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$PQZSJHIU9 *OD"MMSJHIUSFTFSWFE 9UPQJD ຊ೔ͷྲྀΕ εϥΠυσβΠϯ࣌ͷجຊϧʔϧ ςϯϓϨʔτͱࣄྫू νϟʔτࣄྫू ͦͷଞͷࣄྫू 8JUIίϩφͷਙେɾάϩʔόϧɾෆՄٯͳӨڹ *:/4ʹ͓͚Δݱঢ়ͷΠγϡʔ ௕ظϚΠϧετϯ 9͔Βͷ͝ఏҊ Φʔϓχϯά ϝϯόʔ-5 5BML4FTTJPO Ϋϩʔδϯά

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$PQZSJHIU9 *OD"MMSJHIUSFTFSWFE 9UPQJD ͝Ҋ಺ εϥΠυσβΠϯ࣌ͷجຊϧʔϧ ςϯϓϨʔτͱࣄྫू νϟʔτࣄྫू ͦͷଞͷࣄྫू 8JUIίϩφͷਙେɾάϩʔόϧɾෆՄٯͳӨڹ *:/4ʹ͓͚Δݱঢ়ͷΠγϡʔ ௕ظϚΠϧετϯ 9͔Βͷ͝ఏҊ w ϋογϡλάʮ9UPQJDʯͰײ૝͓ئ͍͠·͢ʂ w ࣭໰͸ਵ࣌2"ػೳͰ౤ߘ͍ͯͩ͘͠͞ʂ w ऴྃޙʹΞϯέʔτΛ͓ૹΓ͠·͢

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$PQZSJHIU9 *OD"MMSJHIUSFTFSWFE 9UPQJD ຊ೔ͷࢀՃϝϯόʔ ੺໦౒ #J[%FW αοΧʔͱαʔϑΟϯͱ ϥϯχϯά͕೔ৗͷӡಈ೿ɻ ؾݣ͍ྗͷߴ͞ͱ OPUFͷจ࠽ʹఆධ͋Γɻ ࢁా૱ )FBEPG'JOBODF 1&ग़਎Ͱ਺ࣈʹڧ͘ ࢛قใΛࡘʹҰ൩ҿΊΔɻ εϙʔπϏδωεͱ໺ٿ؍ઓ ͕޷͖ͳݩΩϟονϟʔɻ ໼ຊਅৎ $&0 ࣇͷ෕ɻ ՈఉͰ͸ଉࢠͨͪͷαϯυ όοΫͱͯ͠׆༂ɻ࠷ۙࢠڙ ͷऽΓͰΞβ͕Ͱ͖ͨ

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$PQZSJHIU9 *OD"MMSJHIUSFTFSWFE 9UPQJD 9ͷϛογϣϯ ʮYΛ૑Δʯ ҎԼΛຬͨ͢ަ఺ʹϓϩμΫτΛ૑Γɺಧ͚Δ͜ͱͰYඇ࿈ଓͳՁ஋Λࣾձ࣮૷͢Δ͜ͱΛ໨ࢦ͠·͢ w ੜ׆Λ؍࡯͠ɺਓ͕࣮ࡍʹ๊͍͑ͯΔ՝୊Λݟ͚ͭग़͢͜ͱ w ࠓ͋Δٕज़ͷ૊Έ߹ΘͤͰղܾͰ͖Δ͜ͱ w ڊେͳϚʔέοτʹΤϯτϦʔͰ͖Δ͜ͱ

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$PQZSJHIU9 *OD"MMSJHIUSFTFSWFE ϓϩμΫτɾࣄۀ։ൃʹόϥϯεͷऔΕͨগ਺ਫ਼Ӷͷߏ੒ $&0໼ຊਅৎ $50ੴ઒༸ࢿ &Y 1SPEVDU.BOBHFS 'JOBODFࢁా૱ &Y 1SJODJQBM&OHJOFFS &Y 4FOJPS"TTPDJBUF ܦӦνʔϜ ϝϯόʔߏ੒ ࣄۀ։ൃ ໊ άϩʔε ໊ σβΠφʔ ໊ ιϑτ΢ΣΞΤϯδχΞ ໊ ϑϧλΠϜ ໊ ϝϯόʔग़਎اۀϝϧΧϦɺ4BOTBOɺτϨλɺ-*5"-*$0ɺ-*/&ɺΤ΢ϨΧɺ#JUqZFSɺ(.0ϖύϘɺࡾඛ঎ࣄɺ.POFZ'PSXBSE

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$PQZSJHIU9 *OD"MMSJHIUSFTFSWFE 9UPQJD

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$PQZSJHIU9 *OD"MMSJHIUSFTFSWFE ϝϯόʔ-5

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$PQZSJHIU9 *OD"MMSJHIUSFTFSWFE 9ͷ#J[%FWํ਑!໼ຊ

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$PQZSJHIU9 *OD"MMSJHIUSFTFSWFE 9UPQJD 9ͷ#J[%FWʹ͓͚Δͭͷ৺ಘ ҎԼͷͭΛಉ࣌ʹຬͨ͢΋ͷʮ͚ͩʯΛ΍Δ ϢʔβʔͷମݧʹYΛੜΈग़ͤΔ ૒ํʹͱͬͯॏཁͳΠγϡʔΛղܾͰ͖Δ 9ͷ௕ظతͳ੒௕ʹΞϥΠϯ͢Δ

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$PQZSJHIU9 *OD"MMSJHIUSFTFSWFE 9UPQJD ϢʔβʔମݧͷY ʮͨ·ʹ1$Λ্ཱͪ͛ͯͳΜͱ͔࢖͏΋ͷʯ͔Β ʮຖिͷങ͍෺ʹश׳తʹ࢖͑Δ΋ͷʯ΁

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$PQZSJHIU9 *OD"MMSJHIUSFTFSWFE ૒ํʹͱͬͯͷॏཁͳΠγϡʔͷղܾ 3FUBJM ΦϯϥΠϯ঎ྲྀ΁ͷҠߦ 9 ॏ͍ͨαϓϥΠνΣʔϯͷ֫ಘ

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$PQZSJHIU9 *OD"MMSJHIUSFTFSWFE 9UPQJD 9ͷʮ௕ظతͳʯ੒௕ʹΞϥΠϯͰ͖Δ ʮ4*ܖ໿ʯ͔ΒʮαʔϏεར༻ܖ໿ʯ΁

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$PQZSJHIU9 *OD"MMSJHIUSFTFSWFE ࣄۀ੒௕ͷͨΊʹԿͰ΋΍Δˏ੺໦౒

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$PQZSJHIU9 *OD"MMSJHIUSFTFSWFE 9UPQJD 9ʹస৬ͨ͜͠ͱʹΑΔੜ׆ͷมԽ ன໷໰Θͣձࣾʹ๋͍͛ͯͨ঎ࣾ࣌୅ ूதͯ͠ಇ͍ͯɺՈ଒ɾࣗ෼΁౤ࢿ͢Δࠓ લ৬࣌୅ͷ೔ ਭ຾ ࣌ؒ ࣗݾݚᮎ ࣌ؒ Ո଒ ࣌ؒ ໷ۀ຿ʢࣾަɾ઀଴ʣ ࣌ؒ ௨ৗۀ຿ ࣌ؒ ࠓͷ೔ ਭ຾ ࣌ؒ ࣗݾݚᮎ ࣌ؒ Ո଒ ࣌ؒ ৯ࣄ ࣌ؒ ௨ৗۀ຿ ࣌ؒ

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$PQZSJHIU9 *OD"MMSJHIUSFTFSWFE 9UPQJD ϑΝωϧؒΛࣗ༝ʹߦ͖དྷ͢Δ λʔήοτఆٛɾೝ஌ ϦʔυδΣωϨʔγϣϯ ظ଴஋֬ೝ ঎ஊ ܖ໿ ۀքΛਂ͘ཧղ͢Δɺ8IJUF1BQFSΛग़͢ Πϯό΢ϯυɺ৴པͰ͖Δϧʔτ͔Βͷ঺հ Թ౓ײɾॏཁ౓ɾۓٸ౓ɾղ૾౓Λ֬ೝ͢Δ ཧ૝ͷঢ়ଶ͔Βٯࢉͯ͠ࣄۀΛҰॹʹඳ͘ ௕ظతͳ੒௕ʹ޲͔ͬͯΰʔϧΛΞϥΠϯ͢Δ ۩ମతʹ΍͍ͬͯΔ͜ͱ 4UBJMFSಋೖϑΝωϧ

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$PQZSJHIU9 *OD"MMSJHIUSFTFSWFE 9UPQJD υϝΠϯʹର͢Δਂ͍஌ࣝɾ஌ݟΛ࣋ͭ ؔ܎͢ΔۀքɾϏδωεϞσϧΛపఈతʹ෼ੳ ඦฉ͸Ұݟʹ೗͔ͣɺݱ৔ʹ଍ΛӡͿ ே࣌ɺ࣌ؒʹ݅഑ୡ͢Δڇೕ԰͞Μʹಉߦ "&0/͕υϥΠϒεϧʔΛ࢝ΊΕ͹ ਅͬઌʹମݧ͠ʹ͍͘ ࣗࣾ෺ྲྀʮλϕΫϧʯʹ௅ઓ͢ΔͨΊ ੜ઱඼ͷௐୡϧʔτΛ։୓

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$PQZSJHIU9 *OD"MMSJHIUSFTFSWFE 9UPQJD #J[%FWΛਐΊΔ্Ͱҙ͍ࣝͯ͠Δ͜ͱ

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$PQZSJHIU9 *OD"MMSJHIUSFTFSWFE Yͳ੒௕Λࢧ͑Δ$PSQ'JOBODF!ࢁా

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$PQZSJHIU9 *OD"MMSJHIUSFTFSWFE 9UPQJD ɾܦࡁ৚݅ͱܖ໿৚݅ͷ߹ҙ͸ɺύʔτφʔͱͷࠓޙͷؔ܎ੑͷॏཁͳ౔୆Ͱ͋ΓPOFXBZυΞ ɾର౳ͳύʔτφʔͱͯ͠ɺ྆ऀ͕ؾ࣋ͪΑ͘த௕ظͷYͳ੒௕Λ໨ࢦͤΔ಺༰Ͱ߹ҙ͢Δ ച্ஹԁͷେاۀͱର౳ͳؔ܎ੑΛ૑Δ ܖ໿ަব͸Y Yʹ֦େͨ͠ະདྷͷ྆ऀͷֆ͔࢟Βͷٯࢉ খചࣄۀऀଆͷ/4རӹ·Ͱඳ͖ɺXJOXJOͳܦࡁ৚݅Λ௥ٻ

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$PQZSJHIU9 *OD"MMSJHIUSFTFSWFE 9UPQJD ɾஹԁͷখച࢈ۀ%9ͱ͍͏ڊେ՝୊ʹର͢ΔඞཁϦιʔε͸େ͖͘ɺ༷ʑͳࢿۚௐୡखஈΛ׆༻ ɾ$BQ5BCMFͷద੾ͳίϯτϩʔϧ͸ɺকདྷͷڊֹௐୡ΍40౳ʹΑΔ༏लਓࡐ֫ಘͷ౔୆ͱͳΔ ࣄۀ੒௕΁޲͚ద੾ʹࢿۚΛௐୡ͢Δ ɾඞཁͳ࣌͸େ୾ʹɺෆཁͳ࣌͸ແବʹௐୡ͠ͳ͍͜ͱ΋࢓ࣄ ɾ࢖͍উख͕ྑ͘ɺϝϦοτͷେ͖͍৴ୗ40੍౓ΛಋೖࡁΈ ɾෆ࣮֬ੑͷߴ͍։ൃɾࣄۀϦεΫ͸ࣗݾࢿຊɺ ΩϟογϡΠϯͷݟ͍͑ͯΔ҆ఆࢿۚ͸ۜߦआೖΛ׆༻ ɾࠓޙܾࡁػೳఏڙޙ͸$$$Λҙࣝ Equity Debt A/P

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$PQZSJHIU9 *OD"MMSJHIUSFTFSWFE 9UPQJD ɾԁͷՁ஋Λཧղͭͭ͠ɺYΛ໨ࢦ͠େ୾ʹ࢖͏ͱ͜Ζ͸࢖͏ɺͱ͍͏όϥϯεײ֮ ɾ؅ཧ͸ඞཁ࠷௿ݶͳ΋ͷ΍খ͍͞͏ͪʹ࢓ֻ͚͓ͯ͘΂͖΋ͷʹGPDVT͍ͯ͠Δ ௐୡͨ͠ࢿۚͷ࢖͍ಓΛ࠷దԽ͢Δ ɾࣄۀن໛͸·ͩখ͍͕ܾ͞ࢉૣظԽ1+Λ্ཱͪ͛Δ ɾܾࢉ͸औҾઌͳͲͱͷ֎෦ґଘੑ͕ߴ͍ϓϩηε ɾ֦େεςʔδͷࠓͦ͜අ༻αΠυͷίϯτϩʔϧΛڧԽ ɾച্αΠυ͸ઌͣ͸ύʔτφʔͷ(.7૿Ճʹίϛοτ

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$PQZSJHIU9 *OD"MMSJHIUSFTFSWFE 5BML4FTTJPO

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$PQZSJHIU9 *OD"MMSJHIUSFTFSWFE 9UPQJD 5BML4FTTJPOɿϦʔυʙܖ໿ʙαΫηε·Ͱ ɾେاۀͱͷΞϥΠΞϯεʹ͓͚Δ૊৫ͷ߈ུํ๏ʢަব૬खͷબఆ / ֤ަব૬ख͝ͱ΁ͷώΞϦϯά಺༰ɾఏҊ಺ ༰ʣ ɾେاۀͷϦʔυ֫ಘํ๏ ɾܖ໿಺༰ͷަবʢελʔτΞοϓଆͰৡΕͳ͍৚߲ΛͲ͏ࢮक͢Δ͔ʣ ɾʮύʔτφʔ͕DXʹຊؾͰ޲͖߹͍ͬͯΔʯ͜ͱ͸ͲͷΑ͏ʹݕূ͍ͯ͠·͔͢ʁ ɾύʔτφʔاۀͷํͱͲͷΑ͏ʹͯ͠ɺങ͍෺Λ͞ΕΔ͓٬͞·ͷཧղʢఆྔఆੑʣ΍ͦΕΛड͚ͨվળΛͲͷΑ ͏ʹߦ͍ͬͯΒͬ͠Ό͍·͔͢ʁಛʹΠγϡʔͷ໨ઢ߹ΘͤΛͲͷΑ͏ʹ͞Ε͍ͯΒͬ͠Ό͍·͔͢ʁ

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$PQZSJHIU9 *OD"MMSJHIUSFTFSWFE 9UPQJD 5BML4FTTJPOɿۀքಛੑʹ͍ͭͯ ɾ৯඼ɾখചۀքͳΒͰ͸ͷେม͞΍ۤ࿑ɺ·ͨ͸໘ന͞΍ັྗͳͲ͕͋Ε͹஌Γ͍ͨ

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$PQZSJHIU9 *OD"MMSJHIUSFTFSWFE 9UPQJD 5BML4FTTJPOɿະདྷʹ͍ͭͯ ɾࠃ಺ͷϚʔέοτ͚ͩͰ΋ڊେͰɺ10XʹٻΊΒΕΔ໾ׂ͸େ͖͍ͱߟ͑Δ͕ɺࠃ֎(άϩʔόϧ)ͷϚʔέοτΛͲ ͏ݟ͍ͯΔ͔ɻਐग़͢Δ͜ͱ͸ɺߟ͍͑ͯΔͷ͔ɻ ɾωοτεʔύʔͷ࣍ͷల։͸ɺͲͷΑ͏ͳࣄۀల։Λߟ͍͑ͯΔͷ͔ɻ ɾ10Xࣾͱͯ͠࡞Γ͍ͨੈքʹର͠ɺͲͷ࣌ظʹ͓͍ͯͲ͏͍͏ঢ়ଶʹͳΔ͜ͱΛ૝ఆ͍ͯ͠Δͷ͔ʁՃ͑ɺ֤νΣο ΫϙΠϯτʹࢸΔ·Ͱʹ͓͚Δ༏ઌ౓ͷߴ͍՝୊͸Կͩͱݱঢ়ԾઆΛஔ͍͍ͯΔͷ͔ʁ

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$PQZSJHIU9 *OD"MMSJHIUSFTFSWFE 9UPQJD 5BML4FTTJPOɿ࠾༻ɾΧϧνϟʔʹ͍ͭͯ ɾϝϯόʔ͸ͲͷΑ͏ͳํʢՁ஋؍ɾΩϟϥΫλʔͳͲʣ͕ଟ͍͔ ɾࣾ಺Ͱ׆༂͍ͯ͠Δํʹڞ௨͍ͯ͠Δ͜ͱ ɾձࣾͷͲ͜ʹऒ͔Εͯೖ͍ࣾͯ͠Δํ͕ଟ͍͔

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$PQZSJHIU9 *OD"MMSJHIUSFTFSWFE $MPTJOH

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$PQZSJHIU9 *OD"MMSJHIUSFTFSWFE 9UPQJD $MPTJOH εϥΠυσβΠϯ࣌ͷجຊϧʔϧ ςϯϓϨʔτͱࣄྫू νϟʔτࣄྫू ͦͷଞͷࣄྫू 8JUIίϩφͷਙେɾάϩʔόϧɾෆՄٯͳӨڹ *:/4ʹ͓͚Δݱঢ়ͷΠγϡʔ ௕ظϚΠϧετϯ 9͔Βͷ͝ఏҊ w ͝ొ࿥͍͍ͨͩͨϝʔϧΞυϨεʹΞϯέʔτΛ͓ૹΓ͠· ͢ͷͰɺ͝ճ౴͓ئ͍͍ͨ͠·͢ʂ

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$PQZSJHIU9 *OD"MMSJHIUSFTFSWFE 9UPQJD ͓ྱ ͝ࢹௌ͋Γ͕ͱ͏͍͟͝·ͨ͠ʂ