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ג ࣜ ձ ࣾ - B O H ձࣾ঺հࢿྉ ࠾༻޲͚ +BOVBSZ +VOF

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*/%&9 ձࣾ ֓ཁ ࣄۀ ಺༰ ૊৫ Ձ஋ ؍ ಇ͘ ؀ڥ ձࣾ ͷࠓ ޙʹͭ ͍ͯ స৬ Λ͝ ݕ౼͍ ͨͩ ͚Δํ΁

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3 ձࣾ֓ཁ • ձ ࣾ ֓ ཁ • . J T T J P O • ά ϩ ʔ ό ϧ α ʔ Ϗ ε Λ ࡞ Δ ձ ࣾ • ୅ ද ͷ ͝ ঺ հ • Ԋ ֵ

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4 $PQZSJHIU $ -BOH *OD-*'& */$"MM3JHIUT3FTFSWFE • ձ໊ࣾ גࣜձࣾ-BOHʢϥϯήΤτʣ • ୅දऀ ୅දऔక໾ ت ༸༸ʢ͖ Α͏Α͏ʣ • ૑ۀ ೥݄೔ • ࢿຊۚ ඦສԁʢ೥݄຤࣌఺ʣ • ॴࡏ஍ ౦ژ౎ौ୩۠ܙൺणҰஸ໨൪߸ 7035ܙൺणᶙ֊ • ࣄۀ಺༰ )J/BUJWFͷاըɾ։ൃɾӡӦ ౰ࣾجૅ৘ใ ओͳגओ ձࣾ֓ཁ

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5 $PQZSJHIU $ -BOH *OD-*'& */$"MM3JHIUT3FTFSWFE $PQZSJHIU $ -BOH *OD-*'& */$"MM3JHIUT3FTFSWFE ੈքதͷωΠςΟϒεϐʔΧʔͷ ஌ͱܦݧͷڞ༗ 7JTJPO 5

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6 $PQZSJHIU $ -BOH *OD-*'& */$"MM3JHIUT3FTFSWFE Ҡಈ ॓ധ ݴޠͱจԽ άϩʔόϧαʔϏεΛ࡞Δձࣾ $PQZSJHIU $ -BOH *OD-*'& */$"MM3JHIUT3FTFSWFE 6CFS΍"JSCOCͷΑ͏ʹ άϩʔόϧͰར༻͞ΕΔαʔϏεΛ໨ࢦ͍ͯ͠ΔձࣾͰ͢ɻ 6

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7 $PQZSJHIU $ -BOH *OD-*'& */$"MM3JHIUT3FTFSWFE ୅දͷ͝঺հ ت ༸༸ʛ9J:BOHZBOH ্ւ΁ͷཹֶதʹɺϧʔϜϝΠτͱ฼ࠃޠΛ͓ޓ͍ʹఴ࡟͠߹͏͜ͱͰޠֶྗ͕ ੒௕ɻͦΕΛػʹޠֶֶशαʔϏεͰ͋Δ-BOHΛ্ཱͪ͛ɺژ౎େֶଔۀޙͷ ೥ʹژ౎Ͱىۀɻ ౰ॳ͸ϓϩάϥϛϯ͕Ͱ͖ͣɺαʔϏεͮ͘Γ͸ΤϯδχΞʹґཔ͍͕ͯͨ͠ɺ ឯ༨ۂં͋ΓΤϯδχΞͱͷίϛϡχέʔγϣϯʹࣦഊɻਓͰαʔϏεӡӦ͠ͳ ͚Ε͹͍͚ͳͣɺಠֶͰϓϩάϥϛϯάΛֶशɻ೥໨͸Πϯϑϥɺ೥໨͸ 3VCZ PO 3BJMTΛಠֶ͠ɺ্ژɻͦͷޙ̓೥ؒ͸։ൃʹܞΘΔɻ ೥݄ʹεϚϗͰޠֶֶश͕Ͱ͖Δ)J/BUJWF ϋΠωΠςΟϒ ΛϦϦʔεɻ ޠֶֶशαʔϏεΛଓ͚ͯࠓ೥Ͱ೥໨ͱͳΔɻ ୅දऔక໾

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8 $PQZSJHIU $ -BOH *OD-*'& */$"MM3JHIUT3FTFSWFE Ԋֵ αʔϏε։͔࢝Β೥Ͱɺ ສ."6Λಥഁʂ ೥݄ ϥϯήʔτגࣜձࣾΛ૑ۀɺಉ࣌ʹ૬ޓఴ࡟ܕ4/4-BOHΛϦϦʔε ೥݄ ୅දͷتҰਓʹͳΓɺ೥ఔΠϯϑϥͱ3VCZPO3BJMTΛֶश ೥݄ ຊࣾΛژ౎͔Β౦ژ΁Ҡస ೥݄ γʔυϥ΢ϯυͰୈࡾऀׂ౰૿ࢿΛ࣮ࢪ ೥݄ ωΠςΟϒεϐʔΧʔ2"ʮ)J/BUJWFʯͷ8FC൛ΛϦϦʔε ೥݄ )J/BUJWFͷJ04ΞϓϦΛϦϦʔε ೥݄ )J/BUJWFͷ"OESPJEΞϓϦΛϦϦʔε ೥݄ ୈࡾऀׂ౰૿ࢿΛ࣮ࢪ ૯ֹ໿ԯԁΛௐୡ ೥݄ ୈࡾऀׂ౰૿ࢿΛ࣮ࢪ ૯ֹ໿ԯԁΛௐୡ ೥݄ ສ."6Λಥഁ

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9 ࣄۀ಺༰ • ֎ ࠃ ޠ ֶ श ऀ ͷ ͨ Ί ͷ 2 " α ʔ Ϗ ε ʮ ) J / B U J W F ʯ • ) J / B U J W F ͱ ͸ • ) J / B U J W F ͷ ࢖ ͍ ํ • ) J / B U J W F ͷ ར ༻ γ ʔ ϯ • Ϣ ʔ β ʔ ෼ ෍ • Ϛ ω λ Π ζ ख ๏ • . " 6 ͷ ਪ Ҡ

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10 $PQZSJHIU $ -BOH *OD-*'& */$"MM3JHIUT3FTFSWFE ֎ࠃޠֶशऀͷͨΊͷ2"αʔϏεʮ)J/BUJWFʯ (PPHMF1MBZ #&450' ݴޠͱจԽΛ૬ޓʹڭ͑߹͏ ωΠςΟϒεϐʔΧʔ2"

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11 $PQZSJHIU $ -BOH *OD-*'& */$"MM3JHIUT3FTFSWFE ར༻ऀൺ཰ ར༻ࠃ਺ ରԠݴޠ਺ Χࠃ ݴޠ ͕ւ֎ͷϢʔβʔ $PQZSJHIU $ -BOH *OD-*'& */$"MM3JHIUT3FTFSWFE )J/BUJWFͱ͸ શੈքສਓͷϢʔβʔ͕ɺݴ༿΍จԽʹ͍࣭ͭͯ໰ɾճ౴Ͱ͖Δ ݴޠͱจԽͷ૬ޓֶशϓϥοτϑΥʔϜ Ͱར༻͞Ε͍ͯΔ ΛΧόʔ

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12 $PQZSJHIU $ -BOH *OD-*'& */$"MM3JHIUT3FTFSWFE )J/BUJWFͷ࢖͍ํ χʔζʹ߹Θ༷ͤͨʑͳܗࣜͷ࣭໰͕Ͱ͖·͢ɻ ςϯϓϨ ͔Βબ୒ ຋༁ ͭͷҧ͍ Λ࣭໰ ൃԻΛ ࣭໰

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13 $PQZSJHIU $ -BOH *OD-*'& */$"MM3JHIUT3FTFSWFE )J/BUJWFͷར༻γʔϯ ୯७ͳ୯ޠ΍จ๏ͷཧղΛ௒͑ͨɺ Ұൠతͳ຋༁αʔϏεͰ͸ղܾͰ͖ͳ͍ੜ׆ʹ࣭ࠜͨ͟͠໰͕ଟ͍ɻ ͪ͜ΒͷྫͰ͸࣭໰ऀ͕ʮϨτϧτΧϨʔͷ࡞Γํʯ ʹ͍ͭͯը૾Λఴ࣭͑ͯ໰Λ͍ͯ͠·͢ɻ ࣭໰ ฦ৴ ฦ৴

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14 $PQZSJHIU $ -BOH *OD-*'& */$"MM3JHIUT3FTFSWFE Ϣʔβʔ෼෍ ϕτφϜޠ ӳޠʢ64ʣ ϩγΞޠ εϖΠϯޠʢεϖΠϯʣ ΞϥϏΞޠ ϙϧτΨϧޠʢϒϥδϧʣ தࠃޠ ώϯσΟʔޠ εϖΠϯޠʢϝΩγίʣ ೔ຊޠ ͦͷଞݴޠ ༷ʑͳݴޠΛ࿩͢ ੈքதͷ Ϣʔβʔ͕ར༻ ೥݄࣌఺ͷϢʔβʔ฼ޠ෼෍ ࠃผ Ϣʔβʔ෼෍

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15 $PQZSJHIU $ -BOH *OD-*'& */$"MM3JHIUT3FTFSWFE ϚωλΠζख๏ ՝ۚऩೖ ޿ࠂऩೖ ΑΓ)J/BUJWFΛ׆༻Ͱ͖ΔΑ͏ʹ ֹ݄ԁͰར༻Ͱ͖Δ༗ྉϓϥϯͰ͢ɻ )J/BUJWF֤ϖʔδʹ දࣔ͞ΕΔ޿ࠂ࿮ʹΑΔऩೖͰ͢ɻ

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16 $PQZSJHIU $ -BOH *OD-*'& */$"MM3JHIUT3FTFSWFE ϚωλΠζख๏ )J/BUJWF 5SFL )J/BUJWFͱ͸ผͷΞϓϩʔνͰɺ೔՝୊ӳޠͷ՝୊ ͕ಧ͖·͢ɻෆ଍͕ͪ͠ͳӳ࡞จͱൃԻΛϓϩͷઌੜʹ ఴ࡟ͯ͠΋Β͏ετΠοΫͳαʔϏεͰ͢ɻ )J/BUJWFʹདྷͨϢʔβʔ͞Μͷ͏ͪߋʹϞνϕͷߴ͍ Ϣʔβʔ͞ΜΛͪ͜Βʹ༠ಋ͢Δͱ͍͏ཱͪҐஔͰ͢ɻ

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17 $PQZSJHIU $ -BOH *OD-*'& */$"MM3JHIUT3FTFSWFE ೥݄ ೥݄ ೥݄ ೥݄ ೥݄ ೥݄ ೥ؒͰ $PQZSJHIU $ -BOH *OD-*'& */$"MM3JHIUT3FTFSWFE ."6 ສ ."6ͷਪҠ Λୡ੒ʂ

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18 ૊৫ • ࣾ һ ͷ ੠ • ν ʔ Ϝ • ϝ ϯ ό ʔ ͷ ό ο Ϋ ά ϥ ΢ ϯ υ

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19 $PQZSJHIU $ -BOH *OD-*'& */$"MM3JHIUT3FTFSWFE ࣾһͷ੠ ৿࡚ ຑҥࢠ ੴڮ ࡙໹ ଍ཱ ૖େ J04ΤϯδχΞ σΟϨΫλʔ όοΫΤϯυΤϯδχΞ ࣾһશମͷϨϕϧͱҙ͕ࣝߴ͘ɺϓϩμΫτΛ ࡞͍ͬͯΔͱ͍͏ҙ͕ࣝڧ͍ϝϯόʔ͕ଟ͍؀ ڥͰ͢ɻ -BOHͷΤϯδχΞ͸શһ͕σʔλΛجʹ 1%$"Λճ͢͜ͱΛਐΜͰ΍͓ͬͯΓɺࣗ෼͕ ԿͷͨΊʹͦͷίʔυΛॻ͍͍ͯͯɺͦΕ͕ Ϣʔβʔ͞ΜʹͲΜͳӨڹ͕͋Δ͔·Ͱߟ͑ͯ ࢓ࣄΛ͍ͯ͠·͢ɻ ௚઀Ϣʔβʔͷ੠Λฉ͖ͳ͕Βɺάϩʔόϧͳ ࢹ఺Λ࣋ͬͯ࢓ࣄ͕Ͱ͖Δͷ͕ΤϯδχΞͱ͠ ͯͷେ͖ͳ΍Γ͕͍ʹͳ͍ͬͯ·͢ɻ ࢲ͸ΞϧόΠτ͔Βਖ਼ࣾһʹͳͬͨͷͰ͕͢ɺ ཱ৔Λ໰ΘͣશһͷൃݴΛର౳ʹѻͬͯ͘Εɺ ͔ͭͦΕΛࣗ༝ʹ΍Βͤͯ΋Β͑Δ؀ڥΛັྗ ʹײͯ͡ೖࣾ͠·ͨ͠ɻ ·ͨɺษڧ೤৺Ͱ༏लͳਓ͕ଟ͘ɺࣾ಺ͰԿ͔ ՝୊͕Ͱ͖ͨ࣌ͳͲ͸ɺ͙͢ʹͩΕ͔͕վળࡦ ΛఏҊ࣮ͯ͠ߦ·ͰҠ͍ͯ͠·͢ɻ पΓͷϨϕϧ͕ߴ͘ɺ՝୊Λڍ͛Ε͹ΈΜͳߟ ͑ͯ͘ΕΔͷͰɺೖ͔ࣾͯ͠ΒͣͬͱϞνϕʔ γϣϯΛ࣋ͬͯಇ͚͍ͯ·͢ɻ ݩʑϑϦʔϥϯεΤϯδχΞͱͯ͠೔ຊ΍Ξϝ ϦΧͷελʔτΞοϓͰ࢓ࣄ͍ͯͨ͠ͷͰ͢ ͕ɺʮ)J/BUJWFʯͷϓϩμΫτͱͯ͠ͷάϩʔ όϧͳՄೳੑʹັྗΛײͯ͡ೖࣾ͠·ͨ͠ɻ ೔ຊҎ֎ʹ΋ΞϝϦΧɺதࠃɺ୆࿷ͳͲɺࠃ੶ ༷ʑͳɺւ֎ͷϝϯόʔ͕ଟ͍άϩʔόϧͳ؀ ڥ͕ັྗతʹײ͍ͯ͡·͢ɻ·ͨɺϓϩμΫτ ͸͋Δఔ౓τϥϑΟοΫ͕͋Γɺ͜Ε͔Β΋ͬ ͱ੒௕͍ͯ͘͠ঢ়ଶͳͷͰ੒௕աఔΛײ͡Δ͜ ͱ͕Ͱ͖Δɺͱͯ΋΍Γ͕͍ͷ͋ΔλΠϛϯά ͩͱࢥ͍·͢ʂ

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20 $PQZSJHIU $ -BOH *OD-*'& */$"MM3JHIUT3FTFSWFE νʔϜ ৬छผ಺༁ உঁൺ཰ ϝϯόʔͷ໿ׂ͕ΤϯδχΞͷ ٕज़υϦϒϯͳձࣾ உੑ ঁੑ ೥ྸߏ੒ ୅ɿ ୅ɿ ୅ɿ ݘʢϝεʣ ΤϯδχΞ σβΠφʔ σʔλ෼ੳ σΟϨΫλʔ 5SFLϚωʔδϟʔ ίʔϙϨʔτ Ϛʔέλʔ

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21 $PQZSJHIU $ -BOH *OD-*'& */$"MM3JHIUT3FTFSWFE ϝϯόʔͷόοΫάϥ΢ϯυ ೔ܥϝΨϕϯνϟʔɺ֎ࢿܥίϯαϧɺւ֎ͷ্৔اۀͳͲ ༷ʑͳόοΫάϥ΢ϯυΛ࣋ͬͨϝϯόʔ͕ࢀը ଞɺ೔ܥɾ֎ࢿͷେख΍ ϕϯνϟʔͳͲ͔Β ༏लͳਓࡐ͕ࢀը

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22 Ձ஋؍ • - B O H ͷ Ձ ஋ ؍ • ά ϩ ʔ ό ϧ ʹ ε έ ʔ ϧ ͞ ͤ Α ͏ • 6 T F S $ F O U S J D • ਺ ஋ ͕ ڞ ௨ ݴ ޠ • ) 3 5 Λ ۃ Ί Α ͏ • 4 F M G % S J W F O

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23 $PQZSJHIU $ -BOH *OD-*'& */$"MM3JHIUT3FTFSWFE -BOHͷՁ஋؍ ͲΕ͚ͩେมͰ΋ ೔ຊ΍ಛఆͷࠃʹݶఆ͠ͳ͍ࢪࡦΛཱͯΑ͏ɻ Ϣʔβʔத৺ͷ։ൃͰ͋Γ͚ͭͮΑ͏ɻ σʔλ͕࠷༏ઌɻϙδγϣϯ΍ཱ৔Λ ௒͑ͯɺσʔλΛݩʹٞ࿦͠Α͏ɻ )VNJMJUZʢݠڏʣɺ3FTQFDUʢଚܟʣɺ 5SVTUʢ৴པʣΛ৺͕͚Α͏ɻ ڐՄΑΓँࡑɻ ࣦഊΛڪΕͣʹνϟϨϯδ͠Α͏ɻ ̎ 23

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24 $PQZSJHIU $ -BOH *OD-*'& */$"MM3JHIUT3FTFSWFE $PQZSJHIU $ -BOH *OD-*'& */$"MM3JHIUT3FTFSWFE 24 ͲΕ͚ͩେมͰ΋೔ຊ΍ಛఆͷࠃʹݶఆ͠ͳ͍ࢪࡦΛཱͯΑ͏ɻ άϩʔόϧʹεέʔϧͤ͞Α͏ • ೔ຊΑΓ΋ւ֎Ͱ࢖ΘΕΔαʔϏεΛఏڙ • ଟݴޠରԠɺϩʔΧϥΠζΛৗʹҙࣝ • શੈքڞ௨Ͱ఻ΘΔදݱ΍σβΠϯΛऔΓೖΕ ۩ମྫ

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25 $PQZSJHIU $ -BOH *OD-*'& */$"MM3JHIUT3FTFSWFE $PQZSJHIU $ -BOH *OD-*'& */$"MM3JHIUT3FTFSWFE 25 Ϣʔβʔத৺ͷ։ൃͰ͋Γ͚ͭͮΑ͏ɻ 6TFS$FOUSJD • όάमਖ਼͸։ൃΛετοϓͯ͠Ͱ΋࠷༏ઌͰߦ͏ • όάͳͲͰϢʔβʔ͕ࠔ͍ͬͯͨΒɺటष͍΍Γํ Λ࢖ͬͯͰ΋ղܾ ۩ମྫ

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26 $PQZSJHIU $ -BOH *OD-*'& */$"MM3JHIUT3FTFSWFE $PQZSJHIU $ -BOH *OD-*'& */$"MM3JHIUT3FTFSWFE 26 σʔλ͕࠷༏ઌɻϙδγϣϯ΍ཱ৔Λ௒͑ͯɺσʔλΛݩʹٞ࿦͠Α͏ɻ ਺ࣈ͕ڞ௨ݴޠ • ਺ࣈ͸Өڹྗͷ͋ΔਓΑΓ΋༏ઌ͞ΕΔ • ࣮ߦͨ͠ࢪࡦ͸ඞͣ਺ࣈͰ೺Ѳ͠ɺຖिճඞͣ਺ࣈͰ ৼΓฦͬͯٞ࿦͢Δ • צ΍ηϯεͰ͸ͳ͘਺ࣈͰ࠶ݱੑΛ΋ͬͯਐΊΔ • σʔλ෼ੳઌਐاۀͷίϯαϧςΟϯάΛಋೖ ۩ମྫ

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27 $PQZSJHIU $ -BOH *OD-*'& */$"MM3JHIUT3FTFSWFE $PQZSJHIU $ -BOH *OD-*'& */$"MM3JHIUT3FTFSWFE 27 )VNJMJUZʢݠڏʣɺ3FTQFDUʢଚܟʣɺ5SVTUʢ৴པʣΛ৺͕͚Α͏ɻ )35ΛۃΊΑ͏ • ςΩετ͚ͩͩͱ఻ΘΓͮΒ͍͜ͱ΍ٞ࿦ʹൃలͦ͠͏ ͳ৔߹ʹ͸ɺ͙͢ʹޱ಄Ͱ࿩Λ͢ΔΑ͏ʹ͢Δ • ࿩͠΍͍͢งғؾͮ͘Γ΋೔ࠒ͔Βେࣄʹ͍ͯ͠Δ • ૬खʹѱҙ͕͋Δ͸͕ͣͳ͍ͱ͍͏ؾ࣋ͪͰɺ੣࣮ʹ ίϛϡχέʔγϣϯ͠ஸೡʹલఏ৚݅ͷ͢Εҧ͍Λ֬ೝ ۩ମྫ

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28 $PQZSJHIU $ -BOH *OD-*'& */$"MM3JHIUT3FTFSWFE $PQZSJHIU $ -BOH *OD-*'& */$"MM3JHIUT3FTFSWFE 28 ڐՄΑΓँࡑɻࣦഊΛڪΕͣʹνϟϨϯδ͠Α͏ɻ 4FMG%SJWFO • ྑ͔Εͱࢥ͏͜ͱ͸εϐʔυ༏ઌͰͲΜͲΜਐΊΔ • ҙਤͱҧͬͯ΋ࣾ௕͕ޙग़͠ͰౖΔ͜ͱ͸ɺ ܾͯ͠ແ͍ ۩ମྫ

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29 ಇ͘؀ڥ • ج ຊ ৘ ใ • ෱ ར ް ੜ • ৬ ৔ ͷ ง ғ ؾ

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30 $PQZSJHIU $ -BOH *OD-*'& */$"MM3JHIUT3FTFSWFE جຊ৘ใ Նقٳۀͱ݄ͯ͠ͷ͏ͪɺ޷͖ͳλΠϛϯάͰ೔ؒͷٳ೔Λ औಘͰ͖·͢ɻ ·ͨɺ೥຤೥࢝ٳՋͱ݄ͯ͠ͷ࠷ऴ౔༵೔͔Β·Ͱ͕ ٳ೔ͱͳΓ·͢ɻ ٳ ೔ ೥ؒ ٳ೔ ਺ ݈߁ อ ݥ ௨ ۈख ౰ Ո௞ ิॿ ΦϑΟε͔Βెา෼ݍ಺ͷ৔߹

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31 $PQZSJHIU $ -BOH *OD-*'& */$"MM3JHIUT3FTFSWFE ෱རްੜ ैۀһͷಇ͖΍͢͞΍੒௕ʹରͯ͠ɺੵۃతʹαϙʔτ͍ͯ͠·͢ɻ ಇ͖΍͢͞ εΩϧΞοϓ νʔϜϏϧ σΟϯά ݈߁αϙʔτ ͦͷଞ • ΦϑΟενΣΞ ສԁ૬౰ • ϦϞʔτϫʔΫ੍౓ • ࠷৽୺຤ߪೖࢧԉ • ແਓίϯϏχઃஔ • ॻ੶ߪೖ੍౓ ʢແ੍ݶʣ • ษڧձࢀՃඅ͸શֹ ·ͨ͸Ұ෦ෛ୲ • ΢ΣϧΧϜϥϯν ิॿ • ࣾһ߹॓ • ۈ຿࣌ؒ಺ʹϤΨ δϜʹߦͬͯ΋0,ʂ • ΠϯϑϧΤϯβ༧๷ • ετοΫΦϓγϣϯ ੍౓

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32 $PQZSJHIU $ -BOH *OD-*'& */$"MM3JHIUT3FTFSWFE ৬৔ͷงғؾ ༏लͰάϩʔόϧͳϝϯόʔ͕ଟ͘ɺ ֤͕ࣗίϛϡχέʔγϣϯΛऔͬͯ࿨ؾ͍͍͋͋ͱ͍ͯ͠·͢ɻ

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33 ձࣾͷࠓޙʹ͍ͭͯ • ձ ࣾ ͷ ࠓ ޙ • ʮ ά ϩ ʔ ό ϧ α ʔ Ϗ ε ʯ Λ ໨ ࢦ ͢ ཧ ༝ • ά ϩ ʔ ό ϧ α ʔ Ϗ ε ͷ ڊ େ ͳ ε έ ʔ ϧ • ੒ ௕ ϑ Σ ʔ ζ ʹ ͓ ͚ Δ ౰ ࣾ ͷ ݱ ࡏ ஍ • ͞ Β ʹ ੒ ௕ ͠ ͯ ͍ ͘ ͨ Ί ͷ ج ຊ ઓ ུ • ά ϩ ʔ ό ϧ α ʔ Ϗ ε ʹ ͳ Δ ͨ Ί ʹ ΍ ͬ ͯ ͍ ͘ ͜ ͱ • ϩ ʔ υ Ϛ ο ϓ

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34 $PQZSJHIU $ -BOH *OD-*'& */$"MM3JHIUT3FTFSWFE $PQZSJHIU $ -BOH *OD-*'& */$"MM3JHIUT3FTFSWFE ສ."6Ͱ͸ άϩʔόϧαʔϏεʹ͸ఔԕ͍ɻ ձࣾͷࠓޙ 34

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35 $PQZSJHIU $ -BOH *OD-*'& */$"MM3JHIUT3FTFSWFE ʮάϩʔόϧαʔϏεʯΛ໨ࢦ͢ཧ༝ ೔ຊͷਓޱ ੈքͷਓޱ 77ԯਓ 1.2ԯਓ ໨ࢦ͢͸άϩʔόϧ

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36 $PQZSJHIU $ -BOH *OD-*'& */$"MM3JHIUT3FTFSWFE άϩʔόϧαʔϏεͷڊେͳεέʔϧ ԯ ."6 ྦྷܭ ԯਓͷ॓ധ٬ ࣌Ձ૯ֹɿ ԯυϧ ࣌Ձ૯ֹɿ ԯυϧ 6CFSʮ6CFS"OOPVODFT3FTVMUTGPS5IJSE2VBSUFSʯ ೥݄࣌఺ 5FDI$SVODIʮ"JSCOCKVTUDIFDLFEJOJUTNJMMJPOUIHVFTUʯ #"330/`4ʮ"JSCOC8JMM(P1VCMJD/FYU:FBSBTb6OJDPSO`*10T $POUJOVFʯ

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37 $PQZSJHIU $ -BOH *OD-*'& */$"MM3JHIUT3FTFSWFE ੒௕ϑΣʔζʹ͓͚Δ౰ࣾͷݱࡏ஍ ্ཱͪ͛ˍج൫ߏங αʔϏεຏ্͖͛ˍ֦େ άϩʔόϧΠϯϑϥ ओͳϢʔβʔ૚ ஫ྗྖҬ αʔϏεͷҐஔ෇͚ • 2"ϓϥοτϑΥʔϜͷߏங • Ϣʔβʔମݧͷվળ • ݕࡧՄೳͳσʔλϕʔεͷ֦େ • ػցֶशʹΑΔαʔϏεͷߴ౓Խ • ίΞϢʔβʔ ʢޠֶͷษڧ͕झຯɺϏδωε༻్ɺ౳ʣ • ίΞϢʔβʔϥΠτϢʔβʔ (PPHMF຋༁΍ࣙॻΛ࢖ͬͯௐ΂෺Λ͢Δ • ͋ΒΏΔࠃͱ஍Ҭͷશਓྨ • ࠷ޙͷࡆ ʢࣙॻ΋(PPHMFݕࡧ΋μϝͳΒ)J/BUJWFʣ • ࢖͍উखͷྑ͍ಛԽܕαʔϏε ʢݴޠͷ͜ͱͳΒͱΓ͋͑ͣ)J/BUJWFʣ • ݴޠֶश΍ؔ࿈αʔϏεʹ͸ ͔ܽͤͳ͍Πϯϑϥ ࢖͍ํ • 2" • 2" ʴ ݕࡧ • 2" ʴ ݕࡧ ʴ ࣗಈ຋༁ɺଞ ."6 ΠϚίί ʙ ສ ສʙԯ ԯʙ਺ेԯ º ºҎ্

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38 $PQZSJHIU $ -BOH *OD-*'& */$"MM3JHIUT3FTFSWFE ͞Βʹ੒௕͍ͯͨ͘͠Ίͷجຊઓུ ϓϩμΫτͷվળ Ϣʔβʔମݧͷվળ σʔλྔͷ૿Ճ Ϣʔβʔ਺ͷ૿Ճ • ճ౴͕ಘΒΕΔ·Ͱͷεϐʔυ • ճ౴ͷ඼࣭ • ؒҧͬͨճ౴ͷগͳ͞ • ݕࡧ݁Ռͷॆ࣮ੑ • Ϣʔβʔಋઢͷվળ • ػೳ௥Ճ • Ϩίϝϯυਫ਼౓ͷ޲্ • ࣮ࡍͷϢʔβʔճ౴ • Ϣʔβʔ͝ͱʹಘҙͳδϟϯϧ • ճ౴ͷଟ͍࣭໰ํ๏ɺ࣌ؒଳ • ޱίϛʹΑΔϢʔβʔ૿Ճ • ΠϯϑϧΤϯαʔ΍ΩϟϯϖʔϯΛ ׆༻ͨ͠ϚʔέςΟϯάϋοΫ ϓϥοτϑΥʔϜ Ձ஋

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39 $PQZSJHIU $ -BOH *OD-*'& */$"MM3JHIUT3FTFSWFE άϩʔόϧαʔϏεʹͳΔͨΊʹ΍͍ͬͯ͘͜ͱ 継続的な ユーザー体験の改善 新たなマネタイズ⼿法 の確⽴ 回答率の向上、回答の評価システム、回答 の品質の向上、回答スピードの向上。 広告収益とプレミアム会員料⾦以外の新た なマネタイズ⼿法の確⽴。 HiNative⾃体は多⾓化せずにプロダクトの 成⻑を最重要視しているので、その中で新 たなマネタイズ⼿法を考えていく。 マーケティングハック によるユーザー獲得 ⼀般的なPaid広告に頼らない、Youtuberマー ケティングのような低CPA且つスケーラブル なマーケティング⼿法の確⽴と実⾏、バイラ ルの獲得。 Monetization .BSLFUJOH )BDL UI/UX

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40 $PQZSJHIU $ -BOH *OD-*'& */$"MM3JHIUT3FTFSWFE ϩʔυϚοϓ ௕ظ໨ඪ 3ԯਓʙ தظ໨ඪ 1ԯਓ ݱࡏ 1,000ສਓ ੒௕ ੒௕ ·ͣ͸ԯ66ୡ੒Ͱɺ ਅͷάϩʔόϧϓϥοτϑΥʔϜʹ

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41 స৬Λ͝ݕ౼͍͚ͨͩΔํ΁ • ͓ ࢼ ͠ ೖ ࣾ ੍ ౓ ʹ ͭ ͍ ͯ • ͓ ࢼ ͠ ೖ ࣾ Λ ܦ ݧ ͞ Ε ͨ ํ ͷ ੠ • ϥ ϯ ν ձ ΋ ΍ ͬ ͯ · ͢ • બ ߟ ϑ ϩ ʔ • ͞ ͍ ͝ ʹ

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42 $PQZSJHIU $ -BOH *OD-*'& */$"MM3JHIUT3FTFSWFE ͓ࢼ͠ೖ੍ࣾ౓ʹ͍ͭͯ ࢲͨͪ͸εΩϧ΍Χϧνϟʔ໘ͰͷϛεϚονΛݮΒͨ͢Ίɺ બߟͷաఔͱͯ͠ʮ͓ࢼ͠ೖࣾʯΛ͓ئ͍͍ͯ͠·͢ɻ ͓ࢼ͠ظؒ • ਺࣌ؒʙ࠷௕ϲ݄ؒ ʢԠ૬ஊʣ ޏ༻ܗଶɾڅ༩ • ۀ຿ҕୗͱͯ͠ܖ໿ɻ ࣌ؒ୯ҐͰࢉग़͓͠ࢧ෷͍ ͠·͢ɻ • ަ௨අ΋શֹࢧڅͱͳΓ·͢ɻ ۀ຿಺༰ • )J/BUJWFʹؔΘΔۀ຿ɺ νʔϜ.5(΍શࣾһ.5(΁ ͷࢀՃ౳ɻ ˞ΤϯδχΞɾσβΠφʔͷํ͸ɺ ໷΍ि຤ʹඇಉظͰQVMM SFRVFTUΛ౤͛ͯ ΋Β͏ܗͰͷ͓ࢼ͠ೖࣾ΋ՄೳͰ͢ɻ

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43 $PQZSJHIU $ -BOH *OD-*'& */$"MM3JHIUT3FTFSWFE ͓ࢼ͠ೖࣾΛܦݧ͞Εͨํͷ੠ ೖࣾ ࣾ಺ͷงғؾ͕Θ͔Δɻೖࣾલͱೖࣾޙͷ৘ใྔʹࠩ෼͕ͳ͔ͬͨɻ ೖࣾͨ͠ࡍʹࣗ෼ͷ20-ΛԼ͛ΔཁҼɺ্͛ΔཁҼΛࣄલʹ஌Δ͜ͱ͕Ͱ͖ͨɻ ϝϯόʔͷೳྗΛ஌Δ͜ͱ͕Ͱ͖ͨɻࣗ෼͕ߩݙͰ͖Δ͔Ͳ͏͔Λ஌Δ͜ͱ͕Ͱ͖ͨɻ ظؒతʹ͸୹ͯ͘೔ؒͰ͕ͨ͠ɺࣗ෼ͷ౎߹ͰٸϐονͰମݧೖ͍͖ࣾͤͯͨͩ͞ ײँ͓ͯ͠Γ·͢ɻ·ͨɺ΅ͬͪͷͱ͜ΖΛ৯ࣄʹ༠ͬͯ͘ΕͨํʑɺλεΫͰ͸ ओʹJ04ํ໘ͷํʑɺຊ౰ʹ͋Γ͕ͱ͏͍͟͝·ͨ͠ɻ ମݧೖࣾͱ͍͏ܗଶ͕ॳΊͯͰ৺഑ͯ͠·͕ͨ͠ɺ Կ΋͔΋εϜʔζͰಁ໌ੑ͕ߴͯ͘έΞͷߦ͖ಧ͍ͨ҆৺ײͷ͋ΔձࣾͰͨ͠ɻ ೖࣾ ͓ࢼ͠ͷΈ ͓ࢼ͠ͷΈ

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44 $PQZSJHIU $ -BOH *OD-*'& */$"MM3JHIUT3FTFSWFE ϥϯνձ΋΍ͬͯ·͢ ʮͪΐͬͱڵຯ͕͋Δʯͱ͍͏ํ޲͚ʹ ݄ʹ౓ϥϯνձΛ։࠵ɻ ࣮ࡍʹಇ͍͍ͯΔϝϯόʔͱަྲྀͰ͖ΔͷͰɺ ͥͻ͓ؾܰʹ͓ӽ͍ͩ͘͠͞ɻ ৄࡉ͸8BOUFEMZʹͯ͝Ҋ಺͓ͯ͠Γ·͢ɻ

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45 $PQZSJHIU $ -BOH *OD-*'& */$"MM3JHIUT3FTFSWFE બߟϑϩʔ ॳճ໘ஊ ͓ࢼ͠ೖࣾ ৼΓฦΓ໘ஊ ͝ೖࣾ ೔ʙिؒఔ౓ ೔ʙϲ݄ఔ౓ ೔ʙ೔ఔ౓ ฐࣾͷ͝঺հͱɺ͝Ԡื͍͍ͨͩͨํʹ͍͓ͭͯ࿩Λ࢕͍·͢ɻ ͦͷࡍʹ͓ࢼ͠ೖ͕ࣾՄೳͳ೔ఔΛ͓ฉ͖͠·͢ɻ ਺࣌ؒʙϲ݄ఔ౓ฐࣾͰಇ͍͍͖ͯͨͩɺ ͓ޓ͍ͷཧղΛਂΊ·͢ɻ ฐࣾ୅දͱ͓ࢼ͠ೖࣾ࣌ͷৼΓฦΓΛ࣮ࢪ͢Δ͜ͱͰɺ ͓ޓ͍ʹϚονϯά͍ͯ͠Δ͔൱͔Λ࿩͠߹͍·͢ɻ ॳճ໘ஊ͔Βฏۉϲ݄ఔ౓Ͱ಺ఆͱͳΓ·͢ɻ ͝ೖ͕ܾࣾ·ͬͨΒɺͥͻօͰ΢ΣϧΧϜϥϯνʹߦ͖·͠ΐ͏ʂ

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46 $PQZSJHIU $ -BOH *OD-*'& */$"MM3JHIUT3FTFSWFE ͍͞͝ʹ )J/BUJWFʹ͝ڵຯΛ࣋ͬͯ௖͖༗೉͏͍͟͝·͢ɻ զʑ͸ຊؾ׌ͭ࠷ॳ͔ΒશੈքͰ࢖ΘΕΔαʔϏεΛ࡞Δ͜ͱΛ໨ࢦ͍ͯ͠·͢ɻ )J/BUJWF΋͔ͳΓྑ͍ͱ͜Ζ·Ͱདྷ·ͨ͠ɻ ੈͷதͷ໾ʹཱͬͯɺ͔͠΋ଟ͘ͷਓʹ࢖ͬͯ΋Β͑Δ αʔϏεΛ࡞Δͷ͸ຊ౰ʹϫΫϫΫ͠·͢ɻ গ͠Ͱ΋͝ڵຯΛ࣋ͬͯ௖͚ͨํ͸ɺੋඇ͓ؾܰʹ͝࿈བྷԼ͍͞ɻ ʮͪΐͬͱ4MBDLʹೖ༷ͬͯࢠΛݟ͍ͨʯͱ͍͏ؾܰͳײ͡Ͱ΋େৎ෉Ͱ͢ɻ Ұॹʹྺ࢙ʹ࢒ΔαʔϏεΛ࡞͍͖ͬͯ·͠ΐ͏ɻ $PQZSJHIU $ -BOH *OD-*'& */$"MM3JHIUT3FTFSWFE . F T T B H F G S P N $ & 0 46

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47 $PQZSJHIU $ -BOH *OD-*'& */$"MM3JHIUT3FTFSWFE 8F"SF)JSJOH $PQZSJHIU $ -BOH *OD-*'& */$"MM3JHIUT3FTFSWFE -BOH࠾༻ 47