By using perturbation calculation and numerical diagonalization, low-energy spin dynamics of the Shastry-Sutherland model is investigated paying particular attention to the two-particle coherent motion. In addition to spin-singlet-and triplet bound states, we find novel branches of coherent motion of a bound quintet pair, which are usually unstable because of repulsion. Unusual dispersion observed in neutron-scattering measurements are explained by the present theory. The importance of the effects of phonon is also pointed out. PACS: 75.10.Jm, 75.40.Gb In recent years, low-dimensional spin systems with a spin gap have been a subject of extensive research. Among them, a two-dimensional antiferromagnet SrCu 2 (BO 3 ) 2 is outstanding in its unique features. These include, (i) spin-gapped behavior [1], (ii) magnetization plateaus [2], and (iii) unusual low-energy dynamics [3]. In Ref. [4], it was pointed out that SrCu 2 (BO 3 ) 2 may be modeled by the S = 1/2 Heisenberg model on the Shastry-Sutherland (SS) lattice [5] (Shastry-Sutherland model, hereafter). This sparked experimental-and theoretical researches on interesting features of the ShastrySutherland model [6][7][8][9][10][11].Strong geometrical frustration of the SS model allows a simple dimer-product to be the exact ground state [5]. In the zeroth-order approximation, a triplet excitation above the dimer-singlet ground state is created by promoting one of the dimer singlets to triplet. In this letter, we consider such particle-like excitations and show that interesting two-particle motion (bound states) is possible because of unusual dynamical properties.The unit cell of the SS lattice contains two mutually orthogonal dimer bonds (we call them A and B; see Fig.1) and the Hamiltonian can be written as a sum of local Hamiltonians acting only on either A-or B dimers and those acting on both A and B dimers:In terms of the hardcore triplet bosons t on dimer bonds [12], the local Hamiltonians are given by, where T α,β denote the S = 1 operators and the sign factor sig(α, β) equals 1 when the arrow on a horizontal bond (β) is emanating from the vertical one (α) and −1 otherwise (see Fig.1).As is easily seen, a unique geometry of the SS lattice allows neither (bare) one-particle hopping (t † (x)·t(y)) nor pair creation/annihilation of triplets; non-trivial oneparticle (triplet) hopping is generated only perturbatively [4] (it occurs at (J ′ /J) 6 and higher). Correlated hopping Although one-particle hopping is strongly suppressed, the situation is dramatically different for two-particle cases. The 3-point vertices (e.g. t † ·(t × t)) contained in the Hamiltonian make non-trivial two-particle hopping like Fig. 2 possible already at (J ′ /J) 2 . Note that only one of the two particles hops and that the other is at rest merely to assist the hopping. Therefore, we call such processes correlated hoppings; two triplets close to each other can use this new channel of two-particle motion to form various bound states. Although the relevance of correlated hoppings in the ...