㧡 ⚻⾌ߩⷐ
8.5 CXGNKGXCPF5;QPGOWTC㧦0GY(QTOUQH6YQ2CTVKENGCPF1PG2CTVKENG-KPGVKE'SWCVKQPU㧘
#+2%QPHGTGPEG2TQEGGFKPIU㧘8QN㧔㧕㧘RR
;G#$QPFCT##5JGTUJPGX#0-WFT[CXVUGX&8-JQV[CPQXUM[5;QPGOWTCCPF/5 +XCPQX㧦0WOGTKECN5VWF[QH*[RGTUQPKE4CTGHKGF(NQYUCDQWV.GCFKPI'FIGUQH5OCNN$NWPVPGUU㧘 VJ+PVGTPCVKQPCN5[ORQUKWOQP5JQEM9CXGU㧘8QN+8㧔㧕㧘RR
࿖㓙ળ⼏ߢߩ⊒
6QOQ[C1UJKOC5JKIGTW;QPGOWTCCPF6CMCUJK6QMWOCUW㧦#5VWF[HQT6TCPURQTV2JGPQOGPCQH 0CPQUECNG)CU(NQYKP2QTQWU/GFKC㧘0KPVJ+PVGTPCVKQPCN%QPHGTGPEGQP(NQY&[PCOKEU㧘 RR
#NGZCPFGT5JGX[TKP/KMJCKN+XCPQX;GXIGPK[$QPFCTCPF5JKIGTW;QPGOWTC㧦0WOGTKECN5VWFKGU QH4CTGHKGF%JGOKECNN[4GCEVKPI(NQYUCDQWV5RCEG8GJKENGU㧘6JG6YGNHVJ+PVGTPCVKQPCN 5[ORQUKWOQP#FXCPEGF(NWKF+PHQTOCVKQPCPF6TCPUFKUEKRNKPCT[(NWKF+PVGITCVKQP㧘RR 8NCFKOKT5CXGNKGXCPF5JKIGTW;QPGOWTC㧦6YQ2CTVKENGCPF1PG2CTVKENG-KPGVKE'SWCVKQPU KP.CPFCW(QMMGT2NCPEMNKMG(QTO㧘6JG6YGNHVJ+PVGTPCVKQPCN5[ORQUKWOQP#FXCPEGF(NWKF +PHQTOCVKQPCPF6TCPUFKUEKRNKPCT[(NWKF+PVGITCVKQP㧘RR
࿖ౝળ⼏ߢߩ⊒
ᄢ᎑ᥓ☨⨃ᓼჇፏ㧦࠽ࡁࠬࠤ࡞ᄙሹ⾰ౝߦ߅ߌࠆャㅍ․ᕈߦ㑐ߔࠆᢙ୯⊛⎇ⓥ㧘 ᣣᧄᯏ᪾ቇળᐕᐲᐕᰴᄢળ
⏷㊁☨⨃┻㊁⾆ᴺਃᧁኡਯ㜞ᧁᢅⴕ㧦ಽሶ᳇ẢṖߩᵹࠇࡄࡔ࠲ߦࠃࠆಽᨆ㧘 ᣣᧄᯏ᪾ቇળᐕᐲᐕᰴᄢળ
☨ ⨃⏷㊁ ┻㊁⾆ᴺਃᧁኡਯ㜞ᧁᢅⴕ㧦ࡑࠗࠢࡠ࠽ࡁࠬࠤ࡞ߢࠇࠆ᳇Ả Ṗᯏ᭴㧘ᣣᧄᯏ᪾ቇળ╙ ࿁ࡑࠗࠢࡠ࠽ࡁᎿቇࠪࡦࡐࠫ࠙ࡓ
ᄢ᎑ᥓ㧘☨ ⨃㧘ᓼჇ ፏ㧦ᄙሹ⾰ౝ࠽ࡁࠬࠤ࡞᳇ᵹࠇߦ߅ߌࠆャㅍ⽎ߦ㑐ߔࠆᢙ ୯⊛⎇ⓥ㧘╙ ࿁ᢙ୯ᵹജቇࠪࡦࡐࠫ࠙ࡓ
☨ ⨃⏷㊁ ┻㊁⾆ᴺਃᧁኡਯ㜞ᧁᢅⴕ㧦ࡑࠗࠢࡠ࠽ࡁࠬࠤ࡞ߢࠇࠆ᳇Ả Ṗߩࡔࠞ࠾࠭ࡓ㧘ᣣᧄᵹജቇળᐕળ
☨ ⨃㧦ࡑࠗࠢࡠ࠽ࡁࠬࠤ࡞ߢࠇࠆ᳇ẢṖߩࡔࠞ࠾࠭ࡓ㧘⎇ⓥ㓸ળޟⶄ㔀ᵹേ⽎ߩ
࠳ࠗ࠽ࡒࠢࠬޠ
☨ ⨃㧦ࡑࠗࠢࡠ࠽ࡁࠬࠤ࡞ߢࠇࠆ᳇ẢṖߩࡔࠞ࠾࠭ࡓ㧘ᣣᧄᯏ᪾ቇળಽ⑼ળ 25%%
ޟࡑࠗࠢࡠ᳇ᵹࠇߦ㑐ߔࠆ⺞ᩏ⎇ⓥಽ⑼ળޠ╙ ࿁ಽ⑼ળ㕖㐿⸛⺰ળ
# ಽሶᾲᵹ⎇ⓥಽ㊁/QNGEWNCT*GCV6TCPUHGT.CDQTCVQT[
ࠝࠫ࠽࡞⺰ᢥ㧔⧷⺆㧕
5JQ/WTCMCOK/CUCJKMQ5JKDCJCTC6CMW1JCTC㧦/QNGEWNCTF[PCOKEUUVWF[QPVJGKPHNWGPEGU QHPCPQUVTWEVWTGIGQOGVT[QPVJGGPGTI[VTCPURQTVCPFVJGNQECNPQPGSWKNKDTKWODGJCXKQTU CVVJGNKSWKFUQNKFKPVGTHCEGU㧘2TQEGGFKPIUQHVJGVJ-5/',5/'6JGTOCNCPF(NWKFU 'PIKPGGTKPI%QPHGTGPEG
5/WTCMCOK/5JKDCJCTCCPF61JCTC㧦/QNGEWNCT&[PCOKEU5VWF[QPVJG+PHNWGPEGUQH 0CPQUVTWEVWTG)GQOGVT[QPVJG'PGTI[6TCPURQTVCPF.QECN0QP'SWKNKDTKWO$GJCXKQTCV .KSWKF5QNKF+PVGTHCEGU㧘2TQEGGFKPIUQHVJGTF+PVGTPCVKQPCN5[ORQUKWOQP6TCPURQTV 2JGPQOGPC
*CTK-TKUJPC%JKMWMQVK)-KMWICYCCPF61JCTC㧦/QNGEWNCT&[PCOKEU5KOWNCVKQPQH .KSWKF8CRQT+PVGTHCEKCN2TQRGTVKGUQHP#NMCPGU㧘2TQEGGFKPIUQHVJGTF+PVGTPCVKQPCN (QTWOQP*GCV6TCPUHGT
5-QUCMC)-KMWICYC60CMCPQCPF61JCTC㧦#/QNGEWNCT&[PCOKEU5VWF[QP/QNGEWNCT 5ECNG5VTWEVWTGCPF/CUU6TCPURQTV2TQRGTVKGUKPVJG8KEKPKV[QH5K19CVGT+2#+PVGTHCEGU㧘 2TQEGGFKPIUQHVJGTF+PVGTPCVKQPCN(QTWOQP*GCV6TCPUHGT
࿖㓙ળ⼏ߢߩ⊒
6CMW1JCTC㧦6JGTOQRJ[UKECN2JGPQOGPCKP5QHV/CVVGTU㧘,CRCP%JKPC,QKPV9QTMUJQRQP$QK /CVGTKCNCPF(NQY&[PCOKEU
*CTK-TKUJPC%JKMWMQVK)-KMWICYCCPF61JCTC㧦/QNGEWNCT&[PCOKEU5VWF[QP'HHGEVQH
%JCKP.GPIVJQP.KSWKF8CRQT+PVGTHCEKCN2TQRGTVKGUQHCNMCPGU㧘VJ+PVGTPCVKQPCN
%QPHGTGPEGQP(NWKF&[PCOKEU
/5JKDCJCTC61JCTCCPF)-KMWICYC㧦6JGTOCN4GUKUVCPEGDGVYGGP0CPQ5VTWEVWTGF5WTHCEGU
CPF.KSWKFU㧘VJ+PVGTPCVKQPCN%QPHGTGPEGQP(NWKF&[PCOKEU+(5%QNNCDQTCVKXG4GUGCTEJ (QTWO#(+6(+
)-KMWICYC21%JCRWKU5)QOGU5.GHGXTG61JCTC48CKNNQP㧦/KETQUEQRKE#PCN[UGU QH*GCV6TCPUHGTCV/KETQCPF0CPQ5ECNG+PVGTHCEGU㧘#PPWCN'.[69QTMUJQR
)QVC-KMWICYC2CYGN-GDNKPUMK6CMW1JCTC㧦6JGTOCN'PGTI[6TCPUHGTKP#OQTRJQWU 2QN[GVJ[NGPGYKVJ%TQUU.KPM(QTOCVKQP㧘4GPUUGNCGT0CPQVGEJPQNQI[%GPVGT4GUGCTEJ 5[ORQUKWO
࿖ౝળ⼏ߢߩ⊒
ዊဈ⑲৻⩵Ꮉ⽕ᄥਛ㊁㓶ᄢዊේᜏ㧦5K1㧙᳓+2# ⇇㕙ㄭறߦ߅ߌࠆᶧ⤑ਛߩ᭴ㅧߣ‛⾰
ャㅍߦ㑐ߔࠆಽሶേജቇ⊛⎇ⓥ㧘╙ ࿁ᣣᧄવᾲࠪࡦࡐࠫ࠙ࡓ㧘8QN+++㧔㧕㧘RR
⠍⦼ේᱜᒾዊේᜏ㧦ᓸ⚦᭴ㅧߦࠃߞߡ⺃ߐࠇߚዪᚲ㕖ᐔⴧᕈ߇࿕ᶧ⇇㕙ࠛࡀ࡞ࠡ
ャㅍߦ߷ߔᓇ㗀㧘╙ ࿁ᣣᧄવᾲࠪࡦࡐࠫ࠙ࡓ㧘8QN+++㧔㧕㧘RR
⠀↰ၔม⩵Ꮉ⽕ᄥዊේᜏ㧦#NNCVQO ࡕ࠺࡞ߦࠃࠆฦ⒳ࠕ࡞ࠞࡦ㘻ᶧਛߩᾲવዉߦ㑐ߔࠆಽ ሶേജቇࠪࡒࡘ࡚ࠪࡦ㧘╙ ࿁ᣣᧄવᾲࠪࡦࡐࠫ࠙ࡓ㧘8QN+++㧔㧕㧘RR
*CTK-TKUJPC%JKMWMQVK)-KMWICYCCPF61JCTC㧦5VTWEVWTGCPF6TCPURQTV%JCTCEVGTKUVKEU CV.KSWKF8CRQT+PVGTHCEGUQH#NMCPGU㧘╙ ࿁ᣣᧄવᾲࠪࡦࡐࠫ࠙ࡓ㧘8QN+++㧔㧕㧘 RR
⦼ේᱜᒾ⠍᧻ᧄᜏዊේᜏ㧦࠽ࡁࡔ࠻࡞ࠬࠤ࡞ߩᓸ⚦᭴ㅧ߇࿕ᶧ⇇㕙ߩᾲᛶ᛫
ߣࠛࡀ࡞ࠡャㅍߦਈ߃ࠆᓇ㗀ߦ㑐ߔࠆಽሶേജቇ⊛⎇ⓥ㧘ᣣᧄᯏ᪾ቇળ ᐕᐲᐕᰴᄢળ
⠀↰ၔม⩵Ꮉ⽕ᄥዊේᜏ㧦⋥㎮ࠕ࡞ࠞࡦ㘻ᶧਛߩᾲࠛࡀ࡞ࠡવ៝ᯏ᭴ߦ㑐ߔࠆ #NN#VQO ಽሶേജቇࠪࡒࡘ࡚ࠪࡦ㧘ᣣᧄᯏ᪾ቇળ ᐕᐲᐕᰴᄢળ
ਛ㊁㓶ᄢዊဈ⑲৻⩵Ꮉ⽕ᄥዊේᜏ㧦5K1㧙᳓+2# ⇇㕙ㄭறߦ߅ߌࠆᶧ⤑ਛߩ᭴ㅧߣ‛⾰ャ ㅍߦኻߔࠆ᷷ᐲߩᓇ㗀㧘ᣣᧄᯏ᪾ቇળ╙ ࿁ࡑࠗࠢࡠ࠽ࡁᎿቇࠪࡦࡐࠫ࠙ࡓ㧘RR ዊේ ᜏ㧦ᵹߩᾲャㅍࠍᡰ㈩ߔࠆಽሶേജቇᯏ᭴㧘ᄢ㒋ᄢቇᯏ᪾Ꮏቇ♽╙ ࿁ᛛⴚᵹળ ዊဈ⑲৻⩵Ꮉ⽕ᄥਛ㊁㓶ᄢዊේᜏ㧦5K1᳓+2# ⇇㕙ㄭறߢߩᶧ⤑᭴ㅧߣ‛⾰ャㅍߦ㑐ߔ ࠆಽሶേജቇ⊛⎇ⓥ㧘ᣣᧄᯏ᪾ቇળᾲᎿቇࠦࡦࡈࠔࡦࠬ 㧘RR
ዊဈ⑲৻⩵Ꮉ⽕ᄥਛ㊁㓶ᄢዊේᜏ㧦5K1᳓+2# ⇇㕙ㄭறߦ߅ߌࠆ‛⾰ャㅍߦ㑐ߔࠆಽሶ
േജቇ⊛⎇ⓥ㧔ๆ⌕ጀౝߢߩಽሶߩേߣࠛࡀ࡞ࠡ⁁ᘒ㧕㧘╙ ࿁ᢙ୯ᵹജቇࠪࡦࡐࠫ࠙ࡓ ߘߩઁ⸃⺑✚⺑ᄢቇ♿ⷐ⪺ᦠ
ዊේᜏ㧦ᾲᵹ⽎ߩಽሶേജቇࠪࡒࡘ࡚ࠪࡦ㧘࠻ࠗࡏࡠࠫࠬ࠻㧘8QN㧔㧕㧘 RR
# ࠽ࡁ⇇㕙ᵹ⎇ⓥಽ㊁0CPQUECNG+PVGTHCEKCN(NQY.CDQTCVQT[
ࠝࠫ࠽࡞⺰ᢥ㧔⧷⺆㧕
#MKPQTK(WMWUJKOC6QUJKMK/KOC+MW[C-KPGHWEJKCPF6CMCUJK6QMWOCUW㧦/QNGEWNCT&[PCOKEU 5VWF[QH9CVGT6TCPURQTV2TQRGTV[KP/KETQ*[FTQRJQDKE2QTG㧘'%56TCPUCEVKQPU㧘8QN
㧔㧕㧘RR
6CMW[C/CDWEJKCPF6CMCUJK6QMWOCUW㧦/QNGEWNCT5KOWNCVKQPQH2TQVQPCPF9CVGT6TCPURQTV KP*[FTCVGF0CHKQP/GODTCPG㧘'%56TCPUCEVKQPU㧘8QN㧔㧕㧘RR
6CMCUJK5CUCDG)GP+PQWG5JQLK6UWUJKOC5JWKEJKTQ*KTCK6CMCUJK6QMWOCUWCPF7IWT 2CUCQIWNNCTK㧦+PXGUVKICVKQPQP'HHGEVQH26('6TGCVOGPVQP)&./KETQUVTWEVWTGD[
*KIJTGUQNWVKQP:TC[%6㧘'%56TCPUCEVKQPU㧘8QN㧔㧕㧘RR
6CMCUJK6QMWOCUW㧦0CPQUECNG6TCPURQTV2JGPQOGPCKP2'/QH2'(%D[.CTIG5ECNG/QNGEWNCT
&[PCOKEU5KOWNCVKQPU㧘'%56TCPUCEVKQPU㧘8QN㧔㧕㧘RR
*KTQMK0CICUJKOC6CMCUJK6QMWOCUW5JKPKEJK6UWFC0QDW[WMK6UWDQK/KVUWQ-QUJKCPF#
-QKEJK*C[CUJK㧦.KOKVUQH%NCUUKECN/QNGEWNCT5KOWNCVKQPQPVJG'UVKOCVKQPQH6JGTOQF[PCOKE 2TQRGTVKGUQH%T[QIGPKE*[FTQIGP㧘/QNGEWNCT5KOWNCVKQP㧘8QN㧔㧕㧘RR
࿖㓙ળ⼏ߢߩ⊒
;WVC;QUJKOQVQ6QUJKMK/KOC#MKPQTK(WMWUJKOC+MW[C-KPGHWEJK6CMCUJK6QMWOCUW5JW 6CMCIK㧦%QPUVTWEVKQPQHKPVGTCEVKQPOQFGNUQHFKUUKRCVKXGRCTVKENGF[PCOKEUD[
EQCTUGITCKPKPI.GPPCTF,QPGUHNWKFU+PXGUVKICVKQPQPVJGU[UVGOYKVJXCRQTNKSWKF KPVGTHCEGU㧘%QPHGTGPEGQP%QORWVCVKQPCN2J[UKEU
6QUJKMK/KOC+MW[C-KPGHWEJK;WVC;QUJKOQVQ#MKPQTK(WMWUJKOC6CMCUJK6QMWOCUW5JW 6CMCIKCPF;QKEJKTQ/CVUWOQVQ㧦/QNGEWNCTF[PCOKEUUKOWNCVKQPHQTXCRQTNKSWKFRJCUG VTCPUKVKQPQHYCVGTKPPCPQE[NKPFGTYKVJEQPVTQNNGFYGVVCDKNKV[㧘%QPHGTGPEGQP
%QORWVCVKQPCN2J[UKEU
#MKPQTK(WMWUJKOC6QUJKMK/KOC+MW[C-KPGHWEJK6CMCUJK6QMWOCUW㧦/QNGEWNCTF[PCOKEU UKOWNCVKQPQHYCVGTFTQRNGVKPOKETQRQTGU㧘%QPHGTGPEGQP%QORWVCVKQPCN2J[UKEU 6QUJKMK/KOC;WVC;QUJKOQVQ+MW[C-KPGHWEJK#MKPQTK(WMWUJKOC6CMCUJK6QMWOCUW5JW 6CMCIKCPF;QKEJKTQ/CVUWOQVQ㧦8CRQTNKSWKFEQGZKUVGPEGQHYCVGTKPPCPQE[NKPFGTC OQNGEWNCTF[PCOKEUUKOWNCVKQPCRRTQCEJ㧘6JGTF9QTMUJQRQP%QORWVCVKQPCNCPF5VCVKUVKECN 2J[UKEU㧘R
5JKPKEJK6UWFC/KVUWQ-QUJKCPF6CMCUJK6QMWOCUW㧦6JG+PHNWGPEGQHVJG5RKP /WNVKRNKEKVKGUQH1Z[IGPQPVJG6JGTOCN2TQRGTVKGU㧘PF+PVGTPCVKQPCN%QPHGTGPEGQP
%JGOKECN6JGTOQF[PCOKEUCPFVJ%CNQTKOGVT[%QPHGTGPEG
*KTQMK0CICUJKOC5JKPKEJK6UWFC0QDW[WMK6UWDQK/KVUWQ-QUJK#-QKEJK*C[CUJK 6CMCUJK6QMWOCUW㧦#P#PCN[UKUQH3WCPVWO'HHGEVQPVJG6JGTOQF[PCOKE2TQRGTVKGUQH%T[QIGPKE
*[FTQIGPWUKPI2CVJ+PVGITCN%GPVTQKF/QNGEWNCT&[PCOKEU/GVJQF㧘PF+PVGTPCVKQPCN
%QPHGTGPEGQP%JGOKECN6JGTOQF[PCOKEUCPFVJ%CNQTKOGVT[%QPHGTGPEG
*KTQMK0CICUJKOC6CMCUJK6QMWOCUW5JKPKEJK6UWFC0QDW[WMK6UWDQK/KVUWQ-QUJK#
-QKEJK*C[CUJK㧦#/QNGEWNCT&[PCOKEU5VWF[QPVJG6JGTOQF[PCOKE#PCN[UKUQH%T[QIGPKE
*[FTQIGP㧘0KPVJ+PVGTPCVKQPCN%QPHGTGPEGQP(NQY&[PCOKEU㧘RR
6CMW[C/CDWEJKCPF6CMCUJK6QMWOCUW㧦#VQOKUVKE5KOWNCVKQPQH2TQVQPCPF9CVGT6TCPURQTV KP*[FTCVGF0CHKQP/GODTCPG㧘0KPVJ+PVGTPCVKQPCN%QPHGTGPEGQP(NQY&[PCOKEU㧘RR
;WVC5WIC[CCPF6CMCUJK6QMWOCUW㧦/QNGEWNCT&[PCOKEU5VWF[QH1Z[IGP2GTOGCVKQPKPVJG +QPQOGTQP2V%CVCN[UVQH2'(%㧘0KPVJ+PVGTPCVKQPCN%QPHGTGPEGQP(NQY&[PCOKEU㧘RR /CUCVQ6QOK0QDW[WMK6UWDQK5JKPKEJK6UWFC*KTQMK0CICUJKOCCPF6CMCUJK6QMWOCUW㧦#
/QNGEWNCT&[PCOKEU5VWF[QPVJG&GPUKV[(NWEVWCVKQPQH&KCVQOKE(NWKFCTQWPFVJG%TKVKECN
2QKPV㧘VJG6YGNHVJ+PVGTPCVKQPCN5[ORQUKWOQP#FXCPEGF(NWKF+PHQTOCVKQPCPF 6TCPUFKUEKRNKPCT[(NWKF+PVGITCVKQP㧘RR
;WVC;QUJKOQVQ6QUJKMK/KOC#MKPQTK(WMWUJKOC+MW[C-KPGHWEJK6CMCUJK6QMWOCUW5JW 6CMCIKCPF;QKEJKTQ/CVUWOQVQ㧦%QPUVTWEVKQPQH+PVGTCEVKQP/QFGNUQH&KUUKRCVKXG2CTVKENG
&[PCOKEU D[%QCTUGITCKPKPI.GPPCTF,QPGU(NWKFU㧘VJG6YGNHVJ+PVGTPCVKQPCN5[ORQUKWOQP
#FXCPEGF(NWKF+PHQTOCVKQPCPF6TCPUFKUEKRNKPCT[(NWKF+PVGITCVKQP㧘RR
6CMCUJK6QMWOCUW/CTKG*ªN©PG/GWTKUUG0KEQNCU(KNNQVCPF2JKNKRRG8GTIPG㧦0CPQ5ECNG /QFGNKPIQH%QPHKPGF.KSWKF(KNOUCPF$TKFIGU㧘VJG6YGNHVJ+PVGTPCVKQPCN5[ORQUKWOQP
#FXCPEGF(NWKF+PHQTOCVKQPCPF6TCPUFKUEKRNKPCT[(NWKF+PVGITCVKQP㧘RR
6CMW[C/CDWEJKCPF6CMCUJK6QMWOCUW㧦#PCN[UKUQH9CVGT/QNGEWNGUCPF*[FTQPKWO+QPU&[PCOKEU KP0CHKQP/GODTCPG㧘VJGTF+PVGTPCVKQPCN(QTWPQP*GCV6TCPUHGT
*KTQMK0CICUJKOC5JKPKEJK6UWFC0QDW[WMK6UWDQK/KVUWQ-QUJK#-QKEJK*C[CUJK 6CMCUJK6QMWOCUW㧦#P#PCN[UKUQH3WCPVWO'HHGEVQPVJG6JGTOQF[PCOKE2TQRGTVKGUQH%T[QIGPKE
*[FTQIGPWUKPI2CVJ+PVGITCN%GPVTQKF/QNGEWNCT&[PCOKEU/GVJQF㧘VJGTF+PVGTPCVKQPCN(QTWP QP*GCV6TCPUHGT
;WVC5WIC[CCPF6CMCUJK6QMWOCUW㧦/QNGEWNCT&[PCOKEU5VWF[QH1Z[IGP2GTOGCVKQPQHVJG +QPQOGTQP2'(%%CVCN[UV.C[GT㧘VJGTF+PVGTPCVKQPCN(QTWPQP*GCV6TCPUHGT
6CMCUJK6QMWOCUW/CTKG*ªN©PG/GWTKUUG0KEQNCU(KNNQVCPF2JKNKRRG8GTIPG㧦#/QNGEWNCT
&[PCOKEU5VWF[QH.WDTKECVKQP%JCTCEVGTKUVKEUQH0CPQUECNG.KSWKF$TKFIG㧘VJ0QTFKE 5[ORQUKWOQP6TKDQNQI[
6CMW[C/CDWEJKCPF6CMCUJK6QMWOCUW㧦/QNGEWNCT&[PCOKEU5VWF[QH2TQVQPCPF9CVGT6TCPUHGT KP0CHKQP/GODTCPG㧘VJG9QTNF%QPITGUUQP%QORWVCVKQPCN/GEJCPKEU
#MKPQTK(WMWUJKOC6QUJKMK/KOC+MW[C-KPGHWEJKCPF6CMCUJK6QMWOCUW㧦/QNGEWNCTF[PCOKEU UVWF[QHVJGVTCPURQTVRTQRGTV[QHVJGYCVGTFTQRNGVKPVJGOKETQJ[FTQRJQDKEYCNN㧘VJG 'KIJVJ-5/',5/'6JGTOCNCPF(NWKFU'PIKPGGTKPI%QPHGTGPEG
6CMCUJK6QMWOCUWCPF*KTQPQTK5CMCK㧦/QNGEWNCT5VTWEVWTGKP2'/CPF+VU4GNCVKQPYKVJ2TQVQP
&KHHWUKXKV[㧘VJG'KIJVJ-5/',5/'6JGTOCNCPF(NWKFU'PIKPGGTKPI%QPHGTGPEG
*KTQMK0CICUJKOC5JKPKEJK6UWFC0QDW[WMK6UWDQK/KVUWQ-QUJK#-QKEJK*C[CUJKCPF 6CMCUJK6QMWOCUW㧦#P'HHGEVQH3WCPVWO0CVWTGQH%T[QIGPKE*[FTQIGPQPVJG6JGTOQF[PCOKE 2TQRGTVKGUQH.KSWKF*[FTQIGP㧘VJG'KIJVJ-5/',5/'6JGTOCNCPF(NWKFU'PIKPGGTKPI
%QPHGTGPEG
6QOQ[C1UJKOC5JKIGTW;QPGOWTCCPF6CMCUJK6QMWOCUW㧦#5VWF[HQT6TCPURQTV2JGPQOGPCQH 0CPQUECNG)CU(NQYKP2QTQWU/GFKC㧘0KPVJ+PVGTPCVKQPCN%QPHGTGPEGQP(NQY&[PCOKEU㧘 RR
࿖ౝળ⼏ߢߩ⊒
ᓼჇፏ/CTKG*ªN©PG/GWTKUUG0KEQNCU(KNNQVCPF2JKNKRRG8GTIPG㧦࠽ࡁᶧᩇߩㆇേ㊂ャ ㅍ․ᕈߦ㑐ߔࠆಽሶേജቇ⊛⸃ᨆ㧘╙ ࿁ࡑࠗࠢࡠ࠽ࡁᎿቇࠪࡦࡐࠫ࠙ࡓ㧘RR ᓼჇፏ㧦2'(% ౝ‛⾰ャㅍ⽎ߦ㑐ߔࠆᄢⷙᮨಽሶേജቇࠪࡒࡘ࡚ࠪࡦ㧘╙ ࿁ࡑࠗࠢࡠ
࠽ࡁᎿቇࠪࡦࡐࠫ࠙ࡓ㧘RR
᧶ᷗ㇚ᄢጊᷕᐔᮮጊᶈมਭೣᄦᓼჇፏ᧻ᧄᵗ৻㇢㧦࠽ࡁ :✢ %6ߦࠃࠅขᓧߒ ߚታᒻ⁁࠺࠲ߦၮߠߊ࿕㜞ಽሶᒻΆᢱ㔚ᳰౝߩ᳇ャㅍ⸃ᨆ㧘╙ ࿁ࡑࠗࠢࡠ࠽ࡁᎿቇࠪ
ࡦࡐࠫ࠙ࡓ㧘RR
౷ᱜੱဝિᐘᵤ↰િ৻ᓼჇፏ㧦ಽሶേജቇᴺࠍ↪ߚ⥃⇇ὐㄭறߦ߅ߌࠆੑේሶಽሶᵹ
ߩኒᐲࠁࠄ߉ߦ㑐ߔࠆ⎇ⓥ㧘╙ ࿁ࡑࠗࠢࡠ࠽ࡁᎿቇࠪࡦࡐࠫ࠙ࡓ㧘RR
ፉᖗ㧘⟤㚍ବ᮸㧘᧶ᷗ㇚㧘ᓼჇፏ㧦ᓸ⚦ሹౝㇱߦ߅ߌࠆᶧṢߩേߦ㑐ߔࠆಽሶ⺰⊛⎇ⓥ㧘
╙ ࿁ᔕ↪‛ℂቇળቇⴚ⻠Ṷળ
ᵤ↰િ৻శ↵ᓼჇፏᐔ↰ືᄦ㧦㉄⚛ߩ㜞♖ᐲಽሶ㑆ࡐ࠹ࡦࠪࡖ࡞ߩ᭴▽ߦะߌߡ㧘⥶ⓨ
ቝቮቇળർㇱᡰㇱ ᐕ⻠Ṷળߥࠄ߮ߦ╙ ࿁ౣ↪ဳቝቮផㅴ♽ࠪࡦࡐࠫ࠙ࡓ
᳗ፉᶈ᮸ᵤ↰િ৻ဝિᐘశ↵ᨋశ৻ᓼჇፏ㧦㊂ሶಽሶേജቇᴺࠍ↪ߚૐ᷷᳓⚛ߩ
㊂ሶലᨐߩᓇ㗀⸃ᨆ㧘╙ ࿁ᢙ୯ᵹജቇࠪࡦࡐࠫ࠙ࡓ
⩲⼱ᖘᄥᓼჇፏ㧦2'(% ࠞ࠰࠼⸅ᇦጀ KQPQOGT ߦ߅ߌࠆ㉄⚛ಽሶㅘㆊߦ㑐ߔࠆಽሶ⺰⊛⎇ⓥ㧘
╙ ࿁ᢙ୯ᵹജቇࠪࡦࡐࠫ࠙ࡓ
⟤㚍ବ༑㧘᧶ᷗ㇚㧘ศᧄാᄥ㧘ፉᖗ㧘ᓼჇፏ㧘㜞ᧁ㧘᧻ᧄᵗ৻㇢㧦⇹᳓ᕈ࠽ࡁ⚦ሹౝߩ
᳓ߩ᳇ᶧ⋧Ⴚ⇇ߦ㑐ߔࠆಽሶേജቇࠪࡒࡘ࡚ࠪࡦ㧘╙ ࿁ᢙ୯ᵹജቇࠪࡦࡐࠫ࠙ࡓ 㚍ᷨᜏᓼჇፏ㧦ಽሶേജቇࠍ↪ߚ᳓࠽ࡈࠖࠝࡦౝࡊࡠ࠻ࡦ᳓ಽሶャㅍ․ᕈߩ⸃ᨆ㧘╙
࿁ᣣᧄવᾲࠪࡦࡐࠫ࠙ࡓ
ፉᖗ⟤㚍ବ᮸᧶ᷗ㇚ᓼჇፏ㧦᠘᳓ᕈᓸ⚦ሹౝㇱߦ߅ߌࠆᶧṢߩャㅍ․ᕈߦ㑐ߔࠆಽ ሶ⺰⊛⎇ⓥ㧘╙ ࿁ᣣᧄવᾲࠪࡦࡐࠫ࠙ࡓ
᳗ፉᶈ᮸ᵤ↰િ৻ဝિᐘశ↵ᨋశ৻ᓼჇፏ㧦⚻〝Ⓧಽࡦ࠻ࡠࠗ࠼ಽሶേജቇᴺࠍ
↪ߚᶧ᳓⚛ߩᾲ‛ᕈ⹏ଔ㧘╙ ࿁ᣣᧄવᾲࠪࡦࡐࠫ࠙ࡓ
ਭೣᄦ㧘ᮮጊᶈม㧘ర㧘ᴡἑర㧘ਛ၂㓉㓶㧘ൎ↰ᱜᢥ㧘᧶ᷗ㇚㧘ᓼჇፏ㧦ታ᭴ㅧࠍࡌ
ࠬߣߒߚΆᢱ㔚ᳰ↪ࠟࠬᢔጀߩലᢔଥᢙߩ⸘᷹⸃ᨆ㧘╙ ࿁㔚ᳰ⸛⺰ળ㧘R 㚍ᷨᜏᓼჇፏ㧦㜞ಽሶ㔚⸃⾰⤑ౝߦ߅ߌࠆࡊࡠ࠻ࡦ᳓ャㅍ․ᕈߩಽሶ⺰⊛⸃ᨆ㧘ᣣᧄᵹ
ജቇળᐕળ
౷ᱜੱဝિᐘᵤ↰િ৻ᓼჇፏ㧦⥃⇇ὐㄭறߦ߅ߌࠆੑේሶಽሶᵹߩኒᐲࠁࠄ߉ߦ㑐ߔ ࠆಽሶേജቇ⊛⎇ⓥ㧘ᣣᧄᵹജቇળᐕળ
ᵤ↰િ৻㧘శ↵㧘ᓼჇፏ㧦㜞ಽሶ㔚⸃⾰⤑ౝߦ߅ߌࠆࡊࡠ࠻ࡦ᳓ャㅍ․ᕈߩಽሶ⺰⊛⸃ᨆ㧘 ᣣᧄᯏ᪾ቇળ ᐕᐲᐕᰴᄢળ
᳗ፉᶈ᮸ᵤ↰િ৻ဝિᐘశ↵ᨋశ৻ᓼჇፏ㧦⚻〝Ⓧಽࡦ࠻ࡠࠗ࠼ಽሶേജቇᴺ ࠍ↪ߚૐ᷷᳓⚛ߩᾲ‛ᕈ⸃ᨆ㧘ᣣᧄᯏ᪾ቇળ ᐕᐲᐕᰴᄢળ
㚍ᷨᜏ㧘ᓼჇፏ㧦ಽሶേജቇᴺࠍ↪ߚ㜞ಽሶ㔚⸃⾰⤑ౝߩ᳓ࡊࡠ࠻ࡦャㅍ․ᕈߩ⸃ᨆ㧘ᣣ ᧄᯏ᪾ቇળ ᐕᐲᐕᰴᄢળ
⩲⼱ᖘᄥᓼჇፏ㧦2'(% ⊕㊄⸅ᇦ KQPQOGT ߦ߅ߌࠆ㉄⚛ಽሶㅘㆊߦ㑐ߔࠆಽሶ⺰⊛⎇ⓥ㧘ᣣᧄ ᯏ᪾ቇળ ᐕᐲᐕᰴᄢળ
ᓼჇፏ㧦2'(% ౝㇱߩ‛⾰ャㅍ⽎ߦ㑐ߔࠆᄢⷙᮨಽሶࠪࡒࡘ࡚ࠪࡦ㧘╙ ࿁Άᢱ㔚ᳰࠪࡦ ࡐࠫ࠙ࡓ㧘RR
⩲⼱ᖘᄥᓼჇፏ㧦2'(% ౝߩ⊕㊄⸅ᇦ KQPQOGT ߦ߅ߌࠆ㉄⚛ㅘㆊߦ㑐ߔࠆಽሶ⺰⊛⎇ⓥ㧘╙
࿁Άᢱ㔚ᳰࠪࡦࡐࠫ࠙ࡓ㧘RR
㚍ᷨᜏ㧘ᓼჇፏ㧦ಽሶേജቇᴺࠍ↪ߚ㜞ಽሶ㔚⸃⾰⤑ౝߩ᳓ࡊࡠ࠻ࡦャㅍ․ᕈߩ⸃ᨆ㧘╙
࿁Άᢱ㔚ᳰࠪࡦࡐࠫ࠙ࡓ㧘RR
᳗ፉᶈ᮸㧘ᵤ↰િ৻㧘ဝિᐘ㧘శ↵㧘ᨋశ৻㧘ᓼჇፏ㧦᳓⚛ಽሶߩ㊂ሶലᨐ߇ᾲ‛ᕈߦਈ߃ ࠆᓇ㗀⸃ᨆ㧘╙ ࿁ಽሶࠪࡒࡘ࡚ࠪࡦ⸛⺰ળ㧘R
ศᧄാᄥ㧘⟤㚍ବ༑㧘ፉᖗ㧘᧶ᷗ㇚㧘ᓼჇፏ㧘㜞ᧁ㧘᧻ᧄᵗ৻㇢㧦ಽሶേജቇᴺߦࠃࠆ ᢔㅺ☸ሶേജቇ⋧↪ࡕ࠺࡞ߩ᭴▽㧦.GPPCTF,QPGUᵹߦ㑐ߔࠆᬌ⸛㧘╙ ࿁ಽሶࠪࡒࡘ
࡚ࠪࡦ⸛⺰ળ㧘R
᧶ᷗ㇚㧘ᄢጊᷕᐔ㧘ᮮጊᶈม㧘ਭೣᄦ㧘ᓼჇፏ㧘᧻ᧄᵗ৻㇢㧦ࡕࡦ࠹ࠞ࡞ࡠ⋥ធࠪࡒࡘ
࡚ࠪࡦߦࠃࠆ࿕㜞ಽሶᒻΆᢱ㔚ᳰࡑࠗࠢࡠࡐࠬጀౝߩ᳇ャㅍ⸃ᨆ㧘╙ ࿁ಽሶࠪࡒࡘ
࡚ࠪࡦ⸛⺰ળ㧘R
⟤㚍ବ༑㧘᧶ᷗ㇚㧘ศᧄാᄥ㧘ፉᖗ㧘ᓼჇፏ㧘㜞ᧁ㧘᧻ᧄᵗ৻㇢㧦࠽ࡁ⚦ሹౝߩ᳓ߩ᳇
ᶧ⋧Ⴚ⇇ߦ㑐ߔࠆಽሶേജቇࠪࡒࡘ࡚ࠪࡦ㧘╙ ࿁ಽሶࠪࡒࡘ࡚ࠪࡦ⸛⺰ળ㧘R ᄢ᎑ᥓ☨⨃ᓼჇፏ㧦࠽ࡁࠬࠤ࡞ᄙሹ⾰ౝߦ߅ߌࠆャㅍ․ᕈߦ㑐ߔࠆᢙ୯⊛⎇ⓥ㧘 ᣣᧄᯏ᪾ቇળᐕᐲᐕᰴᄢળ
ᄢ᎑ᥓ㧘☨ ⨃㧘ᓼჇ ፏ㧦ᄙሹ⾰ౝ࠽ࡁࠬࠤ࡞᳇ᵹࠇߦ߅ߌࠆャㅍ⽎ߦ㑐ߔࠆᢙ ୯⊛⎇ⓥ㧘╙ ࿁ᢙ୯ᵹജቇࠪࡦࡐࠫ࠙ࡓ
ߘߩઁ⸃⺑✚⺑ᄢቇ♿ⷐ⪺ᦠ
6CMCUJK6QMWOCUW㧦/QNGEWNCT&[PCOKEU6JGTQTGVKECNFGXGNQROGPVUCPFCRRNKECVKQPUKP PCPQVGEJPQNQI[CPFGPGTI[㧘%JCTVGT/QNGEWNCT5KOWNCVKQPQH&KUUQEKCVKQP2JGPQOGPCQH )CU/QNGEWNGQP/GVCN5WTHCEG㧘+P6GEJ㧘RR
# ↢࠽ࡁᔕᵹ⎇ⓥಽ㊁$KQNQIKECN0CPQUECNG4GCEVKXG(NQY.CDQTCVQT[
ࠝࠫ࠽࡞⺰ᢥ㧔⧷⺆㧕
5GKLK-CPC\CYC;WMK+EJKJCUJK5CVQUJK9CVCPCDG5JWKEJK#MCOKPG4[WVC+EJKMK6QUJKMC\W 1JMWDQ6CMGJKMQ5CVQ/CTGM-QEKM,GT\[/K\GTCE\[M㧦1DUGTXCVKQPQH.KSWKF)CU2JCUG
&[PCOKEUHTQO2TGDTGCMFQYPVQ2QUVFKUEJCTIGKPC5KPINGUJQV7PFGTYCVGT2WNUGF&KUEJCTIG㧘 +PVGTPCVKQPCN,QWTPCNQH2NCUOC'PXKTQPOGPVCN5EKGPEG6GEJPQNQI[㧘8QN㧔㧕㧘RR
&CKUWMG;QUJKPQ0CQ[C5CMCOQVQ-GKVC6CMCJCUJK'TK+PQWG/CUCCMK5CVQ㧦%JCPIGUKP E[VQUMGNGVCNUVTWEVWTGUCPFHQECNCFJGUKQPQHXCUEWNCTGPFQVJGNKCNEGNNUGZRQUGFVQHNWKF UJGCTUVTGUUYKVJKVUURCVKCNITCFKGPV㧘$KQTJGQNQI[㧘8QN㧔㧕㧘R
/CUCCMK5CVQ&CKUWMG;QUJKPQ0CQ[C5CMCOQVQ'TK+PQWG㧦/QTRJQNQIKECNEJCPIGUQH GPFQVJGNKCNEGNNUWPFGTEQODKPGFEQPFKVKQPQHHNWKFUJGCTUVTGUUCPFKVUURCVKCNITCFKGPV㧘
#DUVTCEVUQHVJG$KQOGFKECN'PIKPGGTKPI5QEKGV[#PPWCN/GGVKPI
6CMGJKMQ5CVQ/CUC[WMK+UJKFC-C\WJKTQ0CMCOWTC[C6QOQMK0CMCLKOC&CKUWMG;QUJKPQ㧦
&GXGNQROGPVQHRNCUOCUVGTKNK\CVKQPFGXKEGWUKPICVOQURJGTKECKT㧘$QQMQH#DUVTCEVUQH++
+PVGTPCVKQPCN%QPHGTGPEGQP#PVKOKETQDKCN4GUGCTEJ+%#4㧘R
&CKUWMG;QUJKPQ/CUCCMK5CVQ㧦&GUKIPCPF'XCNWCVKQPQH5GNHGZRCPFKPI5VGPVU5WKVCDNGHQT
&KXGTUG%NKPKECN/CPKHGUVCVKQP$CUGFQP/GEJCPKECN'PIKPGGTKPI㧘/GEJCPKECN'PIKPGGTKPI㧘
8QN㧔㧕㧘RR
࿖㓙ળ⼏ߢߩ⊒
6GVUWLK5JKOK\W;WVCMC+YCHWEJK)TGIQT'/QTHKNNCPF6CMGJKMQ5CVQ㧦(NQYHQTOCVKQPCPF EJGOKECNURGEKGUVTCPURQTVKPCRKPYCVGTUWTHCEGCVOQURJGTKERNCUOC㧘6JGVJ'7,CRCP,QKPV 5[ORQUKWOQP2NCUOC2TQEGUUKPI,522㧘RR11
6CMGJKMQ5CVQ㧦&GXGNQROGPVQH0GY5VGTKNK\CVKQP&GXKEGD[C2NCUOC(NQY㧘$KNCVGTCN 9QTMUJQRQP)TGGP6GEJPQNQI[CPF.KHG5EKGPEGDGVYGGP%JCPI)WPI7PKXGTUKV[CPF6QJQMW 7PKXGTUKV[㧘RR
6CMGJKMQ5CVQ/C[Q;QMQ[COCCPF-QJGK,QJMWTC㧦)GPG'ZRTGUUKQP#PCN[UKU7UKPIC/KETQCTTC[
HQT*GNC%GNNU'ZRQUGFVQC2NCUOC(NQY㧘VJ+PVGTPCVKQPCN$KQGNGEVTKEU5[ORQUKWO
$+1'.'%64+%5
/C[Q;QMQ[COC6CMGJKMQ5CVQCPF-QJGK,QJMWTC㧦%QORTGJGPUKXG)GPG'ZRTGUUKQP#PCN[UKUQH
*G.C%GNNUKP4GURQPUGVQ2NCUOC5VKOWNK㧘VJ+PVGTPCVKQPCN%QPHGTGPEGQP(NQY&[PCOKEU㧘 RR
6CMGJKMQ5CVQ6CMCUJK/K[CJCTCCPF6CVUW[WMK0CMCVCPK㧦&GXGNQROGPVQH1DUGTXCVKQP/GVJQF HQT2NCUOCIGPGTCVGF$WDDNGU㧘VJ+PVGTPCVKQPCN5[ORQUKWOQP#FXCPEGF(NWKF+PHQTOCVKQP CPF6TCPUFKUEKRNKPCT[(NWKF+PVGITCVKQP#(+6(+㧘RR
;QUJKJKUC0CMCPQ5JKIGTW(WLKOWTCCPF6CMGJKMQ5CVQ㧦#PVKDCEVGTKCN'HHGEVQHC2NCUOC +TTCFKCVKQPCICKPUV$KQHKNORTQFWEKPI2UGWFQOQPCUCGTWIKPQUCCPF#EKPGVQDCEVGTDCWOCPPKK㧘 VJ+PVGTPCVKQPCN5[ORQUKWOQP#FXCPEGF(NWKF+PHQTOCVKQPCPF6TCPUFKUEKRNKPCT[(NWKF +PVGITCVKQP#(+6(+㧘RR
0CQ[C-KUJKOQVQ6GVUWLK5JKOK\W)TGIQT'/QTHKNNCPF6CMGJKMQ5CVQ㧦(QTOCVKQPQH6JGTOCN (NQY(KGNFKP5JCNNQY9CVGT%GNND[2NCUOC(NQY㧘VJ+PVGTPCVKQPCN5[ORQUKWOQP#FXCPEGF (NWKF+PHQTOCVKQPCPF6TCPUFKUEKRNKPCT[(NWKF+PVGITCVKQP#(+6(+㧘RR 0CQ[C-KUJKOQVQ6CMGJKMQ5CVQ/CTE6KPIWGN[/CVVJKGW&TG[GTCPF/QJCOGF(CTJCV㧦'HHGEV QH%CXKVCVKQP)GPGTCVKQPQP&KUUQNXGF1Z[IGP%QPEGPVTCVKQPKPVJG%CXKVCVKQP6WPPGN
&QYPUVTGCO㧘VJ+PVGTPCVKQPCN5[ORQUKWOQP#FXCPEGF(NWKF+PHQTOCVKQPCPF 6TCPUFKUEKRNKPCT[(NWKF+PVGITCVKQP#(+6(+㧘RR
*KFGOCUC(WLKVC5GKLK-CPC\CYC-K[QPQDW1JVCPK#VUWMK-QOK[CCPF6CMGJKMQ5CVQ㧦
&GXGNQROGPVQH8KUWCNK\CVKQP/GVJQFUQH5VTGCOGTUKP9CVGT㧘VJ+PVGTPCVKQPCN5[ORQUKWO QP#FXCPEGF(NWKF+PHQTOCVKQPCPF6TCPUFKUEKRNKPCT[(NWKF+PVGITCVKQP#(+6(+㧘 RR
*KFGOCUC(WLKVC5GKLK-CPC\CYC-K[QPQDW1JVCPK#VUWMK-QOK[CCPF6CMGJKMQ5CVQ㧦 2TQRCICVKQP2TQEGUUQH5VTGCOGT&KUEJCTIGKP9CVGT㧘VJ+PVGTPCVKQPCN%QPHGTGPEGQP(NQY
&[PCOKEU㧘RR
6CMGJKMQ5CVQ㧦4CFKECNVTCPURQTVCPFDKQNQIKECNTGURQPUGD[CRNCUOCHNQYCVCVOQURJGTKE RTGUUWTG㧘2NCUOC&GPVCN'PIKPGGTKPI5GOKPCT
&CKUWMG;QUJKPQ'TK+PQWG0CQ[C5CMCOQVQ/CUCCMK5CVQ㧦%QODKPGFGHHGEVQHHNWKFUJGCT UVTGUUCPFKVUURCVKCNITCFKGPVQPOQTRJQNQIKECNEJCPIGUKPGPFQVJGNKCNEGNNU㧘+PVGTPCVKQPCN 5[ORQUKWOQP%GNNWNCT/GEJCPQDKQNQI[
'TK+PQWG&CKUWMG;QUJKPQ0CQ[C5CMCOQVQ/CMQVQ-CP\CMK/CUCCMK5CVQ㧦#PCN[\KPI GPFQVJGNKCNEGNNIGPGGZRTGUUKQPKPTGURQPUGVQOCIPKVWFGQHURCVKCNITCFKGPVKPHNWKFUJGCT UVTGUU㧘+PVGTPCVKQPCN5[ORQUKWOQP%GNNWNCT/GEJCPQDKQNQI[
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⮮ጪᒾ㧘ᮮጊ⨊ઍ㧘ၔୖᶈᐔ㧦ࡊ࠭ࡑಣℂၭ߳ߩ㔺ߦ߅ߌࠆ *G.C ⚦⢩ਇᵴᕈൻ࿃ሶ㧘ᣣ ᧄᯏ᪾ቇળ╙㧞㧠࿁ࡃࠗࠝࠛࡦࠫ࠾ࠕࡦࠣㇱ㐷⻠Ṷળ
⮮ጪᒾ㧦ᄢ᳇ૐ᷷ࡊ࠭ࡑᵹߩࠫࠞ࡞ャㅍᯏ᭴ߣṌ⩶ᯏ᭴㧘ࠬࡑ࠻᧚ᢱ࠺ࡃࠗࠬߩ⊒
ዷߣᛛⴚࠗࡁࡌ࡚ࠪࡦ
Ꮏ⮮㓶ᴦ㧘⮮ጪᒾ㧘㋈ᧁ㓁㧘⼱ੳ㧦ࡊ࠭ࡑᾖߦࠃࠆ /&%- ⚦⢩ߩਇᵴᕈൻ㧘╙ ࿁ⅣႺ Ꮏቇ✚วࠪࡦࡐࠫ࠙ࡓ 㧘RR
⍹↰ਯ㧘⮮ጪᒾ㧦ᄢ᳇㔚ߦࠃࠆṌ⩶࿃ሶߩᬌ⸽㧘╙ ࿁ⅣႺᎿቇ✚วࠪࡦࡐࠫ࠙ࡓ 㧘 RR
⮮↰⧷ℂ㧘㊄Ỉ⺈ม㧘ᄢ⼱ᷡિ㧘ዊችᢕ᮸㧘⮮ጪᒾ㧦᳓ਛࡊ࠭ࡑߩࠬ࠻ࡑᒻᚑㆊ⒟㧘╙
࿁ⅣႺᎿቇ✚วࠪࡦࡐࠫ࠙ࡓ 㧘RR
⮮ጪᒾ㧦ᄢ᳇ࡊ࠭ࡑߩࡃࠗࠝක≮ߦ㑐ߔࠆၮ␆ߣᔕ↪㧘ᄢ᳇ࡊ࠭ࡑߩ↥ᬺᔕ↪ߦ㑐 ߔࠆ․⻠Ṷળ㧔ᣣᧄᯏ᪾ቇળⅣႺᎿቇㇱ㐷ડ↹㧕
⮮ጪᒾ㧘ጤᷨ⼾㧘ᷡ᳓㋕ม㧘)TGIQT'/QTHKNN㧦᳓㕙ߦᒻᚑߔࠆᄢ᳇ࡊ࠭ࡑߩᾲᵹേ႐
ൻቇャㅍ⸃ᨆ㧘㔚᳇ቇળ ࡊ࠭ࡑࡄ࡞ࠬࡄࡢวห⎇ⓥળ㧘RR
⮮ጪᒾ㧘⮮↰⧷ℂ㧘㊄Ỉ⺈ม㧘ᄢ⼱ᷡિ㧘ዊችᢕ᮸㧦᳓ਛࠬ࠻ࡑㅴዷㆊ⒟ߩนⷞൻ㧘ᣣᧄ ᯏ᪾ቇળ ᐕᐲᐕᰴᄢળ
⮮ጪᒾ㧘⮮↰⧷ℂ㧘㊄Ỉ⺈ม㧘ᄢ⼱ᷡિ㧘ዊችᢕ᮸㧦᳓ਛࠬ࠻ࡑߩᭂᓸዊᤨⓨ㑆⸘᷹㧘╙
࿁㕒㔚᳇ቇળో࿖ᄢળ㧘RR
⮮ጪᒾ㧦ᄢ᳇ࡊ࠭ࡑᵹߩᾖߦࠃࠆ *G.C ⚦⢩ߩ↢ᔕ╵㧘╙ ࿁Ꮊጊญࡊ࠭ࡑ⎇
ⓥળ
⮮↰⧷ℂ㧘⮮ጪᒾ㧘㊄Ỉ⺈ม㧘ᄢ⼱ᷡિ㧘ዊችᢕ᮸㧦᳓ਛࡊ࠭ࡑߩࠬ࠻ࡑㅴዷㆊ⒟㧘㔚
᳇ቇળ ࡊ࠭ࡑࡄ࡞ࠬࡄࡢวห⎇ⓥળ㧘RR
⮮↰⧷ℂޔ㊄Ỉ⺈มޔ⮮ጪᒾ㧦᳓ਛࠬ࠻ࡑㅴዷߩ᷷ᐲଐሽᕈ㧘ᣣᧄᯏ᪾ቇળ᧲ർᡰㇱ╙
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⮮ጪᒾ㧦ࡊ࠭ࡑߩ↢↪㧘╙ ࿁ࡄ࡞ࠬࡄࡢ߅ࠃ߮㔚ߩㄘ᳓♽↪⺞ᩏኾ㐷ᆔຬળ ਛ㊁ਭޔ⮮⨃ޔᷰㄝᓆ㧦$KQHKNO↥↢ࠣࡓ㒶ᕈ⩶ߦኻߔࠆࡊ࠭ࡑ㑆ធᲕ⩶ᴺߩലᨐ㧘
╙ ࿁ᣣᧄᗵᨴ∝ቇળ ᧲ᣣᧄᣇળቇⴚ㓸ળ
⮮ጪᒾ㧦ࡊ࠭ࡑߩක≮ᔕ↪㧘⑺↰⋵┙ᄢቇ ᯏ᪾⍮⢻ࠪࠬ࠹ࡓቇ․⻠⟵
ศ㊁ᄢテ⛗㉿ဈరዏ⮮ᱜ㧦৻᭽ߖࠎᢿᔕജ൨㈩ਅߦ߅ߌࠆⴊ▤ౝ⊹⚦⢩ߩᒻᘒ
⊛ᔕ╵㧘╙ ࿁ࡃࠗࠝࠛࡦࠫ࠾ࠕࡦࠣ⻠Ṷળ ߘߩઁ⸃⺑✚⺑ᄢቇ♿ⷐ⪺ᦠ
⮮ጪᒾ㧦ࡊ࠭ࡑක≮㧦ᾲᵹ߆ࠄࡃࠗࠝක≮߹ߢࠍⲢวߔࠆᣂ㗔ၞ㧘વᾲ㧘8QN㧔㧕㧘 RR
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ࠝࠫ࠽࡞⺰ᢥ㧔⧷⺆㧕
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࿖㓙ળ⼏ߢߩ⊒
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࿖ౝળ⼏ߢߩ⊒
દ⾐↱૫㧦ដߌߩ⋧ᐔⴧࠍቯߒߚ⋧ᄌൻࡕ࠺࡞ߦࠃࠆㆫ⒖ࠠࡖࡆ࠹࡚ࠪࡦᵹࠇߩᢙ୯⸃ᨆ㧘 ᣣᧄᯏ᪾ቇળ᧲ർᡰㇱ╙㧠㧤ᦼ⑺ቄ⻠Ṷળ㧘RR
દ⾐↱૫ᣂጊ৻᮸㧦ဋ⾰ࡕ࠺࡞ߦࠃࠆᭂૐ᷷ᵹਛߩ⠢ᒻ߹ࠊࠅߦ⊒↢ߔࠆࠠࡖࡆ࠹࡚ࠪ
ࡦߩᢙ୯⸃ᨆ㧘ࠠࡖࡆ࠹࡚ࠪࡦߦ㑐ߔࠆࠪࡦࡐࠫ࠙ࡓ㧔╙ ࿁㧕
⪭ว⋥㧘દ⾐↱૫㧘⢻ၮᒾ㧘ዊ⪤㧦᳇ᵃᩭಽᏓߩᓇ㗀ࠍ⠨ᘦߒߚࠠࡖࡆ࠹࡚ࠪࡦࠛ
ࡠ࡚ࠫࡦߩᢙ୯੍᷹㧘ᣣᧄᷙ⋧ᵹቇળᐕળ⻠Ṷળ 㧘RR
ᣂጊ৻᮸દ⾐↱૫ศ↰⟵᮸የᳰ㧦ࠠࡖࡆ࠹࡚ࠪࡦߩᾲജቇ⊛ലᨐߦኻߔࠆ᳇ᵃ࿐
᷷ᐲᢔߩᓇ㗀㧘ᣣᧄᯏ᪾ቇળᵹᎿቇㇱ㐷⻠Ṷળ㧘RR
ጟፉᷕਯ൮ ੇદ⾐↱૫ጊ㊀⋥㧦ࡑࠗࠢࡠ࠴ࡖࡀ࡞ߦ߅ߌࠆ᳇ᵃߩᾲᵹേേߦ㑐ߔ ࠆᢙ୯⸃ᨆ㧘ᾲᎿቇࠦࡦࡈࠚࡦࠬ㧘8QN㧔㧕㧘RR
# ⸘▚ⶄ㔀ᵹേ⎇ⓥಽ㊁#FXCPEGF%QORWVCVKQPCN(NWKF&[PCOKEU.CDQTCVQT[
ࠝࠫ࠽࡞⺰ᢥ㧔⧷⺆㧕
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;*CVVQTK5).NGYGNN[P5OKVJ㧦/QVKQPQHCZKU[OOGVTKEOCIPGVKEGFFKGUYKVJUYKTN㧘 2TQEGFKC+76#/
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5).NGYGNN[P5OKVJ;*CVVQTK㧦#ZKU[OOGVTKEOCIPGVKEXQTVKEGUYKVJUYKTN㧘%QOOWPKECVKQPU KP0QPNKPGCT5EKGPEGCPF0WOGTKECN5KOWNCVKQP㧘8QN㧔㧕㧘RR
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࿖ౝળ⼏ߢߩ⊒
ㇱมᧄᐽ⑲㧦ゲᵹࠍ߽ߟࠄߖࠎ᷵ߩਇቯᕈ㧘╙ ࿁ℂ⺰ᔕ↪ജቇ⻠Ṷળ
ㇱม5VGHCP.NGYGNN[P5OKVJ㧦UYKTN ࠍ߽ߟ⏛᳇᷵ベߩ EQPVQWTF[PCOKEU ߣߘߩ৻⥸ൻ㧘 ᣣᧄ‛ℂቇળ╙ ࿁ᐕᰴᄢળ
ਛ㊁ࠊ߆ߥ⇗ጊᦸㇱม㧦ㅪ⛯ဳࡑࠬࠢ㑐ᢙࠍ↪ߚ 8QNWOG2GPCNK\CVKQP ᴺߩ⺋Ꮕ⸃ᨆ㧘 ᣣᧄᵹജቇળᐕળ
ᚒ㓉ⴕㇱม㧦 ᰴర࠹ࠗࠣࡦ᷵ߩࡕ࠼ቯᕈ⸃ᨆ㧘ᣣᧄᵹജቇળᐕળ ዊ᧻㦖ਛ㊁ࠊ߆ߥㇱม㧦ⓨജ㖸⋥ធᢙ୯⸃ᨆߩߚߩ❗ᕈᵹࠇߦኻߔࠆ 8QNWOG
2GPCNK\CVKQP ᴺߩ⎇ⓥ㧘╙ ࿁ᢙ୯ᵹജቇࠪࡦࡐࠫ࠙ࡓ
ᄢⷙᮨⅣႺᵹേ⎇ⓥಽ㊁࿖ౝળ⼏ߢߩ⊒દ⮮㜞ᢅ㧦ᓸዊ㔡ߦၮߠߊᵹ⒖േߩ⹏ଔᴺߣᾲ 㐿⊒߳ߩᔕ↪㧘ᣣᧄᖺᤊ⑼ቇㅪวᄢળ
દ⮮㜞ᢅ ፏᄥ㐳㊁ఝ⠀㑐ᩮቁᄥ㇢㧦⎕⎈ᵹߩᶐㅘࠍ߁ᧂ࿕⚿ጀࡈࠢ࠴ࡖࡦ
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