Ocado Supply Chain Management White Paper by 10X

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10X, Inc Update 2020/04 0DBEP4VQQMZ$IBJO.BOBHFNFOU 8IJUF1BQFS

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$PQZSJHIU9 *OD"MMSJHIUSFTFSWFE ໨࣍ $07*%ʹΑΔF(SPDFSZ΁ͷӨڹ ӳࠃͷωοτεʔύʔࣄۀ֓گ ӳ0DBEPΛࢧ͑ΔڧྗͳαϓϥΠνΣʔϯ 0DBEP͔ΒֶͿͭͷΦϖϨʔγϣϯઓུ ձࣾ঺հ͓໰͍߹Θͤ

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$07*%ʹΑΔF(SPDFSZ΁ͷӨڹ

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$PQZSJHIU9 *OD"MMSJHIUSFTFSWFE άϩʔόϧͳ$07*%ͷײછ֦େ͕ੜ׆༷ࣜΛ௕ظɾڧ੍తʹมԽͤ͞Δ ෢׽ԤभΛײછݯͱͨ͠৽ܕίϩφ΢Πϧε$07*%͕ੈքͰײછ֦େɻ৽ༀϫΫνϯ͕ ࢢ৔౤Լ͞ΕΔ਺೥ޙ·Ͱɺੈք͸ʮඇ઀৮ੜ׆Πϯϑϥʯ΁ͷҠߦΛ༨ّͳ͘͞ΕΔ $PSPOBWJSVT%FBUITCZ644UBUFBOE$PVOUSZ0WFS5JNF%BJMZ5SBDLFS5IF/FX:PSL5JNFTcIUUQTXXXOZUJNFTDPNJOUFSBDUJWFVQTIPUDPSPOBWJSVTEFBUITCZDPVOUSZIUNM ৽ༀɺ঎඼Խ·Ͱେ෯୹ॖ೔ຊܦࡁ৽ฉcIUUQTXXXOJLLFJDPNBSUJDMF%(,,;08"$5+/ ৽ༀ͕ࢢ৔ʹग़Δ·Ͱʮฏۉϲ݄ʯ ೥୯ҐͰͷߦಈม༰ʹࢧ͑ΔࣾձΠϯϑϥ͕ඞཁ ֤ࠃͰ਺೔͝ͱʹײછऀɾࢮऀ͕ഒʹ ೔ຊͰ΋ಉ༷ͷέʔε͸े෼૝ఆ͠͏Δ

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$PQZSJHIU9 *OD"MMSJHIUSFTFSWFE ٸ଎͗͢Δधཁ૿ʹ௥͍͚ͭͳ͍ڙڅࣾձ͔ΒରࡦΛཁٻ͞Ε͍ͯΔ άϩʔόϧͰωοτεʔύʔͷधཁ͸ϋΠείΞΛߋ৽͠ଓ͚͍ͯΔҰํɺ೔ຊΛ͸͡Ί ഑ૹڙڅྗ΍γεςϜ͕௥͍͔ͭͣɺଟ͘ͷϢʔβʔ͕औΓ࢒͞Ε͍ͯΔࠃ΋ ࠃ಺ओཁࣄۀऀͷٳࢭɺ஗഑͕ࣾձ໰୊ͱͯ͠औΓ্͛ΒΕ ٸ଎ͳରࡦ͕ࣾձΑΓཁ੥͞Ε͍ͯΔ ๺ถͷੜ઱഑ૹͷधཁ͸݄̏Ҏ߱ٸ૿ $PSPOBWJSVTJNQBDU4QFOEJOHTIJGUTCZJOEVTUSZ4FDPOE.FBTVSFcIUUQTTFDPOENFBTVSFDPNEBUBQPJOUTDPSPOBWJSVTDPOTVNFSTQFOEJOHCZJOEVTUSZ ωοτεʔύʔ૬࣍͗ٳࢭɹങ͍ͩΊͰళͷࡏݿ඼ബʹ೔ຊܦࡁ৽ฉcIUUQTXXXOJLLFJDPNBSUJDMF%(9.;09$"5+$

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$PQZSJHIU9 *OD"MMSJHIUSFTFSWFE &$Խ཰ ࢢ ৔ ن ໛ ɹ ஹ ԁ ৯඼ɾҿྉ ஹԁ ΞύϨϧ ੜ׆Ոి ॻ੶ɾө૾ ੜ׆ࡶ՟ɾՈ۩ ࣄ຿༻඼ Խহ඼ɾҩༀ඼ ࣗಈंؔ࿈ ৯඼ͷࠃ಺&$Խ཰͸ఔ౓࠷΋ඈ༂͕ظ଴͞ΕΔΧςΰϦʔ ,FZ தͰ΋࠷େͷ#$νϟωϧͰ͋ΔεʔύʔϚʔέοτ͸ ஹԁͷࢢ৔ن໛ʹର͠&$Խ཰͸ʹཹ·Δ ෺ൢܥ෼໺ͷ#UP$&$ࢢ৔ن໛ܦࡁ࢈ۀল঎຿৘ใ੓ࡦہ৘ใܦࡁ՝IUUQTXXXNFUJHPKQQSFTTQEG

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$PQZSJHIU9 *OD"MMSJHIUSFTFSWFE ࠃ಺େखεʔύʔͷ੒௕཰͸ಷԽ͓ͯ͠Γɺ࣍ͷ੒௕ઓུΛ໛ࡧத ೔ຊͷେखεʔύʔࣾͷച্ߴ੒௕཰ਪҠ J 4.ηάϝϯτ ΠΦϯ (.4 4.ηάϝϯτ ϥΠϑ ࣾฏۉ ֤ࣾ*3ࢿྉIUUQTXXXBOEJDPNJScIUUQTXXXBFPOJOGPJSMJCSBSZcIUUQXXXMJGFDPSQKQDPNQBOZJS

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$PQZSJHIU9 *OD"MMSJHIUSFTFSWFE ࠃ಺େखεʔύʔ͸ωοτεʔύʔΛ࣍ͷ੒௕ͷபͱͯ͠ܝ͛Δ ΠΦϯ ӳࠃ0DBEPͱͷఏܞ ϥΠϑ /4ઓུΛॏཁࢪࡦͷ̍ͭʹ *UP:PLBEP ηϯλʔܕ΁ͷస׵Λൃද ࢀর֤ࣾ*3ࢿྉIUUQTXXXBOEJDPNJScIUUQTXXXBFPOJOGPJSMJCSBSZcIUUQXXXMJGFDPSQKQDPNQBOZJS ʮళฮґଘ͔Βͷ୤٫ʯʮए͍ϢʔβʔͷऔΓࠐΈʯΛૂ͍ɺσδλϧνϟωϧ΁ͷେن໛౤ࢿ͕ ֤ࣾΑΓಉ࣌ʹൃද͞Ε͍ͯΔ

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ӳࠃͷωοτεʔύʔࣄۀ֓گ

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$PQZSJHIU9 *OD"MMSJHIUSFTFSWFE ೔ຊ ถࠃ தࠃ ӳࠃ ؖࠃ ӳࠃ͸ؖࠃʹ͙࣍άϩʔόϧͷF(SPDFSZϦʔμʔͰ͋Δ ෺ൢܥ෼໺ͷ#UP$&$ࢢ৔ن໛ܦࡁ࢈ۀল঎຿৘ใ੓ࡦہ৘ใܦࡁ՝IUUQTXXXNFUJHPKQQSFTTQEG -FBEJOHHMPCBMPOMJOFHSPDFSZNBSLFUTUPDSFBUFBCOHSPXUIPQQPSUVOJUZCZ IUUQTXXXJHEDPNBSUJDMFTBSUJDMFWJFXFSUMFBEJOHHMPCBMPOMJOFHSPDFSZNBSLFUTUPDSFBUFBCOHSPXUIPQQPSUVOJUZCZJ ৯඼ҿྉࢢ৔ ஹԁ ৯඼ҿྉࢢ৔ ஹԁ ৯඼ҿྉࢢ৔ ஹԁ ৯඼ҿྉࢢ৔ ஹԁ ৯඼ҿྉࢢ৔ ஹԁ ֤ࠃͷ৯඼ҿྉࢢ৔ʹ͓͚Δ&$Խ཰೥

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$PQZSJHIU9 *OD"MMSJHIUSFTFSWFE ӳF(SPDFSZ͸੒௕͠ଓ͚ɺ্Ґ͕ࣾ໿ͷγΣΞΛՉ઎͢Δࢢ৔ ৯඼ɾҿྉ&$Խ཰ ωοτεʔύʔͷओཁϓϨʔϠʔ ೥૯ࢢ৔gԯ ͦͷଞ "NB[PO .PSSJTPO *DFMBOE 8BJUSPTF "TEB 0DBEP 4BJOTCVSZT 5FTDP ࢀর+&530Ϩϙʔτʮӳࠃͷωοτεʔύʔࢢ৔ʹؔ͢Δௐࠪʢ೥݄ʣʯ IUUQTXXXKFUSPHPKQFYU@JNBHFT@3FQPSUTBGEBFCFFCS@TVQFSQEG

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$PQZSJHIU9 *OD"MMSJHIUSFTFSWFE ্ҐࣾͷதͰ΋0DBEPͷ੒௕཰͕໿ͱݦஶʹߴ͍ ࢀর+&530Ϩϙʔτʮӳࠃͷωοτεʔύʔࢢ৔ʹؔ͢Δௐࠪʢ೥݄ʣʯc/4ച্ߴ͸೥࣌఺IUUQTXXXKFUSPHPKQFYU@JNBHFT@3FQPSUTBGEBFCFFCS@TVQFSQEG 5FTDP /4ച্ߴgԯc:P:ച্ߴ੒௕཰ 0DBEP /4ച্ߴgԯc:P:ച্ߴ੒௕཰ 4BJOTCVSZ`T /4ച্ߴgԯc:P:ച্ߴ੒௕཰ ࢀর5&4$0)1 IUUQTXXXUFTDPDPN ӳࠃ࠷େͷεʔύʔϚʔέοτνΣʔ ϯʢ ళฮʣɻωοτεʔύʔઐ ༻૔ݿΛՕॴ๊͑Δɻେऺ޲͚ʹ௿ Ձ֨ͳ঎඼Λఏڙ େखεʔύʔɾίϯϏχνΣʔϯ ʢ ళฮʣɻωοτεʔύʔઐ ༻૔ݿΛՕॴ࣋ͪɺߴڃࢤ޲ͳ঎ ඼Λఏڙ ࢀর$PWFOUSZ-JWFIUUQTXXXDPWFOUSZUFMFHSBQIOFUXIBUTPOTIPQQJOH TBJOTCVSZTDMPTJOHVLTUPSFTEVF ళฮΛ࣋ͨͳ͍ωοτεʔύʔઐ ۀɻωοτεʔύʔ഑ૹڌ఺ʢϋϒ εϙʔΫʣΛڌ఺อ༗ɻ౎ࢢ෦ ͷதߴॴಘऀ૚͕λʔήοτ

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0DBEPΛࢧ͑ΔڧྗͳαϓϥΠνΣʔϯ

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$PQZSJHIU9 *OD"MMSJHIUSFTFSWFE 0DBEP͸άϩʔόϧ/Pͷ1VSFF(SPDFSZϓϨʔϠʔ 0DBEP3FUBJMʢӳࠃʣࣄۀച্ ച্ ඦສg ച্ߴ੒௕཰ 0DBEPུ֓ʢ':ʣ w ૑ۀ೥ w ্৔೥ w ച্ ඦສg w ࣌Ձ૯ԯgʢஹԁʣ w ैۀһ਺ ໊ ࣄۀ಺༰ w 0DBEP3FUBJM ੜ઱&$ࣄۀ ӳࠃ w 0DBEP4NBSU1MBUGPSNࣄۀ ෺ྲྀιϦϡʔγϣϯͷ֎ൢɻΠΦϯͱ ΋೥݄ʹఏܞൃද ࢀর0DBEP*3ϨϙʔτIUUQTXXXPDBEPHSPVQDPNJOWFTUPSTPVSJOWFTUNFOUDBTF

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$PQZSJHIU9 *OD"MMSJHIUSFTFSWFE ฏۉͷόεέοτ୯Ձɺ݄࣍ར༻ස౓ɺܧଓ཰ͱॏཁࢦඪ͕શͯۃΊͯߴ͍ਫ४ʹ͋Δɻ 0DBEP͸Ϣʔβʔͷ-57͕ඇৗʹߴ͍ ӳࠃͷͦͷଞ/4ࣄۀऀ͸ ճ݄ఔ౓ F(SPDFSZฏۉόεέοτ୯Ձ Ϣʔβʔ͋ͨΓ݄࣍ฏۉߪೖճ਺ 0DBEP*3ϨϙʔτIUUQTXXXPDBEPHSPVQDPNJOWFTUPSTPVSJOWFTUNFOUDBTF POFTQBDFDPNIUUQTXXXPOFTQBDFDPNCMPHPOMJOFHSPDFSZGPPETIPQQJOHTUBUJTUJDT 0DBEP 64ฏۉ ೔ຊฏۉ = = = = = ച্ϕʔεͷίϗʔτ

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$PQZSJHIU9 *OD"MMSJHIUSFTFSWFE ސ٬Ձ஋Λࢧ͑Δͷ͸୎ӽͨ͠ΦϖϨʔγϣϯೳྗ ސ٬΁ͷఏڙՁ஋ ΦϖϨʔγϣϯ্ͷڧΈ རศੑͷߴ͍഑ૹ࿮ ਖ਼֬ͳ഑ૹ࣌ؒ ᶃϥετϚΠϧ഑ૹͷޮ཰ੑͱεέʔϧ ௿ίετͰͷσϦόϦʔ όϥΤςΟ๛͔ͳ঎඼ϥΠϯφοϓ ᶄ঎඼ͷϐοΩϯάͷѹ౗తͳεϐʔυͱਫ਼౓ ௿͍ܽ඼཰ ௿Ձ֨Ͱͷ঎඼ఏڙ ᶅສ4,6ͷߴਫ਼౓ͳधཁ༧ଌ

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$PQZSJHIU9 *OD"MMSJHIUSFTFSWFE ᶃϥετϚΠϧ഑ૹͷޮ཰ੑΛࢧ͑Δηϯλʔཱ஍ͱϧʔτ؅ཧ ϋϒηϯλʔ૔ݿͷཱ஍બఆ ഑ૹޮ཰ͷߴ͍ࣗࣾόϯͷอ༗ ػցֶशʹΑΔϧʔτ࠷దԽ װઢಓ࿏΁ͷΞΫηεʢಛʹෳ਺ͷװઢ ಓ࿏΁ͷΞΫηεʹΑΔ༌ૹͷ҆ఆੑʣ ͱ഑ૹݍ಺ͷधཁ΋Ճຯͯ͠બఆɻ ಉ࣌ʹݢͷόεέοτΛ٧ΊΔࣗࣾ όϯΛ໿ ୆อ༗ɻ όϯͷ(14΍Τϯδϯճస਺౳ͷσʔ λΛϦΞϧλΠϜͰऔಘɾ෼ੳɻ ࣌ؒଳ͝ͱͷಓͷࠞࡶঢ়گ౳΋౿·͑ɺ ࠷దͳϧʔςΟϯάΛৗ࣌ܭࢉ ճ ඵ ɻͦΕʹجͮ͘഑ૹϧʔτΛ֤όϯ ʹࢦࣔɻ 0DBEP*3ϨϙʔτIUUQTXXXPDBEPHSPVQDPNJOWFTUPSTPVSJOWFTUNFOUDBTF .FEJVNIUUQTNFEJVNDPNPDBEPUFDIOPMPHZUIFTPGUXBSFSPVUJOHHSPDFSZEFMJWFSJFTBXFFLCBDF

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$PQZSJHIU9 *OD"MMSJHIUSFTFSWFE ᶃϋϒˍεϙʔΫ෺ྲྀମ੍ͷ֦ுʹΑΓޮ཰తͳ഑ૹͱεέʔϧΛཱ྆ ηϯλʔ૔ݿʢϋϒʣ େܕͷηϯλʔ૔ݿʢ$'$ʣΛϩϯυ ϯۙ߫ͷװઢಓ࿏Ԋ͍ʹ̑Օॴอ༗ ηϯλʔ͸ϐοΩϯάͷϓϩηεͷࣗ ಈԽ͕ਐΜͩ׬શΦʔμʔϝΠυͷੜ ઱&$༻૔ݿ εϙʔΫ খޱ΍஍ํ΁ͷ഑ૹΧόʔͷͨΊʹɺ খܕͷ૔ݿڌ఺ΛՕॴઃஔ શମͷ͸ϋϒ͔Β௚઀ސ٬΁഑ୡ ࢒Γͷ͸εϙʔΫܦ༝Ͱͷ഑ୡ 0DBEP*3ϨϙʔτIUUQTXXXPDBEPHSPVQDPNJOWFTUPSTPVSJOWFTUNFOUDBTF

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$PQZSJHIU9 *OD"MMSJHIUSFTFSWFE ᶃόϯͷ഑ૹޮ཰Λେ෯ʹվળ͠ɺ͔ͭ࣌ؒʹਖ਼֬ͳ഑ૹΛ࣮ݱ όϯͷ഑ૹޮ཰͸೥Ͱͱେ෯ʹվળ ࢦఆ࣌ؒ಺Ͱͷ഑ૹ֬౓͸௒ όϯ୆͋ͨΓͷച্͸Nͱ ڝ߹ͷ5FTDPࣾͷഒҎ্ 0DBEP*3ϨϙʔτIUUQTXXXPDBEPHSPVQDPNJOWFTUPSTPVSJOWFTUNFOUDBTF ఆ࣌഑ૹ཰ όϯ୆͋ͨΓͷि࣍഑ૹ݅਺

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$PQZSJHIU9 *OD"MMSJHIUSFTFSWFE ᶄϐοΩϯάͷੜ࢈ੑΛݫ֨ʹ؅ཧ͠ɺվળ͠ଓ͚͍ͯΔ ঎඼धཁʹԠͨ͡ద੾ͳϐοΩϯάख๏ͷ࢖͍෼͚΍ɺίϯϕΞʔΛ׆༻ͨ͠Ҡಈޮ཰ͷ޲্ɺ ͦͯ͠ద੾ͳΠϯηϯςΟϒઃܭʹΑΓੜ࢈ੑΛվળ͠ଓ͚͍ͯΔ धཁ༧ଌʹج͖ͮ௿ɾதɾߴճసʹ঎඼Λ࢓෼͚ɺอ؅৔ॴ Λਵ࣌มߋɻ ίϯϕΞʔΛ׆༻͠ɺϐοΧʔͷҠಈ࣌ؒΛ୹ॖɻ ʮ࣌ؒ͋ͨΓϐοΩϯά4,6਺ʯͷ໨ඪΛઃఆɾܭଌ͠ɺ Ϙʔφεʹ൓ө͢ΔɻΦϖϨʔγϣϯʹ࠷దͳΠϯηϯςΟ ϒΛઃܭɻ ࢀর:PV5VCFc8PSLJOHBUUIF0DBEP$VTUPNFS'VMpMNFOU$FOUSF $'$ 0VUCPVOEIUUQTXXXZPVUVCFDPNXBUDI WN+%1OG%$&

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$PQZSJHIU9 *OD"MMSJHIUSFTFSWFE ᶄଟछଟ༷ͳ঎඼Λѻ͍ͭͭɺߴ͍ϐοΩϯάޮ཰Λ࣮ݱ ϐοΧʔ͋ͨΓͷϐοΩϯά਺࣌ؒ औΓѻ͍4,6਺ ʢଞࣾͷYͷਫ४ʣ ʢళฮ഑ૹܕͷωοτεʔύʔ͸d 4,6ఔ౓ʣ Ұൠతʹ͸͸औΓѻ͍4,6͕૿Ճ͢ΔͱϐοΩϯάͷޮ཰͸Լ͕Δɻ0DBEP͸ଞࣾͷYͷ4,6Λ औΓѻ͍ͭͭɺYͷޮ཰ʹͯϐοΩϯά͢Δ͜ͱ͕Մೳɻ 0DBEP*3ϨϙʔτIUUQTXXXPDBEPHSPVQDPNJOWFTUPSTPVSJOWFTUNFOUDBTF

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$PQZSJHIU9 *OD"MMSJHIUSFTFSWFE ᶅ໿ສͷ4,6ʹର͠ʮߴਫ਼౓ͳधཁ༧ଌʯͱʮޮ཰తͳࡏݿ؅ཧʯΛཱ྆ ಠࣗͷधཁ༧ଌϞσϧΛཱ֬ ʢ঎඼ΧςΰϦʔ΍঎ݍ͝ͱʣ େܕηϯλʔͰͷޮ཰తࡏݿ؅ཧ ঎඼ΧςΰϦʔຖʹҟͳΔม਺Λ׆༻ͨ͠ಠࣗͷधཁϞσϧ Λߏஙɻ໊௒ͷधཁ༧ଌνʔϜΛ๊͑ɺվળʹऔΓ૊Ήɻ ച্૿Ճͱͱ΋ʹϙδςΟϒϑΟʔυόοΫ͕͔͔Γɺਫ਼౓ ͕޲্ɻ ηϯλʔʹ঎඼ࡏݿΛू໿ɺઌೖઌग़Ͱఏڙɻ͜ΕʹΑΓ঎඼ ഇغ཰Λ཈੍͢Δɻͷ঎඼͕ʮαϓϥΠϠʔ͔Βೲ඼લʹ ஫จΛड͚Δʯఔͷޮ཰తͳΦϖϨʔγϣϯΛߏஙɻফඅظݶ ͷ୹͍঎඼͸஍ݩͷεʔύʔ΁ԷചΛ͠ɺࡏݿௐ੔΋ߦ͏ɻ 0DBEP*3ϨϙʔτIUUQTXXXPDBEPHSPVQDPNJOWFTUPSTPVSJOWFTUNFOUDBTF

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$PQZSJHIU9 *OD"MMSJHIUSFTFSWFE ᶅ4,6Λߋʹ૿Ճͤͭͭ͞΋ɺഇغ཰ɺܽ඼཰͸ۃΊͯߴ͍ਫ४ΛΩʔϓ ঎඼ഇغ཰ 0DBEPܽ඼཰ 0DBEP*3ϨϙʔτIUUQTXXXPDBEPHSPVQDPNJOWFTUPSTPVSJOWFTUNFOUDBTF FEJFc5FTDPTMBTIFTGPPEXBTUFCZJOPOFZFBSIUUQTXXXFEJFOFUOFXT5FTDPTMBTIFTGPPEXBTUFCZJOPOFZFBS &WFOJOH4UBOEBSEIUUQTXXXTUBOEBSEDPVLOFXTGPPEGPSMPOEPOSFWFBMFEUIFGVMMTDBMFPGTVQFSNBSLFUXBTUFBIUNM άϩʔόϧͰάϩʔαϦʔ&$શମͷܽ඼཰͸ʙͱ ళฮΑΓ΋ഒఔ౓ߴ͍ ࢀর4VQFSNBSLFU/FXTc3FEVDJOHPOMJOFPVUPGTUPDLTDSJUJDBMGPSSFUBJMFST TBZT(."TUVEZ IUUQTXXXTVQFSNBSLFUOFXTDPNPOMJOFSFUBJMSFEVDJOHPOMJOFPVUTUPDLTDSJUJDBMSFUBJMFSTTBZTHNBTUVEZ 0DBEPͷഇغ཰͸ڝ߹ͱൺͯ͠ YҎ্ͷਫ४ &$ۀքͰѹ౗తͳਫ४ͷܽ඼཰Λୡ੒͠ɺ ൢചػձϩεΛ๷͍Ͱ͍Δ ࢀর೔ຊίϯαϧλϯτάϧʔϓ IUUQTXXXOJDDPODPKQHZPVTIVCFUTVLPOTBSVTIPLVIJOTVQBIUNM 0DBEP 5FTDP 4BJOTCVSZT "TEB

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$PQZSJHIU9 *OD"MMSJHIUSFTFSWFE ߴ౓ͳΦϖϨʔγϣϯͱٕज़ʹΑΓɺߥརͷ֬อͱӡసࢿຊͷޮ཰Խʹ੒ޭ ഇغ཰Λ཈͑Δ͜ͱͰߴ͍ߥར཰Λ࣮ݱ Ϧʔϯͳࡏݿͱࢿຊޮ཰Λ࣮ݱ ച্ߴʢԯԁʣ ߥར཰ 0DBEP 8BMNBSU ΠΦϯ J Πζϛ ϥΠϑ ࡏݿճస ചֻճస ങֻճస $$$ 0DBEP 8BMNBSU ΠΦϯ J Πζϛ ϥΠϑ ֤ࣾ*3IUUQTXXXPDBEPHSPVQDPNJOWFTUPSTPVSJOWFTUNFOUDBTFcIUUQTXXXBOEJDPNJScIUUQTXXXBFPOJOGPJSMJCSBSZcIUUQXXXMJGFDPSQKQDPNQBOZJS IUUQTTUPDLXBMNBSUDPNJOWFTUPSTEFGBVMUBTQYcIUUQTXXXJ[VNJDPKQDPSQJS ୯Ґ೔ɺ$$$͸௚લظͷظதฏۉ#4߲໨ͱظ຤1-Λ࢖༻ ͍ͣΕ΋௚લظͷσʔλΑΓ ҝସϨʔτ͸ɺ-Cʹ+1: 64%+1:Λ࢖༻ ҝସϨʔτ͸ɺ-Cʹ+1: 64%+1:Λ࢖༻

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$PQZSJHIU9 *OD"MMSJHIUSFTFSWFE աڈ೥ɺ഑ૹΩϟύγςΟͷ֦େɾޮ཰վળʹରͯ͠ܧଓతʹ౤ࢿΛ࣮ߦ ྦྷܭ౤ࢿֹ ηϯλʔؔ࿈౤ࢿ૯ֹ NNgʢશମͷʣ ഑ૹं྆ؔ࿈౤ࢿ૯ֹ NNgʢશମͷʣ ςΫϊϩδʔ౤ࢿ૯ֹ NNgʢશମͷʣ ւ֎ࣄۀ޲͚౤ࢿ૯ֹ NNgʢશମͷʣ ৽ηϯλʔ طଘηϯλʔ খܕηϯλʔ ഑ૹं྆ ςΫϊϩδʔ ւ֎ ͦͷଞ ച্ߴ૯౤ࢿֹൺ཰ 0DBEPઃඋ౤ֹʢNNg 0DBEP*3ϨϙʔτIUUQTXXXPDBEPHSPVQDPNJOWFTUPSTPVSJOWFTUNFOUDBTF

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$PQZSJHIU9 *OD"MMSJHIUSFTFSWFE 0DBEPͷ੒௕Λࢧ͑ΔαϓϥΠνΣʔϯઓུͷ֓ཁਤ ϩδεςΟΫεॏ఺ͷ ܦӦઓུ ໌֬ͳཱ஍ઓུͱ ϋϒεϙʔΫεͷઃཱ धཁ༧ଌ΁ͷ౤ࢿɾਫ਼౓޲্ ϢʔβʔͷՁ஋޲্ 4,6ͷ૿Ճ τϥϑΟοΫ޲্ͱσʔλͷऩू རศੑ͕ߴ͘ɺਖ਼֬ͳ഑ૹͷ࣮ݱ ݿ಺ϐοΩϯάޮ཰ͷ޲্

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$PQZSJHIU9 *OD"MMSJHIUSFTFSWFE αϓϥΠνΣʔϯͷڧΈ͕ͦͷ··ࣄۀͷརӹ཰ɾઈରֹͷ޲্ʹܨ͕͍ͬͯΔ ʢNNgʣ ೥౓ ೥౓ લ೥ൺ૿Ճ཰ ച্ ޿ࠂऩೖؚΉ ച্ݪՁ ˛ ˛ ߥར཰ ϐοΩϯάඅ ˛ ˛ ސ٬͋ͯ഑ૹඅ ˛ ˛ ޿ࠂએ఻අ ˛ ˛ ͦͷଞൢ؅අ ˛ ˛ ঈ٫લӦۀརӹ ᶃ ᶄ ᶅ ᶆ ᶇ རӹͷߋͳΔ֦େͷํ޲ੑ ᶃ རศੑͷߴ͍αʔϏεఏڙʹΑΓɺ ސ٬਺ˍߪೖճ਺૿ ᶄ ഇغ཰ͷ࡟ݮ ᶅ ࣗಈԽ౤ࢿ΍ϐοΩϯάͷΦϖϨʔ γϣϯվળ ᶆ ϋϒˍεϙʔΫ΁ͷ౤ࢿɺ഑ૹϧʔ ςΟϯά࠷దԽ ᶇ ϨϑΝϨϯεॏࢹͷސ٬֫ಘઓུʹ ΑΔސ٬֫ಘඅͷ௿ݮ 0DBEP*3ϨϙʔτIUUQTXXXPDBEPHSPVQDPNJOWFTUPSTPVSJOWFTUNFOUDBTF

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0DBEPͷࣄྫ͔ΒಘΒΕΔֶͼ

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$PQZSJHIU9 *OD"MMSJHIUSFTFSWFE 0DBEP͔ΒֶͿ΂͖ͭͷΦϖϨʔγϣϯઓུ ϐοΩϯάͷޮ཰ੑ௥ٻʹΑΔ4,6਺ͷॆ࣮ ϥετϚΠϧ഑ૹޮ཰ԽʹΑΔศརͳ഑ૹͷఏڙ धڅ༧ଌͷਫ਼౓޲্ʹΑΔ௿ܽ඼཰ɾ௿ഇغ཰ͷ࣮ݱ

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$PQZSJHIU9 *OD"MMSJHIUSFTFSWFE ϐοΩϯάͷޮ཰ੑ௥ٻʹΑΔ4,6਺ͷॆ࣮ ೔ຊͷݱঢ় w ళฮ഑ૹ͕ओྲྀͰऔΓѻ͍঎඼΋ళฮͱ࿈ಈ w ϐοΩϯάɾύοΩϯά͸ελοϑͷशख़౓ʹґଘ w ϐοΩϯά͸ళฮͷച৔ελοϑʹΑΔ࣮ࢪ͕ओྲྀͰ૬ԠͷళฮϦιʔεΛ࢖༻ 0DBEPͷऔΓ૊Έ w /4ීٴલ͔Βઐ༻૔ݿʹઌߦ౤ࢿ w ࣗಈԽ౤ࢿʹΑΓɺϐοΩϯάਫ਼౓޲্ͱ4,6૿Ճʢ.%ͷॆ࣮ʣΛ࣮ݱ w ޮ཰ੑϞχλʔͷͨΊͷɺ,1*ઃఆ 61)࣌͋ͨΓϐοΫ਺ ͱվળ׆ಈ ೔ຊͷࣄۀऀ͕ औΓೖΕΒΕΔ΋ͷ w ϐοΫɾύοΫޮ཰ͷ,1*Խͱɺελοϑ͝ͱͷϞχλϦϯάʢଌఆͱվળ׆ಈʣ w όεέοτ୯Ձ૿Λλʔήοτͱͨ͠4,6ͷ૿Ճ w ઐ༻ͷηϯλʔ૔ݿɿཱ஍ج४໌֬Խஈ֊తͳϐοΩϯάޮ཰Խͱ4,6ॆ࣮ԽΛݟ ӽͨ͠ద੾ͳݿ಺ઃܭͱϚςϋϯ౤ࢿ

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$PQZSJHIU9 *OD"MMSJHIUSFTFSWFE ೔ຊͷݱঢ় w ෳ਺ͷୈ̏ऀ෺ྲྀۀऀ΁ͷ֎஫͕ओྲྀͰ഑ૹ࿮͕ߗ௚త w ૣேɾਂ໷ͷ഑ૹ࿮ͷఏڙ͸ك w ഑ૹྉͷμΠφϛοΫϓϥΠγϯά౳ͷधཁͷฏ४Խࢪࡦͷෆ଍ 0DBEPͷऔΓ૊Έ w ं྆ɺυϥΠόʔɺϧʔςΟϯάγεςϜΛશͯࣗࣾอ༗ w ૣேɺਂ໷࣌ؒͷ഑ૹରԠ w ഑ૹྉμΠφϛοΫϓϥΠγϯάʹΑΓɺधཁΛฏ४Խ ೔ຊͷࣄۀऀ͕ औΓೖΕΒΕΔ΋ͷ w ʢࣗલҕୗʹؔΘΒͣʣγεςϜಋೖ౳ʹΑΔ഑ૹঢ়گͷਖ਼֬ͳ೺Ѳɺٴͼ,1*ͷઃ ఆͱޮ཰Խ΁޲͚ͨվળ࣮ߦ w धཁ༧ଌͷڧԽͱͦΕʹج͍ͮͨ഑ૹΩϟύγςΟͷॊೈੑ֬อ w རศੑͷߴ͍഑ૹ࿮ͷݕ౼ɿకΊ࣌ؒ୹ॖɺ഑ૹ΢Πϯυ΢୹ॖɺૣேɾਂ໷ରԠ౳ ϥετϚΠϧ഑ૹޮ཰ԽʹΑΔศརͳ഑ૹ࿮ͷఏڙ

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$PQZSJHIU9 *OD"MMSJHIUSFTFSWFE ೔ຊͷݱঢ় w ళฮ͝ͱͷܦݧଇʹΑΔधཁ༧ଌ͕ओྲྀͰɺ഑ૹ࿮͕धཁΛຬͨͤͳ͍έʔε΋ଟൃ w ঎඼ΧςΰϦʔ΍4,6୯ҐͰͷधཁ༧ଌ͸ෆे෼ w ళฮ഑ૹͰ͋Δ͜ͱ΋Өڹ͠ɺܽ඼͕ଟൃ 0DBEPͷऔΓ૊Έ w աڈσʔλΛجʹͨ͠ΧςΰϦʔɾ4,6୯ҐͰͷߴਫ਼౓धཁ༧ଌϞσϧ w ઌೖઌग़ͷపఈʹΑΔࡏݿྔͱഇغ཰ͷ௿ݮ w ສͷ4,6ΛऔΓѻ͍ͳ͕Βɺ௿͍ഇغ཰΍ܽ඼཰Λ࣮ݱ ೔ຊͷࣄۀऀ͕ औΓೖΕΒΕΔ΋ͷ w ࣮ళฮൢച΍طଘ/4ͷൢചσʔλΛ׆༻͠ɺΧςΰϦʔผधཁ༧ଌϞσϧΛ࡞੒ w ഇغ཰ɾܽ඼཰ɾࡏݿ೔਺Λ,1*ͱ͠ɺधཁ༧ଌͷܧଓతͳਫ਼౓޲্ΛਤΔ धڅ༧ଌͷਫ਼౓޲্ʹΑΔ௿ܽ඼཰ɾ௿ഇغ཰ͷ࣮ݱ

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ձࣾ঺հ͓໰͍߹Θͤ

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$PQZSJHIU9 *OD"MMSJHIUSFTFSWFE ձࣾ֓ཁ ໊ࣾ גࣜձࣾ9ʢςϯΤοΫεʣ ༝དྷ ʮഒʯΛࣔ͢Yʹ༝དྷ ഒͷൃ໌Λࣾձ࣮૷͍ͨ͠ɺͱ͍͏ҙਤ͔Β ૑ۀऀ $&0໼ຊਅৎ$50ੴ઒༸ࢿ גࣜձࣾϝϧΧϦʹͯಉ྅໊ͩͬͨͰ૑ۀ ॅॴ ౦ژ౎தԝ۠೔ຊڮശ࡚ொ $04.0Ϗϧ' ࣾһ਺ ໊

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$PQZSJHIU9 *OD"MMSJHIUSFTFSWFE 9ͷϛογϣϯ ʮYΛ૑Δʯ ҎԼΛຬͨ͢ަ఺ʹϓϩμΫτΛ૑Γɺಧ͚Δ͜ͱͰYͳՁ஋Λ࣮ݱ͢Δ͜ͱΛ໨ࢦ͠·͢ɻ w ੜ׆Λ؍࡯͠ɺਓ͕࣮ࡍʹ๊͍͑ͯΔ՝୊Λݟ͚ͭग़͢͜ͱ w ࠓ͋Δٕज़ͷ૊Έ߹ΘͤͰղܾͰ͖Δ͜ͱ w ڊେͳϚʔέοτʹΤϯτϦʔͰ͖Δ͜ͱ

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$PQZSJHIU9 *OD"MMSJHIUSFTFSWFE Ԋֵ ೥݄ גࣜձࣾ9ͷ૑ۀ ୅දɾ໼ຊ͕ҭࣇٳՋதʹؾ͍ͮͨʮߟ͑ΔՈࣄʯͷ೉͔͠͞Βɺ͜ΕΒΛղܾ͢ΔαʔϏεͷఏڙΛ͍ͨ͠ͱߟ͑גࣜձࣾ9Λઃཱɻ·ͣ͸ʮݙཱΛ ߟ͑Δʯʮങ͏΋ͷΛߟ͑Δʯͱ͍ͬͨ࢓ࣄΛαϙʔτ͢΂͘ɺڞಉ૑ۀऀɾੴ઒ͱͱ΋ʹλϕϦʔͷ։ൃΛ։࢝ɻ ೥݄ J04൛ʮλϕϦʔʯͷఏڙ։࢝ͱୈࡾऀׂ౰૿ࢿʹΑΔࢿۚௐୡͷൃද ओࡊɾ෭ࡊɾो෺ͷॱʹɺఏҊ͞ΕͨϨγϐ͔ΒબͿ͚ͩͰϐολϦͷݙཱ͕࡞Δ͜ͱ͕Ͱ͖ɺ·ͨݙཱʹඞཁͳങ͍෺Ϧετ΋ॠ࣌ʹ࡞Δ͜ͱ͕Ͱ͖Δ ʮඵݙཱΞϓϦʯͱͯ͠ϦϦʔεɻ4/4্Ͱ࿩୊ͱͳΔɻ͋Θͤͯɺ໊ͷݸਓ౤ࢿՈΑΓ૯ֹ ສԁͷࢿۚௐୡΛൃදɻ ೥݄ "OESPJE൛ʮλϕϦʔʯͷఏڙ։࢝ ظ଴͢ΔϢʔβʔͷଟ͔ͬͨ"OESPJE൛ΛϦϦʔεɻ ೥݄ J04൛ʮλϕϦʔʯʹ͓͍ͯɺෳ਺೔ͷݙཱΛ࡞੒Ͱ͖ΔʮݙཱηοτػೳʯΛఏڙ։࢝ ෳ਺ͷ೔෇Λࢦఆͯ͠ʮ৯ࡐΛ࠷దʹ࢖͍·Θ͢ݙཱʯΛਪન͢ΔػೳΛϦϦʔεɻ ೥݄ J04൛ʮλϕϦʔʯʹ͓͍ͯɺങ͍෺Ϧετ͔Β਺λοϓͰ஫จ͕׬ྃ͢ΔʮΦϯϥΠϯ஫จػೳʯΛఏڙ։࢝ ΞϓϦ಺ͷങ͍෺ϦετΑΓɺඞཁͳ৯ࡐΛɺඞཁͳ਺ྔ͚ͩ஫จͰ͖ΔػೳΛϦϦʔεɻ

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$PQZSJHIU9 *OD"MMSJHIUSFTFSWFE ϓϩμΫτλϕϦʔcݙཱܾఆ͔Β৯ࡐͷ஫จ·ͰϫϯετοϓͰղܾ ύʔιφϥΠζݙཱఏҊ λοϓͰ঎඼ΛΧʔτʹ௥Ճ ωοτεʔύʔͷΧʔτͱ௚݁ ΞϓϦ͔Β͙͢ʹ஫จ બͼ΍͍͢഑ૹεϩοτ ͋ͱ͸৯ࡐ͕ಧ͘ͷΛ଴͚ͭͩ

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