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1SJWBUF"[VSF,VCFSOFUFT 4FSWJDFDMVTUFS Λ৮ͬͯΈΑ͏̇ ୈճ 5PLZP+B[VH/JHIU IUUQTKB[VHDPOOQBTTDPNFWFOU KB[VH

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ΞδΣϯμͱ஫ҙ఺ ஫ҙ఺ Ø هࡌ͍ͯ͠Δ৘ใ͸ ͷ࣌఺ͷ৘ใͰ͢ ࿩͢͜ͱ Ø 1SJWBUF"[VSF,VCFSOFUFT4FSWJDFDMVTUFS ʹ͍ͭͯ ʹ (" Ø ݸਓతʹ஫໨͍ͯ͠Δ৽ػೳʹ͍ͭͯ ࿩͞ͳ͍͜ͱ Ø "[VSFʹ͍ͭͯͷৄࡉઆ໌ Ø ,VCFSOFUFTʹ͍ͭͯͷৄࡉઆ໌ Ø "[VSF,VCFSOFUFT4FSWJDF ",4 ʹ͍ͭͯͷৄࡉઆ໌ 2

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஫ҙࣄ߲ ͜ͷൃද͸ݸਓͷҙݟͰ͋Γɺ ॴଐ͢ΔձࣾٴͼஂମΛ ୅ද͢ΔൃݴͰ͸͍͟͝·ͤΜ 3

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4FMGJOUSPEVDUJPO )FMMP

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ࣗݾ঺հ QFSTPO OBNF5PSV*HBSBTIJ UXJUUFS!JHBOBSJ@ HJUIVC!JHBOBSJ QPTJUJPO DPNQBOZ$MPVE"DF*OD SPMF43& TLJMMT<5FSSBGPSN "OTJCMF ,VCFSOFUFT> CMPPEEPOBUJPO DPVOU EFTDSJQUJPO*DBOEPOBUFCMPPEBMJUUMF 5

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4FDVSJUZJO:PVS",4 ͋ͳͨͷ ",4ͷηΩϡϦςΟ͸ ຊ౰ʹେৎ෉Ͱ͔͢

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",4Λӡ༻͍ͯͯ͜͠Μͳ͜ͱݴΘΕ·ͤΜ͔ Ϋϥελ΁઀ଓग़དྷΔڌ఺Λ੍ݶ͠ͳ͍͞ Ø FY <৘γε>ࣄ຿ॴ͔Βͷ઀ଓͷΈʹ͍ͯͩ͘͠͞ ?? 1PEͱ֎෦Πϯλʔωοτͱͷ௨৴Λ؂ࢹɾ੍ޚ͠ͳ͍͞ Ø FY <ઃܭऀ>ಛఆͷ֎෦ "1*͚ͩΞΫηεՄೳʹ͍ͯͩ͘͠͞ ?? 7

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",4Λӡ༻͍ͯͯ͜͠Μͳ͜ͱݴΘΕ·ͤΜ͔ Ϋϥελ΁઀ଓग़དྷΔڌ఺Λ੍ݶ͠ͳ͍͞ Ø FY <৘γε>ࣄ຿ॴ͔Βͷ઀ଓͷΈʹ͍ͯͩ͘͠͞ ?? 1PEͱ֎෦Πϯλʔωοτͱͷ௨৴Λ؂ࢹɾ੍ޚ͠ͳ͍͞ Ø FY <ઃܭऀ>ಛఆͷ֎෦ "1*͚ͩΞΫηεՄೳʹ͍ͯͩ͘͠͞ ?? 8 ຊ౰ʹղܾ͢΂͖໰୊͔൱͔͸͓͖ͯ͞ ηΩϡϦςΟͷ໰୊͸ ະͩʹࢁੵ͍ͯ͠Δ

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ϕεϓϥ͔ΒֶͿ ",4 ެࣜυΩϡϝϯτ Ø IUUQTEPDTNJDSPTPGUDPNFOVTB[VSFBLTCFTUQSBDUJDFT Ø ",4੡඼άϧʔϓɺΤϯδχΞϦϯάνʔϜɺ͓ΑͼάϩʔόϧϒϥοΫϕϧτ (## ΛؚΉϑΟʔϧυνʔϜͱ࿈ܞͯ͠࡞੒͞ΕͨϕετϓϥΫςΟε Ø .VMUJUFOBODZ 4FDVSJUZ /FUXPSLBOETUPSBHF 3VOOJOHFOUFSQSJTF SFBEZXPSLMPBETͱ෼໺ʹ෼͔Εͯవ·͍ͬͯ·͢ Ø ",4ʹܞΘΔΤϯδχΞ͸ඞಡͰ͢ 9

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8IBUJT 1SJWBUF",4DMVTUFS 1SJWBUF ",4DMVTUFSͱ͸

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1SJWBUF",4DMVTUFSͱ͸ આ໌ Ø ",4ͷ $POUSPM1MBOFٴͼɺ/PEFQPPMT͕ 3'$Ͱఆٛ͞Ε͍ͯΔ ಺෦ *1ΞυϨεͷΈׂ͕Γ౰ͯΒΕ͍ͯΔ DMVTUFSΛ࡞Δ͜ͱ͕ग़དྷ·͢ Ø $POUSPM1MBOFʹ಺แ͞Ε͍ͯΔ "1*αʔόʔͱ/PEFQPPM ಺ͷ /PEF  ؒͷωοτϫʔΫτϥϑΟοΫ͕ϓϥΠϕʔτωοτϫʔΫͷΈʹཹ·ΔΑ ͏ʹ͢Δ͜ͱ͕ग़དྷ·͢ 11 SFGIUUQTEPDTNJDSPTPGUDPNFOVTB[VSFBLTQSJWBUFDMVTUFST

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1SJWBUF",4DMVTUFSͱ͸ આ໌ Ø ",4ͷ $POUSPM1MBOFٴͼɺ/PEFQPPMT͕ 3'$Ͱఆٛ͞Ε͍ͯΔ ಺෦ *1ΞυϨεͷΈׂ͕Γ౰ͯΒΕ͍ͯΔ DMVTUFSΛ࡞Δ͜ͱ͕ग़དྷ·͢ Ø $POUSPM1MBOFʹ಺แ͞Ε͍ͯΔ "1*αʔόʔͱ/PEFQPPM ಺ͷ /PEF  ؒͷωοτϫʔΫτϥϑΟοΫ͕ϓϥΠϕʔτωοτϫʔΫͷΈʹཹ·ΔΑ ͏ʹ͢Δ͜ͱ͕ग़དྷ·͢ ͳɺͳΔ΄Ͳ෼͔ΒΜ ɾXɾ 12 SFGIUUQTEPDTNJDSPTPGUDPNFOVTB[VSFBLTQSJWBUFDMVTUFST

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1SJWBUF",4DMVTUFSͱ͸ "[VSF1PXFS-VODI1SJWBUF"[VSF,VCFSOFUFT4FSWJDFDMVTUFS 13

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$SFBUF 1SJWBUF",4DMVTUFS 1SJWBUF",4DMVTUFSΛ࡞ͬͯΈΑ͏

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1SJWBUF",4DMVTUFS࡞੒ίϚϯυ 3FTPVSDF(SPVQ࡞੒ B[ HSPVQDSFBUFMPDBUJPOKBQBOFBTU = OBNF\QSJWBUFDMVTUFSSFTPVSDFHSPVQ^ ",4DMVTUFS࡞੒ B[ BLT DSFBUFOBNF\QSJWBUFDMVTUFSOBNF^= SFTPVSDFHSPVQ\QSJWBUFDMVTUFSSFTPVSDFHSPVQ^= MPBECBMBODFSTLV TUBOEBSE= FOBCMFQSJWBUFDMVTUFS 15 3FGIUUQTEPDTNJDSPTPGUDPNFOVTB[VSFBLTQSJWBUFDMVTUFST

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1SJWBUF",4DMVTUFS࡞੒ίϚϯυ 3FTPVSDF(SPVQ࡞੒ B[ HSPVQDSFBUFMPDBUJPOKBQBOFBTU = OBNF\QSJWBUFDMVTUFSSFTPVSDFHSPVQ^ ",4DMVTUFS࡞੒ B[ BLT DSFBUFOBNF\QSJWBUFDMVTUFSOBNF^= SFTPVSDFHSPVQ\QSJWBUFDMVTUFSSFTPVSDFHSPVQ^= MPBECBMBODFSTLV TUBOEBSE= FOBCMFQSJWBUFDMVTUFS 16 3FGIUUQTEPDTNJDSPTPGUDPNFOVTB[VSFBLTQSJWBUFDMVTUFST ˞࣌఺Ͱͷ࿩

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1SJWBUF",4DMVTUFS࡞੒ίϚϯυ 17 (JU)VCͷ "[VSF$-*ͷ 3FQPTJUPSZʹ #VHͱͯ͠ *TTVFԽ͞ΕࡁΈ IUUQTHJUIVCDPN"[VSFB[VSFDMJJTTVFT 1SJWBUF",4$MVTUFS͚ͩͷ໰୊Ͱ͸ແ͍͔΋ Ұ౓ղܾͯ͠ .FSHF͞Ε͕ͨະͩղܾͯ͠ͳ͍໛༷ "[VSF$-*WFSTJPO ͔͠͠ɺ࢑ఆతͳղܾํ๏͸ใࠂ͞Ε͍ͯ·͢ ૉఢͰ͢Ͷ

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1SJWBUF",4DMVTUFS࡞੒ίϚϯυ मਖ਼൛ 3FTPVSDF(SPVQ࡞੒ B[ HSPVQDSFBUFMPDBUJPOKBQBOFBTU OBNF\QSJWBUFDMVTUFSSFTPVSDFHSPVQ^ 4FSWJDF1SJODJQBMͷ࡞੒ B[ BETQ DSFBUFGPSSCBD OBNF\TFSWJDFQSJODJQBMOBNF^ BQQ*E QBTTXPSEΛϝϞ͓ͯ͘͠ ",4DMVTUFS࡞੒ B[ BLT DSFBUFOBNF\QSJWBUFDMVTUFSOBNF^= SFTPVSDFHSPVQ\QSJWBUFDMVTUFSSFTPVSDFHSPVQ^= MPBECBMBODFSTLV TUBOEBSE= FOBCMFQSJWBUFDMVTUFS= TFSWJDFQSJODJQBM\TFSWJDFQSJODJQBMBQQJE^= DMJFOUTFDSFU\TFSWJDFQSJODJQBMQBTTXPSE^ 18 3FGIUUQTEPDTNJDSPTPGUDPNFOVTB[VSFBLTQSJWBUFDMVTUFST मਖ਼఺ • 4FSWJDF1SJODJQBM 41 ͷ࡞੒ • B[ BLT DSFBUF࣌ʹ 41ࢦఆ

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1SJWBUF",4DMVTUFSΛ "[VSFQPSUBM͔Β֬ೝ 19

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/PEFQPPMT͕ॴଐ͢Δ 3FTPVSDF(SPVQͷൺֱ 1SJWBUF",4DMVTUFSͷ OPEFQPPMT ͷ 3FTPVSDF(SPVQ ௨ৗͷ ",4DMVTUFSͷ OPEFQPPMTͷ 3FTPVSDF(SPVQ 20

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/PEFQPPMT͕ॴଐ͢Δ 3FTPVSDF(SPVQͷൺֱ 1SJWBUF",4DMVTUFSͷ OPEFQPPMT ͷ 3FTPVSDF(SPVQ ௨ৗͷ ",4DMVTUFSͷ OPEFQPPMTͷ 3FTPVSDF(SPVQ 21 1SJWBUF%/4[POF 1SJWBUFFOEQPJOU /FUXPSLJOUFSGBDF ͕૿͍͑ͯΔ

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$IFDL1PJOUPG 1SJWBUF",4DMVTUFS 1SJWBUF",4DMVTUFSͷ஫ҙ఺

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1SJWBUF",4DMVTUFSͷ஫ҙ఺  DMVTUFS΁ͷ઀ଓͷ໰୊ "[VSFNBOBHFEDPOUSPMQMBOFʹ 1VCMJD*1"EESFTT͕ແ͍ͷͰ 1SJWBUF",4DMVTUFS΁ͷωοτϫʔΫ઀ଓΛཱ֬͠ͳ͚Ε͹͍͚ͳ͍ Ø bB[ MPHJO`bB[ BLT HFUDSFEFOUJBMT`͚ͩͰ͸઀ଓग़དྷͳ͍ 1SJWBUF",4DMVTUFSʹ઀ଓ͢Δํ๏ Ø ",4 DMVTUFSͱಉ͡"[VSF7JSUVBM/FUXPSL 7/FU ಺ʹ 7.Λ࡞੒͢Δ Ø ผͷ /FUXPSL಺ Ͱ 7.Λ࡞੒͠ɺ 7JSUVBMOFUXPSLQFFSJOH Λઃఆ͢Δ Ø &YQSFTT3PVUFPS71/ Λ઀ଓΛ࢖͏ 23 3FGIUUQTEPDTNJDSPTPGUDPNFOVTB[VSFBLTQSJWBUFDMVTUFST

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1SJWBUF",4DMVTUFSͷ஫ҙ఺  ߏஙग़དྷΔϦʔδϣϯʹ੍ݶ͕͋Δ ࠓճͷ ("ʹΑͬͯɺϦʔδϣϯͷ੍ݶ͕ແ͘ͳΓ·ͨ͠ Ø ೔ຊޠ EPDͷमਖ਼͕௥͍͍͍ͭͯͳ͍ͷͰɺࠓͳΒ 1SFWJFX࣌ͷυΩϡϝϯτ͕ݟΕ·͢ Ø IUUQTEPDTNJDSPTPGUDPNKBKQB[VSFBLTQSJWBUFDMVTUFST 24 3FGIUUQTEPDTNJDSPTPGUDPNFOVTB[VSFBLTQSJWBUFDMVTUFST

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1SJWBUF",4DMVTUFSͷ஫ҙ఺  ґଘؔ܎΍੍ݶࣄ߲ͳͲ͕͋Γ·͢ ৄ͘͠͸ެࣜυΩϡϝϯτΛ֬ೝ͠·͠ΐ͏ ґଘؔ܎ %FQFOEFODJFT Ø IUUQTEPDTNJDSPTPGUDPNFOVTB[VSFBLTQSJWBUFDMVTUFSTEFQFOEFODJFT ੍ݶࣄ߲ -JNJUBUJPOT Ø IUUQTEPDTNJDSPTPGUDPNFOVTB[VSFBLTQSJWBUFDMVTUFSTMJNJUBUJPOT 25 3FGIUUQTEPDTNJDSPTPGUDPNFOVTB[VSFBLTQSJWBUFDMVTUFST

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༨ஊ ࣮͸ ($1ʹ΋ࣅͨΑ͏ͳ DMVTUFS͕͋Γ·͢ʜ 1SJWBUFDMVTUFST ݶఆެ։Ϋϥελ Ø IUUQTDMPVEHPPHMFDPNLVCFSOFUFTFOHJOFEPDTDPODFQUTQSJWBUFDMVTUFSDPODFQU Ø ʹ (" Ø IUUQTDMPVEHPPHMFDPNLVCFSOFUFTFOHJOFEPDTSFMFBTFOPUFTPDUPCFS 26

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༨ஊ ࣮͸ ($1ʹ΋ࣅͨΑ͏ͳ DMVTUFS͕͋Γ·͢ʜ 1SJWBUFDMVTUFST ݶఆެ։Ϋϥελ Ø IUUQTDMPVEHPPHMFDPNLVCFSOFUFTFOHJOFEPDTDPODFQUTQSJWBUFDMVTUFSDPODFQU Ø ʹ (" Ø IUUQTDMPVEHPPHMFDPNLVCFSOFUFTFOHJOFEPDTSFMFBTFOPUFTPDUPCFS 27 ࠓճͷ ("ʹΑΓɺ ΍ͬͱ௥͍͍ͭͨײ

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/FX'FBUVSF ݸਓతʹ஫໨͍ͯ͠Δ৽ػೳΛ͝঺հ

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ݸਓతʹ஫໨͍ͯ͠Δ৽ػೳ ͷ࣌఺ Ͱ 1SFWJFX 4QPU/PEF1PPMΛ ",4DMVTUFSʹͯ࢖͏ػೳ Ø "EEBTQPUOPEFQPPMUPBO",4DMVTUFS Ø IUUQTEPDTNJDSPTPGUDPNFOVTB[VSFBLTTQPUOPEFQPPM Ø 4QPU7. Λ༻͍ͨ 7JSUVBM.BDIJOF4DBMF4FUT Λ ",4ͷ /PEFQPPM ͱͯ͠࢖༻͢Δ͜ͱ͕ग़དྷΔػೳͰ͢ Ø ίετ࡟ݮʹେ͖ͳظ଴͕ग़དྷ·͢ Ø 4QPU7.T౳ʹ͍ͭͯ͸࣍ϖʔδࢀর 29

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ݸਓతʹ஫໨͍ͯ͠Δ৽ػೳ ͷ࣌఺ Ͱ 1SFWJFX 4QPU7.Tʹ͍ͭͯ Ø 6TF4QPU7.TJO"[VSF Ø IUUQTEPDTNJDSPTPGUDPNFOVTB[VSFWJSUVBMNBDIJOFTXJOEPXTTQPUWNT 7JSUVBM.BDIJOF4DBMF4FUT Ͱ 4QPU7.TΛ ࢖͏ػೳ Ø "[VSF4QPU7.TGPSWJSUVBMNBDIJOFTDBMFTFUT Ø IUUQTEPDTNJDSPTPGUDPNFOVTB[VSFWJSUVBMNBDIJOFTDBMFTFUTVTFTQPU 30

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·ͱΊ 1SJWBUF",4DMVTUFS ͕ ("ʹͳΓ·ͨ͠ Ø ओʹηΩϡϦςΟཁ݅ʹ͓͍ͯɺޮՌΛൃش͢Δ ͸ͣ Ͱ͠ΐ͏ Ø ґଘؔ܎΍੍ݶࣄ߲͕͋ΔͷͰɺ͏·͘࢖͍͜ͳ͠·͠ΐ͏ Ø Ծʹόά͕͋ͬͯ΋ɺίϛϡχςΟͷྗͰղܾ͢ΔՄೳੑ͕͋Γ·͢ ৽ػೳ΋ͲΜͲΜग़͍ͯΔͷͰੵۃతʹࢼ͠·͠ΐ͏ Ø "[VSF4QPU7.TGPSWJSUVBMNBDIJOFTDBMFTFUT౳ 31

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&OKPZ",4 ⽄ ⽄ ̇ ̇ ̇ ⽄

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ࢿྉը૾ܥ (JU)VCKB[VHKQ Ø IUUQTHJUIVCDPNKB[VHKB[VHKQ "[VSF*DPOT Ø IUUQTB[VSFNJDSPTPGUDPNFOVTQBUUFSOTTUZMFTHMZQITJDPOT นࢴ࡞੒ऀ༷ Ø ԣҪ Ӌҥࢠ ͞Μ Ø IUUQTXXXGBDFCPPLDPNVJLPV 34

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ࢿྉެࣜυΩϡϝϯτ "[VSF,VCFSOFUFT4FSWJDF ",4 Ø IUUQTB[VSFNJDSPTPGUDPNFOVTTFSWJDFTLVCFSOFUFTTFSWJDF (JU)VC ",4 Ø IUUQTHJUIVCDPN"[VSF",4 $SFBUFBQSJWBUF"[VSF,VCFSOFUFT4FSWJDFDMVTUFS Ø IUUQTEPDTNJDSPTPGUDPNFOVTB[VSFBLTQSJWBUFDMVTUFST ,VCFSOFUFTDPSFDPODFQUTGPS",4 Ø IUUQTEPDTNJDSPTPGUDPNFOVTB[VSFBLTDPODFQUTDMVTUFSTXPSLMPBET 4FDVSJUZDPODFQUTGPSBQQMJDBUJPOTBOEDMVTUFSTJO",4 Ø IUUQTEPDTNJDSPTPGUDPNFOVTB[VSFBLTDPODFQUTTFDVSJUZ :PV5VCF1SJWBUF"[VSF,VCFSOFUFT4FSWJDFDMVTUFS Ø IUUQTXXXZPVUVCFDPNXBUDI WSHKO49L[BL 35

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ࢿྉެࣜυΩϡϝϯτ ͷ࣌఺ Ͱ 1SFWJFX "EEBTQPUOPEFQPPMUPBO"[VSF,VCFSOFUFT4FSWJDF ",4 DMVTUFS Ø IUUQTEPDTNJDSPTPGUDPNFOVTB[VSFBLTTQPUOPEFQPPM 6TF4QPU7.TJO"[VSF Ø IUUQTEPDTNJDSPTPGUDPNFOVTB[VSFWJSUVBMNBDIJOFTXJOEPXTTQPUWNT %FQMPZ4QPU7.TVTJOHUIF"[VSFQPSUBM Ø IUUQTEPDTNJDSPTPGUDPNFOVTB[VSFWJSUVBMNBDIJOFTXJOEPXTTQPUQPSUBM "[VSF4QPU7.TGPSWJSUVBMNBDIJOFTDBMFTFUT Ø IUUQTEPDTNJDSPTPGUDPNFOVTB[VSFWJSUVBMNBDIJOFTDBMFTFUTVTFTQPU 36

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ࢿྉ,VCFSOFUFT$PNQPOFOUT 37 SFGIUUQTLVCFSOFUFTJPEPDTDPODFQUTPWFSWJFXDPNQPOFOUT