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1 $%/Λ׆༻ͨ͠೔ܦిࢠ൛ͷ ωοτϫʔΫ࠷దԽͱαΠτߴ଎Խ ೔ຊܦࡁ৽ฉࣾɹ࣡ށढ़࠸

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2 ໊લ ࣡ށढ़࠸ 4IVOZB4IJTIJEP !TJTJEPWTLJ ॴଐ ೔ຊܦࡁ৽ฉࣾͷιϑτ΢ΣΞΤϯδχΞ SOJLLFJDPNͷϑϩϯτΤϯυɺόοΫΤϯυɺ $%/ͷ഑৴पΓΛओʹ୲౰ ܦྺ લ৬ɿυϫϯΰ ʙɿ೔ຊܦࡁ৽ฉࣾ "CPVU.F

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3 ৽͍͠೔ܦిࢠ൛ͷ࿩ $%/ͷಋೖʹ͍ͭͯ 'BTUMZͷ׆༻ྫ ߴ଎ԽͷͨΊʹ$%/Ͱߦͬͨ͜ͱ ΞδΣϯμ

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4 ೔ܦిࢠ൛ͱ͸ ೥݄૑ץ ຖ೔໿ຊͷهࣄΛ഑৴ ༗ྉձһສਓҎ্ɺແྉձһສਓҎ্ ݄ؒԯΞΫηεҎ্ ࢴɾిࢠ൛ͷ߹ܭͰ͸શੈքͰສ෦Λൃߦ͢Δ ੈք࠷େͷܦࡁϝσΟΞ

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5 ϝχϡʔ΍ηΫγϣϯΛେ͖͘ݟ௚͠ ݕࡧϖʔδɾ.ZχϡʔεͷϦχϡʔΞϧ ϞόΠϧαΠτͷશ໘࡮৽ʢදࣔ଎౓ഒʣ SOJLLFJDPN͸ϞόΠϧαΠτͱҰ෦1$ϖʔδͰར༻ ೥݄ిࢠ൛ϦχϡʔΞϧ

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6 ೔ܦʹઌߦͯ͠'JOBODJBM5JNFTࣾ ͸8FC൛ΛϦχϡʔΞϧ αΠτͷ଎౓͕ඵ͓ͪΔͱɺϢʔ βΤϯήʔδϝϯτ͸Լ͕Δͱ ͍͏݁Ռ͕ग़ͨ αΠτͷ଎౓͸ॏཁ,1* IUUQFOHJOFSPPNGUDPNBGBTUFSGUDPN

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7 ಡΈࠐΈͷ஗͍αΠτ͸ݕࡧϥϯΫʹ΋Өڹ ͢Δ ೥݄ΑΓϞόΠϧݕࡧͰ΋αΠτͷ଎ ౓ΛϥϯΩϯάγάφϧͱͯ͠ద༻͢Δ )5.-$44+BWB4DSJQUͱ͍ͬͨϑϩϯτΤ ϯυͷੈքͰͷ࠷దԽ΋େ͖͍͕ɺͦ΋ͦ΋ αʔό͔ΒͷԠ౴͕஗͚Ε͹ҙຯ͕ͳ͍ αΠτͷ଎౓͸ݕࡧ݁Ռʹ΋Өڹͯ͘͠Δ IUUQTXFCNBTUFSKBHPPHMFCMPHDPNVTJOHQBHFTQFFEJONPCJMFTFBSDIIUNM

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8 σεΫτοϓͱϞόΠϧΛ߹Θͤͨෛՙʹ΋ରԠͤ͞Δඞཁੑ Ϩεϙϯγϒ΢ΣϒαΠτͱͯ͠։ൃ কདྷతʹ͸8FCͷ։ൃϦιʔεΛຊԽ͢Δ໨࿦Έ ಥવͷΞΫηεूதʹ΋ରԠ͍ͨ͠ χϡʔεϝσΟΞ͸େ͖ͳࣄ݅΍ࡂ֐࣌ʹΞΫηε͕ूத͢Δ ҰํͰɺେྔΞΫηεʹ΋ରԠ͍ͨ͠

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9 $%/ͷݕ౼

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10 $%/ͷ͓͞Β͍ $POUFOUT%FMJWFSZ/FUXPSLͷུ ഑৴ʹ·ͭΘΔʮ஗͍ʯʮࢭ·ΔʯʮΞΫηεͰ͖ͳ͍ʯΛ๷ࢭ͢Δ ΫϥΠΞϯτͱαʔόʢΦϦδϯʣͱͷؒΛ஥հ ΤϯυϢʔβ΁࠷୹ܦ࿏Ͱͷ഑৴ɺΦϦδϯ͔ΒͷσʔλΛΩϟογϡ ͯ͠ߴ଎ʹ഑৴͢Δ౳ͷ໾ׂ

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11 ߴ଎ͳϨεϙϯε $%/΁ͷجຊχʔζ ΩϟογϡʹΑΔߴ଎Խ ωοτϫʔΫϨϕϧͰͷߴ଎Խ ϨΠςϯγ໰୊΁ͷରॲ IUUQTFOXJLJQFEJBPSHXJLJ$POUFOU@EFMJWFSZ@OFUXPSL

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12 ϐʔΫରࡦ $%/΁ͷجຊχʔζ େ͖ͳࣄ݅ɾࡂ֐͕͋ͬͨ৔߹΍ɺ4/4্Ͱͷόζɺେखχϡʔεϝ σΟΞͷϓογϡ௨஌͕͋ͬͨλΠϛϯάͳͲ ͍ΘΏΔΫϥ΢υͷΦʔτεέʔϧ͸εέʔϧΞ΢τ͕׬ྃ͢Δ·Ͱ ʹʙ෼ఔ౓͔͔ΔͷͰɺରԠ͕ؒʹ߹Θͳ͍

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13 ैདྷܕͷ$%/΁ͷཁ݅ େྔͷτϥϑΟοΫʹରԠ ௿ϨΠςϯγ ߴՄ༻ ओʹ੩తίϯςϯπΛ഑৴

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14 ೥ݱࡏͷ$%/΁ͷཁ݅ େྔͷτϥϑΟοΫʹରԠ ௿ϨΠςϯγ ߴՄ༻ ओʹ੩తίϯςϯπΛ഑৴ ಈతίϯςϯπ΋഑৴ )5514ରԠ )551 *1W %%P4΁ͷରࡦ ߴ଎ͳΩϟογϡΫϦΞ ϦιʔεͷՃ޻ɾ࠷దԽ ϦΞϧλΠϜϞχλϦϯά ଞΫϥ΢υαʔϏεͱͷ࿈ܞ FUD

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15 બఆج४Մ༻ੑ Ͳͷ$%/ࣄۀऀ΋ߴ͍Մ༻ੑɺجຊతʹҎ্ IUUQTQPSUBMDFEFYJTDPN

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16 બఆج४Ԡ౴଎౓ IUUQTQPSUBMDFEFYJTDPN Ϩεϙϯε଎౓΋֓ͶdNT

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17 Ұൠతͳબఆج४ ߴ଎ ߴՄ༻ੑ ো֐ൃੜ࣌ աڈʹେ͖ͳো֐͕සൟ͍͔ͯͨ͠ ো֐͔Βͷճ෮͸଎͔͔ͬͨ φϨοδ͕஝ੵ͞Ε͍ͯΔ͔ αϙʔτͷखް͞ ஋ஈ Ϟμϯͳ$%/ʹٻΊΒΕΔػೳ͕ఏڙ͞Ε͍ͯΔ͔

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18 ೔ܦిࢠ൛ʹ͓͚Δ$%/ͷཁ݅ େྔͷτϥϑΟοΫʹରԠͰ͖Δ ௿ϨΠςϯγ ߴ଎ͳΩϟογϡΫϦΞ ଎ใΛ͍ͪૣ͘ग़ͤΔ͜ͱɺهࣄͷߋ৽Λਝ଎ʹ௨஌Ͱ͖Δ࢓૊Έ͕ඞཁ ւ֎͔Β΋շదʹӾཡͰ͖Δ ࠃ಺αʔϏεͱ͸͍͑͋Δఔ౓ւ֎͔ΒͷΞΫηε΋͋Δ ւ֎ग़ு࣌΍றࡏ࣌ʹ΋շదʹ೔ܦిࢠ൛Λར༻ͯ͠΋Β͏ ৽͍͠ϓϩτίϧ΁ͷରԠ ͸͡Ί͸$%/Λ࢖Θͣʹࣗલͷ7BSOJTIαʔόͰ؅ཧ͢Δϓϥϯ΋͋ͬͨʜ

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19 े෼ͳ101ͷ਺ 7$-ͰॊೈʹઃఆมߋɺίʔυͰ؅ཧ Ͱ͖Δ ΋ͪΖΜ(6*͚ͩͰ΋͍͍ͩͨͷ͜ͱ ͸Ͱ͖Δ ٯʹ7$-Λ࢖͏ͱ࢖͑ͳ͍ػೳ΋ʜ "1*͕ॆ࣮͍ͯ͠Δ ຆͲϓϩάϥϚϒϧʹઃఆՄೳ 7$-ͷΞοϓϩʔυͱΞΫςΟϕʔτ ΋$*Ͱ׬શࣗಈԽ͍ͯ͠Δ 'BTUMZ IUUQTXXXGBTUMZDPNOFUXPSLNBQ

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20 Ωϟογϡ࡟আʢ*OTUBOU1VSHFʣ͕໿NT ͦͷଞϞμϯͳ$%/͕࣋ͭػೳ͸Ұ௨Γఏڙ͞Ε͍ͯΔ 4MBDL౳Ͱؾܰʹαϙʔτ୲౰ऀͱίϛϡχέʔγϣϯ͕औΕΔ ϕʔε͕7BSOJTI ೔ܦࣾ಺ʹ͸7BSOJTIͷӡ༻࣮੷͕͋Γɺ'JOBODJBM5JNFTࣾ಺Ͱ͸طʹ 'BTUMZ͕ར༻͞Ε͍ͯͨ͜ͱ͕େ͖ͳબఆཧ༝ 'BTUMZ

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21 γεςϜߏ੒ ͍ΘΏΔϚΠΫϩαʔϏε αʔϏεͷ਺͸Ҏ্ 'BTUMZ͕΄΅શͯͷϦΫΤετ Λܦ༝͢Δ αʔϏεؒ௨৴͸3&45ϕʔε ͷ"1* ೔ܦࣾ಺Ͱ'BTUMZΛ࢖͍ͬͯΔ ͷ͸ϞόΠϧ൛ SOJLLFJDPN ͱ ωΠςΟϒΞϓϦͷόοΫΤϯ υ"1*

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22 ೔ܦిࢠ൛ʹ͓͚Δ'BTUMZͷ׆༻ྫ

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23 ৗ࣌44- $%/Ͱͷ44-ରԠ͸44-Խͷखܰͳखஈ 'BTUMZͷڞ༻ূ໌ॻΛར༻ ڧ౓ʹ໰୊ͷͳ͍ઃఆ ূ໌ॻͷऔಘ΍؅ཧɺߋ৽ɺ$JQIFS4VJUFͷ ઃఆΛ͢Δख͕ؒল͚Δ *1WରԠ SOJLLFJDPNͰ͸ΞΫηεͷલޙ͕*1W )551 ৽͍͠ϓϩτίϧ΁ͷରԠ ࣗલͰશ෦΍Ζ͏ͱ͢Δͱ݁ߏେมɺ$%/ʹ೚ͤΒΕΔͱ͜Ζ͸೚͍ͤͯ͘

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24 TUBMFJGFSSPS )551$BDIF$POUSPMϔομͷ֦ு IUUQTUPPMTJFUGPSHIUNMSGD ΦϦδϯαʔό͔ΒͷΞΫηε͕ΤϥʔͰ΋ɺࢦఆظؒ಺͸$%/͔Βਖ਼ৗԠ౴࣌ͷΩϟο γϡ͔ΒϨεϙϯεΛฦ͢ SOJLLFJDPNͰ͸'BTUMZΛ࢖ͬͯجຊతʹࣗಈͰઃఆ͢ΔΑ͏ʹ͍ͯ͠Δ ো֐౳ͰαʔϏε͕ࢮΜͰ΋Ϩεϙϯε͕Ωϟογϡʹ͋ΔݶΓ͸ϢʔβʹΤϥʔΛݟ ͤͣʹࡁΉ ো֐ͷ೾ٴΛ๷͙

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25 IUUQˠIUUQT ຤ඌεϥογϡͷ༗ແ౷Ұ 7BOJUZ63-ʢ63-ͷॻ͖׵͑ʣ ϦμΠϨΫτઃఆ

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26 7BOJUZ63- ώϡʔϚϯϦʔμϒϧͳ63-Λઃఆ͢Δػೳ ϦΫΤετ63-Λ$%/Ͱॻ͖׵͑ͯΦϦδϯαʔόʹૹ৴͢Δ +40/ϑΝΠϧͰ؅ཧ ϚοϐϯάΛ'BTUMZͷ&EHF%JDUJPOBSJFTʹઃఆ

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27 "#ςετػߏΛ$%/্Ͱ࣮ݱ "#ςετ 'FBUVSF'MBHT

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28 "#ςετ 'FBUVSF'MBHT #ύλʔϯʢແྉهࣄʹແྉදهʣ "ύλʔϯʢ༗ྉهࣄʹ伴ΞΠίϯʣ

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29 "#ςετ 'FBUVSF'MBHT

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30 "#ςετ 'FBUVSF'MBHT ඞཁͳ΋ͷ ϑϥά৘ใͷϨδετϦʢ+40/ϑΝΠϧʣ τάϥʔπʔϧʢ+40/͔Βςʔϒϧੜ੒ɺ্ॻ͖࣌ʹDPPLJFॻ͖ࠐΈʣ "1*ʢϢʔβͷηάϝϯτ෼ׂɺϑϥά৘ใ͔Βύλʔϯׂ౰ʣ "#ςετ͚ͩͰͳ͘։ൃ΍2"Ͱ΋ར༻

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31 ϩάɾϞχλϦϯά 3FBM5JNF-PH4USFBNJOHΛ࢖ͬͯΞΫηεϩάΛ4ʹॻ͖ग़͠ ϩάϑΝΠϧͷੜ੒ΠϕϯτΛτϦΨʔʹͯ͠&MBTUJDTFBSDIʹྲྀ͢

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32 ϩάɾϞχλϦϯά ,JCBOBͰՄࢹԽ͢Δ

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33 'JSFXBMM ಛఆͷ63-΍։ൃ؀ڥʹର͢ΔΞΫηε੍ޚ *1ΞυϨε΍ϢʔβΞΧ΢ϯτ୯ҐͰڐՄ ڐՄ͢Δ*1΍ΞΧ΢ϯτ͸+40/ϑΝΠϧͰίʔυ؅ཧ͞Εͯ ͓Γɺϝϯςφϯεָ͕ $43'ରࡦ ಉҰੜ੒ݩϙϦγʔʹԊͬͨରࡦΛ7$-Ͱ࣮૷ $43'ରࡦ༻ͷτʔΫϯੜ੒ύλʔϯͩͱɺτʔΫϯ͸ηογϣ ϯຖʹҟͳΔͨΊ$%/ͰΩϟογϡͰ͖ͳ͍ &4*Λ࠾༻͢Ε͹࿩͸ผ͕ͩʜ ηΩϡϦςΟؔ࿈

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34 ߴ଎Խʹ͍ͭͯ

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35 ߴ଎Խͷجຊํ਑ ಈతͳίϯςϯπ΋$%/ܦ༝Ͱ഑৴ 7$-ͰॊೈʹΩϟογϡΛ੍ޚ Ωϟογϡώοτ཰ΛߴΊΔ )551ͷར༻ αϒϦιʔεͷѹॖ ը૾഑৴ͷ࠷దԽ IUUQTXXXGBTUMZDPNQSPEVDUTFEHFTELNPEFSOOFUXPSLEFTJHO

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36 ಈతίϯςϯπ΋഑৴͢Δ τοϓϖʔδ΍هࣄϖʔδͳͲɺಈతͳϖʔδ΋͢΂ͯ$%/Λܦ༝ $BDIFܥͷ)551ϔομΛઃఆ͢Δ͜ͱͰ$%/ͰΩϟογϡͰ͖Δ

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37 7BSZϔομ ಈతίϯςϯπΛΩϟογϡ͢Δ্Ͱ͸ඞਢ 7BSZϔομͷ஋ʹϦΫΤετϔομΛྻڍ͢Δ͜ͱͰɺΫϥΠΞ ϯτͷछผɾઃఆ͝ͱʹΩϟογϡΛग़͠෼͚Δ͜ͱ͕Ͱ͖Δ

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38 ೝՄͷඞཁͳϖʔδ΋ΩϟογϡՄೳ 7BSZϔομͱ$%/্ͰͷτʔΫϯͷσίʔυΛ࢖͏͜ͱͰ༗ྉձ һݶఆهࣄͳͲɺೝՄͷඞཁͳϖʔδ΋ΩϟογϡՄೳ Ωϟογϡώοτ཰ͷඈ༂త޲্

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39 ಈతίϯςϯπͷ഑৴͸ةݥͳͷ͔ ΩϟογϡपΓͷ࢓༷Λཧղ͍ͯ͠Ε͹ةݥͰ͸ͳ͍ $%/ʹΑͬͯৼΔ෣͍͕ҟͳΔ͜ͱ͕͋ΔͷͰ஫ҙ ٯʹ$%/Λ௨ͣ͞%%P4౳ʹରԠͰ͖ͳ͍ํ͕ةݥ Ωϟογϡ͢Δ৚݅΍ظؒΛͭͭߟྀ͢Δ ҙਤ͢ΔΩϟογϡઃఆʹͳ͍ͬͯΔ͔ςετ͕͋Δ΂͖ Ϣʔβ͝ͱʹҟͳΔίϯςϯπͷ഑৴ͷࡍ͸ಛʹؾΛ͚ͭΔ ϚΠϖʔδͱ͍ͬͨݸਓ৘ใΛѻ͏ϖʔδ ϦίϝϯυͳͲϢʔβ͝ͱʹҟͳΔίϯςϯπ

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40 Ωϟογϡͷඇಉظߋ৽ TUBMFXIJMFSFWBMJEBUF )551$BDIF$POUSPMͷ֦ு Ωϟογϡظݶ੾Εޙ΋ࢦఆ͞Εͨظؒ͸Ωϟογϡ͔ΒίϯςϯπΛ ฦ͠ɺཪͰඇಉظʹΩϟογϡΛߋ৽͓ͯ͘͠ ߴ଎Խʹߩݙ IUUQTEPDTGBTUMZDPNHVJEFTQFSGPSNBODFUVOJOHTFSWJOHTUBMFDPOUFOU

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41 )551 'BTUMZͷػೳΛར༻ )551ͷԸܙ ετϦʔϜʹΑΔ௨৴ͷߴ଎Խ ϦΫΤετฒྻ਺૿Ճ )1"$,ѹॖʹΑΓϔομαΠζ࡟ݮ 4FSWFS1VTI 'BTUMZ#MBDL#PY IUUQFOHJOFSPPNGUDPNXIBUIBQQFOTXIFOZPVWJTJUGUDPN

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42 Ϧιʔεͷѹॖ సૹྔͷ࡟ݮɺߴ଎Խ͕ݟࠐΊΔ $%/ʹѹॖΛ೚ͤΔ͜ͱͰɺΦϦδϯͷ$16ϦιʔεΛઅ໿Ͱ͖Δ

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43 ը૾഑৴ 4BB4ͷJNHJYΛར༻ ϨεϙϯγϒରԠͷͨΊαΠζ΍ΞεϖΫτൺͳͲɺಉ͡ը૾͔Βෳ ਺ͷόϦΤʔγϣϯ͕ඞཁ ը૾63-ͷΫΤϦύϥϝʔλͰإೝࣝɺΫϩοϓɺϦαΠζ౳Λߦ͏ XFCQ KQH QOH౳ʹରԠ͠ΫϥΠΞϯτʹ࠷దͳը૾Λฦ٫͢Δ ΋ͪΖΜ JNHJYͷ $%/ͰΩϟογϡ͞ΕΔ ҰཡϖʔδʢϞόΠϧʣ ҰཡϖʔδʢσεΫτοϓʣ هࣄϖʔδ

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44 Ωϟογϡώοτ཰ Ωϟογϡώοτ཰͸ฏۉ͢ Δͱ໿ ༗ྉձһʹରͯ͠΋Ҏ্ $%/ͷΩϟογϡ͔ΒϨεϙ ϯεΛฦ͢͜ͱ͕Ͱ͖͍ͯΔ

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45 $%/Ͱͷߴ଎Խͷ݁Ռͷ݁Ռ ΦϦδϯαʔόͷϦιʔε΍ଳҬͷ࡟ݮ ߴ͍Ωϟογϡώοτ཰ ߴ଎ɺΩϟογϡώοτͨ͠৔߹͸NTҎԼͰԠ౴Մೳ

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46 ·ͱΊ $%/ʹٻΊΒΕΔ໾ׂ͸ଟ༷Խ͍ͯ͠Δ $%/ΛબͿࡍ͸બఆج४ɺ໨తΛ໌֬ʹ͓ͯ͘͠ 'BTUMZ͸ͦͷதͰ΋༗ྗͳબ୒ࢶ ඇৗʹڧྗͰଟػೳʢྑ͘΋ѱ͘΋ʣ $%/Λ͏·͘׆༻͢Ε͹ָ͕Ͱ͖Δ ෛՙରࡦ΍଎౓໘ͰͷϝϦοτ͸΋ͪΖΜɺ৽͍͠ϓϩτίϧ΁ͷ ରԠ΍ͦͷଞ༷ʑͳ࠷దԽΛ$%/ʹ೚ͤΒΕΔ ָΛͨ͠෼ɺࣗ෼ͨͪ͸ΑΓຊ࣭తͳ࢓ࣄʹूதͰ͖Δ

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47 ͋Γ͕ͱ͏͍͟͝·ͨ͠