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CONFIDENTIAL CBDLMPH6TFS.FFUVQˏגࣜձࣾψʔϥϘ 4NBSU)3ͷ ΦϯϘʔσΟϯάઓུ .PO ߴڮণਉ 4NBSU)3ΧελϚʔαΫηε

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CONFIDENTIAL ߴڮণਉ ೥݄.%ύʔτφʔζ ೥݄4NBSU)3 ΧελϚʔαΫηεྺ೥

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[ 4NBSU)3ͷ͝঺հ

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4NBSU)3͸ɺࣾձอݥɾޏ༻อݥͷखଓ͖Λ ࣗಈԽ͢ΔΫϥ΢υܕιϑτ΢ΣΞͰ͢ɻ

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CONFIDENTIAL ਓࣄɾ࿑຿෼໺ͷ՝୊

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Copyright © 2015 KUFU, Inc. All Rights Reserved ਓࣄɾ࿑຿͸ ΞφϩάͰ໘౗

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೉ղͳॻྨͷࢁ

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໾ॴʹߦ͖ͨ͘ͳ͍

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CONFIDENTIAL αʔϏε֓ཁ ਓࣄɾ࿑຿ΛϥΫϥΫʹ

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ిࢠ੓෎ʰ"1*ެ։ʱ

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ࣾձอো੍౓ΛϋοΫ ਓࣄɾ࿑຿ͷํָ͕ʹͳΔ ໾ॴͷखଓ͖Λָʹ͢Δ ਓࣄ%#ʹͳΔ

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CONFIDENTIAL αʔϏε֓ཁ ϦϦʔε͔Βͷ೥൒

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݄ ࣾ ಥഁ ಋೖاۀ਺

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ܧଓར༻཰

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ಋೖاۀछ ෯޿͍ ۀछʹ ن໛τοϓࣾͷۀछ

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10,000 ໊ ࠷େ ಋೖاۀن໛

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͜͜·ͰαʔϏεͷ঺հ

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CONFIDENTIAL αʔϏε֓ཁ 4NBSU)3ͷΦϯϘʔσΟϯάઓུ

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CONFIDENTIAL ૊৫วྺ

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CONFIDENTIAL ೥݄ ೥݄ ೥݄ ೥݄ ೥݄ ೥݄ ೥݄ ೥݄ b೥্ظ b೥Լظ b೥্ظ b೥Լظ b೥্ظ ૊৫วྺ

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CONFIDENTIAL b೥্ظ b೥Լظ b೥্ظ b೥Լظ b೥্ظ ૊৫วྺ

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CONFIDENTIAL w $VTUPNFS4VDDFTTͬͯԿ͢Ε͹ʁ w ͱΓ͋͑ͣJOUFSDPNͰͷαϙʔτ w ͨ·ʹ๚໰ʢӦۀʣ w Ұ࣌ظ໊ମ੍͕ͩͬͨɺ͙͢ʹ໊ʹ ೥্ظ

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CONFIDENTIAL b೥্ظ b೥Լظ b೥্ظ b೥Լظ b೥্ظ ૊৫วྺ

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CONFIDENTIAL w JOUFSDPNͰͷαϙʔτͱ๚໰ w ݄ͱ݄ʹ໊࠾༻͠ɺ໊ମ੍΁ w ·ͩ$4νϟοταϙʔτͳঢ়ଶ ೥Լظ

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CONFIDENTIAL b೥্ظ b೥Լظ b೥্ظ b೥Լظ b೥্ظ ૊৫วྺ

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CONFIDENTIAL w ಋೖલɾಋೖ࣌ͷ๚໰αϙʔτ૿ w ސ٬ن໛͕େ͖͍Ҋ݅ͷରԠ΋ඞཁʹ w νϟοταϙʔτॳظಋೖαϙʔτͱ ٻΊΒΕΔ΋ͷ͕ҟͳ͖ͬͯͨ w νʔϜ෼ׂɻͦͷ݁ՌҰਓνʔϜʹ ೥্ظʙ

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CONFIDENTIAL b೥্ظ b೥Լظ b೥্ظ b೥Լظ b೥্ظ ૊৫วྺ

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CONFIDENTIAL w ॳظಋೖαϙʔτ͕த৺ w Ϣʔβʔ૿ՃͰ਺Λ͜ͳ͢ඞཁ͕ग़͖ͯͨ w ਓͷ࠾༻͕ٸ຿ͱͳΓɺ݄݄݄ʹ ໊Λ࠾༻ w νʔϜҰؙͱͳͬͯ೥຤ௐ੔ػೳͷαϙʔτ Λத৺ͱͨ͠γϑτ΁ ೥Լظʙ

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CONFIDENTIAL b೥্ظ b೥Լظ b೥্ظ b೥Լظ b೥্ظ ૊৫วྺ

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CONFIDENTIAL w ୲౰ΛܾΊ࢓૊Έ࡞Γʹணख w &84ʢ&BSMZXBSOJOHTZTUFNʣͷಋೖ ͱӡ༻ w νʔϜ૊৫ͷεέʔϧΛҙࣝ ೥্ظʙ

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CONFIDENTIAL ͭͷηΫγϣϯ ΞφϦςΟΫε Ξοϓηϧ ϦχϡʔΞϧ ΦϯϘʔσΟϯά

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CONFIDENTIAL 5FDI )JHI -PX ମ੍ͷมߋ ϋΠλον ϩʔλον ςοΫλον w ๚໰ɺఆྫɺCBDLMPHΛ࢖ͬͨίϛϡχέʔγϣϯ w ΧελϚΠζ͞ΕͨΦϯϘʔσΟϯά w ి࿩ɾ8Λ࢖ͬͨίϛϡχέʔγϣϯ w ͋Δఔ౓ϓϩάϥϜԽ͞ΕͨΦϯϘʔσΟϯά w ηϧϑΦϯϘʔσΟϯά

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CONFIDENTIAL 5FDI )JHI -PX ମ੍ͷมߋ ϋΠλονˠ&OUFSQSJTF$4. ϩʔλονˠ$4. ςοΫλονˠ"VUPNBUJPO.BOBHFS w ๚໰ɺఆྫɺCBDLMPHΛ࢖ͬͨίϛϡχέʔγϣϯ w ΧελϚΠζ͞ΕͨΦϯϘʔσΟϯά w ి࿩ɾ8Λ࢖ͬͨίϛϡχέʔγϣϯ w ͋Δఔ౓ϓϩάϥϜԽ͞ΕͨΦϯϘʔσΟϯά w ηϧϑΦϯϘʔσΟϯά

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CONFIDENTIAL ΦϯϘʔσΟϯά աڈɺݱࡏɺະདྷ

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CONFIDENTIAL w Ӧۀ͔ΒͷϦΫΤετ͕͸͡·Γ w དྷΔ΋ͷڋ·ͣʂ w جຊ͸ w ձࣾʹΑͬͯظ଴͢Δࣄ͕ҟͳΔ ಋೖαϙʔτ࣌୅ खஈ΍ํ๏͕ൿ఻ͷλϨԽ

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CONFIDENTIAL w Ҿ͖ܧ͗ͳͲΛߟྀ͓ͯ͠Βͣɺεέʔϧ͠ͳ͍ w ಋೖαϙʔτ׬ྃޙͷέΞʹख͕ճΒͳ͍ w 4NBSU)3ͱ͍͏αʔϏεͱͯ͠ద੾ͳରԠͩͬͨ ͷ͔ ಋೖαϙʔτ࣌୅ৼΓฦΓ w ա৒ͳαϙʔτͰ͸ͳ͍͔ w ϢʔβʔʹͱͬͯαΫηεͳαϙʔτͩͬͨͷ͔

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CONFIDENTIAL ͭͷηΫγϣϯ ΞφϦςΟΫε Ξοϓηϧ ϦχϡʔΞϧ ΦϯϘʔσΟϯά ಋೖαϙʔτҎ߱λο ν͕গͳ͘ɺؔ܎ߏ ங͕ബ͍ ߋ৽Λଅͨ͢Ίͷࠜڌ͕ͳ ͍ɻ՝୊Λղܾ͍ͯ͠Δͱ ݴ͍͍͕ͨࡐྉ͕গͳ͍ ๚໰ͯ͠΋αϙʔτ ଆʹపͯ͠͠·͏

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CONFIDENTIAL w ΦϯϘʔσΟϯάͷఆٛͱύοέʔ δϯάԽ w ར༻ঢ়گͷ؂ࢹ ணखͨ͜͠ͱ

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CONFIDENTIAL ΦϯϘʔσΟϯάͷఆٛ

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CONFIDENTIAL ΦϯϘʔσΟϯά͕ऴΘ͍ͬͯΔঢ়ଶͱ͸ʁ ՝୊ઃఆ ޮՌΛ࣮ײ 4NBSU)3Λ׆༻

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CONFIDENTIAL w ͖ͪΜͱ
 ಠΓཱͪͯ͠΋Β͏ w ৗʹޮ཰ԽΛ໨ࢦ͢ w ܭଌͰ͖ΔΑ͏ʹ͢Δ w ઃఆ୅ߦ͸ͳΔ΂͘ ΍Βͳ͍ w ϋΠλονͷύοέʔ δϯάԽ͸·ͩ΍Β ͳ͍ ΍Δ͜ͱ ΍Βͳ͍͜ͱ

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CONFIDENTIAL ΦϯϘʔσΟϯάϑϩʔ

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CONFIDENTIAL ΩοΫΦϑ τϨʔχϯά ঢ়گ֬ೝ Ϋϩʔδϯά w 8FC.5(࣮ࢪ w ސ٬ͷ՝୊Λ֬ೝ w ΦϯϘʔσΟϯάͷΰʔ ϧΛ͢Γ߹ΘͤΔ w ӡ༻։࢝·Ͱͷεέ δϡʔϧΛௐ੔͢Δ w ͓໰߹ͤํ๏ͷઆ໌ w 4NBSU)3ͷՁ஋Λײ ͯ͘͡ΕΔػೳΛಈը Λ࢖ͬͯઆ໌ w ͓٬༷ͷ؀ڥΛ࢖͍ͳ ͕Βɺ֤ઃఆʹ͍ͭͯ ৄࡉʹઆ໌ w ৘ใΠϯϙʔτͷํ๏ ΛϨΫνϟʔ w ࣭ٙԠ౴ܗࣜͰӡ༻໘ Ͱͷٙ໰఺Λղফ͢Δ w ΩοΫΦϑͰܾΊͨε έδϡʔϧ௨ΓਐΊΒ Ε͍ͯΔ͔νΣοΫ w ৘ใΠϯϙʔτͷਐḿ ΍ೖࣾखଓ͖ɺڅ༩໌ ࡉ഑෍ͷ૿ݮΛ௥ͬͯ ͍͘ w εέδϡʔϧ஗Ԇ͕ݟ ΒΕΔϢʔβʔʹ͸ϝʔ ϧͰঢ়گ֬ೝΛߦ͏ w ӡ༻։͔࢝Βिؒʙϲ ݄ޙ͘Β͍ʹ8FC.5( Λ࣮ࢪ w ӡ༻ঢ়گͷώΞϦϯά Λߦ͏ w ࠓޙվળ͍͖͍ͯͨ͠ ಺༰ͳͲΛ֬ೝ͢Δ w ࠓޙͷϦϦʔεͳͲͰ ղܾͰ͖ͦ͏ͳ՝୊Λ ֬ೝ͠ɺ࣍ʹͭͳ͛Δ ΦϯϘʔσΟϯάϑϩʔ

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CONFIDENTIAL ΩοΫΦϑ

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CONFIDENTIAL ΩοΫΦϑ

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CONFIDENTIAL ΩοΫΦϑͷϙΠϯτ w ֤λεΫΛεέδϡʔϧʹམͱ͠ࠐΜͰՄࢹԽ͢Δ͜ͱͰʮԿ͔Βख Λ͚ͭΕ͹ɾɾɾΛʯऔΓআ͘ w ΩοΫΦϑͷ৔Ͱ֤λεΫͷʮ׬ྃ೔ʯΛҰॹʹຒΊ͍ͯ͘͜ͱͰɺ ͓ޓ͍ʹεέδϡʔϧʹίϛοτ͢Δ w ֤λεΫ͝ͱͰ୭͕΍Δͷ͔ΛࣄલʹѲΔ͜ͱ͕Ͱ͖Δ w ΦϯϘʔσΟϯάͷΰʔϧΛهࡌʹ͢Δ͜ͱͰɺӡ༻։࢝ޙʹ࣮ݱͰ ͖͍ͯΔͷ͔ΛৼΓฦΔ͜ͱ͕Ͱ͖ΔˠޮՌΛ࣮ײ

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CONFIDENTIAL ঢ়گ֬ೝ

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CONFIDENTIAL Ϋϩʔδϯά

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CONFIDENTIAL ΦϯϘʔσΟϯάͷະདྷ

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CONFIDENTIAL ηϧϑαʔϏε w νΣοΫࣜͷνϡʔτϦΞϧ w ಈըίϯςϯπ w ϔϧϓηϯλʔͷॆ࣮ w 8FCJOBSͷ׆༻ w ར༻ঢ়گʹ߹Θͤͨίϯςϯ π഑৴

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CONFIDENTIAL ηϧϑαʔϏεͷΑ͍ྫ

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CONFIDENTIAL αʔϏε֓ཁ $4νʔϜͷࠓޙ

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CONFIDENTIAL

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CONFIDENTIAL ͳΜͱͯ͠΋ճආ͍ͨ͠

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CONFIDENTIAL ࡉ෼Խ w 0OCPBSEJOH4QFDJBMJTU w &OUFSQSJTF$4. w $4. w 4VDDFTT0QT

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CONFIDENTIAL 8FBSFIJSJOH