Hesse: Grippers and Their Applications

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328 mm 8 mm 120 mm 42 mm

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
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+VMTTIVETTPMGEXMSRW GIVRIH'PEWWMGETTPMGEXMSRWMRGPYHITVSHYGXMSRSJGSQTSRIRXW JIIH ERH
JSVGSQTSRIRXTVS EWWIQFP] LERHPMRKSJGSQTSRIRXWJSVEWWIQFP] 2I[ETTPMGEXMSRWLEZI
HYGXMSRERHEWWIQFP] LS[IZIVEPWSIQIVKIH[MXLHMJJIVIRXTEVEQIXIVWJVSQXLSWIMRTVSHYG
XMSR8LIWIETTPMGEXMSRWMRGPYHITEGOEKMRK VIUYMVMRKLMKLWTIIHW ERH
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
GSQTPMERXQSYRXMRKW JPSEXMRKKVMTTIVW ERHXLIVIEVIEPWSKVMTTIVW
[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[SVOTMIGI PSRKMXYHMREPE\MW XLIKVMTTIVEHNYWXWMXWERKPIEGGSVH
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\MW VSFSX 2
LERHE\MW
 %RKPIQSYRXMRKTPEXI
 7XERHEVHG]PMRHIV[MXL
RSRVSXEXMRKTMWXSRVSH
 7YGXMSRGYT 3
 'SRZI]SVFIPX
 ;SVOTMIGI GSRJIGXMS
RIV]

6 5

  +VMTTIVETTPMGEXMSRWJSVGSQTSRIRXTVSHYGXMSRERHEWWIQFP]
;SVOTMIGIWGERFILIPH[MXLMRKVMTTIVJMRKIVWF] JVMGXMSREP JSVGI8LI]
4SWMXMZIPSGOMRKSV GERLS[IZIVEPWSFILIPHWMQTP]F]TL]WMGEPW]WXIQWWYGLEWXLIWLETI
JSVGIPSGOMRK SJXLIKVMTTIVSVIZIRF]EHLIWMSRIKEHLIWMZIW8LIXLISVIXMGEPTSW
KVMTTIVW# WMFMPMXMIWEVIWLS[RMR*MK

*MK
1IXLSHWSJLSPHMRKE[SVO
TMIGI I\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*+!
QK HMWVIKEVHMRKWEJIX]QEVKMRWERHXLIIJJIGXWSJSXLIVJSVGIWJSVXLI
QSQIRX -RXLIEFSZIMWXLIGSIJJMGMIRXSJJVMGXMSRERHQXLIQEWWSJ
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[IZIVXLIKVMTTIVLERHMWXYVRIHXLVSYKL‹FIJSVIXLI[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
-RHYWXVMEP6SFSXW TYFPMWLIHF]I\TIVX:IVPEK6IRRMRKIR
?A &SLQERR.2ÑRRMK6)MR+VIMJIVJÖVIQTJMRHPMGLI8IMPI +VMTTIVW
JSV7IRWMXMZI;SVOTMIGIW EVXMGPIMRQEKE^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
QSXMSRW KIRIVEPP][MXLWLSVXWXVSOIW ERHWGVI[HVMZMRKQSXMSRWTEVXMGY
PEVP]JSVXLIMRWIVXMSRSJWGVI[W8LIQSWXX]TMGEPQSXMSRMWLS[IZIV
W[MZIPPMRK[LMGLMW[L]KVMTTIVQERYJEGXYVIVWEPQSWXEP[E]WSJJIVGSQ
TEXMFPIW[MZIPPMRKYRMXW*MKWLS[WEX[SE\MWQSHYPI[LMGLGER
W[MZIPFIX[IIRERH‹ERHTVSZMHIEPMRIEVXLVYWXWXVSOISJYTXS
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

8LVYWXQSXMSRW *MK EVIHIWGVMFIHEWJSPPS[W

 :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
SJJVIIHSQ EGGSVHMRKXS
&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 6SFSXIV 6SFSXMGW4VSKVEQQMRK-RXIPPMKIRX6SFSXW TYFPMWLIHF]
7TVMRKIV:IVPEK&IVPMR,IMHIPFIVKIXEPME
?A &VIYIV,.&IWXILIRHI*IVXMKYRKWERPEKIJÖV7GL[IROPEKIVQMX^ILR
-RHYWXVMIVSFSXIVREYXSQEXMWMIVX %YXSQEXMRK%R)\MWXMRK4VSHYGXMSR
0MRI*SV7[MZIP&IEVMRKW9WMRK8IR-RHYWXVMEP6SFSXW MRXLI
QEKE^MRI;IVOWXEXXYRH&IXVMIF  TT
?A ,IWWI7&PIGLXIMPIEYXSQEXMWGLLERHLEFIR %YXSQEXMG,ERHPMRK3J
7LIIX1IXEP;SVOTMIGIW MRXLIQEKE^MRI&¿RHIV&PIGLI6SLVI
  TT
?A ,IWWI79QJSVQQEWGLMRIR 7LETMRK1EGLMRIW TYFPMWLIHF]
: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]MRGVIEWIXLIGSIJJMGMIRXSJJVMGXMSR ETTVS\ 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]TIKVMTTIVW SRI
IRGIWMR[SVOTMIGI JM\IHERHSRIQSFMPIJMRKIV ERHWGMWWSVXSRKKVMTTIVW-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[SVOTMIGI ERH( WQEPPIWX
[SVOTMIGI WLSYPHRSXFIQSVIXLER
• 8LIGSRXEGXTSMRXERKPIαWLSYPHFIVSYKLP]XS‹

8LIJSPPS[MRKIUYEXMSRWEVIYWIH
( + (
(=


 ⋅6
%=
XER α ⋅   

& =  ⋅ 6

 ⋅6
6 = −  ⋅ (
WMR α ⋅   

 ⋅6
6 = +  ⋅ (
WMR α ⋅   

 'SRWXVYGXMSRSJKVMTTMRKIJJIGXSVW 
8LMWGEPGYPEXMSREPWSETTPMIWXSERKPIKVMTTIVW KVMTTIVJMRKIVW[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] GSQFMREXMSRKVMTTIVW NE[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

?A 'EVHEYR97]WXIQEXMWGLI%YW[ELPZSR+VIMJOSR^ITXIR 7]WXIQEXMG


4YFPMGEXMSRW 7IPIGXMSRSJ+VMTTIV'SRGITXW (SGXSVEPXLIWMW9RMZIVWMX]SJ
,ERSZIV
?A :SPQIV. ,VWK -RHYWXVMIVSFSXIV*YROXMSRYRH+IWXEPXYRK
-RHYWXVMEP6SFSXW*YRGXMSRERH(IWMKR TYFPMWLIHF]:IVPEK
8IGLRMO&IVPMRERH1YRMGL
?A ,IWWI7 ,VWK -RHYWXVMIVSFSXIVTIVMTLIVMI -RHYWXVMEP6SFSXMGW
4IVMTLIVEPW TYFPMWLIHF],ÖXLMK:IVPEK,IMHIPFIVK
?A ,IWWI70I\MOSR,ERHLEFYRKWIMRVMGLXYRKIRYRH-RHYWXVMIVSFSXMO
0I\MGSRSJ,ERHPMRK(IZMGIWERH-RHYWXVMEP6SFSXMGW TYFPMWLIHF]
I\TIVX:IVPEK6IRRMRKIR

  '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

b) 200 N 200 N 200 N

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
SFNIGX WXEXISJVIWX
1
 *MRKIV
 +VMTTIVNE[
 ;SVOTMIGI
FG FG
 'SIJJMGMIRXSJJVMGXMSR
2

µ µ
G
3

8LMWWMXYEXMSRETTPMIW[LIRXLILERHPMRKHIZMGIMWMREWXEXISJVIWX SV
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[ERKPISJ‹MWWIPIGXIH
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 *MK QYWXFIEXPIEWXPEVKI
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


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

• 8LIGSIJJMGMIRXSJJVMGXMSRJPYGXYEXIWUYMXI[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
KVMTTMRK PEXIVEPQSXMSRW [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
GIPIVEXMSRZEPYIW MRJEGXHIGIPIVEXMSRZEPYIW SGGYVHYVMRKER)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
JSVGIXMQIWJSVGIEVQIUYEPWPSEHXMQIWPSEHEVQ XLIKVMTTMRKJSVGI*+
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%WXLIERKPIPIZIV ERKPIKVMTTIV W[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
EPWSMRZSPZIWKVMTTMRKLIEZMIVGSQTSRIRXW WYGLEWIPE]W XLIKVMTTMRK
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
• 'PSWMRK KVMTTMRKXMQI MRW
(SYFPIEGXMRK
• 3TIRMRK VIPIEWIXMQI MRW
• ;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[
IRHTSWMXMSRHYVMRKWYGGIWWMZIKVMTTMRKSTIVEXMSRW GPSWMRKQSXMSRW 
8LMWJMKYVIQE]JSVI\EQTPIFIŒQQMRXLIGEWISJETEVEPPIPKVMT
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
QIRXIHVIQSXIGIRXVIGSQTPMERGI ERHTEWWMZINSMRMRKQIGLERMWQW 6''

  8IGLRMGEPTVSTIVXMIW
!VIQSXIGIRXVIGSQTPMERGI -RXLIMRXIVIWXWSJWMQTPMGMX]QSWXEVIEVISJ
XLI6''X]TI8LIWIGERIEWMP]GSQTIRWEXIJSVTSWMXMSRHIZMEXMSRWSJQQ
[MXLERSVMIRXEXMSRIVVSVSJ‹ERHETIVQMWWMFPIGPIEVERGIFIX[IIRXLI
X[SNSMRMRKTEVXWSJEWPMXXPIEWQQ-RSVHIVJSVXLIWIHIZMGIWXSST
IVEXIKYMHIGLEQJIVWEVIVIUYMVIHSRXLIFEWMGEWWIQFP]TEVX FSVI
ERHSVXLINSMRMRKTEVXXSFIEHHIH TMR EJEGXSV[LMGLWLSYPHRSXFI
JSVKSXXIR*MKWLS[WXLITVMRGMTPISJER6''YRMX'SQTPMERGIGERFI
TVSZMHIHF]YWMRKEWTIGMEPGSRJMKYVEXMSRSJIPEWXSQIVGSQTSRIRXWSVPIEJ
WTVMRKW8LIMRRIVTEMVSJNSMRXWGSVVIGXERKYPEVIVVSVW[LMPIXLISYXIVTEMV
SJNSMRXWGSQTIRWEXIJSVTSWMXMSRMRKIVVSVW8LIETTEVIRX VIQSXI TMZSX
TSMRXSJXLINSMRMRKTEVXXSFIMRWIVXIHPMIWEXXLIXMTSJXLMW-XMWRSXRIG
IWWEV]JSVYWIVWXSQEOIXLIMVS[RNSMRMRKQIGLERMWQWXLIWIEVIGSQ
QIVGMEPP]EZEMPEFPIMREVERKISJWM^IW

*MK
.SMRMRKQIGLERMWQ[MXL
GSQFMRIHPEXIVEPERH
ERKYPEVGSQTIRWEXMSR

 0EXIVEP TSWMXMSR
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] *MK 1SVISZIVXLIZEPYIGLSWIRJSVXLIGPIEVERGISJ
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]TISJGPEQTMRKHIZMGI GPEQTMRKGSPPIXZIVXMGEP
MRWIVXMSR MXQE]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
• 8LIWMQTPIWXQIXLSHMWXSYWIGSQTPMERXMRXIVQIHMEXITPEXIW VYFFIV
WTVMRKW [LMGLTVSZMHIEHIUYEXIGSQTIRWEXMSREXPIEWXJSVQMRSV
IVVSVW)ZIRKVMTTIVNE[W[MXLGSQTPMERXJEGIWEVISJXIRIRSYKL
• -XMWEPWSTSWWMFPIXSEVVERKIJSVXLIKVMTTIVXSSTIRMRWXEKIW-RXLI
XVERWMXMSREPTLEWIXLIKVMTTMRKJSVGIMWWPMKLXP]VIHYGIH'SQQIVGMEPP]
EZEMPEFPIKVMTTIVW[MXLXLMWX]TISJJYRGXMSRSTIVEXI[MXLWTVMRKJMRKIVW
PIEJWTVMRKW HVMZIRF]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 IRHSJEOMRIQEXMGGLEMR JVIIEVQVSFSXW ERHXLYWLEZIXLIKVIEXIWX
GSPPMWMSR VEHMYWSJEGXMSRSJEPPXLIVSFSXGSQTSRIRXW8LMWMRXYVRQIERWXLEXKVMT
TIVWEVIWYFNIGXXSXLIKVIEXIWXVMWOSJGSPPMWMSR8LIQSVIGSQTPI\ERH
HIPMGEXIEKVMTTIVMWXLIKVIEXIVXLIGLERGISJHEQEKIMRXLIGEWISJE
GSPPMWMSR'SPPMWMSRTVSXIGXMSRHIZMGIW SVWLYXSJJHIZMGIW LEZIXLYWFIIR
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
VEHMEPKVMTTIVW NE[WSTIRMRK‹ ERKPIKVMTTIVW STIRMRKERKPITIVNE[
‹ 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
*MKF XSTVSHYGIEREPMKRQIRXIJJIGXSRXLI]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[SVOTMIGIERHXLIKVMTTIVoWPIWWEGGYVEXITSWMXMSRMRK HMWTPEGIQIRX
SJWSJXWIEPMRKPMTWJPSEXMRKHYVMRKTMGOYT TSMRXKVMTTIVWEVIGSQQIV
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
GLERKMRK WIXXMRKSRIKVMTTIVHS[RERHTMGOMRKYTERSXLIV XEOIWETTVS\
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
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[MXLMREKVMTTIV

E %TTVSEGLXS
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NSMRMRKTEVX
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I +VMTTMRKXLIFEWMG
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e) f) g) h)

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 SFNIGXWXSFIKVMTTIH8LIKISQIXV]SJXLIWISFNIGXWGERZEV]KVIEXP]
'LIGOPMWXJSVKVMTTIVW 3TIVEXMRKGSRHMXMSRWXSSEVIGIVXEMRP]RSXGSRWXERXERHQE]FIJEVJVSQ
MHIEP8LMWQEOIWMXHMJJMGYPXXSWIPIGXKVMTTIVW-RMRHMZMHYEPGEWIWMXQE]
FIXLEXRSWXERHEVHKVMTTIVMWEGGITXEFPIQEOMRKMXRIGIWWEV]XSHIZIPST
EWTIGMEPKVMTTIV8LIVYPIXLIVIJSVIMWGLIGOEPPXLIVIUYMVIQIRXWSJE
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EQEXXIV[LMGLRIIHWXSFIXEOIRZIV]WIVMSYWP]

9TXSXLITVIWIRXXMQIRSYRMJSVQKYMHIPMRIWLEZIFIIRHIZIPSTIHJSV
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LERHPIHXLIWIPIGXMSRSJKVMTTIVW[MPPFIHIXIVQMRIHGLMIJP]F]SFNIGXERH
TVSGIWWTEVEQIXIVWERHSXLIVTEVEQIXIVWYRHIVXLIYWIV
WGSRXVSP8LIVI
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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

Position and Position of objects


components in in gripper
transfer device

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

Axis motion Determination


sequence of gripper gearing
Calculation of forces
acting on gripper
during robot motion
Speed and
Check calculation
acceleration of
and optimisation
robot per axis
of gripper design

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
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TVSGIHYVIYWIHLIVIXSSMWXSMHIRXMJ]EPPTSWWMFPIKVMTTMRKWYVJEGITEMVW
SRXLISFNIGXXSFIQERMTYPEXIH VIPEXMRKXSX[SNE[KVMTTIVWMITEVEPPIP
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XLIRHIXIVQMRIEPPXLIKVMTTIVWEFPIXS[SVO[MXLMRXLIHIJMRIHKVMTTMRK
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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

Determination of all conditions (mass, size, shape)


applying to the gripped object, the motion sequence and any 1 bis 5
limiting factors originating in the process or its environment

Definition of gripper principle: Single, multiple or special grippers, 6 bis 12


holding system, kinematics or force fields

Determination of necessary forces, forces occurring 13 bis 16


and loads to which workpiece is subject

no Can the loads be successfully handled in every 17 bis 21


direction of motion?

yes

List of other important requirements, such as accuracy,


connection conditions, overload protection, 22 bis 26
deviation of gripping points and monitoring devices

Design of gripper jaws, sensor equipment, 27 bis 32


media throughfeeds and mountings

no Does the concept conform to the requirements 33 bis 35


as expressed in the problem description?

yes
Evaluation and selection of gripper model
36 bis 39
(financial and non-financial factors)

Outsourcing, special external manufacture or in-house 40

Stop

0IXYWRS[GSRWMHIVXLIUYIWXMSRW

 %VIXLISFNIGXTVSTIVXMIWIWTIGMEPP]QEWWWM^IJVEKMPMX]ERHWYVJEGI
UYEPMX]WYJJMGMIRXP][IPPORS[RSVEVIJYVXLIVXIWXWVIUYMVIH#
 -WXLIVIKSSHEGGIWWXSXLIKVMTTIHSFNIGX KVMTTIVJVIIHSQJIIH
GLERRIP #
 ,EWXLIKVMTTIVETTPMGEXMSR LERHPMRKG]GPI FIIRHIJMRIHMRE
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QEGLMRIH[SVOTMIGIW VEHMGEPGLERKIWMRWLETIHYVMRK[SVOMRKG]
 GPI #
%VIEPP[SVOMRKGSRHMXMSRWORS[R TVIWWYVIXIQTIVEXYVISFNIGX
GSRHMXMSRG]GPIXMQIHYWXKIRIVEXMSRSMPQMWXLYQMHMX]GSIJJMGMIRX
SJJVMGXMSRQEWWIXG #

  'LIGOPMWXJSVKVMTTIVW
 'ERXLISFNIGXFILIPHF]EJSVGIPSGOMRKGSRRIGXMSRSVMWTSWMXMZI
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JVMGXMSREP #
 %VIXLISFNIGXKVMTTMRKWYVJEGIW ERHJSVFMHHIR^SRIW WTIGMJMIHSV
GERXLI]WXMPPFIGLERKIH#
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 ;SYPHEKVMTTIVGLERKIVW]WXIQSVXYVVIXKVMTTIVFI[SVXL[LMPIJSV
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 -WETSWMXMZIPSGOMRKGSRRIGXMSRTVSZMHIHMRXLIHMVIGXMSRSJLMKLIWX
EGGIPIVEXMSR#
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WEQIEWEXXLIQEGLMRMRKTSMRX#
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GYVHYVMRKEWWIQFP]STIVEXMSRWIXG#
 %VILMKLJVMGXMSRSVTEXXIVRIHKVMTTIVNE[WEHZMWEFPI#
 %VIXLIKVMTTIVWERHXLIQSXMSRHIZMGIWXS[LMGLXLI]EVIGSRRIGXIH
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WMXYEXMSR #
 'ERXLI[SVOTMIGI[MXLWXERHXLIMRXIRHIHGSRXEGXTVIWWYVISVQYWX
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 -WMXTSWWMFPIXSHERKIVSYWWMXYEXMSRW YRGSRXVSPPIHVIPIEWISJ[SVO
TMIGI XSVIWYPXJVSQELMKLWTIIHIQIVKIRG]WXST #
 ,EWEWYJJMGMIRXWEJIX]JEGXSVFIIRMRGSVTSVEXIHMRXSXLIGEPGYPEXIH
KVMTTMRKJSVGIVIUYMVIH#
 1YWXXLIKVMTTMRKJSVGIFITVIGMWIP]PMQMXIHXSTVIZIRXHEQEKIXSXLI
[SVOTMIGI#
 -WEHIZMGIVIUYMVIHMRSVHIVXSQEMRXEMRKVMTTMRKJSVGI HSYFPIRSR
VIXYVRZEPZI #
 -WMXEHZMWEFPIXSJMXEGSPPMWMSRERHSZIVPSEHTVSXIGXMSRYRMX#
 -WXLIEGLMIZEFPIEGGYVEG]WYJJMGMIRXMRSVHIVXSTVSZMHIEVIPMEFPIWS
PYXMSRJSVXLIXEWOMRUYIWXMSR#
 'ERXLIGPIEVERGIGSRXSYVSJXLIKVMTTIV[LIRSTIR SVGPSWIH[MXLE
[SVOTMIGI GEYWIEVMWOSJGSPPMWMSRMRXLIKVMTTIV
WIRZMVSRQIRX#
 ;LEXOMRHSJGIRXVMRKIJJIGX HYVMRKTMGOYTERHEPMKRQIRX MWXLI
KVMTTIVI\TIGXIHXSTVSZMHI#
 ;LEXXVMKKIVMRKQIXLSH IKHMVIGXMSREPGSRXVSPZEPZIGSQFMREXMSR
WLSYPHFIVIGSQQIRHIHXSYWIVWSJTRIYQEXMGKVMTTIVW#
 -WXLIKVMTTIVGSRXVSPW]WXIQVIUYMVIHXSFIIZIRXXVMKKIVIH F]XLI
TVIWIRGISJXLISFNIGXXSFIKVMTTIH #
 %VIXLIKVMTTIVJMRKIVW PIZIVEVQW EWWLSVXEWTSWWMFPI#
 -WMXRIGIWWEV]XSQSRMXSVXLIJMRKIVTSWMXMSRW STIRGPSWIH [MXLWIR
WSVW#
 4EVXMGYPEVP]MRXLIGEWISJEWWIQFP]STIVEXMSRWMWMXEHZMWEFPIXSTVS
ZMHIEWWIQFP]QIGLERMWQWERHSVJSVGIWIRWSVW#
 %VIWIZIVEPWIXWSJKVMTTIVNE[W [MXLJEGMPMX]JSVUYMGOGLERKMRK XSFI
TVSZMHIH#

 'LIGOPMWXJSVKVMTTIVW 
 %VIEHETXIVTPEXIWVIUYMVIHJSVXLIQIGLERMGEPGSRRIGXMSRSJXLI
KVMTTIVERHEVIXLIWIGSQQIVGMEPP]EZEMPEFPIHIWMKRW#
 %VIXLIKVMTTIVNE[WVIUYMVIHXSGSQTIRWEXIJSVTEVEPPIPMWQIVVSVWEX
XLIKVMTTMRKWYVJEGIWSJXLISFNIGX#
 -WXLIEGLMIZEFPIXMQIWIUYIRGI JSVTMGOYTXVERWTSVXEXMSRERHVI
PIEWI EGGITXEFPI#
 ;MPPXLIKVMTTIVTVSZMHIXLII\TIGXIHWIVZMGIPMJIYRHIVXLISTIVEXMRK
GSRHMXMSRWMRUYIWXMSR#
 %VIEPPSTIVEXMRKZEPYIWJSVXLIKVMTTIV[MXLMRTIVQMWWMFPIPMQMXW#
 ;MPPEWXERHEVHKVMTTIVTSWWMFP][MXLWTIGMEPNE[WFIWYMXEFPISV[MPP
EWTIGMEPWSPYXMSRFIVIUYMVIH#
 %VIXLIGSRHMXMSRWSJWYTTP]ERHKYEVERXIIEWI\TIGXIH#
 (SEY\MPMEV]HIZMGIW TVIWWYVIHIZMGIWKVMTTIVQEKE^MRI RIIHXSFI
GSRWMHIVIH#
 ;LEXPIZIPSJGPIERMRKWIVZMGMRKERHQEMRXIRERGI[MPPFIVIUYMVIH#
 ,EWEWEXMWJEGXSV]KVMTTIVFIIRJSYRHSVWLSYPHXLITVSFPIQFIVI
JIVVIHXSEKVMTTIVWTIGMEPMWX#

8LI*IWXSKVMTTIVWIPIGXMSRXSSP +78 GERFIYWIHXSQEOIEWIPIGXMSRSR


XLIFEWMWSJXIGLRMGEPTL]WMGEPTEVEQIXIVW

8LIMRTYXTEVEQIXIVWEVIEWJSPPS[W

• (MWXERGIFIX[IIRGIRXVISJKVEZMX]SJSFNIGXERHKVMTTIV
• 1EWWSJSFNIGXERHJMRKIVW
• 1EWWQSQIRXSJMRIVXMESJKVMTTIVJMRKIVERHHMWXERGIXSGIRXVISJ
KVEZMX]
• +VMTTMRKQSXMSRX]TI MRXIVREPI\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]PIRKXLIRMRKXLIGPSWMRKXMQIW MJXLITVSG
IWWTIVQMXWXLMW MJXLMWMWXLISRP]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
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HIZMGIW

:EGYYQXIGLRSPSK]STIVEXIW[MXLEJPS[MRKGSQTVIWWMFPIQIHMYQEMV
%MVEWEQIHMYQ :EGYYQMWWEMHXSFITVIWIRXMREWTEGIMR[LMGLXLIEMVMWHMPYXIHVIWYPX
MRKMRETVIWWYVIWMKRMJMGERXP]PS[IVXLERXLIWYVVSYRHMRK EXQSWTLIVMG
TVIWWYVI8LMWTVMRGMTPIETTPMIHXSWYGXMSRGYTWQIERWXLEXXLIVIMWE
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QFEVEXWIEPIZIPJEPPMRKXSQFEVEXEREPXMXYHISJQIXVIW
EFSZIWIEPIZIP

7YGXMSRGYTWEVIETSTYPEVERHWMQTPIWSPYXMSRJSVVITIXMXMZIKVMTTMRK
ETTPMGEXMSRWSJXLITMGOYTQSZIWIXHS[RX]TITVSZMHIHXLEXXLI
[SVOTMIGIWMRUYIWXMSRLEZIJPEXRSRTSVSYWWYVJEGIW%JYVXLIVEHZER
XEKIMWXLEXWYGXMSRGYTWGERFIYWIH[MXLRSRQEKRIXMGQEXIVMEPWWYGLEW
KPEWWGIVEQMGWERH[SSH
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GEXMSRW

• 0EVKIWYGXMSREVIEERHWQEPPTVIWWYVIHMJJIVIRGI
8LIEHZERXEKILIVIMWXLEXXLILSPHMRKJSVGIGERFIFYMPXYTUYMGOP]ERH
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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
• 7YVJEGIWWIRWMXMZIXSWGVEXGLMRK KVSYRHTSPMWLIHTEMRXIH
• 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]WSJXPMTW FIPPWLETIHWYGXMSR
GYTW HIJSVQWXVSRKP]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 'SIJJMGMIRXSJJVMGXMSR WYGXMSRGYT[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

8]TISJWYGXMSRGYT 8]TISJWYVJEGI 'SIJJMGMIRXSJJVMGXMSR[MXL


TIEOXSZEPPI]LIMKLX
6E!Q 6E!Q
6MKMH 3MPJVII  t
7PMKLXP]HIJSVQEFPI 3MPJVII  
6MKMHWPMKLXP]HIJSVQ 0YFVMGEXIH[MXLHVMPPMRK  
EFPI IQYPWMSR
6MKMH 0YFVMGEXIH[MXLGSSPERX  
7PMKLXP]HIJSVQEFPI 0YFVMGEXIH[MXLGSSPERX  

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 
 (IJMRIXLIWYGXMSRXMQI IZEGYEXMSRXMQI 
8LMWMWGEPGYPEXIHJVSQXLIZSPYQIXSFIIZEGYEXIH WYGXMSRGYTW
PMRIW ERHXLITIVJSVQERGIGYVZIJSVXLIZEGYYQKIRIVEXSVWSVMR
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
• :EGYYQKIRIVEXSVWSTIVEXMRKSRXLIZIRXYVMTVMRGMTPI INIGXSVW
• %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

-0,2 Vacuum blower

-0,1

0
0 100 200 300 400 500 600 700 800 900 1000

Suction capacity in l/min

: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 *MKF ERINIGXSV
TYPWIIJJIGXMWTVSHYGIH

8LIZIRXYVITVMRGMTPIMWREQIHEJXIV+MSZERRM&EXXMWXE:IRXYVM XS
 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
[MXLEWMRKPIWXEKIINIGXSVEQYPXMWXEKI QYPXMGLEQFIV INIGXSVMWE
WIVMIWGSRRIGXMSRSJWIZIVEPZEGYYQKIRIVEXSVW *MK 7IVMIWGMVGYMXW
TIVQMXXLIVETMHWYGXMSRSJPEVKIUYERXMXMIWSJEMV WLSVXIVIZEGYEXMSR
XMQIW 8LIEHZERXEKISJXLMWEVVERKIQIRXMWXLYWXLILMKLWYGXMSR
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
EMV W[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

?A %YXSQEXMWMIVIRQMX:EOYYQ %YXSQEXMSR;MXL:EGYYQ


4YFPMGEXMSRW XLIHMXMSR TYFPMWLIHF]*)7834RIYQEXMG)WWPMRKIR
?A +VIMJIVJÖVHMI,ERHLEFYRKWXIGLRMO +VMTTIVW*SV,ERHPMRK
7]WXIQWFVSGLYVI F]*)7834RIYQEXMG)WWPMRKIR
?A :EOYYQ+VIMJIVYRH7EYKHÖWIRIMRJEGLYRHWGLRIPPEYW[¿LPIR
*EWX%RH)EW]7IPIGXMSR3J:EGYYQ+VMTTIVW%RH+IRIVEXSVWWPMHI
VYPI TVSHYGIHF]*)7834RIYQEXMG)WWPMRKIR

  7YGXMSRKVMTTIVW−EFLSVVIHF]REXYVI
7YGXMSRGYTWEVIXLIEGXMZIGSQTSRIRXW[LMGLGVIEXIXLIGSRXEGXFIX[IIR
 ELERHPMRKHIZMGIERHXLI[SVOTMIGIXSFILERHPIH8LIVIEVIQER]HMJ
7YGXMSRGYTWJSVIZIV] JIVIRX[SVOTMIGIWERHKVMTTMRKETTPMGEXMSRWERHERIUYEPP]HMZIVWIVERKI
ETTPMGEXMSR SJWYGXMSRGYTZEVMERXW[MXLHMJJIVIRGIWSJWM^IQEXIVMEPKISQIXV]7LSVI
LEVHRIWWERHHIWMKR;I[MPPMRZIWXMKEXIWSQISJXLIWIZEVMERXWMRXLI
JSPPS[MRK

*EQMPMEVWYGXMSRGYTQEXIVMEPWMRGPYHITIVFYRER FYRE2 WMPMGSRI


0EVKIRYQFIVSJ TSP]VIXLERIERHRISTVIRI2EXYVEPVYFFIVMWEPWSYWIH-RGIVXEMRETTPM
ETTPMGEXMSR GEXMSRWXLIVIQE]FIEVIUYMVIQIRXJSVWYGXMSRGYTW[LMGLHSRSXQEVO
TEVEQIXIVW [SVOTMIGIWJSVI\EQTPIJSVYWI[MXLTSPMWLIHTPEXIKPEWWSVTSPMWLIH
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[LMGLEVIRSRQEVOMRK7LSVILEVHRIWWZEPYIW MREGGSVHERGI[MXL(-2
 PMIMRXLIVERKISJ‹XS‹8LIGLSMGISJWYGXMSRGYTWMW
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TVSTIVXMIWWYGLEWVIWMWXERGIXSEFVEWMSRSMPVIWMWXERGI GLIQMGEPVIWMW
XERGI WYMXEFMPMX]JSVYWI[MXLJSSHERHWLSVXSVPSRKXIVQXIQTIVEXYVI
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ERHHIWMKRW
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WYGXMSRGYTW%WWLS[RMR*MKXLIWIEVIEWJSPPS[W

• &IPPS[WWYGXMSRGYTW
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HMJJIVIRGIWGERLEZIYTXSTPIEXW7QEPPHMEQIXIVWSJXLMWX]TIEVI
7YMXEFPIJSVXLMRQEXIVMEPW&IPPS[WWYGXMSRGYTW[MXLEPEVKIRYQFIVSJ
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• (IITWYGXMSRGYTW
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VETMH

• 6MFFIHWYGXMSRGYTW
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EPWSYWIJYPJSVYWI[MXLZIVXMGEPWYVJEGIWWMRGIXLIVMFWTVSZMHI
MRGVIEWIHJVMGXMSR[LIRXLI[SVOTMIGIMWMRGSRXEGX[MXLXLIWIEJXIV
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ZMVXYEPP]SJXLIIJJIGXMZIWYGXMSREVIEMWQEMRXEMRIH8LIQSVIVMKMH
HIWMKRQIERWSRXLISRILERHXLEXWYGXMSRGYTWGERFITVSHYGIHMR
PEVKIVWM^IW[MXLSYXEWYTTSVXTPEXIFYXSRXLISXLIVQIERWXLEXXLI
WYGXMSRGYTWGERRSXKVMTSFNIGXW[MXLER]TVSRSYRGIHGYVZI

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• 3ZEPWYGXMSRGYTW
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XLIMVMRRIVERHSYXIVWIEPMRKPMTW

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[MHIP]

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 7IPJEHLIVMRK
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~ } } ~
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B

~ } ~ 
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} t | t
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4 5 6

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3 4

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QIRX7IRWSVZEPZIWEVISJXIRYWIHJSVXLMWTYVTSWIEWEVITVS\MQMX]WIR
WSVW*MKWLS[WERYQFIVSJZEVMERXW7IRWSVZEPZIWEVIMRWXEPPIHMR
XLIZEGYYQPMRIERHEGXHMVIGXP]SRXLMW[LMPII\XIVREPWIRWSVWWYTTP]ER
IPIGXVMGEPWMKREP[LMGLMWYWIHXSEGXMZEXIHMVIGXMSREPGSRXVSPZEPZIW;MXL
XLIWSPYXMSRWLS[RMR*MKFXLILERHPMRKHIZMGIXVEZIPWXS[EVHWE
WXEGO[LSWILIMKLXMWSJGSYVWIGSRWXERXP]GLERKMRK3RGIXLI[SVOTMIGI
LEWFIIRVIEGLIH XSTQSWXWLIIX XLIPS[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
GYTW TYFPMWLIHF]: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
MRGVIEWIXLIWYGXMSREVIE F]YWMRKQSVIWYGXMSRGYTW ERHVIHYGIXLI
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
WLIIXWXSJPSEX TIIPE[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

?A ,IWWI7%XPEWHIVQSHIVRIR,ERHLEFYRKWXIGLRMO %XPEW3J


4YFPMGEXMSRW 1SHIVR,ERHPMRK8IGLRSPSK] TYFPMWLIHMR+IVQERF]:MI[IK
:IVPEK;MIWFEHIR

  7YGXMSRGYTWMRLERHPMRKXIGLRSPSK]
*MK (MZMWMSRSJE[SVOTMIGIMRXSKVMTTMRK^SRI + 
 GPEQTMRK^SRI 7 ERHWIXHS[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 

*MK 9WMRKETSMRXKVMTTIV  


*MK 1YPXMTSMRXKVMTTIVJSVPSRK[SVOTMIGIW 
*MK 1YPXM[SVOTMIGIKVMTTIVJSVXVERWJIVSJGSQTPIXIVS[WSJ
[SVOTMIGIW 
*MK 1YPXM[SVOTMIGIKVMTTIVJSVEWWIQFP]STIVEXMSRW  
*MK 1YPXMTPIWYGXMSRGYTKVMTTIVWJSVEWWIQFP]STIVEXMSRW  
*MK 1IXLSHWSJLSPHMRKE[SVOTMIGI I\EQTPIFEPPFIEVMRK  
*MK +VMTTMRKTVMRGMTPI  
*MK +EXIJIIHIVYWMRKETEVEPPIPNE[KVMTTIV  

*MK 4SMRXKVMTTIVGSQFMRIH[MXLW[MZIPPMRIEVYRMX  


*MK 8LILYQERLERHGERI\IGYXIQSXMSRW[MXLHIKVIIWSJ
JVIIHSQ EGGSVHMRKXS&ING^]  
*MK (SYFPIKVMTTIVHIWMKRIHEWGVS[RXYVVIX 
*MK 7LEJXKVMTTIV  
*MK ,ERHPMRKQSHYPIJSVEWWIQFP]SJWQEPP[SVOTMIGIW  
*MK ,ERHPMRKYRMX[MXLWYGXMSRGYTERHWIQMVSXEV]EGXYEXSV 
*MK -RZIVXMRK[SVOTMIGIW 
*MK 8VMTTPIKVMTTIVMRWXEPPIHSREWTIGMEPQEGLMRI[MXLHSYFPI
WXEXMSRW  
*MK 4MGOMRKYTJIVVSQEKRIXMGWLIIXWJVSQEWXEGOYWMRKE
WYGXMSRGYTPMJXMRKQSHYPI 
*MK 7MQTPIWTIGMQIRWLEOIVQEHIJVSQWXERHEVH
GSQTSRIRXW  

 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 8LIPE[SJMRXIVEGXMRKJSVGIW  


*MK *SVGIWEGXMRKSRKVMTTIHSFNIGXW WXEXISJVIWX  
*MK 4PERZMI[SJKVMTTIVWMXYEXMSRW 
*MK 'EPGYPEXMSRSJGSRXEGXJSVGIWJSVEKVMTTIV[MXLE:NE[SR
SRIWMHI  
*MK *SVGIWEXXLITEVEPPIPNE[KVMTTIV[MXL:NE[JSV
[SVOTMIGIW 
*MK *SVGIWMXYEXMSRWHYVMRKKVMTTIVQSXMSR  
*MK )\EQTPISJELERHPMRKXEWO  
*MK )\EQTPIWSJXSVUYIGVIEXIHEWEVIWYPXSJEKVMTTIH
[SVOTMIGI  
*MK )GGIRXVMGJSVGIWEGXMRKSREKVMTTIVJMRKIV  
*MK +VMTTMRKJSVGI*+EWEJYRGXMSRSJKVMTTIVWXVSOIL  

*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  

& FEPPERHWSGOIXLIEH  


FIPPS[WWYGXMSRGYT  

' GIRXVIHIZMEXMSR  


GIRXVMRKEMH 
GLERKMRKW]WXIQ  
GLEVEGXIVMWXMGGYVZIJSVKVMTTMRKJSVGI  
GLEVEGXIVMWXMGHEXEJSVKVMTTIVW 
GLIGOPMWXJSVKVMTTIVW  
GPEQTMRKJSVGI  
GPEQTMRKQEVOW  
GPEQTMRKWEJIX]QEVKMR 
GPEQTMRK^SRI 
GPIEVERGIGSRXSYV  
GSIJJMGMIRXSJJVMGXMSR  
GSPPMWMSRTVSXIGXMSR 
GSQFMREXMSRKVMTTIV  
GSQTIRWEXIJSVXSPIVERGIW  
GSQTPMERGIHIZMGI  
GSRXEGXJSVGI  
GSRXEGXWIRWSV  
GVS[RXYVVIX  
GYWLMSRIHWXST  

( 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  

, LERHE\IW  


LERHNSMRXWIRWSV 
LERHPMRKQSHYPI 
LERHPMRKSJWLIIXQIXEP  
LERHPMRKSTIVEXMSR  
LMKLTSMRXPSEHMRK 

- 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

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