKGSRXEGX[MXLE
[SVOTMIGIERHLSPHXLMWMRTPEGI+VMTTIVJMRKIVWEVIIPEWXMGSVEVXMGY
PEXIHJSVGIXVERWQMWWMSRGSQTSRIRXW[LMGLEVITSWMXMSRIHEVSYRHE
[SVOTMIGI2SREVXMGYPEXIHGSQTSRIRXWEVIEPWSMRTVEGXMGIVIJIVVIHXSEW
KVMTTIVJMRKIVW8LIKVMTTIVNE[WEVIJMXXIHXSXLIWIYWMRKIMXLIVEJM\IHSV
QSZEFPIGSRRIGXMSR
+VMTTIVNE[WEVIKIRIVEPP]TVSHYGIHF]XLIYWIVSVQEGLMRIQERYJEG
XYVIV'IVXEMRGSQTERMIWLIPTMRXLMWTVSGIWWF]TVSZMHMRKRIYXVEPYRM
ZIVWEPNE[W[LMGLVIUYMVIQEGLMRMRKXSXLIRIKEXMZIGSRXSYVSJXLI[SVO
TMIGIFYXLEZIVIEH]QEHIGSRRIGXMSRWYVJEGIW8LIVIEVIEPWSQSYPHIH
NE[WMR[LMGLXLI[SVOTMIGIGSRXSYVMWTVSHYGIHF]FIMRKTVIWWIHMRXS
W]RXLIXMGVIWMRZYPGERMWIHVYFFIVSVQSPXIRQIXEP
%WIGYVMRKJYRGXMSRGSQTVMWIWXLIXIQTSVEV]LSPHMRKSJERSFNIGXMRE
1EMRTYVTSWISJKVMT HIJMRIHTSWMXMSRERHSVMIRXEXMSRJSPPS[IHF]VIPIEWIEWERMRZIVWMSRSJ
TIVWMWXSTVSZMHIE LSPHMRKSVEGERGIPPEXMSRSJXLIWIGYVMRKJYRGXMSR-RVIPEXMSRXSQIGLERM
LSPHMRKW]WXIQ GEPKVMTTIVW[IWTIEOSJGPEQTMRKERHYRGPEQTMRK8LILSPHMRK
JYRGXMSRMWRSVQEPP]TVSZMHIHF]KVMTTIVNE[W[LMGLEVIXLYWHIWGVMFIHEW
ELSPHMRKW]WXIQEWWLS[RMR*MK8LIJYRGXMSRSJELSPHMRKW]WXIQMW
ERIWWIRXMEPJIEXYVISJEPPKVMTTIVW,SPHMRKGERFIEGLMIZIHXLVSYKLQI
GLERMGEPGPEQTMRKERHEPWSXLVSYKLJPYMHMGSVQEKRIXMGJSVGIJMIPHWSVXLI
IRQIWLQIRXSJWYVJEGIW?A
'SRWXVYGXMSRSJKVMTTMRKIJJIGXSVW
*MK
7SQISJXLIWYFW]WXIQWSJ 1 2 3 4 5
EQIGLERMGEPKVMTTIV
%HETXIV
*SVGIKIRIVEXSV
*SVGIGSRZIVWMSR
-RXIV ,SPHMRK
*SVGIXVERWQMWWMSR[MXL
JEGI W]WXIQ
JMRKIVEWXVERWQMWWMSR
GSQTSRIRXW
+VMTTIVNE[EWKVMTTMRK
GSQTSRIRX
%GXYEXMSR /MRIQEXMGW
-XMWIWWIRXMEP[LIRHIWMKRMRKKVMTTIVNE[WXSORS[XLITSMRXWEX[LMGL
XLI[SVOTMIGIMWXSFIKVMTTIH8IGLRMGEPTEVEQIXIVWREXYVEPP]EPWSLEZI
ERGIVXEMRMRJPYIRGI*MKMPPYWXVEXIWXLMW[MXLXLII\EQTPISJEX[S
JMRKIVKVMTTIV%VIEGSRXEGXWEVIKIRIVEPP]TVIJIVEFPIXSPMRISVTSMRXGSR
XEGXW
*MK
8LIGSRXSYVEXXLIKVMTTMRK
TSMRXSJXLI[SVOTMIGI
HIXIVQMRIWXLINE[WLETI
YWIHSV
1 2 3
'SRHMXMSRWEVIRSXEP[E]WMHIEP-J[IGSRWMHIVXLIGEWISJTEVEPPIPJPEX
WYVJEGIW[IWIIXLEXWSQI[SVOTMIGIWEVIRSXMRJEGXTEVEPPIPEXEPPJSV
I\EQTPITPEWXMGQSYPHMRKWQE]LEZIWPMKLXQSYPHMRKFIZIPW-JXLIHI
ZMEXMSRWJVSQTEVEPPIPEVIWQEPPMXQE]FIWYJJMGMIRXXSJMXXLIKVMTTIVNE[W
[MXLEGSQTPMERXVYFFIVGSZIVMRK-XMWLS[IZIVWSQIXMQIWFIXXIVXS
TVSZMHITIRHYPYQNE[WSJ[LMGLXLVIIX]TIWEVIWLS[RMR*MK&EPP
NSMRXIHTVIWWYVITPEXIWGERGSQTIRWEXIJSVERKYPEVIVVSVWSRX[STPERIW
6YFFIVGSZIVMRKWSVWTIGMEPP]TVSHYGIHKVMTTIVGYWLMSRWEVISJXIRWYJJM
GMIRXP]GSQTPMERXJSVXLMWTYVTSWIERHLEZIXLIJYVXLIVEHZERXEKIXLEX
'SRWXVYGXMSRSJKVMTTMRKIJJIGXSVW
XLI]MRGVIEWIXLIGSIJJMGMIRXSJJVMGXMSRETTVS\QIERMRKXLEXE
PS[IVKVMTTMRKJSVGIGERFIYWIH
*MK
+VMTTIVNE[W[MXLGSQTPMERX
WYVJEGIW
6YFFIVSVTPEWXMG
GSZIVMRK
4IRHYPYQNE[
&EPPNSMRXIHTVIWWYVI
TPEXI
1 2 3
'SRWXVYGXMSRSJKVMTTMRKIJJIGXSVW
;MXLWSQIKVMTTIVWXLIXSSPGIRXVITSMRXGLERKIW[LIR[SVOTMIGIW[MXL
(IEPMRK[MXLHMJJIV HMJJIVIRXHMQIRWMSRWEVIKVMTTIH(IWMKRWMRGPYHIZMGIX]TIKVMTTIVWSRI
IRGIWMR[SVOTMIGI JM\IHERHSRIQSFMPIJMRKIVERHWGMWWSVXSRKKVMTTIVW-RXLIJSVQIVGEWI
HMQIRWMSRW XLITSWMXMSRGLERKIWQYWXFIEPPS[IHJSVMRTVSKVEQQMRK[LMPIMRXLI
GEWISJWGMWWSVXSRKKVMTTIVWGSQTIRWEXMSRGERFITVSZMHIHF]WTIGMEPP]
WLETIHKVMTTIVW8LIKVMTTMRKWYVJEGIWEVIEVGLIHEWWLS[RMR*MK
ERHHSRSXLEZIXLIYWYEPWMQTPI:WLETI
*MK
.E[WLETI[MXLGIRXVMRK
IJJIGXJSVWGMWWSVXSRK
KVMTTIVW
α
TCP
8'4! 8SSPGIRXVITSMRX
(! ;SVOTMIGIHMEQIXIV
D
R2
α
R R1
A A
C1
(MQIRWMSRMRKWLSYPHFIGEVVMIHSYXMREGGSVHERGI[MXLXLIJSPPS[MRK
• 8LIVEXMSFIX[IIRHMEQIXIV(PEVKIWX[SVOTMIGIERH(WQEPPIWX
[SVOTMIGIWLSYPHRSXFIQSVIXLER
• 8LIGSRXEGXTSMRXERKPIαWLSYPHFIVSYKLP]XS
8LIJSPPS[MRKIUYEXMSRWEVIYWIH
( + (
(=
⋅6
%=
XER α ⋅
& = ⋅ 6
⋅6
6 = − ⋅ (
WMR α ⋅
⋅6
6 = + ⋅ (
WMR α ⋅
'SRWXVYGXMSRSJKVMTTMRKIJJIGXSVW
8LMWGEPGYPEXMSREPWSETTPMIWXSERKPIKVMTTIVWKVMTTIVJMRKIVW[MXLWITE
VEXITMZSXTSMRXW'ERH'6EHMYW6XLIRFIGSQIWPEVKIV[LMPI6FI
GSQIWWQEPPIV8LIERKPIºFIX[IIRXLIPMRIW8'4'ERH8'4'WLSYPH
PMIMRXLIVERKI<º<α
8LIGEWIMWHMJJIVIRX[LIRWIZIVEP[SVOTMIGIWRIIHXSFIKVMTTIHWMQYP
XERISYWP],IVIXSSMXMWIWWIRXMEPXSEGLMIZIEGIVXEMRHIKVIISJIUYMPMF
VMYQ8LIFIWXWSPYXMSRSJGSYVWIMWXSHMZMHIYTXLIHIKVIISJQSFMPMX]
YWMRKXLIQYPXMTPIGPEQTTVMRGMTPIMI[MXLMRHMZMHYEPTVIWWYVITSMRXWEW
WLS[RMR*MK
*MK
+VMTTMRKWIZIVEP[SVOTMIGIW
WMQYPXERISYWP]YWMRKE
TVIWWYVIHMWXVMFYXSVXS F F
GSQTIRWEXIJSVXSPIVERGIW
8SIREFPIEPEVKIVVERKISJHMQIRWMSRWXSFILERHPIHMXMWEPWSTSWWMFPI
XSYWIEWXITTIH:WLETIHNE[8LYWYWMRKENE[WXVSOISJQQMRIEGL
GEWIMXMWTSWWMFPIXSKVMT[SVOTMIGIW[MXLHMEQIXIVWVERKMRKJVSQXS
QQ8LIKVMTTIVWNE[WYWIHJSVXLMWEVIWLS[RMR*MK?A;I
QYWXLS[IZIVEGGITXHMWTPEGIQIRXWδ\SJXLIXSSPGIRXVITSMRX%X]TMGEP
ETTPMGEXMSRSJXLMWOMRHSJKVMTTIV[SYPHFIKIEVFS\EWWIQFP]MREREW
WIQFP]GIPPMR[LMGLWLEJXWFIEVMRKWERHKIEV[LIIPWEPP[MXLHMJJIVIRX
HMEQIXIVWQYWXFIKVMTTIHMRWYGGIWWMSR
'SRWXVYGXMSRSJKVMTTMRKIJJIGXSVW
*MK
.E[WSJETEVEPPIPKVMTTIVJSV
y
HMEQIXIVVERKIW
δx
φ1
...
φ3 30
m x
0. m
.. 7
φ7 0 mm
0.
.. 1
0 0m
m
50 mm 50 mm
7IUYIRGIKVMTTIVWEVIYWIHXSKVMTEHIJMRIHRYQFIVSJHMJJIVIRXSFNIGXW
.E[WJSVWIUYIRGI MRERYRZEV]MRKWIUYIRGI8LIKVMTTIVNE[WQYWXEGGSVHMRKP]LEZIERYQ
KVMTTIVW FIVSJKVMTTMRKTSMRXW[LMGLQEXGLXLIKVMTTMRKTSMRXWSJXLI[SVOTMIGIW
MRIEGLGEWI8LIIEWMIWX[E]XSI\TPEMRXLMWMWF]YWMRKERI\EQTPIWYGL
EWXLISRIMR*MK[MXL[SVOTMIGIW8LISVMIRXEXMSRWERHKVMTTMRK
TSMRXWVIUYMVIHJSVXLITVSGIWWGSRGIVRIHEVIHIJMRIH8LIKVMTTIVNE[W
QYWXFITVSZMHIH[MXLERIKEXMZIGSRXSYVJSVIEGLKVMTTMRKTSMRX[LMGL
QEOIWXLINE[WI\XVIQIP]GSQTPI\MRWLETI8LMWMWSJGSYVWIRSXEP[E]W
TSWWMFPIFYXKVMTTIVNE[WLEZIFIIRHIWMKRIH[LMGLEPPS[HMJJIVIRX
[SVOTMIGIWJSVEKIEVFS\EWWIQFP]PMRIXSFIKVMTTIH[MXLSYXGLERKMRK
XLIKVMTTIVNE[W8LMWGEWIF]XLI[E][SYPHFIIRGSYRXIVIHSRP]MR
EWWIQFP]GIPPWMR[LMGLSRIVSFSXMWVIUYMVIHXSEWWIQFPIEWQER]HMJJIV
IRXGSQTSRIRXWEWTSWWMFPI3REWWIQFP]PMRIWJSVQEWWTVSHYGXMSRVS
FSXWERHXLYWKVMTTIVWEVIKIRIVEPP]WIXYTJSVSRI
WTIGMJMGXEWO
'SRWXVYGXMSRSJKVMTTMRKIJJIGXSVW
*MK
+VMTTIVNE[W[MXLWTI
GMWEPP]WLETIHQYPXMTPI
KVMTTMRKWYVJEGIW D
A
B
B
C
C
D
+VMTTIVWGERFIHIWMKRIHJSVQER]WTIGMEPETTPMGEXMSRW?A8LIVIEVIJSV
.E[WJSVWTIGMEP I\EQTPIKVMTTIVW[MXLVSXEV]NE[W[LMGLGERXYVRE[SVOTMIGIXLVSYKL
ETTPMGEXMSRW 3RINE[MWTEWWMZI[LMPIXLISXLIVMWIUYMTTIH[MXLEVSXEV]EGXYE
XSV%XXIQTXWEVILS[IZIVEP[E]WQEHIXSYWIERSVQEPFEWMGKVMTTIV
FIJSVIHIZIPSTMRKEWTIGMEPKVMTTIV*MKWLS[WWSQII\EQTPIWSJ
WTIGMEPKVMTTIVW
*MK
:EVMERXWSJNE[WJSVTEVEPPIP
KVMTTIVW
1SYPHMRKNE[[MXL
PEQIPPEVEWWIQFP]
;MHXLEHNYWXEFPINE[
.E[SJGSQFMREXMSR
KVMTTIV
1 2 3
8LIQSYPHMRKNE[MRGSVTSVEXIWXLMRQSZEFPIQIXEPTPEXIW;LIRXLIKVMT
TIVGPSWIWXLITPEXIWEVITVIWWIHEKEMRWXXLI[SVOTMIGIJSVQMRKERMQ
TVIWWMSRSJMXoWGSRXSYV8LIIRXMVIPEQIPPEVEWWIQFP]MWXLIRGPEQTIH
MRXSTPEGI8LIMQTVIWWMSRMWVIZIVWMFPIMIXLIPEQIPPEIGERFIVIWIX
+VMTTIVNE[WGEREPWSFITVSZMHIH[MXLWIVVEXIHEHNYWXIVWEPPS[MRKXLI
KVMTTMRK[MHXLFYXRSXXLIWXVSOIXSFIQEXGLIHXSXLI[SVOTMIGIHM
QIRWMSRW8LINE[WGEREPWSFIYWIHXYVRIHXLVSYKL-RSVHIVXSKVMT
'SRWXVYGXMSRSJKVMTTMRKIJJIGXSVW
WIZIVEP[SVOTMIGIWWMQYPXERMSYWP]GSQFMREXMSRKVMTTIVWNE[WQYWXFI
TVSZMHIH[MXLERETTVSTVMEXIRYQFIVSJMHIRXMGEPMRHIRXEXMSRW,IVIXSS
[IRIIHXSGSRWMHIVXLIXSPIVERGITVSFPIQ?A
-XMWIZIRTSWWMFPIXSIUYMTKVMTTIVJMRKIVW[MXLQSFMPINE[W*MK
WLS[WERI\EQTPI%WXLIKVMTTIVJMRKIVWGPSWIXLI]GSRXEGXXLI[SVO
TMIGIERHPMJXXLMWSYXSJXLI:WLETIHVIGIWW8LIVIMWRSRIIHXSTVSZMHI
XLILERHPMRKHIZMGI[MXLEPMJXMRKQSXMSR8LMWHSIWLS[IZIVVIUYMVINE[W
ERH[SVOTMIGIW[MXLEWYMXEFP]WQSSXLWYVJEGI8LIGSRXEGXTSMRXQYWXFI
FIPS[XLIGIRXVISJXLI[SVOTMIGI8LITYVTSWISJXLMWHIWMKRMWXLYWXS
WEZIXLIRIIHJSVEQSXMSRE\MW
*MK
1SFMPIKVMTTIVNE[WPMJXXLI
[SVOTMIGISYXSJXLI:
WLETIHVIGIWWMRXLI
QEKE^MRI
+VMTTIVLSYWMRK
*MRKIV
1SFMPINE[
6SXEV]E\MW
7YTTSVXWYVJEGI
8SVWMSRWTVMRK
;SVOTMIGI
'SRWXVYGXMSRSJKVMTTMRKIJJIGXSVW
-RWIPIGXMRKXLIWLETISJXLIKVMTTIVNE[WEPPS[ERGIQYWXFIQEHIJSV
8EOMRKXLINE[WXVSOI XLIX]TISJETTVSEGLSJXLIKVMTTIVXSXLI[SVOTMIGIWMRGIXLMWQE]MRJPY
MRXSEGGSYRX IRGIXLIVIUYMVIHWXVSOI8LIETTVSEGLQE]FIE\MEPSVVEHMEPXIGLRMGEP
GSRHMXMSRW[MPPKIRIVEPP]HMGXEXI[LMGL*MKWLS[WGEWIWXEOMRKXLI
I\EQTPISJ:WLETIHNE[WJSV[LMGLHMJJIVIRXKVMTTMRKWXVSOIWpGqEVI
VIUYMVIHJSVXLIWEQI[SVOTMIGI%RSTIRMRKWEJIX]QEVKMRpEqERH
GPEQTMRKWEJIX]QEVKMRpFqEVIEP[E]WVIUYMVIHXLIWIGSQTIRWEXIJSV
XSPIVERGIWERHTVSZMHIXLIRIGIWWEV]PEXMXYHI
*MK
8LIX]TISJETTVSEGLEJJIGXW 6EHMEPETTVSEGL %\MEPETTVSEGL
XLIVIUYMVIHSTIRMRK
E 3TIRMRKWEJIX]QEVKMR
F 'PEQTMRKWEJIX]QEVKMR
G 6IUYMVIHNE[WXVSOI
b b
a a
c c
'SRWXVYGXMSRSJKVMTTMRKIJJIGXSVW
8LIQEMRTYVTSWISJEKVMTTIVMWXSLSPHSFNIGXWWIGYVIP]JSVEGIVXEMR
TIVMSH+VMTTIVWYWMRKXLIJSVGIPSGOMRKTVMRGMTPISR[LMGL[I[MPPGSR
*SVGIWEGXMRKSR GIRXVEXIMRXLMWEVXMGPIEVIVIUYMVIHXSKIRIVEXILSPHMRKJSVGIWXSFEPERGI
KVMTTIVW SYXEPPXLIWXIEH]WXEXIERHH]REQMGJSVGIWERHXSVUYIZEPYIW[LMGLSGGYV
HYVMRKEQSXMSRWIUYIRGI8LIVIUYMVIHKVMTTMRKJSVGIMWXLYWEQENSV
GVMXIVMSRJSVXLIWIPIGXMSRSJXLIVMKLXX]TIERHWM^ISJKVMTTIV
8LIVIUYMVIHKVMTTMRKJSVGIGERFIGEPGYPEXIHETTVS\MQEXIP]8LMWGEPGY
PEXMSRWLSYPHRSXFIRIKPIGXIHFYXQE]RSXTVSZMHIEJMREPERW[IV-R
HSYFXJYPGEWIW]SYWLSYPHEPWSGEVV]SYXXIWXWSVVIGSQQIRHYWIVWXSHS
WSWMRGIWSQISJXLIGEPGYPEXMSRZEVMEFPIWEVIWYFNIGXIHXSJPYGXYEXMSRWSV
EVISRP]IWXMQEXIW-J]SYKSXSSJEVSZIVXSXLIWEJIWMHIXLMWQE]FI
HMWEHZERXEKISYWJSVXLIYWIVELIEZ]KVMTTIVQE]RIGIWWMXEXIELER
HPMRKHIZMGI[LMGLMWSRIWM^IPEVKIVMRXIVQWSJLERHPMRKGETEGMX]SVQE]
VIHYGIXLI[SVOMRKPSEHSJWYGLEHIZMGI
8LMWPE[JSVQYPEXIHF]-WEEG2I[XSRMRWXEXIWXLIJSPPS[MRK
2I[XSR
W8LMVH0E[SJ
1SXMSR 8LIEGXMSRWSJX[SFSHMIWYTSRIEGLSXLIVEVIEP[E]WIUYEPERHHMVIGXP]
STTSWMXIMIVIEGXMSRMWEP[E]WIUYEPERHSTTSWMXIXSEGXMSR
8LMWQIERWXLEXJSVGIERHGSYRXIVJSVGIEVIMRIUYMPMFVMYQ%WMQTPII\
TIVMQIRXXSHIQSRWXVEXIXLMWMWWLS[RMR*MKE%VSHMWWYFNIGXIHXSE
XIRWMPIPSEH-RXLIJMVWXGEWISRIIRHSJXLIVSHMWGPEQTIH[LMPIMRXLI
WIGSRHGEWIETIVWSRTYPPWSRIEGLIRH8LIXIRWMPIJSVGIMRXLIVSHMR
IEGLGEWIMWRSX2EW]SYQMKLXXLMROFYXSRP]2-J[IETTP]XLMW
XSXLITEVEPPIPKVMTTIVWLS[RMR*MKFXLMWMWWYFNIGXXSXLIWEQITVMR
GMTPI-XQEOIWRSHMJJIVIRGI[LIXLIVSRP]SRIJMRKIVQSZIWERHETTPMIWE
KVMTTMRKJSVGISJ2SV[LIXLIVX[SSTTSWIHJMRKIVWIEGLKIRIVEXI
28LIX[SKVMTTIVWWLS[REVIIUYMZEPIRXMRXIVQWSJJSVGI
*SVGIWEGXMRKSRKVMTTIVW
*MK
8LIPE[SJMRXIVEGXMRKJSVGIW
200 N 200 N 200 N
E 8LIXIRWMPIJSVGIMRXLI
VSHMW2MRFSXL
GEWIW
F (YIXSXLITVMRGMTPISJ
EGXMSR!VIEGXMSRMX
a)
QEOIWRSHMJJIVIRGI
[MXLTEVEPPIPKVMTTIVW
[LIXLIVXLIKVMTTMRK
JSVGI*+MWETTPMIHF]
SRIJMRKIVSVX[S
FG FG FG
2I[XSRW8LMVH0E[SJ1SXMSREPWSETTPMIWXSXLVIITSMRXKVMTTIVWMR
WSQI[LEXQSHMJMIHJSVQEW[IWLEPPWII-RXLMWGEWIJSVGIWEGXMRXLVII
HMVIGXMSRW
-J[IGSRJMRISYVWXYH]SJLSPHMRKTVMRGMTPIWXSXLIFEPERGISJJSVGIW[MXL
*VMGXMSRJSVGIWGVIEXI QIGLERMGEPKVMTTIVW[IWIIXLEXXLIKVMTTMRKJSVGIMWSRP]EQIERWXSER
ELSPHMRKIJJIGX IRH*VSQXLITSMRXSJZMI[SJJVMGXMSRXLIKVMTTMRKJSVGIEGXWPMOIERSV
QEPJSVGI8LIEGXYEPLSPHMRKJYRGXMSRMWTVSHYGIHF]JVMGXMSRJSVGIW*6
[LMGLEVIGVIEXIHMREGGSVHERGI[MXL'SYPSQF
W0E[SJ*VMGXMSRMRXLI
HMVIGXMSRSTTSWMXIXSXLIHMVIGXMSRSJQSXMSRERHSTTSWIXLI[IMKLXJSVGI
+SJXLIKVMTTIHSFNIGX8LIWMQTPIWXGEWIMWWLS[RMR*MK
*MK
*SVGIWEGXMRKSRKVMTTIH FR FR
SFNIGXWXEXISJVIWX
1
*MRKIV
+VMTTIVNE[
;SVOTMIGI
FG FG
'SIJJMGMIRXSJJVMGXMSR
2
µ µ
G
3
8LMWWMXYEXMSRETTPMIW[LIRXLILERHPMRKHIZMGIMWMREWXEXISJVIWXSV
QSZMRKZIV]WPS[P]8LIJSPPS[MRKIUYEXMSRMWSFXEMRIH
+ = *+ ⋅ µ ⋅ R
*SVGIWEGXMRKSRKVMTTIVW
SVI\TVIWWIHERSXLIV[E]
Q⋅ K
*+ =
µ ⋅R
:EVMEFPIWMRJSVQYPE
*+ ! 1MRMQYQVIUYMVIHKVMTTMRKJSVGIMR2
+ ! ;IMKLXJSVGISJKVMTTIHSFNIGXMR2
K ! +VEZMXEXMSREPEGGIPIVEXMSRMRQW
Q ! ;SVOTMIGIQEWWMROK
R ! 2YQFIVSJJMRKIVWSVKVMTTIVNE[W
! 'SIJJMGMIRXSJJVMGXMSRFIX[IIRKVMTTIVNE[ERHSFNIGX
%W[IGERWIIEPPS[ERGIMWQEHIMRXLIJSVQYPEJSVXLIRYQFIVSJJMRKIVW
WMRGISJGSYVWIEJVMGXMSRJSVGI*6MWGVIEXIHEXIEGLKVMTTIVNE[;MXL
GSRXEGXTSMRXWR!8LIVIEVIWIZIVEPTSWWMFPIZEVMERXWJSVXLITSMRX
WSPYXMSR*MKWLS[WEXVYIXLVIIJMRKIVKVMTTIVERHEWSPYXMSRFEWIH
SREX[SJMRKIVKVMTTIV-RXLMWPEXXIVGEWIXLIKVMTTMRKJSVGIMWWTPMXEXXLI
:NE[MRXSXLIGSRXEGXJSVGIW*/M
*MK
4PERZMI[SJKVMTTIV
WMXYEXMSRW FG
E 8[SJMRKIVKVMTTIV[MXL FK2
:NE[
F 8LVIIJMRKIVKVMTTIV FG
α
FG β FG = FK1
α
FG
FK3
G = Σ FKi . µ G = FG . µ . 3
-JMRXLIGEWISJXLIX[SJMRKIVKVMTTIVE:NE[ERKPISJMWWIPIGXIH
XLIWEQIEWXLIJMRKIVTSWMXMSRMRKSJEXLVIIJMRKIVKVMTTIVXLIX[SKVMT
TIVW[MPPFIXLIWEQIJVSQXLITSMRXSJZMI[SJLSPHMRKJSVGIW8LIVI[MPP
FIHMJJIVIRGIW[MXLSXLIV:NE[ERKPIW-RXLIWIGEWIW[IQYWXVIJIVXS
XLIGSRXEGXERKPIW[LMGLGERFIHIXIVQMRIHF]XLIJSPPS[MRKJSVQYPEMJ
VERHSQ:NE[ERKPIWEVITIVQMWWMFPI
+ ⋅ WMR α
*/M =
µ ⋅ WMR α + WMR α + WMR α
MR[LMGL
M !
ERH
α ! α
α ! α
α ! α
*SVGIWEGXMRKSRKVMTTIVW
8LIXSXEPSJXLIJVMGXMSRJSVGIW*6XS*6*MKQYWXFIEXPIEWXPEVKI
IRSYKLXSGSQTIRWEXIJSVXLI[IMKLXJSVGI+TVSHYGIHF]KVEZMX]/RS[P
IHKISJGSRXEGXJSVGIWMWEPWSVIUYMVIHMJ[I[MWLXSGLIGOXLIKVMTTMRK
TVIWWYVITIVYRMXEVIEMRXLIGEWISJWIRWMXMZI[SVOTMIGIW
*MK
'EPGYPEXMSRSJGSRXEGXJSVGIW
JSVEKVMTTIV[MXLE:NE[SR
SRIWMHI
FR1 α13
FG = FK1
FR3
FR2
FK3
α12 α23
FK2
*MKWLS[WXLIQEXLIQEXMGEPVIPEXMSRWLMTWKSZIVRMRKKVMTTMRKJSVGI
HYVMRKERYT[EVHQSXMSRMRXLIGEWISJXLIGSQQSRP]YWIH:NE[KVMT
TIVW[MXLSVTSMRXSFNIGXGSRXEGX%HMWXMRGXMSRGERFIQEHIFIX[IIR
ZEVMERXWSJKVMTTMRK
• 4YVITSWMXMZIPSGOMRKKVMTTMRK
• 4SWMXMZIPSGOMRKMRGSQFMREXMSR[MXLJVMGXMSRPSGOMRK
• 4YVIJVMGXMSRPSGOMRKKVMTTMRK
*SVGIWEGXMRKSRKVMTTIVW
*MK 7OIXGL 'SRXEGXJSVGIW +VMTTIVJSVGIYT[EVH
*SVGIWEXXLITEVEPPIPNE[
KVMTTIV[MXL:NE[JSV 4YVITSWMXMZIPSGOMRK
[SVOTMIGIW KVMTTMRK
E 0MRIEVEGGIPIVEXMSR FG
K +VEZMXEXMSREPEGGIPIVE
a Q K + E WMRα
*/ =
XMSR WMR α + α
Q 1EWW *+ = Q K + E ⋅ 7
7 7EJIX]JEGXSV m .g Q K + E WMRα
'SIJJMGMIRXSJJVMGXMSR */ =
WMR α + α
FK1
α1 α2 FK2
FG
4SWMXMZIPSGOMRK[MXL
JVMGXMSRPSGOMRK
FR1 a FR2 Q K + E
*/ =
GSWα Q K + E
*+ = XERα ⋅ 7
Q K + E
FG FG */ =
GSWα
FK1 FK2
α1 α2
m .g
FR
a FR
*/ = Q K + E XERα
FG= *+ = */ ⋅ 7
FK1 FG Q K + E
*/ =
GSWα
FK2
90° α
m .g
4YVIJVMGXMSRPSGOMRK
a
FG Q K + E Q K + E
*/ = *+ = WMRα ⋅ 7
µ µ
FR FK
2α
FG
m .g
*SVGIWEGXMRKSRKVMTTIVW
)JJIGXMZIKVMTTMRKHITIRHWWXVSRKP]SRXLIGSIJJMGMIRXSJJVMGXMSR8LIJSP
PS[MRKGERFIXEOIREWKYMHIZEPYIW
• ;SVOTMIGIW[MXLWQSSXLWYVJEGIWPMKLXP]SMPIH!
• 1IXEPXSQIXEPGSRXEGX!XS
• +VMTTIVNE[W[MXLTSMRXIHXSSXLWYVJEGI!XS
• .E[W[MXLRSRWPMTGSZIVMRKSVQIXEPVYFFIVGSRXEGX!XS
8LIIUYEXMSRWKMZIRMR*MKMRGSVTSVEXIEPPS[ERGIWJSVGIVXEMRJEGXSVW
[LMGL[ILEZIRSX]IXQIRXMSRIH
• 8LIGSIJJMGMIRXSJJVMGXMSRJPYGXYEXIWUYMXI[MHIP]PMOIETIVWSRoWFPSSH
TVIWWYVI%WEJIX]JEGXSV7QYWXXLIVIJSVIFIMRGPYHIH-RTVEGXMGIXLI
JEGXSVYWIHMWFIX[IIRERH
• 8LI[IMKLXJSVGI+VITVIWIRXWSRP]TEVXSJXLIPSEH%PPS[ERGIQYWXEPWS
FIQEHIJSVSXLIVJSVGIWTEVXMGYPEVP]XLIMRIVXMEJSVGIWVIWYPXMRKJVSQ
XLIEGGIPIVEXMSRpEqSJXLIVSFSXEVQ4VSGIWWJSVGIWQE]EPWSFI
MRZSPZIHJSVI\EQTPIHYVMRKEWWIQFP]F]MRWIVXMRKGSQTSRIRXW
-XQE]FIMRXLIGEWISJEQYPXME\MWLERHPMRKQEGLMRIXLEXXLIJSVGI
'LIGOXLIQSXMSR WMXYEXMSRGLERKIWJVSQXMQIXSXMQIHYVMRKEQSXMSRG]GPI-XQE]FITSW
G]GPI WMFPIXSGSYRXIVEGXGIVXEMRJSVGIW[LMGLSGGYVF]YWMRKTSWMXMZIPSGOMRK
KVMTTMRKPEXIVEPQSXMSRW[LMPISXLIVJSVGIWQE]GEPPJSVELMKLIVGSIJJM
GMIRXSJJVMGXMSR-XMWXLIVIJSVIEUYIWXMSRSJMHIRXMJ]MRKXLIQSXMSRTLEWI
VIUYMVMRKXLILMKLIWXLSPHMRKJSVGIERHWIPIGXMRKEKVMTTIVSRXLMWFEWMW
*MKWLS[WERYQFIVSJX]TMGEPQSXMSRWERHXLIJSVGIWSTIVEXMZIHYV
MRKXLIWI
*MK
*SVGIWMXYEXMSRWHYVMRK v v
KVMTTIVQSXMSR FR FR FR FR FR FR
E 6IWXWXEXI v=0
F 9T[EVHQSXMSR
G (S[R[EVHQSXMSR
FB FB
H 0EXIVEPQSXMSR
I -RGPMRIHYT[EVHQSXMSR FG FG FG FG FG FG
a) G b) G c) G
v v
FR FR FR FR
FB FB
FG FG FG FG
d) G e) G
*SVGIWEGXMRKSRKVMTTIVW
-RXLIGEWISJERYT[EVHQSXMSRXLI[IMKLXJSVGI+ERHXLIMRIVXMEJSVGI
*&GERFIGSQTIRWEXIHF]XLIJVMGXMSRJSVGIW*6(YVMRKXLIHS[R[EVH
QSXMSRXLIMRIVXMEJSVGIEGXWMRSTTSWMXMSRXSXLI[IMKLXJSVGIERHQEOIW
XLISFNIGXIJJIGXMZIP]PMKLXIV(YVMRKXLIFVEOMRKTLEWILS[IZIVEHI
GIPIVEXMSRJSVGIXLIRFIGSQIWSTIVEXMZI-RXLIGEWISJPEXIVEPQSXMSRW
MRIVXMEJSVGIMWEFWSVFIHF]TSWMXMZIPSGOMRKKVMTTMRKVIUYMVMRKRSEHHM
XMSREPJVMGXMSRJSVGIW8LIMRIVXMEJSVGIEXXIQTXWLS[IZIVXSJSVGISTIR
XLIKVMTTIVNE[;MXLMRGPMRIHQSXMSRWGSRWMHIVEXMSRQYWXFIKMZIRXSXLI
LSVM^SRXEPP]ERHZIVXMGEPP]EGXMRKGSQTSRIRXWSJXLIMRIVXMEJSVGI8LI
TSWMXMSRMWSJGSYVWIWSQI[LEXHMJJIVIRX[MXL:NE[WERHSXLIVX]TIWSJ
LERHPMRKHIZMGIW-XMWRIGIWWEV]XSWXYH]XLIGSQTPIXILERHPMRKSTIVE
XMSR
8LIMRIVXMEJSVGIWGERFIGEPGYPEXIHEWEKIRIVEPTVMRGMTPIEWJSPPS[W
*& = Q ⋅ E
SVMRXLIGEWISJEVSXEV]QSXMSR
*& = Q ⋅ V ⋅ ε
8IVQWYWIHMRXLIEFSZI
E ! 0MRIEVEGGIPIVEXMSRMRQW
Q ! 1EWWSJKVMTTIHSFNIGXMROK
V ! (MWXERGIJVSQTMZSXTSMRXMRQ
ε ! %RKYPEVEGGIPIVEXMSRMRVEHW
-X[SYPHFITSWWMFPIXSYWIXLIEGGIPIVEXMSRZEPYIWWTIGMJMIHF]FVSGLYVIW
EWFIMRKEGLMIZIHF]VSFSXWYRHIVRSVQEPSTIVEXMRKGSRHMXMSRW8LMW
[SYPHRSXLS[IZIVFIUYMXIGSVVIGX8LIGVMXMGEPZEPYIWEVIRSXXLSWISJ
RSVQEPGSRHMXMSRWFYXSJI\GITXMSREPWMXYEXMSRWTEVXMGYPEVP]XLSWIJSPPS[
MRKER)1)6+)2'=7834SJXLIVSFSX;IGERJSVI\EQTPIXEOIXLIJSP
PS[MRKWXERHEVHZEPYIWJSVEGGIPIVEXMSR
%GGIPIVEXMSRMRRSVQEPSTIVEXMSRPMRIEV E!QW
)1)6+)2'=7834EGGIPIVEXMSRPMRIEV E2!QW
%GGIPIVEXMSRMRRSVQEPSTIVEXMSRVSXEV] ε!VEHWERH
)1)6+)2'=7834EGGIPIVEXMSRVSXEV] ε2!VEHW
-JQSVITVIGMWIHEXEMWEZEMPEFPIJVSQXIGLRMGEPHSGYQIRXEXMSRXLMW
WLSYPHFIYWIH
*SVGIWEGXMRKSRKVMTTIVW
)\EQTPI%RMRHYWXVMEPVSFSXMWXSTMGOYTERSFNIGXEX4XVERWTSVXXLMW
ZME4XS4ERHWIXMXHS[REX4*MK;LEXKVMTTMRKJSVGIWQYWXXLI
X[SNE[KVMTTIVTVSZMHI#
0IXYWEWWYQI!7EJIX]JEGXSV7!
*MK
P2
)\EQTPISJLERHPMRKXEWO
P3
P1
P4
1EWW!OK
+VMTTMRKJSVGIHYVMRKPMJXMRK
Q ⋅ (K + E) ⋅ 7 ⋅ ( + ) ⋅
*+ = = = 2
µ ⋅R ⋅
+VMTTMRKJSVGIHYVMRKPEXIVEPWXVSOI
Q⋅ K ⋅ 7 ⋅ ⋅
*+ = + Q⋅ E = + ⋅ = 2
µ ⋅R ⋅
+VMTTMRKJSVGIHYVMRK)1)6+)2'=7834HS[R[EVHW
EJXIVEGGIPIVEXMSRTLEWI
Q ⋅ (K + E2 ) ⋅ 7 ⋅ ( + ) ⋅
*+ = = = 2
µ ⋅R ⋅
+VMTTIVWWLSYPHMRKIRIVEPFIWIPIGXIHSRXLIFEWMWSJ)1)6+)2'=7834
WMXYEXMSRWWMRGIXLIVIUYMVIQIRXMRXLIWIWMXYEXMSRWMWXLEXXLI[SVOTMIGI
WLSYPHGSRXMRYIXSFILIPHF]XLIKVMTTIVERHRSXINIGXIH8LILMKLIWXEG
GIPIVEXMSRZEPYIWMRJEGXHIGIPIVEXMSRZEPYIWSGGYVHYVMRKER)1)6
+)2'=7834
*SVGIWEGXMRKSRKVMTTIVW
-RXLIGEWIWHMWGYWWIHYTXSRS[MXLEWFIIREWWYQIHXLEXXLIGIRXVISJ
4VSFPIQW[MXLXSVUYI KVEZMX]SJXLI[SVOTMIGIMWTSWMXMSRIHTVIGMWIP]FIX[IIRXLIKVMTTIVNE[W
-XGERSJGSYVWIEPWSPMIIPWI[LIVIFYXXLMWWLSYPHFIEZSMHIHWMRGIXLMW
QE]VIWYPXMR[SVOTMIGIWX[MWXMRKYRHIVLIEZ]EGGIPIVEXMSR
*MK
)\EQTPIWSJXSVUYIGVIEXIH 1 2 3
EWEVIWYPXSJKVMTTIH
[SVOTMIGIW
a b l l
c c
FK1 FK2 FK2
G
FK2 FK1 FK1
G G
8LIJSPPS[MRKETTPMIWMRGEWI
+⋅F +⋅ E
*/ = ERH */ =
E+F E+F
*SVGEWIWERHXLIJSPPS[MRKETTPMIW
+(P + G) −+ ⋅ G
*/ = ERH */ =
P P
%REWWSGMEXIHTVSFPIQMWXLIEFMPMX]SJKVMTTIVWXSLERHPISJJGIRXVIPSEHW
+VMTTIVQERYJEGXYVIVWKIRIVEPP]WXEXIMRKVETLWSJPSEHGETEGMX]XLI
JSVGIWHYIXSJMRKIVPIRKXLVIWYPXMRKMREXSVUYI[LMGLXIRHWXSSTIRXLI
KVMTTIVNE[WSVXSVSXEXIXLI[SVOTMIGIMRGEWIW[LIVIXLIKVMTTIVHSIW
RSXLEZI:NE[W8LI[MHIVXLIKVMTTIVNE[WXLIFIXXIVXLIHMWXVMFYXMSRSJ
JSVGIWERHXLIPS[IVXLIKVMTTMRKJSVGIWVIUYMVIH[LIRXLI[SVOTMIGIGIR
XVISJKVEZMX]PMIWSYXWMHIXLIKVMTTIVNE[W
*SVGIWEGXMRKSRKVMTTIVW
;L]MWMXRIGIWWEV]XSSFWIVZIXLIWIPMQMXW#
*MKWLS[WXLIJSVGIW[LMGLSGGYV-REGGSVHERGI[MXLXLIPE[SJPIZIVW
JSVGIXMQIWJSVGIEVQIUYEPWPSEHXMQIWPSEHEVQXLIKVMTTMRKJSVGI*+
TVSHYGIWXMPXMRKJSVGIWMRXLIJMRKIVKYMHI8LIWIMRXYVRTVSHYGIMR
GVIEWIHJVMGXMSR4EVXSJXLIKIRIVEXIHKVMTTMRKJSVGIMWXLYWGSYRXIVEGXIH
F]JVMGXMSRJSVGIWMRXLIKYMHI1SVISZIV[LIVIZIVJVMGXMSRSGGYVW[IEV
[MPPWSSRJSPPS[8LILMKLIVXLIXMPXMRKQSQIRXWMRXLIKYMHIXLILMKLIV
XLIPSEH-JXLITIVQMWWMFPIPMQMXWEVII\GIIHIHXLIKVMTTIV[MPPRSX
EGLMIZIIMXLIVMXWWTIGMJMIHWIVZMGIPMJISVXLIHIWMVIHKVMTTMRKJSVGI
*MK
)GGIRXVMGJSVGIWEGXMRKSRE
KVMTTIVJMRKIV v
*2 2SVQEPJSVGIWEGXMRKSR FNy
KYMHI FNx
\ *MRKIVPIRKXLYTXS
TSMRXSJEGXMSR
] (MWXERGIJVSQTSMRXSJ x
EGX-SRXSGIRXVISJKVMT FR
FG
TIV
FNy
y
FNx
FG
*SVGIWEGXMRKSRKVMTTIVW
9WIVWRIIHXSORS[[LIXLIVSVRSXXLIMVKVMTTIVWHIZIPSTEGSRWXERX
'LEVEGXIVMWXMGGYVZI KVMTTMRKJSVGIXLVSYKLSYXXLIWXVSOI8LMWMRJSVQEXMSRMWTVSZMHIHF]E
JSVKVMTTMRKJSVGI GLEVEGXIVMWXMGGYVZISJKVMTTMRKJSVGI*MKWLS[WXVERWQMWWMSR
QIGLERMWQWEWI\EQTPIW%WXLIERKPIPIZIVERKPIKVMTTIVW[MZIPWXLI
KVMTTMRKJSVGIZEVMIWXLVSYKLSYXXLIKVMTTIVWXVSOIEWEJYRGXMSRSJXLI
GSWMRISJXLIERKPISJVSXEXMSRα-RXLIWIGSRHI\EQTPISRXLISXLIV
LERH*+!GSRWXERX-JXLIERKPISJVSXEXMSRαSJERERKPIKVMTTIVMWWQEPP
XLMWIJJIGXGERFIMKRSVIH7SQIPIZIVQIGLERMWQWLS[IZIVLEZIE
GLEVEGXIVMWXMGKVMTTMRKJSVGIGYVZI[MXLZIV]TVSRSYRGIHZEVMEXMSRW%
X]TMGEPGEWIMWEPIZIVSTIVEXIHKVMTTIV[LSWIGYVZILEWEZIV]WXIIT
KVEHMIRX[MXLLMKLKVMTTMRKJSVGIEZEMPEFPISRP][MXLMREWLSVXVERKISJ
XVEZIP8LIWIX[SI\EQTPIWHIQSRWXVEXIXLEXRSXIZIV]KVMTTIVSJJIVWE
GSRWXERXJSVGIXLVSYKLSYXMXWXVEZIP
*MK
+VMTTMRKJSVGI* +EWE
JYRGXMSRSJKVMTTIVWXVSOIL a) b)
E %RKPIKVMTTIV
F 4EVEPPIPKVMTTIV
5 8IRWMPIJSVGI β
L +VMTTIVWXVSOI α
h Q h
Q FG FG
FG FG
h h
*SVGIWEGXMRKSRKVMTTIVW
8LIXIGLRMGEPTVSTIVXMIWSJKVMTTIVWERHXLIMVTVMGIJSVQXLIFEWMWJSVER
EWWIWWQIRXSJXLIMVWYMXEFMPMX]JSVEKMZIRETTPMGEXMSRERHEGSQTEVMWSR
8IGLRMGEPTVSTIVXMIW [MXLSXLIVQEOIVWoTVSHYGXW8LIQSVIWYMXEFP]EKVMTTIVVERKIMW
QEXGLIHXSXLIYWIVWoEZIVEKIVIUYMVIQIRXWXLIIEWMIVMX[MPPFIJSVYWIVW
XSWIPIGXXLIVMKLXKVMTTIV8LIVI[MPPSJGSYVWIEP[E]WFIWTIGMEPETTPM
GEXMSRWVIUYMVMRKWTIGMEPKVMTTIVW&YX[LEXMRJEGXEVIXLIGLEVEGXIVMWXMGW
SJEKVMTTIV#
%R]YWISJKVMTTIVWQYWXWXEVX[MXLEWXYH]SJXLITPERRIHETTPMGEXMSR
8LMW[MPPVIZIEP[LEXKVMTTIVWEVIVIUYMVIHXSHSERH[LEXPSEHWXLI]
QYWX[MXLWXERH-JWXYHMIWSJXLMWOMRHEVIGEVVMIHSYXMREHIUYEXIP]SZIV
LEWXMP]ERHMRGSQTPIXIP]XLIVIWYPXMWPMOIP]XSFIERRS]ERGIMJKVMTTIVW
EVIXLI[VSRKGLSMGIXLI]QE]JEMPUYMGOP]ERHXLYWRSXTVSZMHIXLII\
TIGXIHTIVJSVQERGI2IZIVXV]XSXEPOWSQISRIMRXSYWMRKETEVXMGYPEV
KVMTTIVXLIGLSMGIQYWXFIXEOIRSRXLIFEWMWSJXLIHIKVIIXS[LMGLXLI
VIUYMVIQIRXTVSJMPIERHXLIKVMTTIVTIVJSVQERGIGSMRGMHI
8LITVSTIVXMIWSJEKVMTTIVGERFIMPPYWXVEXIHF]WSQIGLEVEGXIVMWXMGHEXE
%JI[[SVHWEFSYX 8LIXEFPISJ*MKKMZIWEPMWXSJXLMWHEXE8LIHEXEGERFIWYFHMZMHIH
GLEVEGXIVMWXMGHEXE MRXSTVMQEV]ERHWIGSRHEV]GLEVEGXIVMWXMGHEXE-RI\EQMRMRKXLIWYMXEFMP
MX]SJEKVMTTIV[I[MPPTVSGIIHWXITF]WXITJMVWXGLIGOMRKXLITVMQEV]
GLEVEGXIVMWXMGWHEXEERHXLIRYWMRKXLIWIGSRHEV]HEXEXSQEOIEJMREP
WIPIGXMSR3JGSYVWIRSXIZIV]XLMRKMWEP[E]WMQTSVXERXMREPPGEWIW-XMW
EHZMWEFPIXS[IMKLXXLIGLEVEGXIVMWXMGHEXEEWETTVSTVMEXIXSEKMZIRET
TPMGEXMSR*SVI\EQTPIXLISTIRMRKERHGPSWMRKXMQIWSJEKVMTTIVEVIRSX
MQTSVXERXMJXLITVSGIWWGSRGIVRIHMWRSXXMQIGVMXMGEP[LMGLMWXLIGEWIMJ
XLILERHPMRKXMQISJXLIKVMTTIVMWRSXMRWIVMIW[MXLXLIQEMRTVSGIWWXMQI
FYXVYRWTEVEPPIPXSXLMW%WVIKEVHWXLIKVMTTMRKJSVGISRP]EPS[ZEPYI
[MPPFIVIUYMVIHMRSVHIVXSJMXGSQTSRIRXW[MXLYTXSGSRRIGXMRK[MVIW
XSTVMRXIHGMVGYMXFSEVHW6IPMEFPILERHPMRKGERFISFXEMRIHIZIR[MXL
KVMTTIVW[LMGLGPSWISRP]F]WTVMRK JSVGI-JLS[IZIVXLIETTPMGEXMSR
EPWSMRZSPZIWKVMTTMRKLIEZMIVGSQTSRIRXWWYGLEWIPE]WXLIKVMTTMRK
JSVGI[MPPFIMQTSVXERXERHQYWXFIGLIGOIH
-RWTIGMJMGGEWIWMXGEREPWSFIEHZMWEFPIXSGSRWMHIVJYVXLIVGLEVEGXIVMWXMG
ZEPYIWJSVI\EQTPIXLINE[GLERKMRKXMQIMRETTPMGEXMSRW[LIVIXLIKVMT
TIVNE[WRIIHXSFIGLERKIHJVIUYIRXP]TIVLETWIZIRWIZIVEPXMQIWE
HE]HYIXS[IEVSVXLIRIIHXSLERHPIHMJJIVIRXTVSHYGXW%WIGSRHEV]
GLEVEGXIVMWXMGZEPYIQE]FIGSQIETVMQEV]ZEPYIJSVI\EQTPIMJEKVMTTIV
MWVIUYMVIHXSFIWYMXEFPIJSVYWIMRGPIERVSSQW)ZIREGSRWMHIVEXMSRSJ
TVMQEV]HEXE[MPPIPMQMREXIERYQFIVSJTSWWMFPIGERHMHEXIW
8IGLRMGEPTVSTIVXMIW
*MK
'LEVEGXIVMWXMGHEXEJSV 'LEVEGXIVMWXMGHEXEJSVKVMTTIVW
KVMTTIVW
• 8]TIHIWMKREXMSR
• (IWMKR
• 7M^I
4VMQEV]GLEVEGXIVMWXMGHEXE 7IGSRHEV]GLEVEGXIVMWXMGHEXE
• 3TIVEXMRKTVMRGMTPI • 4IVJSVQERGIQEWWVEXMSMR
QIGLERMGEP 2KVEQW
JPYMHMG • 1EWWQSQIRXSJMRIVXMEMROKGQ
QEKRIXMG • 3TIVEXMRKTVIWWYVIVERKIMRFEV
EHLIWMZI
• 1EMRXIRERGIG]GPIW
• +VMTTMRKJSVGIMR2
• (IWMKRSJFIEVMRKWERHKYMHIW
• +VMTTMRKJSVGITEXXIVR
• 6ERKISJWM^IW
+VMTTMRKJSVGIHMEKVEQ
• 6ITIXMXMSREGGYVEG]MRQQ
• +VMTTIVWXVSOITIVNE[MRQQ
SVSTIRMRKERKPIMRHIKVIIW • 3TIVEXMRKXIQTIVEXYVIVERKIMR
HIKVIIW
• +VMTTMRK[MHXLEHNYWXQIRX
• 1SHISJSTIVEXMSR
• 0SEHGETEGMX]QE\MR2
7MRKPIEGXMRK
• 'PSWMRKKVMTTMRKXMQIMRW
(SYFPIEGXMRK
• 3TIRMRKVIPIEWIXMQIMRW
• ;SVOMRKJVIUYIRG]QE\MR,^
• 0SEHPMQMXZEPYIW
• 1SYRXMRKTSWMXMSR
*SVGIW
• )RIVK]X]TIERHGSRWYQTXMSR
8SVUYIW
*MRKIVPIRKXL • 6IXIRXMSRSJKVMTTMRKJSVGIMR
GEWISJTS[IVWYTTP]JEMPYVI
• 2YQFIVSJKVMTTIVGSQTS
RIRXW • 1SRMXSVMRKSJKVMTTMRKWXVSOI
• 1EMRHMQIRWMSRWMRQQ • 1EXIVMEPWTIGMJMGEXMSRW
• (IEH[IMKLXMROK • 7IVZMGIPMJI
• -RXIVJEGIHEXE
QIGLERMGEP
JPYMHMG
IPIGXVMGEP
• )RZMVSRQIRXEPGLEVEGXIVMWXMGW
'PIERVSSQGPEWW
)\LEYWXEMV
%FVEMHIHTEVXMGPIW
8IGLRMGEPTVSTIVXMIW
3RP]MHIEPMWIHLERHPMRKSTIVEXMSRWVYRTIVJIGXP]WQSSXLP]-J[IXEOIE
%GGYVEG]SJKVMTTMRK GPSWIVPSSO[I[MPPWIIXLEXMXMWEP[E]WRIGIWWEV]XSEGGSQQSHEXIXSPIV
ERGIWSREPPE\IW8LISVIXMGEPP]XLMWMWXVYIXLISRP]UYIWXMSRMWXLISVHIV
SJQEKRMXYHISJXLIVIWYPXMRKIVVSVW*MKWLS[WERI\EKKIVEXIHJSVQ
SJXLIKIRIVEPWMXYEXMSR8LI[SVOTMIGIJIIHMWWYFNIGXXSIVVSVWXLIVSFSX
QSXMSRWEVIMQTVIGMWIERHXLIXEVKIXTSWMXMSRJSVI\EQTPIEFEWMG[SVO
TMIGIXS[LMGLSXLIVWEVIXSFIJMXXIHMWEPWSWYFNIGXXSXSPIVERGIW
3RP]EREREP]WMWSJXLIXSPIVERGIW[MPPWLS[[LIXLIVXLIWMXYEXMSRMWGVMXM
GEPSVRSX6SYKLP]SRIXLMVHSJEPPEWWIQFP]ETTPMGEXMSRWEVIEUYIWXMSRSJ
MRWIVXMRKTMRWMRXSLSPIW7SQISJXLIWISTIVEXMSRWGERFIVIKEVHIHEW
TVIGMWMSREWWIQFP][MXLGPIEVERGIWSJSRP]EJI[LYRHVIHXLWSJEQMPPM
QIXVI-RGEWIWSJXLMWOMRHMXQE]SGGYVXLEXXLIVITIXMXMSREGGYVEG]SJ
XLIKVMTTIVERHMRHYWXVMEPVSFSXYWIHI\GIIHWXLITIVQMWWMFPIPMQMX
8LIVITIXMXMSREGGYVEG]SJEKVMTTIVMWHIJMRIHEWXLIZEVMEXMSRMRXLINE[
IRHTSWMXMSRHYVMRKWYGGIWWMZIKVMTTMRKSTIVEXMSRWGPSWMRKQSXMSRW
8LMWJMKYVIQE]JSVI\EQTPIFIQQMRXLIGEWISJETEVEPPIPKVMT
TIV
*MK
+IRIVEPQSHIPSJE 1 2
LERHPMRKSTIVEXMSR
;SVOTMIGIWXSVISR
WYWTIRHIHGSRZI]SV
-RHYWXVMEPVSFSXSRE
QSFMPIYRMX
%WWIQFP]GEVVMIVWSRE
XVERWJIVPMRI
-RSVHIVXSGEVV]SYXGPSWIXSPIVERGIEWWIQFP]EPPXLIJSPPS[MRKQIEWYVIW
QYWXFIEHSTXIH
• -QTVSZIQIRXSJVITIXMXMSREGGYVEG]TEVXMGYPEVP]XLEXSJXLILERHPMRK
HIZMGI
• (IWMKRSJGSQTSRIRXWXSFIEWWIQFPIHMRWYGLE[E]EWXSJEGMPMXEXI
EWWIQFP]TEVXMGYPEVP]F]TVSZMHMRKKYMHIGLEQJIVW
• 'SQFMREXMSRSJKVMTTIVWYWMRKNSMRMRKQIGLERMWQW
.SMRMRKQIGLERMWQWEVIHIZMGIWTPEGIHELIEHSJXLIKVMTTIV[LMGLEVI
HIWMKRIHXSGSQTIRWEXIJSVERKYPEVERHTSWMXMSRMRKIVVSVWFIX[IIRXLI
GSRRIGXMRKTEVXLIPHF]XLIKVMTTIVERHXLIGSRRIGXMRKE\MWHIJMRIHF]XLI
FEWMGEWWIQFP]TEVX%HMWXMRGXMSRMWQEHIFIX[IIREGXMZI-6''!MRWXVY
QIRXIHVIQSXIGIRXVIGSQTPMERGIERHTEWWMZINSMRMRKQIGLERMWQW6''
8IGLRMGEPTVSTIVXMIW
!VIQSXIGIRXVIGSQTPMERGI-RXLIMRXIVIWXWSJWMQTPMGMX]QSWXEVIEVISJ
XLI6''X]TI8LIWIGERIEWMP]GSQTIRWEXIJSVTSWMXMSRHIZMEXMSRWSJQQ
[MXLERSVMIRXEXMSRIVVSVSJERHETIVQMWWMFPIGPIEVERGIFIX[IIRXLI
X[SNSMRMRKTEVXWSJEWPMXXPIEWQQ-RSVHIVJSVXLIWIHIZMGIWXSST
IVEXIKYMHIGLEQJIVWEVIVIUYMVIHSRXLIFEWMGEWWIQFP]TEVXFSVI
ERHSVXLINSMRMRKTEVXXSFIEHHIHTMREJEGXSV[LMGLWLSYPHRSXFI
JSVKSXXIR*MKWLS[WXLITVMRGMTPISJER6''YRMX'SQTPMERGIGERFI
TVSZMHIHF]YWMRKEWTIGMEPGSRJMKYVEXMSRSJIPEWXSQIVGSQTSRIRXWSVPIEJ
WTVMRKW8LIMRRIVTEMVSJNSMRXWGSVVIGXERKYPEVIVVSVW[LMPIXLISYXIVTEMV
SJNSMRXWGSQTIRWEXIJSVTSWMXMSRMRKIVVSVW8LIETTEVIRXVIQSXITMZSX
TSMRXSJXLINSMRMRKTEVXXSFIMRWIVXIHPMIWEXXLIXMTSJXLMW-XMWRSXRIG
IWWEV]JSVYWIVWXSQEOIXLIMVS[RNSMRMRKQIGLERMWQWXLIWIEVIGSQ
QIVGMEPP]EZEMPEFPIMREVERKISJWM^IW
*MK
.SMRMRKQIGLERMWQ[MXL
GSQFMRIHPEXIVEPERH
ERKYPEVGSQTIRWEXMSR
0EXIVEPTSWMXMSR
GSQTIRWEXMSR
%RKYPEVGSQTIRWEXMSR
%TTEVIRXTMZSXTSMRXJSV 4
1 2
ERKYPEVGSQTIRWEXMSR 5
+VMTTIVWYTTSVXTPEXI
4EVEPPIPKVMTTIV
+VMTTIVNE[W
6
.SMRMRKTEVX
&EWMGEWWIQFP]TEVX 7
3
8
8LITVSFPIQSJJMXXMRKETMRMRXSELSPIMWWMQMPEVXSXLITVSFPIQIRGSYR
XIVIHMRJIIHQSXMSRWSJMRWIVXMRKE[SVOTMIGIMRXSEGPEQTMRKHIZMGI
8LIVIMWPMXXPIJYRHEQIRXEPHMJJIVIRGIFIX[IIRXLIWIX[SSTIVEXMSRW;I
WLEPPGSRWMHIVXLMWX]TISJSTIVEXMSRRI\X
%KVMTTIVERHGPEQTIH[SVOTMIGIVITVIWIRXEVMKMHWXVYGXYVI-JXLMWMW
'SQTIRWEXMRKJSV YWIHXSJIIHEGPEQTMRKHIZMGIXLMWQE]GEYWISZIVPSEHSJXLIKVMTTIVMJ
E\MEPEPMKRQIRXIVVSV XLIGPEQTMRKHIZMGIMWVIUYMVIHXSGPSWIFIJSVIXLIKVMTTIVMWEPPS[IHXS
STIR8LMWMWWLS[RMR*MK[LMGLMWFEWIHSRXLIEWWYQTXMSRXLEXXLI
E\IWEVIRSXTIVJIGXP]EPMKRIH8LMWMWXLISVIXMGEPP]EP[E]WXLIGEWI
8LIKVMTTIVERHLERHPMRKHIZMGIEVITVIWWIHMRXLIHMVIGXMSRSJXLI
GPEQTMRKE\MW[LMGLMWMRIJJIGXERSZIVPSEH8LIVIMWEFVMIJJSVGIPSGOMRK
GSRRIGXMSRFIX[IIRXLILERHPMRKHIZMGIERHXLIQEGLMRIXS[LMGLXLI
[SVOTMIGIMWFIMRKJIH%JPI\MFPIJPERKITPEXISRXLIKVMTTIVGERLIPT
TVIZIRXHEQEKI
8IGLRMGEPTVSTIVXMIW
*MK
7MXYEXMSRMR[LMGLER
SZIVPSEHSJXLIKVMTTIVERH
LERHPMRKHIZMGIGERSGGYVMJ
RSGSQTIRWEXMSRMW
TVSZMHIH a)
E *IIHXSEGPEQTMRK
HIZMGI
F %\MEPGSVVIGXMSRHYVMRK
GPSWMRKSJGPEQTMRKHI
ZMGI
b)
*SVGIGPSWYVI
8LMWTVSFPIQXLISVIXMGEPP]EPWSSGGYVW[LIREKVMTTIVTMGOWYTE[SVO
TMIGIJVSQETEPPIXYRHIVGSRHMXMSRWSJE\MEPQMWEPMKRQIRX%WXLIKVMTTIV
XMKLXIRWSRXLI[SVOTMIGIXLIVSFSXEVQMWSRGIEKEMRTYWLIHSYXSJTS
WMXMSRERHGSRWIUYIRXP]YWIWXLITS[IVSJMXWEGXYEXSVWXSEXXIQTXXSVI
KEMRMXWTVSKVEQQIHTSWMXMSR8LMWQE]IZIRPIEHXSHEQEKIXSXLIVSFSX
HVMZIW]WXIQ-RXLMWGEWIXSSEWPMKLXP]JPI\MFPIJPERKIGSRRIGXMSRTVS
ZMHIWEVIQIH]*MK1SVISZIVXLIZEPYIGLSWIRJSVXLIGPIEVERGISJ
XLI[SVOTMIGIWMRXLI[SVOTMIGIGEVVMIVWWLSYPHRSXFIXSSWQEPPMRSVHIV
XSEPPS[XLI[SVOTMIGIWXSEHETXXSXLIKVMTTIVTSWMXMSR
*MK
4MGOMRKYTE[SVOTMIGIJVSQ
EQEKE^MRITEPPIX
E %\MEPQMWEPMKRQIRX\
HYVMRKETTVSEGLXSTS
WMXMSR
F 'SQTIRWEXMSRHYVMRK
KVMTTMRKSTIVEXMSR
a) b)
8IGLRMGEPTVSTIVXMIW
8LIWMXYEXMSRWLIVIEVIQSVIXLERXLIKVMTTIVWGERGSTI[MXL%XXIRXMSR
QYWXFITEMHXSE\MEPQMWEPMKRQIRX
;LEXMWXLIERW[IV#8LIVIEVIZEVMSYWTSWWMFMPMXMIW
• (ITIRHMRKSRXLIX]TISJGPEQTMRKHIZMGIGPEQTMRKGSPPIXZIVXMGEP
MRWIVXMSRMXQE]FITSWWMFPIXS[SVOMRXLIWIUYIRGI7IXHS[RSTIR
NE[WGPEQTMRQEGLMRIVIXVEGXKVMTTIVSVMXQE]FIIWWIRXMEPXS[SVO
MRXLIWIUYIRGI-RWIVX[SVOTMIGIGPEQTMRQEGLMRISTIRNE[W
VIXVEGXKVMTTIV8LIJSVQIVGEWIHSIWRSXTVIWIRXHMJJMGYPXMIWWMRGI
XLIVIMWRSJSVGIPSGOMRKGSRRIGXMSRFIX[IIRXLIGPEQTMRKHIZMGIERH
KVMTTIV
• 8LIVIEVIMRHYWXVMEPVSFSXW[LMGLEPPS[EWSJXW[MXGLMRKEGXMSR[MXLMR
GIVXEMRPMQMXW8LIEVQFILEZIWGSQTPMERXP]ERHXLIVSFSXHSIWRSX
EXXIQTXXSVIIWXEFPMWLMXWSPHTSWMXMSR8LMWMWEGLMIZIHF]QIERWSJE
PEVKIVEVIESJGSMRGMHIRGIJSVXLIIZEPYEXMSRSJXLIWMKREPWJVSQXLI
TSWMXMSREPXVERWHYGIVWSJXLIVIWTIGXMZIVSFSXE\IW
• -XMWTSWWMFPIXSYWILERHNSMRXWIRWSVWXSHIXIGXQMWEPMKRQIRX8LI
WIRWSVHEXEMWYWIHXSHIVMZIGSVVIGXMZIQSXMSRWJSVXLIVSFSXEVQ
• 8LIWMQTPIWXQIXLSHMWXSYWIGSQTPMERXMRXIVQIHMEXITPEXIWVYFFIV
WTVMRKW[LMGLTVSZMHIEHIUYEXIGSQTIRWEXMSREXPIEWXJSVQMRSV
IVVSVW)ZIRKVMTTIVNE[W[MXLGSQTPMERXJEGIWEVISJXIRIRSYKL
• -XMWEPWSTSWWMFPIXSEVVERKIJSVXLIKVMTTIVXSSTIRMRWXEKIW-RXLI
XVERWMXMSREPTLEWIXLIKVMTTMRKJSVGIMWWPMKLXP]VIHYGIH'SQQIVGMEPP]
EZEMPEFPIKVMTTIVW[MXLXLMWX]TISJJYRGXMSRSTIVEXI[MXLWTVMRKJMRKIVW
PIEJWTVMRKWHVMZIRF]EXLVIITSWMXMSRG]PMRHIV
• +VMTTIVWLEZIEPWSFIIRTVSHYGIH[MXLEHIJMRMXIJPSEXMRKQSYRXMRKJSV
YWIMRGEWIW[LIVIPEVKIHIZMEXMSRWGERFII\TIGXIHFIX[IIRXLIEGXYEP
TSWMXMSRERHTVSKVEQQIHWIXTSMRXTSWMXMSRJSVI\EQTPI[LIRTMGOMRK
GEVXSRWJVSQWLIPZIW3RGIXLI[SVOTMIGILEWFIIRKVMTTIHERHVEMWIH
XLIKVMTTIVXVEZIPWXSXLIGIRXVISJXLIE\MWERHMWPSGOIHMRXLMWTSWMXMSR
8LMWVIUYMVIWEPSGOMRKHIZMGI[LMGLMWMRXIKVEXIHMRXSXLIKVMTTIV
• 8LIWIUYIRGI-RWIVX[SVOTMIGISTIRNE[WGPEQTMRQEGLMRI
VIXVEGXKVMTTIVGEREXPIEWX[MXLWQEPP[SVOTMIGIWFIEGLMIZIHF]
YWMRKETVIWWMRKIPIQIRXEWWLS[RMR*MK8LMWMWEREHHMXMSREP
JEGMPMX]GSQTPIQIRXMRKXLIKVMTTIVJYRGXMSR[LIVIF]XLITVIWWMRK
IPIQIRXMWGPEQTIH[LIRXLI[SVOTMIGIMWTMGOIHYT3RGIXLIGPEQTMRK
TSWMXMSRMWVIEGLIHXLIKVMTTIVSTIRW8LITVIWWMRKIPIQIRXRS[EGXW
SRXLI[SVOTMIGIERHTVIWWIWMXEKEMRWXXLIGSRXEGXEVIESJXLIGPEQTMRK
HIZMGIMRXS[LMGLMXMWXLIRGPEQTIH8LIKVMTTIVLEZMRKGSQTPIXIHMXW
XEWOMWVIXVEGXIH[MXLSYXFIMRKWYFNIGXIHXSSZIVPSEH
8IGLRMGEPTVSTIVXMIW
-XGERFIWIIRJVSQXLIRYQFIVSJVIQIHMIWEZEMPEFPIXLEXXLMWMWETVSF
PIQ[LMGLRIIHWXSFIXEOIRWIVMSYWP]
*MK
+VMTTIVGSQFMRIH[MXLE
TVIWWMRKIPIQIRX
4VIWWYVIWTVMRK
+VMTTIV 1
4VIWWYVITPEXI
;SVOTMIGI 2
+VMTTIVNE[W
4 5
*MKWLS[WEZIV]WMQTPIHIZMGI[LMGLGERFIYWIHXSEWWMWXEWWIQFP]
STIVEXMSRW8LIKVMTTIVMWQSYRXIHSREGSRIEFPIXSXMPXF]EFSYX
8LMWQEOIWXLIKVMTTIVJPI\MFPIMRXLI\]ERH^HMVIGXMSRWMRGEWIW[LIVI
XLINSMRMRKTEVXQMWWIWMXWHIWXMREXMSRERHVIWXWSRXLIFEWMGEWWIQFP]
TEVX-RXLIWIGEWIWXLIGSRIPMJXWWPMKLXP]GVIEXMRKWSQIFVIEXLMRK
WTEGIMRXLI\]TPERI8LIKVMTTIVMWRS[EFPIXSHIJPIGXMRXLIETTVSTVM
EXIHMVIGXMSR-XMWLS[IZIVRIGIWWEV]JSVXLIQEXMRKTEVXWXSLEZIKYMHI
GLEQJIVW
*MK
7MQTPINSMRMRKQIGLERMWQ
JSVZIVXMGEPEWWIQFP]
1
'IRXVMRKGSRI
'SRRIGXSVTPEXIJSV 2
KVMTTIV
+VMTTIV
+VMTTIVNE[ 7
NSMRMRKTEVX 3
&EWMGEWWIQFP]TEVX
%VQSJLERHPMRKHIZMGI
4
z
5 y
6 x
8IGLRMGEPTVSTIVXMIW
+VMTTIVWEVIJMREPIJJIGXSVW[LMGLMWXSWE]XLEXXLI]EVITSWMXMSRIHEXXLI
4VSXIGXMSREKEMRWX IRHSJEOMRIQEXMGGLEMRJVIIEVQVSFSXWERHXLYWLEZIXLIKVIEXIWX
GSPPMWMSR VEHMYWSJEGXMSRSJEPPXLIVSFSXGSQTSRIRXW8LMWMRXYVRQIERWXLEXKVMT
TIVWEVIWYFNIGXXSXLIKVIEXIWXVMWOSJGSPPMWMSR8LIQSVIGSQTPI\ERH
HIPMGEXIEKVMTTIVMWXLIKVIEXIVXLIGLERGISJHEQEKIMRXLIGEWISJE
GSPPMWMSR'SPPMWMSRTVSXIGXMSRHIZMGIWSVWLYXSJJHIZMGIWLEZIXLYWFIIR
HIZIPSTIHXSTVIZIRXXLMW8LIWIHIZMGIWEVIJMXXIHFIX[IIRXLIKVMTTIV
ERHVSFSXEVQERHGSQTPIQIRXXLIKVMTTIVGSRXVSPW]WXIQ8LITVSXIGXMZI
HIZMGIWEVIXVMKKIVIH[LIREREHNYWXEFPIPSEHXLVIWLSPHMWI\GIIHIHERH
KIRIVEXIEWLYXSJJWMKREP-RXLIGEWISJXLIHIZMGIWLS[RMR*MKE
TRIYQEXMGEPP]TVIWWYVMWIHGLEQFIVMWYWIHXSOIITXLIHIZMGIWXMJJ-RXLI
GEWISJEGSPPMWMSRXLIGYWLMSRSJGSQTVIWWIHEMVMWHITVIWWYVMWIHERHXLI
QIGLERMWQFIGSQIWWSJXMIWPMKLXP]JPI\MFPI
*MK
'SPPMWMSRTVSXIGXMSR[MXL
EHNYWXEFPITEVEQIXIVWJSVE
KVMTTIVWLS[MRKVIEGXMSR α
GETEFMPMX] z
E 6SXEXMSREP
F :IVXMGEP
β
G ,SVM^SRXEP
* 8VMKKIVMRKJSVGI F
^ :IVXMGEPMQTEGXTEXL
α %RKPISJHIJPIGXMSR F
VIWYPXMRKJVSQGSPPMWMSR
º %RKPISJXMPX F
a) b) c)
8LIVIEVIEPWSWTVMRKPSEHIHQIGLERMWQWMR[LMGLXLIKVMTTIVHMWIRKEKIW
YRHIVSZIVPSEHERHVIGSMPWJVSQERSFWXEGPI8LIWILS[IZIVSJJIVPMXXPI
GSRZIRMIRGIMRXLIJSVQSJEHNYWXQIRXFYXEVIZIV]WMQTPIMRHIWMKR
8LIHIGMHMRKJEGXSVMWSJGSYVWIXLIETTPMGEXMSRMRUYIWXMSRERHXLITVSF
EFMPMX]XLEXYRI\TIGXIHSFWXEGPIW[MPPFIIRGSYRXIVIH8LMW[MPPMRHMGEXI
[LIXLIVMXMWRIGIWWEV]XSTVSXIGXEKVMTTIVEKEMRWXGSPPMWMSRW-JXLIVIEVI
RSSFWXEGPIWER][LIVIRIEVXLIKVMTTIVGSPPMWMSRTVSXIGXMSR[MPPGIVXEMRP]
RSXFIVIUYMVIH
8IGLRMGEPTVSTIVXMIW
)ZIV]KVMTTIVVIUYMVIWWTEGIXSSTIVEXI8LIVSYXIXSXLIKVMTTMRKTSMRX
+VMTTIV[SVOMRKEVIE VIUYMVIWEKVMTTIV[SVOMRKEVIESVJIIHGLERRIP[LMGLQYWXFIJVIISJ
SFWXVYGXMSRW8LIQMRMQYQWM^ISJXLMWEVIEMWKSZIVRIHF]XLIGSRXSYVSJ
XLIKVMTTIV[MXLSTIRNE[WSV[MXLE[SVOTMIGIMJXLMWTVSNIGXWFI]SRHXLI
IHKIWSJXLIKVMTTIV%WXLIVIWYPXSJXLMWMXQE]TVSZIFIXXIVXSYWIE
TEVEPPIPNE[KVMTTIVMRWXIEHSJERERKPIKVMTTIV8LMWMWMPPYWXVEXIHMR*MK
-XLEWFIIREWWYQIHXLEXXLI[SVOTMIGIXSFITVIWWJMXXIHMRXSEFEWMG
EWWIQFP]TEVXRIIHWXSFITMGOIHYTF]EKVMTTIVQEOMRKETSWMXMZI
PSGOMRKGSRRIGXMSRMRXLIMRWIVXMSRHMVIGXMSR8LMWGERLS[IZIVEPWSFI
EGLMIZIHF]YWMRKETEVEPPIPKVMTTIV[MXLXLIEHZERXEKIXLEXXLMW[MPP
TIVQMXXLIWXSVEKIPSGEXMSRWSRXLIQEKE^MRITEPPIXXSFITSWMXMSRIHQSVI
GPSWIP]XSKIXLIV8LMWMRGVIEWIWWXSVEKIGETEGMX][LMGLMWKIRIVEPP]HIWMV
EFPI
*MK
;LIR[SVOMRK[MXLXLVII
HMQIRWMSREPSFNIGXGSRJM 1
KYVEXMSRWGSRWMHIVEXMSR
QYWXFIKMZIRXSXLI
GPIEVERGIGSRXSYVSJXLI
KVMTTIV
E 6EHMEPKVMTTIV
F 4EVEPPIPKVMTTIV
'PIEVERGIIHKI
4MXGLGMVGPISJKVMTTIV
NE[W 2
;SVOTMIGI 3 5
*PEXTEPPIX
3TIRKVMTTIVNE[W
\ (MWXERGIFIX[IIR
WXSVEKIPSGEXMSRW 4
x x
a) b)
-JXLIKVMTTIVMWOITXEWPMKLXEWTSWWMFPIXLMWQIERWELMKLIVTE]PSEHJSV
0SEHFIEVMRKGETEGMX] XLILERHPMRKHIZMGIERHQMRMQYQMQTEMVQIRXSJH]REQMGQEGLMRIGLEV
ERHHIEH[IMKLX EGXIVMWXMGW*MKWLS[WXLIVIPEXMSRWLMTFIX[IIRXLIRSQMREPPSEHSJ
XLILERHPMRKHIZMGIERHXLIXSSPPSEH[MXLKVMTTIVWSJXIRFIMRKVIKEVHIH
EWXSSPW8LIRSQMREPPSEHWTIGMJMGEXMSRVIJIVWXSXLIMRXIVJEGIFIX[IIR
XLIVSFSXEVQERHXLIGSRRIGXSVJPERKISJXLIKVMTTIV
-JELERHPMRKHIZMGIMWSTIVEXIH[MXLXLIQE\MQYQTSWWMFPIPSEHWTIIH
ERHEGGIPIVEXMSRQYWXFIVIHYGIH8LMWQE]EJJIGXSRIQSXMSRE\MWSV
WIZIVEP8LILERHPMRKG]GPI[MPPXLYWFIGSQIWPS[IV8LMWMWRSXETVSFPIQ
MJXLITVSGIWWXMQIWEVIWMKRMJMGERXP]PSRKIVXLERXLIG]GPIXMQIJSVE
LERHPMRKSTIVEXMSR-XMWXLIVIJSVI[SVXLGSRWMHIVMRKMRETTVSTVMEXIGEWIW
[LIXLIVERMRGVIEWIHLERHPMRKHIZMGIPSEHGERFIYWIH
8IGLRMGEPTVSTIVXMIW
*MK
7TIGMJMGEXMSRWSJPSEH 2SQMREPPSEH
GETEGMX]JSVMRHYWXVMEP
VSFSXW
8SSPPSEH ;SVOMRKPSEH
%HHMXMSREPPSEH
1E\MQYQ[SVOMRKPSEH
1E\MQYQPSEH
8LITIVJSVQERGISJEKVMTTIVGERFII\TVIWWIHF]XLIVEXMSSJKVMTTMRK
JSVGIMRRI[XSRWXSHIEH[IMKLXMRKVEQW8LITIVJSVQERGIMRHI\JSVE
KVMTTIV[MXLEQEWWSJKERHEKVMTTMRKJSVGISJ2[SYPHXLYWFI
RI[XSRWTIVKVEQSJHIEH[IMKLX:EPYIWSJSZIVMRHMGEXIZIV]
KSSHKVMTTIVW1SWXGSQQIVGMEPP]EZEMPEFPIKVMTTIVWLS[IZIVLEZIMR
HI\IW[IPPFIPS[
8LIWIVZMGIPMJISJEKVMTTIVMWERMQTSVXERXWIPIGXMSRGVMXIVMSR1SHIVR
7IVZMGIPMJI KVMTTIVWEVII\TIGXIHXSPEWXJSVEXPIEWXQMPPMSRKVMTTMRKG]GPIW8LMWMW
EGLMIZIHF]YWMRKLMKLUYEPMX]QEXIVMEPWERHTVSZMHMRKETTVSTVMEXI
XVIEXQIRXSJXLIGSRXEGXWYVJEGIWSJEGXMZIGSQTSRIRXWERHTVIGMWI[IEV
VIWMWXERXKYMHIW-XQYWXFIIRWYVIHXLEXXLIX]TIERHPIZIPSJPSEHWTIGM
JMIHJSVXLIKVMTTIVMRUYIWXMSREVIRSXI\GIIHIH+VMTTIVW[MXLEHHMXMSREP
WIEPWQYWXFIYWIHMJGSSPERXGEWXMRKHYWXSVKVMRHMRKHYWXEVITVIWIRX
8IGLRMGEPTVSTIVXMIW
8LII\GIPPIRXJPI\MFMPMX]SJERMRHYWXVMEPVSFSXJVSQFSXLXLIQIGLERMGEP
ERHGSRXVSPXIGLRSPSK]TSMRXWSJZMI[ERHXLIWTIIHSJETMGOERHTPEGI
%TTPMGEXMSREVIEWERH HIZMGIGERTVSZMHIETVEGXMGEPFIRIJMXSRP]MJXLIWIPIGXIHKVMTTIVQIIXW
KVMTTIVX]TIW XLIVIUYMVIQIRXWSJXLIETTPMGEXMSRMRUYIWXMSR8LIETTPMGEXMSRWSJE
KMZIRKVMTTIVEVIRSXLS[IZIVWYFNIGXXSER]VMKMHHIJMRMXMSR[MXLEPMXXPI
MQEKMREXMSRQSHMJMGEXMSRWGEREP[E]WFIJSYRHXSTVSZMHIXLISTXMQYQ
WSPYXMSRXSEKVMTTIVETTPMGEXMSR8LIEMQSJXLMWEVXMGPIMWXSTVSZMHIWSQI
WYKKIWXMSRWJSVXLMW
3RISJXLIQEMRYWIWSJMRHYWXVMEPVSFSXWERHMRWIVXMSRHIZMGIWMW[MXLSYX
HSYFXQEGLMRIJIIHERHEWWIQFP]ETTPMGEXMSRW&SXLXLIWIEVIEWQE]MR
ZSPZIVIUYMVIQIRXWERHGYWXSQIV[MWLIW[LMGLKS[IPPFI]SRHXLI
EZIVEKIGEWI-XQE]EPWSFIXLIGEWIXLEXEWMRKPIKVMTTIVQSHYPIMW
VIUYMVIHXSHIEP[MXLSFNIGXWSJ[MHIP]ZEV]MRKKISQIXV])EGLMRHMZMHYEP
KVMTTMRKXEWOQYWXFIXLSYKLXXLVSYKLXLSVSYKLP]FIJSVIEVIGSQQIRHE
XMSRMWQEHI
-XMWEPQSWXMQTSWWMFPIXSWTIGMJ]TEVXMGYPEVX]TIWSJKVMTTIVWJSVTEVXMGYPEV
%TTPMGEXMSREVIEWSJ ETTPMGEXMSRWWMRGIZMVXYEPP]IZIV]X]TISJKVMTTIVGERFIQEHIWYMXEFPIJSV
KVMTTIVW EKMZIRETTPMGEXMSRF]WIPIGXMRKERETTVSTVMEXIWM^INE[WTIVMTLIVEPHI
ZMGIWQEKE^MRMRKXIGLRMUYIERHKVMTTMRKWXVEXIK]*MKRSRIXLIPIWW
WLS[WEVSYKLGSVVIPEXMSRFIX[IIRSFNIGXJIEXYVIWERHKVMTTIVX]TIW8LMW
GSVVIPEXMSRVIPEXIWXSEZIVEKIWMXYEXMSRWERHGSZIVWTEVEPPIPKVMTTIVW
VEHMEPKVMTTIVWNE[WSTIRMRKERKPIKVMTTIVWSTIRMRKERKPITIVNE[
TSMRXKVMTTIVWERHWYGXMSRKVMTTIVW8LIVIEVIEP[E]W[MHIZEVME
XMSRW[MXLMRIEGLKVMTTIVX]TIERHWTIGMEPGEWIWWYGLEWGSQFMREXMSR
WYGXMSRKVMTTIVW[LMGLGERPMJXWLIIXQIXEP[SVOTMIGIW[IMKLMRKWIZIVEP
XSRRIW8LIERKPIKVMTTIVTVMRGMTPIMWYWIHJSVPEVKIJSVKMRKQERMTYPEXSVW
[MXLPSEHFIEVMRKGETEGMXMIWSJEWQYGLEWXSRRIW
%TTPMGEXMSREVIEWERHKVMTTIVX]TIW
*MK +VMTTIVX]TIW
%TTVS\MQEXIGSVVIPEXMSR
FIX[IIRKVMTTIHSFNIGXW +VMTTIHSFNIGXW
ERHKVMTTIVX]TIW
-HIEP
1EWW OK
~ 7YMXEFPI
{ 7YMXEFPIMRGIVXEMR
OK {
GEWIW
t 2SXETTPMGEFPI OK ~ t
>OK { t
(MQIR QQ
WMSR QQ { ~
QQ t {
>QQ t t
-RXIVREPKVMTTMRK t { t
7YVJEGI 7QSSXL
6SYKL t
4SVSYW { { { {
7IRWMXMZI { t t {
6SYRH (MWG ~ t
TEVXW 7LSVXG]PMRHIV
7LEJX6SH ~ t t t
4VMWQW &PSGO t
*PEXWLSVX { { t
*PEXPSRK t t { t
4PEWXMGW { { t
8I\XMPIW t t t t {
*SMP t t t t ~
+PEWW { ~ ~ ~
4SXXIV] { ~ ~ ~ {
8LITVSGIWWSJWIPIGXMRKKVMTTIVWMWSJXIRHSQMREXIHF]STIVEXMRKTE
VEQIXIVWERHWTIGMEPTVSTIVXMIW*MKJSVI\EQTPIWLS[WEVEHMEP
KVMTTIV[LSWIPEVKIW[MZIPERKPIEPPS[WMXXSKVMTJPERKIHWLIIXQIXEP
[SVOTMIGIW[LIRIUYMTTIH[MXLKVMTTIVNE[WWLETIHPMOIWTSX[IPHMRK
XSRKW8LMWMWEPQSWXMQTSWWMFPIXSEGLMIZI[MXLSXLIVX]TIWSJKVMTTIVW
%TTPMGEXMSREVIEWERHKVMTTIVX]TIW
*MK
6EHMEPKVMTTIVLSPHMRKE
WLIIXQIXEP[SVOTMIGI
8LIWM^ISJXLI[SVOTMIGIXSFILERHPIHRIIHRSXRIGIWWEVMP]HMGXEXIXLI
WM^ISJXLIKVMTTIV-JJSVI\EQTPIEKVMTTIVMWVIUYMVIHJSVPEVKIMRXI
KVEXIHGMVGYMXW-'W[MXLTMRWXLMWKVMTTIV[MPPEPQSWXEP[E]WRIIHXS
FIGETEFPISJI\IGYXMRKETS[IVJYPGPSWMRKQSXMSRWMRGI[MXLPEVKI-'oW
GSRWMHIVEFPIJSVGIMWVIUYMVIHXSFIRHXLIRYQIVSYWPIKW%W*MK
WLS[WXLIVIEWSRJSVXLMWMWXLEXXLIKVMTTIVQYWXEHNYWXXLIPIKWXSE
TVIGMWIWTEGMRKHYVMRKMXWGPSWMRKQSXMSR8LI-'PIKWEVITVIFIRXXSER
ERKPISJETTVS\MQEXIP]EPPS[MRKXLIQXSGSRJSVQXSXLIGSVVIGX
WTEGMRKMRXLIKVMTTIV
*MK
-'WLEZIWTPE]IHTMRW[LMGL
EVIEPMKRIHXSXLIHIWMVIH
WTEGMRKHYVMRKXLIKVMTTIV
QSXMSR
E -'[MXLWXVEMKLXPIKW
F 4MRWWTPE]IHSYXEXER
ERKPI a)
G +VMTTIVNE[W
15°
b) c)
%TTPMGEXMSRWWYGLEWXLIJIIHSJEYXSQEXMGQEGLMRIXSSPWERHXLIVIQSZEP
SJTVSGIWWIH[SVOTMIGIWQE]VIUYMVI[SVOTMIGIWXSFITMGOIHYTWMQYP
XERISYWP]7TIGMEPQYPXMTPIKVMTTIVWGERFIHIWMKRIHJSVXLMWTYVTSWIFYX
MXMWWSQIXMQIWTSWWMFPIXSYWIEWPMKLXP]QSHMJMIHWMQTPITEVEPPIPKVMTTIV
JSVXLMWTYVTSWI8LMWMWWLS[RMR*MK-XMWLS[IZIVXLIRRIGIWWEV]
XSYWIWYMXEFPIKVMTTIVNE[WXSWYMXXLIHMWXERGIFIX[IIRXLI[SVOTMIGIW
%TTPMGEXMSREVIEWERHKVMTTIVX]TIW
*MK
)\EQTPISJX[MR[SVOTMIGI
KVMTTIVEWEWTIGMEPYWISJE
TEVEPPIPNE[KVMTTIV
8LIWII\EQTPIWHIQSRWXVEXIEKEMRXLEXMXMWRSXTSWWMFPIXSEGLMIZIE
WXVMGXGSVVIPEXMSRFIX[IIRKVMTTIVX]TIWERH[SVOTMIGITVSTIVXMIW
8LIVIEVIGEWIW[LIVIXLIGPEQTMRKTSMRXSJEQEGLMRIMWRSXJVIIP]EG
*IIHKVMTTIVEW GIWWMFPIXSXLIKVMTTIVHYIXSXLIJEGXXLEXTEWWEKIMWSFWXVYGXIHF]XSSPW
WTIGMEPWSPYXMSR WEJIX]SVXIWXIUYMTQIRXIXGPIEZMRKSRP]EGIVXEMRJIIHGLERRIP-R
GEWIWSJXLMWOMRHXLIGPIEVERGIGSRXSYVSJXLIKVMTTIV[LIRLSPHMRKE
[SVOTMIGIMWEGVMXMGEPJEGXSVMRXLIWIPIGXMSRTVSGIWW*MKWLS[WE
WSPYXMSRMR[LMGLE[SVOTMIGIMWKVMTTIHTEVEPPIPXSXLIQEMRE\MWSJE
TSMRXKVMTTIV8LIKVMTTIVLEWFIIRJMXXIHJSVXLMWTYVTSWI[MXLWTIGMEPP]
EHETXIHKVMTTIVNE[W8LI[SVOTMIGIWLSYPHFIKVMTTIHGPSWIXSMXWGIRXVI
SJKVEZMX]XSTVIZIRXYRRIGIWWEV]QSQIRXW[LMGL[SYPHLEZIXLIIJJIGXSJ
VSXEXMRKXLI[SVOTMIGISYXSJXLINE[W
*MK
,ERHPMRKPIRKXLWSJFEV
QEXIVMEP[MXLETSMRX STIR
KVMTTIV
1
%VQSJELERHPMRK
HIZMGI
8LVIIJMRKIVKVMTTIV
+VMTTIVNE[
GPEQTIH
%TTPMGEXMSREVIEWERHKVMTTIVX]TIW
%JYVXLIVKVMTTIVETTPMGEXMSRMWWLS[RMR*MK%VIGXERKYPEV[SVOTMIGI
MWXSFITPEGIHTVIGMWIP]MREGPEQTMRKHIZMGI8LMWVIUYMVIWXLI[SVOTMIGI
XSFIEPMKRIHSRX[SE\IW8LITSMRXKVMTTIVMWLS[IZIVEFPISRP]XS
EPMKRXLI[SVOTMIGISRXLI\E\MW8LIEGGYVEG]SRXLI]E\MWHITIRHWSR
LS[EGGYVEXIP]XLI[SVOTMIGIMWTSWMXMSRIHEXXLITMGOYTTSMRX-JXLI
[SVOTMIGILEWWYMXEFPIKISQIXVMGEPTVSTIVXMIWXLIWIGERFII\TPSMXIH
*MKFXSTVSHYGIEREPMKRQIRXIJJIGXSRXLI]E\MWEW[IPP-XMWEPWS
TSWWMFPIXSTVSZMHIXLI[SVOTMIGI[MXLEWYMXEFPIKISQIXVMGEPJIEXYVINYWX
JSVXLMWTYVTSWI8LMWMWEJSVQSJEYXSQEXMSRGSQTEXMFPIHIWMKR
*MK
+VMTTMRKEVIGXERKYPEV
[SVOTMIGI
E TSMRXKVMTTIV
F )\TPSMXEXMSRSJKISQIX
VMGEPJIEXYVIW
G 'SVRIVXSGSVRIV a) b)
GPEQTMRK y
H TSMRXKVMTTIV
x
c) d)
%REPMKRQIRXIJJIGXGEREPWSFISFXEMRIHF]GPEQTMRKXLI[SVOTMIGISR
XLIHMEKSREP*MKG-JLS[IZIVXLIHIWMKRSJXLIGPEQTMRKHIZMGI
QIERWXLEXXLIGSVRIVWQYWXFIPIJXJVIIETSMRXKVMTTIVGERFIYWIH%
WYGXMSRKVMTTIV[SYPHRSXFIWYMXEFPIHYIXSXLIMRXIVVYTXIHWYVJEGISJ
XLI[SVOTMIGIERHXLIKVMTTIVoWPIWWEGGYVEXITSWMXMSRMRKHMWTPEGIQIRX
SJWSJXWIEPMRKPMTWJPSEXMRKHYVMRKTMGOYTTSMRXKVMTTIVWEVIGSQQIV
GMEPP]EZEMPEFPI-XMWLS[IZIVEPWSTSWWMFPIXSGSQFMRITEVEPPIPNE[
KVMTTIVWXSJSVQEKVMTTIVW]WXIQEWWLS[RMR*MK8LMWX]TISJEV
VERKIQIRXMWEPWSORS[REWEGSQFMREXMSRKVMTTIV
%TTPMGEXMSREVIEWERHKVMTTIVX]TIW
*MK
%TSMRXKVMTTIVGVIEXIHF]
GSQFMRMRKTSMRXKVMTTIVW
+VIEXTVSKVIWWLEWFIIREGLMIZIHMRVIGIRX]IEVWMRXLIEYXSQEXMSRSJ
+VMTTIVWJSVEWWIQFP] EWWIQFP][SVOEXEPPXIGLRSPSKMGEPPIZIPW*SVI\EQTPIEYXSQEXMGQE
ETTPMGEXMSRW GLMRIWLEZIFIIRHIZIPSTIHJSVXLIEWWIQFP]SJIPIGXVSRMGGSQTSRIRXW
[LMGLEPPS[G]GPIXMQIW[IPPFIPS[WIGSRH8LMWGERRSXFIEGLMIZIHF]
MRHYWXVMEPVSFSXWFYXXLIWITPE]EZEPYEFPIVSPIMRJPI\MFPIEWWIQFP]W]W
XIQWJSVWLSVXVYREWWIQFP][SVO%WWIQFP]VSFSXWEVI[MXLSYXHSYFXER
IWWIRXMEPIPIQIRXSJXLIJEGXSV]SJXLIJYXYVI
3RISJXLI[E]WSJEGLMIZMRKJPI\MFMPMX]MWXSYWIEYXSQEXMGKVMTTIVGLERK
MRKW]WXIQW8LIMHIEMWXSGSRWXERXP]MRXIVGLERKIMRHMZMHYEPWTIGMEPMWIH
KVMTTIVWEWETTVSTVMEXIXSXIGLRMGEPVIUYMVIQIRXW-RGEWIWSJXLMWOMRHER
IJJIGXSVMWQSVIXLERNYWXEKVMTTIVERHQE]EPWSMRGPYHIJYVXLIVJYRGXMSR
KVSYTW*MK
%TTPMGEXMSREVIEWERHKVMTTIVX]TIW
*MK
+VMTTIVQSHYPIJSVJPI\MFPI 1
EWWIQFP]
-RHYWXVMEPVSFSX
GSRRIGXSVJPERKI 'SPPMWMSRTVSXIGXMSR
9TTIVTEVXSJ
GLERKIVW]WXIQ 9RGSRXVSPPIH
.SMRMRKTEVX NSMRMRKQIGLERMWQ
+VMTTIV[MXLPS[IV
GLERKIVW]WXIQ
8LIGLERKIVW]WXIQTVSZMHIWEQIGLERMGEPGSYTPMRKERHGSRRIGXMSRWJSV
WMKREPERHTS[IVWYTTP]PMRIWJSVI\EQTPIJSVGSQTVIWWIHEMV)EGLMRHM
ZMHYEPKVMTTIVQYWXFIIUYMTTIH[MXLEPS[IVGLERKIVW]WXIQ%YXSQEXMG
GLERKMRKWIXXMRKSRIKVMTTIVHS[RERHTMGOMRKYTERSXLIVXEOIWETTVS\
WIGSRHW8LITYVTSWISJXLINSMRMRKQIGLERMWQMWXSTVSZMHIEYXSQEXMG
GSQTIRWEXMSRJSVE\MEPSJJWIXERHWQEPPERKPEVHIZMEXMSRW%GSPPMWMSRTVS
XIGXMRKHIZMGIGEREPWSFIZEPYEFPITEVXMGYPEVP]MRGEWIW[LIVIMXMWRIG
IWWEV]XSTVSXIGXEGSQTPMGEXIHERHGSWXP]KVMTTIVJVSQHEQEKI-JXLI
KVMTTIVMWSZIVPSEHIHXLIGSPPMWMSRTVSXIGXMSRHIZMGIHMWIRKEKIWXVMKKIV
MRKERIQIVKIRG]WXSTSJXLILERHPMRKHIZMGI
*SVPSRKVYREWWIQFP]STIVEXMSRWSXLIVKVMTTIVW]WXIQWGERFIGSRWMH
IVIHWYGLEWEWWIQFP]KVMTTIVW8LMWXIVQMWGSQQSRP]YWIHXSVIJIVXS
EPPKVMTTIVWMREWWIQFP]STIVEXMSRWFYXWLSYPHVIEPP]SRP]FIETTPMIHXS
KVMTTIVWMRWMHI[LMGLEREWWIQFP]STIVEXMSRGERFIGEVVMIHSYX8LIWI
[MPPSJGSYVWIFIWTIGMEPKVMTTIVWFYMPXJSVEWTIGMJMGTYVTSWISVGSQFMRE
XMSRKVMTTIVW*MKWLS[WERI\EQTPISJXLIWI
%TTPMGEXMSREVIEWERHKVMTTIVX]TIW
*MK
%WWIQFP]KVMTTIV
1
,SPPS[TMWXSRVSH
'SRRIGXMRKTMIGI
4EVEPPIPKVMTTIV
2
7LSVXWXVSOIG]P
7YGXMSRGYT
+VMTTIVNE[W 3
6
5
8LIKVMTTIVW]WXIQGSRWMWXWMRXLMWGEWISJEWYGXMSRKVMTTIVERHTEVEPPIP
NE[KVMTTIV8LIWIEVIMRHITIRHIRXERHEVIEGXMZEXIHMRHMZMHYEPP]-XMW
TIVJIGXP]TSWWMFPIXSTVSHYGIXLMWGSQFMREXMSRKVMTTIVJVSQWXERHEVH
GSQTSRIRXW-REGGSVHERGI[MXLXLIEWWIQFP]WIUYIRGIWLS[RMR
*MKXLINSMRMRKTEVXMWJMVWXTMGOIHYTF]XLIWYGXMSRKVMTTIV8LIFE
WMGEWWIQFP]TEVXMWXLIRKVMTTIHF]XLITEVEPPIPKVMTTIV8LINSMRMRKTVSG
IWWMWGEVVMIHSYX[LMPIXLIIJJIGXSVXVEZIPWXSXLIWIXHS[RTSWMXMSR8LMW
STIVEXMSRGEREPWSFIGEVVMIHSYXHYVMRKWIXHS[RF]MRWIVXMRKXLINSMRMRK
TEVXMRXSXLIFEWMGEWWIQFP]TEVX8LMWQIXLSHGERFIYWIHJSVI\EQTPI
XSTPEGIPIRWIWMRQSYRXW8LIEHZERXEKIMWXLEXRSI\XIVREPEWWIQFP]
HIZMGIMWVIUYMVIH
*MK
7IUYIRGIJSVEWWIQFP]
[MXLMREKVMTTIV
E %TTVSEGLXS
TMGOYTTSWMXMSR
F +VMTTMRKXLI
NSMRMRKTEVX
G 0MJXMRKXLI
NSMRMRKTEVX
H %TTVSEGLXS
RHTMGOYTTSWMXMSR a) b) c) d)
I +VMTTMRKXLIFEWMG
EWWIQFP]TEVX
J .SMRMRKTVSGIWW
K 1SHYPIEWWIQFPIH
L 7IXHS[RSJ
GSQTPIXIHQSHYPI
e) f) g) h)
%TTPMGEXMSREVIEWERHKVMTTIVX]TIW
+VMTTIVWEVIXLIHMVIGXMRXIVJEGIFIX[IIREYXSQEXMSRHIZMGIWERHXLI
SFNIGXWXSFIKVMTTIH8LIKISQIXV]SJXLIWISFNIGXWGERZEV]KVIEXP]
'LIGOPMWXJSVKVMTTIVW 3TIVEXMRKGSRHMXMSRWXSSEVIGIVXEMRP]RSXGSRWXERXERHQE]FIJEVJVSQ
MHIEP8LMWQEOIWMXHMJJMGYPXXSWIPIGXKVMTTIVW-RMRHMZMHYEPGEWIWMXQE]
FIXLEXRSWXERHEVHKVMTTIVMWEGGITXEFPIQEOMRKMXRIGIWWEV]XSHIZIPST
EWTIGMEPKVMTTIV8LIVYPIXLIVIJSVIMWGLIGOEPPXLIVIUYMVIQIRXWSJE
KMZIRETTPMGEXMSRERHGSRWMHIVXLIMVJIEWMFMPMX]8LIWIPIGXMSRSJKVMTTIVWMW
EQEXXIV[LMGLRIIHWXSFIXEOIRZIV]WIVMSYWP]
9TXSXLITVIWIRXXMQIRSYRMJSVQKYMHIPMRIWLEZIFIIRHIZIPSTIHJSV
XLIHIWMKRERHWM^MRKSJKVMTTIVW-JEZEVMIX]SJ[SVOTMIGIWRIIHXSFI
LERHPIHXLIWIPIGXMSRSJKVMTTIVW[MPPFIHIXIVQMRIHGLMIJP]F]SFNIGXERH
TVSGIWWTEVEQIXIVWERHSXLIVTEVEQIXIVWYRHIVXLIYWIV
WGSRXVSP8LIVI
MWEXXLIQSQIRXRSYRMZIVWEPEPKSVMXLQXSHIXIVQMRIXLIWXVYGXYVISJ
KVMTTIVW]WXIQWERHXLIHIWMKRSJKVMTTIVW4VSKVEQWEVILS[IZIVEZEMP
EFPIJSVXLIGEPGYPEXMSRSJXIGLRMGEPTL]WMGEPTEVEQIXIVW
8LIVIPEXMSRWLMTWFIX[IIRXLIQENSVXIGLRMGEPTL]WMGEPJEGXSVWKSZIVRMRK
1ER] KVMTTIVETTPMGEXMSRWEVIWLS[RMR*MK8LIGVMXMGEPEWTIGXMWRSX
MRXIVVIPEXMSRWLMTW WXIEH]WXEXIGSRHMXMSRWFYXXLIH]REQMGIJJIGXWMREQSZMRKW]WXIQ*YV
FIX[IIRJEGXSVW XLIVQSVIMXMWRSXIRSYKLXSGSRWMHIVVERHSQQSQIRXW[LMGLSGGYVEX
WSQITSMRXHYVMRKELERHPMRKSTIVEXMSR6EXLIVMXMWMQTSVXERXXSHIXIV
QMRIXLIQE\MQYQZEPYIW[LMGLEVIIRGSYRXIVIHEXZEVMSYWTSMRXWMR
XMQI[MXLMREQSXMSRWIUYIRGI8LIVIEVIXLIRX[STSWWMFMPMXMIW
• 6IPE\EXMSRSJVIUYMVIQIRXWF]GLERKMRKQSXMSRERHXMQITEVEQIXIVW
ERHSV
• 7IPIGXMSRSJEKVMTTIVSRXLIFEWMWSJXLIQE\MQYQTEVEQIXIVZEPYIW
[MXLMRXLIQSXMSRWIUYIRGI
'LIGOPMWXJSVKVMTTIVW
*MK
Configuration
1YXYEPP]MRJPYIRXMEPJEGXSVW Direction of motion of Shape and number of
of robot gripper towards object
ERHFEWMGZEVMEFPIWVIPEXMRK and machine gripper components,
XSXLIWIPIGXMSRSJKVMTTIVW choice of gripper and
JVSQXLIXIGLRMGEPTSMRXSJ Position and
kinematics of
ZMI[ components
Gripping zone and gripper components
surface at gripping point
at pick-up point
Shape of size
of object Calculation of forces Calculation of contact
to be gripped and moments pressure at
which occur during gripping point
Mass and 3D motion of object
properties
of objects
Definition of drive
Material and parameters for
surface of gripper drive
gripping object
Gripper flange
and type of Selection of type Design of
power source of gripper drive gripper connection
%ZSMHTPEGMRKYRRIGIWWEVMP]LMKLVIUYMVIQIRXWSRXLIKVMTTIVXIGLRSPSK]
WMRGIXLMW[MPPMRGVIEWITYVGLEWIERHSTIVEXMRKGSWXW6EXLIVXLERLEZIE
VSFSXGSRXMRYEPP]VIXYVRMRKXSE[EMXMRKTSWMXMSRMXMWFIXXIVXSVIHYGIMXW
WTIIHWPMKLXP]
;MXLGSQTPMGEXIH[SVOTMIGIWLETIWXLITVSGIHYVIQYWXWXEVXWSQI[LEX
IEVPMIV[MXLEWIEVGLJSVWYMXEFPIKVMTTMRKWYVJEGIWSRXLISFNIGX8LMW
TVSGIWWMWWLS[RMR*MK;IQYWXFIE[EVIXLEXER]GLERKIMRKVMT
TMRKTSMRXW[MPPLEZIIJJIGXWSRXLIH]REQMGFILEZMSYVSJXLIKVMTTIVERH
QYWXFIVIGEPGYPEXIHJSVEKMZIRKVMTTIV-JE[SVOTMIGILEWVIGIWWIWSV
WLSYPHIVW[LMGLGERFIYWIHXSGVIEXIETSWMXMZIPSGOMRKGSRRIGXMSR[MXL
XLIKVMTTIVXLIWIWLSYPHFIYWIH8LMW[MPPEPPS[XLIKVMTTMRKJSVGIXSFI
VIHYGIH
'LIGOPMWXJSVKVMTTIVW
*MK
+IRIVEXMSRSJGLEVEGXIVMWXMG
KVMTTIVHEXEWXEVXMRK[MXL Determination of
gripping zone
XLIKVMTTIVPSGEXMSR
Finding a gripping
surface on the object
Calculation of:
- Force
Provisional
- Moment
location of gripper
- Moment of inertia
Checking of Study of
Surface properties gripper variants and
gripper data
suitability of these
Estimation of Relocation of
workpiece dimensions gripper plane
Documentation
of results
%RYQFIVSJEXXIQTXWEVIFIMRKQEHIXSTVSHYGITVSKVEQW[LMGL[MPPEP
PS[XLIEYXSQEXMGTPERRMRKSJLERHPMRKW]WXIQWMRGPYHMRKKVMTTIVW8LI
TVSGIHYVIYWIHLIVIXSSMWXSMHIRXMJ]EPPTSWWMFPIKVMTTMRKWYVJEGITEMVW
SRXLISFNIGXXSFIQERMTYPEXIHVIPEXMRKXSX[SNE[KVMTTIVWMITEVEPPIP
WYVJEGIW8LIGSRXEGXJVIIVIKMSRWKVMTTMRK^SRIEVIXLIRHIJMRIH;I
XLIRHIXIVQMRIEPPXLIKVMTTIVWEFPIXS[SVO[MXLMRXLIHIJMRIHKVMTTMRK
^SRIW8LIVIQYWXFIEHIUYEXIGSMRGMHIRGIFIX[IIRXLISFNIGXKVMTTMRK
WYVJEGIWERHKVMTTIVWYVJEGIWKVMTTIVNE[W8LIHIGMWMSREWXS[LIXLIVE
KVMTTIVMWEFPIXSKVMTE[SVOTMIGIF]XLITEMVSJKVMTTMRKWYVJEGIWWI
PIGXIHMWXLIRXEOIRMRETVSGIWW[LMGLXEOIWMRXSEGGSYRXZEVMSYWTL]WMGEP
ERHSXLIVTEVEQIXIVW3RGIEPPTSWWMFPIX]TIWSJKVMTTIVWLEZIFIIR
MHIRXMJMIHERSTXMQMWEXMSRTVSGIWWMWWXEVXIHXSMHIRXMJ]XLIFIWXKVMTTIV
X]TIERHZEVMERX
8LIQSWXTVEGXMGEPQIXLSH[SYPHSJGSYVWIFIEGSQTVILIRWMZIWMQYPE
XMSRW]WXIQMR[LMGLEKVMTTIVGSYPHI\IGYXIEPPXLIVIUYMVIHQSXMSRWI
UYIRGIWSRXLIGSQTYXIVWGVIIRMRXLIJSVQSJERERMQEXMSR8LMW[SYPH
EPPS[GSRXMRYSYWSYXTYXSJEPPQENSVTEVEQIXIVW[MXLEYXSQEXMGWMKREP
PMRK[LIRIZIVPMQMXZEPYIW[IVII\GIIHIH-X[SYPHEPWSEPPS[GEWIWXSFI
MHIRXMJMIHMR[LMGLIZIRWPMKLXGLERKIWMRWTIIHSVEGGIPIVEXMSR[SYPH
SJJIVEREHZERXEKI
'LIGOPMWXJSVKVMTTIVW
8LIJMVWXWXITXS[EVHWJMRHMRKXLIVMKLXKVMTTIVMWXSYRHIVXEOIEGSQTVI
7XITF]WXITKVMTTIV LIRWMZIHIWGVMTXMSRSJXLIXEWOJSV[LMGLXLIKVMTTIVMWXSFIYWIH8LMW
WIPIGXMSR [MPPSJXIRMRZSPZIXLIGSQFMREXMSRSJWIZIVEPGSQTSRIRXWMREREWWIQFP]
WXEXMSRERH[MPPVIUYMVIWIZIVZEPKVMTTIVW8LIUYIWXMSRXLIRMW[LIXLIVXS
YWIEKVMTTIVGLERKIVW]WXIQSVRSX+VMTTIVW]WXIQW[LMGLGERFI
QEXGLIHXSMRHMZMHYEPEWWIQFP]STIVEXMSRWQEOIG]GPIXMQIWWLSVXIVERH
XLYWVIWYPXMRJEWXIVJPI\MFPIEWWIQFP]W]WXIQW8LIXMQIVIUYMVIHJSVKVMT
TIVGLERKMRKQYWXLS[IZIVFIWLSVXERHSRP]EREYXSQEXMGGLERKIV
W]WXIQGERIRWYVIXLMW8LIHIXIVQMRMRKZEVMEFPIWEVIXLIVERKISJ[SVO
TMIGIZEVMERXWERHXLIFEXGLWM^IWMRZSPZIH%WEVYPISJXLYQFEYXSQEXMG
KVMTTIVGLERKIVW]WXIQW[MPPFIIGSRSQMGEPP]ZMEFPIMJXLIRYQFIVSJ
KISQIXVMGEPP]HMJJIVIRXGSQTSRIRXZEVMERXWTIVFEXGLMWSVQSVISVXLI
TVSHYGXMSRXMQITIVFEXGLMWYTXSLSYVW
8LIJPS[GLEVXWLS[RMR*MKGERFIYWIHXSWIPIGXERMRHMZMHYEPKVMT
TIV)EGLEGXMZMX]GERFIGSVVIPEXIHXSX]TMGEPUYIWXMSRW8LIWIGERLIPTMR
EHMWGYWWMSR[MXLYWIVWXSEVVMZIEXEFMRHMRKPMWXSJXIGLRMGEPGLEVEGXIVMW
XMGW-RXYMXMZIWIPIGXMSRSJEKVMTTIVSRXLIFEWMWSJKVMTTMRKJSVGIEPSRIEW
MWWXMPPHSRIMRQER]GEWIWXSHE]GERIEWMP]PIEHXSIVVSVERHWLSYPHFI
EZSMHIHEXEPPGSWXW
'LIGOPMWXJSVKVMTTIVW
*MK
Start Typical
8LIQEMRWXITWMRXLI
WIPIGXMSRSJKVMTTIVW questions
yes
yes
Evaluation and selection of gripper model
36 bis 39
(financial and non-financial factors)
Stop
0IXYWRS[GSRWMHIVXLIUYIWXMSRW
%VIXLISFNIGXTVSTIVXMIWIWTIGMEPP]QEWWWM^IJVEKMPMX]ERHWYVJEGI
UYEPMX]WYJJMGMIRXP][IPPORS[RSVEVIJYVXLIVXIWXWVIUYMVIH#
-WXLIVIKSSHEGGIWWXSXLIKVMTTIHSFNIGXKVMTTIVJVIIHSQJIIH
GLERRIP#
,EWXLIKVMTTIVETTPMGEXMSRLERHPMRKG]GPIFIIRHIJMRIHMRE
HIXEMPIHERHFMRHMRK[E]SVEVIGLERKIWPMOIP]#
-WEWMRKPIKVMTTIVVIUYMVIHXSLERHPIFSXLFPEROWERHVIEH]
QEGLMRIH[SVOTMIGIWVEHMGEPGLERKIWMRWLETIHYVMRK[SVOMRKG]
GPI#
%VIEPP[SVOMRKGSRHMXMSRWORS[RTVIWWYVIXIQTIVEXYVISFNIGX
GSRHMXMSRG]GPIXMQIHYWXKIRIVEXMSRSMPQMWXLYQMHMX]GSIJJMGMIRX
SJJVMGXMSRQEWWIXG#
'LIGOPMWXJSVKVMTTIVW
'ERXLISFNIGXFILIPHF]EJSVGIPSGOMRKGSRRIGXMSRSVMWTSWMXMZI
PSGOMRKSVEGSQFMREXMSRSJXLIX[SQIXLSHWEPWSTSWWMFPI#
;LEXTVMRGMTPIMWXSFIYWIHGPEQTMRKSVEHLIWMSRJPYMHMGQEKRIXMG
JVMGXMSREP#
%VIXLISFNIGXKVMTTMRKWYVJEGIWERHJSVFMHHIR^SRIWWTIGMJMIHSV
GERXLI]WXMPPFIGLERKIH#
-WXLI[SVOTMIGIFIMRKKVMTTIHEXMXWGIRXVISJKVEZMX]XSEZSMHQS
QIRXW#
;SYPHEKVMTTIVGLERKIVW]WXIQSVXYVVIXKVMTTIVFI[SVXL[LMPIJSV
XLILERHPMRKSJWIZIVEPHMJJIVIRX[SVOTMIGIW#
-WETSWMXMZIPSGOMRKGSRRIGXMSRTVSZMHIHMRXLIHMVIGXMSRSJLMKLIWX
EGGIPIVEXMSR#
-WXLI[SVOTMIGITSWMXMSREXXLITMGOYTTSMRXMRXLIQEKE^MRIXLI
WEQIEWEXXLIQEGLMRMRKTSMRX#
-WMXRIGIWWEV]EPWSXSQEOIEPPS[ERGIJSVTVSGIWWJSVGIWWYGLEWSG
GYVHYVMRKEWWIQFP]STIVEXMSRWIXG#
%VILMKLJVMGXMSRSVTEXXIVRIHKVMTTIVNE[WEHZMWEFPI#
%VIXLIKVMTTIVWERHXLIQSXMSRHIZMGIWXS[LMGLXLI]EVIGSRRIGXIH
HMQIRWMSRIHJSVTIEOJSVGIWERHQSQIRXIKMRERIQIVKIRG]WXST
WMXYEXMSR#
'ERXLI[SVOTMIGI[MXLWXERHXLIMRXIRHIHGSRXEGXTVIWWYVISVQYWX
PEVKIVSVEHHMXMSREPGSRXEGXEVIEWFITVSZMHIH#
-WMXTSWWMFPIXSHERKIVSYWWMXYEXMSRWYRGSRXVSPPIHVIPIEWISJ[SVO
TMIGIXSVIWYPXJVSQELMKLWTIIHIQIVKIRG]WXST#
,EWEWYJJMGMIRXWEJIX]JEGXSVFIIRMRGSVTSVEXIHMRXSXLIGEPGYPEXIH
KVMTTMRKJSVGIVIUYMVIH#
1YWXXLIKVMTTMRKJSVGIFITVIGMWIP]PMQMXIHXSTVIZIRXHEQEKIXSXLI
[SVOTMIGI#
-WEHIZMGIVIUYMVIHMRSVHIVXSQEMRXEMRKVMTTMRKJSVGIHSYFPIRSR
VIXYVRZEPZI#
-WMXEHZMWEFPIXSJMXEGSPPMWMSRERHSZIVPSEHTVSXIGXMSRYRMX#
-WXLIEGLMIZEFPIEGGYVEG]WYJJMGMIRXMRSVHIVXSTVSZMHIEVIPMEFPIWS
PYXMSRJSVXLIXEWOMRUYIWXMSR#
'ERXLIGPIEVERGIGSRXSYVSJXLIKVMTTIV[LIRSTIRSVGPSWIH[MXLE
[SVOTMIGIGEYWIEVMWOSJGSPPMWMSRMRXLIKVMTTIV
WIRZMVSRQIRX#
;LEXOMRHSJGIRXVMRKIJJIGXHYVMRKTMGOYTERHEPMKRQIRXMWXLI
KVMTTIVI\TIGXIHXSTVSZMHI#
;LEXXVMKKIVMRKQIXLSHIKHMVIGXMSREPGSRXVSPZEPZIGSQFMREXMSR
WLSYPHFIVIGSQQIRHIHXSYWIVWSJTRIYQEXMGKVMTTIVW#
-WXLIKVMTTIVGSRXVSPW]WXIQVIUYMVIHXSFIIZIRXXVMKKIVIHF]XLI
TVIWIRGISJXLISFNIGXXSFIKVMTTIH#
%VIXLIKVMTTIVJMRKIVWPIZIVEVQWEWWLSVXEWTSWWMFPI#
-WMXRIGIWWEV]XSQSRMXSVXLIJMRKIVTSWMXMSRWSTIRGPSWIH[MXLWIR
WSVW#
4EVXMGYPEVP]MRXLIGEWISJEWWIQFP]STIVEXMSRWMWMXEHZMWEFPIXSTVS
ZMHIEWWIQFP]QIGLERMWQWERHSVJSVGIWIRWSVW#
%VIWIZIVEPWIXWSJKVMTTIVNE[W[MXLJEGMPMX]JSVUYMGOGLERKMRKXSFI
TVSZMHIH#
'LIGOPMWXJSVKVMTTIVW
%VIEHETXIVTPEXIWVIUYMVIHJSVXLIQIGLERMGEPGSRRIGXMSRSJXLI
KVMTTIVERHEVIXLIWIGSQQIVGMEPP]EZEMPEFPIHIWMKRW#
%VIXLIKVMTTIVNE[WVIUYMVIHXSGSQTIRWEXIJSVTEVEPPIPMWQIVVSVWEX
XLIKVMTTMRKWYVJEGIWSJXLISFNIGX#
-WXLIEGLMIZEFPIXMQIWIUYIRGIJSVTMGOYTXVERWTSVXEXMSRERHVI
PIEWIEGGITXEFPI#
;MPPXLIKVMTTIVTVSZMHIXLII\TIGXIHWIVZMGIPMJIYRHIVXLISTIVEXMRK
GSRHMXMSRWMRUYIWXMSR#
%VIEPPSTIVEXMRKZEPYIWJSVXLIKVMTTIV[MXLMRTIVQMWWMFPIPMQMXW#
;MPPEWXERHEVHKVMTTIVTSWWMFP][MXLWTIGMEPNE[WFIWYMXEFPISV[MPP
EWTIGMEPWSPYXMSRFIVIUYMVIH#
%VIXLIGSRHMXMSRWSJWYTTP]ERHKYEVERXIIEWI\TIGXIH#
(SEY\MPMEV]HIZMGIWTVIWWYVIHIZMGIWKVMTTIVQEKE^MRIRIIHXSFI
GSRWMHIVIH#
;LEXPIZIPSJGPIERMRKWIVZMGMRKERHQEMRXIRERGI[MPPFIVIUYMVIH#
,EWEWEXMWJEGXSV]KVMTTIVFIIRJSYRHSVWLSYPHXLITVSFPIQFIVI
JIVVIHXSEKVMTTIVWTIGMEPMWX#
8LIMRTYXTEVEQIXIVWEVIEWJSPPS[W
• (MWXERGIFIX[IIRGIRXVISJKVEZMX]SJSFNIGXERHKVMTTIV
• 1EWWSJSFNIGXERHJMRKIVW
• 1EWWQSQIRXSJMRIVXMESJKVMTTIVJMRKIVERHHMWXERGIXSGIRXVISJ
KVEZMX]
• +VMTTMRKQSXMSRX]TIMRXIVREPI\XIVREP
• (MVIGXMSRSJEGGIPIVEXMSRERHQE\MQYQEGGIPIVEXMSRZEPYI
• 'SIJJMGMIRXSJJVMGXMSRFIX[IIRJMRKIVERHSFNIGX
• 3TIVEXMRKTVIWWYVIMRGSQTVIWWIHEMVWYTTP]RIX[SVO
• 7EJIX]JEGXSV
• )GGIRXVMGMX]SJGIRXVISJKVEZMX]SJSFNIGX
8LIVIWYPXSJXLMWMWEVIGSQQIRHIHKVMTTIVWM^I[MXLERMRHMGEXMSRSJXLI
HIKVIISJYXMPMWEXMSRSJQE\MQYQGETEGMX]MRTIVGIRX8LMWTVSZMHIWE
WXEVXMRKTSMRXJSVSTXMQMWEXMSR-XMWTSWWMFPIJSVI\EQTPIXSQSZIXSXLI
RI\XWQEPPIWXWM^ISJKVMTTIVF]PIRKXLIRMRKXLIGPSWMRKXMQIWMJXLITVSG
IWWTIVQMXWXLMWMJXLMWMWXLISRP]TEVEQIXIV[LMGLI\GIIHWXLITIVQMW
WMFPIPMQMX%REHHMXMSREPTVSKVEQMWEZEMPEFPIJSVXLIHIXIVQMREXMSRSJ
QEWWQSQIRXWSJMRIVXME
4VSKVEQWSJXLMWOMRHHSRSXSJGSYVWITVSZMHIEPPXLIERW[IVWFYXXLI]
VIPMIZIYWIVWSJXMQIGSRWYQMRKGEPGYPEXMSRWERHTVSZMHIQSVIXMQIJSVER
I\EQMREXMSRSJEPPXLISXLIVTEVEQIXIVW8IGLRMGEPTL]WMGEPTEVEQIXIVW
KSZIVRMRKJMXERHGPIEVERGIWLEZIJMVWXTVMSVMX]MRRE]GEWIMRXLIKVMTTIV
WIPIGXMSRTVSGIWW
'LIGOPMWXJSVKVMTTIVW
-RXLI1MHHPI%KIWZEGYYQ[EWZIV]QYGLERYRORS[RUYERXMX]-X[EW
RSXYRXMP3XXSZSR+YIVMGOISJ1EKHIFYVKGSRHYGXIHLMWJEQSYWI\TIVM
7YGXMSRKVMTTIVWs QIRX[MXLLIQMWTLIVIWERHXIEQWSJLSVWIWXLEXEJMVWXMRWMKLX[EW
EFLSVVIHF]REXYVI KEMRIHMRXSXLMWWXVERKIIQTX]WXEXI[LMGLREXYVI[EWWEMHXSEFLSV
4ISTPI[IVILS[IZIVE[EVISJWYGLXLMRKWEWXLIGIRXMQIXVIWGEVW
WIIRSRXLIWOMRSJ[LEPIWGEYWIHF]XLIWYGXMSRGYTWSJKMERXSGXS
TYWIW8LIWIGYTWGERFIXSGIRXMQIXVIWMRHMEQIXIVERHEVIPS
GEXIHSRXLISGXSTYWIW
XIRXEGPIW[LMGLEVIYTXSQIXVIWPSRK8SHE]
WYGXMSRGYTWEVIMR[MHIWTVIEHYWIMRMRHYWXV]EWERMRI\TIRWMZIERH
WMQTPIEYXSQEXMSRXSSP8LMWMWXLIJMVWXSJXLVIIEVXMGPIWHIEPMRK[MXLXLIWI
HIZMGIW
:EGYYQXIGLRSPSK]STIVEXIW[MXLEJPS[MRKGSQTVIWWMFPIQIHMYQEMV
%MVEWEQIHMYQ :EGYYQMWWEMHXSFITVIWIRXMREWTEGIMR[LMGLXLIEMVMWHMPYXIHVIWYPX
MRKMRETVIWWYVIWMKRMJMGERXP]PS[IVXLERXLIWYVVSYRHMRKEXQSWTLIVMG
TVIWWYVI8LMWTVMRGMTPIETTPMIHXSWYGXMSRGYTWQIERWXLEXXLIVIMWE
TVIWWYVIHMJJIVIRGIFIX[IIRXLIMRXIVMSVSJXLIWYGXMSRGYTWERHXLIWYV
VSYRHMRKEMV%XQSWTLIVMGTVIWWYVITVIWWIWXLIPMTWSJEWYGXMSRGYTW
EKEMRWXE[SVOTMIGI8LIWYGXMSRGYTMWXLYWEQIERWXSGVIEXIXLI
FSYRHEV]SJETVIWWYVI^SRI*PYGXYEXMSRWMREXQSWTLIVMGTVIWWYVIQIER
ZEVMEXMSRWMRLSPHMRKJSVGI*SVIZIV]QIXVIWMRGVIEWIMREPXMXYHI
EFSZIWIEPIZIPEXQSWTLIVMGTVIWWYVIJEPPWF]QFEV8LMWTVIWWYVIMW
QFEVEXWIEPIZIPJEPPMRKXSQFEVEXEREPXMXYHISJQIXVIW
EFSZIWIEPIZIP
7YGXMSRGYTWEVIETSTYPEVERHWMQTPIWSPYXMSRJSVVITIXMXMZIKVMTTMRK
ETTPMGEXMSRWSJXLITMGOYTQSZIWIXHS[RX]TITVSZMHIHXLEXXLI
[SVOTMIGIWMRUYIWXMSRLEZIJPEXRSRTSVSYWWYVJEGIW%JYVXLIVEHZER
XEKIMWXLEXWYGXMSRGYTWGERFIYWIH[MXLRSRQEKRIXMGQEXIVMEPWWYGLEW
KPEWWGIVEQMGWERH[SSH
;IGERQEOIEKIRIVEPHMWXMRGXMSRFIX[IIRX]TIWSJWYGXMSRGYTETTPM
GEXMSRW
• 0EVKIWYGXMSREVIEERHWQEPPTVIWWYVIHMJJIVIRGI
8LIEHZERXEKILIVIMWXLEXXLILSPHMRKJSVGIGERFIFYMPXYTUYMGOP]ERH
XLEXXLIVIMWPMXXPIHIJSVQEXMSRSJWSJXJPI\MFPI[SVOTMIGIW-RXLIGEWISJ
WPMKLXP]TSVSYWQEXIVMEPWEMVMWRSXHVE[RXLVSYKLXLIWI
• 7QEPPWYGXMSREVIEERHPEVKITVIWWYVIHMJJIVIRGI
8LMWQIERWLMKLKVMTTMRKJSVGIWEWXLIWYGXMSRGYTWYWIHFIGSQI
WQEPPIV8LMWEPPS[WXLIGPIEVERGIVEHMYWSJQERMTYPEXSVWXSFIQEHI
WQEPPIV[LMGLMWSJXIREHIGMWMZIJEGXSV[LIRWTEGIMWPMQMXIH
*MKWLS[WXLIQSWXMQTSVXERXJYRGXMSRWSJEWYGXMSRGYT2SXEPPXLIWI
JYRGXMSRW[MPPFIYWIHMRIZIV]ETTPMGEXMSR
7YGXMSRKVMTTIVW−EFLSVVIHF]REXYVI
*MK
8LIQSWXMQTSVXERX
1
JYRGXMSRWERHTVSTIVXMIWMR
VIPEXMSRXSWYGXMSRKVMTTIVW
2
:EGYYQPMRI
4VIWWYVIW[MXGL 3
%RKYPEVJVIIHSQ
5YMGOI\LEYWX
:IVXMGEPJVIIHSQ 4
5YMGOMRXIVGLERKIEFMPMX]
+IRIVEXMSRSJLSPHMRK
5
JSVGI
;SVOTMIGIGSRXEGX
WIRWSV 6
7YGXMSRGYTWEVIWYMXEFPIJSVEPEVKIRYQFIVSJLERHPMRKSTIVEXMSRWWYGL
EWWSVXMRKJIIHMRKGPEQTMRKXYVRMRKERHWXEGOMRKERHEVIYWIHEWKVMT
TIVW[MXLPMJXMRKHIZMGIWFEPERGIVWJIIHHIZMGIWWXEGOMRKW]WXIQW
TEGOMRKQEGLMRIWERHTVSHYGXMSRPMRIW7YGXMSRGYTWEVITEVXMGYPEVP]GSR
ZIRMIRX[LIR[SVOTMIGIWLEZIXLIJSPPS[MRKJIEXYVIW
• %[O[EVHHMQIRWMSRW
• 7YWGITXMFPIXSHIJSVQEXMSR
• 2SRQEKRIXMG
• 7YVJEGIWWIRWMXMZIXSWGVEXGLMRKKVSYRHTSPMWLIHTEMRXIH
• 9RHYPEXMRKFYXRSRTSVSYWWYVJEGIW
7YGXMSRKVMTTIVW−EFLSVVIHF]REXYVI
8LITYVTSWISJXLMWMWXSHIJMRIXLIZEGYYQMRXLIWYGXMSRGLEQFIVERH
7M^MRK XLIWM^ISJXLIWYGXMSREVIEMRWYGLE[E]XLEXXLIWIGSQTIRWEXIVIPMEFP]
WYGXMSRGYTW JSVEPPXLIJSVGIWSGGYVVMRKHYVMRKQERMTYPEXMSRSTIVEXMSRW-RXLIGEWISJ
WPS[QSXMSRWWYGLEWXLIQSZIQIRXSJWYGXMSRLIPH[SVOTMIGIWSRE
FEPERGIVMXMWWYJJMGMIRXXSGSRWMHIVWXEXMGJSVGIW;MXLLMKLWTIIHQS
XMSRWH]REQMGJSVGIWQYWXEPWSFIGSRWMHIVIH*MKMPPYWXVEXIWXLI
VIPIZERXJSVGIGSRHMXMSRW8LIJSPPS[MRKETTPMIWEWEKIRIVEPTVMRGMTPI
* = TS − TY ⋅ % ⋅ R ⋅ η ⋅ ^ ⋅
7
8LIXIVQWYWIHMRXLIEFSZIEVIEWJSPPS[W
% ! 8LISVIXMGEPEVIESJWYGXMSRGYT
* ! ;SVOMRKPSEH[IMKLXJSVGISJKVMTTIVSFNIGXXSXEPPSEHEGXMRKSR
WYGXMSRFSRH
R ! 'SIJJMGMIRXSJHIJSVQEXMSR:IV]WSJXPMTWFIPPWLETIHWYGXMSR
GYTWHIJSVQWXVSRKP]EWZEGYYQFYMPHWYT[LMGLQE]VIHYGIXLI
IJJIGXMZIWYGXMSREVIE
R!XS
TS ! %XQSWTLIVMGTVIWWYVIHITIRHIRXSREPXMXYHIEFSZIWIEPIZIP
TY ! 4VIWWYVIMRWIEPWYGXMSRGLEQFIV
7 ! 7EJIX]JEGXSVXSKYEVHEKEMRWXHIXEGLQIRXSJ[SVOTMIGI%WXEXISJ
IUYMPMFVMYQEPSRIMWRSXWYJJMGMIRXXLIKVMTTIHSFNIGXQYWXFI
TVIWWIHEKEMRWXXLIWYGXMSRGYT[MXLEGIVXEMRJSVGI
7!XS
^ ! 2YQFIVSJWYGXMSRGYTW
η ! )JJMGMIRG]SJW]WXIQMRGPYHMRKPIEOEKIEPPS[ERGI
*MK
*SVGIGSRHMXMSRW[MXL
ZIVXMGEPP]QSZMRKWYGXMSR FS
GYT
pu
po
F
;MXLLMKLWTIIHQSXMSRWEPPS[ERGIQYWXEPWSFIQEHIJSVJSVGIWVIWYPX
MRKJVSQ[IMKLXQEWWQSQIRXSJMRIVXMEERHGIRXVMJYKEPJSVGI8LMWVIWYPXW
MRHMJJIVIRXPMRIWSJEGXMSRJSVXLISZIVEPPJSVGI*YVXLIVQSVIXLIGIRXVISJ
KVEZMX]SJXLIKVMTTIHSFNIGXQE]RSXGSMRGMHI[MXLXLIGIRXVISJXLIWYG
XMSRGYT*MKWLS[WXLIVIWYPXMRKX]TMGEPPSEHGEWIWERHXLIGEPGYPE
XMSRSJXLIVIUYMVIHWYGXMSRGYTJSVGI*7
7YGXMSRKVMTTIVW−EFLSVVIHF]REXYVI
8LIJSVGI*MWEP[E]WXLIJSVGIVIWYPXMRKJVSQEPPWXEXMGERHH]REQMGIJ
JIGXWMRGPYHMRKEPPS[ERGIJSVWYTIVMQTSWIHQSXMSRW
*MK
8]TMGEPJSVGIWMXYEXMSRW 1 FS
v *7 ≥ R ⋅*
EXWYGXMSRGYT
* 7YQSJEPPJSVGIWTVSHYGMRKHIXEGLQIRXERHWLMJX
*7 *SVGITVSHYGIHF]ZEGYYQ
R 7EJIX]GSIJJMGMIRXEKEMRWXWLMJX
S
F
2 v FS
*7 ≥ * R ⋅ GSW α + R µ ⋅ WMRα
µ *7 ≥ R ⋅*^ + R µ ⋅ *\
FX
R 'SIJJMGMIRXSJTVSXIGXMSREKEMRWXWLMJX
S α µ 'SIJJMGMIRXSJJVMGXMSRWYGXMSRGYT[SVOTMIGI
FZ F
*7 ≥ R ⋅ O ⋅*
3 FS
v
O = + V 6
S O 'SIJJMGMIRXSJIGGIRXVMGMX]SJPMRISJJSVGIEGXMSR
V (MWXERGIFIX[IIRJSVGIEGXMSRERHWYGXMSRGYTE\MW
r R 6 )\XIVREPVEHMYWSJWYGXMSRGYT
F
4 FS
v *7 ≥ R ⋅ O ⋅ *^ + R µ ⋅*\ SV
*7 ≥ * R ⋅ O ⋅ GSW α + R µ ⋅ WMRα
µ
S
FX α %RKPIFIX[IIRJSVGIEGXMSRERHZIVXMGEP
r 7 'IRXVISJKVEZMX]SJKVMTTIHSFNIGX
α
FZ F
5 FS *7 ≥ R ⋅ O ⋅*^ + R µ ⋅ O ⋅*\ SV
µ
*7 ≥ * R ⋅ O ⋅ GSW α + R µ ⋅ O ⋅ WMRα
Fy
S O = + V 6 + *^ *] ⋅ µ
R α F
r O 'SIJJMGMIRXSJIGGIRXVMGMX]SJPMRISJJSVGIEGXMSR
FZ
6 v
*7 ≥ R ⋅* µ
FS S 7TIGMEPGEWISJ[MXLα!
;MXLELSVM^SRXEPWYGXMSRGYTE\MWXLILSPHMRKJSVGIV I
QEMRWPIWWXLERSJXLIZEPYIJSVEZIVXMGEPE\MW
µ F
7YGXMSRKVMTTIVW−EFLSVVIHF]REXYVI
-RGEWIWSJPEXIVEPQSXMSRERH[LIVIXLIWYGXMSRWYVJEGIMWTSWMXMSRIH
ZIVXMGEPP][IQYWXGSRWMHIVEJYVXLIVZEVMEFPIXLIGSIJJMGMIRXSJJVMGXMSR
8LMWGERFIXEOIREW!JSVGPIERHV]KPEWWWXSRIERHTPEWXMGJEPPMRK
XS!XS[MXLHEQTERHSMP]WYVJEGIW3XLIVWSYVGIWUYSXIXLI
JSPPS[MRKKYMHIZEPYIW
2SX[MXLWXERHMRKXLMWI\IVGMWIGEYXMSRXLIGSIJJMGMIRXSJJVMGXMSRGERJPYG
XYEXI[MHIP]PMOIETIVWSRoWFPSSHTVIWWYVI
-RXLIGEWISJSMPIHSVKVIEWIHWLIIXQIXEP[LMGLSJXIRVIUYMVIWLERHPMRK
HYVMRKWLETMRKTVSGIWWIWTVSFPIQWQE]FIIRGSYRXIVIHHYIXSXLIJEGX
XLEXXLIWTIGMJMIHGSIJJMGMIRXSJJVMGXMSRFIX[IIRXLIWXIIPERHVYFFIVRS
PSRKIVETTPMIW8LIGSIJJMGMIRX[MPPFIGSRWMHIVEFP]PS[IVWMRGIMRQSWX
GEWIWXLIPMTWSJXLIWYGXMSRGYT[MPPRSXTIRIXVEXIXLISMPJMPQ-RWMXYE
XMSRWSJXLMWOMRHMXMWXLIPE[SJJPYMHJVMGXMSR[LMGLETTPMIWERHRSX'SY
PSQF
WPE[SJJVMGXMSR8IWXWWLSYPHEP[E]WFIQEHIMRGEWIWSJXLMWOMRH
FIJSVIEWYGXMSRGYTMWWIPIGXIH
8SWIPIGXEWYGXMSRGYTTVSGIIHEWJSPPS[W
-HIRXMJ]EPPXLII\XIVREPJSVGIWEGXMRKSRXLIWYGXMSRGYT
8LIWI[MPPMRGPYHI[IMKLXMRIVXMEERHGIRXVMJYKEPJSVGIW)\EQTPIW
EWWMWXERGIERHRSXIWSRXLMWGEPGYPEXMSRGERFIJSYRHMR?AXS?A
(IXIVQMRIXLIWYGXMSRJSVGI*7XSFIKIRIVEXIHF]ZEGYYQMREGGSV
HERGI[MXLXLIJSVGIWMXYEXMSRWLS[RMR*MK8LIPSEHQE]ZEV]
HYVMRKXLILERHPMRKWIUYIRGIIKMJXLIEXXMXYHISJXLIWYGXMSRWYV
JEGIGLERKIWJVSQLSVM^SRXEPXSZIVXMGEP'EPGYPEXMSRWLSYPHEP[E]WFI
GEVVMIHSYXSRXLIFEWMWSJXLI[SVWXPSEHGEWI
'LSSWIEZEGYYQSTIVEXMRKTVIWWYVIEWETTVSTVMEXIXSXLIZEGYYQ
KIRIVEXSV%P[E]WXV]XSGLSSWIERIGSRSQMGTVIWWYVI-XMWTSWWMFPI
JSVI\EQTPIF]MRGVIEWMRKXLIZEGYYQJVSQTY!FEVXSTY!
XSFSSWXJSVGIF]EJEGXSVSJFYXIRIVK]GSRWYQTXMSR[MPPVMWIF]E
JEGXSVSJ%ZEGYYQSJTY!FEV[MPPKIRIVEPP]FIYWIH
'EPGYPEXIXLIWYGXMSRGYTWM^IJVSQXLIVIUYMVIHWYGXMSREVIE
-JEWXERHEVHWYGXMSRGYTWQEPPIVXLERXLIRIGIWWEV]WM^ILEWFIIR
GLSWIRGEPGYPEXIXLIRYQFIVSJGYTWVIUYMVIH(MWXVMFYXMSRSJXLI
LSPHMRKJSVGIEQSRKWIZIVEPWYGXMSRGYTWQEOIWELERHPMRKW]WXIQ
QSVIVIPMEFPI
7YGXMSRKVMTTIVW−EFLSVVIHF]REXYVI
(IJMRIXLIWYGXMSRXMQIIZEGYEXMSRXMQI
8LMWMWGEPGYPEXIHJVSQXLIZSPYQIXSFIIZEGYEXIHWYGXMSRGYTW
PMRIWERHXLITIVJSVQERGIGYVZIJSVXLIZEGYYQKIRIVEXSVWSVMR
SXLIV[SVHWXLIZSPYQIXSFIIZEGYEXIHHMZMHIHF]XLIIZEGYEXMSR
JPS[VEXITIVYRMXXMQI
7YGXMSRGYTWYWIHMRLERHPMRKW]WXIQWSTIVEXI[MXLVSYKLZEGYYQ[LMGL
,S[GERXLI VERKIWJVSQXS4E3XLIVVERKIWMRGPYHIJMRILMKLERHYPXVELMKL
RIGIWWEV]ZEGYYQ ZEGYYQZEGYYQMWXLIZEPYIKIRIVEPP]YWIH[MXLWYGXMSRGYTW8LMW
FIEGLMIZIH# QIERWFEVZEGYYQSVFEVEFWSPYXITVIWWYVI
;I[MPPTVIWIRXX]TIWSJZEGYYQKIRIVEXMSRMRXLMWEVXMGPI*MK
8LIWIEVI
• :EGYYQTYQTWERHFPS[IVW
• :EGYYQKIRIVEXSVWSTIVEXMRKSRXLIZIRXYVMTVMRGMTPIINIGXSVW
• %HLIWMZIWYGXMSRGYTW
• 4RIYQEXMGG]PMRHIVW
*MK
1IXLSHWSJTVSHYGMRKE
ZEGYYQ
E 6SXEV]TYQTSVSXLIV
X]TISJTYQT
F :EGYYQKIRIVEXSV
G %HLIWMZIWYGXMSRGYT
a) b)
H 4MWXSRWYGXMSRW]WXIQ
c) d)
8LIYWISJZEGYYQTYQTWLEWXLIJSPPS[MRKEHZERXEKIW
• ,MKLIVZEGYYQMWTSWWMFPI
• 0S[STIVEXMRKGSWXW
• 0S[RSMWIPIZIP
8LIHMWEHZERXEKIWEVIXLILMKLIVTYVGLEWIGSWXERHXLIGSWXSJJYVXLIV
EGGIWWSVMIWWYGLEWEMVVIWIVZSMVW7SQIGSQTERMIWJSVI\EQTPIPMKLX
FYPFQERYJEGXYVIVWYWIRSXSRP]EGIRXVEPGSQTVIWWIHEMVWYTTP]FYX
EPWSEGIRXVEPZEGYYQWYTTP]-RXLIWIGEWIWHIGIRXVEPZEGYYQKIRIVE
XSVWEVIRSXVIUYMVIH
7YGXMSRKVMTTIVW−EFLSVVIHF]REXYVI
:EGYYQFPS[IVWTVSHYGISRP]EVIPEXMZIP]PS[ZEGYYQEWGERFIWIIR
JVSQXLIGSQTEVMWSRMR*MK8LI]HSLS[IZIVLEZIEPEVKIWYGXMSR
GETEGMX]QEOMRKXLIQYWIJYPMRGEWIW[LIVIMXMWRIGIWWEV]XSGSQTIR
WEXIJSVXLITSVSWMX]SJ[SVOTMIGIW
*MK -0,9
'SQTEVMWSRSJTIVJSVQERGI
SJX]TMGEPZEGYYQ -0,8
KIRIVEXSVW
-0,7 Vacuum pump
-0,6
-0,5 Ejector
Vacuum in bar
-0,4
-0,3
-0,1
0
0 100 200 300 400 500 600 700 800 900 1000
:IRXYVMX]TIZEGYYQKIRIVEXSVWLEZIXLIJSPPS[MRKEHZERXEKIW
• :IV]WMQTPIHIWMKR[MXLRSQSZMRKTEVXWERHPS[TYVGLEWIGSWX
• 2SEHHMXMSREPIUYMTQIRXVIUYMVIHJEWXVIWTSRWIXMQI
• )\XVIQIP]VIPMEFPI
8LIHMWEHZERXEKIWEVIXLILMKLIVSTIVEXMRKGSWXVIWYPXMRKJVSQXLIGSR
WYQTXMSRSJGSQTVIWWIHEMVERHXLIRIIHJSVWMPIRGIVW8LIWIZEGYYQ
KIRIVEXSVWQYWXFIWM^IHJSVTIEOPSEHWMRGIRSVIWIVZSMVMWYWIH
7YGXMSREMVMWKIRIVEXIHMRXLIINIGXSVEWGSQTVIWWIHEMVTEWWIWXLVSYKL
XLIVIWXVMGXIHGVSWWWIGXMSREXXLIHVMZIRS^^PI8LMWVIWXVMGXMSRTVSHYGIW
ERMRGVIEWIMRJPS[ZIPSGMX]*SPPS[MRKXLMWXLIEMVI\TERHWERHI\MXWZME
XLIVIGIMZIVRS^^PI-JXLII\LEYWXEMVHYGXMWWLYXSJJ*MKFERINIGXSV
TYPWIIJJIGXMWTVSHYGIH
8LIZIRXYVITVMRGMTPIMWREQIHEJXIV+MSZERRM&EXXMWXE:IRXYVMXS
ER-XEPMERTL]WMGMWX:IRXYVM
WQEMR[SVO[EWGSRGIVRIH[MXLL]
HVSH]REQMGWERHL]HVEYPMGWERHLIMRZIRXIHXLIRS^^PI[MXLJPS[VIWXVMG
XSV[LMGLFIEVWLMWREQIXSHE]8LMWRS^^PIMWEPWSYWIHEWEQIEWYVMRK
RS^^PIXSHIXIVQMRIJPS[VEXIMREGGSVHERGI[MXLXLI&IVRSYPPMJSVQYPE
7YGXMSRKVMTTIVW−EFLSVVIHF]REXYVI
*MK
1SHISJSTIVEXMSRSJZIRXYVM
RS^^PI[MXLWLYXSJJZEPZI
XSTVSHYGIINIGXSVIJJIGX 1 2 3
E 7YGXMSR 4
F )NIGXMSR
7LYXSJJZEPZI 5
6IGIMZIVRS^^PI
(VMZIVRS^^PI 6
'SQTVIWWIHEMVWYTTP]
7YGXMSRGYT
;SVOTMIGI
a) b)
)NIGXSVWGERFIQYPXMWXEKIERHGERFISTIVEXIHMRTEVEPPIP-RGSQTEVMWSR
[MXLEWMRKPIWXEKIINIGXSVEQYPXMWXEKIQYPXMGLEQFIVINIGXSVMWE
WIVMIWGSRRIGXMSRSJWIZIVEPZEGYYQKIRIVEXSVW*MK7IVMIWGMVGYMXW
TIVQMXXLIVETMHWYGXMSRSJPEVKIUYERXMXMIWSJEMVWLSVXIVIZEGYEXMSR
XMQIW8LIEHZERXEKISJXLMWEVVERKIQIRXMWXLYWXLILMKLWYGXMSR
GETEGMX]
*MK
:EGYYQKIRIVEXSVW
MREWIVMIWGMVGYMX
T 4VIWWYVI p
: :EGYYQ
%HLIWMZIWYGXMSRGYTWEVIQIVIP]TVIWWIHSRXSXLI[SVOTMIGIXSJSVGISYX
XLIEMVXLI]GSRXEMREZEGYYQMWXLIRGVIEXIHF]XLIVIWMPMIRGISJXLIWYG
XMSRGYTQEXIVMEPSVF][IMKLXJSVGIW-XMWZMVXYEPP]MQTSWWMFPIXSGSQTIR
WEXIJSVPIEOEKIPSWWIW8LIWYGXMSRWYVJEGIWQYWXFIWQSSXLERHRSR
TSVSYW
4MWXSRWYGXMSRW]WXIQWEVISGGEWMSREPP]YWIH[MXLEYXSQEXMGEWWIQFP]
QEGLMRIW8LIWIW]WXIQWTVSHYGIZEGYYQERHERINIGXSVTYPWIMRXLI
WEQIPMRIMREPXIVREXMSRMRW]RGLVSRMWEXMSR[MXLXLIQEGLMRIG]GPI8LI
TMWXSRWXVSOIERHXMQMRKEVIWXSVIHMRXLIJSVQSJEGSRXVSPGEQ
-XMWIZIRTSWWMFPIXSKIRIVEXIZEGYYQYWMRKEWSPIRSMHEW[MXLXLITEX
IRXIHWYGXMSRGYTWLS[RMR*MK%WXLIWSPIRSMHTMGOWYTXLIZSPYQI
SJXLIGLEQFIVFIPS[XLIWYGXMSRGYTMRGVIEWIWGVIEXMRKEZEGYYQ[LMGL
LSPHWXLI[SVOTMIGIMRTPEGI
7YGXMSRKVMTTIVW−EFLSVVIHF]REXYVI
*MK
7SPIRSMHEGXYEXIH
WYGXMSRGYT
-RSVHIVXSQEOIEWYGXMSRGYT[SVOMXMWRIGIWWEV]XSGSRRIGXYTERYQ
:EGYYQGMVGYMXW FIVSJSXLIVGSQTSRIRXW*MKWLS[WEX]TMGEPGMVGYMXFEWIHSRERINIG
XSV%ZEGYYQW[MXGLMWYWIHXSQSRMXSVXLIZEGYYQERHHIXIGX[LIXLIV
XLIRIGIWWEV]ZEGYYQLEWFIIRVIEGLIHEJXIVXLIWXEVXSJWYGXMSR3RP]
XLIRHSIWXLILERHPMRKHIZMGIGSRXMRYIMXWQSXMSRWIUYIRGI4VIWWYVI
HEXEGEREPWSFIYWIHJSVZEGYYQQEREKIQIRXMIXSW[MXGLSJJXLI
ZEGYYQKIRIVEXSVJSVWLSVXTIVMSHXSWEZIIRIVK]:EGYYQW[MXGLIWEVI
EPWSYWIHXSKIRIVEXIEREPEVQMRXLIGEWISJERYRHIWMVIHTVIWWYVIHVST
JSVI\EQTPIMRXLIGEWISJFEPERGIVWERHWQEPPLSMWXW[LIVISTIVEXSVWEVI
[SVOMRKMRXLIZMGMRMX]SJXLIPSEH
*MK
)\EQTPISJEZEGYYQGMVGYMX
FEWIHSRERINIGXSV
1 2 3 4
(MVIGXMSREPGSRXVSPZEPZI
JSVGSQTVIWWIHEMVWYT
TP]
)NIGXSV
(':XSGSRXVSPI\LEYWX p
EMVW[MXGLSZIVXSINIG
XMSR
7MPIRGIV
*MPXIV 5 8
4VIWWYVIW[MXGLJSV
ZEGYYQ
7YGXMSRGYT
(MWXVMFYXSV
6 7
8LIPMRIHMEQIXIVMRXLIZEGYYQGMVGYMXWLSYPHRSXFIYRHIVWM^IHWMRGI
XLMW[MPPMRGVIEWIJPS[VIWMWXERGIFYXWLSYPHRSXFISZIVWM^IHXLEXWYGXMSR
XMQIWFIGSQIXSSPSRK;IWIIMRREXYVIXLEXXVIIWRIIHXSJIIHZMXEPPMU
YMHWXSXLIZIV]PEWXPIEJXMT[LMGLLEWVIWYPXIHMRXLIIZSPYXMSRSJETTVS
TVMEXIHMWXVMFYXMSRW]WXIQW
7YGXMSRKVMTTIVW−EFLSVVIHF]REXYVI
%WMQMPEVXEWOJEGIWXIGLRMGMERW[LSRIIHXSWM^IXLIPMRIWSJEWYGXMSR
W]WXIQ8LI]QYWXGSRWMHIVXLIJPS[VIWMWXERGIMRXLIXYFMRKSJXLIW]W
XIQ-J[IMQEKMRIEXVIIJMXXIH[MXLWYGXMSRGYTWEWWLS[RMR*MK
[IQYWXWM^IXLIXYFMRKMREGGSVHERGI[MXLXLIJEGXSVWWLS[R)EGLJYV
XLIVFVERGLWLSYPHFIQEHIWQEPPIVF]EJEGXSVSJ
*MK
'SVVIGXGLSMGISJXYFMRK
HMEQIXIVMWMQTSVXERXMRXLI 1
HMWXVMFYXMSRSJWYGXMSREMV
0,35.D
7YGXMSRGYT
0MRI
( 8YFMRKHMEQIXIV 0,5.D
2
0,71.D
7YGXMSRKVMTTIVW−EFLSVVIHF]REXYVI
7YGXMSRGYTWEVIXLIEGXMZIGSQTSRIRXW[LMGLGVIEXIXLIGSRXEGXFIX[IIR
ELERHPMRKHIZMGIERHXLI[SVOTMIGIXSFILERHPIH8LIVIEVIQER]HMJ
7YGXMSRGYTWJSVIZIV] JIVIRX[SVOTMIGIWERHKVMTTMRKETTPMGEXMSRWERHERIUYEPP]HMZIVWIVERKI
ETTPMGEXMSR SJWYGXMSRGYTZEVMERXW[MXLHMJJIVIRGIWSJWM^IQEXIVMEPKISQIXV]7LSVI
LEVHRIWWERHHIWMKR;I[MPPMRZIWXMKEXIWSQISJXLIWIZEVMERXWMRXLI
JSPPS[MRK
;SVOTMIGIXIQTIVEXYVIMRKIRIVEPGERZEV]FIX[IIRERH'%R]
XLMRKSZIV'GERFIVIKEVHIHEWEWTIGMEPGEWIERH[MPPYWYEPP]VIUYMVI
WTIGMEPQEXIVMEPW%XXIQTIVEXYVIWFIPS[^IVSXLILEVHRIWWSJWYGXMSR
GYTWQE]MRGVIEWIQEOMRKXLIGYTWZMVXYEPP]VMKMHERHTVIZIRXMRKEHI
UYEXIEHETXEXMSRXSXLIWYVJEGISJXLI[SVOTMIGI
8LIIPEWXMGMX]SJWYGXMSRGYTWQIERWXLEXLERHPMRKETTPMGEXMSRWMRKIRIVEP
GERRSXEGLMIZITSWMXMSRMRKEGGYVEGMIWSJFIXXIVXLERQQ%HHMXMSREP
XIGLRMGEPQIEWYVIWEVIXLIVIJSVIVIUYMVIHMJXLITSWMXMSRMRKIVVSVMWXSFI
VIHYGIHJYVXLIV
2SVQEPWYGXMSRGYTHMEQIXIVWVERKIJVSQXSQQJPEXWYGXMSRGYTW
7YGXMSRGYTWJSVIZIV]ETTPMGEXMSR
-J[IGSYPHFVMRKXLIWYGXMSRGYTWEZEMPEFPIJVSQIZIV]QERYJEGXYVIVXS
7YGXMSRGYTWLETIW KIXLIVMRSRITPEGI[I[SYPHLEZIEGSPPIGXMSREWKEVMWLEWER]IEWXIVR
ERHHIWMKRW
FE^EEV0IXYWLS[IZIVJMVWXGSRWMHIVXLIHMJJIVIRXWLETIWERHHIWMKRWSJ
WYGXMSRGYTW%WWLS[RMR*MKXLIWIEVIEWJSPPS[W
• &IPPS[WWYGXMSRGYTW
7YMXEFPIJSVWPMKLXP]GYVZIHMRGPMRIHIEWMP]HIJSVQEFPIERHYRIZIR
WYVJEGIW4VSZMHIWEWPMKLXPMJXMRKQSXMSRGSQTIRWEXIWJSVLIMKLX
HMJJIVIRGIWGERLEZIYTXSTPIEXW7QEPPHMEQIXIVWSJXLMWX]TIEVI
7YMXEFPIJSVXLMRQEXIVMEPW&IPPS[WWYGXMSRGYTW[MXLEPEVKIRYQFIVSJ
TPIEXWEVIWSQIXMQIWJMXXIH[MXLERMRXIVREPSVI\XIVREPWYTTSVXWTVMRKXS
TVSZMHIEHHMXMSREPVMKMHMX]
• *PEXWYGXMSRGYTW
-RKIRIVEPXIVQWYRMZIVWEPWYGXMSRGYTW7YMXEFPIJSVRSRTSVSYWJPEXERH
WPMKLXP]GYVZIHWYVJEGIWEFPIXSXVERWQMXLMKLZIVXMGEPJSVGIW
• (IITWYGXMSRGYTW
+SSHEHETXEXMSRXSVSYRHWYVJEGIW*MKERHTVSJMPIWIGXMSRW
7LSYPHRSXFIYWIHJSVJPEXWYVJEGIWWMRGIVMKMHMX]MWPS[ERH[IEVMW
VETMH
• 6MFFIHWYGXMSRGYTW
7YMXEFPIJSVJPEXERHYRWXEFPIWYVJEGIW8LIVMFWEGVSWWXLIQSYXLSJXLI
GYTWTVIZIRXXLMRQEXIVMEPWJVSQFIMRKHVE[RMRXSXLIGYTWERHQEOI
XLIWIQSVIVIWMWXERXXSPEXIVEPHIJSVQEXMSR8LMWX]TISJWYGXMSRGYTMW
EPWSYWIJYPJSVYWI[MXLZIVXMGEPWYVJEGIWWMRGIXLIVMFWTVSZMHI
MRGVIEWIHJVMGXMSR[LIRXLI[SVOTMIGIMWMRGSRXEGX[MXLXLIWIEJXIV
FIMRKTMGOIHYT7MRGIXLIPMTWSJXLIWYGXMSRGYTWHSRSXJPI\ZIV]QYGL
ZMVXYEPP]SJXLIIJJIGXMZIWYGXMSREVIEMWQEMRXEMRIH8LIQSVIVMKMH
HIWMKRQIERWSRXLISRILERHXLEXWYGXMSRGYTWGERFITVSHYGIHMR
PEVKIVWM^IW[MXLSYXEWYTTSVXTPEXIFYXSRXLISXLIVQIERWXLEXXLI
WYGXMSRGYTWGERRSXKVMTSFNIGXW[MXLER]TVSRSYRGIHGYVZI
• 7YGXMSRGYTW[MXLGIPPYPEVVYFFIVWIEP
8LIWITVSZMHIEKSSHWIEP[MXLYRIZIRERHLIEZMP]XI\XYVIHWYVJEGIW
WYGLEWGSVVYKEXIHWLIIXQIXEPXI\XYVIHKPEWWGSRGVIXIWPEFWJMVITVSSJ
FVMGOWIXG2SXKSSHJSVETTPMGEXMSRW[MXLZIVXMGEP[SVOTMIGIW
• 3ZEPWYGXMSRGYTW
+SSHJSVPSRKREVVS[SVWPMKLXP]GYVZIH[SVOTMIGIW'ERFIYWIHJSV
WTMHIVWPEVKIKVMTTIVW[MXLEPEVKIRYQFIVSJWYGXMSRGYTWWTVIEH
SZIVXLIMVEVIEMRXLIEYXSQSFMPIMRHYWXV]X]TMGEPJIEXYVIWEVIQIXEP
FEWITPEXIWERHREVVS[JPI\MFPIWIEPMRKPMTW
7YGXMSRGYTWJSVIZIV]ETTPMGEXMSR
• (SYFPIPMTWYGXMSRGYTW
%WIEPMWTVSZMHIHF]EGSQFMREXMSRSJEWIEPMRKPMTERHWIEPMRKVMRK8LMW
KMZIWKVIEXIPEWXMGMX];LIRSTIVEXIHEXGPSWIXSQE\MQYQPSEHXLIWI
WYGXMSRGYTWQE]EPXIVREXIMREVIPEXMZIP]YRGSRXVSPPIH[E]FIX[IIR
XLIMVMRRIVERHSYXIVWIEPMRKPMTW
• 7IPJEHLIVMRKWYGXMSRGYTW
8LIWIEVIRSXGSRRIGXIHXSERI\XIVREPZEGYYQWSYVGI%ZEGYYQMW
GVIEXIHF]XLIWYGXMSRGYTMXWIPJEWMXTVIWWIWEKEMRWXE[SVOTMIGI8LIVI
MWRSGSQTIRWEXMSRJSVPIEOEKIPSWWIW%LERHPIZIVZEPZIMWYWIHXS
FVIEOXLIZEGYYQ%WXLIGYTMWTVIWWIHEKEMRWXE[SVOTMIGIMXWZSPYQI
MWVIHYGIHGEYWMRKEMVXSFIHMWTPEGIH%WXLIGYTWTVMRKWFEGOMRXS
WLETIEZEGYYQMWGVIEXIHYRHIVXLIWYGXMSRGYT8LIPIZIPSJXLMW
ZEGYYQMWLS[IZIVLEVHXSHIJMRIWMRGIXLIHIJSVQEXMSRJSVGIGERZEV]
[MHIP]
• 0MJXMRKWYGXMSRGYTW
'SQFMREXMSRSJETMWXSRW]WXIQERHEWYGXMSRGYT3RGIE[SVOTMIGILEW
EHLIVIHXSXLIWYGXMSRGYTMXVMWIWE[E]JVSQXLI[SVOTMIGIWXEGO%
PMJXMRKWYGXMSRGYTGERXLIVIJSVIQEOIEWITEVEXIPMJXMRKE\MWYRRIGIW
WEV]7XVSOIWSJYTXSQQEVIRSVQEPP]EZEMPEFPI8LMWX]TISJWYGXMSR
GYTMWYWIHXSLERHPIGYXGEVHFSEVHTETIVJSMPTMIGIWXLMRWLIIXQIXEP
TEGOEKMRKMXIQWIXG
*MK
%WQEPPWIPIGXMSRSJXLI
QENSVX]TIWSJWYGXMSRGYT
&IPPS[WWYGXMSRGYT
*PEXWYGXMSRGYT
(IITWYGXMSRGYT
6MFFIHWYGXMSRGYT
4VSJMPIWYGXMSRGYT
7YGXMSRGYT[MXL
GIPPYPEVVYFFIVWIEP
0MJXMRKWYGXMSRGYT
3ZEPWYGXMSRGYT[MXL
QIXEPTPEXI
(SYFPIWYGXMSRGYT
(SYFPIPMTWYGXMSRGYT
7IPJEHLIVMRK
WYGXMSRGYT
7YGXMSRGYTWJSVIZIV]ETTPMGEXMSR
*MKWLS[WXLIVIWYPXWSJEGSQTEVEXMZIWXYH]?ASJJPEXWYGXMSRGYTW
[MXLSYXQIXEPVIMRJSVGIQIRX%JPEXWYGXMSRGYTW[MXLQIXEPTPEXIWERH
WQEPPJPI\MFPIWIEPMRKPMTWEXXLII\XVIQIIHKIW&HSYFPIPMTWYGXMSR
GYTW'ERHFIPPS[WWYGXMSRGYTW(8LIEMQ[EWXSJMRHXLIQE\MQYQ
XVERWQMXXEFPIZIVXMGEPERHLSVM^SRXEPJSVGIWXLIJPI\MFPIZIVXMGEPWXVSOI
TVSHYGIHF]EZIVXMGEPJSVGIERHXLIVIWMHYEPZSPYQIXVMGJPS[VEXIFIX[IIR
XLIWYGXMSRGYTERHXLI[SVOTMIGI8LIWIMRZSPZIVIPEXMSRWLMTWMRGIVXEMR
GEWIWZIV]GSQTPI\VIPEXMSRWLMTWFIX[IIRXLIWLETIERHQEXIVMEPSJXLI
WYGXMSRGYTERHXLIWYVJEGITVSTIVXMIWSJXLI[SVOTMIGI
(IWTMXIMXWVIPEXMZIP]WMQTPIHIWMKRX]TI%I\LMFMXWKSSHVIWYPXWJSVEPPGVM
XIVME-XWGSQTEVEXMZIP]PEVKIJPI\MFMPMX]MRXLIZIVXMGEPHMVIGXMSREWXLIZIV
XMGEPJSVGIMRGVIEWIWQEOIWMXWYMXEFPIJSVYWIMREPPFYXEJI[ETTPMGE
XMSRW8]TI&EPPS[WZIV]LMKLZIVXMGEPJSVGIWWMRGIXLIZEGYYQGLEQFIV
WXE]WMRWLETIIZIRYRHIVLMKLZEGYYQXLEROWXSWTEGIVWERHXLIWQEPP
REVVS[WIEPMRKPMTW-RXLIGEWISJX]TI'XLIHSYFPIWIEPVIWYPXWMREZIV]
PS[VIWMHYEPZSPYQIXVMGJPS[VEXI8LIGSQTPI\WIEPW]WXIQLS[IZIV
XEOIWYTQSVIWTEGIXLYWVIHYGMRKXLIIJJIGXMZIHMEQIXIVSJXLIWYGXMSR
GYT8]TI(MWGLEVEGXIVMWIHF]XLIPS[QE\MQYQZIVXMGEPJSVGIW[LMGLMX
GERXVERWQMXMXWPEGOSJKISQIXVMGEPWXEFMPMX]YRHIVXLIEGXMSRSJPEXIVEP
JSVGIWERHMXWZIV]PEVKIIPEWXMGZIVXMGEPWXVSOI8LMWVYPIWXLMWX]TISYXJSV
EZEVMIX]SJLERHPMRKETTPMGEXMSRW
~ } } ~
A
~ -HIEP
} 7YMXEFPI
| 7YMXEFPIMRGIVXEMR
GEWIW
t 2SXETTPMGEFPI
} }
B
~ } ~
C
} t | t
D
7YGXMSRGYTWJSVIZIV]ETTPMGEXMSR
8LIMHIEP[SVOTMIGIWYVJEGIJSVWYGXMSRGYTWMWSRI[LMGLMWTIVJIGXP]JPEX
*VIIHSQSJQSZIQIRX ERHMRTEVXMGYPEVRSRTSVSYW-RQER]GEWIWLS[IZIV[SVOTMIGIWYVJEGIW
SJWYGXMSRGYTW EVIRSXJPEX[LMGLQIERWXLEXWYGXMSRGYTWQYWXFIGSQTPMERXSVEHNYWX
EFPISRXLIMVZIVXMGEPE\MWERHMRXLIMVERKYPEVEXXMXYHI8LIVIEVIZEVMSYW
[E]WSJEGLMIZMRKXLMW*MK-RXLIWMQTPIWXGEWIWFIPPS[WWYGXMSR
GYTWGERFIYWIH8LI]SJJIVEGIVXEMRHIKVIISJERKYPEVGSQTPMERGI
1YPXME\MWJVIIHSQSJQSZIQIRXMWVIUYMVIHQEMRP]MRGEWIWMRZSPZMRK
PEVKIMVVIKYPEVP]WLETIH[SVOTMIGIWWYGLEWEVIX]TMGEPP]IRGSYRXIVIHMR
XLIEYXSQSFMPIMRHYWXV]
*MK
*VIIHSQSJQSZIQIRX
SJWYGXMSRGYTW
&IPPS[WWYGXMSRGYT
7TVMRKPSEHIHJPEX
WYGXMSRGYT
%RKPIEHETXEFMPMX]
TVSZMHIHF]FEPPERH
WSGOIXLIEH 1 2 3
0SRKMXYHMREPJVIIHSQSJ
QSZIQIRXXLVSYKLWYG
XMSRGYT
WS[RQEWW
*M\IHERKPIWIXXMRK
0SRKMXYHMREPERHERKY
PEVJVIIHSQSJQSZI
QIRXXLVSYKLHSYFPI
NSMRXERHPSRKMXYHMREP
KYMHI
4 5 6
7TVMRKPSEHIHWYGXMSRGYTWGEREPWSGYWLMSRXLIMQTEGXSJ[SVOTMIGIGSR
XEGXERHGSQTIRWEXIJSVLIMKLXHMJJIVIRGIW8LIWTVMRKXIRWMSREPWSSJJIVW
XLIEHZERXEKIXLEXXLIWYGXMSRGYTGSQIWMRXSGSRXEGX[MXLXLI[SVOTMIGI
FIJSVIXLILERHPMRKHIZMGIWXSTW8LMWVIHYGIWXLIXMQIXEOIRXSFYMPHYT
XLIVIUYMVIHZEGYYQMRXLIIRHTSWMXMSR
7YGXMSRGYTWJSVIZIV]ETTPMGEXMSR
&EPPERHWSGOIXFVEGOIXWEPWSVIHYGIXLIFIRHMRKJSVGIW[LMGLSGGYV
HYVMRKXLILERHPMRKSJQSZEFPISFNIGXW%RSXLIVQIXLSH[LMGLLEWFIIR
WYKKIWXIHSJEGLMIZMRKJPI\MFMPMX]MWEQEXVM\SJMRHMZMHYEPWYGXMSRGYTW
[LMGLEVIEFPIXSI\IGYXIEPEVKIZIVXMGEPQSXMSR*MK8LIWYGXMSR
GYTWGERXLIREHETXXSEKMZIRWYVJEGIEWXLI]EVIPS[IVIHSRXSERMRHM
ZMHYEP[SVOTMIGISVETMPISJ[SVOTMIGIW;LIRMRTSWMXMSREPPXLIVSHW
EVIGPEQTIHMRXSTPEGIEPPS[MRKXLILERHPMRKHIZMGIXSWXSVIXLI[SVO
TMIGIWLETIXIQTSVEVMP]ERHPMJXEPE]IVSJMRHMZMHYEP[SVOTMIGIW
*MK
7YGXMSRGYTEVVE]JMXXIHXS
VSHWEPPS[MRKPSRKMXYHMREP
QSZIQIRXERHYWIHXSTMGO
YT[SVOTMIGIWSJGSRWXERXP]
ZEV]MRKGSRXSYVW?A
0IXYWEXXLMWTSMRXSRGIEKEMRQIRXMSRHIITWYGXMSRGYTWFIPPWLETIH
[LMGLLEZIXLIEHETXEFMPMX]XSLERHPIGSRGEZIERHGSRZI\[SVOTMIGIW
ZIV][IPPEWWLS[RMR*MK
*MK
(IITWYGXMSRGYTWGEREHETX
[IPPXSGYVZIHWYVJEGIW
E +VMTTMRKEGSRZI\FSH]
F +VMTTMRKSREGSRGEZI
WYVJEGI
a) b)
7YGXMSRGYTWJSVIZIV]ETTPMGEXMSR
%WTIGMEPX]TISJZEGYYQKVMTTIVMWWLS[RMR*MK[LMGLMRE[E]
GSQFMRIWEFIPPS[W[MXLXLIWPIIZITVMRGMTPISJEVSPPMRKHMETLVEKQVI
WYPXMRKMREZIV]PEVKIJVIIHSQSJQSZIQIRX8LMWMWMRXIRHIHJSVYWI[MXL
SFNIGXW[LSWIKISQIXV]TSWMXMSRERHSVMIRXEXMSRZEV]GSRXMRYEPP][MXLMR
GIVXEMRPMQMXW7YGXMSRGYTW[MXLRYQIVSYWTPIEXWEVISJXIRYWIHMRXLI
JSSHMRHYWXV]
*MK
:EGYYQKVMTTIV[MXLZIV]
PEVKIJVIIHSQSJQSZIQIRX
SJWYGXMSRGSQTSRIRXW
7YGXMSRGYT
;SVOTMIGI
1EKE^MRITPEXI
2SRVMKMHWLIIX[SVOTMIGIWLEZIEP[E]WFIIRGSRWMHIVIHHMJJMGYPXXS
LERHPI2SVQEPKVMTTIVWEVIHIJIEXIHF]JSMPWHYIXSXLIGLSOMRK
IJJIGX[LMGLSGGYVW*MKWLS[WXLMW8LIJSMPQEXIVMEPMWHVE[RMRXS
XLIWYGXMSRGYTERHJMREPP]PMIWHMVIGXP]SZIVXLIWYGXMSRLSPI8LMWQIERW
XLEXXLIKVMTTIHEVIEMWZIV]WQEPP8LI[SVOTMIGIGERRSXFILIPHERHJEPPW
E[E]JVSQXLIWYGXMSRGYT
*MK
7XERHEVHWYGXMSRGYTWEVI
RSXZIV]WYMXEFPIJSVYWI 1
[MXLXLMRJSMPQEXIVMEP
3 4
7YGXMSRGYTWJSVIZIV]ETTPMGEXMSR
8LIERW[IVMWXSYWIRYQIVSYWMRHMZMHYEPWYGXMSRGYTWIEGLSTIVEXMRKEX
EPS[ZEGYYQ)ZIRFIXXIVEVIPS[TVIWWYVIKVMTTIVW[LSWIEGXMZIWYVJEGI
GSRWMWXWSJTSVSYWQEXIVMEP[LMGLGERPIXEMVXLVSYKL7TIGMEPTPEXIWEVI
EPWSEZEMPEFPI[MXLEPEVKIRYQFIVSJJMRIWYGXMSRLSPIW'SQTSRIRXWSJ
XLMWOMRHGERFIGSQFMRIHXSJSVQPEVKIYRMXWEWWLS[RMR*MK3RI
HMWEHZERXEKISJGSYVWIMWXLEXXLIKVMTTIVMWE[O[EVHHYIXSMXWWM^I
*MK
0S[TVIWWYVIKVMTTIV
IUYMTTIH[MXLTSVSYW
TPEWXMGSVTIVJSVEXIHTPEXIW
4EVXMGYPEVP][MXLWSJXPMTTIHERHFIPPS[WWYGXMSRGYTWMXMWSJXIRRIGIW
)RWYVMRKEGSVVIGX WEV]XSXEOIQIEWYVIWXSIRWYVIEGSVVIGXKVMTTMRKTSWMXMSR8LIWIQIEW
KVMTTMRKTSWMXMSR YVIWGERFIEWJSPPS[W
• 4VIGMWIEPMKRQIRXERHWXSTTMRKSJ[SVOTMIGI[LMPIGSRXEGXMW
IWXEFPMWLIHF]XLIKVMTTIV8LIEMQSJXLMWMWXSTVIZIRXWPMTTEKIHYVMRK
TMGOYT
• *MXXMRKSJMRXIVREPTSWMXMSRMRKHIZMGIW
• %XXEGLQIRXSJI\XIVREPTSWMXMSRMRKEMHW*MK
;IEGGSVHMRKP]YWIGIRXVMRKEMHWMRWIVXMSRKYMHIWERHWYTTSVXWXSTW-R
XLIGEWISJIPIGXVSRMGGSQTSRIRXWJSVJMXXMRKXS4'&W[LMGLVIUYMVIKVMT
TMRKJVSQEFSZIMXGERMQTVSZIEGGYVEG]XSKVMTXLIGSQTSRIRXWEWIGSRH
XMQIEJXIVXLI]LEZIFIIREPMKRIHQIGLERMGEPP]
7YGXMSRGYTWJSVIZIV]ETTPMGEXMSR
*MK
4SWMXMSRMRKEMHWERH
WXSTWJSVYWI[MXL
ZEGYYQKVMTTIVW 1 v
E *MRITSWMXMSRMRKHYVMRK 2 6
KVMTTIVGSRXEGX
3 4 5
F 7XSTXSVIHYGIHMW
TPEGIQIRXHYVMRKPEXIVEP 7
QSXMSR
G %PMKRQIRXF]WTVMRK a) b)
PSEHIHWXSTWFIJSVI
KVMTTIVGSRXEGX
'IRXVMRKQERHVIP 8
7TVMRK
7YGXMSRGYT 10
;SVOTMIGI
1EKE^MRIJIIH
11
%VQ 9
7YTTSVX
:EGYYQGSRRIGXMSR
6SPPIVGSRZI]SV
8ETIVIHKYMHI c)
7TVMRKPSEHIHKYMHI
[IHKI
8LIRIIHPIWWHMWGLEVKISJWYGXMSREMVQIERWE[EWXISJIRIVK]ERHYWY
;SVOTMIGIGSRXVSPPIH EPP]EPWSMRHMGEXIWEKVMTTIVQEPJYRGXMSR%XXIQTXWEVIXLIVIJSVIQEHIXS
EGXMZEXMSRSJWYGXMSR IUYMTWYGXMSRGYTWMRWYGLE[E]XLEXXLI]EGXMZEXIZEGYYQKIRIVEXMSR
EMV SRP][LIRXLI]VIEGLXLI[SVOTMIGIWYVJEGI8LIVIMWEJYVXLIVTVSFPIQ
;LIRWIZIVEPWYGXMSRGYTWEVIYWIHMREREVVE]MXQE]SGGYVXLEXRSXEPP
XLIWYGXMSRGYTWEVIGSZIVIHF]XLI[SVOTMIGIJSVI\EQTPIHYVMRKXLI
LERHPMRKSJTEGOEKIWSJZEV]MRKWM^IWMRTSWMXMSRW[LMGLEVIRSXEP[E]W
TVIGMWIP]HIJMRIH%R]WYGXMSRGYTW[LMGLVIQEMRYRGSZIVIHQYWXFIHI
EGXMZEXIHMRSVHIVXSTVIZIRXXLIZEGYYQJVSQGSPPETWMRK8LIFEWMGGSR
GITXMWMPPYWXVEXIHMR*MK
*MK
%YXSQEXMGHIEGXMZEXMSRSJ
YRGSZIVIHWYGXMSRGYTW
1
:EGYYQ 2
&EWMGFSH]
3
%MVFSVRIFEPPFIEVMRK
7YGXMSRGYT 4
;SVOTMIGI
5
8LIJPS[SJMRGSQMRKEMVGPSWIWXLIYRGSZIVIHWYGXMSRGYT*PS[EGXMZEXIH
ZEPZIWXVMKKIVIHF]JPS[PSWWIWGEREPWSFIYWIH[MXLTIVQIEFPIWYV
JEGIWWYGLEWTIVJSVEXIHTPEXIWXSHIEGXMZEXIER]YRGSZIVIHWYGXMSRHI
ZMGI:EPZIWSJXLMWOMRHEVIGSQQIVGMEPP]EZEMPEFPIERHEVIKIRIVEPP]
IUYMTTIH[MXLEJMPXIVXSTVIZIRXHMVXTEVXMGPIWJVSQIRXIVMRKXLIZEGYYQ
7YGXMSRGYTWJSVIZIV]ETTPMGEXMSR
GMVGYMX-RXLIGEWISJXLI*IWXSZEGYYQIJJMGMIRG]ZEPZI-7:EWTVMRK
PSEHIHJPSEXMWYWIHEWEWLYXSJJHIZMGI4VSZMHIHXLEXEZEGYYQWXEVXW
XSFYMPHYTYRHIVXLIWYGXMSRGYTEVMRKWIEP[MPPSTIRERHVIPIEWIXLIVI
UYMVIHWYGXMSRGVSWWWIGXMSR*MKWLS[WERETTPMGEXMSRMRXLIJSVQ
SJEGMVGYMXHMEKVEQ
*MK
'MVGYMXHMEKVEQJSVEWYGXMSR 1
LIEHJMXXIH[MXLZEGYYQ
IJJMGMIRG]ZEPZIW 2
:EGYYQKIRIVEXSV 3
)\LEYWXEMV
(MWXVMFYXSV
:EGYYQIJJMGMIRG]ZEPZI
[MXLJMPXIV 4
*PEXWYGXMSRGYT
-XEPWSXEOIWWSQISVKERMWEXMSRXSEGXMZEXIEWYGXMSRGYTEXXLIVMKLXQS
QIRX7IRWSVZEPZIWEVISJXIRYWIHJSVXLMWTYVTSWIEWEVITVS\MQMX]WIR
WSVW*MKWLS[WERYQFIVSJZEVMERXW7IRWSVZEPZIWEVIMRWXEPPIHMR
XLIZEGYYQPMRIERHEGXHMVIGXP]SRXLMW[LMPII\XIVREPWIRWSVWWYTTP]ER
IPIGXVMGEPWMKREP[LMGLMWYWIHXSEGXMZEXIHMVIGXMSREPGSRXVSPZEPZIW;MXL
XLIWSPYXMSRWLS[RMR*MKFXLILERHPMRKHIZMGIXVEZIPWXS[EVHWE
WXEGO[LSWILIMKLXMWSJGSYVWIGSRWXERXP]GLERKMRK3RGIXLI[SVOTMIGI
LEWFIIRVIEGLIHXSTQSWXWLIIXXLIPS[IVMRKQSXMSRMWWXSTTIHERH
XLIZEGYYQMWEGXMZEXIH-RXLIGEWISJ*MKHETSWMXMZIWMKREP
XVMKKIVWXLIZEGYYQF]EGXYEXMRKEHMVIGXMSREPGSRXVSPZEPZI
7YGXMSRGYTWJSVIZIV]ETTPMGEXMSR
*MK
%GXMZEXMRKXLIZEGYYQ
2 1
E -RXIKVEXIHIPIGXVMGEP 5
WIRWSV 6
F )\XIVREPIPIGXVMGEP 3
WIRWSV
4
G :EGYYQWIRWSVZEPZIMR
WYGXMSRPMRI
H -RXIKVEXIHMRHYGXMZI
WIRWSV
a) b)
:EGYYQGSRRIGXMSR
)PIGXVMGEPWIRWSV
8
7IEPMRKPMT
7 9 10
7XEGOSJ[SVOTMIGIW
0MQMXW[MXGL
*PEXWYGXMSRGYT
7IRWSVZEPZI
7YGXMSRFSVI
-RHYGXMZIWIRWSV
;SVOTMIGILIPHF] c) d)
ZEGYYQ
6ETMHINIGXMSRSJ[SVOTMIGIWJVSQWYGXMSRGYTWMWNYWXEWMQTSVXERXJSV
)NIGXSVW]WXIQW JEWXQEGLMRMRKG]GPIWEWEJEWXTMGOYT8LIVIEVIZEVMSYW[E]WSJEGLMIZ
MRKXLMW-JEZEGYYQKIRIVEXSVMWYWIHXSTVSHYGIXLIZEGYYQMXLEWFI
GSQIWXERHEVHTVEGXMGIXSJMPPEWQEPPVIWIVZSMV[MXLGSQTVIWWIHEMVHYVMRK
ZEGYYQKIRIVEXMSR;LIRXLIGSQTVIWWIHEMVWYTTP]XSXLIKIRIVEXSVMW
W[MXGLIHSJJZEGYYQKIRIVEXMSRGIEWIWERHEXXLIWEQIXMQIXLIGSQ
TVIWWIHEMVVIWIVZSMVHMWGLEVKIWEFVYTXP]8LMWGVIEXIWETSWMXMZITVIWWYVI
MRXLIWYGXMSRGLEQFIVINIGXMRKXLI[SVOTMIGIJVSQXLIWYGXMSRGYT*MK
*MK
'MVGYMXHMEKVEQJSVEZEGYYQ
KIRIVEXSV[MXLERINIGXSV
TYPWIW]WXIQ
T -RTYXTVIWWYVI
: :EGYYQ
-JMXMWRIGIWWEV]XSTVIWWYVMWIPSRKWYTTP]PMRIWJVSQEZEGYYQTYQTXS
XLIWYGXMSRGYTXLIINIGXMSRTVSGIWWSJGSYVWIXEOIWQYGLPSRKIV,IVI
XSSLS[IZIVMXMWTSWWMFPIXSTVSZMHIEWLSVXGMVGYMXXSEXQSWTLIVI
8LMWMWWLS[RMR*MK%WXLIWYGXMSRGYTGSRXEGXWERHLSPHWXLI
[SVOTMIGIXLILIEHVIXVEGXW3RGIXLIEMVWYGXMSRMWW[MXGLIHSJJMXSRP]
7YGXMSRGYTWJSVIZIV]ETTPMGEXMSR
VIUYMVIWEWPMKLXJEPPMRTVIWWYVIJSVXLIWTVMRKXSGEYWIXLILIEHXSEH
ZERGI8LMWI\TSWIWXLIF]TEWWLSPI[LMGLEGGIPIVEXIWXLIGVIEXMSRSJE
TVIWWYVIIUYMPMFVMYQ8LIWTIIHSJVIWTSRWI[LIRXVMKKIVIHHITIRHWSR
XLIWM^ISJXLIF]TEWWGVSWWWIGXMSRMRXLIZEPZISVER]SXLIVIUYMZEPIRX
STIRMRKPIEHMRKXSEXQSWTLIVI8LIWISTIRMRKWWLSYPHXLIVIJSVIFIEW
PEVKIEWTSWWMFPI
*MK
:EGYYQLIEH[MXLWLSVX
GMVGYMXLSPIXSEXQSWTLIVI
-XMWSJGSYVWIEPWSTSWWMFPIXSW[MXGLWXVEMKLXJVSQWYGXMSREMVXSGSQ
TVIWWIHEMVERHXLMWMWHSRIMRTVEGXMGI%RI\EQTPISJXLMWMWWLS[RMR
SYVPEWXMPPYWXVEXMSR*MK&]XLI[E]TVIGMWIINIGXMSREXXLIHIWMVIH
TSMRXMWTEVXMGYPEVP]MQTSVXERX[MXLJVEKMPISVZIV]PMKLX[SVOTMIGIWWMRGI
XLIWIGSYPHSXLIV[MWIWXMGOXSXLIWYGXMSRGYTQSQIRXEVMP]ERHXLIRJEPP
EXEKVIEXIVLIMKLXJVSQXLILERHPMRKHIZMGIHYVMRKMXWVIXYVRWXVSOIERH
TSWWMFP]WYJJIVHEQEKI
*MK
'MVGYMXHMEKVEQJSVE
WYGXMSRKVMTTIV[MXLE
ZEGYYQKIRIVEXSVERH
GSQTVIWWIHEMVINIGXSV
W]WXIQ
T 7YTTP]TVIWWYVI
: :EGYYQ p
?A &VEYR(-RHYWXVMIVSFSXIV%YWPIKYRKZSRTRIYQEXMWGLIR
4YFPMGEXMSRW *P¿GLIRKVIMJIVR-RHYWXVMEPVSFSXW(MQIRWMSRMRKTRIYQEXMGWYGXMSR
GYTWTYFPMWLIHF]:IVPEK8g:6LIMRPERH'SPSKRI
?A 8IPPE6&MVO./IPPI]6%GSRXSYVEHETXMRKZEGYYQKVMTTIVXL
-RXIVREXMSREP7]QTSWMYQSR-RHYWXVMEP6SFSXW8EKYRKWFERH1MPER
7YGXMSRGYTWJSVIZIV]ETTPMGEXMSR
8LIVERKISJETTPMGEXMSRWSJWXERHEVHERHWTIGMEPWYGXMSRGYTWMWZIV]
[MHIGSZIVMRKIZIV]XLMRKJVSQWERMXEV]TSVGIPEMRERHWXVMTWTPEROWERH
7YGXMSRGYTWMR TERIPWXSJSSHWXYJJW8LITVSGIWWIWMRZSPZIHKIRIVEPP]JSVQTEVXSJEQI
LERHPMRKXIGLRSPSK] HMYQSVPEVKIWGEPITVSHYGXMSRSTIVEXMSR7YTTPMIVWSJWYGXMSRGYTWYWY
EPP]SJJIVEGSQTPIXIWIPIGXMSRSJMRHMZMHYEPYRMXWERHQSHYPEVW]WXIQW
%TEVXJVSQWYGXMSRGYTWXLIQWIPZIWW]WXIQWSJXLMWOMRHMRGPYHIZEGYYQ
KIRIVEXSVWZEPZIWXYFMRKERHTMTMRKMRWXVYQIRXEXMSRGSRXVSPIUYMTQIRX
ERHJPI\MFPIQSYRXMRKW]WXIQW;I[MPPGSRWMHIVWSQIWIPIGXIHI\EQTPIW
SJETTPMGEXMSRWFIPS[
-XMWEP[E]WWYVTVMWMRKXSWIILS[WYGXMSRGYTETTPMGEXMSRWGERFIQSHM
)\TPSMXMRKXLI JMIH8LMW[MPPFIHIQSRWXVEXIHF]FIPPS[WWYGXMSRGYTWERHXLII\EQTPIW
TVSTIVXMIWSJWYGXMSR WLS[RMR*MK-XMWJSVI\EQTPITSWWMFPIXSI\TPSMXXLIERKYPEV
GYTW JPI\MFMPMX]SJWYGXMSRGYTW[MXLMRGPMRIH[SVOTMIGIWYVJEGIWSVEPXIVREXMZIP]
XS[SVO[MXLHMJJIVIRXPIZIPWSJZEGYYQXSTVSHYGIFS[MRKSJXLMRWLIIX
QIXEP[SVOTMIGIW-XMWEPWSTSWWMFPIXSFVMRKERMRGPMRIH[SVOTMIGIWYV
JEGIMRXSELSVM^SRXEPTSWMXMSREWMXMWTMGOIHYTF]TVSZMHMRKPIZIPMRK
WXSTWSRXLIKVMTTIV'SRZIVWIP][SVOTMIGIW[LMGLEVIRSVQEPP]WXVEMKLX
GERFIMRGPMRIHMJXLMWMWVIUYMVIHMRTEGOMRKSVQEKE^MRMRKSTIVEXMSRW
*MK
7SQIX]TMGEPETTPMGEXMSRWSJ
FIPPS[WWYGXMSRGYTW
4MGOMRKYTMRGPMRIH
[SVOTMIGIW
0IZIPMRKSJERMRGPMRIH
JSVQIHTEVX
0MQMXMRKWYGXMSRJSVGI
,MKLP]JPI\MFPIWYWTIR 1 2 3
WMSRJSVYRHYPEXMRK
[SVOTMIGIWMRVERHSQ
SVMIRXEXMSR
4MGOMRKYTWXITTIH
[SVOTMIGIW
+VMTTMRKJSVQIHTEVXW
[MXLYRHYPEXMRKWYVJEGI
4MGOMRKYTJPEX[SVO
TMIGIWJVSQQEKE^MRI
7ITEVEXMRKERHTMGOMRK 4 5
YTJPEX[SVOTMIGIW
p1 p1 p2 p2
p1 > p2
6 7 8
8LIPEWXI\EQTPIGSRGIVRWEWMXYEXMSR[LMGLMWJVIUYIRXP]IRGSYRXIVIH
ERH[LMGL[I[MPPRS[WXYH]QSVIGPSWIP]
7YGXMSRGYTWMRLERHPMRKXIGLRSPSK]
-XMWRSXIEW]XSKVMTXLMRWLIIXQIXEPQEXIVMEPWMRGIWLIIXWGERWXMGOXSE
*IIHMRKSJXLMRTERIPW WXEGOSZIVXLIMVIRXMVIEVIEERHFYVVIHIHKIWGERFIGSQIXERKPIH4PEWXMG
ERHWLIIXQIXEP TERIPWQE]EPWSWXMGOXSKIXLIVHYIXSIPIGXVSWXEXMGGLEVKIW-XMWXLIVIJSVI
QEXIVMEP RIGIWWEV]XSTVIZIRXX[S[SVOTMIGIWJVSQFIMRKTMGOIHYTEXXLIWEQI
XMQI*MKWLS[WERYQFIVSJ[E]WSJEGLMIZMRKXLMW?A
*MK
4MGOMRKYTXLMRTERIPW[MXL
EWYGXMSRGYT
1
E 9RHYPEXMRKIJJIGX
F %MVRS^^PIXSEWWMWX 2
WITEVEXMSR
7YGXMSRGYT
&PEWXRS^^PI
-RHI\MRKQSXMSR
0MJXMRKHIZMGIXS
VEMWIWXEGO
3
4
a) b)
-R*MKEXLIWYGXMSRGYTWHSRSXQIVIP]PMJXXLITERIPFYXJMVWXKIRIV
EXIYRHYPEXMSRWEPSRKXLIPIRKXLSJXLITERIPXSHIXEGLER]WIGSRHTERIP
[LMGLQE]FIEHLIVMRKXSXLIYRHIVWMHISJXLIJMVWX3RP]XLIRMWXLITERIP
PMJXIH)EGLPMJXMRKG]PMRHIVQYWXEGGSVHMRKP]FIGSRXVSPPIHWITEVEXIP]
4IIPMRKIJJIGXWGEREPWSFITVSHYGIHF]GSQFMRMRKWTVMRKPSEHIHWYG
XMSRGYTW[MXLERSRWTVMRKPSEHIHWYGXMSRGYTEXXLIIHKISJXLITERIP
-RXLMWGEWIXLITERIPMWPMJXIHEXXLIIHKI[LMPIWXMPPFIMRKLIPHHS[REX
SXLIVTSMRXWF]XLIWTVMRKJSVGISJXLIWYGXMSRGYTW-XMWEPWSTSWWMFPIXS
IUYMTJPEXWYGXMSRGYTW[MXLEWITEVEXSVMRWIVX[LMGLMWEJM\IHWYTTSVX
[MXLMRXLIWYGXMSRGLEQFIV;LIRZEGYYQMWTVIWIRXXLITERIPTMGOIHYT
F]XLIWYGXMSRGYTFIRHWWPMKLXP]EVSYRHXLIWITEVEXSVMRWIVXHYIXSXLI
YT[EVHQSXMSRSJXLIWSJXWYGXMSRGYTPMTW8LMWIJJIGXGERFII\TPSMXIH
[MXLXLMRWLIIXQIXEPYTXSETTVS\QQ
;LIRTERIPWEVITMGOIHYT[LMGLEVIWPMKLXP]TSVSYWWYGLEWGLMTFSEVH
EXLVSYKLWYGXMSRIJJIGXQE]FIIRGSYRXIVIHEPWSVIWYPXMRKMRX[S
TERIPWFIMRKPMJXIHJVSQEWXEGOEXXLIWEQIXMQI8LIVIQIH]LIVIMWXS
MRGVIEWIXLIWYGXMSREVIEF]YWMRKQSVIWYGXMSRGYTWERHVIHYGIXLI
ZEGYYQPIZIP
4VSFPIQWQE]EPWSFII\TIVMIRGIH[MXLQEKRIXMGKVMTTIVW[LIRTMGOMRK
YTXLMRWLIIXQIXEP[SVOTMIGIWWMRGIJMIPHPMRIWQE]TEWWVMKLXXLVSYKL
XLIJMVWX[SVOTMIGIERHTMGOYTEWIGSRH[SVOTMIGIEW[IPP-RSVHIVXS
WSPZIXLMWTVSFPIQGSQFMREXMSRKVMTTIVWLEZIFIIRHIZIPSTIHEWWLS[R
MR*MK8LI[SVOTMIGIMWJMVWXKVMTTIHF]EWYGXMSRGYTERHWPMKLXP]
PMJXIHF]XLMW8LIQEKRIXMWRS[EGXMZEXIHWMKRMJMGERXP]MRGVIEWMRKXLI
7YGXMSRGYTWMRLERHPMRKXIGLRSPSK]
LSPHMRKJSVGI8LMWLMKLIVJSVGIEPPS[WLMKLWTIIHQERMTYPEXMSRWXSFI
GEVVMIHSYX
*MK
'SQFMREXMSRKVMTTIVJSV
LERHPMRKXLMRJIVVMXMGWLIIX V
QIXEP[SVOTMIGIW
1
)PIGXVSQEKRIXMGGSMP
7YGXMSRGYTPMTQEHISJ
WSJXGIPPYPEVVYFFIV 2
: :EGYYQ
200 mm
(SYFPIPMJXMRKSJWQEPPFPEROWGERFIVIGXMJMIHF]YWMRKEWIGSRHWYGXMSR
GYTXSVIQSZIXLIWIGSRH[SVOTMIGI[LMGLMWLIPHPIWWJMVQP]XLERXLI
JMVWX[SVOTMIGIERHGERXLYWFIZEGYYQIHE[E]ERHWIXHS[REXER
SXLIVTPEGI8LIJMVWXKVMTTIVGERW[MZIPE[E]JVSQXLIWIGSRHWYGXMSRGYT
SVIPWIVSXEXIEWWLS[RMR*MK8LIX[SKVMTTIVWVSXEXIW]RGLVS
RSYWP]MRSTTSWMXMSR8LIWYGXMSRJSVGIWEVIEHNYWXIHXSHMJJIVIRXPIZIPW%
WIGSRH[SVOTMIGIMWTMGOIHYTEPSRK[MXLXLIJMVWXGEVVMIHEPSRKERHXLIR
INIGXIHMRXSEWIXHS[RXVE]
*MK
:EGYYQMRKWIGSRH
[SVOTMIGIWE[E][MXLE
VSXEXMRKWYGXMSRGYT
1
&PEROWQEKE^MRI
7YGXMSRGYTJSVWIGSRH
[SVOTMIGI
7IXHS[RXVE]JSV
WIGSRH[SVOTMIGIW 2
6SXEV]KVMTTIV
*IIHHIZMGIJSVTVSHYG
XMSRQEGLMRI 3
%JYVXLIVGSQFMREXMSRSJTL]WMGEPIJJIGXWMWWLS[RMR*MK-XGERFI
YWIHSRP][MXLJIVVSQEKRIXMG[SVOTMIGIWWMRGIMXYXMPM^IWpWTVIEHIVQEK
RIXWqEXXLIWMHIWSJXLIWXEGOSJQIXEPWLIIXW8LIQEKRIXMGJMIPHWSJ
XLIWITVSHYGIVITYPWMSRJSVGIW[MXLMRXLIWXEGO[LMGLGEYWIXLIXST
WLIIXWXSJPSEXTIIPE[E]8LMWVIHYGIWXLIVMWOSJX[SWLIIXWFIMRK
TMGOIHYTEXSRGIERHEPPS[WXLIWYGXMSRGYTXSQEOIKIRXPIVGSRXEGX[MXL
XLI[SVOTMIGI8LIRYQFIVEVVERKIQIRXERHGVSWWWIGXMSRSJXLIWITIV
7YGXMSRGYTWMRLERHPMRKXIGLRSPSK]
QERIRXQEKRIXWMWKSZIVRIHF]XLIXLMGORIWWERHWM^ISJXLIWLIIXQIXEP
[SVOTMIGIW-RXLIGEWISJQIXEPWXVMTWMXMWWYJJMGMIRXXSLEZIEWTVIEHIV
QEKRIXTSWMXMSRIHEXXLIIRHW[LIVIXLIWYGXMSRGYTMWETTPMIHXSXLI
WXVMT
*MK
;SVOTMIGIWVIQSZIHJVSQ
WXEGOYWMRKEWYGXMSRGYT
ERHWTVIEHIVQEKRIXW
2 mm
1
7YGXMSRGYT
*PSEXMRKWLIIXEXXST 2
SJWXEGO
4IVQERIRXQEKRIX 3
7XEGOSJWLIIX
QIXEP[SVOTMIGIW
,IVIMWERSXLIVJIIHWSPYXMSRFEWIHSRWYGXMSRGYTW-RHYTPMGEXMSRW]W
XIQWXLIHIZMGIWLS[RMR*MKMWYWIHXSTVIZIRXHSYFPITMGOYTW
8LIQEKE^MRISYXPIXJIEXYVIWE[MHXLVIWXVMGXSV[LMGLGEYWIW[SVOTMIGIW
XSFIGSQIFS[IHEWXLI]EVIVIQSZIHJVSQXLIQEKE^MRI%R]WIGSRH
[SVOTMIGIEHLIVMRKXSXLIJMVWXMWHIXEGLIHERHVIQEMRWMRXLIQEKE^MRI
*MK
*SVGIHFS[MRKSJXLMR
FPEROWEXQEKE^MRISYXPIX
TVIZIRXWHSYFPITMGOYTW
1
:IVXMGEPQEKE^MRI
8SSXLIHMRWIVX
7TVMRKPSEHIHVEXGLIX
7YGXMSRGYT
2
8LIFS[MRKIJJIGXMWYWIHMRQER]SXLIVEHETXIVJIIHHIZMGIW8LIJIIH
WXEXMSRWLS[RMR*MKEPWSJIEXYVIWEWYGXMSRGYT[LMGLLSPHWXLI
WLIIXQIXEP[SVOTMIGIWEXXLIMVGIRXVI8LIHIEH[IMKLXSJXLI[SVO
TMIGIWGEYWIWXLIWIXSWEK%JXIVXLIWEKKMRKTLEWIHYVMRKPMJXMRKXLI
WLIIXQIXEP[SVOTMIGIWTVMRKWMRXSXLITMGOYTVSPPIVWPSX8LIVSPPIVWKVMT
XLIQIXEP[SVOTMIGIERHGSRZI]MXSYX[EVHW[LMPWXXLIWYGXMSRGYTWMQYP
7YGXMSRGYTWMRLERHPMRKXIGLRSPSK]
XERISYWP]HIXEGLIWJVSQXLI[SVOTMIGIERHVIXYVRWXSMXWLSQITSWM
XMSR
*MK
*IIHMRKWXEXMSRJSVXLMR
WLIIXQIXEP
1
0MJXMRKG]PMRHIV
7YGXMSR
4MGOYTVSPPIVW 2 3
'SRXEGXTSMRX
;SVOTMIGIWXEGO
7YGXMSRGYTWMRLERHPMRKXIGLRSPSK]
8LIRYQFIVSJETTPMGEXMSRW[LMGLJEPPYRHIVXLMWLIEHMRKMWGSPSWWEP;I
(MWXVMFYXMSRERH GERXLIVIJSVIHSRSQSVIXLERWLS[NYWXEJI[I\EQTPIW[LMGLQE]
JIIHMRK[MXLWYGXMSR TVSZIYWIJYPJSV]SYVS[RETTPMGEXMSRW
GYTW %WMW[IPPORS[RWYGXMSRGYTW[MXLWSJXPMTWHSRSXSTIVEXIZIV]EGGY
VEXIP]*YVXLIVQSVIXLI[SVOTMIGIMRUYIWXMSRQE]FIHMWTPEGIH[LIRXLI
WYGXMSRGYTWTVMRKWMRXSEGXMSRMJMXMWRSXWTIGMEPP]KYMHIH8LMWMWE
HMWEHZERXEKIFYXSRI[LMGLHSIWRSXFIGSQIETTEVIRXMRQER]ETTPMGE
XMSRWWMRGIXLI[SVOTMIGIMWTVIGMWIP]GIRXIVIHF]SXLIVXIGLRMGEPQIERW
EXMXWHIWXMREXMSRTEVXMGYPEVP]MRXLIGEWISJJIIHSTIVEXMSRW8LMWGERFI
WIIRMRXLII\EQTPISJEXYFJMPPMRKERHGPSWMRKQEGLMRIWLS[RMR*MK
%XYFVIPIEWIHF]EHMWXVMFYXSVHIZMGIMWTMGOIHYTF]ZEGYYQERHWIX
HS[RSREVSXEV]XEFPI8LIWYGXMSRGYTTEWWIWXLVSYKLXLI[SVOTMIGI
GEVVMIVSRXLIXEFPIMRSVHIVXSHSXLMW8LIXYFEPMKRWMXWIPJTVIGMWIP]SR
XLIXEFPI-X[SYPHMRXLISV]EPWSFITSWWMFPIXSEPPS[XLI[SVOTMIGIWXS
JEPPMRXSXLIMVGEVVMIVWF]KVEZMX]FYXXLMW[SYPHRSXTVSZMHIWYJJMGMIRXVIPM
EFMPMX]JSVEYXSQEXIHSTIVEXMSR-J[SVOTMIGIWEVIEPPS[IHXSQSZIEX
VERHSQIZIRJSVEWLSVXXMQIXLIVIGERFIRSKYEVERXIISJEGGYVEXI
QSZIQIRX)ZIRMJXLIVIWYPXMWEGGITXEFPIXMQIWSYXSJXLMWMWRSX
KSSHIRSYKL
*MK
*IIHW]WXIQSRE 1
TEGOMRKQEGLMRI
2
:IVXMGEPQEKE^MRI
(MWXVMFYXSV
7YGXMSRGYT
6SXEV]MRHI\MRKXEFPI
0MJXMRKG]PMRHIV 3
8YF[SVOTMIGI
4VSHYGXMSRQEGLMRI 4
6
5
7
*MKWLS[WXLIJIIHMRKSJJSSHGSRXEMRIVWSREJMPPMRKPMRI6IXEMRMRK
FVYWLIWSRXLIQEKE^MRIIRWYVIXLEXSRP]SRIGSRXEMRIVMWVIQSZIHEXE
XMQI8LIKVMTTIVEVQGEVVMIWEWYGXMSRGYTERHMWEFPIXSVIEGLHS[RFI
X[IIRXLIX[SGSRZI]SVFIPXWERHWIXHS[RXLIHIITHVE[RJSMPGSRXEMRIV
3RP][LIRXLMWLEWFIIRXVERWTSVXIHSR[EVHWGERXLIEVQW[MZIPFEGO
MRXSMXWTMGOYTTSWMXMSR%VSXEV]TRIYQEXMGG]PMRHIVGERFIYWIHEWE
HVMZISVEWWLS[RLIVIEVEGOERHTMRMSRKIEVYRMX[MXLEPMRIEVG]PMRHIV
7YGXMSRGYTWMRLERHPMRKXIGLRSPSK]
*MK
*IIHMRKSJJSSHGSRXEMRIVW
6IXEMRMRKFVYWL 1
7XEGOSJGSRXEMRIVW
2
1EKE^MRIVSH
7TMRHPIHVMZIRPMJXVEQ 3
0MQMXW[MXGLXSQSRMXSV 4
JIIH 11
(SYFPIGSRZI]SVFIPX
10
0EXIVEPKYMHI
7YGXMSREMVPMRI
+VMTTIVEVQHVMZI
7[MZIPEVQ
7YGXMSRGYT
6 7 8
9
7YGXMSRGYTWEVIEPWSJVIUYIRXP]YWIHMRGSQFMREXMSR[MXLSXLIVKVMTTIVW
XSTVSZMHIEY\MPMEV]JYRGXMSRW8LMWMWMPPYWXVEXIHMRXLII\EQTPI*MK
WLS[MRKXLIWXEGOMRKSJWTSSPWSJXI\XMPIXLVIEH8LIWIWTSSPWEVIKVMTTIH
MRXIVREPP]F]EQERHVIPKVMTTIVERHTPEGIHSRETEPPIX8LIEY\MPMEV]JYRG
XMSRXSFITVSZMHIHF]XLILERHPMRKHIZMGIMWXSMRWIVXEWITEVEXSVFSEVH
FIX[IIRIEGLPE]IV8LIHIZMGITMGOWYTXLIWITEVEXSVWJVSQERSXLIV
WXEGOZMEWYGXMSRGYTW[LMGLEVIEHZERGIHMRXSXLIMV[SVOMRKTSWMXMSR
WTIGMJMGEPP]JSVXLMWSTIVEXMSR-RXLMW[E]MXMWTSWWMFPIXSSTIVEXI[MXLSYX
EKVMTTIVGLERKMRKW]WXIQ'SQFMREXMSRWSJXLMWOMRHGERFITVSHYGIH
VIPEXMZIP]IEWMP]F]YWMRKTRIYQEXMGG]PMRHIVW[MXLLSPPS[TMWXSRVSHW
*MK
1YPXMPE]IVWXEGOMRKSJ 1
XI\XMPIXLVIEHWTSSPWYWMRK
EGSQFMREXMSRKVMTTIV
+VMTTIVGSRRIGXMSR
2
0MJXMRKG]PMRHIV
,SPPS[TMWXSRVSH
7ITEVEXSV
1ERHVIPKVMTTIV 5 3
+VMTTIVXLVIEHWTSSP
*MVWXWXEGOPE]IV 4
8VERWTSVXTEPPIX 6
7
7YGXMSRGYTWMRLERHPMRKXIGLRSPSK]
*MKWLS[WEKPEWWFYPFJIIHIVW]WXIQ8LIFYPFWIRXIVXLIJIIH
GSRZI]SVF]KVEZMX]ERHEVIXVERWJIVVIHXSETMGOYTTSWMXMSR8LIWI
[SVOTMIGIW[LMGLEVIJVEKMPIERHGYVZIHSREPPWMHIWGERFIVIPMEFP]
TMGOIHYTZMEWYGXMSRKVMTTIVERHJIHMRXSXLIQEGLMRIMREWIGSRHG]
GPI-JMXMWRSXTSWWMFPIXSEPMKRPMKLX[SVOTMIGIWWYJJMGMIRXP][IPPF]KVEZ
MX]MXQE]FIRIGIWWEV]XSTVSZMHIEREMH8LMWGERXEOIXLIJSVQSJQI
GLERMGEPP]STIVEXIH:WLETIHNE[WEXXLITMGOYTWXEXMSR%QIGLERMGEP
VEHMEPKVMTTIVGERTVSZMHIEWYMXEFPIFEWMGQSHYPIJSVEHIZMGISJXLMW
OMRH
*MK
*IIHMRKWXEXMSRJSVKPEWW 5
FYPFW 1
7[MZIPQEKE^MRI
,ERHPMRKHIZMGI[MXL 6
WYGXMSRGYT
*SVOIHGEVVMIVMRJIIH
GLEMR 2
+PEWWFYPFW
*MPPMRKEVIE
1EKE^MRIVEMP 8
3 7
7YGXMSRGYTWMRLERHPMRKXIGLRSPSK]
*MK (MZMWMSRSJE[SVOTMIGIMRXSKVMTTMRK^SRI+
GPEQTMRK^SRI7ERHWIXHS[R^SRI%
0MWXSJMPPYWXVEXMSRW *MK ,S[GERE[SVOTMIGIFITMGOIHYT#
*MK 8LIVMKLXGLSMGISJKVMTTMRKTSMRXGEREJJIGXXLI
TSWMXMSRMRKIVVSVHYVMRKEWWIQFP]
*MK *IIHMRKEGPEQTMRKHIZMGI
*MK 8]TIWSJTSMRXPSEHMRKVIWYPXMRKJVSQKVMTTMRK
*MK 9REQFMKYSYWTMGOYTTSMRXWIRWYVIVIPMEFPIKVMTTMRK
*MK +VMTTIVHIZMGIW[LMGLGPSWIMREREVGQE]GEYWIEWLMJXSJ
XLIKVMTTMRKGIRXVI
*MK 'IRXVIHIZMEXMSRVIWYPXMRKJVSQ[SVOTMIGIJSVQIVVSVW
0MWXSJMPPYWXVEXMSRW
*MK 7SQISJXLIWYFW]WXIQWSJEQIGLERMGEPKVMTTIV
*MK 8LIGSRXSYVEXXLIKVMTTMRKTSMRXSJXLI[SVOTMIGI
HIXIVQMRIWXLINE[WLETIYWIHSV
*MK +VMTTIVNE[W[MXLGSQTPMERXWYVJEGIW
*MK .E[WLETI[MXLGIRXVMRKIJJIGXJSVWGMWWSVXSRKKVMTTIVW
*MK +VMTTMRKWIZIVEP[SVOTMIGIWWMQYPXERISYWP]YWMRKE
TVIWWYVIHMWXVMFYXSVXSGSQTIRWEXIJSVXSPIVERGIW
*MK .E[WSJETEVEPPIPKVMTTIVJSVHMEQIXIVVERKIW
*MK +VMTTIVNE[W[MXLWTIGMEPP]WLETIHQYPXMTPIKVMTTMRK
WYVJEGIW
*MK :EVMERXWSJNE[WJSVTEVEPPIPKVMTTIVW
*MK 1SFMPIKVMTTIVNE[WPMJXXLI[SVOTMIGISYXSJXLI:WLETIH
VIGIWWMRXLIQEKE^MRI
*MK 8LIX]TISJETTVSEGLEJJIGXWXLIVIUYMVIHSTIRMRK
*MK 'LEVEGXIVMWXMGHEXEJSVKVMTTIVW
*MK +IRIVEPQSHIPSJELERHPMRKSTIVEXMSR
*MK %NSMRMRKQIGLERMWQ[MXLGSQFMRIHPEXIVEPERHERKYPEV
GSQTIRWEXMSR
*MK 7MXYEXMSRMR[LMGLERSZIVPSEHSJXLIKVMTTIVERH
LERHPMRKHIZMGIGERSGGYVMJRSGSQTIRWEXMSRMWTVSZMHIH
*MK 4MGOMRKYTE[SVOTMIGIJVSQEQEKE^MRITEPPIX
*MK +VMTTIVGSQFMRIH[MXLETVIWWMRKIPIQIRX
*MK 7MQTPINSMRMRKQIGLERMWQJSVZIVXMGEPEWWIQFP]
*MK 'SPPMWMSRTVSXIGXMSR[MXLEHNYWXEFPITEVEQIXIVWJSVE
KVMTTIVWLS[MRKVIEGXMSRGETEFMPMX]
*MK ;LIR[SVOMRK[MXLXLVIIHMQIRWMSREPSFNIGX
GSRJMKYVEXMSRWGSRWMHIVEXMSRQYWXFIKMZIRXSXLI
GPIEVERGIGSRXSYVSJXLIKVMTTIV
*MK 7TIGMJMGEXMSRWSJPSEHGETEGMX]JSVMRHYWXVMEPVSFSXW
0MWXSJMPPYWXVEXMSRW
*MK %TTVS\MQEXIGSVVIPEXMSRFIX[IIRKVMTTIHSFNIGXWERH
KVMTTIVX]TIW
*MK 6EHMEPKVMTTIVLSPHMRKEWLIIXQIXEP[SVOTMIGI
*MK -'o7LEZIWTPE]IHTMRW[LMGLEVIEPMKRIHXSXLIHIWMVIH
WTEGMRKHYVMRKXLIKVMTTIVQSXMSR
*MK )\EQTPISJX[MR[SVOTMIGIKVMTTIVEWEWTIGMEPYWISJE
TEVEPPIPNE[KVMTTIV
*MK ,ERHPMRKEPIRKXLSJFEVQEXIVMEP[MXLETSMRXKVMTTIV
*MK +VMTTMRKEVIGXERKYPEV[SVOTMIGI
*MK %TSMRXKVMTTIVGVIEXIHF]GSQFMRMRKTSMRXKVMTTIVW
*MK +VMTTIVQSHYPIJSVJPI\MFPIEWWIQFP]
*MK %WWIQFP]KVMTTIV
*MK 7IUYIRGIJSVEWWIQFP][MXLMREKVMTTIV
*MK 1YXYEPP]MRJPYIRXMEPJEGXSVWERHFEWMGZEVMEFPIWVIPEXMRKXS
XLIWIPIGXMSRSJKVMTTIVWJVSQXLIXIGLRMGEPTSMRXSJZMI[
*MK +IRIVEXMSRSJGLEVEGXIVMWXMGKVMTTIVHEXEWXEVXMRK[MXLXLI
KVMTTIVPSGEXMSR
*MK 8LIQEMRWXITWMRXLIWIPIGXMSRSJKVMTTIVW
*MK 8LIQSWXMQTSVXERXJYRGXMSRWERHTVSTIVXMIWMRVIPEXMSRXS
WYGXMSRKVMTTIVW
*MK *SVGIGSRHMXMSRW[MXLZIVXMGEPP]QSZMRKWYGXMSRGYT
*MK 8]TMGEPJSVGIWMXYEXMSRWEXWYGXMSRGYT
*MK 1IXLSHWSJTVSHYGMRKEZEGYYQ
*MK 'SQTEVMWSRSJTIVJSVQERGISJX]TMGEPZEGYYQKIRIVEXSVW
*MK 1SHISJSTIVEXMSRSJ:IRXYVMRS^^PI[MXLWLYXSJJZEPZIXS
TVSHYGIINIGXSVIJJIGX
*MK :EGYYQKIRIVEXSVWMREWIVMIWGMVGYMX
*MK 7SPIRSMHEGXYEXIHWYGXMSRGYT
*MK )\EQTPISJEZEGYYQGMVGYMXFEWIHSRERINIGXSV
*MK 'SVVIGXGLSMGISJXYFMRKHMEQIXIVMWMQTSVXERXMRXLI
HMWXVMFYXMSRSJWYGXMSREMV
0MWXSJMPPYWXVEXMSRW
*MK %WQEPPWIPIGXMSRSJXLIQENSVX]TIWSJWYGXMSRGYTW
*MK )ZEPYEXMSRSJZEVMSYWX]TIWSJWYGXMSRGYTW
*MK *VIIHSQSJQSZIQIRXSJWYGXMSRGYTW
*MK 7YGXMSRGYTEVVE]JMXXIHXSVSHWEPPS[MRKPSRKMXYHMREP
QSZIQIRXERHYWIHXSTMGOYT[SVOTMIGIWSJGSRWXERXP]
ZEV]MRKGSRXSYVW
*MK (IITWYGXMSRGYTWGEREHETX[IPPXSGYVZIHWYVJEGIW
*MK :EGYYQKVMTTIV[MXLZIV]PEVKIJVIIHSQSJQSZIQIRXSJ
WYGXMSRGSQTSRIRXW
*MK 7XERHEVHWYGXMSRGYTWEVIRSXZIV]WYMXEFPIJSVYWI[MXL
XLMRJSMPQEXIVMEP
*MK 0S[TVIWWYVIKVMTTIVIUYMTTIH[MXLTSVSYWTPEWXMGSV
TIVJSVEXIHTPEXIW
*MK 4SWMXMSRMRKEMHWERHWXSTWJSVYWI[MXLZEGYYQKVMTTIVW
*MK %YXSQEXMGHIEGXMZEXMSRSJYRGSZIVIHWYGXMSRGYTW
*MK 'MVGYMXHMEKVEQJSVEWYGXMSRLIEHJMXXIH[MXLZEGYYQ
IJJMGMIRG]ZEPZIW
*MK %GXMZEXMRKEZEGYYQ
*MK 'MVGYMXHMEKVEQJSVEZEGYYQKIRIVEXSV[MXLERINIGXSV
TYPWIW]WXIQ
*MK :EGYYQLIEH[MXLpWLSVXGMVGYMXqLSPIXSEXQSWTLIVI
*MK 'MVGYMXHMEKVEQJSVEWYGXMSRKVMTTIV[MXLEZEGYYQ
KIRIVEXSVERHGSQTVIWWIHEMVINIGXSVW]WXIQ
*MK 7SQIX]TMGEPETTPMGEXMSRWSJFIPPS[WWYGXMSRGYTW
*MK 4MGOMRKYTXLMRTERIPW[MXLEWYGXMSRGYT
*MK 'SQFMREXMSRKVMTTIVJSVLERHPMRKXLMRJIVVMXMGWLIIXQIXEP
[SVOTMIGIW
*MK :EGYYQMRKWIGSRH[SVOTMIGIWE[E][MXLEVSXEXMRK
WYGXMSRGYT
*MK ;SVOTMIGIWVIQSZIHJVSQWXEGOYWMRKEWYGXMSRGYTERH
WTVIEHIVQEKRIXW
*MK *SVGIHFS[MRKSJXLMROFPEROWEXQEKE^MRISYXPIX
TVIZIRXWHSYFPITMGOYTW
*MK *IIHMRKWXEXMSRJSVXLMRWLIIXQIXEP
*MK *IIHW]WXIQSRETEGOMRKQEGLMRI
*MK *IIHMRKSJJSSHGSRXEMRIVW
*MK 1YPXMPE]IVWXEGOMRKSJXI\XMPIXLVIEHWTSSPWYWMRKE
GSQFMREXMSRKVMTTIV
*MK *IIHMRKWXEXMSRJSVKPEWWFYPFW
0MWXSJMPPYWXVEXMSRW
TSMRXKVMTTIV
HMQIRWMSREPE\IW
0MWXSJWTIGMEPXIVQW TSMRXKVMTTIV
TSMRXKVMTTIV
% EGGYVEG]SJKVMTTMRK
EHETXIVVEMP
EHLIWMZIWYGXMSRGYT
EPMKRQIRXIJJIGX
ERKPIKVMTTIV
ERKYPEVGSQTIRWEXMSR
ETTPMGEXMSREVIE
EWWIQFP]KVMTTIV
EWWIQFP]QIGLERMWQ
E\MEPEPMKRQIRXIVVSV
E\MWKVMTTIV
( HIGIPIVEXMSRJSVGI
HIITWYGXMSRGYT
HIKVIIWSJJVIIHSQ
HIKVIIWSJXVERWQMWWMSR
HMEQIXIVSJXLIMRXIVJIVIRGIGMVGPI
HMWXVMFYXMSR[MXLWYGXMSRGYT
HSYFPIKVMTTIV
HSYFPIPMTWYGXMSRGYT
HYTPI\QEGLMRI
) IGGIRXVMGJSVGI
INIGXSV
INIGXSVW]WXIQ
I\XIVREPKVMTTMRK
0MWXSJWTIGMEPXIVQW
* JIIHGLERRIP
*IIHKVMTTIV
JIIHMRK
JIIHMRKWXEXMSR
JMREPIJJIGXSV
JSVGIGSRHMXMSRW[MXLWYGXMSRGYT
JSVGIPSGOMRKGSRRIGXMSR
JVMGXMSRJSVGI
JVMGXMSRPSGOMRK
+ KISQIXVMGEPIVVSV
KVMTTIHSFNIGX
KVMTTIVJMRKIV
KVMTTIVJMRKIVW
KVMTTIVNE[W
KVMTTIVQSHYPI
KVMTTIVTMR
KVMTTIVWIPIGXMSR
KVMTTIVWIPIGXMSRXSSP
KVMTTIVW]WXIQ
KVMTTIVX]TIW
KVMTTIV[SVOMRKEVIE
KVMTTMRKGIRXVI
KVMTTMRKJSVGI
KVMTTMRKTSMRX
KVMTTMRKWXVSOI
KVMTTMRKWYVJEGITEMVW
KVMTTMRK^SRI
KYMHI[IHKI
- MRIVXMEJSVGI
MRXIVJIVIRGIGMVGPI
MRXIVREPKVMTTMRK
-6''
. NE[WLETI
NE[X]TIKVMTTIV
/0 ORIIPIZIVKVMTTIV
PEXIVEPGSQTIRWEXMSR
PMJXMRKWYGXMSRGYT
0SEHFIEVMRKGETEGMX]
PS[TVIWWYVIKVMTTIV
1 QEKE^MRITEPPIX
QE\MQYQPSEH
QSYPHMRKNE[
QYPXMTPIWYGXMSRGYTKVMTTIV
0MWXSJWTIGMEPXIVQW
1 QYPXMTSMRXKVMTTIV
QYPXMWXEKIINIGXSV
QYPXM[SVOTMIGIKVMTTIV
2 RSQMREPPSEH
RSRWPMTGSZIVMRK
RSVQEPJSVGI
3 STIRMRKWEJIX]QEVKMR
SZEPWYGXMSRGYT
SZIVPSEHSJKVMTTIV
4 TEVEPPIPNE[KVMTTIV
TIEOXSZEPPI]LIMKLX
TIRHYPYQNE[
TMGOERHTPEGIHIZMGI
TMWXSRWYGXMSRW]WXIQ
TPEGMRKIVVSV
TPERRIHKVMTTIVETTPMGEXMSR
TPEWXMGGSZIVMRK
TPYKKVMTTIV
TSMRXPSEHMRK
TSWMXMSRGSQTIRWEXMSR
TSWMXMSRMRKEMH
TSWMXMSRMRKIVVSV
TSWMXMZIPSGOMRKGSRRIGXMSR
TSWMXMZIPSGOMRKKVMTTMRK
TVIWWYVIHIZMGI
TVIWWYVIHMWXVMFYXSV
TVIWWYVITIVYRMXEVIE
TVIWWYVITPEXI
TYPWIIJJIGX
56 UYMGOI\LEYWX
VEHMEPKVMTTIV
6''
VITIXMXMSREGGYVEG]
VMFFIHWYGXMSRGYT
VYFFIVGSZIVMRK
VYRRMRKJVIIHSQ
7 WEJIX]JEGXSV
WGMWWSVWX]TIKVMTTIV
WIGYVMRKJYRGXMSR
WIPJEHLIVMRKWYGXMSRGYT
WIRWSVMRHYGXMZI
WITEVEXSV
WIUYIRGIKVMTTIV
WIVZMGIPMJI
WIXHS[R^SRI
WLEJXKVMTTIV
WLSVXWXVSOIE\MW
WLYXSJJHIZMGI
WMRKPIWXEKIINIGXSV
WTIGMQIRWLEOIV
0MWXSJWTIGMEPXIVQW
7 WTVIEHIVQEKRIX
WTVMRKPSEHIHKVMTTIV
WXERHEVHKVMTTIV
WXITTIHXVEGO
WYGXMSRGYT
7YGXMSRGYTEVVE]
WYGXMSRGYTWLETI
WYGXMSRGYTPMJXMRKQSHYPI
W[MZIPPMRIEVYRMX
8 8'4
XLMVHPE[SJQSXMSR
XLVIIJMRKIVKVMTTIV
XLVIITSMRXKVMTTIV
XLVYWXIVHIZMGI
XSSPGIRXVITSMRX
XVMTPIXYVVIXKVMTTIV
XYVRMRK[SVOTMIGIWSZIV
XYVVIXKVMTTIV
X[MR[SVOTMIGIKVMTTIV
X[SJMRKIVKVMTTIV
X]TISJETTVSEGL
9 YRMZIVWEPNE[W
YWIWSJKVMTTIVW
: ZEGYYQFPS[IV
ZEGYYQGMVGYMX
ZEGYYQIJJMGMIRG]ZEPZI
ZEGYYQKIRIVEXSV
ZEGYYQQEREKIQIRX
ZEGYYQW[MXGL
ZEGYYQXIGLRSPSK]
ZGYYQTYQT
ZIRXYVIX]TIZEGYYQKIRIVEXSV
ZIRXYVMRS^^PI
ZIVXMGEPQEKE^MRI
ZMGIX]TIKVMTTIV
ZNE[KVMTTIV
; [MHIVERKIKVMTTIV
0MWXSJWTIGMEPXIVQW