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GMO Pepabo, Inc. Tsunematsu Shinya 2016/05/14 ୈ5ճϖύϘςοΫΧϯϑΝϨϯε ϖύϘͷϓϥΠϕʔτΫϥ΢υ
 z/ZBIzͦͷޙ

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ৗদ৳࠸!UONU ٕज़෦Πϯϑϥάϧʔϓ ϓϦϯγύϧΤϯδχΞ ೥݄ೖࣾ ΧϨʔ͕େ޷͖

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ࠓ೔ͷΞδΣϯμ ͦ΋ͦ΋/ZBIͱ͸ܦҢɾഎܠ ར༻࣮੷ɾҠߦࣄྫɺޮՌ ݱঢ়ͷ՝୊ վળɾ৽νϟϨϯδͱݱঢ় ࠓޙʹ͍ͭͯ

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ܦҢɾഎܠ

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/ZBIJT ϖύϘͷϓϥΠϕʔτΫϥ΢υͷίʔυωʔϜ 0QFO4UBDLͰߏங͞ΕͨԾ૝Πϯϑϥج൫ ֤αʔϏεɾ঎ࡐͷαʔόʔ؀ڥͱͯ͠ར༻͢Δɻॱ࣍ Ҡߦத ೥݄ʹߏ૝ɺ݄ΑΓ0QFO4UBDLݕ౼։࢝ ೥݄ΑΓαʔϏεར༻։࢝ ࣾ಺޲͚༻్΍(JU)VC&OUFSQSJTFͳͲͰ͸طʹར༻

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εϥΠυ͜Ε͔ΒͷϖύϘͷٕज़ IUUQTTQFBLFSEFDLDPNLFOUBSPFOHJOFFSJOHJOHNPQFQBCPJOD ୈճϖύϘςοΫΧϯϑΝϨϯεΛ։࠵͠·ͨ͠QCUFDI IUUQCMPHLFOUBSPLPSHFOUSZ

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εϥΠυϙνϙν͢ΔͨΊʹχϟʔχϟʔ͠Α͏ IUUQTXXXZPVUVCFDPNXBUDI W(618.;CP1T6 IUUQXXXTMJEFTIBSFOFUVNF@QCUDCPC

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+6(&.Ͱར༻։࢝ʣ

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ͪΐ͏ͲҰ೥͘Β͍
 ܦͬͨ

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ར༻࣮੷

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ॻ੶8FCαʔϏε։ൃపఈ߈ུ7PM ܧଓత8FCαʔϏεվળ "GUFS5IBU͜Ε͔Β΋ଓ͘
 ʮվળʯ΁ͷͱΓ͘Έ
 มԽͷࢭ·Βͳ͍ࣾձ৘੎ɾٕज़؀ڥ
 ʹΩϟονΞοϓ͢Δ

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Քಇঢ়گ ݱࡏ DPNQVUFOPEF୆ Քಇ7.Πϯελϯε ςφϯτ਺ ؅ཧςφϯτআ͘ ར༻αʔϏε શࣾͷ΄΅શ͕ͯԿΒ͔ͷܗͰ࢖͍ͬͯΔ

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DPNQVUFϊʔυຖͷΠϯελϯε $16΍ϝϞϦΛΦʔόʔίϛοτ͠ͳ͍Α͏ͳӡ༻ ҠߦࡁαʔϏεɾαʔόʔʹτϥϒϧ͕ແ͍Α͏ʹ҆શ ଆʹد͍ͤͯΔ ͱ΋ݴ͑Δ͔ͳʜʁ Πϯελϯεͷ௥Ճ΍αʔϏεͷҠߦ༧ఆ͸߇͍͑ͯΔ ΋ͷͷɺྑ͍ҙຯͰ·ͩ·ͩ༨৒͕͋Δ ࠷దԽͷ༨஍΋͋Δ

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CPUʹΑΔ";ͷϦιʔεϨϙʔτ

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ར༻͍ͯ͠Δɾ͍ͳ͍ओཁίϯϙʔωϯτ /PWB /FVUSPO ,FZTUPOF (MBODF $FJMPNFUFS 4XJGUˠࣾ಺ͷ4ޓ׵αʔϏεͰ͋Δ#BZUΛར༻͍ͯ͠Δ $JOEFSˠޙड़

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"84Ͱͨͱ͑Δͱ 0QFO4UBDL "84 /PWB &$ /FVUSPO &*1 71$ͷ&/* ,FZTUPOF *". (MBODF ".* 4XJGU 4 $JOEFS

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αʔϏεҠߦࣄྫ

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HPPQFKQ ϗʔϜϖʔδ࡞੒αʔϏε খن໛ɺ׌ͭ/ZBI΁׬શҠߦࡁ ΦϯϓϨͰ୆ͷ෺ཧαʔό /ZBI্ʹΠϯελϯε ૿͍͑ͯΔཧ༝͸ޙड़ े෼ʹςετΛߦ্ͬͨͰҰ൩Ͱ੾Γସ͑ ௨শlϏοάόϯϝϯςz

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NJOOFDPN ࠃ಺࠷େͷ$UP$ϋϯυϝΠυϚʔέοτ େن໛׌ͭɺஈ֊తʹ/ZBI΁Ҡߦத *BB4αʔϏεͰΠϯελϯε /ZBI্ʹΠϯελϯε 71/Λுͬͯɺ8ͷΠϯελϯε͔Β !VE[VSB͕ͦͷ͏ͪτʔΫͦ͠͏ͳ༧ײ

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ޮՌ

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εέʔϧΞοϓɾΞ΢τ͕༰қʹͳͬͨ HPPQFͰqBWPSɾ୆਺มߋΛ͠αʔϏε౤ೖ NJOOFͰΠϯελϯεΛ୆ಉ࣌௥Ճ ։ൃϝϯόʔ͕Πϯελϯεىಈ΍ϓϩϏδϣχϯάΛ ߦ͑ΔΑ͏ʹͳͬͨ ΑΓػಈతͳࣄۀల։

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҆ఆͨ͠αʔϏεఏڙ େ͖ͳτϥϒϧ͸ແ͠ શࣾͰར༻͢Δ(JU)VC&OUFSQSJTF΋ϗετ͍ͯ͠Δ 0QFO4UBDLؔ࿈ͷো֐Ͱ͸ͳ͘ɺ෺ཧతͳ)8ނো͕ ͨ·ʹ͋ΔΑ͏ͳΠϝʔδ σΟεΫͷσάϨʔυ ϝϞϦΤϥʔͳͲ .BDLFSFMʹ֤ͯίϯϙʔωϯτ7.ͷϞχλϦϯάΛ ࣮ࢪɾվળ͍ͯ͠Δ

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ίετ࡟ݮ )8΍Ϋϥ΢υαʔϏεͷΠχγϟϧ ϥϯχϯάඅ༻΋ݮͬ ͨ Πϯελϯεͷݟੵ΋Γͷਫ਼ࠪɺద੾ͳεϖοΫͷ४උ͕ߦ͑ΔΑ͏ʹͳͬ ͨ /ZBIͷίετ͸શར༻෼Λ҈෼ IUUQTHJUIVCDPNZBPDMPVELBLJO HPPQFݮ NJOOFݮ ҆ఆ͠Ξϥʔτ౳ͷো֐ରԠ͕ݮͬͨ͜ͱͰɺαʔϏεͷӡ ༻ίετ΋Լ͕ͬͨ

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Πϯελϯεϩʔϧ΁ αʔϏεͷΠϯϑϥ୲౰ऀͱͯ͠ײ͡Δ෭࣍తޮՌ ΠϯελϯεΛͨͯ΍͘͢ͳΓɺ෺ཧαʔόʹ͋Γ͕ͪ ͩͬͨ୆ʹෳ਺ͷ໾ׂΛࡉ͔͘෼ׂग़དྷͨ 8αʔόͱ%#αʔό͕ಉډͩͱ͔ HPPQFͰҠߦલޙͰ୯७ͳαʔόʢΠϯελϯεʣ୆਺ ͕૿͍͑ͯΔཧ༝ ߏ੒؅ཧπʔϧʢ1VQQFU͕ଟ͍ʣͷίʔυͷݟ௨͠΋Α ͘ͳΓ੔ཧ͕ߦ͑ͨ

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՝୊

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େ͖ͭ͘ 0QFO4UBDLͷόʔδϣϯ $JOEFS /FVUSPO

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0QFO4UBDLόʔδϣϯ 0QFO4UBDL)BWBOBͰݹ͍ 0QFO4UBDL͸൒೥͓͖ʹ৽͍͠όʔδϣϯ͕ग़Δ )BWBOB ݱࡏ 
 ˠ*DFIPVTFˠ+VOPˠ,JMPˠ-JCFSUZˠ
 .JUBLB ࠷৽ ֤छίϯϙʔωϯτͷػೳ͕࢖͑ͳ͔ͬͨΓɺετϨʔ δ੡඼ɾιϑτ΢ΣΞͷαϙʔτ֎ͱͳͬͯ͠·͏

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$JOEFS $JOEFSࣗମΛ༗ޮʹར༻ग़དྷ͍ͯͳ͔ͬͨ /PWBͷΠϯελϯεࣗମɺ·ͨ͸ͦΕʹϚ΢ϯτ͢ΔσʔλͷҠ ಈ͕ࠔ೉ DPNQVUFϊʔυͷϩʔΧϧετϨʔδӡ༻ɻੑೳ͕ग़ͳ͘ɺ%# ϩʔϧͳͲ*0ੑೳ͕ඞཁͳ΋ͷ͕/ZBIʹҠߦͰ͖ͳ͍ DPNQVUFϊʔυؒͰͷ༰ྔͷภΓ͕ɺͦͷଞͷϦιʔεʢ$16 ϝ ϞϦ ར༻ͷ࠷దԽͷ๦͛ʹͳΔ ΑΓΫϥ΢υతͳӡ༻ɾ࢖͍উखΛ໨ࢦͨ͢Ίʹ$JOEFSࣗମΛར ༻Մೳʹɺ·ͨͦͷόοΫΤϯυͱͳΔετϨʔδͷબఆ

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/FVUSPO ݱࡏͷ؀ڥ͸ωοτϫʔΫػثͷߏ੒্ɺ/FVUSPOͷػ ೳΛ༗ޮʹ࢖͍੾Ε͍ͯͳ͍ %)$1΍-"HFOU 'MPBUJOH*1͕ར༻ग़དྷ͍ͯͳ͍ ಠࣗ։ൃͷπʔϧͰΧόʔ͍ͯ͠Δ OZBIDMJ QFDIUUQTHJUIVCDPNZBPDMPVEQFD ωοτϫʔΫΛؚΊͨΞʔΩςΫνϟઃܭͷ࠶ߟ͕ඞཁ

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վળɾ৽νϟϨϯδ

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εϥΠυ೥ͷΤϯδχΞϦϯά ࣾ಺ࢿྉʣ

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ࣗࣾͰͷ0QFO4UBDL؀ڥߏங΁ άϧʔϓࣾͷڠྗΛಘͯɺ͙͢ʹಈ࡞SFBEZͳ؀ڥΛಘ Εͨͷ͸ελʔτΛ੾Δͱ͍͏ҙຯͰͱͯ΋Α͔ͬͨ ೥ӡ༻ͯ͠ਐΉϝϯόʔͷ0QFO4UBDL׳Ε ࠓͳΒΠέΔͱ͍͏खԠ͑Λײͨ͡

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εϥΠυϖύϘʹ͓͚Δ0QFO4UBDL)BDLT IUUQTTQFBLFSEFDLDPNQZBNBQFQBCPOJPLFSVPQFOTUBDLIBDLT

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هࣄ3VCZ8BZ0QFO4UBDL IUUQUFDIQFQBCPDPNSVCZXPSMEDPOGFSFODF

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/ZBIDMBTTJD /ZBI ҎԼͷΑ͏ʹݺͼ෼͚ͯ0QFO4UBDLͷόʔδϣϯΞο ϓ ՝୊ͷղܾ΁ਐΊ͍ͯ͘͜ͱʹ طଘ/ZBIDMBTTJD ৽/ZBI ೥݄ΑΓணख

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ͭͷ՝୊ 0QFO4UBDLͷόʔδϣϯ $JOEFS /FVUSPO

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0QFO4UBDLόʔδϣϯ ࠶ܝ 0QFO4UBDL)BWBOBͰݹ͍ 0QFO4UBDL͸೥͓͖ʹ৽͍͠όʔδϣϯ͕ग़Δ )BWBOB ݱࡏ 
 ˠ*DFIPVTFˠ+VOPˠ,JMPˠ-JCFSUZˠ
 .JUBLB ࠷৽ ֤छίϯϙʔωϯτͷػೳ͕࢖͑ͳ͔ͬͨΓɺετϨʔ δ੡඼ɾιϑτ΢ΣΞͷαϙʔτ֎ͱͳͬͯ͠·͏

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0QFO4UBDL.JUBLB )BWBOBˠ.JUBLB΁δϟϯϓΞοϓ ࠷ॳ͸౰࣌ͷ҆ఆ൛ͷ-JCFSUZͷҰͭલɺ,JMPͰྑ͍͔ ͱࢥ͍ͬͯͨ ݁Ռతʹ࠷৽൛͕ར༻ग़དྷΔΑ͏ʹͳͬͨ ֤ίϯϙʔωϯτͷػೳͷվળɾ৽ػೳɺಛʹࠓͷͱ͜ Ζ/FVUSPOͷԸܙ͕େ͖ͦ͏ʹײ͍ͯ͡Δʢޙड़ʣ

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6CVOUV 9FOJBM9FSVT $FOU04ˠ6CVOUV΁δϟϯϓΞοϓ ϖύϘ͸$FOU04ར༻͕ଟ͍ σΟετϦʹͩ͜ΘΓ͸ಛʹແ͔͕ͬͨ0QFO4UBDLͳ Β6CVOUVͱ͍͏Πϝʔδ ݹ͍04Ͱ͸ίϯϙʔωϯτͷػೳ΋LFSOFMଆͰରԠ͕ ͞Ε͍ͯͳ͍৔߹͕͋ΔɺωοτϫʔΫपΓͳͲ 3)&- $FOU04 ͸όοΫϙʔτ΋͋Γͦͷ໰୊͸ͳ͍ͱͷ͜ͱ

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Ͳ͏ࣗલߏங͢Δ͔

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طଘͷӡ༻ ݩͷ؀ڥͰೲ඼͞ΕΔͷ͸ߏஙࡁΈαʔόͷΈ ͻͨ͢ΒͦΕΛߏ੒؅ཧπʔϧͷఆٛʹམͱ͢ w్த*UBNBFˠ$IFGͰมΘͬͨ w౰࣌͸ઃఆ؅ཧ͕ϝΠϯͩͬͨ wࠓͰ͸0QFO4UBDLҰ͕ࣜߏஙՄೳʹͳ͍ͬͯΔ ΋ͪΖΜ4FSWFSTQFDͷςετ΋ॻ͘

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όʔδϣϯΞοϓํ๏ 7BHSBOU؀ڥͰ΋։ൃग़དྷΔΑ͏ʹ͢Δ ͓΋ΉΖʹར༻͢Δ7.ͷΠϝʔδΛม͑Δ w$FOU04͔Β6CVOUV΁ ςετ͕௨Δ·Ͱͻͨ͢Β$IFGͷίʔυͱɺ 0QFO4UBDLίϯϙʔωϯτʢ/PWBͱ͔/FVUSPOͱ ͔ʣͷઃఆϑΝΠϧΛมߋ͢Δ

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ͱͯ΋γϯϓϧʂ

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ϙΠϯτʢۤ࿑ɾ޻෉ͨ͠఺ʣ ౰વ)BWBOB༻ͷઃఆ͕ͦͷ··ಈ͘͸ͣ΋ͳ͘ ݱঢ় ݕূ։࢝Ͱ͸·ͩ6CVOUV͕"MQIBϦϦʔε 7BHSBOUͷCPYΛࣗલͰ४උ IUUQTBUMBTIBTIJDPSQDPNUONUCPYFTYFOJBMBMQIB 6CVOUVͷ$MPVE"SDIJWF΋ແ͍ͷͰͷϦϙδτϦ ͷύοέʔδΛར༻ ݁Ռతʹ.JUBLBΛར༻Մೳʹͳͬͨ

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IUUQTXJLJVCVOUVDPN4FSWFS5FBN$MPVE"SDIJWF

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&EHFͳ૊Έ߹Θͤʹͳͬͯ
 Կ͔ͷཉٻ͕ຬͨ͞ΕΔ

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ͭͷ՝୊ 0QFO4UBDLͷόʔδϣϯ $JOEFS /FVUSPO

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$JOEFS ࠶ܝ $JOEFSࣗମΛ༗ޮʹར༻ग़དྷ͍ͯͳ͔ͬͨ /PWBͷΠϯελϯεࣗମɺ·ͨ͸ͦΕʹϚ΢ϯτ͢ΔσʔλͷҠ ಈ͕ࠔ೉ DPNQVUFϊʔυͷϩʔΧϧετϨʔδӡ༻Ͱੑೳ͕ग़ͳ͘ɺ%#ϩʔ ϧͳͲ*0ੑೳ͕ඞཁͳ΋ͷ͕/ZBIʹҠߦͰ͖ͳ͍ DPNQVUFϊʔυؒͰͷ༰ྔͷภΓ͕ɺͦͷଞͷϦιʔεʢ$16 ϝ ϞϦ ར༻ͷ࠷దԽͷ๦͛ʹͳΔ ΑΓΫϥ΢υతͳӡ༻ɾ࢖͍উखΛ໨ࢦͨ͢Ίʹ$JOEFSࣗମΛར ༻Մೳʹɺ·ͨͦͷόοΫΤϯυͱͳΔετϨʔδͷબఆ

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ετϨʔδબఆ ϖύϘͰ͸ࠓ·ͰετϨʔδͷΞϓϥΠΞϯε΍ιϑτ ΢ΣΞΛར༻ͨ͜͠ͱ͕ແ͔ͬͨ 0QFO4UBDLͷόʔδϣϯΞοϓͷ໨ॲ͕͖ͭɺαϙʔ τ͕͋Δϕϯμ੡඼ͳͲ΋ݕ౼Մೳʹ ෼ࢄετϨʔδ΋ؚΊݕ౼Λ։࢝ ೥݄͔Βॱ࣍

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ετϨʔδબఆ೉͍͠ʜ ࣗ෼͕ͨͪͲ͏࢖͍͍͔ͨɺཁ݅ͷ੔ཧΛ͠ͳ͍ͱ͍͚ ͳ͍ ར༻༻్ ༰ྔ *0ੑೳ ίετ

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αʔϏε͔ΒώΞϦϯά ར༻༻్ %#αʔόͷσʔλ ϝʔϧͷεϓʔϧσʔλ ༰ྔɾ*0ੑೳ ༰ྔࢥͬͨ΄Ͳ͸େ͖͘ແ͔ͬͨ *0ੑೳҰ൪େ͖ͳαʔϏεͷ%#ͷϝτϦΫε͔Βࢉग़ ίετ ͱ͍͏͔༧ࢉ ϕϯμ͞Μʹ࿩Λ͢Δͱͪΐͬͱ͍ۤإΛ͞ΕͨΓʜ

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ݱঢ় ๭ϕϯμΞϓϥΠΞϯεͱͷ0QFO4UBDLͭͳ͗ࠐΈΛ ݕূத !QCNBTBLJઈࢍؤுΓத $JOEFS࿈ܞͳͲجຊతͳ෦෼͸ΫϦΞͰ͖͍ͯͯҾ͖ଓ ͖ӡ༻पΓ ϘϦϡʔϜͷTOBQTIPU 2P4 ·ͩࣾͳͷͰઌ͸௕͍ʜ

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ͭͷ՝୊ 0QFO4UBDLͷόʔδϣϯ $JOEFS /FVUSPO

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/FVUSPO ࠶ܝ ݱࡏͷ؀ڥ͸ωοτϫʔΫػثͷߏ੒্/FVUSPOͷػೳ Λ༗ޮʹ࢖͍੾Ε͍ͯͳ͍ %)$1΍-"HFOU 'MPBUJOH*1͕ར༻ग़དྷ͍ͯͳ͍ ಠࣗ։ൃͷπʔϧͰΧόʔ͍ͯ͠Δ OZBIDMJ QFDIUUQTHJUIVCDPNZBPDMPVEQFD ωοτϫʔΫΛؚΊͨΞʔΩςΫνϟઃܭͷ࠶ߟ͕ඞཁ

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/FVUSPO /ZBIDMBTTJDͷ-͸)8ͰϧʔςΟϯάΛߦ͍ͬͯͨ )BWBOBͷ/FVUSPOʹෆ͕҆͋ͬͯͷͦͷߏ੒ͩͬͨͷ͔΋͠Εͳ͍ ϝϦοτωοτϫʔΫͷύϑΥʔϚϯεతͳ໰୊͸ग़ͳ͔ͬͨ σϝϦοτ݁Ռ%)$1͕࢖͑ͳ͔ͬͨ %)$1͸໪࿦͕ͩɺ/FVUSPOͰύϑΥʔϚϯε΍৑௕ੑ ΋֬อ͢Δ࠷ۙͷ΍Γํ͸ʜ

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%73 %JTUSJCVUFE7JSUVBM3PVUFS +VOP͔Βಋೖ͞Εͨ074ϓϥάΠϯͷ৽ػೳ ʮԾ૝ϧʔλʔͷίϐʔΛશͯͷίϯϐϡʔτϊʔυʹ ഑ஔ͢Δʯ .JUBLB͔Β4/"5)"ߏ੒͕औΕΔΑ͏ʹͳͬͨ IUUQEPDTPQFOTUBDLPSHNJUBLBOFUXPSLJOHHVJEFBEW DPOpHEWSIBTOBUIUNM

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%73 SFGIUUQTXXXTDIPPMDUDHDPKQDPMVNOTOBLBJOBLBJIUNM

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4/"5)" -JCFSUZҎલͷ%73ߏ੒͸4/"5Λߦ͏৔߹ɺ/FVUSPO ͷ-"HFOU͕γϯάϧϙΠϯτͱͳΔ͜ͱ͕ආ͚ΒΕ ͳ͔ͬͨ

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4/"5)" DPNQVUF WN WN͸ϩʔΧϧΞυϨεͷΈอ࣋ ϓϩδΣΫτ/8ϧʔλʔ QVCMJDϙʔτΛอ࣋ OFVUSPO 4/"5ϧʔλʔ 5P 'SPN ͜ͷߏ੒ͷ৔߹ɺWN͕ʹ QJOHΛଧͭͱɺ࣮ࡍʹ͸ɺͷ ΞυϨεͰɺOFVUSPOͰ4/"5͞Εͯ Πϯλʔωοτʹύέοτ͕ૹ৴͞ΕΔɻ ͜ͷέʔεͰ4/"5ϧʔλʔΛ৑௕͢Δ ͜ͱ͕ग़དྷͳ͔ͬͨ *1ߏ੒ ɹ7. ɹϓϩδΣΫτ38 JOUFSOBM HMPCBM

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4/"5)" DPNQVUF WN OFVUSPO OFVUSPO LFFQBMJWFE .JUBLBҎ߱͸OFVUSPOΛ৑௕Խ͢Δ͜ͱͰɺ 4/"5ϧʔλʔΛ෼ࢄ഑ஔ͠ LFFQBMJWFEͰ৑௕Խ͢Δ͜ͱ͕ग़དྷΔΑ͏ʹͳͬͨ

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ݱঢ় ೥݄͔Βݕূ։࢝ !QZBNBઈࢍؤுΓத ʜͱࢥ͍͚ͬͯͨͲݕূ͸ࡁΜͰ৽نϥοΫηοτͷೲ ඼଴ͪ (8தʹ/FVUSPOͷؾ࣋ͪʹͳͬͨͱͷ͜ͱ

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ࠓޙʹ͍ͭͯ

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৽/ZBIϦϦʔε༧ఆ ωοτϫʔΫߏ੒ͷ໨ॲ͕ܦͬͨͷͰ௥ՃϥοΫ෼͔Β ϦϦʔε͢Δ /ZBIDMBTTJDݕূ࣌ͱಉ༷ɺ(JU)VC&OUFSQSJTF͔Β Քಇͤ͞Δ ݄தʹʂϗϯτ͸͜͜·Ͱ΍ͬͯࠓ೔ʹྟΈ͔ͨͬͨʂ $JOEFSͱετϨʔδͷಋೖ͸௥ͬͯʜ

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͞Βʹ΍Γ͍ͨ͜ͱ
 ʢߏ૝ʣ

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$JOEFSNVMUJCBDLFOET ༻్΍ඞཁͳύϑΥʔϚϯεͰ$JOEFSͷόοΫΤϯυΛ ม͑Δ ྫ 
 ύϑΥʔϚϯε̋ ༰ྔ✕ϕϯμ੡඼
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0QFO4UBDLػೳͷ໢ཏతͳςετ ࠓޙ΋0QFO4UBDLͷόʔδϣϯΞοϓ͕ఆظతʹඞཁ ʹͳΔ ػೳΛԣஅతʹѻ͏Α͏ͳςετΛ࣮ߦ͍ͨ͠ 0QFO4UBDLQSPWJEFSΛ࢖ͬͨ5FSSBGPSNͰͷΦϖϨʔ γϣϯ͕ߦ͑Ε͹0,ɺͱ͍͏ͷͰ΋࠷ॳ͸ྑ͍͔΋

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΍Γ͍ͨ͜ͱ͕୔ࢁ͋Δʜʂ

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஥ؒΛื͍ͬͯ·͢ Ϋϥ΢υΞʔΩςΫνϟ্Ͱӡ༻͞Ε͍ͯΔαʔϏεΛ ࠓ෩ʹվળ͍͖͍ͯͨ͠ 0QFO4UBDLࣗମͷӡ༻ɺվળΛ͍͖͍ͯͨ͠ 4%/ 4%4 4PGUXBSF%FpOFE/FUXPSL 4UPSBHF Λ΍͍͖͍ͬͯͨ

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ϖύϥϯνϣϯ͔Β͓ؾܰʹͲ͏ͧʂ IUUQTQFQBCPDPNSFDSVJUQFQBMVODIFPO