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೔ຊܦࡁ৽ฉࣾσδλϧਓࡐ࠾༻Ҋ಺

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ࢲͨͪ͸ྺ࢙ͱ఻౷ʹཪଧͪ͞Εͨਖ਼֬ͳใಓͱɺ࣌୅ʹଈԠ͠ ͨ৽ͨͳίϛϡχέʔγϣϯͷ͋ΓํΛ௥͍ٻΊ͍ͯ·͢ɻ ςΫϊϩδʔŋϝσΟΞΛ໨ࢦ͢೔ܦ͸๛͔͞ΛٻΊΔ͓٬͞· ͷͨΊʹՁ஋͋Δ৘ใΛఏڙ͠·͢ɻ৽ฉࣄۀΛग़ൃ఺ͱ͠ͳ͕ ΒŊň೔ܦిࢠ൛ʼnΛ͸͡Ίͱͨ͠σδλϧϝσΟΞ΍σʔλϕʔε ͳͲ༷ʑͳ৘ใαʔϏεͷ։ൃʹ࠷৽ͷٕज़Λ׆༻͍ͯ͠·͢ɻ 2

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ձ໊ࣾ גࣜձࣾ೔ຊܦࡁ৽ฉࣾ ୅දऀ ୅දऔక໾ࣾ௕ɹ௕୩෦߶ ࢿຊۚ ԯԁ ࣾһ਺ ਓʢ೥݄຤ʣ ࣄۀ಺༰ ৽ฉΛத֩ͱ͢Δࣄۀ࣋ͪגձࣾɻࡶ ࢽɺॻ੶ɺిࢠϝσΟΞɺσʔλϕʔε αʔϏεɺ଎ใɺి೾ɺө૾ɺܦࡁɾจ ԽࣄۀͳͲΛల։ ૑ץ ೥ʢ໌࣏೥ʣ݄೔ 3

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χϡʔε ೔ܦ࢈ۀ৽ฉ ग़൛ ์ૹ ϝσΟΞϏδωε จԽࣄۀ ڭҭࣄۀ ΠϯσοΫεࣄۀ σʔλϕʔε 4

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σδλϧ෼໺ Ͱͷ੒௕ΛՃ ଎͢ΔͨΊͷ ग़ࢿŋఏܞ OPUFגࣜձࣾ OPUF DBLFTͷӡӦ גࣜձࣾ7JJCBS ಈըɺσδλϧ޿ࠂ੍࡞ גࣜձࣾ'JOBUFYU ۚ༥৘ใαʔϏε Ξελϛϡʔθגࣜձࣾ ஌ࡒ%#ŋ4BB4։ൃ #FJKJOH1JOYJO.FEJB$VMUVSF$P -UE தࠃςοΫɾελʔτΞοϓઐ໳ϝσΟΞ %$'SPOUJFST1UF-UE γϯΨϙʔϧͷ"*ٕज़։ൃϕϯνϟʔ 5

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σδλϧ෼໺ Ͱͷ੒௕ΛՃ ଎͢ΔͨΊͷ ग़ࢿŋఏܞ גࣜձࣾݴޠཧղݚڀॴ ࣗવݴޠॲཧɺػցֶशͳͲͷݚڀ։ൃ גࣜձࣾϛϯΧϒɾδɾΠϯϑΥϊΠυ .*/,"#6ɺ,BCVUBOͷӡӦ ΠϕϯτϨδετגࣜձࣾ ΠϕϯτϓϥοτϑΥʔϜʮ&WFOU3FHJTUʯͷӡӦ 6

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Ԋֵ த֎෺Ձ৽ใ૑ץ ೔ץʢ೔ɾॕͷཌ೔ٳץʣͱͳΔ த֎঎ۀ৽ใʹվ୊ ೔ץ޻ۀɺܦࡁ࣌ࣄ྆ࢴͱ߹ซ͠ɺ 
 ೔ຊ࢈ۀܦࡁͱվ୊ ໊ࣾΛ೔ຊܦࡁ৽ฉࣾʹɺ 
 ୊߸Λ೔ຊܦࡁ৽ฉʹվΊΔ ʮࢲͷཤྺॻʯ࿈ࡌ։࢝ ೔ܦϚάϩ΢ώϧࣾʢݱ೔ܦ#1ʣઃཱ 
 ೔ܦϏδωεൃץ 
 ςϨϏ౦ژͷલ਎౦ژνϟϯωϧͷܦ ӦҾ͖ड͚ ೔ܦྲྀ௨৽ฉ૑ץ 
 ࢢگ৘ใηϯλʔʢݱ26*$,ʣઃཱ શࣗಈ৽ฉฤू੡࡞γεςϜ 
 "//&$4஀ੜ ೔ܦ࢈ۀ৽ฉ૑ץ ೔ܦμ΢ฏۉʢݱ೔ܦฏۉʣגՁɺൃද ։࢝ ೔ܦςϨίϯఏڙ։࢝ /*,,&*/&5։ઃ ೔ຊܦࡁ৽ฉిࢠ൛Λ૑ץ ӳจഔମ/JLLFJ"TJBO3FWJFX 
 ݱ/JLLFJ"TJB ૑ץ ӳϑΟφϯγϟϧɾλΠϜζ '5 Λ೔ܦ άϧʔϓࡿԼʹ ۙ೥͸σδλϧ෼ ໺ʹ஫ྗ 7

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ഔମผ޿ࠂඅ 
 ʢԯԁʣ Ϛείϛഔମ޿ࠂඅ ৽ฉ ࡶࢽ ϥδΦ ςϨϏϝσΟΞ Πϯλʔωοτ޿ࠂඅ ి௨೥೔ຊͷ޿ࠂඅʢԯԁʣIUUQTEFOUTVIPDPNBSUJDMFT Πϯλʔωοτ޿ࠂඅ͕೥࿈ଓܻ̎੒௕ 
 ςϨϏϝσΟΞΛ্ճΔ 8

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αϒεΫϦϓ γϣϯʢఆظ ߪೖʣ .D,JOTFZ$PNQBOZ5IJOLJOHJOTJEFUIFTVCTDSJQUJPOCPY/FXSFTFBSDIPOFDPNNFSDFDPOTVNFST 
 IUUQTXXXNDLJOTFZDPNJOEVTUSJFTUFDIOPMPHZNFEJBBOEUFMFDPNNVOJDBUJPOTPVSJOTJHIUTUIJOLJOHJOTJEFUIFTVCTDSJQUJPOCPYOFXSFTFBSDIPO FDPNNFSDFDPOTVNFST ΞϝϦΧͷΦϯϥΠϯγϣοϐϯάར༻ऀͷ͏ͪɺ ͕ϝσΟΞͷఆظߪೖΛར༻ 9

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ࠃ಺4BB4ࢢ ৔੒௕༧ଌ #09*-4BB4ۀքϨϙʔτIUUQTMQCPYJMKQTBBTSFQPSU 4BB4ࢢ৔͸೥ฏۉ੒௕ɺ ೥ʹ͸ஹ ԯԁ 10

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೔ܦిࢠ൛

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w ܦࡁ෼໺ͷχϡʔεΛத৺ʹɺ8FCαΠτɺ εϚϗΞϓϦͰ഑৴ w ৽ฉʹࡌ͍ͬͯͳ͍هࣄ΍ɺ.Zχϡʔεɺ "*ਪનͳͲͷύʔιφϥΠζػೳΛఏڙ w ৽ฉͷϨΠΞ΢τͰಡΊΔࢴ໘ϏϡʔΞʔΛ ఏڙ w ಡऀͷ͕ۈ຿ઌͰͷ໾৬ऀɻ 
 ฏۉੈଳ೥ऩ͸ສԁ˞ ೔ܦిࢠ൛ ༗ྉձһ਺͸ສਓ˞ ˞೥݄೔࣌఺ ˞೥݄࣮ࢪͷௐࠪʹجͮ͘IUUQTNBSLFUJOHOJLLFJDPKQNFEJBXFCBVEJFODF 12

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J04"OESPJEΞϓϦ 13

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8FCαΠτXXXOJLLFJDPN 14

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ిࢠ൛༗ྉߪ ಡऀͷਪҠ ೔ܦిࢠ൛༗ྉձһ਺ʢਓʣͷਪҠ ೥݄ͷ૑ץҎདྷɺॱௐͳ੒௕Λܧଓ 0 200000 400000 600000 800000 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 15

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,1*πϦʔͱ ࢪࡦޮՌ ɾ,1*πϦʔͷࠜຊ͸ࣄۀՁ஋ ɾ֤֊૚ɾཁૉʹҼ਺෼ղ ɾ֤νʔϜ͸ࢪࡦʹूத ݱ৔ͷࢪࡦͷࣄۀߩݙ͕໌֬ ࣄۀՁ஋ (LTV) ܧଓ݄਺ F V ๚໰ස౓ ফඅهࣄຊ਺ ղ໿཈ࢭ Net ARPPU ηοτ঎඼୯Ձ ηοτ঎඼ߪೖ਺ ൢചख਺ྉ ೔ܦIDܾࡁൺ཰ ిࢠ൛ϓϥϯൺ཰ ՝ۚऀ਺ MAU ৽نདྷ๚ऀ ࠶དྷ๚ऀ ແྉτϥΠΞϧਃ ࠐ ॳճ՝ۚ཰ ՝ۚ཰ 16

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ॏ఺ྖҬ σδλϧਓࡐ ͷ׆༂͕ظ଴ ͞ΕΔ۩ମྫ ॏ఺ྖҬ ۩ମྫ ߩݙͷछྨ ೔ܦిࢠ൛ 
 ࣄۀՁ஋޲্ ༗ྉձһ֫ಘ ୹ظɾ1- ղ໿཰௿ݮ ୹ʙ௕ظɾ1- σδλϧδϟʔφϦζϜ த௕ظɾϒϥϯυ Πϯϑϥɾ ։ൃޮ཰ Մ༻ੑ த௕ظɾٕज़ࢿ࢈ ηΩϡϦςΟ த௕ظɾٕज़ࢿ࢈ "1*੔උ ୹ʙ௕ظɾٕज़ࢿ࢈ ٕज़ࢿ࢈ͷ ׆༻ ٕज़ࢿ࢈ͷఆྔධՁ த௕ظɾ಺෦؅ཧ ڞ௨Խ த௕ظɾ಺෦؅ཧ υΩϡϝϯτԽ ୹ظɾٕज़ࢿ࢈ σʔλ΍"*Ͱ ৽نࣄۀ։ൃ কདྷऩӹͷ༧ଌ த௕ظɾ಺෦؅ཧ ࣗಈਪનϞσϧͷݚڀ த௕ظɾٕज़ࢿ࢈ ৘ใऩू΍੔ཧͷࣗಈԽ த௕ظɾ1- طଘࣄۀ%9 σʔλΤϯδχΞϦϯά த௕ظɾٕज़ࢿ࢈ ՝ۚɾೝূج൫ ୹ʙ௕ظɾٕज़ࢿ࢈ σʔλ෼ੳج൫ த௕ظɾٕज़ࢿ࢈ 17

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νʔϜߏ੒ 
 ໨తͱ৬ೳͷ ϚτϦΫε $POWFSTJPO 0OCPBSEJOH 3FUFOUJPO 43& ˔˔˔ ˔˔˔ ΞϓϦ ̋ ̋ ̋ "1* ̋ Πϯϑϥ ̋ ̋ ̋ 8FC ̋ ̋ ̋ ໨త ৬ೳ 18

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৽ଔŊࣾձਓ࠾༻ͷׂ߹͸΄Ͳ ΤϯδχΞɺσβΠφʔͳͲ૯੎໊͘Β͍ ΄͔ &OHJOFFS 3FTFBSDIFS &OHJOFFS &OHJOFFS &OHJOFFS &OHJOFFS %FTJHOFS &OHJOFFS &OHJOFFS %FTJHOFS &OHJOFFS %BUB4DJFOUJTU &OHJOFFS &OHJOFFS &OHJOFFS &OHJOFFS &OHJOFFS &OHJOFFS %FTJHOFS &OHJOFFS &OHJOFFS "SU%JSFDUPS &OHJOFFS &OHJOFFS 19

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νʔϜ͝ͱͷۀ຿಺༰ʹ͍ͭͯ͸࠾༻αΠτΛ͝ཡ͍ͩ͘͞ 
 IUUQTIBDLOJLLFJDPNKPCT 20

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೔ܦςϨίϯ ೔ܦిࢠ൛ ೔ຊܦࡁ৽ฉ 8BWF -JTTO /JLLFJ"TJB ೔ܦ"3 ೔ܦ73 21

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$%/ .JDSPTFSWJDFT #BDLFOET "1* 
 (BUFXBZ #'' #''GPS 
 /JLLFJ"QQ "DDPVOU .Z/FXT 4FBSDI 1BZNFOU .BJM 1BQFS 
 *NBHF %BUB "ET /PUJ fi DBUJPO w w w w w w $.4 w w w #'' #''GPS 
 8BWF"QQ #''T J04"OESPJE J04"OESPJE 8FC 22

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ࣄྫ8FCΤ ϯδχΞ 8FC൛ϦχϡʔΞϧ͸(PPHMF*0Ͱࣄྫͱͯ͠঺հ͞Εͨ IUUQTEFWFMPQFSTHPPHMFDPNXFCTIPXDBTFOJLLFJ IMKB ೥݄ʹ৽͍͠J04ࢴ໘ϏϡʔΞʔΞϓϦΛެ։ ɹ4XJGUͰϑϧεΫϥονɺ0CKFDUJWF$͔Β୤٫ ɹαʔόʔϨεΞʔΩςΫνϟར༻ͷόοΫΤϯυ ೥݄ʹϦχϡʔΞϧͨ͠8FC൛Λެ։ 
 ɹ18"Λ࣮૷ɺ௒ߴ଎ͳ8FCϖʔδ ɹ'BTUMZಋೖͷΞʔϦʔΞμϓλʔʹ ೥݄ʹ৽͍͠J04ిࢠ൛ΞϓϦΛެ։ 
 ɹ4XJGUͰશॻ͖׵͑ɺ0CKFDUJWF$͔Β୤٫ ೥݄(PPHMF1MBZɺ೥݄"QQ4UPSFܾࡁ։࢝ 
 ɹ"QQ͔Βͷ༗ྉձһߪಡ͕૿Ճ ೥݄৽ΞϓϦ/JLLFJ8BWFެ։ 
 ɹ৽͍͠6*ɺٕज़ 4XJGU6*H31$'MVUUFSͳͲ ͷݕূ LTϕʔεͷ৽ج൫Λ։ൃ 
 ɹ(,&্ʹߏஙͨ͠৽ج൫ͰՔಇத 
 ɹޮ཰తͳϦϦʔεɺσϓϩΠΛ࣮ݱ 23

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ࣄྫσʔλ αΠΤϯε ܾࢉ୹৴͔Βͷهࣄࣗಈੜ੒ ػցֶशΛ༻͍ͨ೔ܦిࢠ൛1SPͷ Ϣʔβ෼ੳ ň,BHHMF%BZT5PLZPʯͰͷίϯϖ։ ࠵ "*Ξφ͕ಡΉχϡʔε ڧԽֶशΛ༻͍ͨ৽ฉهࣄͷݟग़͠ͷ બ୒ ػցֶशΛ༻͍ͨχϡʔεಡऀͷ೥ྸ ਪఆ ֦ுݱ࣮Ͱ৽ฉͷ৘ใΛ޿͛ΔΞϓϦ ʮ೔ܦ"3ʯ ಈը΁ͷࣗಈλά෇͚ هࣄͷ೔ӳࣗಈ຋༁αʔϏε ňըՈ͕ݟͨ෩ܠΛ࠶ݱ͢Δʯ73ٕज़ ޡΓจͷࣗಈੜ੒ʹΑΔهࣄߍਖ਼ࢧԉ γεςϜͷ։ൃ 24

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ର֎ൃදΛਪ঑ ֤छษڧձͰࣾһ͕ొஃɻ೔ܦిࢠ൛ͱͯ͠ίϛϡχςΟࢧԉʢεϙϯαʔυʣ 0UFNBDIJBQL 0UFNBDIJTXJGU 0UFNBDIJ'JSFCBTF ࣗࣾ։࠵ ొஃ %FWFMPQFST 
 4VNNJU 4DJ1Z+BQBO +"84%BZT ňશࠃ౷ҰϓϩάϥϛϯάԦʼn 25

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σʔλαΠΤ ϯεͷίϯϖ ΋ IUUQTXXXLBHHMFDPNDLBHHMFEBZTUPLZP ೔ܦిࢠ൛ͷهࣄɾߦಈσʔλΛ༻͍ͯɺϢʔβͷଐੑΛਪఆ ։࠵ͰಘΒΕͨ஌ݟ͸࣮຿Ͱ׆༻͠ɺ࿦จԽ΋ ,BHHMF%BZT5PLZPΛ։࠵ɻσʔληοτఏڙ 26

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։ൃ؀ڥŋ׆ಈࢧԉ ΦϑΟε؀ڥ ࠷৽ŋ࠷ߴ࢓༷ͷ.BD#PPL1SP ,,σΟεϓϨΠ ΦΧϜϥ੡νΣΞ ঢ߱ࣜσεΫŋूதεϖʔε ΦϯϥΠϯձٞ༻๷Իݸࣨ શࣾһର৅ͷࡏ୐ۈ຿੍౓ େखொӺ௚݁ࣗࣾϏϧ εΩϧΞοϓ ॻ੶ߪೖඅ༻ෛ୲ 6EFNZGPS#VTJOFTTར༻Մೳ ࣾ಺ษڧձŋྠಡձ ࣾ֎ݚमडߨඅ༻ෛ୲ ࣾ֎ษڧձŋݚमࢀՃඅ༻ෛ୲ ࣾ֎Πϕϯτ΁ͷεϙϯαʔυ ւ֎Πϕϯτ೿ݣɺޠֶݚम ࣾ಺ઃඋ ਍ྍॴ δϜϚοαʔδϧʔϜ ίϯϏχ ۜߦ"5. γϟϫʔࣨ ࣾһ৯ಊ શؗ8J'J 29

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ࣾ಺ςοΫΧϯϑΝϨϯε IUUQTIBDLOJLLFJDPNCMPHFOHJOFSPPN ࣾ಺ςοΫΧϯϑΝϨϯεʮ&OHJOF3PPNʯΛ։࠵͠·ͨ͠ w ೔ܦͷΤϯδχΞνʔϜ͕༷ʑͳςʔϚ Πϯϑ ϥɾΞϓϦɾػցֶशɾνʔϜϏϧσΟϯάͳͲ Ͱɺ೔ࠒͷऔΓ૊ΈΛൃද͋͠͏ w ࠓճ͸νʔϜ͕ൃදɻ૯੎໊ۙ͘ͷࣾ һ͕ࢀՃ w ̎೔ؒʹΘͨͬͯΦϯϥΠϯͰ࣮ࢪ w ࢀՃऀ౤ථͰϕετεϐʔΧʔ৆΋ 044ίϛϡχςΟͷจԽΛࣾ಺૊৫Ͱ΋࣮ફͯ͠ɺαΠϩԽΛଧഁ͍ͯ͘͠ 30

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೔ܦͷσδλ ϧࣄۀͰಇ͘ ্Ͱخ͍͜͠ ͱ͸ʁ ن໛ͷେ͖͍αʔϏε ʹܞΘΕΔ ใಓػؔΛࢧ͑Δ 
 ࢖໋ײ ւ֎ΧϯϑΝϨϯε΁ ͷࢀՃͰ͖Δ ٕज़બఆʹ͓͚Δࡋྔ ͕େ͖͍ ར༻Ϣʔβʔ͕ۙ͘ʹ ͍ͯ൓ԠΛฉ͚Δ ग़ு΍ݚमʹ݁ߏߦ͔ ͤͯ΋Β͑Δʢࣾһڭ ҭ΁ͷ౤ࢿʣ ࠷ߴεϖοΫͷ։ൃϚ γϯͰετϨεͷͳ͍ ։ൃ͕Ͱ͖Δ ༏लͳΤϯδχΞͱಇ ͚Δ बۀ͕࣌ؒॊೈ ͳͲ 31

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෱རްੜɺ֤ छख౰ ࣌ؒ֎ख౰ Έͳ͠࿑ಇ੍͕࣌ؒ࠾༻͞Ε͓ͯΓɺ৬৔͝ͱʹܾ·ͬͨఆֹ͕ຖ݄ࢧ څ͞Ε·͢ɻ ॅډඅิॿ ֹ݄ສԁʢࣾ༗ࣾ୐ɺआ্ࣾ୐ɺࢧہ௕ॅ୐ͷೖډऀٴͼɺւ ֎ۈ຿ऀΛআ͍ͨਓશһʹࢧڅ͞Ε·͢ʣ ॅډඅิॿ஍ҬՃࢉ ॅډඅิॿର৅ऀͰɺ౦ژͱେࡕʹۈ຿͢Δਓશһʹࢧڅ͞Ε·͢ɻ౦ ژʹۈ຿ͷ৔߹ɺֹ݄ԁɺେࡕʹۈ຿ͷ৔߹ɺֹ݄ԁ ॅډඅิॿ௞ିՃࢉ ௞ି෺݅ೖډऀʹֹ݄ ԁ ࢠख౰ ࢠ̍ਓʹֹ͖݄ͭສ ԁ ڭҭख౰ ຬࡀʹୡ͠ɺ༮ஓԂɾอҭԂɾখֶߍʹ௨͏ࢠਓʹֹ͖݄ͭສ ԁɻதֶߍɾߴߍɾߴઐɾେֶʢ୹େɺେֶӃؚΉʣʹ௨͏ࢠ ਓʹֹ͖݄ͭສ ԁ 32

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෱རްੜɺ֤ छख౰ ৆༩ Նقɾౙق ௨ۈඅ શֹࢧڅ ୀ৬ۚɾاۀ೥ۚ ୀ৬Ұ࣌ۚͷ΄͔ɺ֬ఆڅ෇اۀ೥ۚʢ೔ຊܦࡁ৽ฉاۀ೥ۚجۚʣ ͕͋Γɺۈଓ೥਺ͳͲҰఆͷཁ݅Λຬͨͨ͠৔߹ɺࡀҎ߱ʹ೥ۚͱ ͯ͠ड͚औΔ͜ͱ͕Ͱ͖·͢ɻ·ͨɺر๬ऀΛର৅ʹຖ݄ͷڅ༩͔Βੵ ΈཱͯΔ֬ఆڌग़೥ۚ΋͋Γ·͢ɻ ۈ຿࣌ؒ ৬छɺ৬৔ʹΑͬͯۈ຿ܗଶɺ࣌ؒ͸ҟͳΓ·͕͢ɺॴఆͷۈ຿࣌ؒ͸ ೔࣌ؒ෼ʢٳܜؚ࣌ؒΉʣɻ·ͨϩʔςʔγϣϯʹΑΓ໷ۈ͕ ͋Δ৬৔΋͋Γ·͢ɻ ٳ೔ɾٳՋ ٳ೔͸೥ؒ೔ʢͦͷ΄͔ɺ೥࣍༗څٳՋ͸݄ೖࣾ࣌ʹ೔ʣɻ݁ ࠗٳՋʢ೔ʣɺհޢٳՋɺسҾٳՋɺӬ೥ۈଓऀҚ࿑ٳՋʢ೥͝ ͱɻ೔ʙ೔ʣͳͲͷಛผٳՋ͕͋Γ·͢ɻ ࡒ࢈ܗ੒ʗ༥ࢿ ࡒܗஷ஝੍౓ͷ΄͔ɺॅ୐༥ࢿ੍౓΋ར༻Մೳɻ 33

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ΧδϡΞϧ 
 ໘ஊ ໘઀ ॴଐάϧʔϓ௕ ໘઀ ਓࣄ෦໳ 
 ୲౰ऀ ࠷ऴ໘઀ ॴଐϢχοτ௕ 
 ໾һ ॻྨબߟ ٕज़໘઀ ॴଐνʔϜ ΤϯδχΞ ৬຿ܦྺॻͷهೖ ओʹٕज़తͳ಺༰ ࣄલʹٕज़՝୊Λఏग़͠ ͍͖ͯͨͩ·͢ աڈͷ͝ܦݧ΍ɺࢤ๬ཧ༝ͳͲɺ͞·͟·ͳ͓࿩ ·ͣ͸ؾܰʹ͓࿩ ࠾༻ϑϩʔ ˞ॱং͸લޙ͢Δ͜ͱ͕͋Γ·͢ ͔݄̍લޙ ٕज़తͳ಺༰΍ 
 ΩϟϦΞͷల๬ͳͲ 34

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࠾༻αΠτ )BDLUIF/JLLFJͰݕࡧ