キルギス共和国バイオガス技術普及支援計画

by user

on 28 марта 2017

Category: Documents

>> Downloads: 0

views

Report

Comments

Description

Download キルギス共和国バイオガス技術普及支援計画

Transcript

キルギス共和国バイオガス技術普及支援計画

࢟ࣝࢠࢫඹ࿴ᅜ
ࣂ࢖࢜࢞ࢫᢏ⾡ᬑཬᨭ᥼ィ⏬
ࣉࣟࢪ࢙ࢡࢺ
⤊஢᫬ホ౯ㄪᰝሗ࿌᭩
ᖹᡂ ᖺ ᭶
㸦 ᖺ㸧
⊂❧⾜ᨻἲேᅜ㝿༠ຊᶵᵓ
㎰ᮧ㛤Ⓨ㒊
㎰ᮧ
㹈㹐
࢟ࣝࢠࢫඹ࿴ᅜ
ࣂ࢖࢜࢞ࢫᢏ⾡ᬑཬᨭ᥼ィ⏬
ࣉࣟࢪ࢙ࢡࢺ
⤊஢᫬ホ౯ㄪᰝሗ࿌᭩
ᖹᡂ ᖺ ᭶
㸦 ᖺ㸧
⊂❧⾜ᨻἲேᅜ㝿༠ຊᶵᵓ
㎰ᮧ㛤Ⓨ㒊
㎰ᮧ
㹈㹐
ᗎࠉࠉࠉࠉࠉᩥ
⊂❧⾜ᨻἲேᅜ㝿༠ຊᶵᵓ㸦-,&$㸧ࡣࠊ࢟ࣝࢠࢫඹ࿴ᅜ࡜⥾⤖ࡋࡓウ㆟㆟஦㘓㸦5'㸧࡟ᇶ࡙
ࡁࠊ ᖺ ᭶ࡼࡾ ᖺ㛫ࡢணᐃ࡛ᢏ⾡༠ຊࣉࣟࢪ࢙ࢡࢺࠕࣂ࢖࢜࢞ࢫᢏ⾡ᬑཬᨭ᥼ィ⏬ࠖࢆ
ᐇ᪋ࡋࡲࡋࡓࠋ
ᙜᶵᵓࡣࠊ༠ຊᮇ㛫୰ࡢάືᐇ⦼➼࡟ࡘ࠸࡚࢟ࣝࢠࢫඹ࿴ᅜഃ࡜ྜྠ࡛⥲ྜⓗ࡞ホ౯ࢆ⾜࠺࡜
࡜ࡶ࡟ࠊ௒ᚋࡢᑐᛂ⟇➼ࢆ༠㆟ࡍࡿࡓࡵࠊ ᖺ ᭶ ᪥࠿ࡽ ᭶ ᪥ࡲ࡛ࠊᙜᶵᵓ㎰ᴗ㛤
Ⓨ㒊 ⴗཎࠉ▱ ࢆᅋ㛗࡜ࡍࡿ⤊஢᫬ホ౯ㄪᰝᅋࢆ⌧ᆅ࡟ὴ㐵ࡋࠊࣉࣟࢪ࢙ࢡࢺάືࡢホ౯ࢆ⾜࠸
ࡲࡋࡓࠋ
ᮏሗ࿌᭩ࡣࠊྠㄪᰝᅋ࡟ࡼࡿ࢟ࣝࢠࢫᨻᗓ㛵ಀ⪅࡜ࡢ༠㆟ཬࡧホ౯ㄪᰝ⤖ᯝ➼ࢆྲྀࡾࡲ࡜ࡵࡓ
ࡶࡢ࡛࠶ࡾࠊᮏࣉࣟࢪ࢙ࢡࢺ୪ࡧ࡟㛵㐃ࡍࡿᅜ㝿༠ຊࡢ᥎㐍࡟ά⏝ࡉࢀࡿࡇ࡜ࢆ㢪࠺ࡶࡢ࡛ࡍࠋ
⤊ࢃࡾ࡟ࠊᮏㄪᰝ࡟ࡈ༠ຊ࠸ࡓࡔ࠸ࡓ୧ᅜࡢ㛵ಀ⪅ྛ఩࡟ᑐࡋࠊᚰ࠿ࡽឤㅰࡢពࢆ⾲ࡍࡿ࡜࡜
ࡶ࡟ࠊ௒ᚋࡢ᭦࡞ࡿࡈᨭ᥼ࢆ࠾㢪࠸⏦ࡋୖࡆࡲࡍࠋ
ᖹᡂ ᖺ ᭶
⊂❧⾜ᨻἲேᅜ㝿༠ຊᶵᵓ
㎰ᮧ㛤Ⓨ㒊㛗ࠉ ⇃௦ࠉ㍤⩏
┠ࠉࠉࠉࠉࠉḟ
ᗎࠉᩥ
┠ࠉḟ
ࣉࣟࢪ࢙ࢡࢺᑐ㇟ᆅᇦ఩⨨ᅗ
෗ࠉ┿
␎ㄒ⾲
ホ౯ㄪᰝ⤖ᯝせ⣙⾲㸦⤊஢᫬ホ౯㸧㸦࿴ᩥ࣭ⱥᩥ㸧
➨㸯❶ࠉ⤊஢᫬ホ౯ㄪᰝࡢᴫせ͐ ͐͐͐͐͐͐͐͐͐͐͐͐͐͐͐͐͐͐͐͐͐͐͐͐͐͐ 㸯㸫㸯ࠉㄪᰝᅋὴ㐵ࡢ⤒⦋࡜┠ⓗ͐ ͐͐͐͐͐͐͐͐͐͐͐͐͐͐͐͐͐͐͐͐͐͐͐͐ 㸯㸫㸯㸫㸯ࠉㄪᰝᅋὴ㐵ࡢ⤒⦋͐ ͐͐͐͐͐͐͐͐͐͐͐͐͐͐͐͐͐͐͐͐͐͐͐͐ 㸯㸫㸯㸫㸰ࠉὴ㐵┠ⓗ͐ ͐͐͐͐͐͐͐͐͐͐͐͐͐͐͐͐͐͐͐͐͐͐͐͐͐͐͐͐ 㸯㸫㸰ࠉㄪᰝᅋࡢᵓᡂ࡜ㄪᰝᮇ㛫͐ ͐͐͐͐͐͐͐͐͐͐͐͐͐͐͐͐͐͐͐͐͐͐͐͐ 㸯㸫㸰㸫㸯ࠉㄪᰝᅋࡢᵓᡂ͐ ͐͐͐͐͐͐͐͐͐͐͐͐͐͐͐͐͐͐͐͐͐͐͐͐͐͐ 㸯㸫㸰㸫㸰ࠉㄪᰝ᪥⛬͐ ͐͐͐͐͐͐͐͐͐͐͐͐͐͐͐͐͐͐͐͐͐͐͐͐͐͐͐͐ 㸯㸫㸱ࠉᑐ㇟ࣉࣟࢪ࢙ࢡࢺࡢᴫせ͐ ͐͐͐͐͐͐͐͐͐͐͐͐͐͐͐͐͐͐͐͐͐͐͐͐ ➨㸰❶ࠉ⤊஢᫬ホ౯ㄪᰝࡢ᪉ἲ͐ ͐͐͐͐͐͐͐͐͐͐͐͐͐͐͐͐͐͐͐͐͐͐͐͐͐͐ 㸰㸫㸯ࠉ୺࡞ㄪᰝ㡯┠͐ ͐͐͐͐͐͐͐͐͐͐͐͐͐͐͐͐͐͐͐͐͐͐͐͐͐͐͐͐͐ 㸰㸫㸰ࠉࢹ࣮ࢱ཰㞟࣭ศᯒ᪉ἲ͐ ͐͐͐͐͐͐͐͐͐͐͐͐͐͐͐͐͐͐͐͐͐͐͐͐͐ 㸰㸫㸱ࠉホ౯ㄪᰝࡢไ⣙࣭㝈⏺͐ ͐͐͐͐͐͐͐͐͐͐͐͐͐͐͐͐͐͐͐͐͐͐͐͐͐ ➨㸱❶ࠉࣉࣟࢪ࢙ࢡࢺࡢᐇ⦼ཬࡧᐇ᪋ࣉࣟࢭࢫ͐ ͐͐͐͐͐͐͐͐͐͐͐͐͐͐͐͐͐͐͐ 㸱㸫㸯ࠉᢞධᐇ⦼͐ ͐͐͐͐͐͐͐͐͐͐͐͐͐͐͐͐͐͐͐͐͐͐͐͐͐͐͐͐͐͐͐ 㸱㸫㸯㸫㸯ࠉ᪥ᮏഃᢞධ͐ ͐͐͐͐͐͐͐͐͐͐͐͐͐͐͐͐͐͐͐͐͐͐͐͐͐͐͐ 㸱㸫㸯㸫㸰ࠉ࢟ࣝࢠࢫഃᢞධ͐ ͐͐͐͐͐͐͐͐͐͐͐͐͐͐͐͐͐͐͐͐͐͐͐͐͐ 㸱㸫㸰ࠉ࢔࢘ࢺࣉࢵࢺࡢᐇ⦼͐ ͐͐͐͐͐͐͐͐͐͐͐͐͐͐͐͐͐͐͐͐͐͐͐͐͐͐ 㸱㸫㸱ࠉࣉࣟࢪ࢙ࢡࢺ┠ᶆࡢ㐩ᡂᗘ͐ ͐͐͐͐͐͐͐͐͐͐͐͐͐͐͐͐͐͐͐͐͐͐͐ 㸱㸫㸲ࠉୖ఩┠ᶆ㐩ᡂᗘࡢぢ㎸ࡳ͐ ͐͐͐͐͐͐͐͐͐͐͐͐͐͐͐͐͐͐͐͐͐͐͐͐ 㸱㸫㸳ࠉᐇ᪋ࣉࣟࢭࢫ࡟࠾ࡅࡿ≉グ஦㡯͐ ͐͐͐͐͐͐͐͐͐͐͐͐͐͐͐͐͐͐͐͐͐ ➨㸲❶ࠉホ౯ㄪᰝ⤖ᯝ͐ ͐͐͐͐͐͐͐͐͐͐͐͐͐͐͐͐͐͐͐͐͐͐͐͐͐͐͐͐͐͐ 㸲㸫㸯ࠉホ౯㸳㡯┠࡟ࡼࡿホ౯⤖ᯝ͐ ͐͐͐͐͐͐͐͐͐͐͐͐͐͐͐͐͐͐͐͐͐͐͐ 㸲㸫㸯㸫㸯ࠉጇᙜᛶ͐ ͐͐͐͐͐͐͐͐͐͐͐͐͐͐͐͐͐͐͐͐͐͐͐͐͐͐͐͐͐ 㸲㸫㸯㸫㸰ࠉ᭷ຠᛶ͐ ͐͐͐͐͐͐͐͐͐͐͐͐͐͐͐͐͐͐͐͐͐͐͐͐͐͐͐͐͐ 㸲㸫㸯㸫㸱ࠉຠ⋡ᛶ͐ ͐͐͐͐͐͐͐͐͐͐͐͐͐͐͐͐͐͐͐͐͐͐͐͐͐͐͐͐͐ 㸲㸫㸯㸫㸲ࠉ࢖ࣥࣃࢡࢺ͐ ͐͐͐͐͐͐͐͐͐͐͐͐͐͐͐͐͐͐͐͐͐͐͐͐͐͐͐ 㸲㸫㸯㸫㸳ࠉᣢ⥆ᛶ͐ ͐͐͐͐͐͐͐͐͐͐͐͐͐͐͐͐͐͐͐͐͐͐͐͐͐͐͐͐͐ 㸲㸫㸰ࠉ⤖ࠉㄽ͐ ͐͐͐͐͐͐͐͐͐͐͐͐͐͐͐͐͐͐͐͐͐͐͐͐͐͐͐͐͐͐͐͐ ➨㸳❶ࠉᥦゝ࡜ᩍカ͐͐͐͐͐͐͐͐͐͐͐͐͐͐͐͐͐͐͐͐͐͐͐͐͐͐͐͐͐͐͐͐ 㸳㸫㸯ࠉᥦࠉゝ͐ ͐͐͐͐͐͐͐͐͐͐͐͐͐͐͐͐͐͐͐͐͐͐͐͐͐͐͐͐͐͐͐͐ 㸳㸫㸰ࠉᩍࠉカ͐ ͐͐͐͐͐͐͐͐͐͐͐͐͐͐͐͐͐͐͐͐͐͐͐͐͐͐͐͐͐͐͐͐ ௜ᒓ㈨ᩱ
㸯㸬ㄪᰝ᪥⛬͐ ͐͐͐͐͐͐͐͐͐͐͐͐͐͐͐͐͐͐͐͐͐͐͐͐͐͐͐͐͐͐͐͐͐ 㸰㸬㎰ᴗ┬⤌⧊ᅗ͐ ͐͐͐͐͐͐͐͐͐͐͐͐͐͐͐͐͐͐͐͐͐͐͐͐͐͐͐͐͐͐͐ 㸱㸬ホ౯ࢢࣜࢵࢻ͐ ͐͐͐͐͐͐͐͐͐͐͐͐͐͐͐͐͐͐͐͐͐͐͐͐͐͐͐͐͐͐͐ 㸲㸬3'0 ͐͐͐͐͐͐͐͐͐͐͐͐͐͐͐͐͐͐͐͐͐͐͐͐͐͐͐͐͐͐͐͐͐͐͐ 㸳㸬5HFRUGRI3URMHFW3HUIRUPDQFHV ͐͐͐͐͐͐͐͐͐͐͐͐͐͐͐͐͐͐͐͐͐͐͐͐ 㸴㸬άືᐇ⦼࣭ᡂᯝ⾲͐ ͐͐͐͐͐͐͐͐͐͐͐͐͐͐͐͐͐͐͐͐͐͐͐͐͐͐͐͐͐ 㸵㸬෌ ⏕ྍ⬟࢚ࢿࣝࢠ࣮ศ㔝࡟࠾ࡅࡿ -,&$ ࣂ࢖࢜࢞ࢫࣉࣟࢪ࢙ࢡࢺᇶ♏ㄪᰝ㸦$QDO\WLFDO
5HSRUW㸧 ͐͐͐͐͐͐͐͐͐͐͐͐͐͐͐͐͐͐͐͐͐͐͐͐͐͐͐͐͐͐͐͐͐͐ 㸶㸬༠㆟㆟஦㘓㸦00㸧 ͐͐͐͐͐͐͐͐͐͐͐͐͐͐͐͐͐͐͐͐͐͐͐͐͐͐͐͐ 㸷㸬ྜྠホ౯ሗ࿌᭩͐ ͐͐͐͐͐͐͐͐͐͐͐͐͐͐͐͐͐͐͐͐͐͐͐͐͐͐͐͐͐ 㸬ࣂ࢖࢜࢞ࢫࣉࣛࣥࢺẚ㍑⾲͐ ͐͐͐͐͐͐͐͐͐͐͐͐͐͐͐͐͐͐͐͐͐͐͐͐ 㸬෌⏕ྍ⬟࢚ࢿࣝࢠ࣮ศ㔝࡟࠾ࡅࡿ௚ࢻࢼ࣮ࡢ༠ຊᐇ⦼͐ ͐͐͐͐͐͐͐͐͐͐͐͐ 3LORW%LRJDV3ODQW
3LORW3ODQW1R
-HWL2JX]5D\RQ
6DUXXDR
6DUXXYLOODJH
3LORW3ODQW1R
,VV\N$WD5D\RQ
,VV\N$WDDR
$OPDOXXYLOODJH
3URMHFW2IILFH
,Q%LVKNHN
%RNRQEDHYDVWU
-HOH'RERYLOODJH
.DUDOGRERYLOODJH
6DUXXYLOODJH
6DUXXDR
-HWL2JX]5D\RQ
3LORW3ODQW1R
-HOH'RERDR
.RN2LURNDR
7RNPRNWRZQ
$N'RERYLOODJH
$N'RERDR
-HWL2JX]5D\RQ
3LORW3ODQW1R
-HOH'RERYLOODJH
-HOH'RERDR
-HWL2JX]5D\RQ
$N'RERYLOODJH
$N'RERDR
-HWL2JX]5D\RQ
3LORW3ODQW1R
&KRQ.\]\O6XXYLOODJH
6YHWOD\D3RO\DQDDR
-HWL2JX]5D\RQ
3LORW3ODQW1R
-HWL2JX]5D\RQ
.HPLQ5D\RQ
3LORW3ODQW1R
3LORW3ODQW1R
3LORW3ODQW1R
3LORW3ODQW1R
,17+(.<5*<=5(38%/,&
7+(352-(&7)257+(6833257)257+(',66(0,1$7,212)%,2*$67(&+12/2*< ࣉࣟࢪ࢙ࢡࢺᑐ㇟ᆅᇦ఩⨨ᅗ
෗ࠉࠉࠉࠉࠉ┿
㻞㻜㻜㻤 ᖺ࡟タ⨨ࡉࢀࡓࣂ࢖࢜࢞ࢫ⿦⨨
ࣂ࢖࢜࢞ࢫࢆ⏝࠸ࡓ࢞ࢫࢥࣥࣟ
㎰ᐙ࡟ᑐࡍࡿㅮ⩦఍ࡢᵝᏊ
㼁㻺㻰㻼 ୺ദࡢ࣮࣡ࢡࢩࣙࢵࣉ࡟࠾ࡅࡿⓎ⾲
⌧ᅾᘓ㐀୰ࡢࣂ࢖࢜࢞ࢫ⿦⨨㸦࢝ࢼࣝᆺ㸧
⌧ᅾᘓ㐀୰ࡢࣂ࢖࢜࢞ࢫ⿦⨨㸦ࢻ࣮࣒ᆺ㸧
␎ࠉㄒࠉ⾲
␎ࠉㄒ
ⱥࠉᩥ
࿴ࠉᩥ
$'%
$VLDQ'HYHORSPHQW%DQN
࢔ࢪ࢔㛤Ⓨ㖟⾜
%*
%LRJDV
ࣂ࢖࢜࢞ࢫ
&3
&RXQWHUSDUW3HUVRQQHO
࢝࢘ࣥࢱ࣮ࣃ࣮ࢺ
(8
(XURSHDQ8QLRQ
Ḣᕞ㐃ྜ
*'3
*URVV'RPHVWLF3URGXFWLRQ
ᅜෆ⥲⏕⏘
-&&
-RLQW&RRUGLQDWLQJ&RPPLWWHH
ྜྠㄪᩚጤဨ఍
-,&$
-DSDQ,QWHUQDWLRQDO&RRSHUDWLRQ$JHQF\
⊂❧⾜ᨻἲேᅜ㝿༠ຊᶵᵓ
00
0LQXWHVRI0HHWLQJ
༠㆟㆟஦㘓㸦࣑ࢽࢵࢶ㸧
3&0
3URMHFW&\FOH0DQDJHPHQW
ࣉࣟࢪ࢙ࢡࢺ࣭ࢧ࢖ࢡ࣭࣐ࣝࢿࢪ࣓ࣥࢺ
3'0
3URMHFW'HVLJQ0DWUL[
ࣉࣟࢪ࢙ࢡࢺ࣭ࢹࢨ࢖࣭࣐ࣥࢺࣜࢵࢡࢫ
32
3ODQRI2SHUDWLRQV
άືィ⏬⾲
5'
5HFRUGRI'LVFXVVLRQV
ウ㆟㆟஦㘓
81'3
8QLWHG1DWLRQV'HYHORSPHQW3URJUDPPH
ᅜ㐃㛤Ⓨィ⏬
ホ౯ㄪᰝ⤖ᯝせ⣙⾲㸦⤊஢᫬ホ౯㸧
㸯ࠉ᱌௳ࡢᴫせ
ᅜྡ㸸࢟ࣝࢠࢫඹ࿴ᅜ
ศ㔝㸸㎰ᯘỈ⏘࣭␆⏘
᱌௳ྡ㸸ࣂ࢖࢜࢞ࢫᢏ⾡ᬑཬᨭ᥼ィ⏬ࣉࣟࢪ࢙ࢡࢺ
᥼ຓᙧែ㸸ᢏ⾡༠ຊࣉࣟࢪ࢙ࢡࢺ
ᡤ㎄㒊⨫㸸㎰ᮧ㛤Ⓨ㒊Ỉ⏣ᆅᖏ➨୍ㄢ
༠ຊ㔠㢠㸦ホ౯᫬Ⅼ㸧
㸸⣙ ൨෇
༠ຊᮇ㛫㸸
ඛ᪉㛵ಀᶵ㛵㸸㎰ᴗ┬໬Ꮫ㜵␿ᒁ
㸦5'㸧
㸸
㸦 ᖺࠊ㎰ᴗỈ฼ຍᕤᴗ┬࠿ࡽ㎰ᴗ┬࡟ᨵ⛠㸧
ᖺ ᭶ ᪥㹼 ᖺ
᪥ᮏഃ༠ຊᶵ㛵㸸ᖏᗈ␆⏘኱Ꮫ
᭶ ᪥
௚ࡢ㛵㐃༠ຊ㸸࡞ࡋ
㸯㸫㸯ࠉࣉࣟࢪ࢙ࢡࢺࡢ⫼ᬒ࡜ᴫせ
࢟ࣝࢠࢫඹ࿴ᅜ㸦௨ୗࠊࠕ࢟ࣝࢠࢫࠖ࡜グࡍ㸧ࡣࠊࢯࣅ࢚ࢺ㐃㑥࠿ࡽࡢ⊂❧࡜ࢯࣅ࢚ࢺ㐃㑥ࡢ
ᔂቯᚋࠊᪧࢯ㐃㑥ࡢᅜ࡜ࡋ࡚ከ኱࡞⤒῭♫఍ⓗ࡞ᅔ㞴࡜⤒㦂ࡋ࡚ࡁࡓࠋ≉࡟㎰ᴗࢭࢡࢱ࣮ࡢΰ
஘ࡣ㢧ⴭࡔࡗࡓࠋ⤒῭ࡢ෼ⴠ࡜⤒῭ᵓ㐀ࡢ෌ᵓ⠏࡟ࡼࡾࠊከࡃࡢ㎰ᴗᚑ஦⪅ࡀኻᴗࡋࡓࠋࢯ㐃
᫬௦ࡢࢥ࣮ࣝ࣍ࢬࠊࢯࣇ࣮࣍ࢬ㸦ඹྠᅵᆅᡤ⏝࡜ᅜႠ㎰ሙ㸧ࡀᔂቯࡋࡓᚋࠊ㎰ᴗࡢ᪂ࡋ࠸࣓࢝
ࢽࢬ࣒ࡣࡘࡃࡽࢀ࡚࠸࡞࠸ࠋ
࢟ࣝࢠࢫࡢᅜෆ⥲⏕⏘㸦*'3㸧࡟༨ࡵࡿ㎰ᴗࡢ๭ྜࡣ 㸦 ᖺ㸧࡛࠶ࡾࠊ࢟ࣝࢠࢫ࡟
࠾ࡅࡿ㎰ᴗศ㔝ࡣ࢚ࢿࣝࢠ࣮ࢥࢫࢺ࡜໬Ꮫ⫧ᩱ౯᱁ࡢୖ᪼࡟ࡼࡾࠊ㎰ᆅࡢ⫧Ỻᗘࡢపῶࠊ㎰ᴗ
ேཱྀࡢ㈋ᅔࠊ⎔ቃࡢᝏ໬࡞࡝ࠊከࡃࡢၥ㢟࡟┤㠃ࡋ࡚࠸ࡿࠋ
ࡇࡢࡼ࠺࡞㎰ᴗศ㔝ࡢၥ㢟࡟ᑐᛂࡍࡿࡓࡵࠊࣂ࢖࢜࢞ࢫࢩࢫࢸ࣒ࡢ㛤Ⓨ࡜ᐇ㝿ࡢ⌧ሙ࡛ࡢᬑ
ཬࡀ㎰ᴗேཱྀࡢ┤㠃ࡍࡿ≧ἣࢆᨵၿࡍࡿ࡜ᮇᚅࡉࢀ࡚࠸ࡿࠋ
ࡇࡢࡼ࠺࡞⫼ᬒ࠿ࡽࠊ ᖺᗘ࡟ὴ㐵ࡉࢀࡓ▷ᮇᑓ㛛ᐙ 㺀 ෌⏕ྍ⬟࢚ࢿࣝࢠ࣮㸦ࣂ࢖࢜࢞ࢫ㸧ࠖ
࡟ࡼࡿᥦゝ➼ࡶ㋃ࡲ࠼ࠊ ᖺ ᭶࡟ࠊ᪥ᮏᨻᗓ࡟ᑐࡋ࡚ᢏ⾡༠ຊࣉࣟࢪ࢙ࢡࢺࠕࣂ࢖࢜࢞ࢫ
ᢏ⾡ᬑཬᨭ᥼ィ⏬ࣉࣟࢪ࢙ࢡࢺࠖࡢᐇ᪋ࡀせㄳࡉࢀࡓࠋ࠿࠿ࡿせㄳࢆཷࡅࠊ ᖺ ᭶࡟ୖ
グࣉࣟࢪ࢙ࢡࢺ࡟ಀࡿウ㆟㆟஦㘓㸦5'㸧ࡀ⨫ྡࡉࢀࠊ ᖺ ᭶࠿ࡽ ᖺ ᭶ࡲ࡛ࡢ ᖺ㛫ࡢணᐃ࡛ࠊ㎰ᴗỈ฼ຍᕤᴗ┬ࢆ࢝࢘ࣥࢱ࣮ࣃ࣮ࢺ㸦&3㸧ᶵ㛵࡜ࡋ࡚ᐇ᪋ࡉࢀ࡚ࡁࡓࠋ
ᮏࣉࣟࢪ࢙ࢡࢺࡣࠊᆅ᪉㎰ᮧ㒊࡟࠾ࡅࡿࣂ࢖࢜࢞ࢫࣉࣛࣥࢺ฼⏝ᢏ⾡ࢆ☜❧ࡋࠊࣃ࢖ࣟࢵࢺ
஦ᴗᐇ᪋ࢆ㏻ࡌ࡚ࠊᢏ⾡ⓗ࡞᳨ドࢆ⾜࠸ࠊ࢟ࣝࢠࢫᅜᨻᗓࡀᬑཬࢆ᥎㐍ࡍࡿࡓࡵࡢࣔࢹ࡙ࣝࡃ
ࡾ࡜ࡑࡢయไ࣭ไᗘࡢᩚഛࢆᅗࡿࡶࡢ࡛࠶ࡿࠋ
㸯㸫㸰ࠉ༠ຊෆᐜ
㸦㸯㸧ୖ఩┠ᶆ
ࣂ࢖࢜࢞ࢫᢏ⾡ࡢᆅ᪉㎰ᮧ㒊࡬ࡢᬑཬࡀ㐍ࡳࠊྠᢏ⾡ࢆ᥇⏝ࡋࡓఫẸࡢ⏕ィࡀྥୖࡍࡿࠋ
㸦㸰㸧ࣉࣟࢪ࢙ࢡࢺ┠ᶆ
ࣂ࢖࢜࢞ࢫᢏ⾡ࢆᆅ᪉㎰ᮧ㒊࡟ᬑཬࡍࡿࡓࡵࡢࣔࢹࣝⓗ࡞௙⤌ࡳࢆᵓ⠏ࡍࡿࠋ
㸦㸱㸧ᡂࠉᯝ
㸯㸬ᬑཬࢆ┠ⓗ࡜ࡋࡓ㐺ษ࡞ࣂ࢖࢜࢞ࢫᢏ⾡ࡀ㛤Ⓨࡉࢀࡿࠋ
㸰㸬ࣂ࢖࢜࢞ࢫᢏ⾡ࡢ⌧ሙ࡟ᑐࡍࡿ୰ኸ࡜ᆅ᪉ࡢᐁẸඹྠࡢᬑཬேᮦࡀ⫱ᡂࡉࢀࡿࠋ
L
㸱㸬ࣂ࢖࢜࢞ࢫᬑཬࡢࡓࡵࡢ㎰Ẹ࡟ᑐࡍࡿ㐺ษ࡞⼥㈨ไᗘࡀぢ┤ࡉࢀࡿࠋ
㸲㸬ࣂ࢖࢜࢞ࢫᢏ⾡ᬑཬ࡟㛵ࡍࡿ୰ኸࠊᆅ᪉ࠊ⌧ሙ㛫ࡢ㐃ᦠయไࡀᵓ⠏ࡉࢀࡿࠋ
㸳㸬ࣂ࢖࢜࢞ࢫᢏ⾡ࡀ㎰ᮧఫẸ࡟ᗈࡃ࿘▱ࡉࢀࡿࠋ
㸦㸲㸧ᢞධᐇ⦼㸦 ᖺ ᭶ᮎ⌧ᅾ㸧
㸺᪥ᮏഃ㸼
㛗ᮇᑓ㛛ᐙ
ྡ㸦 ே᭶㸧
▷ᮇᑓ㛛ᐙ
ྡ㸦 ே᭶㸧
◊ಟဨཷධ㸦ᮏ㑥㸧
ྡ
࣮ࣟ࢝ࣝࢥࢫࢺ㈇ᢸ
൨෇㸦 ࢟ࣝࢠࢫࢯ࣒㸧
౪୚ᶵᮦ
൨෇㸦 ༓ࢻࣝ㸧
㸺࢟ࣝࢠࢫഃ㸼
&3 㓄⨨
ྡ
࣮ࣟ࢝ࣝࢥࢫࢺ㈇ᢸ
࢟ࣝࢠࢫࢯ࣒
᪋タᥦ౪㸦ࣉࣟࢪ࢙
࢝ᡤࡢ஦ົᡤࢫ࣮࣌ࢫ㸦㎰ᴗ┬໬Ꮫ㜵␿ᒁ ࢝ᡤࠊ࢖ࢩࢡࢡࣜ
ࢡࢺ஦ົᡤࡢ㟁
ᕞ㎰ᴗᕤᴗ㛤Ⓨ⮬↛⟶⌮ㄢ ࢝ᡤ㸧
Ẽ௦࡞࡝ࢆྵࡴ㸧
㸰㸬⤊஢᫬ホ౯ㄪᰝ
ⴗཎࠉ▱
ㄪᰝᅋဨ
ㄪᰝᮇ㛫
⥲ᣓ㸭ᅋ㛗
⊂❧⾜ᨻἲேᅜ㝿༠ຊᶵᵓ㸦-,&$㸧㎰ᮧ㛤Ⓨ㒊ࠉḟ㛗
වỈ⏣ᆅᖏࢢ࣮ࣝࣉ㛗
ᱵὠࠉ୍Ꮥ ࣂ࢖࢜࢞ࢫᢏ⾡ ᖏᗈ␆⏘኱Ꮫ኱Ꮫ㝔␆⏘Ꮫ◊✲⛉ࠉᩍᤵ
㸭ᬑཬ
▼ᶫࠉ඾Ꮚ ホ౯ศᯒ
࢔࢖ 㺃 ࢩ࣮ 㺃 ࢿࢵࢺᰴᘧ఍♫ࠉࢥࣥࢧࣝࢱࣥࢺ
᯽ᮌࠉṇᖹ ィ⏬⟶⌮
-,&$ ㎰ᮧ㛤Ⓨ㒊ࠉỈ⏣ᆅᖏࢢ࣮ࣝࣉỈ⏣ᆅᖏ➨஧ㄢ
ᖺ ᭶ ᪥㹼 ᭶ ᪥
ホ౯✀㢮㸸⤊஢᫬ホ౯
㸱㸬ホ౯⤖ᯝࡢᴫせ
㸱㸫㸯ࠉࣉࣟࢪ࢙ࢡࢺࡢᐇ⦼
㸦㸯㸧ࣉࣟࢪ࢙ࢡࢺ┠ᶆ
ࣉࣟࢪ࢙ࢡࢺ┠ᶆࠕࣂ࢖࢜࢞ࢫᢏ⾡ࢆᆅ᪉㎰ᮧ㒊࡟ᬑཬࡍࡿࡓࡵࡢࣔࢹࣝⓗ࡞௙⤌ࡳࢆ
ᵓ⠏ࡍࡿࠋࠖࡣ㐩ᡂࡉࢀ࡚࠾ࡽࡎࠊᙜึ༠ຊᮇ㛫⤊஢ࡲ࡛ࡢ㐩ᡂぢ㎸ࡳࡣప࠸࡜ุ᩿ࡉࢀࡿࠋ
ࡘࡢᣦᶆࡢ࠺ࡕࠊࣂ࢖࢜࢞ࢫᢏ⾡ࡢᬑཬࢩࢫࢸ࣒ࡢᵓ⠏࡟ࡘ࠸࡚ࡢᣦᶆࡀࠊ ᖺ ᭶
ࡢᙜึ༠ຊᮇ㛫⤊஢ࡲ࡛࡟ᐇ⌧ࡉࢀࡿぢ㎸ࡳࡀ࡞࠸ࡓࡵ࡛࠶ࡿࠋ
ࡘࡢᣦᶆࡢ࠺ࡕࠊࡇࢀࡲ࡛࡟␆⏘㎰ᐙྥࡅࡢ ࡘࡢ᪂ࢱ࢖ࣉࡢࣂ࢖࢜࢞ࢫࣉࣛࣥࢺ 㹼 ❧᪉࣓࣮ࢺࣝࡀ✌ാ୰࡛࠶ࡿࠋᢏ⾡ⓗ࡞ᨵⰋࡣ࡯ࡰ᏶஢ࡋ࡚࠸ࡿࡀࠊ඲ ᇶࡢࣉࣛ
ࣥࢺࡢ࠺ࡕ ᇶ࡟ࡘ࠸࡚ࡣཝ෤ᮇࡢ✌ാࢆᐇドࡍࡿసᴗࡀṧࡉࢀࡓㄢ㢟࡜࡞ࡗ࡚࠸ࡿࠋ
Ⅼ┠࡟⼥㈨ไᗘࡢࣞࣅ࣮ࣗࡣࠊෆᐜⓗ࡟ࡣศᯒ࡟࡜࡝ࡲࡗ࡚࠸ࡿࡀ ᖺ࡟▷ᮇᑓ㛛ᐙ࡟
ࡼࡾ㔠⼥ᶵ㛵࡜㛵㐃ࡢつᐃࡀㄪᰝࡉࢀ࡚࠸ࡿࡀࠊᑠつᶍᐙ␆㎰ᐙࡀࣂ࢖࢜࢞ࢫ᪋タᘓタࡢ
ࡓࡵࡢ࣮ࣟࣥࢆཷࡅࡽࢀࡿඃ㐝ไᗘࡣᩚഛࡉࢀ࡚࠸࡞࠸ࠋࣂ࢖࢜࢞ࢫᢏ⾡ࡢᬑཬࢩࢫࢸ࣒
ᵓ⠏࡟ಀࡿᣦᶆࡣࠊᐁẸ㐃ᦠࡢ୙㊊ࡸᢏ⾡ࣞ࣋ࣝࡢ &3 ⫋ဨࡢ୙ᅾ࡞࡝࠿ࡽ㐩ᡂࡉࢀ࡚࠸
࡞࠸ࠋ
LL
㸦㸰㸧ୖ఩┠ᶆ
ୖ఩┠ᶆࡢ㐩ᡂᗘࡣࠊᣦᶆࡀᐃ㔞ⓗ࡛࡞࠸ࡓࡵุ᩿ࡀ㞴ࡋ࠸ࡶࡢࡢࠊᮏㄪᰝ᫬Ⅼ࡟࠾ࡅ
ࡿᣦᶆࡢ㐩ᡂ≧ἣࡣጇᙜ࡞ࣞ࣋ࣝ࡟࠶ࡿ࡜ุ᩿ࡉࢀࡿࠋ
ᣦᶆ㸯࡟ࡘ࠸࡚ࡣࠊࣉࣟࢪ࢙ࢡࢺࢧ࢖ࢺ㸦࢖ࢩࢡࢡࣜᕞ࡟࠶ࡿ㸱␒࡜ࢳࣗ࢖ᕞ࡟࠶ࡿ㸰
␒ࡢྛࣉࣛࣥࢺ㸧ࡢぢᏛᚋࠊ ྡࡢ␆⏘㎰ᐙࡀ⮬๓࡛ྠᵝࡢࣂ࢖࢜࢞ࢫࣉࣛࣥࢺࡢタ⨨ࢆ
ࡋ࡚࠸ࡿ஦౛ࡀ☜ㄆࡉࢀࡓࠋࡲࡓࠊ௚ࡢࣉࣟࢪ࢙ࢡࢺ࠿ࡽᢏ⾡㠃ࡢᨭ᥼࡟ಀࡿ༠ຊࡢ౫㢗
ࡶ࠶ࡿࡇ࡜࠿ࡽࠊ௒ᚋࡢ᭦࡞ࡿἼཬຠᯝࡢⓎ⌧ࡀᮇᚅࡉࢀࡿࠋᣦᶆ㸰ࡣ⌧≧࡛ࡣ㐩ᡂࡉࢀ
࡚࠸࡞࠸࡜ุ᩿ࡉࢀࡿࠋࣉࣟࢪ࢙ࢡࢺࡢ┤᥋ⓗ࡞༠ຊࢆཷࡅ࡞࠸␆⏘㎰ᐙ࡟ࡼࡿᑟධ஦౛
ࡣᑡ࡞ࡃࠊࣂ࢖࢜࢞ࢫࣉࣛࣥࢺࢆタ⨨ࡋࡓࡇ࡜࡟ࡼࡿ⏕ィྥୖࡢᗘྜ࠸ࢆุ᩿࡛ࡁࡿ᫬ᮇ
࡟ࡣ⮳ࡗ࡚࠸࡞࠸ࠋ
㸦㸱㸧ᡂࠉᯝ
㸯㸧ᡂᯝ㸯
ᡂᯝ㸯ࡣᮏㄪᰝ᫬Ⅼ࡟࠾࠸࡚ࡣ㐩ᡂࡉࢀ࡚࠸࡞࠸ࠋࡋ࠿ࡋࠊᮏࣉࣟࢪ࢙ࢡࢺࡢ༠ຊᮇ
㛫ࡀ෤ᮇࡢ⤊ࢃࡾࡲ࡛ᘏ㛗ࡉࢀࡿ࡜ࠊࣉࣛࣥࢺ ᇶࡢ࠺ࡕࡢ ᇶࡢཝ෤ᮇ㐠Ⴀࡢᐇドࡀ
ྍ⬟࡜࡞ࡾᡂᯝ㸯ࡀ㐩ᡂࡉࢀࡿࡶࡢ࡜ᛮࢃࢀࡿࠋ
㸱㸫㸯㸦㸯㸧࡟グ㍕ࡢ࡜࠾ࡾࠊᑠつᶍࣂ࢖࢜࢞ࢫࣉࣛࣥࢺࡢᢏ⾡ᨵၿࡣ࡯ࡰ⤊஢ࡋ࡚
࠸ࡿࠋṧࡾࡢㄢ㢟ࡣཝ෤ᮇ㐠Ⴀࡢᐇド࡜࡞ࡗ࡚࠸ࡿࠋ
㐠Ⴀ࣭⥔ᣢ⟶⌮࣐ࢽࣗ࢔ࣝ㸦ࣂ࢖࢜࢞ࢫ฼⏝ࢆྵࡴ㸧ࡶ࡯ࡰ᏶ᡂࡋ࡚࠾ࡾࠊ⩻ヂసᴗ
୰࡛࠶ࡿࠋ
ᾮ⫧฼⏝࣐ࢽࣗ࢔ࣝࡣࡲࡔ᏶ᡂࡋ࡚࠸࡞࠸ࡀࠊ࢟ࣝࢠࢫ㎰ᴗ኱Ꮫ࡜ࡢዎ⣙࡛᪋⫧ヨ㦂
ࢆ⾜ࡗ࡚࠾ࡾࠊࡑࡢヨ㦂⤖ᯝࡀᥦฟࡉࢀḟ➨᏶ᡂࡍࡿணᐃ࡛࠶ࡿࠋ᭱⤊ⓗ࡟ࡣࠊࣂ࢖࢜
࢞ࢫࣉࣛࣥࢺࡢ㐠Ⴀ࣭⥔ᣢ⟶⌮࡜ࣂ࢖࢜࢞ࢫ࣭ᾮ⫧฼⏝ࢆ࢝ࣂ࣮ࡍࡿ࣐ࢽࣗ࢔ࣝࡣࣉࣟ
ࢪ࢙ࢡࢺ⤊஢๓ࡢ ᖺ ᭶ࡲ࡛࡟సᡂࡉࢀࡿぢ㎸ࡳ࡛࠶ࡿࠋ
㸰㸧ᡂᯝ㸰
ᡂᯝ㸰ࡣࡲࡔ㐩ᡂࡉࢀ࡚࠾ࡽࡎࠊࡲࡓࡑࡢ㐩ᡂࣞ࣋ࣝࡣప࠸ࠋ
ᬑཬဨࡢேᩘ࡟ಀࡿᣦᶆ㸦 ࡘ┠ࡢᣦᶆ㸧࡟ࡘ࠸࡚ࡣࠊࡇࢀࡲ࡛ࣉࣟࢪ࢙ࢡࢺ࡟ࡣᢏ
⾡⣔ࡢᬑཬ⫋ဨࡀ㓄⨨ࡉࢀ࡚࠾ࡽࡎࠊᬑཬࢆᢸᙜࡍࡿ⫋ဨࡀ≉ᐃࡉࢀ࡚࠸࡞࠿ࡗࡓࠋࣉ
ࣟࢪ࢙ࢡࢺᮇ㛫୰ࡣࣉࣛࣥࢺ〇స࡜࣓ࣥࢸࢼࣥࢫࢆ⾜࠺ ྡࡢᢏ⬟ᕤࢆ㞠⏝ࡋ࡚࠸ࡓ࡟
ࡍࡂ࡞࠸ࠋ
ࣉࣟࢪ࢙ࢡࢺ࡟ᬑཬ⫋ဨࡀ≉ᐃࡉࢀ࡚࠸࡞࠸ࡓࡵࠊᬑཬဨ◊ಟ㸦 ࡘ┠ࡢᣦᶆ㸧࡜ࡑ
ࡢ◊ಟ㈨ᩱసᡂ㸦 ࡘ┠ࡢᣦᶆ㸧ࡣࡉࢀ࡚࠸࡞࠸ࠋ
㸱㸧ᡂᯝ㸱
ᡂᯝ㸱ࡢ㐩ᡂ≧ἣࡣࡲࡔ㐨༙ࡤ࡛࠶ࡾࠊᣦᶆࡣࡲࡔ㐩ᡂࡉࢀ࡚࠸࡞࠸ࠋ
㔠⼥ศ㔝ࡢ▷ᮇᑓ㛛ᐙࡀ୍⯡㎰ᐙྥࡅࡢ࣮ࣟࣥ๰タࡢྍ⬟ᛶࢆㄪᰝ࣭ศᯒࡋࡓࡶࡢࡢࠊ
࣮ࣟࣥࡢྍ⬟ᛶࢆศᯒࡋࡓ࡟࡜࡝ࡲࡗࡓࠋ
㸲㸧ᡂᯝ㸲
ᣦᶆࡀᐃ㔞ⓗ࡛࡞࠸ࡓࡵ㐩ᡂᗘࡢุ᩿ࡣ㞴ࡋ࠸ࡀࠊᡂᯝ㸲ࡣ㐩ᡂࡉࢀ࡚࠸࡞࠸࡜ุ᩿
ࡉࢀࡿࠋࡲࡓࠊᙜึ༠ຊᮇ㛫⤊஢ࡲ࡛࡟㐩ᡂࡉࢀࡿぢ㎸ࡳࡣ࡞࠸ࠋࣂ࢖࢜࢞ࢫ᪋タࡢタ
⨨ࢆᨭ᥼ࡍࡿᐁẸࡢᅋయࡣ࠶ࡿࡶࡢࡢࠊ⌧ሙ࡛ࣞ࣋ࣝࡢ㐃ᦠࡣ࡯࡜ࢇ࡝࡞ࡉࢀ࡚࠸࡞࠸ࠋ
ࡘ┠ࡢᣦᶆ࡟࠶ࡿྜྠ఍㆟࡟ࡘ࠸࡚ࠊᮏࣉࣟࢪ࢙ࢡࢺ࡛ࡣࠊࣂ࢖࢜࢞ࢫࣉࣛࣥࢺࡢ
ࢭ࣑ࢼ࣮ࡸ࣮࢜ࣉࢽࣥࢢࢭࣞࣔࢽ࣮㛤ദ᫬࡟ࠊ㛵㐃ᅋయࢆ✚ᴟⓗ࡟ᣍᚅࡋࡓࡀࠊࣂ࢖࢜
࢞ࢫ᪋タࡢ⤂௓ࡸ᝟ሗඹ᭷ࡢᇦ࡟࡜࡝ࡲࡗ࡚࠾ࡾࠊᡂᯝࡢᬑཬࡣಁࡉࢀ࡚࠸࡞࠸ࠋᐁẸ
LLL
ࡢ⤌⧊㛫ࡢ㐃ᦠࡣᙅࡃࠊࢿࢵࢺ࣮࣡ࢡ㸭㐃ᦠ࢞࢖ࢻࣛ࢖ࣥࡢ⟇ᐃ࡟ࡣ⮳ࡗ࡚࠸࡞࠸ࠋ
㸳㸧ᡂᯝ㸳
ᐃ㔞ⓗ࡞ᣦᶆ࡛ࡣ࡞࠸ࡇ࡜࠿ࡽ㐩ᡂࣞ࣋ࣝࡢุ᩿ࡣ㞴ࡋ࠸ࡀࠊᡂᯝ㸳ࡣᮏㄪᰝ᫬Ⅼ࡛
࠾࠾ࡴࡡ㐩ᡂࡉࢀ࡚࠸ࡿ࡜ุ᩿ࡉࢀࡿࠋࡲࡓࠊᙜึ༠ຊᮇ㛫⤊஢᫬ࡲ࡛࡟ࡍ࡭࡚㐩ᡂࡉ
ࢀࡿぢ㎸ࡳ࡛࠶ࡿࠋࣉࣟࢪ࢙ࢡࢺࡣᗈሗάື࡟๓ྥࡁ࡟ྲྀࡾ⤌ࡳࠊࣂ࢖࢜࢞ࢫᢏ⾡࡟ࡘ
࠸࡚ࡢ▱㆑ࡢᗈࡀࡾ࡜ࠊᮏࣉࣟࢪ࢙ࢡࢺࡢࣉࣞࢮࣥࢫࡢ㧗ᥭ࡟ࡘ࡞ࡀࡗ࡚࠸ࡿࠋ
ࡇࢀࡲ࡛࡟ᑐ㇟ᆅᇦࡢ฼⏝⪅ཬࡧᮧẸࢆᣍ࠸ࡓࢭ࣑ࢼ࣮ࢆྵࡴ඲ ᅇࡢࢭ࣑ࢼ࣮ࡀ㛤
ദࡉࢀࠊྜィ ྡࡀཧຍࡋࡓࠋࡲࡓࠊࣂ࢖࢜࢞ࢫᢏ⾡࡟ࡘ࠸࡚ࡢ ✀㢮ࡢ࣮ࣜࣇࣞࢵ
ࢺ࡜ࣅࢹ࢜ ✀㢮ࡀ〇స࣭㓄ᕸࡉࢀࡓࠋ
ࢫࢱࢹ࢕࣮ࢶ࢔࣮ࡣ ᅇᐇ᪋ࡉࢀࡓࡀࠊグ⪅ࡸ㛵ಀᶵ㛵ࢆᣍ࠸ࡓࣂ࢖࢜࢞ࢫ᪋タࡢ࣮࢜
ࣉࢽࣥࢢࢭࣞࣔࢽ࣮ࡢᐇ᪋ࡣࠊᨻኚࡢᙳ㡪࠿ࡽಖ␃ࡉࢀ࡚࠸ࡿࠋ
㸱㸫㸰ࠉホ౯⤖ᯝせ⣙
㸦㸯㸧ጇᙜᛶ
௨ୗࡢ⌮⏤࡟ࡼࡾࠊᮏࣉࣟࢪ࢙ࢡࢺࡢጇᙜᛶࡣ㧗࠸࡜ุ᩿ࡉࢀࡿࠋ
ᮏࣉࣟࢪ࢙ࢡࢺࡣࠊ๓ᨻᶒ࡛ᢎㄆ㐣⛬࡟࠶ࡗࡓࠕ࢟ࣝࢠࢫඹ࿴ᅜᅜᐙ࢚ࢿࣝࢠ࣮ࣉࣟࢢ
࣒ࣛ ཬࡧ ᖺࡲ࡛ࡢ⇞ᩱ࢚ࢿࣝࢠ࣮⥲ྜ᪋タࡢ㛤Ⓨᨻ⟇ࠖ࡟ྜ⮴ࡋ࡚࠸ࡿࠋ
ࡲࡓࠊ ᖺ ᭶࡟ࠊ๓ࣂ࢚࢟ࣇ኱⤫㡿ࡀ⨫ྡࡋࡓ෌⏕࢚ࢿࣝࢠ࣮ἲ࡟ࡢࡗ࡜ࡗ࡚࠸ࡿࠋ
ᑐ࢟ࣝࢠࢫඹ࿴ᅜ஦ᴗᒎ㛤ィ⏬ ࡛ࡣࠊ ࡘࡢ㛤Ⓨㄢ㢟ࡢ࠺ࡕࡢࠕᆅᇦ᣺⯆ࠖ࡟
࠾ࡅࡿࠕ㎰ᴗ⏕⏘ᛶྥୖࣉࣟࢢ࣒ࣛࠖ࡟ᮏࣉࣟࢪ࢙ࢡࢺࡀ఩⨨࡙ࡅࡽࢀ࡚࠸ࡿࠋ
ࡲࡓࠊᮏࣉࣟࢪ࢙ࢡࢺࡣࠊࢃࡀᅜࡢᢏ⾡ⓗ࡞ẚ㍑ඃ఩ᛶࡀ㧗ࡃࠊ෌⏕ྍ⬟࢚ࢿࣝࢠ࣮ᡓ
␎࡟ᇶ࡙ࡃ◊✲ᡂᯝࡀά⏝ࡉࢀࠊᐮ෭ᆅࡢ฼⏝⪅࡟㐺ษ࡞ᑠつᶍ࡞ᐮ෭ᆅᆺࣂ࢖࢜࢞ࢫࣉ
ࣛࣥࢺࡢ㐠⏝ࡀ࡞ࡉࢀ࡚࠸ࡿࠋ
㸦㸰㸧᭷ຠᛶ
ᮏࣉࣟࢪ࢙ࢡࢺࡢ᭷ຠᛶࡣ୰⛬ᗘ࡛࠶ࡿࠋ
ࣉࣟࢪ࢙ࢡࢺ┠ᶆࡢ㐩ᡂぢ㎸ࡳࡣపࡃࠊࣉࣟࢪ࢙ࢡࢺ┠ᶆࡢ ࡘࡢᣦᶆࡢ࠺ࡕ ࡘࡣᙜ
ึ༠ຊᮇ㛫⤊஢ࡲ࡛࡟㐩ᡂぢ㎸ࡳࡀ࠶ࡿࡶࡢࡢࠊࣂ࢖࢜࢞ࢫᢏ⾡ࡢᬑཬࢩࢫࢸ࣒ࡢᵓ⠏࡟
ࡘ࠸࡚ࡢᣦᶆࡣࠊ ᖺ ᭶ࡢ⤊஢ࡲ࡛࡟ᐇ⌧ࡉࢀࡿぢ㎸ࡳࡣ࡞࠸ࠋ
㸱㸫㸯㸦㸯㸧࡟グ㏙ࡋࡓ࡜࠾ࡾࠊ ␆⏘㎰ᐙྥࡅࣂ࢖࢜࢞ࢫᢏ⾡ࡢ㛤Ⓨ࡜ࡋ࡚ࠊ 㹼 ❧
᪉࣓࣮ࢺࣝࡢ ࡘࡢ᪂ᆺࣂ࢖࢜࢞ࢫࣉࣛࣥࢺࡀ᏶ᡂࡋ࡚࠸ࡿࠋࣂ࢖࢜࢞ࢫࣉࣛࣥࢺࡢᢏ⾡
ᨵၿࡣ࡯ࡰ᏶ᡂࡋࡘࡘ࠶ࡿࡶࡢࡢࠊࣂ࢖࢜࢞ࢫᢏ⾡ࡢᬑཬࢩࢫࢸ࣒ࡣᵓ⠏ࡉࢀ࡚࠸࡞࠸ࠋ
ࣉࣟࢪ࢙ࢡࢺ┠ᶆ㐩ᡂࡢ㜼ᐖせᅉ࡜ࡋ࡚ࡣࠊ㎰ᴗ┬ཬࡧ࢚ࢿࣝࢠ࣮┬࡟බⓗ࡞ᬑཬࢩࢫ
ࢸ࣒ࡀᮍᩚഛ࡛ࠊ⌧ሙ࡛ࣞ࣋ࣝࡢᐁẸ㐃ᦠࡀᙅࡃࠊᮏࣉࣟࢪ࢙ࢡࢺࡢᢏ⾡⛣㌿ࡢᑐ㇟࡜࡞
ࡿ࡭ࡁᢏ⾡⣔ &3 ࡀᮍ㓄⨨࡛࠶ࡗࡓࡇ࡜࡞࡝ࡀᣲࡆࡽࢀࡿࠋࡲࡓࠊඛࡢᨻኚࡶάືࡢ㐍ᤖ
ࢆ㜼ᐖࡍࡿせᅉࡢࡦ࡜ࡘ࡜࡞ࡗࡓࠋ
㸦㸱㸧ຠ⋡ᛶ
ᮏࣉࣟࢪ࢙ࢡࢺࡢຠ⋡ᛶࡣ୰⛬ᗘ࡛࠶ࡿࠋ
ᑓ㛛ᐙࠊᶵᮦ౪୚ࠊ&3 ࡢ㓄⨨ࠊࣉࣟࢪ࢙ࢡࢺ㐠Ⴀ⤒㈝㈇ᢸ➼ࠊ᪥ᮏഃ࣭࢟ࣝࢠࢫഃ཮
᪉ࡢᢞධࡣ㉁࣭㔞࡜ࡶ࡟㐣୙㊊ࡢ࡞࠸ࡶࡢ࡛࠶ࡾࠊ෇⁥࡞άືᐇ᪋࡜ᡂᯝࡢ㐩ᡂ࡟⤖ࡧ௜
࠸࡚࠸ࡿࠋ
ᡂᯝ㸯࡜ᡂᯝ㸳࡟࠾࠸࡚ᮇᚅࡉࢀࡿᡂᯝࡣࠊᙜึ༠ຊᮇ㛫⤊஢ࡲ࡛࡟࠾࠾ࡴࡡ㐩ᡂࡉࢀ
LY
ࡿぢ㏻ࡋ࡛࠶ࡿࠋᙜึ ᖺ㛫ࡢ▷ᮇᑓ㛛ᐙᢞධࡀከᑡ㐜࠸࡜ᛮࢃࢀࡿⅬࡣ࠶ࡗࡓࡶࡢࡢࠊ
▷ᮇᑓ㛛ᐙࡢᢞධࡣ࡜ࡾࢃࡅᡂᯝ㸯ࡢᡂᯝࡢⓎ⌧࡟㈉⊩ࡋ࡚࠸ࡿࠋ௚᪉ࠊᬑཬ࡟࠾ࡅࡿᢏ
⾡⣔ &3 ࡢ୙ᅾ࡟ࡼࡾࠊᬑཬࢩࢫࢸ࣒ࡢᵓ⠏ཬࡧᬑཬேᮦࡢ⫱ᡂ࡛ࡣᡂᯝࡀ࡯࡜ࢇ࡝ࡳࡽ
ࢀࡎࠊࣉࣟࢪ࢙ࢡࢺࡢຠ⋡ᛶࡀ㜼ᐖࡉࢀࡓࠋᮏ௳༠ຊࢆ㏻ࡌ࡚㐩ᡂࡉࢀࡘࡘ࠶ࡿᡂᯝ࡟ẚ
ࡋ࡚᪥ᮏഃࡢᢞධࢥࢫࢺࡣ㐺ṇ࡛ࠊ㈝⏝ᑐຠᯝࡣ࠾࠾ࡴࡡⰋዲ࡜ุ᩿ࡉࢀࡿࠋ
㸦㸲㸧࢖ࣥࣃࢡࢺ
ᮏࣉࣟࢪ࢙ࢡࢺࡢ࢖ࣥࣃࢡࢺࡢⓎ⌧ࡣࠊ┦ᑐⓗ࡟㧗࠸࡜ุ᩿ࡉࢀࡿࠋ
ୖ఩┠ᶆࡢ㐩ᡂᗘ࡟㛵㐃ࡋࠊࣃ࢖ࣟࢵࢺࣉࣛࣥࢺ㸦Ⓨ㓝ᵴࢧ࢖ࢬ ❧᪉࣓࣮ࢺࣝཬࡧ
❧᪉࣓࣮ࢺࣝ㸧࡜ྠ➼᪋タࡢᑟධ஦౛ࡀ᪤࡟ ௳࠶ࡾࠊࡲࡓࠊ ᖺ ᭶࡟ 1R ࡢࣉ
ࣛࣥࢺᘓタࡀ⤊஢ࡋࡓࡇ࡜࡟࠿ࢇࡀࡳ࡚ࠊṇࡢ࢖ࣥࣃࢡࢺࡀẚ㍑ⓗ▷ᮇ㛫࡟Ⓨ⌧ࡋࡓ࡜ุ
᩿࡛ࡁࡿࠋ
ୖグࡢ࡜࠾ࡾ ௳ࡢᑟධ஦౛ࡀ☜ㄆࡉࢀ࡚࠸ࡿࡇ࡜࠿ࡽࠊࣂ࢖࢜࢞ࢫᢏ⾡ࡢἼཬࡣ᪤࡟
ጞࡲࡗࡓ࡜ゎ㔘ࡉࢀࡿࠋࣉࣟࢪ࢙ࢡࢺࡢ┤᥋ⓗ࡞༠ຊࢆཷࡅ࡞࠸␆⏘㎰ᐙࡀࠊࣂ࢖࢜࢞ࢫ
ࣉࣛࣥࢺࢆタ⨨ࡋࡓࡇ࡜࡟ࡼࡿ⏕ィྥୖࡢᗘྜ࠸࡟ࡘ࠸࡚ࡣࠊࡲࡔุ᩿࡛ࡁࡿ᫬ᮇ࡟ࡁ࡚
࠸࡞࠸ࠋୖ఩┠ᶆࡢ㐩ᡂ௨እ࡛ࡣḟࡢࡼ࠺࡞ṇࡢ࢖ࣥࣃࢡࢺࡢⓎ⌧ࡀࡳࡽࢀࡿࠋ௨ୗ࡟♧
ࡍ௨እࡢṇ㈇ࡢᙳ㡪ࡣࡇࢀࡲ࡛ࡢ࡜ࡇࢁࡳࡽࢀ࡞࠸ࠋ
࣭Ẽೃኚື࡟ᑐࡍࡿຠᯝ
ᮏࣉࣟࢪ࢙ࢡࢺࡣࠊᚤࠎࡓࡿࡶࡢ࡛ࡣ࠶ࡿࡀẼೃኚື࡟㈉⊩ࡍࡿࠋ㛵ಀ⪅ࡢヨ⟬࡟
ࡼࢀࡤࠊ ᇶࡢࣉࣛࣥࢺࡀタィ࡝࠾ࡾ࡟ࣇࣝ✌ാࡋࡓሙྜࡢ ᐊຠᯝ࢞ࢫࡢᖺ㛫๐ῶ
㔞ࡣ ࢺࣥ࡜᥎ᐃࡉࢀࡿࠋ
࣭ᾮ⫧฼⏝࡟ࡼࡿ㎰⏘≀ࡢ⏕⫱≧ἣࡢᨵၿ
໬Ꮫⓗ࡞᰿ᣐࡣࡇࢀ࠿ࡽᥦ౪ࡉࢀࡿணᐃࡔࡀࠊࢪࣕ࢞࢖ࣔ࡬ࡢ᪋⫧ࢆࡋࡓ ே㸦࠺
ࡕ ேࢆ㝖࠸࡚ࡲࡔ཰✭ᮇࢆ⤒࡚࠸࡞࠸㸧ࡢ࠺ࡕ ேࡣࠊస≀ࡢ⏕⫱ࡀ㏻ᖖࡼࡾ᪩ࡃ
࡚኱ࡁ࠸ࠊⴥࡢᩘࡀከࡃⰍࡀ⃰࠸࡞࡝ࡢᨵၿࢆ☜ㄆࡋ࡚࠸ࡿࠋ
࣭ࣂ࢖࢜࢞ࢫࣞࣥࢪࠊࢺ࢖࣭ࣞࢩ࣮ࣕ࣡᪋タࢆタ⨨ࡋࡓࡇ࡜࡟ࡼࡿ⏕ά⎔ቃࡢᨵၿ
㸦㸳㸧ᣢ⥆ᛶ
ᮏࣉࣟࢪ࢙ࢡࢺࡢ⤌⧊㠃ࠊ㈈ᨻ㠃ཬࡧᢏ⾡㠃ࡢᣢ⥆ᛶࡣప࠸࡜ุ᩿ࡉࢀࡿࠋ
㸯㸧ᨻ⟇࣭ไᗘ㠃
ࣂ࢖࢜࢞ࢫࡢಁ㐍ࡣࠊ࢚ࢿࣝࢠ࣮┬ࡀ⟇ᐃࡋࠊ๓ᨻᶒୗ࡛ᢎㄆ㐣⛬࡟࠶ࡗࡓࠕ࢟ࣝࢠ
ࢫඹ࿴ᅜᅜᐙ࢚ࢿࣝࢠ࣮ࣉࣟࢢ࣒ࣛ ཬࡧ ᖺࡲ࡛ࡢ⇞ᩱ࢚ࢿࣝࢠ࣮⥲ྜ᪋
タࡢ㛤Ⓨᨻ⟇ࠖ࡟ἢࡗ࡚࠸ࡿࠋࣂ࢖࢜࢞ࢫࡣࠊ㎰ᴗ┬ࢆྵࡴ᪂ᨻᶒୗࡢᡓ␎࡟ࡶ┒ࡾ㎸
ࡲࢀࡿࡶࡢ࡜ᮇᚅࡉࢀ࡚࠸ࡿࠋ
㸰㸧⤌⧊㠃
ࣉࣟࢪ࢙ࢡࢺάືࢆ⥅⥆Ⓨᒎࡉࡏࡿࡓࡵࡢ⤌⧊㠃࡛ࡢᣢ⥆ᛶࡣప࠸ࠋ㎰ᴗ┬ࡣᨻኚ๓
࡟ࠊ༠ຊᮇ㛫⤊஢ᚋ࡟ᮏࣉࣟࢪ࢙ࢡࢺ࡟㛵ࡍࡿ᝟ሗࡢ❆ཱྀ࡜࡞ࡿ⾜ᨻᐁࣞ࣋ࣝࡢ⫋ဨࢆ
㓄⨨ࡍࡿࡇ࡜ࢆ⣙᮰ࡋ࡚࠸ࡓࠋࡋ࠿ࡋࠊᢏ⾡⣔ࡢ &3 ࡛᪥ᮏேᑓ㛛ᐙࡢᢏ⾡⛣㌿ࡢᑐ㇟
࡜࡞ࡿ &3 ࡣࡲࡔ㓄⨨ࡉࢀ࡚࠸࡞࠸ࠋ
㸱㸧ᢏ⾡㠃
ᢏ⾡㠃࡛ࡢᣢ⥆ᛶࡶప࠸࡜ุ᩿ࡉࢀࡿࠋࡇࢀࡣ &3 ࡢᐃ╔ࡢぢ㎸ࡳࡀ୙☜ᐇ࡛࠶ࡿࡇ
࡜࡟㉳ᅉࡍࡿࠋ༠ຊ⤊஢ᚋ࡟࠾࠸࡚ࠊ⤌⧊ࡔࡗࡓ࣓ࣥࢸࢼࣥࢫࢧ࣮ࣅࢫࡢᥦ౪ࡀ࡞ࡉࢀ
Y
࡞࠸ࡇ࡜࠿ࡽࠊྛࣃ࢖ࣟࢵࢺࣉࣛࣥࢺࡢ࣓ࣥࢸࢼࣥࢫࡣ࣮࢜ࢼ࣮⮬ࡽᐇ᪋ࡏࡊࡿࢆᚓ࡞
࠸≧ἣ࡟࠶ࡿࠋ
㸲㸧㈈ᨻ㠃
୰ኸࣞ࣋ࣝࠊᕞࣞ࣋ࣝࢆၥࢃࡎࠊࡇࢀࡲ࡛ࣉࣟࢪ࢙ࢡࢺࡢάື㈝ࡀ㎰ᴗ┬࠿ࡽᨭฟࡉ
ࢀࡓࡇ࡜ࡣ࡞࠿ࡗࡓࠋࡑࡢࡓࡵ࢟ࣝࢠࢫഃ⊂⮬ண⟬࡟ࡼࡿࣂ࢖࢜࢞ࢫࣉࣛࣥࢺࡢᬑཬࡢ
ྍ⬟ᛶࡣᑠࡉ࠸࡜ุ᩿ࡉࢀࡿࠋ
㸱㸫㸱ࠉ㈉⊩࣭㜼ᐖせᅉ
ࣉࣟࢪ࢙ࢡࢺ┠ᶆ㐩ᡂࡢ㜼ᐖせᅉ࡜ࡋ࡚ࡣࠊබⓗ࡞ࣂ࢖࢜࢞ࢫᬑཬࢩࢫࢸ࣒ࢆ᭷ࡍࡿ⾜ᨻᶵ
⬟ࡀࠊ㎰ᴗ┬࡟ࡶ࢚ࢿࣝࢠ࣮┬࡟ࡶᏑᅾࡋ࡞࠸ࡇ࡜ࠊཬࡧ⌧ሙ࡛ࣞ࣋ࣝࡢࣂ࢖࢜࢞ࢫᢏ⾡ࡢᬑ
ཬࢩࢫࢸ࣒ࡢタ⨨ࢆᅗࡿᐁẸ㐃ᦠࡀᙅ࠸ࡇ࡜࡞࡝࠿ࡽࠊᢏ⾡⣔ &3 ࡀᮍ㓄⨨࡛࠶ࡗࡓࡇ࡜ࡀᣲ
ࡆࡽࢀࡿࠋࡲࡓࠊඛࡢᨻኚࡶᮏࣉࣟࢪ࢙ࢡࢺࡢ㐍ᤖ࡟ᝏᙳ㡪ࢆཬࡰࡋ࡚࠸ࡿࠋ
㸱㸫㸲ࠉ⤖ࠉㄽ
ᮏࣉࣟࢪ࢙ࢡࢺࡢጇᙜᛶࡣ㧗ࡃࠊάືᐇ᪋࡟ࡼࡿṇࡢ࢖ࣥࣃࢡࢺࡀ☜ㄆࡉࢀࡓࡀࠊ᭷ຠᛶཬ
ࡧຠ⋡ᛶࡣᙜึ᝿ᐃࢆୗᅇࡿ⤖ᯝ࡜࡞ࡾࠊᣢ⥆ᛶ࡟ࡘ࠸࡚ࡣ࢟ࣝࢠࢫഃࡢ⬤ᙅ࡞ᐇ᪋యไ࡟┠
❧ࡗࡓᨵၿࡣࡳࡽࢀࡎࠊຠᯝࡢᣢ⥆ᛶࡣ୙㏱᫂࡞≧ἣ࡟࠶ࡿࠋࣉࣟࢪ࢙ࢡࢺ┠ᶆࡢ㐩ᡂᣦᶆࡢ
㐩ᡂ≧ἣ࠿ࡽࡳࡿ࡜ࠊᮏ௳༠ຊࢆ㏻ࡌ࡚ᨵၿࡉࢀࡓࣂ࢖࢜࢞ࢫᢏ⾡ࢆᬑཬࡍࡿࡓࡵࡢ௙⤌ࡳࡣ
ࡲࡔᵓ⠏࡟⮳ࡗ࡚࠾ࡽࡎࠊ༠ຊᮇ㛫ෆ࡛ࡢࣉࣟࢪ࢙ࢡࢺ┠ᶆࡢ㐩ᡂぢ㎸ࡳ࡟ࡣ␃ಖࡀㄆࡵࡽࢀ
ࡓࠋ୍᪉࡛ࠊᮏࣉࣟࢪ࢙ࢡࢺࡢࣃ࢖ࣟࢵࢺࣉࣛࣥࢺ࡜ྠ➼ࡢ᪋タࡢᑟධ஦౛ࡀ ௳☜ㄆࡉࢀ࡚
࠾ࡾࠊᡂᯝࡢἼཬ࡜ࡋ࡚ホ౯ࡉࢀࡿࠋࡼࡗ࡚ࠊᬑཬࢩࢫࢸ࣒ࡢᵓ⠏࡟ྥࡅࡓࣉࣟࢪ࢙ࢡࢺ┠ᶆ
㐩ᡂࡢࡓࡵ࡟ࡣࠊ༠ຊᮇ㛫ࡢᘏ㛗࡜㏣ຍⓗᢞධ࡟ࡘ࠸᳨࡚ウࡍࡿᚲせᛶࡀ㧗࠸࡜⤖ㄽࡍࡿࠋ
㸱㸫㸳ࠉᥦࠉゝ
㸦㸯㸧ࣉ ࣟࢪ࢙ࢡࢺ⤊஢᫬ࡲ࡛࡟ࣉࣟࢪ࢙ࢡࢺ࣭ࢹࢨ࢖࣭࣐ࣥࢺࣜࢵࢡࢫ㸦3'0㸧࡟ィ⏬ࡉࢀ
࡚࠸ࡿάືࢆ᏶஢ࡍࡿࡇ࡜
⌧ᅾࡢ࢟ࣝࢠࢫഃࡢ≧ἣ࠿ࡽᐇ᪋ࡀ୙ྍ⬟࡜ุ᩿ࡉࢀࡿάື 㸦㔠⼥ᶵ㛵ࡸἲ௧ࢆྵࡴ
㔠⼥ไᗘࡢぢ┤ࡋ㸧࡜ࠊάື 㸦ࣃ࢖ࣟࢵࢺࣉࣟࢪ࢙ࢡࢺࡢぢ┤ࡋ⤖ᯝ࡟ᇶ࡙ࡃ㛵ಀᶵ㛵
㛫ࡢࢿࢵࢺ࣮࣡ࢡ㸭ࣜࣥࢣ࣮ࢪ࢞࢖ࢻࣛ࢖ࣥࡢ⟇ᐃ㸧ࢆ㝖ࡃ௨ୗࡢάືࢆࠊᙜึ༠ຊᮇ㛫
⤊஢ࡲ࡛࡟᏶஢ࡉࡏࡿࡇ࡜ࠋ
ձࣉࣟࢪ࢙ࢡࢺࡢᗈሗࡢࡓࡵࡢ࣮࢜ࣉࣥࣇ࢛࣮࣒ࣛࡢ㛤ദ
ղࣂ ࢖࢜࢞ࢫࣉࣛࣥࢺࡢ㐠Ⴀ࣭⥔ᣢ⟶⌮ࠊࣂ࢖࢜࢞ࢫ࡜ᾮ⫧ࡢ฼⏝ࠊᬑཬᩍᮦ࡜ࡋ࡚ࡢ
ෆᐜࢆ⥙⨶ࡍࡿࠊ࣮ࣘࢨ࣮࣐ࢽࣗ࢔ࣝࡢ᏶ᡂ
ճ ᇶࡢࣃ࢖ࣟࢵࢺࣉࣛࣥࢺࡢ᭱⤊ຠᯝࢆ ᐃࡍࡿࡓࡵࡢ⤊஢᫬ㄪᰝࡢᐇ᪋
մࣉࣟࢪ࢙ࢡࢺࢧ࢖ࢺ࡬ࡢࣉࣞࢫࢶ࢔࣮ࠊࢫࢱࢹ࢕࣮ࢶ࢔࣮ࡢᐇ᪋
㸦㸰㸧ࣂ࢖࢜࢞ࢫ஦ᴗࡢ᥎㐍ࡍࡿࡓࡵࡢᑓᚑ⤌⧊ࢆ㎰ᴗ┬ࡢ୺ᑟࡢୗ࡟タ⨨ࡍࡿࡇ࡜
⌧ሙ࡛ࣞ࣋ࣝࣉࣟࢪ࢙ࢡࢺࡀ㛤Ⓨࡋࡓࡶࡢ࡜ྠ➼ࡢࣂ࢖࢜࢞ࢫ᪋タࡢᑟධ஦౛ࢆቑࡸࡍ
ࡓࡵࠊ┬ෆࡶࡋࡃࡣࠊ㛵㐃㒊ᒁࠊᅋయࠊ኱Ꮫࡸ㠀ᨻᗓ⤌⧊࡞࡝ࡢ⤌⧊ᶓ᩿ⓗ࡞ࣂ࢖࢜࢞ࢫ
஦ᴗ᥎㐍ࢱࢫࢡࢢ࣮ࣝࣉࡢࡼ࠺࡞ᑓᚑ⤌⧊ࢆࠊ㎰ᴗ┬ࡢ୺ᑟࡢୗ࡟⤌⧊໬ࡍࡿࡇ࡜ࢆᥦゝ
ࡍࡿࠋ
㸦㸱㸧ࣂ࢖࢜࢞ࢫ஦ᴗࡢ㎰ᴗ┬ෆ࡟࠾ࡅࡿᨻ⟇ⓗ࣭ᡓ␎ⓗ࡞఩⨨࡙ࡅ
YL
ࣂ࢖࢜࢞ࢫ஦ᴗࢆṇᘧ࡟㎰ᴗ┬ࡢᨻ⟇ࡢ୍㒊࡜ࡋ࡚఩⨨࡙ࡅࠊࡲࡓࣂ࢖࢜࢞ࢫᢏ⾡ಁ㐍
ࢆᡤᤸࡍࡿᒁࡲࡓࡣ⤌⧊ࢆ᫂☜࡟ࡍࡿࡇ࡜ࠋ┬ࡢ᪂ࡋ࠸ᴗົᡤᤸ࡟ࡶᩚྜᛶࡢ࠶ࡿ஦ᴗ࡜
ࡍ࡭ࡁ࡛࠶ࡿࠋ
ձࣃ࢖ࣟࢵࢺࣉࣛࣥࢺࡢ⥅⥆ⓗ࡞ά⏝
ղ㎰ᴗ┬ୗ࡛ࣂ࢖࢜࢞ࢫࣉࣛࣥࢺࢆ㎰ᴗ᪋タ࡜ࡋ࡚ㄆᐃࡍࡿࡇ࡜
ճᾮ⫧ཬࡧᩓᕸᶵ㛤Ⓨ࡟ಀࡿᐇドヨ㦂ࡢ⥅⥆
մ୍⯡㎰ᐙࡀࣂ࢖࢜࢞ࢫ᪋タࡢタ⨨ࡢ㝿࡟฼⏝ྍ⬟࡞⼥㈨ไᗘࡢ๰タ
㸦㸲㸧༠ຊᮇ㛫ࡢᘏ㛗
ཝ෤ᮇࡢᏳᐃⓗ࡞࢞ࢫⓎ⏕ࡢᐇド࡜ࣔࢽࢱࣜࣥࢢࢆ⾜࠺ࡓࡵࠊᮏࣉࣟࢪ࢙ࢡࢺࡢ༠ຊᮇ
㛫ࢆḟࡢ෤ᮇᮎࡲ࡛ᘏ㛗ࡍࡿࡼ࠺ᥦゝࡍࡿࠋ
㸱㸫㸴ࠉᩍࠉカ
ᮏࣉࣟࢪ࢙ࢡࢺ࡟࠾࠸࡚ࡣࠊࣂ࢖࢜࢞ࢫࣉࣛࣥࢺࡢᬑཬࢆᅗࡿࡓࡵ࡟ࠊࣉࣛࣥࢺࡢ㛤Ⓨ࡜ᐇ
ドᒎ♧ࡢࡳ࡞ࡽࡎࠊᢏ⾡ࡢᬑཬࢆᢸ࠺ேᮦࡢ⫱ᡂࠊ㎰ᐙ࡟ᑐࡍࡿ⼥㈨ไᗘཬࡧᐁẸ㐃ᦠࢆྠ᫬
୪⾜ⓗ࡟㐍ࡵࡿᚲせࡀ࠶ࡗࡓࡀࠊᙜึ༠ຊᮇ㛫࡟࠾࠸࡚ࠊࣂ࢖࢜࢞ࢫᑟධಁ㐍ࡢࡓࡵࡢ࣓࢝ࢽ
ࢬ࣒ࡢᵓ⠏ࡣලయ໬࡟⮳ࡽ࡞࠿ࡗࡓࠋ
ᮏ௳༠ຊࢆ㏻ࡌ࡚ᑟฟࡉࢀࡓᩍカ࡜ࡋ࡚ࡣࠊ㛤Ⓨࡉࢀࡓタഛࡸᢏ⾡ࡢᑟධಁ㐍ࡢࡓࡵࡢ᪋⟇࣭
ไᗘࡢືྥཬࡧᬑཬၨⓎࢆ୧ᅜ㛵ಀ⪅ࡀᐃᮇⓗ࡟ㄪᰝ࣭ࣔࢽࢱࣜࣥࢢࡋࠊ㐜ᘏࡀㄆࡵࡽࢀࡿሙ
ྜ࡟ࡣࠊࡑࡢᑐᛂ⟇ࢆ㛵ಀ⪅ࡀ༠㆟ࡍࡿࡇ࡜ࡀᚲせ࡛࠶ࡿࠋ
YLL
7KH6XPPDU\RI7HUPLQDO(YDOXDWLRQ
'DWH
$XJXVW
,VVXHGE\ -,&$5XUDO'HYHORSPHQW'HSDUWPHQW
2XWOLQHRIWKH3URMHFW
&RXQWU\
.\UJ\]5HSXEOLF
3URMHFW1DPH
7KH3URMHFWIRUWKH6XSSRUWIRUWKH'LVVHPLQDWLRQRI
%LRJDV7HFKQRORJ\LQWKH.\UJ\]5HSXEOLF
6HFWRU
$JULFXOWXUH'HYHORSPHQW
'LYLVLRQLQ
&KDUJH
3DGG\)LHOG%DVHG$UHD*URXS
5XUDO'HYHORSPHQW'HSDUWPHQW
&3$JHQF\
6WDWH'HSDUWPHQWRI
7RWDO&RVWDWWKHWLPHRI(YDOXDWLRQVWXG\
&KHPLFDOL]DWLRQDQG3ODQWV
PLOOLRQ<HQ
3URWHFWLRQ0LQLVWU\RI$JULFXOWXUH
1DPHRIWKH0LQLVWU\FKDQJHGLQ
3HULRGRI
&RRSHUDWLRQ
5'
'HF±'HF
&RRSHUDWLRQ6FKHPH7HFKQLFDO&RRSHUDWLRQ3URMHFW
&RRSHUDWLQJ$JHQFLHVRI-DSDQHVH6LGH
2ELKLUR8QLYHUVLW\RI$JULFXOWXUHDQG9HWHULQDU\
0HGLFLQH
%DFNJURXQGRIWKH3URMHFW
$IWHULQGHSHQGHQFHDQGFROODSVHRIWKH6RYLHW8QLRQ7KH.\UJ\]5HSXEOLFZDVDPRQJRWKHUSRVWVRYLHW
IDFLQJJUHDWHFRQRPLFDQGVRFLDOGLI¿FXOWLHV,WZDVHVSHFLDOO\DFXWHLQDJULFXOWXUH(FRQRPLFGHFOLQHDQG
UHRUJDQL]DWLRQOHIWFRQVLGHUDEOHSDUWRIUXUDOSRSXODWLRQZLWKRXWMRE)RUPHUNRONKR]HVDQGVRYNKR]HV
FROOHFWLYHDQGVWDWHIDUPVZHUHGHVWUR\HGDQGQHZPHFKDQLVPRIGRLQJDJULFXOWXUHEXVLQHVVHVKDGQRW
EHHQFUHDWHG
,QWKHVWUXFWXUHRIJURVVQDWLRQDOSURGXFWRIWKH.\UJ\]5HSXEOLFDJULFXOWXUHRFFXSLHV7KXV
WKHDJULFXOWXUHRIWKH.\UJ\]5HSXEOLFIDFHVFRQVLGHUDEOHGLI¿FXOWLHVVXFKDVWKHJURZLQJSULFHVIRUHQHUJ\
DQGFKHPLFDOIHUWLOL]HUEURXJKWORZIHUWLOLW\RIWKHODQGSRYHUW\RIDJULFXOWXUDOSRSXODWLRQDQGGHWHULRUDWLRQ
RIFRQGLWLRQRIWKHHQYLURQPHQW
7RFRXQWHUWKHVHDJULFXOWXUDOSUREOHPVGHYHORSPHQWDQGZLGHXVHRIELRJDVV\VWHP%*6LQSUDFWLFHLV
H[SHFWHGWRLPSURYHWKHFRQGLWLRQVRIDJULFXOWXUDOSRSXODWLRQ
8QGHU WKH EDFNJURXQG PHQWLRQHG DERYH D SURSRVDO IRU7HFKQLFDO &RRSHUDWLRQ ZDV IRUZDUGHG WR WKH
*RYHUQPHQWRI-DSDQIURPWKH*RYHUQPHQWRIWKH.\UJ\]5HSXEOLFLQ6HSWHPEHU
-,&$DVDQLPSOHPHQWDWLRQDJHQF\RI-DSDQHVH2I¿FLDO'HYHORSPHQW$VVLVWDQFHDSSURYHGWKH3URMHFWDQG
0LQLVWU\RI$JULFXOWXUH:DWHU5HVRXUFHVDQG3URFHVVLQJ,QGXVWU\ZDVUHFRJQL]HGDVWKHPDLQFRXQWHUSDUW
RI-,&$DWWKHVDPHWLPH%RWKVLGHVVLJQHGWKH5HFRUGRI'LVFXVVLRQVLQ'HFHPEHULQRUGHUWRLQLWLDWH
WKH7HFKQLFDO&RRSHUDWLRQ3URMHFWFDOOHG7KH3URMHFWIRUWKH6XSSRUWIRUWKH'LVVHPLQDWLRQRI%LRJDV
7HFKQRORJLHVLQWKH.\UJ\]5HSXEOLFKHUHLQDIWHUUHIHUUHGWRDVWKH3URMHFW
3URMHFW2YHUYLHZ
2YHUDOO*RDO
7KHELRJDVWHFKQRORJLHVDUHGLVVHPLQDWHGLQUXUDODUHDVDQGWKHOLYLQJFRQGLWLRQRIWKHUXUDOSHRSOH
DGRSWLQJWKHVHWHFKQRORJLHVLVLPSURYHG
L[
3URMHFW3XUSRVH
7KHH[WHQVLRQV\VWHPRIWKHLPSURYHGELRJDVWHFKQRORJLHVLVHVWDEOLVKHG
2XWSXWV
7KHDSSURSULDWHELRJDVWHFKQRORJLHVDUHGHYHORSHG
7KHFDSDFLW\RISHUVRQQHOUHODWHGWRH[WHQVLRQRIWKHELRJDVWHFKQRORJLHVLVVWUHQJWKHQHG
7KHH[LVWLQJ¿QDQFLDOLQVWLWXWLRQVDQGUHJXODWLRQVUHODWHGWRH[WHQVLRQRIWKHELRJDVWHFKQRORJLHVDUH
UHYLHZHG
7KH FRRUGLQDWLRQ DPRQJ WKH UHOHYDQW RUJDQL]DWLRQV IRU H[WHQVLRQ RI WKH ELRJDV WHFKQRORJLHV LV
LPSURYHG
7KHELRJDVWHFKQRORJLHVDUHZLGHO\NQRZQ
,QSXWV$VRIWKHHQGRI-XO\
-DSDQHVHVLGH
/RQJWHUP([SHUWV
SHUVRQV
00
6KRUWWHUP([SHUWV
SHUVRQV
7UDLQLQJLQ-DSDQ
SHUVRQV
8QLW.\UJ\]6RP.*6
/RFDO2SHUDWLRQ&RVW
PLOOLRQ<HQ
.*6
0DFKLQHU$TXLSPHQW
PLOOLRQ<HQ
86
00
.*6 -DSDQHVH<HQDVRI-XO\186 <HQ
.\UJ\]VLGH
&RXQWHUSDUW3HUVRQQHO
)DFLOLW\
2I¿FHVSDFHIRUH[SHUWV
XWLOLW\FRVWLQFOXGHG
SHUVRQV
RI¿FHVSDFHV
/RFDO&RVW
.*6
LQ6WDWH'HSDUWPHQWRI&KHPLFDOL]DWLRQDQG3ODQWV
3URWHFWLRQDQGLQ$JURLQGXVWULDO'HYHORSPHQWDQG
1DWXUH0DQDJHPHQW'LYLVLRQRI,VV\N.XO6WDWH
7HUPLQDO(YDOXDWLRQ7HDP
0U6DWRUX+DJLZDUD
0HPEHUVRI
(YDOXDWLRQ7HDP
/HDGHU
'HSXW\'LUHFWRU*HQHUDO
5XUDO'HYHORSPHQW'HSDUWPHQW
-,&$+4
3URIHVVRU
'U.D]XWDND8PHWVX %LRJDV
7HFKQRORJ\ *UDGXDWH6FKRRORI2ELKLUR8QLYHUVLW\RI
$JULFXOWXUHDQG9HWHULQDU\0HGLFLQH
([WHQVLRQ
0V1RULNR,VKLEDVKL
(YDOXDWLRQ
$QDO\VLV
&RQVXOWDQW
,&1HW/LPLWHG
0U6KRKHL.DVKLZDJL 3ODQQLQJ
3DGG$LHOG%DVHG)DUPLQJ$UHD'LYLVLRQ
0DQDJHPHQW 3DGG\)LHOG)DUPLQJ*URXS
5XUDO'HYHORSPHQW'HSDUWPHQW-,&$+4
3HULRGRI(YDOXDWLRQ -XO\
7\SHRI(YDOXDWLRQ7HUPLQDO(YDOXDWLRQ
5HVXOWVRI(YDOXDWLRQ
$FKLHYHPHQWRIWKH3URMHFW
3URMHFW3XUSRVH
[
7KH3URMHFW3XUSRVHWKHH[WHQVLRQV\VWHPRIWKHLPSURYHGELRJDVWHFKQRORJLHVLVHVWDEOLVKHGLVQRW
DFKLHYHG\HW7KHSURVSHFWRIDFKLHYLQJWKH3URMHFW3XUSRVHLVORZ$PRQJVWRIDOOLQGLFDWRUVWKHODVW
RQHRQWKHHVWDEOLVKPHQWRIDQH[WHQVLRQV\VWHPRIELRJDVWHFKQRORJLHVZRXOGQRWEHIXO¿OOHGE\WKH
HQGRIWKH3URMHFWWHUP
)RUWKHVWLQGLFDWRUQHZVPDOOVL]HGELRJDVSODQWPRGHOVRIWRFXELFPHWHUVWKDWDUHWDUJHWLQJ
OLYHVWRFNIDUPHUVEHFRPHRSHUDWLRQDO7HFKQLFDOLPSURYHPHQWVDUHFORVHWRDFRPSOHWLRQ7KHODVW
SURRIQHFHVVDU\LVWRYHULI\LWVVHYHUHZLQWHUVHDVRQRSHUDWLRQVIRUELRJDVSODQWV
6HFRQGO\WKHUHYLHZRIWKH¿QDQFLDOLQVWLWXWLRQVDQGUHJXODWLRQVZHUHFRQGXFWHGE\DVKRUWWHUPH[SHUW
LQEXWLWLVOLPLWHGWRDQDQDO\VLV)DYRUDEOHFRQGLWLRQVDUH\HWWREHFUHDWHGZKHUHVPDOOVFDOH
OLYHVWRFNIDUPHUVFDQPDNHDORDQIRUWKHLQVWDOODWLRQRIELRJDVIDFLOLWLHV
)RUWKHODVWLQGLFDWRUWKHH[WHQVLRQV\VWHPRIWKHLPSURYHGELRJDVWHFKQRORJLHVZKLFKWKH3URMHFWKDV
LQWHQGHGWRVHWXSLVQRWHVWDEOLVKHGSDUWO\GXHWRWKHDEVHQFHRIWHFKQLFDOOHYHO&3IRUH[WHQVLRQDQG
WRZHDNSXEOLFSULYDWHFRRUGLQDWLRQ
2YHUDOO*RDO
$OWKRXJKLWLVKDUGWRMXGJHWKHDFKLHYHPHQWOHYHORI2YHUDOO*RDOGXHWRWKHODFNRITXDQWLWDWLYH
LQGLFDWRU WKH DFKLHYHPHQW OHYHO RI WKLV LQGLFDWRU LV MXGJHG DSSURSULDWH DW WKH WLPH RI7HUPLQDO
(YDOXDWLRQLQ-XO\
)RUWKHVWLQGLFDWRURI2YHUDOO*RDOLQGLYLGXDOYLVLWRUVRIWKHSLORWSODQWVVRFDOOHGWKHELRJDVSODQW
1RLQ,VV\NNXO6WDWHDQG1RLQ&KXL6WDWHUHVSHFWLYHO\UHSOLFDWHGLWDQGFRQVWUXFWHGVLPLODUVWHHO
W\SHSODQWVRIWKHVDPHGLJHVWHUVL]H7KHUHDUHSURMHFWVUHTXHVWLQJDVVLVWDQFHRQELRJDVWHFKQRORJLHVWR
WKH3URMHFW
)RUWKHQGLQGLFDWRULWLVWRRHDUO\WRMXGJHWKHOHYHORIOLYHOLKRRGLPSURYHPHQWRIWKRVHZKRLQVWDOOHG
WKHLPSURYHGPRGHOVRIELRJDVSODQWVZKLFKDUHGHYHORSHGEHFDXVHRQO\DIHZFDVHVRIUHSOLFDWLRQV
ZHUHIRXQGVRIDU
2XWSXWV
2XWSXW
2XWSXWLVQRW\HWDFKLHYHGDWWKHWLPHRI7HUPLQDO(YDOXDWLRQ2XWSXWZRXOGEHDFKLHYHGLI
WKH3URMHFWWHUPZRXOGEHH[WHQGHGE\WKHHQGRIZLQWHUVHDVRQZKLFKDOORZVWKHSURRIRIVHYHUH
ZLQWHUVHDVRQRSHUDWLRQVRISLORWELRJDVSODQWV
࣭ $VLVGHVFULEHGLQWHFKQLFDOLPSURYHPHQWRIVPDOOVFDOHELRJDVSODQWVIRUOLYHVWRFN
IDUPHUVDUHFORVHWRDFRPSOHWLRQ,WQHHGVRSHUDWLRQDOYHUL¿FDWLRQLQVHYHUHZLQWHUVHDVRQ
࣭ 8VHU¶VPDQXDOIRURSHUDWLRQDQGPDLQWHQDQFHLVPRVWO\UHDG\7KLVPDQXDOLQFOXGHVELRJDV
XWLOL]DWLRQDQGLVXQGHUWUDQVODWLRQZRUN
࣭ 8VHU¶VPDQXDORQOLTXLGIHUWLOL]HULVQRW\HWUHDG\EXWLVH[SHFWHGWREHFRPSOHWHGDVVRRQ
DV D UHVXOW RI WKH FXUUHQWO\ RQJRLQJ H[SHULPHQW E\ .\UJ\]$JUDULDQ 8QLYHUVLW\ ZRXOG EH
VXPPDUL]HG7KHPDQXDOFRYHULQJRSHUDWLRQDODQGPDLQWHQDQFHRIELRJDVDVZHOODVXWLOL]DWLRQ
RIELRJDVDQGOLTXLGIHUWLOL]HUZRXOGEHUHDG\LQ'HFHPEHUMXVWEHIRUHWKHHQGRIWKH
3URMHFW
2XWSXW
2XWSXWLVQRW\HWDFKLHYHGDQGWKHSURVSHFWRIDFKLHYLQJWKLV2XWSXWLVORZ
࣭ 5HJDUGLQJWKHVWLQGLFDWRUDERXWWKHQXPEHURIH[WHQVLRQVWDIIQRQHRIWHFKQLFDOOHYHO&3LV
[L
DOORFDWHGQRULGHQWL¿HGEXWDGPLQLVWUDWLYHRQHV'XULQJWKH3URMHFWSHULRGWKH3URMHFWKDGRQO\
SURMHFWKLUHGWHFKQLFLDQVZRUNLQJIRUFRQVWUXFWLRQDQGPDLQWHQDQFH0RVWRI6WDWHOHYHO&3V
LQWKHOLVWRIFRXQWHUSDUWSHUVRQQHODUHQRPLQDORQO\
LQFH WKHUH ZDV QR H[WHQVLRQ VWDII ZRUNLQJ LQ WKLV 3URMHFW QR WHFKQLFDO WUDLQLQJ KDV EHHQ
㺃 6
FRQGXFWHGLQWKLV3URMHFWIRUWKHQGLQGLFDWRUQRUWUDLQLQJPDWHULDOVZHUHSUHSDUHGIRUWKHUG
LQGLFDWRU
2XWSXW
7KHDFKLHYHPHQWRIWKH2XWSXWLVRQDKDOIZD\
㺃 $OWKRXJKDVKRUWWHUPH[SHUWRIILQDQFHVHFWRUVWXGLHGDQGDQDO\]HGWKHSRVVLEOHDFFHVVWR
WKHSUHIHUHQWLDOORDQVFKHPHIRUOLYHVWRFNIDUPHUVLWZDVOLPLWHGWRDQDQDO\VLVRIILQDQFLDO
IHDVLELOLW\
2XWSXW
2XWSXWLVQRWDFKLHYHGDQGZRXOGQRWEHDFKLHYHGE\WKHHQGRIWKH3URMHFWWHUP7KHUHLVOLWWOH
¿HOGOHYHOFROODERUDWLRQIRXQGDPRQJRUJDQL]DWLRQVZRUNLQJRQELRJDVWHFKQRORJLHV
㺃 5 HJDUGLQJ WKH QXPEHU RI MRLQW PHHWLQJV ZULWWHQ LQ WKH VW LQGLFDWRU WKH 3URMHFW LQYLWHG
SXEOLFDQGSULYDWHRUJDQL]DWLRQVZKHQRUJDQL]HGVHPLQDUV+RZHYHULWZDVPRVWO\OLPLWHGWR
LQIRUPDWLRQH[FKDQJHDQGZDVQRWIRUWKHSXUSRVHRIH[WHQVLRQHLWKHU
㺃 3UHSDUDWLRQRIOLQNDJHQHWZRUNJXLGHOLQHZDVQRWSRVVLEOHGXHWRWKHDEVHQFHRIFROODERUDWLRQ
DPRQJSULYDWHDQGSXEOLFRUJDQL]DWLRQV
2XWSXW
$OWKRXJKLWLVKDUGWRMXGJHWKHDFKLHYHPHQWOHYHOGXHWRWKHODFNRITXDQWLWDWLYHLQGLFDWRUVLW
LVDVVHVVHGWKDW2XWSXWLVDOPRVWDFKLHYHGDQGLVWREHDFKLHYHGE\WKHHQGRI3URMHFW$SDUW
IURPWKHSODQQHGDFWLYLWLHVWKH3URMHFWSURDFWLYHO\ZRUNHGRQSXEOLFUHODWLRQVDFWLYLWLHVZKHUHE\
FRQWULEXWHGWRWKHZLGHVSUHDGRIELRJDVWHFKQRORJLHVDQGWRKLJKHUSUHVHQFHRIWKH3URMHFW
㺃 7RWDORIVHPLQDUVIRUXVHUVDQGRWKHULQWHUHVWHGSDUWLHVZHUHRUJDQL]HGZLWKSDUWLFLSDQWV
㺃 NLQGVRIOHDÀHWVDQGYLGHRZHUHSURGXFHGDQGGLVWULEXWHG6WXG\WRXUZDVRUJDQL]HGWZLFH
EXWDQRSHQLQJFHUHPRQ\RIDELRJDVSODQWLQYLWLQJSUHVVLVSHQGLQJGXHWRDUHFHQWWXUPRLO
6XPPDU\RI(YDOXDWLRQ
5HOHYDQFH
)RUWKHIROORZLQJUHDVRQVWKHSURMHFWLVMXGJHGWREHRIKLJKUHOHYDQFH
࣭ 7KLV3URMHFWLVFRQVLVWHQWZLWK1DWLRQDO(QHUJ\3URJUDPPHRIWKH.\UJ\]5HSXEOLF
DQG)XHO(QHUJ\&RPSOH['HYHORSPHQWXQWLOZKLFKZDVLQDSSURYDOSURFHVVRIWKHIRUPHU
JRYHUQPHQW,WLVDOVRDORQJZLWKWKH/DZRQ5HQHZDEOH(QHUJ\6RXUFHVZKLFKZDVVLJQHGE\WKH
IRUPHU3UHVLGHQW.XUPDQEHN%DNL\HYLQ-DQXDU\
࣭ 8QGHU-,&$¶V5ROOLQJ3ODQIRUWKH.\UJ\]5HSXEOLFWKHDVVLVWDQFHWRWKLVSURMHFWLV
UHIHUUHGLQWKH5XUDO'HYHORSPHQW3URJUDPXQGHU$JULFXOWXUH'HYHORSPHQW/RFDO'HYHORSPHQW
LVVXH
࣭ $VDFRXQWU\JLYLQJSDUWLFXODUIRFXVXSRQWKHSURGXFWLRQRIUHQHZDEOHHQHUJ\VRXUFHV-DSDQKDV
ULFKKXPDQUHVRXUFHVRIUHVHDUFKHUVDQGSULYDWHVHFWRUV
(IIHFWLYHQHVV
(IIHFWLYHQHVVRIWKH3URMHFWLVMXGJHGWREHPRGHUDWH
[LL
KHSURVSHFWRIDFKLHYLQJWKH3URMHFW3XUSRVHLVORZRXWRILQGLFDWRUVZHUHDFKLHYHGRUOLNHO\WR
࣭ 7
EHDFKLHYHGE\WKHHQGRIWKH3URMHFWEXWWKHODVWLQGLFDWRUUHJDUGLQJWKHHVWDEOLVKPHQWRIH[WHQVLRQ
V\VWHPIRUELRJDVWHFKQRORJLHVZRXOGQRWEHPDWHULDOL]HGE\'HFHPEHU
VLVZULWWHQLQQHZVPDOOVL]HGELRJDVSODQWPRGHOVRIWRFXELFPHWHUVWKDWDUH
࣭ $
WDUJHWLQJOLYHVWRFNIDUPHUVDUHRSHUDWLRQDO$OWKRXJKWHFKQLFDOLPSURYHPHQWRIELRJDVSODQWVLV
FORVHWRDFRPSOHWLRQWKHH[WHQVLRQV\VWHPRIWKHLPSURYHGELRJDVWHFKQRORJLHVZKLFKWKH3URMHFW
KDVLQWHQGHGWRVHWXSLVQRWHVWDEOLVKHG
࣭ 2EVWUXFWLQJIDFWRUVLQDFKLHYLQJWKH3URMHFW3XUSRVHDUHVXFKDVWKHDEVHQFHRISXEOLFH[WHQVLRQ
V\VWHPQHLWKHULQ0LQLVWU\RI$JULFXOWXUHQRULQ0LQLVWU\RI(QHUJ\DVZHOODVWKHZHDNQHVVRI
SXEOLFSULYDWHFROODERUDWLRQIRUWKHSDUWRIH[WHQVLRQLQWKH¿HOGOHYHODQGWKHDEVHQFHRIWHFKQLFDO
OHYHO&3VZKRDUHVXSSRVHGWREHWKHWDUJHWRIWHFKQLFDOWUDQVIHUDQGVRRQ)XUWKHUPRUHWKHUHFHQW
SROLWLFDOWXUPRLODGYHUVHO\DIIHFWHGWKHSURJUHVVRIWKHDFWLYLWLHV
(I¿FLHQF\
7KLVHI¿FLHQF\RIWKLV3URMHFWLVPL[HGWKHDFKLHYHPHQWOHYHOVRIVRPH2XWSXWVDUHKLJKZKLOHRWKHUV
DUHORZ
RU2XWSXWDQGH[SHFWHGRXWSXWVZHUHPRVWO\SURGXFHG$OWKRXJKWKHLQSXWVRIVKRUWWHUP
࣭ )
([SHUWVLQWKH¿UVW\HDUVZHUHVORZWKRVHLQSXWVZHUHVPRRWKO\WUDQVIHUUHGLQWRRXWSXWVSULPDULO\
LQ2XWSXW$OVRWKH3URMHFW¶VHIIRUWVRQSXEOLFUHODWLRQV2XWSXWZHUHVXFFHVVIXOLQDWWUDFWLQJ
DWWHQWLRQVRIJHQHUDOSXEOLF0HDQZKLOHIRUPXODWLRQRIH[WHQVLRQV\VWHPUHODWHGDFWLYLWLHVVDZOLWWOH
VXFFHVVFRPLQJWRDQHQGRIWKH3URMHFWZLWKRXWDFKLHYLQJH[SHFWHG2XWSXWV)HZSXEOLFSULYDWH
FROODERUDWLRQVZHUHIRXQGIRUWKHH[WHQVLRQRIELRJDVWHFKQRORJLHV2XWSXW
KHLQSXWVRIVKRUWWHUP([SHUWVZHUHPRVWO\RQFRQVWUXFWLRQDQGWHFKQLFDOLPSURYHPHQWVRIELRJDV
࣭ 7
SODQWV2XWSXW.\UJ\]VLGHSURYLGHGQRORFDOFRVWIRUWKH3URMHFWRSHUDWLRQVZKLFKZDVFRYHUHG
E\-,&$VLGHDVDZKROH.\UJ\]VLGH¶VLQSXWVDUHOLPLWHGWRLQNLQGRQHV
,PSDFW
7KHLPSDFWRIWKLV3URMHFWLVUHODWLYHO\KLJK
FDVHVRIUHSOLFDWLRQRIVPDOOVFDOHDQGVWHHOW\SHELRJDVSODQWVGLJHVWHUVL]HDQGFXELFPHWHUV
UHVSHFWLYHO\ZHUHLGHQWL¿HGVRIDU7KHSRVLWLYHLPSDFWLVREVHUYHGLQDUHODWLYHO\VKRUWSHULRGRIWLPH
JLYHQWKHIDFWWKDWWKHFRQVWUXFWLRQRIWKHSODQW1RFRPSOHWHGLQ)HE
࣭ )RUWKHLQGLFDWRUVRI2YHUDOO*RDOWKHUHDUHFDVHVRIUHSOLFDWLRQE\LQGLYLGXDOVDVZDVGHVFULEHG
HDUOLHU%XWLWLVWRRHDUO\WRVHHDQ\LPSURYHPHQWRIOLYLQJFRQGLWLRQVRIIDUPKRXVHKROGHYHQLQ
WDUJHWDUHDV
࣭ 3RVLWLYHLPSDFWREVHUYHGEHVLGHWKH2YHUDOO*RDOLQFOXGHV
(IIHFWRQ&OLPDWH&KDQJH
7KLV3URMHFWDOVRFRQWULEXWHGWR&OLPDWH&KDQJHDOWKRXJKPDUJLQDO3URIHVVRU8PHWVX¶V
SURYLVLRQDOFDOFXODWLRQWHOOVDQHVWLPDWHGDQQXDOUHGXFWLRQRIFDUERQGLR[LGH&2HPLVVLRQIURP
WKHSLORWSODQWVLVW&2LQFDVHDOORIWKRVHSODQWVZRXOGKDYHRSHUDWHGLQIXOOFDSDFLW\
3RVVLEOHLQFUHDVHLQDJULFXOWXUDOSURGXFWLRQE\XVLQJOLTXLGIHUWLOL]HU
$OWKRXJKDQ\VFLHQWL¿FSURRILV\HWWREHDYDLODEOHRXWRIRZQHUVZKRXWLOL]HGOLTXLGIHUWLOL]HU
VDZWKHEHWWHUJURZWKLQWHUPVRIKHLJKWVSHHGRIJURZWKQXPEHUDQGFRORURIOHDYHVDQGVRRQ
࣭ 1RQHJDWLYHVRFLDOLPSDFWREVHUYHGVRIDU
[LLL
6XVWDLQDELOLW\
7KH7HDPFRQFOXGHGWKDWVXVWDLQDELOLW\RIWKHLQVWLWXWLRQDO¿QDQFLDODQGWHFKQLFDODVSHFWLVORZ.
ROLF\$VSHFW3URPRWLRQRIELRJDVZDVDORQJZLWKµ1DWLRQDO(QHUJ\3URJUDPPHRIWKH.\UJ\]
࣭ 3
5HSXEOLF DQG )XHO (QHUJ\ &RPSOH[ 'HYHORSPHQW XQWLO ¶ XQGHU 0LQLVWU\ RI
(QHUJ\ZKLFKZDVXQGHUDSSURYDOSURFHVVRIWKHIRUPHUJRYHUQPHQWRI.\UJ\]5HSXEOLF%LRJDV
LVH[SHFWHGWREHOLVWHGHYHQXQGHUWKHQHZJRYHUQPHQWSROLFLHVLQFOXGLQJWKHRQHLQ0LQLVWU\RI
$JULFXOWXUH
࣭ , QVWLWXWLRQDODQG7HFKQLFDO$VSHFW,QVWLWXWLRQDOVXVWDLQDELOLW\LQFDUU\LQJRXWWKH3URMHFWDFWLYLWLHV
LVZHDN$WWKHDGPLQLVWUDWLYHOHYHO0LQLVWU\RI$JULFXOWXUHSURPLVHGWRDOORFDWHDSHUPDQHQWVWDII
DVDFRQWDFWSHUVRQDIWHUWKH3URMHFWWHUPLQDWLRQ7KHUHLVQRSHUPDQHQWWHFKQLFDO&3VLGHQWL¿HGWR
WDNHRYHUWKHWHFKQLFDOVXSSRUWSURYLGHGE\WKH3URMHFW
LQDQFLDO$VSHFW7KHUHKDVEHHQQRFRXQWHUSDUWIXQGLQJSURYLGHGE\WKH&3RUJDQL]DWLRQQHLWKHU
࣭ )
LQFHQWUDOQRULQ6WDWHOHYHO([SDQVLRQRIELRJDVSODQWVFRQVWUXFWLRQE\.\UJ\]VLGH¶VRZQEXGJHW
KDVIHZSRVVLELOLWLHV
)DFLOLWDWLQJ2EVWUXFWLQJ)DFWRUV
2EVWUXFWLQJ)DFWRUVFRQFHUQLQJ3URMHFWVWUXFWXUH
2EVWUXFWLQJIDFWRUVLQDFKLHYLQJWKH3URMHFW3XUSRVHDUHVXFKDVWKHDEVHQFHRISXEOLFH[WHQVLRQV\VWHP
QHLWKHULQ0LQLVWU\RI$JULFXOWXUHQRULQ0LQLVWU\RI(QHUJ\WKHDEVHQFHRIWHFKQLFDOOHYHO&3VZKRLV
VXSSRVHGWREHWKHWDUJHWRIWHFKQLFDOWUDQVIHUZHDNQHVVRISXEOLFSULYDWHFROODERUDWLRQIRUWKHSDUWRI
H[WHQVLRQLQWKH¿HOGOHYHODQGVRRQ)XUWKHUPRUHWKHUHFHQWSROLWLFDOWXUPRLODGYHUVHO\DIIHFWHGWKH
SURJUHVVRIWKHDFWLYLWLHV
&RQFOXVLRQ
7KH3URMHFW3XUSRVHKDVQRW\HWEHHQDFKLHYHGDWDVDWLVIDFWRU\OHYHOLQVSHFL¿FDUHDV1RQHWKHOHVV
SRVLWLYHLPSDFWLQUHODWLRQWR2YHUDOO*RDOKDVEHHQREVHUYHGFDVHVRIUHSOLFDWLRQRIWKHELRJDVSODQW
PRGHOVE\WKHYLVLWRUVRISLORWSODQWV7KHUHSOLFDWLRQKDVDOUHDG\VWDUWHGGXULQJWKH3URMHFWSHULRG
ZLWKRXWJRLQJWKURXJKDQH[WHQVLRQV\VWHPWKDWWKH3URMHFWRULJLQDOO\LQWHQGHGWRIRUPXODWH,WLVZRUWK
QRWLQJWKDWWKHFDVHVRIUHSOLFDWLRQUHIOHFWDVLJQRIH[SDQVLRQRIWKH3URMHFW¶VHIIHFWVZKLFKLVD
SRVLWLYHLPSDFW
0DMRUDFKLHYHPHQWVDUHDVIROORZV
'HYHORSPHQWRIWKHLPSURYHGELRJDVSODQWV,QFUHDVHWKHDZDUHQHVVRISHRSOHDERXWELRJDV
WHFKQRORJ\DQGVXFFHVVIXOSXEOLFUHODWLRQVRQELRJDVIDFLOLWLHVDQG,QGLFDWLRQRIVFDOLQJXSRIQHZO\
GHYHORSHGELRJDVSODQWV
5HFRPPHQGDWLRQV
&RPSOHWLRQRIDFWLYLWLHVSODQQHGLQ3'0EHIRUHWHUPLQDWLRQRIWKH3URMHFW
%\WKHHQGRIWKH3URMHFWSURMHFWVKRXOGFRQWLQXHDQGFRPSOHWHIROORZLQJDFWLYLWLHVH[FOXGLQJDFWLYLW\
7RFRQGXFWQHFHVVDU\UHYLVLRQVRIWKHH[LVWLQJ¿QDQFLDOLQVWLWXWLRQVDQGUHJXODWLRQVDQG7RGHYHORS
JXLGHOLQHRQOLQNDJHQHWZRUNLQJRIWKHRUJDQL]DWLRQVFRQFHUQHGEDVHGRQWKHUHYLHZRIWKHSLORWSURMHFWV
ZKLFKDUHLPSRVVLEOHWRFRQGXFWXQGHUWKHSUHVHQWFRQGLWLRQRI.\UJ\]VLGH
࣭ 7RKROGRSHQIRUXPIRUWKHSXEOLFUHODWLRQVRQWKHSLORWSURMHFW
࣭ 7RFRPSOHWLRQRIµ8VHU¶VPDQXDO¶FRPSUHKHQVLYHO\FRYHULQJµRSHUDWLRQDQGPDLQWHQDQFHRIELRJDV
[LY
SODQW¶µXWLOL]DWLRQRIELRJDVDQGOLTXLGIHUWLOL]HUSURGXFHGE\ELRJDVSODQW¶µH[WHQVLRQPDWHULDOV¶
࣭ 7RFRQGXFWWHUPLQDOVXUYH\LQRUGHUWRDVVHVVLWVWHUPLQDOHIIHFWRISLORWSODQWV
࣭ 7RFRQGXFWµSUHVVWRXUVWXG\WRXU¶WRWKHSLORWSURMHFW
,GHQWL¿FDWLRQRIDQH[FOXVLYHERG\WRSURPRWHELRJDVSURJUDPE\WKHLQLWLDWLYHRI0LQLVWU\RI
$JULFXOWXUH
,QRUGHUWRVHFXUHWKHVXVWDLQDELOLW\RIWKH3URMHFWRXWFRPHDQGVFDOLQJXSWKHLQGLYLGXDOFDVHVRI
UHSOLFDWLRQLWLVUHFRPPHQGHGWRRUJDQL]HDQH[FOXVLYHERG\VXFKDVLQWHUDJHQF\ELRJDVSURPRWLRQ
WDVNJURXSDPRQJFRQFHUQHG'HSDUWPHQWV$JHQFLHV8QLYHUVLWLHVDQG1*2VRULQWHUQDOWDVNJURXSE\
LQLWLDWLYHRI0LQLVWU\RI$JULFXOWXUH
5HFRJQLWLRQRIELRJDVSURJUDPDVDSDUWRIWKH0LQLVWU\¶VSROLFLHVDQGVWUDWHJLHV
%LRJDVSURJUDPVKRXOGEHRI¿FLDOO\UHFRJQL]HGDVDSDUWRIWKH0LQLVWU\RI$JULFXOWXUH¶VSROLF\DQG
ELRJDVSURJUDPQHHGVWRDOLJQZLWKWKHQHZ0LQLVWU\¶VPDQGDWHDOVRLQRUGHUWRFODULI\WKHGHSDUWPHQW
DQGRUWKHRUJDQL]DWLRQIXOO\UHVSRQVLEOHWRSURPRWHELRJDVWHFKQRORJLHV
L 8WLOL]DWLRQRISLORWSODQWVRIWKH3URMHFW
LL 5HJLVWUDWLRQRIELRJDVSODQWDVDJULFXOWXUDOIDFLOLW\XQGHUWKH0LQLVWU\
LLL 3URPRWLRQRIWKHUHVHDUFKRQOLTXLGIHUWLOL]HUDQGVSUHDGHUVRIOLTXLGIHUWLOL]HU
LY,GHQWL¿FDWLRQRISRWHQWLDOORDQVFKHPHIRURUGLQDU\IDUPHUVWRLQVWDOOELRJDVIDFLOLWLHV
([WHQVLRQRIWKH3URMHFWSHULRGWRWKHHQGRIWKHQH[WZLQWHUVHDVRQ
,QRUGHUWRPRQLWRUDQGFRQ¿UPWKHVWDEOHJHQHUDWLRQRIJDVIURPWKHSODQWVGXULQJWKHIUHH]LQJZLQWHU
VHDVRQLWLVUHFRPPHQGHGWRH[WHQGWKH3URMHFWSHULRGFRYHULQJQH[WZLQWHUVHDVRQ
/HVVRQV/HDUQHG
,GHQWL¿FDWLRQRISRVVLEOHRUJDQL]DWLRQVEHLQJUHVSRQVLEOHIRUWDNLQJWHFKQLFDOWUDQVIHUDQGPHDVXUHVWR
GLIIXVHVXFKWHFKQRORJLHVLVHVVHQWLDOIRUWHFKQLFDOFRRSHUDWLRQSURMHFWV
,WLVHVVHQWLDOWRFODULI\WKHWDUJHWJURXSWRDFHUWDLQOHYHOZKRWDNHVWHFKQLFDOWUDQVIHUIURP-,&$([SHUWV
DQGZKRLVUHVSRQVLEOHIRUH[WHQGLQJWKHWHFKQRORJ\WRRWKHUJURXSVDQGLQGLYLGXDOV
[Y
➨㸯❶ࠉ⤊஢᫬ホ౯ㄪᰝࡢᴫせ
㸯㸫㸯ࠉㄪᰝᅋὴ㐵ࡢ⤒⦋࡜┠ⓗ
㸯㸫㸯㸫㸯ࠉㄪᰝᅋὴ㐵ࡢ⤒⦋
࢟ࣝࢠࢫඹ࿴ᅜ㸦௨ୗࠊ
ࠕ࢟ࣝࢠࢫࠖ࡜グࡍ㸧ࡣᅜᅵ㠃✚ ୓ NP ࡢෆ㝣ᅜ࡛ࠊேཱྀ ୓ேࠊ
ᖹᆒᶆ㧗㹫ࡢᒣᓅᅜᐙ࡛࠶ࡿࠋ⪔ᆅ㠃✚ࡣᅜᅵࡢ 㸣࡜ᑡ࡞࠸ࡶࡢࡢࠊᒣ㛫㒊ࡢ∾ⲡᆅ
ࢆ฼⏝ࡋࡓ␆⏘ᴗཬࡧ༡㒊࡛ࡢ⥥ⰼ᱂ᇵࡀ୺せ࡞⏘ᴗ࡛࠶ࡿࠋ
࢟ࣝࢠࢫ࡟࠾ࡅࡿࣂ࢖࢜࢞ࢫᢏ⾡ࡣࠊ ᖺ௦࡟┬࢚ࢿࣝࢠ࣮ᑐ⟇࡜ࡋ࡚ᑟධࡉࢀࡓ⤒⦋
ࡀ࠶ࡗࡓࡀࠊࢯࣅ࢚ࢺ㐃㑥᫬௦࡟ࡣࠊ㎰ᴗ㈨ᮦࡸ⇞ᩱࡣ㓄⤥ࡉࢀ࡚࠾ࡾࠊ⬮ගࢆᾎࡧࡿࡇ࡜ࡣ
࡞࠿ࡗࡓࠋࡋ࠿ࡋࠊࡑࡢᚋࠊ໬▼⇞ᩱཬࡧ໬Ꮫ⫧ᩱ➼ࡀ౯᱁㧗㦐࡟ࡼࡾධᡭᅔ㞴࡜࡞ࡗࡓࡓ
ࡵࠊࣂ࢖࢜࢞ࢫᢏ⾡ࡢ᭷ຠᛶࡀぢ┤ࡉࢀ࡚ࡁࡓࠋࡇࡢ≧ἣࢆཷࡅ࡚ࠊ࢟ࣝࢠࢫࡣ ᖺ௨㝆ࠊ
ᅜ㐃㛤Ⓨィ⏬㸦81'3㸧ࠊୡ⏺㖟⾜➼࠿ࡽࡢ༠ຊࢆᚓ࡞ࡀࡽࠊࣂ࢖࢜࢞ࢫᢏ⾡ࡢ◊✲㛤Ⓨࠊᬑ
ཬ࡟ྲྀࡾ⤌ࢇ࡛ࡁࡓࡀࠊࡑࡢ᭷ຠᛶࡣ୍㒊ᐇドࡉࢀࡓࡶࡢࡢࠊᢏ⾡ⓗ࡟ࡣ୙༑ศ࡛࠶ࡾࠊࡑࡢ
⤖ᯝࢆࣔࢹࣝ໬ࡋᗈࡃᬑཬࡍࡿ࡟ࡣ⮳ࡽ࡞࠿ࡗࡓࠋ≉࡟ࠊᑟධࡉࢀࡓᑠᆺࣂ࢖࢜࢞ࢫࣉࣛࣥࢺ
ࡢከࡃࡣຍ ⿦⨨ࡀ࡞ࡃࠊ෤ᮇࡣⓎ㓝୙㊊࡟ࡼࡾ✌ാࡋ࡞࠸ࡶࡢࡀከ࠸ࡇ࡜࡞࡝࠿ࡽᨵၿࡢవ
ᆅࡣ኱ࡁࡃṧࡉࢀࡓࠋຍ࠼࡚ࠊࣂ࢖࢜࢞ࢫࣉࣛࣥࢺࡢ᝟ሗᥦ౪ࡸᑟධࢆᨭ᥼ࡍࡿయไ࣭ไᗘࡀ
ᮍᩚഛ࡛ࠊࣂ࢖࢜࢞ࢫᢏ⾡ࡀᗈࡃᬑཬࡍࡿࡓࡵࡢ㞀ᐖ࡜࡞ࡗ࡚࠸ࡓࠋ
ࡇࡢࡼ࠺࡞⫼ᬒ࠿ࡽࠊ ᖺᗘ࡟ὴ㐵ࡉࢀࡓ▷ᮇᑓ㛛ᐙࠕ෌⏕ྍ⬟࢚ࢿࣝࢠ࣮㸦ࣂ࢖࢜࢞ࢫ㸧ࠖ
࡟ࡼࡿᥦゝ➼ࡶ㋃ࡲ࠼ࠊࢃࡀᅜ࡟ࡼࡿᢏ⾡༠ຊࣉࣟࢪ࢙ࢡࢺࠕࣂ࢖࢜࢞ࢫᢏ⾡ᬑཬᨭ᥼ィ⏬ࣉ
ࣟࢪ࢙ࢡࢺࠖࡢᐇ᪋ࡀせㄳࡉࢀࠊ࢟ࣝࢠࢫ㎰ᴗỈ฼ຍᕤᴗ┬ࢆ࢝࢘ࣥࢱ࣮ࣃ࣮ࢺ㸦&3㸧ᶵ㛵
࡜ࡋ࡚ࠊ ᖺ ᭶࠿ࡽ ᖺ ᭶ࡲ࡛ࡢ ᖺ㛫ࡢணᐃ࡛ࠊ ྡࡢ㛗ᮇᑓ㛛ᐙ㸦ࢳ࣮ࣇ࢔
ࢻࣂ࢖ࢨ࣮㸭㎰ᮧ㛤Ⓨࠊᴗົㄪᩚ㸭ᬑཬ㸧ࡢὴ㐵ࢆ㏻ࡌ࡚ᮏ௳༠ຊࡀᐇ᪋ࡉࢀ࡚ࡁࡓࠋ࡞࠾ࠊ
ᖺ ᭶ ᪥࡟࢟ࣝࢠࢫ࡟࠾࠸࡚ᨻኚࡀ㉳ࡁࠊࣂ࢚࢟ࣇᨻᶒࡀᔂቯࡋࡓࡢ࡟క࠸ࠊ&3 ᶵ㛵
㛵ಀ⪅ࡢ᭦㏖ࡀ⏕ࡌࡓࠋ
ᮏㄪᰝࡣࠊ ᖺ ᭶ࡢࣉࣟࢪ࢙ࢡࢺ⤊஢ࢆ᥍࠼ࠊᨻኚࡢᙳ㡪࡟␃ពࡋࡘࡘࠊ༠ຊ㛤ጞ࠿
ࡽ⌧ᅾࡲ࡛ࡢᐇ⦼ࠊࣉࣟࢪ࢙ࢡࢺ┠ᶆ࡜ᡂᯝࡢ㐩ᡂᗘࢆࣉࣟࢪ࢙ࢡࢺ࣭ࢹࢨ࢖࣭࣐ࣥࢺࣜࢵࢡ
ࢫ㸦3'0㸧࡟ᇶ࡙࠸࡚☜ㄆࡋࠊ᭦࡟ホ౯㸳㡯┠ࡢほⅬ࠿ࡽࣉࣟࢪ࢙ࢡࢺࡢホ౯ࢆ⾜࠺ࠋࡲࡓࠊ
ඛ᪉ᨻᗓ࡟ᑐࡋ௒ᚋࡢ஦ᴗᐇ᪋࡟㛵ࡍࡿᥦゝࢆ⾜࠸ࠊ௒ᚋࡢ㢮ఝࣉࣟࢪ࢙ࢡࢺᐇ᪋࡟࠶ࡓࡗ࡚
ࡢᩍカࢆᑟࡃࡇ࡜ࢆ┠ⓗ࡜ࡍࡿࠋ
㸯㸫㸯㸫㸰ࠉὴ㐵┠ⓗ
ձᢏ ⾡༠ຊࡢ㛤ጞ࠿ࡽ⤊஢㸦ㄪᰝ᫬Ⅼ㸧ࡲ࡛ࡢᐇ⦼☜ㄆ㸦άືࠊᢞධ㸧ࠊᐇ᪋ࣉࣟࢭࢫࡢ᳨
ド
ղࣉࣟࢪ࢙ࢡࢺ┠ᶆ࡜ᡂᯝࡢ㐩ᡂ≧ἣࠊ㈉⊩せᅉ࣭㜼ᐖせᅉࡢศᯒ
ճୖ グࢆ㋃ࡲ࠼࡚ࠊホ౯㸳㡯┠㸦ጇᙜᛶࠊ᭷ຠᛶࠊຠ⋡ᛶࠊ࢖ࣥࣃࢡࢺཬࡧᣢ⥆ᛶ㸧ࡢほⅬ
࠿ࡽ⥲ྜⓗ࡟ホ౯
մࣉ ࣟࢪ࢙ࢡࢺ⤊஢᫬ࡲ࡛࡟⾜࠺࡭ࡁࡇ࡜ࠊ୪ࡧ࡟ࣉࣟࢪ࢙ࢡࢺ⤊஢ᚋ࡟ඛ᪉ᨻᗓࡀ⾜࠺࡭
ࡁࡇ࡜࡟ࡘ࠸࡚ᥦゝ
յ㢮ఝࣉࣟࢪ࢙ࢡࢺࡢࡓࡵࡢᩍカᢳฟ
㸫㸫
㸯㸫㸰ࠉㄪᰝᅋࡢᵓᡂ࡜ㄪᰝᮇ㛫
㸯㸫㸰㸫㸯ࠉㄪᰝᅋࡢᵓᡂ
㸦㸯㸧᪥ᮏഃㄪᰝᅋဨ
ᢸᙜศ㔝
⥲ᣓ㸭ᅋ㛗
Ặࠉྡ
ⴗཎࠉ▱
ᡤᒓ➼
⊂❧⾜ᨻἲேᅜ㝿༠ຊᶵᵓ㸦-,&$㸧ࠉ㎰ᮧ㛤Ⓨ㒊
ḟ㛗වỈ⏣ᆅᖏࢢ࣮ࣝࣉ㛗
ࣂ࢖࢜࢞ࢫᢏ⾡㸭 ᱵὠࠉ୍Ꮥ ᖏᗈ␆⏘኱Ꮫ኱Ꮫ㝔␆⏘Ꮫ◊✲⛉ࠉᩍᤵ
ᬑཬ
ホ౯ศᯒ
▼ᶫࠉ඾Ꮚ ࢔࢖࣭ࢩ࣮࣭ࢿࢵࢺᰴᘧ఍♫ࠉࢥࣥࢧࣝࢱࣥࢺ
ホ౯⟶⌮
᯽ᮌࠉṇᖹ -,&$ ㎰ᮧ㛤Ⓨ㒊ࠉỈ⏣ᆅᖏࢢ࣮ࣝࣉỈ⏣ᆅᖏ➨஧ㄢ
㸯㸫㸰㸫㸰ࠉㄪᰝ᪥⛬
ձㄪᰝᮇ㛫㸸ࠉ ᖺ ᭶ ᪥㸦ᅵ㸧㹼 ᭶ ᪥㸦ᅵ㸧
ղホ౯ศᯒᅋဨ㸸ࠉ ᭶ ᪥㸦ᅵ㸧㹼 ᭶ ᪥㸦ᅵ㸧ࠉ ᪥㛫
ճᐁᅋဨ㸸ࠉ ᭶ ᪥㸦ᅵ㸧㹼 ᭶ ᪥㸦ᅵ㸧ࠉ ᪥㛫
ヲ⣽ࡣࠊ௜ᒓ㈨ᩱ㸯ཧ↷ࠋ
㸯㸫㸱ࠉᑐ㇟ࣉࣟࢪ࢙ࢡࢺࡢᴫせ
㸦㸯㸧ࣉࣟࢪ࢙ࢡࢺࡢᯟ⤌ࡳ
ձࣉࣟࢪ࢙ࢡࢺྡ㸸
㸦࿴ྡ㸧ࣂ࢖࢜࢞ࢫᢏ⾡ᬑཬᨭ᥼ィ⏬ࣉࣟࢪ࢙ࢡࢺ
㸦ⱥㄒ㸧7KH3URMHFWIRU7KH6XSSRUWIRU7KH'LVVHPLQDWLRQRI%LRJDV7HFKQRORJLHV
ղ༠ຊᮇ㛫㸸ࠉ ᖺ ᭶㹼 ᖺ ᭶
ճࣉࣟࢪ࢙ࢡࢺࢧ࢖ࢺ㸸ࠉࢳࣗ࢖ᕞࠊ࢖ࢩࢡࢡࣜᕞ
մ࢟ࣝࢠࢫഃᐇ᪋ᶵ㛵㸸ࠉ㎰ᴗ┬㸦0LQLVWU\RI$JULFXOWXUH㸧ͤ
ͤ ᖺ࡟ࠊ㎰ᴗỈ฼ຍᕤᴗ┬㸦0LQLVWU\RI$JULFXOWXUH:DWHUDQG3URFHVVLQJ,QGXVWU\㸧࠿
ࡽ㎰ᴗ┬࡟ᨵ⛠㸦௜ᒓ㈨ᩱ㸰࡟㎰ᴗ┬⤌⧊ᅗࢆ♧ࡍ㸧
㸦㸰㸧༠ຊෆᐜ
ձୖ఩┠ᶆ㸸ࠉ ࣂ࢖࢜࢞ࢫᢏ⾡ࡢᆅ᪉㎰ᮧ㒊࡬ࡢᬑཬࡀ㐍ࡳࠊྠᢏ⾡ࢆ᥇⏝ࡋࡓఫẸࡢ⏕
ィࡀྥୖࡍࡿࠋ
ղࣉࣟࢪ࢙ࢡࢺ ┠ᶆ㸸ࠉࣂ࢖࢜࢞ࢫᢏ⾡ࢆᆅ᪉㎰ᮧ㒊࡟ᬑཬࡍࡿࡓࡵࡢࣔࢹࣝⓗ࡞௙⤌ࡳ
ࢆᵓ⠏ࡍࡿࠋ
ճᡂᯝ㸸
㸯㸬ᬑཬࢆ┠ⓗ࡜ࡋࡓ㐺ษ࡞ࣂ࢖࢜࢞ࢫᢏ⾡ࡀ㛤Ⓨࡉࢀࡿࠋ
㸰㸬ࣂ࢖࢜࢞ࢫᢏ⾡ࡢ⌧ሙ࡟ᑐࡍࡿ୰ኸ࡜ᆅ᪉ࡢᐁẸඹྠࡢᬑཬேᮦࡀ⫱ᡂࡉࢀࡿࠋ
㸱㸬ࣂ࢖࢜࢞ࢫᬑཬࡢࡓࡵࡢ㎰Ẹ࡟ᑐࡍࡿ㐺ษ࡞⼥㈨ไᗘࡀぢ┤ࡉࢀࡿࠋ
㸲㸬ࣂ࢖࢜࢞ࢫᢏ⾡ᬑཬ࡟㛵ࡍࡿ୰ኸࠊᆅ᪉ࠊ⌧ሙ㛫ࡢ㐃ᦠయไࡀᵓ⠏ࡉࢀࡿࠋ
㸫㸫
㸳㸬ࣂ࢖࢜࢞ࢫᢏ⾡ࡀ㎰ᮧఫẸ࡟ᗈࡃ࿘▱ࡉࢀࡿࠋ
㸫㸫
➨㸰❶ࠉ⤊஢᫬ホ౯ㄪᰝࡢ᪉ἲ
ᮏㄪᰝࡣࠊࠕ᪂ -,&$ ஦ᴗホ౯࢞࢖ࢻࣛ࢖ࣥࠖ㸦➨ ∧㸧࡟ᇶ࡙ࡁࠊࣉࣟࢪ࢙ࢡࢺ࣭ࢧ࢖ࢡ࣭ࣝ
࣐ࢿࢪ࣓ࣥࢺ㸦3&0㸧ࡢホ౯ᡭἲࢆ᥇⏝ࡋ࡚ࠊ᪥ᮏࠊ࢟ࣝࢠࢫ཮᪉ࡢホ౯⪅࠿ࡽᵓᡂࡉࢀࡿྜྠ
ホ౯ㄪᰝᅋ࡟ࡼࡾᐇ᪋ࡉࢀࡓࠋ
㸰㸫㸯ࠉ୺࡞ㄪᰝ㡯┠
ᮏㄪᰝ࡟࠾࠸࡚ࡣࠊ௨ୗࡢホ౯㸳㡯┠ࡢほⅬ࠿ࡽࡢ᳨ウࢆ⾜࠸ࠊホ౯ࢆᐇ᪋ࡋࡓࠋ
ձጇᙜᛶ㸸
ጇᙜᛶࡣࠊࣉࣟࢪ࢙ࢡࢺࡀᐃࡵࡓୖ఩┠ᶆ࡜ࣉࣟࢪ࢙ࢡࢺ┠ᶆࡀࠊ⿕᥼ຓᅜࡢ㛤Ⓨᨻ⟇ࡸ
ࢱ࣮ࢤࢵࢺ࣭ࢢ࣮ࣝࣉࡢࢽ࣮ࢬ࡜୍⮴ࡋ࡚࠸ࡿ࠿ࠊࡲࡓࠊࡇࢀࡽࡢ┠ᶆࢆ㐩ᡂࡍࡿࡓࡵࡢࣉࣟ
ࢪ࢙ࢡࢺ࣭ࢹࢨ࢖ࣥࡀጇᙜ࡛࠶ࡗࡓ࠿ࢆ᳨ドࡍࡿࡶࡢ࡛࠶ࡿࠋ
ղ᭷ຠᛶ㸸
᭷ຠᛶ࡜ࡣࠊࣉࣟࢪ࢙ࢡࢺᐇ᪋࡟ࡼࡗ࡚ࠊࢱ࣮ࢤࢵࢺ࣭ࢢ࣮ࣝࣉ࡟ᑐࡋ࡚ᡤᮇࡢ౽┈ࢆࡶࡓ
ࡽࡍࡇ࡜ࡀ࡛ࡁࡓ࠿ྰ࠿ࢆホ౯ࡍࡿࡶࡢ࡛࠶ࡿࠋࡑࡢࡓࡵ࡟ࡣࣉࣟࢪ࢙ࢡࢺ┠ᶆࡢ㐩ᡂᗘࢆศ
ᯒࡍࡿ࡜࡜ࡶ࡟ࠊࡑࡢෆᐜ࡟ࡘ࠸࡚ࠊࣉࣟࢪ࢙ࢡࢺάື࡟ࡼࡿᡂᯝ⏘ฟ࡬ࡢ㈉⊩ᗘࢆ᳨ドࡍࡿ
ࡇ࡜ࡀᚲせ࡛࠶ࡿࠋ
ճຠ⋡ᛶ㸸
ຠ⋡ᛶ࡜ࡣࠊࣉࣟࢪ࢙ࢡࢺᐇ᪋㐣⛬࡟࠾ࡅࡿ⏕⏘ᛶࡢࡇ࡜࡛࠶ࡾࠊᢞධࡀᡂᯝ࡟࡝ࢀࡔࡅຠ
⋡ⓗ࡟㌿᥮ࡉࢀࡓ࠿ࢆ᳨ウࡍࡿࠋ
մ࢖ࣥࣃࢡࢺ㸸
࢖ࣥࣃࢡࢺ࡜ࡣࠊࣉࣟࢪ࢙ࢡࢺᐇ᪋࡟ࡼࡾ⏕ࡌࡓ┤᥋ⓗཬࡧ㛫᥋ⓗ࡞࣏ࢪࢸ࢕ࣈࠊࢿ࢞ࢸ࢕
ࣈ࡞ຠᯝࠊᙳ㡪ࡢࡇ࡜࡛࠶ࡿࠋ
յᣢ⥆ᛶ㸸
ᣢ⥆ᛶ࡜ࡣࠊࣉࣟࢪ࢙ࢡࢺᐇ᪋࡟ࡼࡿຠᯝࡀࠊࣉࣟࢪ࢙ࢡࢺ⤊஢ᚋ࡟࠾࠸࡚ࡶᣢ⥆ࡉࢀࡿ࠿
࡝࠺࠿ࠊࡑࢀࡽࡢ㜼ᐖཬࡧ㈉⊩せᅉ࡟ࡘ࠸࡚ࠊᨻ⟇ཬࡧไᗘⓗഃ㠃ࠊ⤌⧊ཬࡧ㈈ᨻⓗഃ㠃ࠊࡑ
ࡋ࡚ᢏ⾡ⓗഃ㠃࠿ࡽ᳨ドࡍࡿࡶࡢ࡛࠶ࡿࠋ
ホ౯㡯┠ูࡢᚲせ࡞᝟ሗ※ཬࡧ᝟ሗ཰㞟ࡢ᪉ἲ࡟ࡘ࠸࡚ࡣࠊ௜ᒓ㈨ᩱ㸱ࠕホ౯ࢢࣜࢵࢻࠖࢆ
ཧ↷ࠋ
㸰㸫㸰ࠉࢹ࣮ࢱ཰㞟࣭ศᯒ᪉ἲ
ᮏㄪᰝ࡟࠶ࡓࡗ࡚ࡣࠊ௨ୗࡢࢹ࣮ࢱࢆ཰㞟᳨࣭ウࡍࡿ࡯࠿ࠊ⌧ᆅㄪᰝ࡟࠾࠸࡚ࠊ᪥ᮏேᑓ㛛ᐙ
ཬࡧ &3 ࡬ࡢ⪺ࡁྲྀࡾࠊࣉࣟࢪ࢙ࢡࢺᑐ㇟ᆅᇦ㋃ᰝཬࡧཷ┈⪅࡜ࡢ఍ྜ࡞࡝ࢆ㏻ࡌࠊ᝟ሗࢆ཰㞟
ࡋࡓࠋ
ձウ ㆟㆟஦㘓㸦5'㸧ࠊ3'0㸦௜ᒓ㈨ᩱ㸲㸧ࠊάືィ⏬⾲㸦32㸧ࡈ࡜ࡢᐇ⦼㸦௜ᒓ㈨ᩱ㸳㸧ࠊά
ືᐇ⦼࣭ᡂᯝ㸦⮬ᕫホ౯ࠊ௜ᒓ㈨ᩱ㸴㸧࡞࡝ࡢࣉࣟࢪ࢙ࢡࢺ㈨ᩱ
ղホ ౯ࢢࣜࢵࢻ㸦௜ᒓ㈨ᩱ㸴㸧
ճ㐠 Ⴀᣦᑟㄪᰝሗ࿌᭩ࠊ୰㛫ࣞࣅ࣮ࣗㄪᰝሗ࿌᭩ཬࡧ༠㆟㆟஦㘓㸦00㸧
մࣉ ࣟࢪ࢙ࢡࢺάື㐍ᤖሗ࿌᭩
յ᪥ ᮏഃࠊ࢟ࣝࢠࢫഃᢞධࡢヲ⣽
㸫㸫
նࣉ ࣟࢪ࢙ࢡࢺάື㐍ᤖཬࡧᡂᯝ࡟㛵ࡍࡿࣉࣟࢪ࢙ࢡࢺసᡂ㈨ᩱ
շ෌ ⏕ྍ⬟࢚ࢿࣝࢠ࣮ศ㔝࡟࠾ࡅࡿ -,&$ ࣂ࢖࢜࢞ࢫࣉࣟࢪ࢙ࢡࢺᇶ♏ㄪᰝ $QDO\WLFDO5HSRUW㸦௜
ᒓ㈨ᩱ㸵㸧
ࡇࢀࡽࡢ᝟ሗ࡟ᇶ࡙ࡁࠊ3'0 ࡟ᥖࡆࡽࢀࡓᣦᶆ࡜↷ࡽࡋ࡚ࣉࣟࢪ࢙ࢡࢺࡢ㐍ᤖཬࡧᡂᯝ㐩ᡂ
≧ἣࢆ☜ㄆࡋࡓ࠺࠼࡛ࠊྜྠホ౯ㄪᰝᅋෆ᳨࡛ウࢆ⾜࠸ࠊୖグホ౯㸳㡯┠ࡢほⅬ࠿ࡽㄪᰝ⤖ᯝࡢ
ศᯒࢆ⾜ࡗࡓࠋᮏㄪᰝሗ࿌࡟ࡘ࠸࡚ࡣࠊྜྠホ౯ሗ࿌᭩࡟ྲྀࡾࡲ࡜ࡵࡽࢀࠊ ᖺ ᭶ ᪥࡟
ඛ᪉ᐇ᪋ᶵ㛵ࡢ㎰ᴗ┬ḟᐁ࡟ෆᐜࢆሗ࿌ࡋࠊ஢ᢎࡀᚓࡽࢀࡓࠋ㸦௜ᒓ㈨ᩱ㸶ࠕ༠㆟㆟஦㘓㸦00㸧ࠖ
ཬࡧ௜ᒓ㈨ᩱ㸷ࠕྜྠホ౯ሗ࿌᭩ࠖ㸧
㸰㸫㸱ࠉホ౯ㄪᰝࡢไ⣙࣭㝈⏺
ᮏㄪᰝࡣ㝈ࡽࢀࡓண⟬࡜ㄪᰝᮇ㛫ࢆࡶࡗ࡚ᐇ᪋ࡉࢀࡓࡓࡵࠊࡍ࡭࡚ࡢ &3ࠊ㛵ಀᶵ㛵ཬࡧ㎰ᐙ
࡜ࡢ࢖ࣥࢱࣅ࣮ࣗࢆ⾜࠺ࡇ࡜ࡀ࡛ࡁ࡞࠿ࡗࡓࠋࡲࡓࠊࣉࣟࢪ࢙ࢡࢺཬࡧᐇ᪋ᶵ㛵࠿ࡽ཰㞟ࡉࢀࡓ
ࢹ࣮ࢱ࡟ࡘ࠸࡚ࡶࢧࣥࣉࣝᩘࡀᑡ࡞࠸౛ࡀᩓぢࡉࢀࡓࡀࠊ࡯࠿࡟ධᡭྍ⬟࡞᝟ሗࡀᚓࡽࢀ࡞࠿ࡗ
ࡓࡓࡵࠊᮏㄪᰝ࡛ࡣࡑࢀࡽ࡟ᇶ࡙ࡃศᯒࢆ⾜ࡗ࡚࠸ࡿࠋ
㸫㸫
➨㸱❶ࠉࣉࣟࢪ࢙ࢡࢺࡢᐇ⦼ཬࡧᐇ᪋ࣉࣟࢭࢫ
㸱㸫㸯ࠉᢞධᐇ⦼
㸱㸫㸯㸫 ࠉ᪥ᮏഃᢞධ
㸦㸯㸧ᑓ㛛ᐙὴ㐵
ᮏㄪᰝ᫬Ⅼ࡟࠾ࡅࡿᑓ㛛ᐙὴ㐵ᐇ⦼ࡣࠊ௜ᒓ㈨ᩱ㸷ࠕྜྠホ౯ሗ࿌᭩ࠖࡢ $QQH[ ࢆཧ
↷ࡉࢀࡓ࠸ࠋ ྡࡢ㛗ᮇᑓ㛛ᐙ㸦ィ ே᭶㸧ࡀὴ㐵ࡉࢀࠊ ྡࡢ▷ᮇᑓ㛛ᐙ㸦ィ ே᭶㸧ࡀὴ㐵ࡉࢀࡓ㸦 ᖺ ᭶ᮎ⌧ᅾ㸧ࠋ
㸦㸰㸧ᮏ㑥◊ಟ
࢟ࣝࢠࢫഃ &3 ྡࡀᮏ㑥◊ಟ࡟ཧຍࡋࡓࠋࡇࢀࡲ࡛ࡢᮏ㑥◊ಟࡢヲ⣽࡟ࡘ࠸࡚ࡣ௜
ᒓ㈨ᩱ㸷ࠕྜྠホ౯ሗ࿌᭩ࠖࡢ $QQH[ ࢆཧ↷ࡉࢀࡓ࠸ࠋ
㸦㸱㸧ᶵᮦ౪୚ࠉ
ࣂ࢖࢜࢞ࢫࣉࣛࣥࢺࢆྵࡴ౪୚ᶵᮦࡢヲ⣽࡟ࡘ࠸࡚ࡣࠊ௜ᒓ㈨ᩱ㸷ࠕྜྠホ౯ሗ࿌᭩ࠖ
ࡢ $QQH[ ࡟♧ࡍ࡜࠾ࡾ࡛࠶ࡿࠋ
㸦㸲㸧⌧ᆅᴗົ㈝ᨭฟࠉ
ࡇࢀࡲ࡛࡟ྜィ࡛࢟ࣝࢠࢫࢯ࣒㸦⣙ ⓒ୓෇㸧ࡢ࣮ࣟ࢝ࣝࢥࢫࢺ㈇ᢸࢆ⾜ࡗ
ࡓࠋ
⾲㸱㸫㸯ࠉ᪥ᮏഃ࣮ࣟ࢝ࣝࢥࢫࢺ㈇ᢸෆヂ
㸦༢఩㸸࢟ࣝࢠࢫࢯ࣒㸧
࣮ࣟ࢝ࣝࢥࢫࢺ㈇ᢸ㢠
㈨ᶵᮦ౪୚
㸦ᮏ㑥ㄪ㐩ศ㸧
㸦᥮⟬࣮ࣞࢺ㸸 ᖺ ᭶⌧ᅾ ࢟ࣝࢠࢫࢯ࣒ ෇㸧
㸱㸫㸯㸫 ࠉ࢟ࣝࢠࢫഃᢞධ
㸦㸯㸧&3 ࡢ㓄⨨
࢟ࣝࢠࢫഃ &3 ࡢ㓄⨨ᐇ⦼ࡣࠊ௜ᒓ㈨ᩱ㸷ࠕྜྠホ౯ሗ࿌᭩ࠖࡢ $QQH[ ࡟♧ࡍ࡜࠾ࡾ
࡛࠶ࡿࠋ
㸦㸰㸧ᅵᆅࠊ᪋タ➼ࡢᥦ౪ཬࡧண⟬ᥐ⨨
࢟ࣝࢠࢫഃ࡟ࡼࡾࠊ㎰ᴗ┬໬Ꮫ㜵␿ᒁཬࡧ࢖ࢩࢡࢡࣜᕞ㎰ᴗᕤᴗ㛤Ⓨ⮬↛⟶⌮ㄢ࡟࠾࠸
࡚ࠊᑓ㛛ᐙᇳົᐊ࡜௜ᖏタഛ㸦ࡑࡢ⥔ᣢ⟶⌮㈝ࢆྵࡴ㸧ࡀᥦ౪ࡉࢀࡓࠋ
㸫㸫
㸱㸫㸰ࠉ࢔࢘ࢺࣉࢵࢺࡢᐇ⦼
ᡂᯝ㸯
ᬑཬࢆ┠ⓗ࡜ࡋࡓ㐺ษ࡞ࣂ࢖࢜࢞ࢫᢏ⾡ࡀ㛤Ⓨࡉࢀࡿࠋ
ᣦࠉᶆ
ࠉ␆ ⏘㎰ᐙ࡟࡜ࡗ࡚㐺ษ࡞ࣂ࢖࢜࢞ࢫࣉࣛࣥࢺࡢᨵၿ
ࠉᨵ ၿࡉࢀࡓࣂ࢖࢜࢞ࢫࣉࣛࣥࢺ⏝ࡢ࣮࢜࣌ࣞࢩࣙࣥ࡜࣓ࣥࢸࢼࣥ
ࢫࡢ࣮ࣘࢨ࣮࣐ࢽࣗ࢔ࣝ
ࠉࣂ ࢖ ࢜ ࢞ ࢫ ࣉ ࣛ ࣥ ࢺ ࠿ ࡽ ⏕ ⏘ ࡉ ࢀ ࡿ ࣂ ࢖ ࢜ ࢞ ࢫ ࡜ ᾮ ⫧ ࡢ ฼ ⏝ ࡢ
࣮ࣘࢨ࣮࣐ࢽࣗ࢔ࣝ
ᡂᯝ㸯ࡣᮏㄪᰝ᫬Ⅼ࡟࠾࠸࡚ࡣ㐩ᡂࡉࢀ࡚࠸࡞࠸ࠋࡲࡓࠊࣉࣟࢪ࢙ࢡࢺ⤊஢᫬ࡲ࡛࡟ᡂᯝ㸯ࡀ
㐩ᡂࡉࢀࡿぢ㎸ࡳࡣ୰⛬ᗘ࡛࠶ࡿࠋࣂ࢖࢜࢞ࢫࣉࣛࣥࢺࡢᢏ⾡ⓗ࡞ᨵၿⅬ࡟ࡘ࠸࡚ࠊ ᇶࡢࣉ
ࣛࣥࢺࡢⓎ㓝ᵴࡢຍ ࢩࢫࢸ࣒ࡢၥ㢟Ⅼࡣ⌮ㄽⓗ࡟ࡣゎỴࡉࢀ࡚࠸ࡿࡀࠊࡑࡢ࠺ࡕ ᇶ࡟ࡘ࠸࡚
ࡣᐇ㝿ࡢཝ෤ୗ࡛ࡢᐇドࡀᚲせ࡛࠶ࡿࠋ㸦ᮏࣉࣟࢪ࢙ࢡࢺ࡛〇సࡋࡓࣂ࢖࢜࢞ࢫࣉࣛࣥࢺ࡟ࡘ࠸
࡚ࡣࠊ௜ᒓ㈨ᩱ ࠕࣂ࢖࢜࢞ࢫࣉࣛࣥࢺẚ㍑⾲ࠖࢆཧ↷㢪࠸ࡓ࠸ࠋ㸧
ࡇࢀࡲ࡛࡟ ࡘࡢࢱ࢖ࣉࡢ᪂ᆺࣂ࢖࢜࢞ࢫࣉࣛࣥࢺࡢࢹࢨ࢖ࣥ࡜ࠊࡑࡢᇶ♏タィᅗࡀ᏶ᡂࡋ
ࡓࠋࡇࢀࡽࡢᇶ♏タィᅗࡣࠊ᪥ᮏேᑓ㛛ᐙࡀ⥅⥆ⓗ࡟⣽㒊࡟ࢃࡓࡿಟṇࢆຍ࠼ࠊᨵၿࡋ࡚ࡁࡓࡶ
ࡢ࡛࠶ࡾࠊࡑࡢ㐠Ⴀ࣭⥔ᣢ⟶⌮࣐ࢽࣗ࢔ࣝ㸦ࣂ࢖࢜࢞ࢫ฼⏝ࢆྵࡴ㸧ࡶ࡯ࡰ᏶ᡂࡋ࡚࠸ࡿࠋࡲࡓࠊ
ࣉࣛࣥࢺ␒ྕ㸲␒࠿ࡽ㸷␒ࡢ ᇶࡢࣉࣛࣥࢺࡣ᭱㏆࡟࡞ࡗ࡚Ⓨ㓝ᵴࡢຍ ࢆຠ⋡ⓗ࡟ࡍࡿࡓࡵࡢ
ᕤ஦ࡀᐇ᪋ࡉࢀࡓࡀࠊཝ෤ᮇࡢ✌ാࡢᐇド๓࡟ᙜึ༠ຊᮇ㛫ࡀ⤊஢ࡍࡿணᐃ࡜࡞ࡗ࡚࠸ࡿࠋ
ࣂ࢖࢜࢞ࢫࡢ฼⏝᪉ἲࡢ࣐ࢽࣗ࢔ࣝࡣࠊ㐠Ⴀ࣭⥔ᣢ⟶⌮࣐ࢽࣗ࢔ࣝ࡟ྵࡲࢀࠊ⌧ᅾࠊ࢟ࣝࢠࢫ
ㄒ࡬ࡢ⩻ヂసᴗࡀጞࡲࡗ࡚࠸ࡿࠋᾮ⫧฼⏝࡟ࡘ࠸࡚ࡣࠊᮏࣉࣟࢪ࢙ࢡࢺࡣᅜෆ၏୍ࡢ㎰ᴗᑓ㛛኱
Ꮫ࡛࠶ࡿ࢟ࣝࢠࢫ㎰ᴗ኱Ꮫ࡜ࡢዎ⣙࡛ࠊ᪋⫧ヨ㦂ࢆ⾜ࡗ࡚࠸ࡿࠋヨ㦂⤖ᯝࡣ ᖺ ᭶ึ㢌ࡲ
࡛࡟ධᡭணᐃࡢࡓࡵࠊᾮ⫧౑⏝ࡢ࣐ࢽࣗ࢔ࣝࡢึ∧ࡣࣉࣟࢪ࢙ࢡࢺ⤊஢ࡲ࡛࡟సᡂࡉࢀࡿணᐃ࡛
࠶ࡿࠋࡋ࠿ࡋࠊᮏ᮶ࠊ᪋⫧ᇶ‽ࡢ⟇ᐃ࡟ࡣᩘᖺ࡟ࢃࡓࡿࢹ࣮ࢱࡢ⵳✚ࡀᚲせ࡜ࡉࢀࡿࡶࡢ࡛࠶ࡿ
ࡇ࡜ࡣ␃ពࡋ࡚࠾ࡃ࡭ࡁ࡛࠶ࡿࠋ
ᡂᯝ㸰
ࣂ࢖࢜࢞ࢫᢏ⾡ࡢ⌧ሙ࡟ᑐࡍࡿ୰ኸ࡜ᆅ᪉ࡢᐁẸඹྠࡢᬑཬேᮦࡀ⫱ᡂ
ࡉࢀࡿࠋ
ᣦࠉᶆ
ࠉࣂ ࢖࢜࢞ࢫᢏ⾡ᬑཬ࡟ᦠࢃࡿேᮦࡢᩘ࡜ࠊࡑࡢᢏ⾡ⓗ࡞⬟ຊࡢࣞ
࣋ࣝ
ࠉࣂ ࢖࢜࢞ࢫᢏ⾡ᬑཬࢆᢸᙜࡍࡿேᮦྥࡅࡢᢏ⾡◊ಟࡢᐇ᪋ᅇᩘ
ࠉࣂ ࢖࢜࢞ࢫᢏ⾡ࡢᬑཬࡢࡓࡵࡢ◊ಟᩍᮦࡸࢸ࢟ࢫࢺࡢ㛤Ⓨ
ᡂᯝ㸰ࡣࡲࡔ㐩ᡂࡉࢀ࡚࠾ࡽࡎࠊࡲࡓࡑࡢ㐩ᡂࣞ࣋ࣝࡣప࠸ࠋ
ࣉࣟࢪ࢙ࢡࢺ┠ᶆࡢ㐩ᡂᗘࡢ㡯࡟グ㍕ࡍࡿ࡜࠾ࡾࠊࣉࣟࢪ࢙ࢡࢺ┠ᶆ㐩ᡂࡢ㜼ᐖせᅉࡢࡦ࡜ࡘ
࡜ࡋ࡚ࠊ㎰ᴗࢭࢡࢱ࣮࡜෌⏕ྍ⬟࢚ࢿࣝࢠ࣮ࢭࢡࢱ࣮࡜ࡶ࡟ࠊලయⓗ࡞බⓗᬑཬࡢ௙⤌ࡳࡀ࡞࠸
ࡇ࡜ࡀᣲࡆࡽࢀࡿࠋ
ᢏ⾡⣔ࡢᬑཬ⫋ဨࡀᮍ㓄⨨࡛࠶ࡿࡇ࡜࠿ࡽࠊࣉࣟࢪ࢙ࢡࢺ㛤ጞ࠿ࡽ ᖺࡢ㛫ࠊᬑཬࢆᢸᙜࡍࡿ
⫋ဨࡀ≉ᐃࡉࢀ࡚࠸࡞࠿ࡗࡓࠋ࢟ࣝࢠࢫഃࡣ᝟ሗ࣭ᐉఏᢸᙜࡢ⫋ဨ㓄⨨࡟ྜពࡋ࡚࠸ࡓࡀࠊ
ᖺ ᭶ࡢᨻኚ࡟ࡼࡾᐇ⌧࡟⮳ࡗ࡚࠸࡞࠸ࠋ⤖ᯝ࡜ࡋ࡚ࠊᮏㄪᰝ᫬Ⅼ࡟࠾࠸࡚ࡣࠊ┬ෆࡢࢥࣥࢱࢡ
ࢺࣃ࣮ࢯࣥࡀ㓄⨨ࡉࢀ࡚࠸࡞࠸≧ἣ࡟࠶ࡿ㸦ᢸᙜ⪅ࡢ௵࿨ࡣࡉࢀࡓ㸧ࠋ
㸫㸫
ᨻᗓ࡟ࡼࡿබⓗ࡞ᬑཬ⫋ဨ௨እ࡛ࡣࠊࣉࣟࢪ࢙ࢡࢺࡣ ேࡢᢏ⬟ᕤࢆ㞠⏝ࡋ࡚࠸ࡿࠋ㞠⏝ࡉࢀ
࡚࠸ࡿᢏ⬟ᕤࡢᢏ⾡ࣞ࣋ࣝࡣୗグࡢ࡜࠾ࡾ࡛࠶ࡿࠋ
⾲㸱㸫㸰ࠉࣉࣟࢪ࢙ࢡࢺ㞠⏝ᢏ⬟ᕤࡢᢏ⾡ࣞ࣋ࣝ
㸺⾜ᨻᐁࣞ࣋ࣝ㸼
ᙜࣉࣟࢪ࢙ࢡࢺࡢ &3
㸦㸨⾜ᨻ❆ཱྀࡢࡳࡢᢸᙜ㸧
ୗグࡢ &3 ࡀࣉࣟࢪ࢙ࢡࢺࢆᢸᙜࡍࡿ⟶⌮⫋ࣞ࣋ࣝࡢᢸᙜ⪅
࡛࠶ࡿࠋ
㸨ࣉ ࣟ ࢪ ࢙ ࢡ ࢺ࣭ ࢲ ࢖ ࣞ ࢡ ࢱ ࣮ ࡜ ࣉ ࣟ ࢪ ࢙ ࢡ ࢺ࣭ ࣐ ࢿ ࣮
ࢪ࣮ࣕ㸦㎰ᴗ┬໬Ꮫ㜵␿ᒁ㸧
㸨࢖ ࢩࢡࢡࣜᕞ㎰ᴗᕤᴗ㛤Ⓨ⮬↛⟶⌮ㄢ
㸺ᢏ⾡⣔⫋ဨ㸼
ࣂ࢖࢜࢞ࢫᢏ⾡ࡢᢏ⾡ᬑཬ
ேᮦ
࣭㎰ᴗ┬ෆ࡟ᬑཬࢩࢫࢸ࣒ࡀ࡞࠸ࡓࡵ≉ᐃࡉࢀ࡚࠸࡞࠸ࠋ
࣭ᐁ Ẹ㐃ᦠ࡟ࡼࡿࣂ࢖࢜࢞ࢫᬑཬࢩࢫࢸ࣒ࡢᵓ⠏㸦ᡂᯝ㸲㸧
ࡣ࡞ࡉࢀ࡚࠸࡞࠸ࠋ
㸨 &3 ࣜࢫࢺ࡟グ㍕ࡉࢀ࡚࠸ࡿᢏ⾡⣔⫋ဨࡢ࠿࠿ࢃࡾ᪉ࡣ᝟
ሗඹ᭷࡟㝈ࡽࢀࡿࠋ
㸺ࣉࣟࢪ࢙ࢡࢺ㸼
ࣉࣟࢪ࢙ࢡࢺ࡛ᐇᆅカ⦎ࢆ
ཷࡅࡓࣉࣟࢪ࢙ࢡࢺ㞠⏝ࡢ
ᢏ⬟ᕤ
ᢏ⬟ᕤ ே
ேࠉᩘ
ᢏ⾡ࣞ࣋ࣝ
ே
ḟࡢࡼ࠺࡞సᴗࡀ࡛ࡁࡿ㸦࢟ࣝࢠࢫ࡛ࡣᢏ⾡ⓗ
࡟ཷࡅධࢀࡽࢀࡿ⛬ᗘ㸧
࣭ᇶ♏タィᅗ࡟ᇶ࡙ࡃᘓ⠏
࣭᪋ᕤ⟶⌮
࣭࣓ࣥࢸࢼࣥࢫ
ே
ᑓ㛛⫋ࡢ࢔ࢩࢫࢱࣥࢺ࡛ࣞ࣋ࣝࠊ ⁐᥋ࠊ 㓄⟶
࡞࡝ࠊከᑡࡢᢏ⾡ⓗᑓ㛛ᛶࡀ࠶ࡿ
ὀ㸧ࢳ࣮ࣇ࢔ࢻࣂ࢖ࢨ࣮࡟ࡼࡿ㠃ㄯࡼࡾ
ࡲࡓࠊࡇࢀࡽᢏ⬟ᕤࡢ⬟ຊࣞ࣋ࣝࡣࣉࣟࢪ࢙ࢡࢺᮇ㛫୰࡟࠶
ࡿ⛬ᗘࡢྥୖࡀㄆࡵࡽࢀࡿࠋ
ᡂᯝ㸱
ࣂ࢖࢜࢞ࢫᬑཬࡢࡓࡵࡢ㎰Ẹ࡟ᑐࡍࡿ㐺ษ࡞⼥㈨ไᗘࡀぢ┤ࡉࢀࡿࠋ
ᣦࠉᶆ
ࣂ࢖࢜࢞ࢫᢏ⾡ࡢᬑཬ࡟㛵㐃ࡋ࡚ࠊ᪤Ꮡࡢ㔠⼥ᶵ㛵ࡢࢧ࣮ࣅࢫ࣭ἲᚊࡀ
ᨵၿ࣭ᨵᐃࡉࢀࡿ
ࡇࡢᣦᶆࡣࠊࣂ࢖࢜࢞ࢫᢏ⾡ࢆಁ㐍ࡍࡿࡓࡵ࡟ࠊ㔠⼥ᶵ㛵ࡀᥦ౪ࡍࡿࢧ࣮ࣅࢫ࣓ࢽ࣮ࣗࡸඃ㐝
ᥐ⨨ࡢᩘࡀቑ࠼ࡿࡇ࡜࡟ࡼࡗ࡚ࠊ␆⏘㎰ᐙࡸࡑࡢ௚ࡢ⤌⧊ࡀ࣮ࣟࣥ࡟࢔ࢡࢭࢫ࡛ࡁࡿࡼ࠺࡟࡞ࡿ
࡜ゎ㔘ࡉࢀࡿࠋ
ࡇࡢᣦᶆ࡟ࡘ࠸࡚ࡣࡲࡔ㐩ᡂࡉࢀ࡚࠸࡞࠸ࠋ㔠⼥ศ㔝ࡢ▷ᮇᑓ㛛ᐙࡀ୍⯡㎰ᐙྥࡅࡢ࣮ࣟࣥᥦ
౪ࡢྍ⬟ᛶࢆㄪᰝศᯒࡋࡓࡶࡢࡢࠊࡑࢀࡣࣂ࢖࢜࢞ࢫ᪋タࡢタ⨨࡟࠶ࡓࡗ࡚ࡢ᝟ሗ཰㞟ࡸ࣮ࣟࣥ
ࢆ⤌ࡴྍ⬟ᛶࢆศᯒࡋࡓ࡟࡜࡝ࡲࡗ࡚࠸ࡿࡓࡵ࡛࠶ࡿࠋ
ᮏࣉࣟࢪ࢙ࢡࢺ࡟ࡼࡿࡇࡢࡼ࠺࡞ດຊࡢ࡯࠿ࠊ๓ᨻᶒࡶࠕ㛤Ⓨࠊᢞ㈨ࠊ㠉᪂ࡢࡓࡵࡢ୰ኸᶵ㛵
㸫㸫
㸦&HQWUDO$JHQF\IRU'HYHORSPHQW,QYHVWPHQWDQG,QQRYDWLRQ㸸&$',,㸧ࠖࡢചୗ࡟㎰ᴗ࣮ࣟࣥタ⨨ࡢィ
⏬ࡀ࠶ࡗࡓࡀࠊᨻኚ࡟ࡼࡾಖ␃ࡉࢀ࡚࠸ࡿࠋ
ᡂᯝ㸲
ࣂ࢖࢜࢞ࢫᢏ⾡ᬑཬ࡟㛵ࡍࡿ୰ኸࠊᆅ᪉ࠊ⌧ሙ㛫ࡢ㐃ᦠయไࡀᵓ⠏ࡉࢀ
ࡿࠋ
ᣦࠉᶆ
ࠉࣂ࢖࢜࢞ࢫᢏ⾡ࡢᬑཬ࡟㛵ࡍࡿྛ✀ࡢྜྠ఍㆟ࡢᩘ
ࠉࣂ ࢖࢜࢞ࢫᢏ⾡ࡢᬑཬ࡟㛵ࡍࡿ㛵ಀᶵ㛵㛫ࡢࣜࣥࢣ࣮ࢪ࣭ࢿࢵࢺ
࣮࣡ࢡ࡟㛵ࡍࡿ࢞࢖ࢻࣛ࢖ࣥࡢ㛤Ⓨ
ᣦᶆࡀᐃ㔞ⓗ࡛࡞࠸ࡓࡵ㐩ᡂᗘࡢุ᩿ࡣ㞴ࡋ࠸ࡀࠊᡂᯝ㸲ࡣࡲࡔ㐩ᡂࡉࢀ࡚࠸࡞࠸࡜ุ᩿ࡉࢀ
ࡿࠋࡲࡓࠊࣉࣟࢪ࢙ࢡࢺ⤊஢᫬ࡲ࡛࡟㐩ᡂࡉࢀࡿぢ㎸ࡳࡣ࡞࠸ࠋ
ࣂ࢖࢜࢞ࢫ᪋タࡢタ⨨ࢆᨭ᥼ࡍࡿᐁẸࡢᅋయࡣ࠶ࡿࡶࡢࡢࠊ⌧ሙ࡛ࣞ࣋ࣝࡢ༠ຊࡣ࡯࡜ࢇ࡝ࡉ
ࢀ࡚࠾ࡽࡎࠊᣦᶆ࡛࠸࠺࡜ࡇࢁࡢྜྠ఍㆟ࡣ㛤ദࡉࢀ࡚࠸࡞࠸ࠋࡲࡓࠊࡑ࠺ࡋࡓᶵ㛵ࡢ㛫ࡢ㐃ᦠ
࡟ࡘ࠸࡚ࠊබⓗ࡟༠㆟ࡉࢀࡓࡇ࡜ࡶ࡯࡜ࢇ࡝࡞࠿ࡗࡓࠋࣉࣟࢪ࢙ࢡࢺ࡛ࡣࠊࣂ࢖࢜࢞ࢫࣉࣛࣥࢺ
ࡢࢭ࣑ࢼ࣮ࡸ࣮࢜ࣉࢽࣥࢢࢭࣞࣔࢽ࣮㛤ദ᫬࡟ࠊࡑ࠺ࡋࡓᅋయࢆᣍᚅࡋࡓࡀࠊࣂ࢖࢜࢞ࢫ᪋タࡢ
⤂௓ࡸ᝟ሗඹ᭷࡟࡜࡝ࡲࡗ࡚࠸ࡿࠋ
㛵ಀㅖᶵ㛵㛫ࡢࣜࣥࢣ࣮ࢪ࢞࢖ࢻࣛ࢖ࣥ࡟ࡘ࠸࡚ࡣࠊ ᖺึ㢌࡟࢞࢖ࢻࣛ࢖ࣥ᱌ࢆసᡂࡋ
ࡼ࠺࡜ &3 ࡜ࡢヰࡋྜ࠸ࢆணᐃࡋ࡚࠸ࡓࡀࠊᨻኚ࡟ࡼࡗ࡚ಖ␃ࡉࢀ࡚࠸ࡿࠋ
ᡂᯝ㸳
ࣂ࢖࢜࢞ࢫᢏ⾡ࡀ㎰ᮧఫẸ࡟ᗈࡃ࿘▱ࡉࢀࡿࠋ
ᣦࠉᶆ
ࠉ࣮ࣘࢨ࣮ྥࡅࡢࣂ࢖࢜࢞ࢫᢏ⾡ࡢࢭ࣑ࢼ࣮ᐇ᪋ᅇᩘ
ࠉࣂ ࢖࢜࢞ࢫᢏ⾡ࢆ⤂௓ࡍࡿࣃࣥࣇࣞࢵࢺ㸭࣮ࣜࣇࣞࢵࢺࡢ㛤Ⓨ㸦ࣅ
ࢹ࢜ࢆྵࡴ㸧
ࠉࣃ ࢖ࣟࢵࢺࣉࣛࣥࢺࡢ࠶ࡿࢧ࢖ࢺ࡬ࡢࣉࣞࢫࢶ࢔࣮㸭ࢫࢱࢹ࢕࣮
ࢶ࢔࣮ࡢᐇ᪋ᅇᩘ
ᡂᯝ㸳ࡢᣦᶆࡣࠊᮏㄪᰝ᫬Ⅼ࡛࡯ࡰ㐩ᡂࡉࢀ࡚࠾ࡾࠊࡲࡓࣉࣟࢪ࢙ࢡࢺ⤊஢᫬ࡲ࡛࡟ࡍ࡭࡚㐩
ᡂࡉࢀࡿぢ㎸ࡳ࡛࠶ࡿࠋࣃ࢖ࣟࢵࢺࣉࣛࣥࢺ࡬ࡢࢫࢱࢹ࢕࣮ࢶ࢔࣮ࡣࠊᨻኚࡢࡓࡵ⌧ᅾࡢ࡜ࡇࢁ
ᐇ᪋ࡀಖ␃ࡉࢀ࡚࠸ࡿࡀࠊࣉࣟࢪ࢙ࢡࢺ⤊஢᫬ࡲ࡛࡟ࡣᐇ᪋ࡉࢀࡿணᐃ࡛࠶ࡿࠋ
ࣂ࢖࢜࢞ࢫᢏ⾡ࡢᗈሗ࡟㛵ࡍࡿάືࡣࠊ୍⯡ᕷẸࡢࣂ࢖࢜࢞ࢫᢏ⾡࡟ᑐࡍࡿᙉ࠸㛵ᚰࡶᡭఏࡗ
࡚ࠊࡇࡢࣉࣟࢪ࢙ࢡࢺࡢ࡞࠿࡛᭱ࡶ㧗࠸ᡂᯝࡀฟ࡚࠸ࡿࠋ
ᮏㄪᰝ᫬Ⅼ࡟࠾࠸࡚ࠊࡇࢀࡲ࡛࡟ᑐ㇟ᆅᇦࡢ฼⏝⪅ࡸᮧேࢆᣍ࠸ࡓࢭ࣑ࢼ࣮ࢆྵࡴ඲ ᅇࡢࢭ
࣑ࢼ࣮ࡀ㛤ദࡉࢀࠊྜィ ேࡀཧຍࡋࡓ㸦⾲㸱㸫㸱ཧ↷㸧ࠋࡲࡓࠊࣂ࢖࢜࢞ࢫᢏ⾡࡟ࡘ࠸࡚ࡢ
✀㢮ࡢ࣮ࣜࣇࣞࢵࢺ࡜ࣅࢹ࢜ ✀㢮ࡀ〇సࡉࢀࡓࠋࣃ࢖ࣟࢵࢺࣉࣛࣥࢺࡢ࠶ࡿࢧ࢖ࢺ࡬ࡢࢫࢱ
ࢹ࢕࣮ࢶ࢔࣮࡟ࡘ࠸࡚ࡣࠊグ⪅ࡸ㛵ಀᶵ㛵ࢆᣍ࠸ࡓࣂ࢖࢜࢞ࢫ᪋タࡢ࣮࢜ࣉࢽࣥࢢࢭࣞࣔࢽ࣮ࡀ
ࣉࣟࢪ࢙ࢡࢺ⤊஢᫬ࡲ࡛࡟࠶࡜ ᅇ㛤ദࡉࢀࡿணᐃ࡛࠶ࡿࠋ
32 ࡟グ㍕ࡉࢀ࡚࠸ࡿάື௨እ࡛ࡶࠊᮏࣉࣟࢪ࢙ࢡࢺࡣ✚ᴟⓗ࡟ᗈሗ࡟ྲྀࡾ⤌ࢇ࡛ࡁࡓࠋ᪂⪺
࡬ࡢグ஦ᥖ㍕࡞࡝ࡢ࣓ࢹ࢕࢔ࡸࠊ୍⯡ᕷẸ࠿ࡽࡢၥ࠸ྜࢃࡏ࡬ࡢᑐᛂࡸどᐹ࣭ゼၥࡢཷධࢀ࡞࡝
࡛࠶ࡿ㸦ᗈሗ㛵ಀࡢάືࡣ⾲㸱㸫㸱ཧ↷㸧ࠋ⤖ᯝ࡜ࡋ࡚ࠊ㤳㒔ࡢࣉࣟࢪ࢙ࢡࢺ஦ົᡤ࡟ࡣ ᖺ
᭶ᮎ᫬Ⅼ࡛ ேࡀ᝟ሗࢆồࡵ࡚᮶ゼࡋࠊ࠺ࡕ ேࡀ㎰ᐙ࡛࠶ࡗࡓ㸦ヲ⣽ࡣࠕ㸱㸫㸲ࠉୖ఩
㸫㸫
┠ᶆ㐩ᡂᗘࡢぢ㎸ࡳࠖࢆཧ↷㸧ࠋࡇ࠺ࡋࡓၥ࠸ྜࢃࡏࡀ᪩࠸᫬Ⅼ࠿ࡽ࠶ࡗࡓ⫼ᬒ࡟ࡣࠊࢯࣅ࢚ࢺ
㐃㑥᫬௦࡟ᙜ᫬ࡢᨻᗓࡀከᩘࡢࣂ࢖࢜࢞ࢫࣉࣛࣥࢺࢆタ⨨ࡋ࡚࠸ࡓࡀࠊࡑࡢ࡯࡜ࢇ࡝ࡀ⌧ᅾࡣ✌
ാࡋ࡚࠸࡞࠸࡜࠸࠺≧ἣࡀ࠶ࡿࠋࡑࡢࡼ࠺࡞୰࡛ࠊᮏࣉࣟࢪ࢙ࢡࢺࡀタ⨨ࡋࠊ✌ാ୰ࡢࣉࣛࣥࢺ
ࡀ࣓ࢹ࢕࢔࡟⤂௓ࡉࢀࡓࡇ࡜࡛ࠊᮏࣉࣟࢪ࢙ࢡࢺ࡜ࣉࣟࢪ࢙ࢡࢺࡀᩚഛࡋࡓࣂ࢖࢜࢞ࢫ᪋タ࡟⯆
࿡ࡀ㞟ࡲࡿࡼ࠺࡟࡞ࡗࡓ࡜⪃࠼ࡽࢀࡿࠋ
ࡉࡽ࡟ࠊࣃ࢖ࣟࢵࢺ࣭ࣂ࢖࢜࢞ࢫࣉࣛࣥࢺࡢどᐹ⪅࡟ࡣࠊᕞᨻᗓࠊ㎰ᐙࠊẸ㛫௻ᴗ࡞࡝ࠊ᪥ࠎ
඲ᅜ࠿ࡽࡓࡃࡉࢇࡢ᮶ゼ⪅ࡀ࠶ࡗࡓࠋࣂ࢖࢜࢞ࢫࣉࣛࣥࢺࡢᡤ᭷⪅࡜ࡢ㠃ㄯㄪᰝ࡛ࡣࠊྛ ᇶ
ࡢࣉࣛࣥࢺ࡛ẖ㐌࠾࠾ࡼࡑ 㹼 ேࡢぢᏛ⪅ࡀ࠶ࡿ࡜࠸࠺ࡇ࡜ࡔࡗࡓ㸦ࡓࡔࡋࠊぢᏛ⪅ᩘࡣල
యⓗ࡟グ㘓ࡉࢀ࡚࠸࡞࠸㸧ࠋ
ᮏࣉࣟࢪ࢙ࢡࢺࡀ✚ᴟⓗ࡟࣓ࢹ࢕࢔࡟ッ࠼ࡓࡇ࡜ࠊࣃ࢖ࣟࢵࢺࣉࣛࣥࢺ࡟࠾ࡅࡿぢᏛ⪅ࡢཷධ
ࢀ࡟ດຊࡋࡓࡇ࡜ࡀࠊ୍⯡ⓗ࡟㧗࠸ࣂ࢖࢜࢞ࢫᢏ⾡࡬ࡢ⯆࿡࡜┦ࡲࡗ࡚ࠊࣂ࢖࢜࢞ࢫᢏ⾡࡟ࡘ࠸
࡚ࡢ▱㆑ࡢᗈࡀࡾ࡜ࠊᮏࣉࣟࢪ࢙ࢡࢺࡢ㧗࠸ࣉࣞࢮࣥࢫ࡟ࡘ࡞ࡀࡗ࡚࠸ࡿࠋ
⾲㸱㸫㸱ࠉࣉࣟࢪ࢙ࢡࢺ࡛ᐇ᪋ࡋࡓᗈሗάື
άືࡢ✀㢮 ␒ྕ
ᡂࠉᯝ
᪥ࠉ௜
どᐹ⪅ᩘ࣭
ཧຍ⪅ᩘ
ࢭ࣑ࢼ࣮
ࢭ࣑ࢼ࣮㛤ദሙᡤ
ࣂ࢖࢜࢞ࢫࣉࣛࣥࢺࡢ㸱␒
ᖺ ᭶
ே
࢟ࣝࢠࢫ㎰ᴗ኱Ꮫ
ᖺ ᭶
ே
࢜ࢩࣗᕞᨻᗓ஦ົᡤ
ᖺ ᭶
ே
ࢪࣕࣛࣛࣂ࣮ࢻᕞᨻᗓ஦ົᡤ
ᖺ ᭶
ே
ࢱࣛࢫᕞᨻᗓ஦ົᡤ
ᖺ ᭶
ே
ࢳࣙࣥࢡࢬࣝࢫᮧ
බඹᾎሙ௜ࣂ࢖࢜࢞ࢫࣉࣛࣥࢺ㸲␒
ᖺ ᭶
ே
ࣃࣥࣇࣞࢵࢺ㢮
ࣃࣥࣇࣞࢵࢺ ✀㢮
ձⱥㄒ㸭ࣟࢩ࢔ㄒࠉ 㒊
ղࣟࢩ࢔ㄒ㸭࢟ࣝࢠࢫㄒࠉ 㒊
ࣅࢹ࢜
-,&$ ࢟ ࣝ ࢠ ࢫ ஦ ົ ᡤ ୺ ᐓ ࡢ ࣉ ࣞ ࢫ ࢶ ࢔ ࣮㸦
ᖺ ᭶㸧
-,&$ ࢟ࣝࢠࢫ஦ົᡤ࡟ࡼࡿ㈨㔠ᥦ౪
ᖺᗘ
ᖺᗘ
ᖺ ᭶
ࣉࣞࢫࢶ࢔࣮
ࢫࢱࢹ࢕࣮ࢶ࢔࣮ཷධࢀ
ྛࣃ࢖ࣟࢵࢺࣂ࢖࢜࢞ࢫࣉࣛࣥࢺ
ᖺ ᭶
ே
ྛࣃ࢖ࣟࢵࢺࣂ࢖࢜࢞ࢫࣉࣛࣥࢺ
ᖺ ᭶
ே
㸫㸫
᪂⪺グ஦
࢔ࢢࣟ࣋ࢫࢸ࢕ ᅇᥖ㍕
-,&$ ࢟ࣝࢠࢫ஦ົᡤ࡟ࡼࡿ㈨㔠ᥦ౪
ࢱ࢖࣒ࢫ࣭࢜ࣈ࣭ࢭࣥࢺ࣭ࣛࣝ࢔ࢪ࢔ࠉ ᅇᥖ㍕
ᖺ 㹼 ᭶
ᖺ ᭶
ࣉࣟࢪ࢙ࢡࢺ஦ົᡤ࡬ࡢどᐹ⪅
ࣅࢩࣗࢣࢡ஦ົᡤ
ᖺ ᭶㹼
ே
࢝ࣛࢥࣝ஦ົᡤ
ᖺ ᭶㹼
ከᩘࡔࡀグ㘓
࡞ࡋ
ࣂ࢖࢜࢞ࢫࣉࣛࣥࢺࡢゼၥ⪅
࢝ᡤࡢࣉࣛࣥࢺ࡛࡯ࡰẖ᪥
ྛࣉࣛࣥࢺ࡛
࠾࠾ࡼࡑ㐌࡟ 㹼 ே
㸱㸫㸱ࠉࣉࣟࢪ࢙ࢡࢺ┠ᶆࡢ㐩ᡂᗘ
ࣉࣟࢪ࢙ࢡࢺ┠ᶆ
ࣂ࢖࢜࢞ࢫᢏ⾡ࢆᆅ᪉㎰ᮧ㒊࡟ᬑཬࡍࡿࡓࡵࡢࣔࢹࣝⓗ࡞௙⤌ࡳࢆᵓ⠏
ࡍࡿࠋ
ᣦࠉᶆ
㸯ࠉ␆⏘㎰ᐙྥࡅࡢࣂ࢖࢜࢞ࢫࣉࣛࣥࢺࡢ㛤Ⓨ
㸰ࠉ᪤ Ꮡࡢ㔠⼥ᶵ㛵ࡸࣂ࢖࢜࢞ࢫᢏ⾡ᬑཬ࡟㛵㐃ࡍࡿ㔠⼥㛵㐃つ๎ࡀぢ
┤ࡉࢀࡿ
㸱ࠉ㎰ ᮧ࡟ྥࡅࡓᐁẸ㐃ᦠࡢࣂ࢖࢜࢞ࢫᢏ⾡ࡢᬑཬࢩࢫࢸ࣒ࡀᵓ⠏ࡉࢀ
ࡿ
ࣉࣟࢪ࢙ࢡࢺ┠ᶆ࡟ࡣࠊᐃ㔞ⓗ࡛࡞࠸ᣦᶆࡀ ࡘ࠶ࡿࠋࡇࡢᣦᶆࡢ㐩ᡂ≧ἣ࠿ࡽࡳࡿ࠿ࡂࡾࠊ
ᮏㄪᰝ᫬Ⅼ࡟࠾࠸࡚ࡣࠊᨵၿࡉࢀࡓࣂ࢖࢜࢞ࢫᢏ⾡ࢆᬑཬࡍࡿࡓࡵࡢ௙⤌ࡳࡣࡲࡔᵓ⠏ࡉࢀ࡚࠸
࡞࠸ࠋ
ඛࡎࠊᣦᶆ㸯ࡢࣂ࢖࢜࢞ࢫࣉࣛࣥࢺࡢ㛤Ⓨ࡟ࡘ࠸࡚ࡣࠊࡇࢀࡲ࡛࡟ ࡘࡢࢱ࢖ࣉࡢ᪂ᆺࣂ࢖࢜
࢞ࢫࣉࣛࣥࢺࡢࢹࢨ࢖ࣥ࡜ࠊࡑࡢᇶ♏タィᅗࡀ᏶ᡂࡋࡓࠋࡇࢀࡽࡢᇶ♏タィᅗࡣࠊ᪥ᮏேᑓ㛛ᐙ
ࡀ⥅⥆ⓗ࡟⣽㒊࡟ࢃࡓࡿಟṇࢆຍ࠼ࠊᨵၿࡋ࡚ࡁࡓࡶࡢ࡛࠶ࡿࠋࡓࡔࠊࣉࣛࣥࢺࡢⓎ㓝ᵴࡢຍ ࢩࢫࢸ࣒ࡢၥ㢟ࡣ⌮ㄽⓗ࡟ࡣゎỴࡉࢀ࡚࠸ࡿࡶࡢࡢࠊࡇࡢࡲࡲࣉࣟࢪ࢙ࢡࢺࡀ⤊஢ࡋࡓሙྜࠊ
ᇶࡢ࠺ࡕࡢ ᇶࡢࣉࣛࣥࢺࡣࠊཝ෤ᮇࡢ✌ാࡀᐇドࡉࢀ࡞࠸ࡲࡲ࡟ᙜึ༠ຊᮇ㛫ࡢ⤊஢ࢆ㏄࠼ࡿ
ࡇ࡜࡟࡞ࡿࠋࡇࡢⅬࡣᢏ⾡㛤Ⓨୖࡢㄢ㢟࡜ࡋ࡚ṧࡿࠋ
ᣦᶆ㸰࡟ࡘ࠸࡚ࡣࠊࣂ࢖࢜࢞ࢫ᪋タࡢタ⨨ࢆᕼᮃࡍࡿ␆⏘㎰ᐙࡀ฼⏝࡛ࡁࡿ⼥㈨ไᗘࡣࡲࡔ࡞
࠸ࠋ ᖺ ᭶࡟ὴ㐵ࡉࢀࡓ▷ᮇᑓ㛛ᐙ࡟ࡼࡾ㔠⼥ᶵ㛵࡜㛵㐃ࡢつᐃࡀㄪᰝࡉࢀࡓࡀࠊᑠつᶍ
ᐙ␆㎰ᐙࡀࣂ࢖࢜࢞ࢫ᪋タࡢࡓࡵ࡟೉ࡾࡽࢀࡿࡼ࠺࡞ඃ㐝ᥐ⨨ࡣ๰タࡉࢀ࡚࠸࡞࠸ࠋ
ᣦᶆ㸱ࡢᬑཬࢩࢫࢸ࣒࡟ࡘ࠸࡚ࡣࠊබⓗ࡞ࣂ࢖࢜࢞ࢫᬑཬࢩࢫࢸ࣒ࡢᶵ⬟ࡀࠊ㎰ᴗ┬࡟ࡶ࢚
ࢿࣝࢠ࣮┬࡟ࡶᏑᅾࡏࡎࠊᢏ⾡⣔ &3 ࡶᮍ㓄⨨࡛࠶ࡗࡓࡇ࡜࠿ࡽᬑཬࢩࢫࢸ࣒ࡣᵓ⠏ࡉࢀ࡚࠸࡞
࠸ࠋࣂ࢖࢜࢞ࢫ᪋タࡢタ⨨ࢆᨭ᥼ࡍࡿබⓗ࡞ᅋయࡸẸ㛫ᅋయࡣ࠸ࡃࡘࡶ࠶ࡿࡶࡢࡢࠊ⌧ሙࣞ࣋ࣝ
࡛ࡢ㐃ᦠࡀ୙༑ศ࡛ࠊ㛵ಀᶵ㛵ࡢ㐃ᦠࢆ༠㆟ࡍࡿሙࡶ࡞࠸ࠋࡇࡢࡼ࠺࡞≧ἣ࠿ࡽࠊࣂ࢖࢜࢞ࢫᢏ
⾡ᬑཬࢆࡵࡊࡍᐁẸ㐃ᦠࡢ࣓࢝ࢽࢬ࣒ࡣᵓ⠏ࡉࢀ࡚࠸࡞࠸࡜ุ᩿ࡋࡓࠋ
㸫㸫
࡞࠾ࠊᮏࣉࣟࢪ࢙ࢡࢺ࡟࠾࠸࡚ࡣࠊࣂ࢖࢜࢞ࢫ᪋タࢆ⤂௓ࡍࡿࡓࡵࡢࢭ࣑ࢼ࣮ࢆ㛤ദࡍࡿ㝿࡟
Ẹ㛫ࢭࢡࢱ࣮࡜ࡢ㐃ᦠࢆࡋ࡚࠸ࡓࡀࠊࡇࢀࡣ⤂௓ࢭ࣑ࢼ࣮ᐇ᪋࡜࠸࠺࢖࣋ࣥࢺ᫬࡟㝈ࡽࢀࡓࡶࡢ
࡛࠶ࡗࡓࠋ
㸱㸫㸲ࠉୖ఩┠ᶆ㐩ᡂᗘࡢぢ㎸ࡳ
ୖ఩┠ᶆ
ࣂ࢖࢜࢞ࢫᢏ⾡ࡢᆅ᪉㎰ᮧ㒊࡬ࡢᬑཬࡀ㐍ࡳࠊྠᢏ⾡ࢆ᥇⏝ࡋࡓఫẸࡢ
⏕ィࡀྥୖࡍࡿࠋ
ᣦࠉᶆ
㸯ࠉᨵၿࡉࢀࡓࣂ࢖࢜࢞ࢫᢏ⾡ࢆᑟධࡋࡓ㛵㐃ࣉࣟࢪ࢙ࢡࢺࡢᩘ
㸰ࠉᨵၿࡉࢀࡓࣂ࢖࢜࢞ࢫᢏ⾡ࢆᑟධࡋ࡚⏕ά≧ἣࡀᨵၿࡋࡓᡞᩘ
㸺ᣦᶆ㸯㸼
ࡇࡢᣦᶆࡣᐃ㔞ⓗ࡞ᣦᶆ࡟࡞ࡗ࡚࠸࡞࠸ࡀࠊᮏㄪᰝ᫬Ⅼ࡟࠾ࡅࡿᣦᶆࡢ㐩ᡂ≧ἣࡣጇᙜ࡞ࣞ࣋
ࣝ࡟࠶ࡿ࡜ุ᩿ࡉࢀࡿࠋ
࣓ࢹ࢕࢔ࡸே࡙࡚࡞࡝࡛ヰࢆ⪺࠸ࡓேࡀࣉࣟࢪ࢙ࢡࢺࢧ࢖ࢺࡢぢᏛ࡟᮶࡚࠸ࡿࡀࠊࡇ࠺ࡋࡓぢ
Ꮫ⪅ࡢ࠺ࡕ ேࡀ⮬๓࡛ࣂ࢖࢜࢞ࢫࣉࣛࣥࢺࡢタ⨨ࢆィ⏬ࡋࠊࡑࡢ࠺ࡕࡢ ேࡣ᪤࡟タ⨨ࡋ࡚ࣉ
ࣛࣥࢺࡢ✌ാࢆ㛤ጞࡋ࡚࠸ࡿࠋࡇࡢ୍⯡㎰ᐙ࡟ࡼࡿ᭱ึࡢᑟධ஦౛ࡣࠊ⾲㸱㸫㸲ࡢ࡜࠾ࡾࣂ࢖࢜
࢞ࢫࣉࣛࣥࢺ㸱␒࡜㸰␒ࡢどᐹᚋ࡛࠶ࡗࡓࡀࠊ㸱␒ࣉࣛࣥࢺࡢᘓタࡀ ᖺ ᭶࡟⤊஢ࡋࡓ࡜
࠸࠺஦ᐇ࡟࠿ࢇࡀࡳ࡚ࠊẚ㍑ⓗ▷ᮇ㛫ࡢ࠺ࡕ࡟ᢏ⾡ࡀᬑཬࡋጞࡵࡓ࡜ุ᩿࡛ࡁࡿࠋ
⾲㸱㸫㸲ࠉ୍⯡㎰ᐙ࡟ࡼࡿࣂ࢖࢜࢞ࢫࣉࣛࣥࢺࡢᑟධ஦౛
ゼၥඛ -,&$ ࣂ࢖࢜࢞ࢫࣉࣛࣥࢺ
Ặࠉྡ
ᘓ⠏ࡋࡓ㸭ᘓ⠏ィ⏬୰ࡢࣉࣛࣥࢺ
ࡢⓎ㓝ᵴࢧ࢖ࢬ
㸯
ࢩ࣏ࣕࣜࣇ࣭࣐ࣥࢫ࣮ࣝẶ ❧᪉࣓࣮ࢺࣝ㕲〇ࣉࣛࣥࢺ
ࢳࣗ࢖ᕞ࢝ࣥࢺ
㸦㸱␒㸧࢖ࢩࢡࢡࣜᕞ
❧᪉࣓࣮ࢺࣝ㕲〇ࣉࣛࣥࢺ
⌧ᅾ✌ാ୰
㸰
ࣁࣛࣀࣇẶ
㸦ᡤᅾᆅ୙᫂㸧
❧᪉࣓࣮ࢺࣝ㕲〇ࣉࣛࣥࢺ
㸦㸰␒㸧ࢳࣗ࢖ᕞ
❧᪉࣓࣮ࢺࣝ㕲〇ࣉࣛࣥࢺ
ࡇࡢࡼ࠺࡞ᑟධࡢ஦౛ࡣ௒ᚋࡶ᭦࡟ฟ࡚ࡃࡿྍ⬟ᛶࡀ࠶ࡿࠋୖグࡢ஦౛௨እ࡟ࠊᙜࣉࣟࢪ࢙ࢡ
ࢺ࡟ᑐࡋ࡚ࠊ㐃ᦠࡸ༠ຊࢆ౫㢗ࡋ࡚ࡃࡿࣉࣟࢪ࢙ࢡࢺࡸᅋయࡀ࠶ࡾ㸦⾲㸱㸫㸳ཧ↷㸧ࠊࡇࢀ࠿ࡽ
ࡢࣉࣟࢪ࢙ࢡࢺࡀ㎰ᮧᆅᇦࡢேࠎ࡟ࣂ࢖࢜࢞ࢫᢏ⾡ࡢᬑཬࢆಁࡍ࣏ࢸࣥࢩࣕࣝࢆ᭷ࡋ࡚࠸ࡿࠋ
⾲㸱㸫㸳ࠉࣉࣟࢪ࢙ࢡࢺ࡟ᐤࡏࡽࢀࡓ༠ຊ౫㢗➼
ᅋయྡ
㐃⤡᫬ᮇ
౫㢗ෆᐜ
࢖ ࣥ ࢫ ࢸ ࢕ ࢳ ࣗ ࣮ ࢺ࣭ ࢜ ࢖ ࢥ ᖺ ᭶ ࣭࢖ ࢩࢡࢡࣜᕞࢪ࣭ࣙࣥࢣ࣑࣭ࣥࣂ࣮ࣞ࡟
ࢫ࣭࢜ࢾࣝࢫ㸭
࠾ࡅࡿᐇ᪋ྍ⬟ᛶㄪᰝ࡜ࣂ࢖࢜࢞ࢫࣉࣛ
㎰ᮧ㛤Ⓨࢭࣥࢱ࣮ ࢚ࣞࢵࢺ
ࣥࢺࡢᆺࡢ☜ᐃ
㸦(8 ࡢຓᡂ㔠࡟ᛂເ୰ࡢ㠀ᨻᗓ
⤌⧊㸧
㸫㸫
ࢼࣜࣥᕞ❧኱Ꮫ
ᖺᮎ
࣭ࣂ࢖࢜࢞ࢫᢏ⾡ࡢㅮ⩏
࣭ࣂ࢖࢜࢞ࢫᢏ⾡ࡢࢥ࣮ࢫタ❧࡬ࡢ༠ຊ
.2-2㸦⫋ᴗカ⦎⾜ᨻࣇ࢓ࣥࢻ㸧 ᖺ๓༙ ࣭ᢏ ⾡ᩍ⫱ࢥ࣮ࢫࡢࣂ࢖࢜࢞ࢫᢏ⾡࡜ᾮ⫧
㸦බⓗᇶ㔠㸧
ࡢ࣒࢝ࣜ࢟ࣗࣛసᡂ࡬ࡢ༠ຊ
㸺ᣦᶆ㸰㸼
ࡇࡢᣦᶆࡣᐃ㔞ⓗ࡛࡞࠸ࡓࡵ฿㐩ࣞ࣋ࣝࡢุ᩿ࡀ㞴ࡋ࠸ࡶࡢࡢࠊ⌧≧࡛ࡣ㐩ᡂࡉࢀ࡚࠸࡞࠸࡜
ุ᩿ࡉࢀࡿࠋᮏࣉࣟࢪ࢙ࢡࢺࡢ┤᥋ⓗ࡞༠ຊࢆཷࡅ࡞࠸␆⏘㎰ᐙࡀࠊࣂ࢖࢜࢞ࢫࣉࣛࣥࢺࢆタ⨨
ࡋࡓࡇ࡜࡟ࡼࡿ⏕ィྥୖࡢᗘྜ࠸࡟ࡘ࠸࡚ࡣࠊࡲࡔุ᩿࡛ࡁࡿ≧ἣ࡛ࡣ࡞࠸ࠋࡋࡓࡀࡗ࡚ࠊᣦᶆ
ࡣࡲࡔ㐩ᡂࡉࢀ࡚࠸࡞࠸ࠋࡋ࠿ࡋ࡞ࡀࡽࠊᮏࣉࣟࢪ࢙ࢡࢺࡢࣅࢩࣗࢣࢡ஦ົᡤ࡟ࡣࠊ ேࡢぢ
Ꮫ⪅㸦࠺ࡕ ேࡀ㐲㝸ᆅ࡞࡝࠿ࡽࡢ㎰ᐙ㸧ࡀゼࢀࠊࣂ࢖࢜࢞ࢫࣉࣛࣥࢺࡢヲ⣽᝟ሗࡀඹ᭷ࡉࢀ
࡚࠸ࡿࠋᮏࣉࣟࢪ࢙ࢡࢺ࡛ࡣࠊࣉࣛࣥࢺࡢᇶ♏タィᅗࡸ㐠Ⴀ࣐ࢽࣗ࢔ࣝ࡞࡝ࢆ↓ᩱ࡛ᥦ౪ࡋࠊୖ
グぢᏛ⪅ࡢ࠺ࡕ ྡࡀ⮬๓࡛ࣉࣛࣥࢺࢆᑟධࡋࡓ࡜࠸࠺≧ἣ࡟࠶ࡾࠊୖ఩┠ᶆࡢᣦᶆࡢ㐩ᡂぢ㎸
ࡳࡣ࠶ࡿ࡜⪃࠼ࡽࢀࡿࠋ
㸱㸫㸳ࠉᐇ᪋ࣉࣟࢭࢫ࡟࠾ࡅࡿ≉グ஦㡯
ᮏࣉࣟࢪ࢙ࢡࢺࡢάືࡢ࠺ࡕᡂᯝ㸯ࠊ㸱ࠊ㸳ࡢάື࡟ࡘ࠸࡚ࡣࠊ ᖺึࡵࡲ࡛ࡣ࡯ࡰィ⏬
࡝࠾ࡾ࡟ᐇ᪋ࡉࢀ࡚ࡁࡓࠋᮏࣉࣟࢪ࢙ࢡࢺࡢ㛤ጞᙜึࠊࣂ࢖࢜࢞ࢫࣉࣛࣥࢺࡢᘓ⠏ࡣ㍍ᚤ࡞ၥ㢟
ࡀⓎ⏕ࡋ࡚㐜ࢀ࡚࠸ࡓࡓࡵࠊఱᗘࡶᘓタࢫࢣࢪ࣮ࣗࣝࢆㄪᩚࡍࡿࡇ࡜ࡀ࠶ࡗࡓࠋලయⓗ࡟ࡣࠊࣂ
࢖࢜࢞ࢫ᪋タࡢᶵᮦㄪ㐩ࡢၥ㢟ࡸࠊᘓタ࡟࠶ࡓࡗࡓᢏ⬟ᕤࡀ୙័ࢀࡔࡗࡓⅬ࡞࡝ࡀᣲࡆࡽࢀࡿࠋ
ࡉࡽ࡟ࠊࣉࣟࢪ࢙ࢡࢺࡢึࡵࡢẁ㝵࡛ࡣᘓ⠏௨እࡢάື㛤ጞ᫬ᮇ࡟㐜ࢀࡀࡳࡽࢀࡓࠋࣉࣟࢪ࢙ࢡ
ࢺᚋ༙࡟ᨻኚࡀ㉳ࡇࡾࠊᘓタ࡜ࣉࣛࣥࢺࡢ࣓ࣥࢸࢼࣥࢫ௨እࡢάືࡢᐇ᪋ࡀ㐜ࢀࡿࡇ࡜࡟࡞ࡗ
ࡓࠋࡋ࠿ࡋࠊᡂᯝ㸯ࠊ㸱ࠊ㸳ࡢࡍ࡭࡚ࡢάືࡣࣉࣟࢪ࢙ࢡࢺ⤊஢᫬ࡲ࡛࡟⤊஢ࡍࡿணᐃ࡛࠶ࡿࠋ
ᡂᯝ㸰࡜㸲ࡢάືࡣࠊࣉࣟࢪ࢙ࢡࢺࡀᢏ⾡⛣㌿ࢆᅗࡿ࡭ࡁᢏ⾡⣔ࡢ &3 ࡢ୙ᅾ࡟ࡼࡗ࡚㐍ᤖࡀ
࡞࠿ࡗࡓࠋ&3 ࡜ࡋ࡚㓄⨨ࡉࢀࡓࡢࡣ⾜ᨻᐁࣞ࣋ࣝࡢࡳ࡛ࠊᢏ⾡⣔⫋ဨࡣ࠾ࡽࡎࠊᬑཬࡢࡓࡵࡢ
ᐁẸ㐃ᦠࢆ⾜࠺ࡓࡵࡢ༠㆟ࢆ≌ᘬࡍࡿ⤌⧊ࡶ࡞࠿ࡗࡓࠋࡉࡽ࡟ࠊࣉࣟࢪ࢙ࢡࢺᚋ༙࡟㉳ࡇࡗࡓ
ᨻኚ࡟ࡼࡾࠊ┬ෆ࡟㓄⨨ࡀ⣙᮰ࡉࢀ࡚࠸ࡓࣂ࢖࢜࢞ࢫࡢ❆ཱྀᢸᙜ⪅࡜࡞ࡿ &3 ࡢ㓄⨨ࡶ㐜ࢀ࡚࠸
ࡿࠋࡑ࠺ࡋࡓࡇ࡜࠿ࡽᡂᯝ㸰࡜㸲ࡢάືᐇ᪋ࡣ࡛ࡁ࡚࠸࡞࠸ࠋ
㸦㸯㸧ࣔࢽࢱࣜࣥࢢ࡜ࢥ࣑ࣗࢽࢣ࣮ࢩࣙࣥ
&3 ᶵ㛵ࡢ㎰ᴗ┬໬Ꮫ㜵␿ᒁࡣ᪥ᮏேᑓ㛛ᐙࡀ㢖⦾࡟άືሗ࿌ࢆࡋ࡚࠸ࡓࡓࡵࠊࣉࣟࢪ࢙
ࢡࢺάືࡢ㐍ᤖ≧ἣࡣ⌮ゎࡋ࡚࠸ࡓࠋ୍᪉ࠊ෌⏕ྍ⬟࢚ࢿࣝࢠ࣮ࢭࣥࢱ࣮ࡢࣉࣟࢪ࢙ࢡࢺ࡬
ࡢ࠿࠿ࢃࡾࡣࠊࣉࣟࢪ࢙ࢡࢺᮇ㛫඲య࡜ࡋ࡚ຓゝⓗ࡞ᙺ๭࡟ࡍࡂ࡞࠸ࠋၥ㢟ࡀⓎ⏕ࡋࡓ㝿࡟
ࡣࠊ࢟ࣝࢠࢫഃ &3㸦໬Ꮫ㜵␿ᒁ㸧ࡣၥ㢟ゎỴࡢࡓࡵࡢ࢔ࢡࢩࣙࣥࡣ࡜ࡗ࡚࠸ࡓࡶࡢࡢࠊ⮬
❧ⓗ࡟άືࢆࣔࢽࢱࣜࣥࢢࡍࡿࡇ࡜ࡣ࡞࠿ࡗࡓࠋ
ࡇࢀࡲ࡛࡟ྜྠㄪᩚጤဨ఍㸦-&&㸧ࡣ ᅇᐇ᪋ࡉࢀࠊࡑࡢ࠺ࡕ ᅇࡀ ᖺ࡟ධࡗ࡚࠿
ࡽ࡛࠶ࡿࠋࡋࡓࡀࡗ࡚ࠊࣉࣟࢪ࢙ࢡࢺ㛤ጞᙜึࡢ ᖺ㛫࡛㛤࠿ࢀࡓ -&& ࡣ ᅇࡢࡳ࡛࠶ࡗࡓࠋ
ࣔࢽࢱࣜࣥࢢ௨እ࡛ࡢ &3 ࡜᪥ᮏேᑓ㛛ᐙ㛫ࡢࢥ࣑ࣗࢽࢣ࣮ࢩࣙࣥࡣ඲యࢆ㏻ࡋ࡚㢖⦾࡛
࠶ࡗࡓࠋ
㸫㸫
㸦㸰㸧࣮࢜ࢼ࣮ࢩࢵࣉ
ᮏࣉࣟࢪ࢙ࢡࢺࡢᐇ᪋࡟࠿࠿ࢃࡿᶵ㛵࡛ࠊ⌧ሙ࡛ࣞ࣋ࣝࣂ࢖࢜࢞ࢫᢏ⾡ࡢᬑཬࢆ≌ᘬࡍ
ࡿᶵ㛵ࡀ࡞ࡃࠊࡲࡓ &3 ᶵ㛵ࡢࡇࢀࡲ࡛ࡢၥ㢟࡬ࡢᑐᛂ࡟࠿ࢇࡀࡳࢀࡤ &3 ᶵ㛵ࡢ࣮࢜ࢼ࣮
ࢩࢵࣉࡢព㆑ࡣ࠶ࡲࡾ㧗ࡃ࡞࠸࡜ᛮࢃࢀࡿࠋ
ୖ㏙ࡢ࡜࠾ࡾࠊᢏ⾡ᬑཬ㒊ศࡢᐇ᪋⪅ࡀ୙᫂☜࡞ࡲࡲάືࢆᐇ᪋ࡋ࡚ࡁࡓࠋࡑࡢࡓࡵࠊࣂ
࢖࢜࢞ࢫᢏ⾡ࡢᬑཬࢆᢸ࠺᪥ᮏேᑓ㛛ᐙ࡜ &3 㛫࡟ࡣ㢖⦾࡟┦ㄯࡀ࡞ࡉࢀ࡚࠸ࡓࡶࡢࡢࠊᢏ
⾡ࡢᬑཬࡀඛ᪉ᨻᗓ࡟ࡼࡗ࡚ᐇ᪋ࡉࢀࡿぢ㎸ࡳࡣ࡞࠸ࠋ
㸦㸱㸧&3 ᶵ㛵ࡢࣉࣟࢪ࢙ࢡࢺ࡟ᑐࡍࡿㄆ㆑
&3 ᶵ㛵ࡢࣉࣟࢪ࢙ࢡࢺ࡟ᑐࡍࡿㄆ㆑ࡣ㠀ᖖ࡟㧗ࡃࠊࣂ࢖࢜࢞ࢫᢏ⾡ࡀ⎔ቃ࡜㎰ᮧ㒊ࡢே
ཱྀࡢ⏕ά࡟౽┈ࢆࡶࡓࡽࡍ࡜࠸࠺ࡇ࡜ࡣࡼࡃ⌮ゎࡉࢀ࡚࠸ࡿࠋ௒ᅇࡢホ౯ㄪᰝᮇ㛫୰࡟ࡶ୰
ኸࡸᕞᨻᗓࣞ࣋ࣝ࠿ࡽࠊࡇࡢࣉࣟࢪ࢙ࢡࢺ࡟ᑐࡋ࡚᭦࡞ࡿࣂ࢖࢜࢞ࢫᢏ⾡ࡢ㛤Ⓨ࡟ᮇᚅࡍࡿ
᪨ࡀ㏙࡭ࡽࢀ࡚࠸ࡿࠋ
㸦㸲㸧௚ࡢ༠ຊ஦ᴗ࡜ࡢ㛵㐃ᛶ
㸯㸧᪥ᮏࡢ༠ຊ㸦-,&$ࠊࡑࡢ௚㸧࡜ࡢ㛵㐃ᛶ
ࣉࣟࢪ࢙ࢡࢺ࡜ࡢ⦆ࡸ࠿࡞㐃ᦠࢆᅗࡿࡓࡵ࡟ࠊ㛵㐃ศ㔝࡛࠶ࡿࠕᐙ␆㣫⫱ࠖཬࡧࠕ㔝⳯ࠖ
ࡢ㟷ᖺᾏእ༠ຊ㝲ဨࢆ࢖ࢩࢡࢡࣜᕞࡢࣉࣟࢪ࢙ࢡࢺࢧ࢖ࢺ࡟㓄⨨ࡋ࡚࠸ࡿࠋ
㸰㸧௚ࢻࢼ࣮㸦௚ᅜࡢ᥼ຓᶵ㛵ࠊᅜ㝿ᶵ㛵㸧ࡢ༠ຊ஦ᴗ࡜ࡢ㛵㐃ᛶ
࢟ࣝࢠࢫ࡟࠾࠸࡚ࡣࠊ௜ᒓ㈨ᩱ ࠕ෌⏕ྍ⬟࢚ࢿࣝࢠ࣮ศ㔝࡟࠾ࡅࡿ௚ࢻࢼ࣮ࡢάື
ᐇ⦼ࠖࡢ࡜࠾ࡾ 81'3 ࢆࡣࡌࡵ࡜ࡋ࡚࠸ࡃࡘ࠿ࡢࢻࢼ࣮ࡀ෌⏕ྍ⬟࢚ࢿࣝࢠ࣮ศ㔝࡟࠾
࠸࡚༠ຊࢆᐇ᪋ࡋ࡚࠸ࡿࡀࠊᮏࣉࣟࢪ࢙ࢡࢺ࡜ࡢ㛵ಀࡣ᝟ሗ஺᥮ࡸ࣮࣡ࢡࢩࣙࢵࣉ࡞࡝
࡬ࡢཧຍ࡞࡝࡟࡜࡝ࡲࡗ࡚࠸ࡿࠋ ᖺ ᭶ࡢᨻኚ๓࡟࣮࣡ࢡࢩࣙࢵࣉࡢඹദ࡟ࡘ࠸࡚
81'3 ࡜༠㆟ࢆ⾜ࡗࡓࡀࠊ⌧ᅾࠊ࣮࣡ࢡࢩࣙࢵࣉ࡞࡝ᨻᗓᶵ㛵㛵ಀ⪅ࡀཧຍࡍࡿάືࢆࡍ
࡭࡚ಖ␃࡜ࡋ࡚࠾ࡾࠊᐇ᪋ࡢࡵ࡝ࡣ❧ࡗ࡚࠸࡞࠸ࠋ
㸫㸫
➨㸲❶ࠉホ౯ㄪᰝ⤖ᯝ
㸲㸫㸯ࠉホ౯㸳㡯┠࡟ࡼࡿホ౯⤖ᯝ
㸲㸫㸯㸫㸯ࠉጇᙜᛶ
௨ୗࡢ⌮⏤࠿ࡽࠊᮏࣉࣟࢪ࢙ࢡࢺࡢጇᙜᛶࡣ㧗࠸࡜ホ౯ࡉࢀࡓࠋ
㸦㸯㸧ᅜᐙᨻ⟇ࡸἲ௧࡜ࡢᩚྜᛶ
ࡇࡢࣉࣟࢪ࢙ࢡࢺࡣࠊ๓ᨻᶒ࡛ᢎㄆ㐣⛬࡟࠶ࡗࡓࠕ࢟ࣝࢠࢫඹ࿴ᅜᅜᐙ࢚ࢿࣝࢠ࣮ࣉࣟ
ࢢ࣒ࣛ ཬࡧ ᖺࡲ࡛ࡢ⇞ᩱ࢚ࢿࣝࢠ࣮⥲ྜ᪋タࡢ㛤Ⓨᨻ⟇ࠖ࡟ྜ⮴ࡋ࡚࠸ࡿࠋ
ࡲࡓࠊ ᖺ ᭶࡟๓ࣂ࢚࢟ࣇ኱⤫㡿ࡀ⨫ྡࡋࡓ෌⏕࢚ࢿࣝࢠ࣮ἲ࡟ἢࡗࡓάື࡛࠶ࡿࠋ
ࡇࡢἲᚊࡣࠊ෌⏕ྍ⬟࢚ࢿࣝࢠ࣮㈨※࡬ࡢᢞ㈨ࢆಁ㐍ࡍࡿ࡜࡜ࡶ࡟ࠊ㟁Ẽࠊ Ỉࠊᬮᡣࡸ
⫧ᩱ࡬ࡢ࢔ࢡࢭࢫྥୖࢆ㏻ࡌࡓ㎰ᮧ㛤Ⓨࢆಁ㐍ࡍࡿࡇ࡜ࢆ┠ⓗ࡜ࡋ࡚࠸ࡿࠋ
ࣂ࢖࢜࢞ࢫᢏ⾡ࡣࠊᐙ␆ࡢ⣅ࡢ฼⏝ࢆಁ㐍ࡋࠊ⎔ቃࢆởᰁࡋ࡞࠸࢚ࢿࣝࢠ࣮ࢆ⏕⏘ࡍࡿ
ࡓࡵ࡛࠶ࡾࠊࡇࡢࣉࣟࢪ࢙ࢡࢺࡣᐙ␆ࢆ୺࡞⏕ィᡭẁ࡜ࡍࡿ㎰ᐙࡢࢽ࣮ࢬ࡟ࡶྜ⮴ࡋ࡚࠸
ࡿࠋ
㸦㸰㸧᪥ᮏࡢᨻᗓ㛤Ⓨ᥼ຓᨻ⟇࡜ࡢᩚྜᛶ
ᑐ࢟ࣝࢠࢫඹ࿴ᅜ஦ᴗᒎ㛤ィ⏬ ࡛ࡣࠊ ࡘࡢ 㛤Ⓨㄢ㢟ࡢ࠺ࡕࡢࠕᆅᇦ᣺⯆ࠖ
࡟࠾ࡅࡿࠕ㎰ᴗ⏕⏘ᛶྥୖࣉࣟࢢ࣒ࣛࠖ࡟ࡇࡢࣉࣟࢪ࢙ࢡࢺࡣグ㍕ࡉࢀ࡚࠾ࡾࠊ᪥ᮏᨻᗓ
ࡢ㛤Ⓨ᥼ຓᨻ⟇࡜ࡶᩚྜᛶࡀ࠶ࡿࠋ
㸦㸱㸧ࣂ࢖࢜࢞ࢫᢏ⾡࡟࠾ࡅࡿ᪥ᮏࡢᢏ⾡ⓗඃ఩ᛶ
෌⏕ྍ⬟࢚ࢿࣝࢠ࣮㈨※ࡢ㛤Ⓨ࡟↔Ⅼࢆᙜ࡚࡚࠸ࡿᅜ࡜ࡋ࡚ࠊࢃࡀᅜࡣ◊✲⪅ࡸẸ㛫ࢭ
ࢡࢱ࣮࡟㇏ᐩ࡞ேᮦࢆ᭷ࡍࡿࡇ࡜࠿ࡽࠊ᪥ᮏࡢᢏ⾡ⓗඃ఩ᛶࡀ㧗࠸ศ㔝࡛࠶ࡿࠋ
㸲㸫㸯㸫㸰ࠉ᭷ຠᛶ
ࡇࡢࣉࣟࢪ࢙ࢡࢺࡢ᭷ຠᛶࡣ୰⛬ᗘ࡛࠶ࡿࠋ
㸦㸯㸧ࣉࣟࢪ࢙ࢡࢺ┠ᶆࡢ㐩ᡂぢ㎸ࡳ
ࣉࣟࢪ࢙ࢡࢺ┠ᶆࡢ㐩ᡂぢ㎸ࡳࡣప࠸ࠋࣉࣟࢪ࢙ࢡࢺ┠ᶆࡢ ࡘࡢᣦᶆࡢ࠺ࡕࠊ ࡘࡣ
㐩ᡂぢ㎸ࡳࡀ࠶ࡿࡶࡢࡢࠊࣂ࢖࢜࢞ࢫᢏ⾡ࡢᬑཬࢩࢫࢸ࣒ࡢᵓ⠏࡟ࡘ࠸࡚ࡢᣦᶆࡣࠊ
ᖺ ᭶ࡢ⤊஢ࡲ࡛࡟ᐇ⌧ࡉࢀࡿぢ㎸ࡳࡣ࡞࠸ࠋ
ࣂ࢖࢜࢞ࢫᢏ⾡ࡢ㛤Ⓨࡣࠊ 㹼 ❧᪉࣓࣮ࢺࣝࡢ ࡘࡢ᪂ᆺࣂ࢖࢜࢞ࢫࣉࣛࣥࢺࡀ᏶
ᡂࡋ࡚࠸ࡿࠋᮏㄪᰝ᫬ࡣࠊ ᇶࡍ࡭࡚ࡢࣉࣛࣥࢺࡀࣂ࢖࢜࢞ࢫࢆ⏕⏘ࡋ࡚࠾ࡾࠊࣉࣛࣥ
ࢺࡢ࢜ ࣮ࢼ࣮ࡣ࢞ࢫࢆ฼⏝ࡋ࡚࠸ࡿࠋ ᖺ ᭶ࡲ࡛࡟ ேࡢ▷ᮇᑓ㛛ᐙࡀὴ㐵ࡉࢀࠊ
ࣉࣛࣥࢺࡢᘓ⠏ࡢ࡯࠿ᇶ♏タィࡶᑡࡋࡎࡘᨵၿࡉࢀ࡚ࡁࡓࠋ࠶࡜ࡣࠊ ᇶࡢࣉࣛࣥࢺࡢཝ
෤ᮇࡢ✌ാྍྰࡢࡳࡀᐇドࡍ࡭ࡁᢏ⾡ⓗㄢ㢟࡜࡞ࡗ࡚࠸ࡿࠋ
㸦㸰㸧ࣉࣟࢪ࢙ࢡࢺ┠ᶆ㐩ᡂࡢ㈉⊩࣭㜼ᐖせᅉ
㜼ᐖせᅉ࡜ࡋ࡚ᣲࡆࡽࢀࡿࡢࡣࠊබⓗ࡞ࣂ࢖࢜࢞ࢫᬑཬࢩࢫࢸ࣒ࢆ᭷ࡍࡿ⾜ᨻᶵ⬟ࡀ㎰
㸫㸫
ᴗ┬࡟ࡶ࢚ࢿࣝࢠ࣮┬࡟ࡶᏑᅾࡋ࡞࠸ࡇ࡜࡜ࠊྠ᫬࡟ࣂ࢖࢜࢞ࢫ࡟㛵ࡍࡿᐁẸ㐃ᦠࡢᬑཬ
యไࡀᙅ࠿ࡗࡓࡇ࡜ࠊࡑࢀ࡟ࡼࡾࣉࣟࢪ࢙ࢡࢺ࡟ᢏ⾡⛣㌿ࡢᑐ㇟⪅࡜࡞ࡿ࡭ࡁ &3 ࡀ࠸࡞
࠿ࡗࡓࡇ࡜࡛࠶ࡿࠋࣂ࢖࢜࢞ࢫᬑཬ࡟㛵ࡍࡿᐁẸ㐃ᦠࡢ௙⤌ࡳ࡙ࡃࡾ㸦ᡂᯝ㸲㸧࡜ࠊᬑཬ
ேᮦࡢ⫱ᡂ㸦ᡂᯝ㸰㸧ࡀ㐩ᡂࡉࢀ࡞࠿ࡗࡓࡇ࡜࡟ࡼࡾࠊᚲ↛ⓗ࡟㛵㐃ࡢᣦᶆࡶ㐩ᡂࡉࢀ࡚
࠸࡞࠸ࠋ
ࡇ࠺ࡋࡓ≧ἣ࡟㝗ࡗࡓ⌮⏤ࡢࡦ࡜ࡘࡣࠊࣂ࢖࢜࢞ࢫᢏ⾡ࡢᴗົᡤᤸࡀ」ᩘࡢᨻᗓᶵ㛵࡟
ࡲࡓࡀࡗ࡚࠾ࡾࠊࣉࣟࢪ࢙ࢡࢺࡢᐇ᪋ᇶ┙ࡀ୙Ᏻᐃ࡛࠶ࡗࡓࡓࡵ࡛࠶ࡿࠋ౛࠼ࡤࠊ෌⏕ྍ
⬟࢚ࢿࣝࢠ࣮ศ㔝ࡢᨻ⟇࣭ἲᚊࡢ❧᱌ࡣࢿࢿࣝࢠ࣮┬ࠊㄪᰝ◊✲࡜ຓゝࡣ෌⏕ྍ⬟࢚ࢿࣝ
ࢠ࣮ࢭࣥࢱ࣮ࠊ๪⏘≀࡛࠶ࡿᾮ⫧ࢆᡤ⟶ࡍࡿࡢࡣ㎰ᴗ┬໬Ꮫ㜵␿ᒁ࡛࠶ࡿࠋࡇࡢ࡯࠿ࠊࣂ
࢖࢜࢞ࢫࣉࣛࣥࢺࡢᘓタࢆㄳࡅ㈇࠺Ẹ㛫௻ᴗࡶ࠶ࡿࠋຍ࠼࡚ࠊࣂ࢖࢜࢞ࢫࣉࣛࣥࢺࡢᬑཬ
ࡣࠊୖグ㛵㐃ᶵ㛵ࡢᴗົᡤᤸࢆ㉸࠼࡚࠸ࡿࠋ
ࡶ࠺ࡦ࡜ࡘࡢ㜼ᐖせᅉࡣࠊ ᖺ ᭶࡟Ⓨ⏕ࡋࡓᨻኚ࡛࠶ࡿࠋࣉࣟࢪ࢙ࢡࢺࡢ⤊஢࡟
㏆࡙ࡁࡘࡘ࠶ࡿ᫬ᮇࡢᨻኚ࡟ࡼࡗ࡚ࠊࣉࣟࢪ࢙ࢡࢺࡢ &3 ࡜㐃⤡ࡀྲྀࢀ࡞࠸஦ែࡀⓎ⏕ࡋ
ࡓ࡯࠿ࠊ࡞࠿࡟ࡣ㞳⫋ࡋࡓ &3 ࡶ࠸ࡿࠋࡇࡢࡼ࠺࡞≧ἣ࡛ࣉࣟࢪ࢙ࢡࢺࡢάືᐇ᪋ࡀ㐜
ࢀࠊࡦ࠸࡚ࡣάືࡢ㐍ᤖ࡟ᝏᙳ㡪ࡀཬࢇ࡛࠸ࡿࡇ࡜ࡣྰࡵ࡞࠸ࠋ
㸲㸫㸯㸫㸱ࠉຠ⋡ᛶ
ᮏࣉࣟࢪ࢙ࢡࢺࡢຠ⋡ᛶࡣ୰⛬ᗘ࡛࠶ࡿࠋ
ᑓ㛛ᐙࠊᶵᮦ౪୚ࠊ&3 ࡢ㓄⨨ࠊࣉࣟࢪ࢙ࢡࢺ㐠Ⴀ⤒㈝㈇ᢸ➼ࠊ᪥ᮏഃ࣭࢟ࣝࢠࢫഃ཮᪉ࡢ
ᢞධࡣ㉁࣭㔞࡜ࡶ࡟㐣୙㊊ࡢ࡞࠸ࡶࡢ࡛࠶ࡾࠊ෇⁥࡞άືᐇ᪋࡜ᡂᯝࡢ㐩ᡂ࡟⤖ࡧ௜࠸࡚࠸
ࡿࠋ
ᡂᯝ㸯࡜ᡂᯝ㸳࡟࠾࠸࡚ᮇᚅࡉࢀࡿᡂᯝࡣࠊᙜึ༠ຊᮇ㛫⤊஢ࡲ࡛࡟࠾࠾ࡴࡡ㐩ᡂࡉࢀࡿぢ
㏻ࡋ࡛࠶ࡿࠋᙜึ ᖺ㛫ࡢ▷ᮇᑓ㛛ᐙᢞධࡀከᑡ㐜࠸࡜ᛮࢃࢀࡿⅬࡶ࠶ࡗࡓࡶࡢࡢࠊ▷ᮇᑓ㛛
ᐙࡢᢞධࡣ࡜ࡾࢃࡅᡂᯝ㸯ࡢᡂᯝࡢⓎ⌧࡟㈉⊩ࡋ࡚࠸ࡿࠋ௚᪉ࠊᬑཬ࡟࠾ࡅࡿᢏ⾡⣔ &3 ࡢ୙
ᅾ࡟ࡼࡾࠊࣂ࢖࢜࢞ࢫᢏ⾡ࡢᬑཬࢩࢫࢸ࣒ࡢᵓ⠏ཬࡧᬑཬேᮦࡢ⫱ᡂ࡛ࡣᡂᯝࡀ࡯࡜ࢇ࡝ࡳࡽ
ࢀࡎࠊࣉࣟࢪ࢙ࢡࢺࡢຠ⋡ᛶࡀ㜼ᐖࡉࢀࡓࠋࡋ࠿ࡋ࡞ࡀࡽࠊ␆⏘㎰ᐙྥࡅᬑཬ⏝ࣂ࢖࢜࢞ࢫࣉ
ࣛࣥࢺࡣ᏶ᡂࡋ࡚࠾ࡾࠊ࢟ࣝࢠࢫᨻᗓഃ࠿ࡽࡶ୍⯡ࡢேࠎ࠿ࡽࡶ኱ࡁ࡞ὀ┠ࢆᾎࡧ࡚࠸ࡿ㸦ᡂ
ᯝ㸳㸧ࠋ
࡞࠾ࠊᮏ௳༠ຊࢆ㏻ࡌ࡚㐩ᡂࡉࢀࡘࡘ࠶ࡿᡂᯝ࡟ẚࡋ࡚᪥ᮏഃࡢᢞධࢥࢫࢺࡣ㐺ṇ࡛ࠊ㈝⏝
ᑐຠᯝࡣ࠾࠾ࡴࡡⰋዲ࡜ุ᩿ࡉࢀࡿࠋ
㸦㸯㸧᪥ᮏഃᢞධ
ᖺ ᭶ᮎ⌧ᅾࠊ ேࡢ▷ᮇᑓ㛛ᐙࡀᢞධࡉࢀࠊࣂ࢖࢜࢞ࢫࣉࣛࣥࢺࢆタィࡋࠊᘓ
タ࠿ࡽࣉࣛࣥࢺࡸ࢞ࢫ࡞࡝ࡢရ㉁⟶⌮ࠊ࣓ࣥࢸࢼࣥࢫࡲ࡛኱ࡁࡃ㈉⊩ࡋ࡚࠸ࡿࠋ㈨ᶵᮦࡢ
ᢞධࡣࠊᮌᮧ▷ᮇᑓ㛛ᐙࡢᶵᮦࢆ㝖ࡁࢫ࣒࣮ࢬ࡟౪୚ࡉࢀࠊࣂ࢖࢜࢞ࢫᢏ⾡ࡢᨵၿ࡟ά⏝
ࡉࢀࡓࠋ
ᮏ㑥◊ಟࡣ࢚ࢿࣝࢠ࣮㈨※࡜ࡋ࡚ࡢࣂ࢖࢜࢞ࢫศ㔝ࡢᢏ⾡㠉᪂ࡸὙ⦎ࡉࢀࡓ⟶⌮ᢏ⾡ࢆ
Ꮫࡪࡓࡵ࡟᭷ຠ࡟ά⏝ࡉࢀࡓࠋ
㸫㸫
㸦㸰㸧࢟ࣝࢠࢫഃᢞධ
࢟ࣝࢠࢫഃࡢᢞධࡣࠊ&3 㓄⨨ࡸ஦ົᡤࢫ࣮࣌ࢫ࡞࡝ࡢ⌧≀࡛ࡢᢞධ࡟㝈ࡽࢀࡿࠋ࣮ࣟ
࢝ࣝࢥࢫࢺࡢ㈇ᢸࡣࡉࢀࡎࠊࡲࡓࣉࣟࢪ࢙ࢡࢺᐇ᪋࡟ᚲせ࡞࣮ࣟ࢝ࣝࢥࢫࢺ㈇ᢸࡢࡓࡵࡢ
ດຊࡶ࡯࡜ࢇ࡝࡞ࡉࢀ࡚࠸࡞࠸ࠋ
㸦༢఩㸸࢟ࣝࢠࢫࢯ࣒㸧
-,&$ ഃ
࢟ࣝࢠࢫഃ
࣮ࣟ࢝ࣝࢥࢫࢺ㈇ᢸ
࣮ࣟ࢝ࣝࢥࢫࢺ
ᶵᮦ౪୚
ྜィ
ྜࠉィ
㸦᥮⟬࣮ࣞࢺ㸸 ᖺ ᭶⌧ᅾ ࢟ࣝࢠࢫࢯ࣒㸻 ෇㸧
㸲㸫㸯㸫㸲ࠉ࢖ࣥࣃࢡࢺ
ᮏࣉࣟࢪ࢙ࢡࢺࡢ࢖ࣥࣃࢡࢺࡢⓎ⌧ࡣẚ㍑ⓗ㧗࠸࡜ุ᩿ࡉࢀࡿࠋࡲࡓࠊṇࡢ࢖ࣥࣃࢡࢺࡀẚ
㍑ⓗ▷ᮇ㛫࡟Ⓨ⌧ࡋ࡚࠸ࡿࠋࣂ࢖࢜࢞ࢫᢏ⾡ࡀ᫖௒୍⯡ᕷẸࡢࠊ≉࡟㎰ᮧ㒊ࡢ㎰ᐙࡢ㛵ᚰࢆ㞟
ࡵ࡚࠸ࡿࡇ࡜ࢆ⪃࠼ࡿ࡜ࠊࣂ࢖࢜࢞ࢫᢏ⾡ࡀࣉࣟࢪ࢙ࢡࢺᑐ㇟ᆅᇦ࠿ࡽ᭦࡟ᗈ࠸ᆅᇦ࡟ᗈࡲࡾ
ጞࡵ࡚࠸ࡿ࡜ゎ㔘࡛ࡁࡿࠋࣃ࢖ࣟࢵࢺࣉࣛࣥࢺ࡜ྠ➼᪋タࡢᑟධ஦౛ࡀ᭦࡟ቑ࠼ࡿࡶࡢ࡜᥎ ࡉࢀࡿࠋࡋ࠿ࡋࠊࣂ࢖࢜࢞ࢫࣉࣛࣥࢺࢆタ⨨ࡋࡓ␆⏘㎰ᐙࡢᩘࡣᑡ࡞ࡃࠊ⏕άᨵၿ≧ἣࢆุ᩿
ࡍࡿ࡜ࡇࢁࡲ࡛࡟ࡣ⮳ࡗ࡚࠸࡞࠸ࠋ
㸦㸯㸧ୖ఩┠ᶆࡢ㐩ᡂぢ㎸ࡳ
ୖ఩┠ᶆࡢᣦᶆࡣᐃ㔞ⓗ࡞ᣦᶆ࡛ࡣ࡞࠸ࡓࡵࠊ㐩ᡂぢ㎸ࡳࡢุ᩿ࡣ㞴ࡋ࠸ࠋୖグࡢࡼ࠺
࡟ࣃ࢖ࣟࢵࢺࣉࣛࣥࢺ࡜ྠ➼᪋タࡢᑟධ஦౛ࡀ᪤࡟ ௳࠶ࡾࠊ ᖺࣉࣟࢪ࢙ࢡࢺ࡜ࡋ࡚ࡣ
ୖ఩┠ᶆࡢ㐩ᡂࣞ࣋ࣝࡀ㧗࠸࡜⌮ゎࡋ࡚࠸ࡿࠋࡋ࠿ࡋࠊᑐ㇟ࡢᕞ࡟࠾࠸࡚ࡍࡽ㎰ᐙࡢ⏕ά
ᨵၿ≧ἣࢆุ᩿ࡍࡿ࡟ࡣ᪩ࡍࡂࡿࠋ
㸦㸰㸧ୖ఩┠ᶆ௨እࡢṇࡢ࢖ࣥࣃࢡࢺ
㸯㸧Ẽೃኚືᑐ⟇࡬ࡢ㈉⊩
ࣂ࢖࢜࢞ࢫࡢ฼⏝࡟ࡼࡗ࡚ ᐊຠᯝ࢞ࢫ࡞࡝ࡢ᤼ฟ๐ῶࡀྍ⬟࡛࠶ࡾࠊẼೃኚື࡬ࡢ
ṇࡢ࢖ࣥࣃࢡࢺࡀ࠶ࡿࠋࡇࡢࣉࣟࢪ࢙ࢡࢺࡶࠊᚤࠎࡓࡿࡶࡢ࡛ࡣ࠶ࡿࡀࠊẼೃኚືᑐ
⟇࡟㈉⊩ࡋ࡚࠸ࡿࠋᖏᗈ␆⏘኱Ꮫ኱Ꮫ㝔ࡢᱵὠᩍᤵࡢヨ⟬࡟ࡼࡿ࡜ࠊタ⨨῭ࡳࡢ ᇶ
ࢆࣇࣝ✌ാࡋࡓሙྜࠊᖺ㛫ࠊ஧㓟໬Ⅳ⣲ ࢺࣥࡢ᤼ฟ๐ῶࡀྍ⬟࡛࠶ࡿ࡜ࡢࡇ࡜࡛࠶
ࡿࠋ
㸰㸧ᾮ⫧ࡢ฼⏝࡟ࡼࡿ㎰⏘≀ࡢ⏕⫱≧ἣࡢᨵၿ
ࡼࡾ⛉Ꮫⓗ࡞᰿ᣐࡣࡇࢀ࠿ࡽᥦ౪ࡉࢀࡿࡢࢆᚅࡘ࡜ࡇࢁࡔࡀࠊ ᇶࡢ࣮࢜ࢼ࣮ࡢ࠺
ࡕ ேࡀࠊᾮ⫧ࡢ᪋⫧ᚋ㎰⏘≀ࡢ⏕⫱≧ἣࡀⰋ࠸࡜⟅࠼࡚࠸ࡿࠋࢪࣕ࢞࢖ࣔ࡬ࡢ᪋⫧ࢆ
ࡋࡓ ே㸦࠺ࡕ ேࢆ㝖࠸࡚ࡲࡔ཰✭ᮇࢆ⤒࡚࠸࡞࠸㸧ࡢ࠺ࡕ ேࡣࠊస≀ࡢ⏕⫱ࡀ㏻
ᖖࡼࡾ᪩ࡃ࡚኱ࡁ࠸ࠊⴥࡢᩘࡀከࡃⰍࡀ⃰࠸ࠊ࡞࡝ࡢᨵၿࢆ☜ㄆࡋ࡚࠸ࡿࠋ
㸱㸧ࣂ ࢖࢜࢞ࢫࡢ࢞ࢫࣞࣥࢪࠊࢺ࢖ࣞࡸࢩ࣮ࣕ࣡ࢆᒇෆ࡟タ⨨ࡋࡓࡇ࡜࡟ࡼࡿ⏕ά⎔ቃࡢ
㸫㸫
ᨵၿ
ࣂ࢖࢜࢞ࢫࡢࣞࣥࢪࠊࢺ࢖ࣞࠊࢩ࣮ࣕ࣡タഛࢆᒇෆ࡟タ⨨ࡋࡓ࡜⟅࠼ࡓࣉࣛࣥࢺࡢ
࣮࢜ࢼ࣮඲ဨࡀࠊ௨๓ࡼࡾ⏕άࡀ౽฼࡟࡞ࡗࡓ࡜⟅࠼࡚࠸ࡿࠋ
㸲㸫㸯㸫㸳ࠉᣢ⥆ᛶ
ᮏࣉࣟࢪ࢙ࢡࢺࡢ⤌⧊㠃ࠊ㈈ᨻ㠃ཬࡧᢏ⾡㠃ࡢᣢ⥆ᛶࡣప࠸࡜ุ᩿ࡉࢀࡿࠋ
㸦㸯㸧ᨻ⟇࣭ไᗘ㠃
ࣂ࢖࢜࢞ࢫࡢಁ㐍ࡣࠊ࢚ࢿࣝࢠ࣮┬ࡀ⟇ᐃࡋࠊ๓ᨻᶒୗ࡛ᢎㄆ㐣⛬࡟࠶ࡗࡓࠕ࢟ࣝࢠࢫ
ඹ࿴ᅜᅜᐙ࢚ࢿࣝࢠ࣮ࣉࣟࢢ࣒ࣛ ཬࡧ ᖺࡲ࡛ࡢ⇞ᩱ࢚ࢿࣝࢠ࣮⥲ྜ᪋タ
ࡢ㛤Ⓨᨻ⟇ࠖ࡟ἢࡗ࡚࠸ࡿࠋࣂ࢖࢜࢞ࢫࡣࠊ㎰ᴗ┬ࢆྵࡴ᪂ᨻᶒୗࡢᡓ␎࡟ࡶ┒ࡾ㎸ࡲࢀ
ࡿࡶࡢ࡜ᮇᚅࡉࢀࡿࠋ
㸦㸰㸧⤌⧊㠃
ࣉࣟࢪ࢙ࢡࢺάືࢆᐇ⾜ࡍࡿࡓࡵࡢ⤌⧊㠃࡛ࡢᣢ⥆ᛶࡣప࠸ࠋ㎰ᴗ┬ࡣᨻኚ๓࡟ࠊ༠ຊ
ᮇ㛫⤊஢ᚋ࡟ᮏࣉࣟࢪ࢙ࢡࢺ࡟㛵ࡍࡿ᝟ሗࡢ❆ཱྀ࡜࡞ࡿ⾜ᨻᐁࣞ࣋ࣝࡢ⫋ဨࢆ㓄⨨ࡍࡿࡇ
࡜ࢆ⣙᮰ࡋ࡚࠸ࡓࠋࡋ࠿ࡋࠊᢏ⾡⣔ࡢ &3 ࡛᪥ᮏேᑓ㛛ᐙࡢᢏ⾡⛣㌿ࡢᑐ㇟࡜࡞ࡿ &3 ࡣ
㓄⨨ࡉࢀ࡚࠸࡞࠸ࠋ
ᐇ㝿ࠊࣉࣟࢪ࢙ࢡ ࢺࡢ⌧ሙࣞ࣋ࣝࡢᐇ᪋యไࡣᜏஂⓗ࡞ࡶࡢ࡛ࡣ࡞࠸ࠋࣉࣟࢪ࢙ࢡࢺ㞠
⏝ࡢ ே࡟ᢏ⬟ᕤ࡜ᑓ㛛ᐙࡀࣂ࢖࢜࢞ࢫࣉࣛࣥࢺࡢタ⨨࡜࣓ࣥࢸࢼࣥࢫࢆ⾜ࡗ࡚ࡁࡓࡀࠊ
ࣉࣟࢪ࢙ࢡࢺࡀᥦ౪ࡋ࡚ࡁࡓࡇࢀࡽࡢᢏ⾡ࢆᘬࡁ⥅ࡄ⫋ဨࡀ࠸࡞࠸≧ἣ࡟࠶ࡿࠋ
㸦㸱㸧ᢏ⾡㠃
ᢏ⾡㠃࡛ࡢᣢ⥆ᛶࡶప࠸࡜ุ᩿ࡉࢀࡿࠋࡋࡓࡀࡗ࡚ࠊ༠ຊᮇ㛫⤊஢ᚋࡣ⤌⧊ࡔࡗࡓ࣓ࣥ
ࢸࢼࣥࢫࢧ࣮ࣅࢫࡢᥦ౪ࡀ࡞࠸ࡇ࡜࠿ࡽࠊྛࣃ࢖ࣟࢵࢺࣉࣛࣥࢺࡢ࣓ࣥࢸࢼࣥࢫࡣ࣮࢜
ࢼ࣮⮬ࡽᐇ᪋ࡍࡿࡇ࡜࡟࡞ࡗ࡚࠸ࡿࠋ
㸦㸲㸧㈈ᨻ㠃
୰ኸࣞ࣋ࣝࠊᕞࣞ࣋ࣝࢆၥࢃࡎࠊࡇࢀࡲ࡛ࣉࣟࢪ࢙ࢡࢺࡢάື㈝ࡀ࢟ࣝࢠࢫ㎰ᴗ┬࠿ࡽ
ᨭฟࡉࢀࡓࡇ࡜ࡣ࡞࠿ࡗࡓࠋࡑࡢࡓࡵ࢟ࣝࢠࢫഃ⊂⮬ண⟬࡟ࡼࡿࣂ࢖࢜࢞ࢫࣉࣛࣥࢺࡢᬑ
ཬࡢྍ⬟ᛶࡣᑠࡉ࠸࡜⪃࠼ࡽࢀࡿࠋ⥔ᣢ⟶⌮㈝ࡶྛࣉࣛࣥࢺࡢ࣮࢜ࢼ࣮ࡢ㈇ᢸ࡜࡞ࡿࠋ
㸲㸫㸰ࠉ⤖ࠉㄽ
ᮏࣉࣟࢪ࢙ࢡࢺࡢጇᙜᛶࡣ㧗ࡃࠊάືᐇ᪋࡟ࡼࡿṇࡢ࢖ࣥࣃࢡࢺࡀ☜ㄆࡉࢀࡓࡀࠊ᭷ຠᛶཬࡧ
ຠ⋡ᛶࡣᙜึ᝿ᐃࢆୗᅇࡿ⤖ᯝ࡜࡞ࡾࠊᣢ ⥆ᛶ࡟ࡘ࠸࡚ࡣ࢟ࣝࢠࢫഃࡢ⬤ᙅ࡞ᐇ᪋యไ࡟┠❧ࡗ
ࡓᨵၿࡣࡳࡽࢀࡎࠊຠᯝࡢᣢ⥆ᛶࡣ୙㏱᫂࡞≧ἣ࡟࠶ࡿࠋࣉࣟࢪ࢙ࢡࢺ┠ᶆࡢ㐩ᡂᣦᶆࡢ㐩ᡂ≧
ἣ࠿ࡽࡳࡿ࡜ࠊᮏ௳༠ຊࢆ㏻ࡌ࡚ᨵၿࡉࢀࡓࣂ࢖࢜࢞ࢫᢏ⾡ࢆᬑཬࡍࡿࡓࡵࡢ௙⤌ࡳࡣ࠸ࡲࡔᵓ
⠏࡟⮳ࡗ࡚࠾ࡽࡎࠊ༠ຊᮇ㛫ෆ࡛ࡢࣉࣟࢪ࢙ࢡࢺ┠ᶆࡢ㐩ᡂぢ㎸ࡳ࡟ࡣ␃ಖࡀㄆࡵࡽࢀࡓࠋ୍᪉
࡛ࠊᮏࣉࣟࢪ࢙ࢡࢺࡢࣃ࢖ࣟࢵࢺࣉࣛࣥࢺ࡜ྠ➼ࡢ᪋タࡢᑟධ஦౛ࡀ ௳☜ㄆࡉࢀ࡚࠾ࡾࠊᡂᯝ
ࡢἼཬ࡜ࡋ࡚ホ౯ࡉࢀࡿࠋࡼࡗ࡚ࠊᬑཬࢩࢫࢸ࣒ࡢᵓ⠏࡟ྥࡅࡓࣉࣟࢪ࢙ࢡࢺ┠ᶆ㐩ᡂࡢࡓࡵ࡟
㸫㸫
ࡣࠊ༠ຊᮇ㛫ࡢᘏ㛗࡜㏣ຍⓗᢞධ࡟ࡘ࠸᳨࡚ウࡍࡿᚲせᛶࡀ㧗࠸࡜⤖ㄽࡍࡿࠋ
ࣉࣟࢪ࢙ࢡࢺࡢ୺せ࡞ᡂᯝࡣ௨ୗࡢ Ⅼ࡛࠶ࡿࠋ
ࡘ࡟ࡣࠊ࢟ࣝࢠࢫࡢཝ෤ୗ࡛ࡶ✌ാྍ⬟࡞ 㹼 ❧᪉࣓࣮ࢺࣝࡢᑠつᶍࣂ࢖࢜࢞ࢫࣉࣛࣥ
ࢺ ᇶࡀ᏶ᡂ࡟㏆௜࠸࡚࠸ࡿࡇ࡜ࠊ ࡘ┠ࡣࠊ✚ᴟⓗ࡞ᗈሗάື࡟ࡼࡾࠊ௚ࡢࣉࣟࢪ࢙ࢡࢺࡸ
ே௨ୖࡢぢᏛ⪅ࡢὀ┠ࢆ㞟ࡵࠊㄆ▱ᗘྥୖ࡟㈉⊩ࡋࡓࡇ࡜࡛࠶ࡿࠋ
୍᪉࡛ࠊᮏࣉࣟࢪ࢙ࢡࢺࡢຠᯝࡢᣢ⥆ᛶࢆ㧗ࡵࡿࡓࡵ࡟ࠊ௨ୗࡢᡂᯝཬࡧྲྀࡾ⤌ࡳࡢ⥅⥆ࡀ㔜
せ࡛࠶ࡿࠋ
㸦㸯㸧ᨵၿᆺࣂ࢖࢜࢞ࢫࣉࣛࣥࢺࡢ㛤Ⓨ
㹼 ❧᪉࣓࣮ࢺࣝࡢᑠつᶍࣂ࢖࢜࢞ࢫࣉࣛࣥࢺࡢ ࡘࡢ᪂ࡋ࠸ࣔࢹ࡛ࣝࠊࢥࣥࣉࣞࢵ
ࢧ࣮࡞࡝ࡢᶵᮦ௨እࡣᆅඖ࡛ㄪ㐩ྍ⬟࡞ᶵᮦࢆ฼⏝ࡋࡓࡶࡢࡀฟ᮶ࡓࠋ␆⏘㎰ᐙྥࡅࡢᑠつ
ᶍࣉࣛࣥࢺࡢ㛤Ⓨ࡟ᚲせ࡞ᢏ⾡ᨵၿࡣࠊ࠾࠾ࡴࡡ‶㊊࡛ࡁࡿࣞ࣋ࣝ࡟฿㐩ࡋ࡚࠸ࡿࠋ
ࡓࡔࡋࠊ㸲␒࠿ࡽ㸷␒ࡲ࡛ࡢ ᇶࡢࣉࣛࣥࢺ࡟ࡘ࠸࡚ࡣࠊཝ෤ᮇࡢ✌ືྍྰࡀᐇドࡉࢀ࡚
࠾ࡽࡎࠊࡇࢀࡀṧࡉࢀࡓᢏ⾡ⓗㄢ㢟࡛࠶ࡿࠋ
㸦㸰㸧୍⯡ᕷẸࡢࣂ࢖࢜࢞ࢫᢏ⾡࡟㛵ࡍࡿㄆ▱ᗘྥୖ
ࣂ࢖࢜࢞ࢫᢏ⾡ࡀ୍⯡ⓗ࡟▱ࡽࢀ࡚࠸ࡿ࡜࠸࠺ዲ㐺࡞≧ἣࢆ⫼ᬒ࡟ࠊᮏࣉࣟࢪ࢙ࢡࢺࡢ
ᇶࡢ࠺ࡕ ࡘࡢࣃ࢖ࣟࢵࢺࣉࣛࣥࢺࡀ෤ᮇ࡟ࡶ✌ാࡋ࡚࠸ࡿࡇ࡜࠿ࡽࠊ୍⯡ᕷẸ࡟ᗈࡃ
▱ࡽࢀࡿࡼ࠺࡟࡞ࡗࡓࠋࣉࣟࢪ࢙ࢡࢺࡢ㛤Ⓨࡋࡓᑠつᶍࣂ࢖࢜࢞ࢫࣉࣛࣥࢺࡣ✚ᴟⓗ࡞ᗈሗ
㛵㐃άື࡟ࡼࡗ࡚ㄆ▱ᗘࡀ㧗ࡲࡗࡓࠋලయⓗ࡞ᗈሗάືࡣࠊ⤂௓ࢭ࣑ࢼ࣮ࠊ࣐ࢫ࣓ࢹ࢕࢔ࢆ
㏻ࡌࡓᗈሗࠊࣉࣟࢪ࢙ࢡࢺ⤂௓ࣃࣥࣇࣞࢵࢺࠊࣃ࢖ࣟࢵࢺࣉࣛࣥࢺ࡛ࡢゼၥ⪅ཷධࢀ࡞࡝ࢆ
㏻ࡌ࡚ࠊࣂ࢖࢜࢞ࢫᢏ⾡ࡢㄆ▱ᗘྥୖ࡟኱ࡁࡃ㈉⊩ࡋࡓࠋࡶࡕࢁࢇࠊලయⓗ࡞ᡂᯝࡀ࠶ࡿ࠿
ࡽࡇࡑṇࡢ࢖ࣥࣃࢡࢺࡢⓎ⌧࡟ࡘ࡞ࡀࡗ࡚࠸ࡿ࡜ᛮࢃࢀࡿࠋ
㸦㸱㸧᪂ࢱ࢖ࣉࣂ࢖࢜࢞ࢫࣉࣛࣥࢺࡢᒎ㛤
ࣉࣛࣥࢺࡢゼၥ⪅࡟ࡼࡿ ௳ࡢᑟධ஦౛ࡀ☜ㄆࡉࢀ࡚࠾ࡾࠊࣉࣟࢪ࢙ࢡࢺࡀᵓ⠏ࢆពᅗࡋ
ࡓᬑཬࢩࢫࢸ࣒ࢆ⤒ࡎ࡟ࠊࣉࣟࢪ࢙ࢡࢺࡀ㛤Ⓨࡋࡓࣉࣛࣥࢺࡀᣑ኱ࡋጞࡵ࡚࠸ࡿࠋ
㸫㸫
➨㸳❶ࠉᥦゝ࡜ᩍカ
㸳㸫㸯ࠉᥦࠉゝ㻌
㸦㸯㸧ࣉࣟࢪ࢙ࢡࢺ⤊஢᫬ࡲ࡛࡟ 3'0 ࡟ィ⏬ࡉࢀ࡚࠸ࡿάືࢆ᏶஢ࡍࡿࡇ࡜
௨ୗࡢάືࡣ 3'0 ࡢᣦᶆ࠿ࡽࡳ࡚㐩ᡂࡉࢀ࡚࠸࡞࠸ࠋ⌧ᅾࡢ࢟ࣝࢠࢫഃࡢ≧ἣ࠿ࡽᐇ᪋
ࡀ୙ྍ⬟࡜ุ᩿ࡉࢀࡿάື 㸦㔠⼥ᶵ㛵ࡸἲ௧ࢆྵࡴ㔠⼥ไᗘࡢぢ┤ࡋ㸧࡜ࠊάື 㸦ࣃ
࢖ࣟࢵࢺࣉࣟࢪ࢙ࢡࢺࡢぢ┤ࡋ⤖ᯝ࡟ᇶ࡙ࡃ㛵ಀᶵ㛵㛫ࡢࢿࢵࢺ࣮࣡ࢡ㸭ࣜࣥࢣ࣮ࢪ࢞࢖ࢻ
ࣛ࢖ࣥࡢ⟇ᐃ㸧ࢆ㝖ࡃୗグࡢάືࢆࠊᙜึ༠ຊᮇ㛫⤊஢᫬ࡲ࡛࡟᏶஢ࡉࡏࡿࡇ࡜ࠋ
ձࣉࣟࢪ࢙ࢡࢺࡢᗈሗࡢࡓࡵࡢ࣮࢜ࣉࣥࣇ࢛࣮࣒ࣛࡢ㛤ദ
ղࣂ ࢖࢜࢞ࢫࣉࣛࣥࢺࡢ㐠Ⴀ࣭⥔ᣢ⟶⌮ࠊࣂ࢖࢜࢞ࢫ࡜ᾮ⫧ࡢ฼⏝ࠊᬑཬᩍᮦ࡜ࡋ࡚ࡢෆ
ᐜࢆ⥙⨶ࡍࡿࠊ࣮ࣘࢨ࣮࣐ࢽࣗ࢔ࣝࡢ᏶ᡂ
ճ ᇶࡢࣃ࢖ࣟࢵࢺࣉࣛࣥࢺࡢ᭱⤊ຠᯝࢆ ᐃࡍࡿࡓࡵࡢ⤊஢᫬ㄪᰝࡢᐇ᪋
մࣉ ࣟࢪ࢙ࢡࢺࢧ࢖ࢺ࡬ࡢࣉࣞࢫࢶ࢔࣮࣭ࢫࢱࢹ࢕࣮ࢶ࢔࣮ࡢᐇ᪋
㸦㸰㸧ࣂ࢖࢜࢞ࢫ஦ᴗࡢ᥎㐍ࡍࡿࡓࡵࡢᑓᚑ⤌⧊ࢆ㎰ᴗ┬ࡢ୺ᑟⓗᙺ๭࡛タ⨨ࡍࡿࡇ࡜
⌧ሙ࡛ࣞ࣋ࣝࣉࣟࢪ࢙ࢡࢺࡀ㛤Ⓨࡋࡓࡶࡢ࡜ྠ➼ࡢࣂ࢖࢜࢞ࢫ᪋タࡢᑟධ஦౛ࢆቑࡸࡍࡓ
ࡵࠊ┬ෆࡶࡋࡃࡣ⤌⧊ᶓ᩿ⓗ࡞ࣂ࢖࢜࢞ࢫ஦ᴗ᥎㐍ࢱࢫࢡࢢ࣮ࣝࣉࡢ❧ࡕୖࡆࡀᚲせ࡜ᛮࢃ
ࢀࡿࠋࣉࣟࢪ࢙ࢡࢺࡢຠᯝࡢᣢ⥆ᛶࢆ㧗ࡵࡿࡓࡵࠊࡲࡓࡇ࠺ࡋࡓᑟධ஦౛ࢆᣑ኱ࡋ࡚࠸ࡃࡓ
ࡵ࡟ࡶࠊ㛵㐃㒊ᒁࠊᅋయࠊ኱Ꮫࡸ㠀ᨻᗓ⤌⧊࡞࡝ࡢ⤌⧊ᶓ᩿ⓗ࡞ࣂ࢖࢜࢞ࢫ஦ᴗ᥎㐍ࢱࢫࢡ
ࢢ࣮ࣝࣉࠊࡶࡋࡃࡣ┬ෆࡢࢱࢫࢡࢢ࣮ࣝࣉࡢࡼ࠺࡞ᑓᚑ⤌⧊ࢆࠊ㎰ᴗ┬ࡢ୺ᑟⓗᙺ๭࡟ࡼࡗ
࡚⤌⧊໬ࡍࡿࡇ࡜ࢆᥦゝࡍࡿࠋ
㸦㸱㸧ࣂ࢖࢜࢞ࢫ஦ᴗࡢ㎰ᴗ┬ෆ࡟࠾ࡅࡿᨻ⟇ⓗ࣭ᡓ␎ⓗ࡞఩⨨࡙ࡅ
ࣂ࢖࢜࢞ࢫ஦ᴗࢆṇᘧ࡟㎰ᴗ┬ࡢᨻ⟇ࡢ୍㒊࡜ࡋ࡚఩⨨࡙ࡅࠊࡲࡓࣂ࢖࢜࢞ࢫᢏ⾡ಁ㐍ࢆ
᏶඲࡟ᡤᤸࡍࡿᒁࡲࡓࡣ⤌⧊ࢆ᫂☜࡟ࡍ࡭ࡁ࡛࠶ࡿࠋ౛࠼ࡤࠊᘓ⠏ᇶ‽࡞࡝ࡢἲ௧࡬ࡢ‽
ᣐࠊࣂ࢖࢜࢞ࢫ᪋タࡢ㛵ಀᒁ࡬ࡢⓏ㘓ࠊࣉࣛࣥࢺࡢ✌ാࠊᾮ⫧฼⏝ࡢಁ㐍࡞࡝ࡢᴗົ࡛࠶
ࡿࠋࡲࡓࠊࣂ࢖࢜࢞ࢫ஦ᴗࡢ᭦࡞ࡿᒎ㛤ࡢࡓࡵ࡟ࡣࠊᢸᙜᒁ࡟ᚲせ࡞ண⟬ᥐ ⨨ࡀ࡞ࡉࢀ࡞ࡅ
ࢀࡤ࡞ࡽ࡞࠸ࠋ
ձࣃ࢖ࣟࢵࢺࣉࣛࣥࢺࡢ⥅⥆ⓗ࡞ά⏝
ࣉࣟࢪ࢙ࢡࢺ⤊஢ᚋࠊࣉࣟࢪ࢙ࢡࢺࡀᘓタࡋࡓ ᇶࡢࣉࣛࣥࢺࡢᡤ᭷ᶒࡣࠊࡑࢀࡒ
ࢀ㎰ᐙࡸఫẸ⤌⧊࡟ᘬࡁ⥅ࡀࢀࡿணᐃ࡛࠶ࡿࠋ㎰ᴗ┬ࡣࡇࢀࡽࡢࣂ࢖࢜࢞ࢫࣉࣛࣥࢺ
ᡤ᭷⪅࡜༠ຊࡋ࡚ࣂ࢖࢜࢞ࢫᢏ⾡ࡢᬑཬࡢࡓࡵ࡟ά⏝ࡍ࡭ࡁ࡛࠶ࡿࠋࡇ࠺ࡋࡓࣉࣛࣥ
ࢺࡣࠊྠ➼ࡢࣂ࢖࢜࢞ࢫ᪋タࡢᑟධ஦౛࡙ࡃࡾࢆಁ㐍ࡍࡿࡓࡵࡢሙ࡜ࡋ࡚ᥦ౪ࡍࡿ࡜
࡜ࡶ࡟ࠊ᪤Ꮡࡢࣉࣛࣥࢺࡢᒎ♧ຠᯝࢆ᭱኱㝈࡟ά⏝ࡍࡿࡇ࡜ࠋ
ղ㎰ᴗ┬࡟ࡼࡿࣂ࢖࢜࢞ࢫࣉࣛࣥࢺࡢ㎰ᴗ᪋タ࡜ࡋ࡚ࡢㄆᐃ
ࣂ࢖࢜࢞ࢫᢏ⾡࡟㛵ࡍࡿᴗົᡤᤸࡀ㛵㐃┬ᗇ㛫࡟ࡲࡓࡀࡗ࡚࠸ࡿࡇ࡜࠿ࡽࠊ㎰ᴗ┬ࡣ
ࣂ࢖࢜࢞ࢫࣉࣛࣥࢺࢆ㎰ᴗ᪋タ࡜ࡋ࡚ㄆᐃࡋࠊࡑࡢ⟶⌮ࡸ฼⏝ࢆᡤ⟶ࡍࡿᢸᙜ㒊ᒁࢆ
᫂☜࡟ࡍࡿࡇ࡜ࠋ
ճᾮ⫧ཬࡧᩓᕸᶵ㛤Ⓨ࡟㛵ࡍࡿᐇドヨ㦂ࡢ⥅⥆
ᮏࣉࣟࢪ࢙ࢡࢺࡀヨసࡋࡓᾮ⫧ᩓᕸᶵࡢ฼⏝ࢆಁ㐍࡛ࡁ࡞࠸ࡓࡵࠊ㎰ᴗ┬ࡣ࢟ࣝࢠࢫ
㸫㸫
㎰ᴗ኱Ꮫ࡜༠ຊࡋࠊᘬࡁ⥆ࡁᾮ⫧࡜ᩓᕸᶵࡢ᭷ຠᛶࢆᐇドࡍࡿ◊✲ࢆ⥅⥆ࡍࡿࡇ࡜ࠋ
մ୍⯡㎰ᐙࡀࣂ࢖࢜࢞ࢫ᪋タࡢタ⨨ࡢ㝿࡟฼⏝ྍ⬟࡞⼥㈨ไᗘࡢ☜❧
⌧᫬Ⅼ࡛ࡣ୍⯡ࡢ␆⏘㎰ᐙࡀࣂ࢖࢜࢞ࢫ᪋タࡢタ⨨࡟㝿ࡋ࡚೉ධྍ⬟࡞࣮ࣟࣥࡣ࡞
࠸ࠋ㎰ᴗ┬ࡢᣦᑟࡢୗࠊప㔠฼㛗ᮇ㛫⼥㈨࡞࡝ࡢඃ㐝ᥐ⨨ࢆక࠺බⓗ⼥㈨ไᗘࢆ☜❧
ࡍ࡭ࡁ࡛࠶ࡿࠋࣂ࢖࢜࢞ࢫ᪋タࡢᑟධࢆᮃࡴ㎰ᐙࡸ㎰ᐙࢢ࣮ࣝࣉྥࡅ࡟᪩ᛴ࡞ᑐᛂࡀ
ồࡵࡽࢀࡿࠋ
㸦㸲㸧ᮏࣉࣟࢪ࢙ࢡࢺࡢ༠ຊᮇ㛫ࡢᘏ㛗
ࠕ㸲㸫㸰ࠉ⤖ㄽ࡛ࠖゝཬࡋࡓ࡜࠾ࡾࠊᡂᯝࡢ୍㒊ࡀ㐩ᡂࡉࢀࡎࠊࣉࣟࢪ࢙ࢡࢺᮇ㛫ෆ࡟ࣉ
ࣟࢪ࢙ࢡࢺ┠ᶆࡀ㐩ᡂࡉࢀࡿぢ㎸ࡳࡣప࠸ࠋࡘ࠸࡚ࡣࠊࣉࣟࢪ࢙ࢡࢺᮇ㛫ࡢᘏ㛗ࢆᥦゝࡍ
ࡿࠋ࡞࠾ࠊࣃ࢖ࣟࢵࢺࣉࣛࣥࢺ〇సࢆ㏻ࡌࡓᢏ⾡㛤Ⓨࡣணᐃ࡝࠾ࡾ᏶ᡂࡉࢀࡿぢ㎸ࡳ࡛࠶ࡿ
ࡀࠊ ᖺ ᭶࡟ᙜึ༠ຊᮇ㛫ࡀ⤊஢ࡍࡿࡇ࡜࡟ࡼࡾࠊ ᇶࡢ࠺ࡕ ᇶࡢࣉࣛࣥࢺࡢཝ෤
ᮇࡢ✌ാᐇドࡀ୙ྍ⬟࡟࡞ࡿࠋࡑࡢࡓࡵࠊཝ෤ᮇࡢᏳᐃⓗ࡞࢞ࢫⓎ⏕ࡢᐇド࡜ࣔࢽࢱࣜࣥࢢ
ࢆ⾜࠺ࡓࡵࠊ༠ຊᮇ㛫ࢆḟࡢ෤ᮇᮎ㸦 ᖺ ᭶ᮎ㸧ࡲ࡛ᘏ㛗ࡍࡿࡼ࠺ᥦゝࡍࡿࠋ
㸳㸫㸰ࠉᩍࠉカ
ᮏㄪᰝࢆ㏻ࡌ࡚ᚓࡽࢀࡓᩍカࡣ௨ୗࡢⅬ࡛࠶ࡿࠋ
ᮏࣉࣟࢪ࢙ࢡࢺ࡟࠾࠸࡚ࡣࠊࣂ࢖࢜࢞ࢫࣉࣛࣥࢺࡢᬑཬࢆᅗࡿࡓࡵ࡟ࠊࣉࣛࣥࢺࡢ㛤Ⓨ࡜ᐇド
ᒎ♧ࡢࡳ࡞ࡽࡎࠊᢏ⾡ࡢᬑཬࢆᢸ࠺ேᮦࡢ⫱ᡂࠊ㎰ᐙ࡟ᑐࡍࡿ⼥㈨ไᗘཬࡧᐁẸ㐃ᦠࢆྠ᫬୪⾜
ⓗ࡟㐍ࡵࡿᚲせࡀ࠶ࡗࡓࡀࠊᙜึ༠ຊᮇ㛫࡟࠾࠸࡚ࠊࣂ࢖࢜࢞ࢫᑟධಁ㐍ࡢࡓࡵࡢ࣓࢝ࢽࢬ࣒ࡢ
ᵓ⠏ࡣලయ໬࡟⮳ࡽ࡞࠿ࡗࡓࠋ
ᮏ௳༠ຊࢆ㏻ࡌ࡚ᑟฟࡉࢀࡓᩍカ࡜ࡋ࡚ࡣࠊ㛤Ⓨࡉࢀࡓタഛࡸᢏ⾡ࡢᑟධಁ㐍ࡢࡓࡵࡢ᪋⟇࣭
ไᗘࡢືྥཬࡧᬑཬၨⓎࢆ୧ᅜ㛵ಀ⪅ࡀᐃᮇⓗ࡟ㄪᰝ࣭ࣔࢽࢱࣜࣥࢢࡋࠊ㐜ᘏࡀㄆࡵࡽࢀࡿሙྜ
࡟ࡣࠊࡑࡢᑐᛂ⟇ࢆ㛵ಀ⪅ࡀ༠㆟ࡍࡿࡇ࡜ࡀᚲせ࡛࠶ࡿࠋ
㸫㸫
௜ࠉᒓࠉ㈨ࠉᩱ
㸯㸬ㄪᰝ᪥⛬
㸰㸬㎰ᴗ┬⤌⧊ᅗ
㸱㸬ホ౯ࢢࣜࢵࢻ
㸲㸬3'0
㸳㸬5HFRUGRI3URMHFW3HUIRUPDQFHV
㸴㸬άືᐇ⦼࣭ᡂᯝ⾲
㸵㸬෌⏕ྍ⬟࢚ࢿࣝࢠ࣮ศ㔝࡟࠾ࡅࡿ
-,&$ ࣂ࢖࢜࢞ࢫࣉࣟࢪ࢙ࢡࢺᇶ♏ㄪᰝ㸦$QDO\WLFDO5HSRUW㸧
㸶㸬༠㆟㆟஦㘓㸦00㸧
㸷㸬ྜྠホ౯ሗ࿌᭩
㸬ࣂ࢖࢜࢞ࢫࣉࣛࣥࢺẚ㍑⾲
㸬෌⏕ྍ⬟࢚ࢿࣝࢠ࣮ศ㔝࡟࠾ࡅࡿ௚ࢻࢼ࣮ࡢάືᐇ⦼
㸯㸬ㄪᰝ᪥⛬
ㄪᰝ᪥⛬
ࢥࣥࢧࣝᅋဨㄪᰝ᪥⛬㸸 ᖺ ᭶ ᪥㹼 ᭶ ᪥
ᐁᅋဨㄪᰝ᪥⛬ 㸸 ᖺ ᭶ ᪥㹼 ᭶ ᪥
᭶᪥ ᭙᪥
ࢥࣥࢧࣝᅋဨ㸦ホ౯ศᯒ㸧
ᅵ ᡂ⏣Ⓨ7.Ѝ࢖ࢫࢱࣥࣈ࣮ࣝ╔
᪥
࢖ࢫࢱࣥࣈ࣮ࣝⓎ㸦7.Ѝࣅࢩࣗࢣࢡ╔
᭶
-,&$஦ົᡤᡴྜࡏࠊᑓ㛛ᐙᡴྜࡏ
ⅆ
㛵ಀᶵ㛵ㄪᰝ
Ỉ
1Rࠊ1Rࢧ࢖ࢺㄪᰝ
ᮌ
ࣅࢩࣗࢣࢡⓎЍ1Rࢧ࢖ࢺㄪᰝЍ1RㄪᰝЍ࢝ࣛࢥࣝ╔
㔠
$0ᕞ㎰ᴗᒁㄪᰝ
30ࣃ࢖ࣟࢵࢺ㎰ᐙㄪᰝ1R
ᅵ
$0ࣃ࢖ࣟࢵࢺ㎰ᐙㄪᰝ㸦1R㸧ࠉࠉ
᪥
୰㛫ሗ࿌㈨ᩱసᡂ
᭶
$0-,&$஦ົᡤ⾲ᩗ
30&3⾲ᩗࠊᑓ㛛ᐙཬࡧᅋෆᡴྜࡏ㸦ࢥࣥࢧࣝሗ࿌➼㸧
ⅆ
$0㎰ᴗ┬༠㆟
30෌⏕ྍ⬟࢚ࢿࣝࢠ࣮࢔࢝ࢹ࣑࣮༠㆟ࠊࣇ࣮ࣝࢻ♫༠㆟
Ỉ
ࣅࢩࣗࢣࢡⓎЍ1Rࢧ࢖ࢺㄪᰝЍ࢝ࣛࢥࣝ╔
ᮌ
㔠
$0ᕞ㎰ᴗᒁ⾲ᩗ
30ࣃ࢖ࣟࢵࢺ㎰ᐙどᐹ㸦1Rࠊ㸧
$0㸸ࣃ࢖ࣟࢵࢺ㎰ᐙどᐹ㸦1R㸪㸧
30㸸ᅋෆ༠㆟
ᅵ
30㸸ࢳ࣏ࣙࣝࣥ࢔ࢱЍࣅࢩࣗࢣࢡ⛣ືࠊࠉ
᪥
$0ホ౯ሗ࿌᱌᳨ウ㸦ㄪᰝᅋෆ㸧30ホ౯ሗ࿌᭩㸦᱌㸧సᡂ
᭶
ホ౯ሗ࿌᭩㸦᱌㸧సᡂࠊ࣑ࢽࢵࢶ᱌సᡂ
ⅆ
Ỉ
ᮌ
㔠
࢖ࢫࢱࣥࣈ࣮ࣝ╔ࠊࠉ࢖ࢫࢱࣥࣈ࣮ࣝⓎ7.Ѝ
ᅵ
ᡂ⏣╔
ࠉࠉࠉࠉࠉࠉ
ᡂ⏣Ⓨ7.Ѝ࢖ࢫࢱࣥࣈ࣮ࣝ╔
࢖ࢫࢱࣥࣈ࣮ࣝⓎ㸦7.Ѝࣅࢩࣗࢣࢡ╔
$0-&&ࣉࣞࢮࣥ㈨ᩱ㸦ホ౯⤖ᯝ㸧సᡂ㸭ホ౯ሗ࿌᭩㸦᱌㸧ཬࡧ࣑ࢽࢵࢶ᱌⩻ヂ㸦ⱥЍ㟢㸧ࠊ
30࣑ࢽࢵࢶ㸦᱌㸧༠㆟㸭-&&ࣉࣞࢮࣥ㈨ᩱ⩻ヂ㸦ⱥЍ㟢㸧
$0⌧ᆅㄪᰝሗ࿌᭩㸦࿴ᩥ㸧సᡂࠊ-&&‽ഛ
30-&&㛤ദ㸦ホ౯⤖ᯝࡢሗ࿌㸧ࠊ࣑ࢽࢵࢶ⨫ྡ
$0-,&$஦ົᡤཬࡧ኱౑㤋ሗ࿌
30㈨ᩱᩚ⌮ࠉࠉࠉࠉࠉࠉࠉࠉࠉࠉࠉࠉࠉࠉࠉࠉࠉࠉࠉࠉࠉࠉࠉࠉࠉࠉ㸦㸧ࣅࢩࣗࢣࢡⓎ㸦7.Ѝ
ᐁᅋဨ㸦ⴗཎࠊ᯽ᮌࠊᱵὠ㸧
㸫
㸫㸰㸬㎰ᴗ┬⤌⧊ᅗ
0LQLVWU\RIDJULFXOWXUHRIWKH.\UJ\]
5HSXEOLF
6WDWHYHWHULQDU\
LQVSHFWRUDWH
6WDWHYHWHULQDU\
GHSDUWPHQW
5HJLRQDOYHWHULQDU\
LQVSHFWRUDWHV
9HWHULQDU\DJHQFLHVLQ
UD\RQVDQGWRZQV
5HSXEOLFFHQWHURI
YHWHULQDU\GLDJQRVWLFV
'HSDUWPHQWRISDVWXUH
ODQG
5HJLRDQOLQWHUUD\RQVDQG
UD\RQVVWDWHFHQWHUVRI
YHWHULQDU\GLDJQRVWLFV
.\UJ\]DJURELR
FHQWHU
'HSDUWPHQWRIFKHPLFDOL]DWLRQ
SODQWSURWHFWLRQ
,QWHUUD\RQVDQGUD\RQVVWDWLRQV
RISODQWSURWHFWLRQ
*RYHUQPHQWVHUYLFHRQ
SODQWTXDUDQWLQH
,QWHUUD\RQVDQGUD\RQV
VWDWLRQVRISODQWTXDUDQWLQH
7RQJILVKIDUP
5HSXEOLFVWDWHVHHGLQVSHFWRUDWH
,QWHUUD\RQVDQGUD\RQDJHQFLHV
RIVHHGLQVSHFWRUDWH
6WDWHEUHHGLQJLQVSHFWRUDWH
6HQLRUDJHQF\RIVWDWH
YHWHULQDU\LQVSHFWRUDWHRQ
WKHVWDWHERUGHUVDQG
WUDQVSRUWV
)URQWLHUDGPLVVLRQSRLQWV
RISODQWTXDUDQWLQH
9HWHULQDU\SUHSDUDWLRQ
FRQWURODQGVHUWLILFDWLRQ
FHQWHU
$JUDULDQGHYHORSPHQW
GLYLVLRQVLQHDFKUD\RQV
'DWDSURFHVVLQJFHQWHU
³$\LOPDDOLPDW´5XUDOLQIR
3XEOLFLQGXVWU\³.\UJ\]
%DOLJL´.\UJ\]ILVK
6-6&³.\UJ\]WDPHNLVL´
.\UJ\]WDEDFFR
.\UJ\]%DOLJL8]JHQ
7RNWRJXO%D]DU.RUJRQ
7DODV6RQ.RO8FK
7HUHN
)LVKLQVSHFWRUDWH
6WDWHFRPPLWWHHRQYDULHW\
WHVWLQJ
*UDLQH[DPLQDWLRQFHQWHU
.\UJ\]1DWLRQDO$JUDULDQ
8QLYHUVLW\
3,³,UULJDWLRQ´
-6&³.\UJ\]DJURIRRG
FRUSRUDWLRQ´
6HOIILQDQFLQJDQG
FRRSHUDWLRQRUJDQL]DWLRQV
㸫㸫
㸱㸬ホ౯ࢢࣜࢵࢻ
㻝㻚ᐇ⦼䛾᳨ド
ホ౯㡯┠
ᢞධ䛾ᐇ⦼
ホ౯ㄪᰝ㡯┠
኱㡯┠
䚷䚷䚷䚷䚷ᑠ㡯┠
ᢞධ䛿ィ⏬㏻䜚ᐇ᪋䛥 ᢞධ䛿ィ⏬㏻䜚⾜䜟䜜䛯䛛
䜜䛯䛛
ุ᩿᪉ἲ
ィ⏬㏻䜚⾜䜟䜜䛺䛛䛳䛯ሙྜ䚸ᘢᐖ䛿⏕䛨䛯䛛
ᡂᯝ䛾㐩ᡂ≧ἣ ᡂᯝ䛿ィ⏬㏻䜚㐩ᡂ
䛩䜛ぢ㎸䜏䛛
ᡂᯝ㻝
䛂ᬑཬ䜢┠ⓗ
䛸䛧䛯㐺ษ䛺
䝞䜲䜸䜺䝇ᢏ
⾡䛜㛤Ⓨ䛥䜜
䜛㻌䛃
ᣦᶆ䛾㐩ᡂᗘ
ᣦᶆ䛂䚷䛃䛾฿㐩≧ἣ
,PSURYHPHQWRIELRJDVSODQWVIRU
OLYHVWRFNIDUPHUV
8VHU
VPDQXDORQRSHUDWLRQDQG
ᣦᶆ㻞㻙㻝䛂䚷䛃䛾฿㐩≧ἣ
䞉䛂ᬑཬᢸᙜ⪅䛃䛾ேᩘ
䞉ᬑཬᢸᙜ⪅䛾ᬑཬάື䛾≧
ἣ䚸
䞉ᑓ㛛ᐙ䛻䜘䜛ᢏ⾡ⓗ⬟ຊ㠃䛾
ホ౯
ᣦᶆ䛾㐩ᡂᗘ
䞉䝞䜲䜸䜺䝇ᬑཬ䛾ᢏ⾡◊ಟ䛾䞉஦ᴗ㐍ᤖሗ࿌᭩
ᩘ
䞉◊ಟᐇ᪋ሗ࿌᭩
䞉ཷㅮ䛧䛯◊ಟ䝁䞊䝇䛾◊ಟෆ
ᐜ䞉ཧຍ⪅䝸䝇䝖
◊ಟ㈨ᩱ
䞉◊ಟᐇ᪋ሗ࿌᭩
WHFKQLFDOFDSDFLW\IRUH[WHQVLRQZRUNRIWKH
ELRJDVWHFKQRORJLHV
2XWSXW7KH
H[LVWLQJILQDQFLDO
LQVWLWXWLRQVDQG
UHJXODWLRQV
UHODWHG WR
ᡂᯝ㻠䛂䝞䜲䜸
䜺䝇ᢏ⾡ᬑ
ཬ䛻㛵䛩䜛୰
ኸ䚸ᆅ᪉䚸⌧
ሙ㛫䛾㐃ᦠ
యไ䛜ᵓ⠏䛥
䜜䜛㻌䛃
2XWSXW7KH
FRRUGLQDWLRQ
DPRQJWKH
UHOHYDQW
ᣦᶆ㻝㻕䚷䛂䚷䛃䛾฿㐩≧ἣ
ᣦᶆ䛾㐩ᡂᗘ
䝞䜲䜸䜺䝇ᘓ⠏䜢ᨭ᥼ྍ⬟䛺㔠
⼥ᶵ㛵䛾᭷↓䚸ᩘ
䞉ᨭ᥼ྍ⬟䛺㔠⼥ᶵ㛵䛾䝃䞊䝡
䝇ෆᐜ䛾ኚ໬
䞉஦ᴗ㐍ᤖሗ࿌᭩
䞉▷ᮇ䞉㛗ᮇᑓ㛛ᐙᴗົ᏶
஢ሗ࿌᭩
䞉ᨭ᥼ྍ⬟䛺㔠⼥ᶵ㛵䛾
䝃䞊䝡䝇䝯䝙䝳䞊䠄䜲䞁䝍
䝡䝳䞊䚸どᐹ䠅
ᣦᶆ䛾㐩ᡂᗘ
୰ኸ䞉ᆅ᪉䞉⌧ሙ㛫䛷⾜䜟䜜䛯
఍㆟ᩘ䚸ෆᐜ
䞉ᑓ㛛ᐙᴗົ᏶஢ሗ࿌᭩
䞉஦ᴗ㐍ᤖሗ࿌᭩
䞉⌧ᆅㄪᰝ䠄䜲䞁䝍䝡䝳䞊䚸ど
ᐹ䠅
ᣦᶆ䛾㐩ᡂᗘ
ᬑཬ䛻㛵䜟䜛ᶵ㛵䛜Ỵ䜎䛳䛯≧ 䡡▷ᮇᑓ㛛ᐙᴗົ᏶஢ሗ࿌
ែ䛷䛾䚸䝛䝑䝖䝽䞊䜻䞁䜾䜔㐃ᦠ ᭩䠄ᱵὠᑓ㛛ᐙ䠛䠅
䛾䛯䜑䛾䜺䜲䝗䝷䜲䞁
䞉஦ᴗ㐍ᤖሗ࿌᭩
,PSURYHGVHUYLFHVRIWKHH[LVWLQJILDQFLDO
LQVWLWXWLRQVDQGUHJXODWLRQVUHODWHGWRH[WHQVLRQ
RIWKHELRJDVWHFKQRORJLHV
㖖㲨ᇫᇷᇫᇸቑⒿ拣䕅㽐
1RRIYDULRXVMRLQWPHHWLQJVRQH[WHQVLRQ
RIWKHELRJDVWHFKQRORJLHV
'HYHORSPHQWRIJXLGHOLQHRQ
OLQNDJHQHWZRUNLQJRIWKHRUJDQL]DWLRQV
FRQFHUQHGIRUH[WHQVLRQRIWKHELRJDV
WHFKQRORJLHV
ᡂᯝ㻡䛂䝞䜲䜸 ᣦᶆ㻡㻙㻝䚷䛂䚷䛃䛾㐩ᡂ≧ἣ
ᣦᶆ䛾㐩ᡂᗘ
䜺䝇ᢏ⾡䛜 1RRIVHPLQDURQWKHELRJDVWHFKQRORJLHVIRU
㎰ᮧఫẸ䛻 XVHUV
ᗈ䛟࿘▱䛥䜜
䜛㻌䛃
2XWSXW7KH
ELRJDV
WHFKQRORJLHV
DUHZLGHO\
N
䞉஦ᴗ㐍ᤖሗ࿌᭩
䞉ᑓ㛛ᐙ䠄▷ᑓ䞉㛗ᑓ䠅ᴗົ
᏶஢ሗ࿌᭩
䞉඲⌧ሙ䛾⫋ဨ㓄⨨䝸䝇䝖
ᣦᶆ䛾㐩ᡂᗘ
1RRISHUVRQQHODQGWKHLUGHJUHHRI
1RRIWHFKQLFDOWUDLQLQJIRUSHUVRQQHOLQ
㔠㢠ⓗ䛻䜒ᬑཬ䛻ぢྜ䛖䚸ᬑཬ 䡡஦ᴗ㐍ᤖሗ࿌᭩
⏝䛾䝞䜲䜸䜺䝇䝥䝷䞁䝖䛾䝕䝄䜲䡡ᑓ㛛ᐙᴗົ᏶஢ሗ࿌᭩
䞁䚸ᘓ⠏ᢏ⾡㻔㻫㻕䛾᭷↓
ᬑཬ⏝䝞䜲䜸䜺䝇䝥䝷䞁䝖䛾㐠䝬䝙䝳䜰䝹
⏝䛸⥔ᣢ⟶⌮⏝䛾᏶ᡂ∧䝬䝙䝳
䜰䝹
䝞䜲䜸䜺䝇䛸ᾮ⫧䛾౑⏝䛻䛴䛔䝬䝙䝳䜰䝹
䛶䛾᏶ᡂ∧䝬䝙䝳䜰䝹
FKDUJHRIH[WHQVLRQZRUNRIWKHELRJDV
2XWSXW7KH
WHFKQRORJLHV
FDSDFLW\RI
SHUVRQQHO
'HYHORSPHQWRIWHDFKLQJPDWHULDOVWH[WERRNVᣦᶆ䛾㐩ᡂᗘ
UHODWHGWR
H[WHQVLRQRIWKH IRUH[WHQVLRQRIWKHELRJDVWHFKQRORJLHV
ELRJDV
WHFKQRORJLHVLV
ᡂᯝ㻟䛂䝞䜲䜸
䜺䝇ᬑཬ䛾䛯
䜑䛾㎰Ẹ䛻
ᑐ䛩䜛㐺ษ䛺
⼥㈨ไᗘ䛜
ぢ┤䛥䜜䜛䛃
᝟ሗ※䞉᝟ሗ཰㞟䛾᪉ἲ
䡡஦ᴗ㐍ᤖሗ࿌᭩
䡡ᑓ㛛ᐙᴗົ᏶஢ሗ࿌᭩
䞉㻶㻯㻯ሗ࿌᭩
ィ⏬㏻䜚⾜䜟䜜䛺䛛䛳䛯ሙྜ䚸䡡஦ᴗ㐍ᤖሗ࿌᭩
ᘢᐖ䛿⏕䛨䛯䛛
䡡ᑓ㛛ᐙᴗົ᏶஢ሗ࿌᭩
䞉㻶㻯㻯ሗ࿌᭩
2XWSXW7KH
PDLQWHQDQFHRIWKHLPSURYHGELRJDVSODQWV
DSSURSULDWH
ELRJDV
8VHU
VPDQXDORQXWLOL]DWLRQRIELRJDVDQG
WHFKQRORJLHV
OLTXLHGIHUWLOL]HUSURGXFHGDWELRJDVSODQWV
DUHGHYHORSHG
ᡂᯝ㻞
䛂䝞䜲䜸䜺䝇
ᢏ⾡䛾⌧ሙ
䛻ᑐ䛩䜛୰ኸ
䛸ᆅ᪉䛾ᐁẸ
ඹྠ䛾ᬑཬ
ேᮦ䛜⫱ᡂ䛥
䜜䜛䛃
ᚲせ䛺᝟ሗ䞉䝕䞊䝍
ィ⏬䛸ᐇ⦼䛾ẚ㍑ ᢞධ䛿ィ⏬㏻䜚⾜䜟䜜䛯䛛
'HYHORSPHQWRISDPSKOHWOHDIOHWIRU
㻯㻾㻱㻭䛷ᐇ᪋䛧䛯䝞䜲䜸䜺䝇ᢏ⾡䞉஦ᴗ㐍ᤖሗ࿌᭩
䛾฼⏝⪅ྥ䛡䝉䝭䝘䞊ᩘ䚸ཧຍ 䞉ᑓ㛛ᐙᴗົ᏶஢ሗ࿌᭩
⪅ᩘ䚸ෆᐜ➼
䞉䝉䝭䝘䞊ᐇ᪋ሗ࿌
ᣦᶆ䛾㐩ᡂᗘ
ᬑཬ⏝䛾䝟䞁䝣䝺䝑䝖➼
䞉஦ᴗ㐍ᤖሗ࿌᭩
ᣦᶆ䛾㐩ᡂᗘ
ᬑཬ䛾䛯䜑䛾䝥䝺䝇⏝䝇䝍
䝕䜱䞊䝒䜰䞊ᩘ䚸ཧຍ⪅ᩘ
䞉஦ᴗ㐍ᤖሗ࿌᭩
ᣦᶆ䛾㐩ᡂᗘ
䡡㻯㻾㻱㻭䛜ᨭ᥼ྍ⬟䛺䚸㎰Ẹ䛷㐠
Ⴀ䛷䛝䜛䝞䜲䜸䜺䝇䝥䝷䞁䝖᏶ᡂ
∧
䞉ᘓ⠏๓䛾ィ⏬స䜚䛛䜙㐠Ⴀ䜎
䛷䛾ᨭ᥼௜䛝䛾㈨㔠ㄪ㐩ィ⏬
➼➼
䞉ᑓ㛛ᐙᴗົ᏶஢ሗ࿌᭩
䞉஦ᴗ㐍ᤖሗ࿌᭩
䞉ᬑཬ㛵ಀ䛾Ẹ㛫ᅋయ䚸
㻯㻾㻱㻭ᡤ㛗䜙䛛䜙䛾⪺䛝ྲྀ䜚
ᣦᶆ䛾㐩ᡂᗘ
䝞䜲䜸䜺䝇ᘓ⠏䜢ᨭ᥼ྍ⬟䛺㔠
⼥ᶵ㛵䛾᭷↓䚸ᩘ
䞉ᨭ᥼ྍ⬟䛺㔠⼥ᶵ㛵䛾䝃䞊䝡
䝇ෆᐜ䛾ኚ໬
䞉஦ᴗ㐍ᤖሗ࿌᭩
䞉ᑓ㛛ᐙ䠄▷ᮇ䞉㛗ᮇ䠅ᴗົ
᏶஢ሗ࿌᭩
䞉㔠⼥ᶵ㛵䛾䝃䞊䝡䝇䝯
䝙䝳䞊䠄䜲䞁䝍䝡䝳䞊䚸どᐹ䠅
ᣦᶆ䛾㐩ᡂᗘ
ᑐ㇟ᆅᇦ䛷䛾䚸ᐁẸ㐃ᦠ䛾䝞䜲
䜸䜺䝇䝥䝷䞁䝖㛵㐃䛾ᬑཬάື
䛾㢖ᗘ䚸
䞉ᐁഃ䛾ᴗົෆᐜ䛾ኚ໬
䞉ᐁഃ䛾ᴗົᡤᤸෆᐜ
䞉஦ᴗ㐍ᤖሗ࿌᭩
䞉ᑓ㛛ᐙ䠄▷ᮇ䞉㛗ᮇ䠅ᴗົ
᏶஢ሗ࿌᭩
ᣦᶆ䛾㐩ᡂᗘ
䝞䜲䜸䜺䝇ᢏ⾡⤂௓䛻㛵㐃䛩䜛
䜾䝑䝈
LQWURGXFLQJWKHELRJDVWHFKQRORJLHVLQFOYLGHRV
1RRISUHVVWRXUVVWXG\WRXUVWRWKHSLRW
SURMHFWVLWHV
䝥䝻䝆䜵䜽䝖┠ᶆ 䝥䝻䝆䜵䜽䝖┠ᶆ䛂䝞䜲 ᣦᶆ䛂䛃䛾฿㐩≧ἣ
䛾㐩ᡂ≧ἣ
䜸䜺䝇ᢏ⾡䜢ᆅ᪉㎰ᮧ 'HYHORSPHQWRIWKHLPSURYHGELRJDVSODQWVIRUOLYHVWRFN
㒊䛻ᬑཬ䛩䜛䛯䜑䛾䝰 IDUPHUV
䝕䝹ⓗ䛺௙⤌䜏䜢ᵓ
⠏䛩䜛䛃䛾㐩ᡂ≧ἣ
3URMHFWSXUSRVH
㐩ᡂ䛜୙༑ศ䛺ሙྜ䛿䛭䛾⌮⏤
7KHH[WHQVLRQRV\VWHPRI
WKHLPSURYHGELRJDV
WHFKQRORJLHVLVHVWDEOLVKHG
ᣦᶆ䛂䛃䛾฿㐩≧ἣ
5HYLHZRIWKHSUHVHQWILQDQFLDOLQVWLWXWLRQVDQGUHJXODWLRQV
UHODWHGWRH[WHQVLRQRIWKHELRJDVWHFKQRORJLHV
㐩ᡂ䛜୙༑ศ䛺ሙྜ䛿䛭䛾⌮⏤
ᣦᶆ䛂䛃䛾฿㐩≧ἣ
(VWDEOLVKPHQWRIH[WHQVLRQV\VWHPRIWKHELRJDVWHFKQRORJLHV
WKURXJKSXEOLFSULYDWHFROODERUDWLRQIRUUXUDODUHDV
㐩ᡂ䛜୙༑ศ䛺ሙྜ䛿䛭䛾⌮⏤
ୖ఩┠ᶆ䛾㐩ᡂ ୖ఩┠ᶆ䛂䝞䜲䜸䜺䝇 ᣦᶆ䛂䛃䛾฿㐩≧ἣ
≧ἣ
ᢏ⾡䛾ᆅ᪉㎰ᮧ㒊䜈 1RRIUHOHYDQWSURGXFWVLQWURGXFLQJWKHLPSURYHGELRJDV
䛾ᬑཬ䛜㐍䜏䚸ྠᢏ⾡ WHFKQRORJLHV
䜢᥇⏝䛧䛯ఫẸ䛾⏕ィ
䛜ྥୖ䛩䜛䛃䛾㐩ᡂ≧ ᣦᶆ䛂䛃䛾฿㐩≧ἣ
1RRIKRXVHKROGZKRVHOLYLQJFRQGLWLRQVLVLPSURYHGE\
ἣ
DGRSWLQJWKHELRJDVWHFKQRORJLHV
䝞䜲䜸䜺䝇ᢏ⾡䛾฼⏝䛻䜘䛳䛶䞉⿻┈⪅ᑐ㇟䛾ㄪᰝሗ࿌
⏕ά䛜ᨵၿ䛧䛯ᐙ᪘ᩘ
䞉䜻ഃᨻᗓᶵ㛵䛻䜘䜛㛵㐃
ሗ࿌᭩
2YHUDOO*RDO
7KHELRJDVWHFKQRORJLHV
DUHGLVVHPLQDWHGLQUXUDO
DUHDVDQGWKHOLYLQJ
FRQGLWLRQRIWKHUXUDO
ୖ఩┠ᶆ㐩ᡂ䛾ぢ㎸䜏䛿䛒䜛䛛
ᣦᶆ௨እ䛾ຠᯝ䛾
Ⓨ⌧
SHRSOHDGRSWLQJWKHVH
WHFKQRORJLHVLVLPSURYHG
㸫㸫
㻞㻚ᐇ᪋䛾䝥䝻䝉䝇
ホ౯ㄪᰝ㡯┠
ホ౯㡯┠
኱㡯┠
䚷䚷䚷䚷䚷䚷ᑠ㡯┠
άື䛾ᐇ᪋≧ἣ άື䛿ィ⏬㏻䜚ᐇ᪋䛥 άື䛿ィ⏬㏻䜚ᐇ᪋䛥䜜䛶䛔䜛䛛
䜜䛶䛔䜛䛛䚹
ุ᩿᪉ἲ
㻼㻻䛾ᐇ᪋≧ἣ
ၥ㢟䛜䛒䛳䛯ሙྜ䚸ㅮ䛨䛯ᑐ⟇䛿䛒䜛䛛
ㅮ䛨䛯ᑐ⟇䛾᭷↓ ၥ㢟䜈䛾ᑐᛂ᪉ἲ䚸ᑐ⟇
᝟ሗ※䞉᝟ሗ཰㞟䛾᪉ἲ
䞉஦ᴗ㐍ᤖሗ࿌᭩
䞉ᑓ㛛ᐙᖐᅜሗ࿌᭩
䞉஦ᴗ㐍ᤖሗ࿌᭩
䞉㻯㻾㻱㻭䚸ᡤ⟶ᒁ䛛䜙䛾⪺䛝
ྲྀ䜚
㻶㻯㻯䛜㐺ᐅ㛤ദ䛥䜜䚸䝥䝻䝆䜵䜽䝖䛾㐠Ⴀ䛻ά⏝䛥䜜䛶㻶㻯㻯䛾ᅇᩘ䚸ෆᐜ 㻶㻯㻯䛾ᐇ᪋ᅇᩘ䚸ሗ࿌䜔༠㆟ෆ 䞉㻶㻯㻯ሗ࿌᭩
䛔䜛䛛
䛾㐺ษ䛥
ᐜ
䝰䝙䝍䝸䞁䜾䛾
ᐇ᪋≧ἣ
ᑓ㛛ᐙ䛸䜹䜴䞁
䝍䞊䝟䞊䝖䛾㛵
ಀ
ᚲせ䛺᝟ሗ䞉䝕䞊䝍
㻼㻻䛻ᑐ䛩䜛άື㐍ᤖ≧ἣ
ᢏ⾡⛣㌿䛿෇⁥䛻⾜
䜟䜜䛶䛔䜛䛛
ᐃᮇⓗ䛻䝭䞊䝔䜱䞁䜾䜢㛤ദ䛩䜛䛺䛹䚸䛭䛾௚䝰䝙䝍䝸䞁䝥䝻䝆䜵䜽䝖఍㆟䚸䝥䝻䝆䜵䜽䝖఍㆟ᐇ᪋≧ἣ䛸㆟
䜾άື䛿ᐇ᪋䛥䜜䛶䛔䜛䛛
ᡴ䛱ྜ䜟䛫䛺䛹䛾㢟䚸䝥䝻䝆䜵䜽䝖άື඲⯡䛾䝰䝙
ᅇᩘ
䝍䝸䞁䜾䛾䛯䜑䛾ᡴ䛱ྜ䜟䛫䛺
䛹
䜹䜴䞁䝍䞊䝟䞊䝖䛾⬟ຊྥୖ䛾≧ἣ
༠ຊෆᐜ䛻ᑐ䛩䜛㻯㻛㻼䛾ព㆑䛾
㻯㻛㻼䛾ព㆑䛾ኚ
໬䚸◊ಟෆᐜ䜔䝞 ኚ໬䚸◊ಟෆᐜ䛻䛴䛔䛶䛾ㄆ
䜲䜸䜺䝇䛾ᬑཬ䜈 ㆑䚸䝞䜲䜸䜺䝇䛾ᬑཬ䛾ᐇ㊶≧
ἣ
䛾ㄆ㆑䛾ኚ໬
䞉䝥䝻䝆䜵䜽䝖఍㆟グ㘓
䞉ᡤ⟶ᒁ䛸䛾఍㆟グ㘓➼
㻯㻛㻼䛜ᢏ⾡⛣㌿䛾䛯䜑䛻ᚲせ䛺᫬㛫䜢☜ಖ䛧䛶䛔䜛䛛䝥䝻䝆䜵䜽䝖άື䛻䝥䝻䝆䜵䜽䝖άື䛻๭䛟᫬㛫
๭䛟᫬㛫
ᑓᒓ䛾㻯㻛㻼ᩘ
䞉ᑓ㛛ᐙ䛛䜙䛾⪺䛝ྲྀ䜚
䞉㻯㻛㻼䛛䜙䛾⪺䛝ྲྀ䜚
䞉㻯㻛㻼䛛䜙䛾⪺䛝ྲྀ䜚
䞉ᡤ⟶ᒁ➼㛵ಀᶵ㛵䛛䜙䛾
⪺䛝ྲྀ䜚
䞉ᑓ㛛ᐙ䛛䜙䛾⪺䛝ྲྀ䜚
䝁䝭䝳䝙䜿䞊䝅䝵䞁䛿㐺 ᑓ㛛ᐙ䛸㻯㻛㻼㛫䛾䝁䝭䝳䝙䜿䞊䝅䝵䞁䛿☜ಖ䛥䜜䛶䛔䜛
ษ䛛
䛛
䝁䝭䝳䝙䜿䞊䝅䝵䞁 ᑓ㛛ᐙ䛸㻯㻛㻼䛸䛾఍㆟ᅇᩘ䜔㆟ 䞉㻯㻛㻼ྥ䛡⪺䛝ྲྀ䜚
䛾㢖ᗘ䜔᫬㛫
஦ෆᐜ䚸䛭䛾௚䛾ヰ䛧ྜ䛔䛾ᶵ 䞉ᡤ⟶ᒁ➼㛵ಀᶵ㛵䛛䜙䛾
఍䛾᭷↓
⪺䛝ྲྀ䜚
䞉ᑓ㛛ᐙ䛛䜙䛾⪺䛝ྲྀ䜚
ᐇ᪋ᶵ㛵䜔㻯㻛㻼䛾䝥䝻㻯㻛㻼䛸㛵ಀ⪅䛾䝥䝻䝆䜵䜽䝖䛻ᑐ䛩䜛ㄆ㆑䛿㧗䛔䛛
䝆䜵䜽䝖䛻ᑐ䛩䜛ㄆ㆑
䛿㧗䛔䛛
䝥䝻䝆䜵䜽䝖඲⯡䛻
䛴䛔䛶䛾⌮ゎ䚸ᑗ
᮶ⓗ䝡䝆䝵䞁䛾᭷
↓
㻯㻛㻼䛜⮬୺ⓗ䛻⾜
䛖άື䛾᭷↓䚸ෆ
ᐜ䛾㔜せᛶ
䜹䜴䞁䝍䞊䝟䞊䝖䜹䜴䞁䝍䞊䝟䞊䝖䛜୺
䛾䜸䞊䝘䞊䝅䝑 యᛶ䜢ᣢ䛳䛶䝥䝻䝆䜵
䝥
䜽䝖䜢㐠Ⴀ䛧䛶䛔䜛䛛
䜹䜴䞁䝍䞊䝟䞊䝖䛿⮬୺ⓗ䛻άື䜢⾜䛳䛶䛔䜛䛛䚹
㻙䝥䝻䝆䜵䜽䝖䝎䜲䝺䜽䝍䞊䠄㻼㻰㻕䚸䝥䝻䝬䝛䝺䝧䝹䠄㻼㻹㻕
㻙◊ಟ䛾ཷㅮ⪅୍⯡㻦䝥䝻䝆䜵䜽䝖䛻ᑐ䛩䜛ព㆑䛿㧗䛔䛛 ཷㅮ⏕䛜◊ಟᚋ䛻 ཷㅮ⏕䛜◊ಟ䛛䜙Ꮫ䜣䛰ෆᐜ
ᐇ㊶䛧䛶䛔䜛άື 䛾䛖䛱䚸ᐇ㊶䛧䛶䛔䜛άື䛾᭷
䛾᭷↓䚸ෆᐜ
↓䚸ෆᐜ
䞉ཷㅮ⏕䛛䜙䛾⪺䛝ྲྀ䜚
䞉ཷㅮ⏕䛾ୖྖ䞉ྠ൉➼䛛䜙
䛾⪺䛝ྲྀ䜚
䜒䛧⮬୺ⓗ䛻ᐇ᪋䛷䛝䛺䛔ሙྜ䚸ᑡ䛺䛟䛶䜒䛂⮬ศ䛾䝥䝻㻯㻛㻼䚸◊ಟཷㅮ⏕ 㻼㻰䜔㻼㻹䚸䝖䝺䞊䝘䞊䚸◊ಟ⏕䛾
䝆䜵䜽䝖䛾άື䛻㈐௵䜢ᣢ䛴䛃䛸䛔䛖ព㆑䛿䛒䜛䛛
䛜⮬୺ⓗ䛻⾜䛖ά ྛ䝺䝧䝹䛷䚸ᙼ䜙䛾▱㆑⤒㦂䜢
ື䛾᭷↓䚸ෆᐜ䛾䜒䛸䛻⮬୺ⓗ䛻ᐇ᪋䛧䛶䛔䜛ά
㔜せᛶ
ື䛸ෆᐜ
䞉㻯㻛㻼䛛䜙䛾⪺䛝ྲྀ䜚
䞉ཷㅮ⏕䛛䜙䛾⪺䛝ྲྀ䜚
䞉ཷㅮ⏕䛾ୖྖ➼䛛䜙䛾⪺
䛝ྲྀ䜚
䞉ᑓ㛛ᐙ䛛䜙䛾⪺䛝ྲྀ䜚
㻯㻾㻱㻭䜢ᡤ⟶䛩䜛ᒁ䜔㻙㐺ษ䛺ᩘ䛾㻯㻼䛜㓄⨨䛥䜜䛯䛛
┬䛾䝥䝻䝆䜵䜽䝖䛻ᑐ 㻙ண⟬ᥐ⨨㻘ண⟬ቑ㢠䜈䛾ດຊ䛿䛧䛶䛔䜛䛛
䛩䜛ព㆑䛿䛹䛖䛛䠄ண
⟬㓄ศ䚸௒ᚋ䛾◊ಟ䛾
⥅⥆ᐇ᪋䛺䛹䠅
䝬䝛䝆䝯䞁䝖యไ ᪥ᮏ䛾䝥䝻䝆䜵䜽䝖ᐇ
᪋యไ䛿㐺ษ䛛
䜹䜴䞁䝍䞊䝟䞊䝖䛜ᙼ䜙䛾▱㆑ 䞉㻯㻛㻼䛛䜙䛾⪺䛝ྲྀ䜚
⤒㦂䜢ඖ䛻⮬୺ⓗ䛻ᐇ᪋䛧䛶䛔䞉ᑓ㛛ᐙ䛛䜙䛾⪺䛝ྲྀ䜚
䜛άື䛸ෆᐜ
㻯㻛㻼䛜⮬୺ⓗ䛻⾜䝖䝺䞊䝘䞊䛸䛧䛶㓄⨨䛥䜜䛶䛔䜛䞉㻯㻛㻼䛛䜙䛾⪺䛝ྲྀ䜚
䛖άື䛾᭷↓䚸ෆ ⫋ဨ䛜ᙼ䜙䛾▱㆑⤒㦂䜢ඖ䛻⮬ 䞉ᑓ㛛ᐙ䛛䜙䛾⪺䛝ྲྀ䜚
ᐜ䛾㔜せᛶ
୺ⓗ䛻ᐇ᪋䛧䛶䛔䜛άື䛸ෆᐜ
㻙ᬑཬ䜢ᢸ䛖ᢸᙜ⪅䠄ᐁ䞉Ẹ䠅
௒ᚋ䛾䝞䜲䜸䜺䝇䛾ᢏ
⾡ᬑཬ䜢ಁ㐍䛩䜛άື
䜢䚸୺యᛶ䜢ᣢ䛳䛶ᑐ
ᛂ䛧䛶䛔䜛䛛
䝥䝻䝆䜵䜽䝖䛾ᡂᯝ㐩ᡂ≧ἣ䛻䞉㻯㻛㻼䛛䜙䛾⪺䛝ྲྀ䜚
䛴䛔䛶䛾⌮ゎ䚸ᑗ᮶ⓗ䛺䝡䝆䝵䞁䞉䝞䜲䜸䜺䝇ᬑཬ䛾Ẹ㛫఍
♫䛛䜙䛾⪺䛝ྲྀ䜚
㻯㻛㻼⫋ဨ㓄⨨ᩘ䚸䜹䜴䞁䝍䞊䝟䞊䝖㓄⨨ᩘ䚸
ண⟬ᥐ⨨䛾㢠䚸
ᐇ㝿䛻㓄ศ䛥䜜䛯ண⟬䛾㢠䚸
ண⟬ቑ㢠䜈䛾ྲྀ⤌ ண⟬ቑ㢠䜈䛾ྲྀ⤌ෆᐜ
䛾᭷↓
㻯㻾㻱㻭䜎䛯䛿ᢸᙜ䛾ᐁᗇ䛷䚸௒ᚋ䝟䜲䜸䜺䝇ᢏ⾡䛾ᬑ
ཬ䠄㈨㔠ィ⏬స䜚䚸ᘓタ䚸ཧຍᆺ㐠Ⴀ䚸⥔ᣢ⟶⌮➼䠅䜢
ಁ㐍䛩䜛ィ⏬䜢ᐇ᪋䛧䛶䛔䜛䛛䠄ᙜ䝥䝻䝆䜵䜽䝖௨እ䛷
୺యⓗ䛻䠅
䞉㻯㻛㻼⫋ဨ䝸䝇䝖
䞉㻯㻾㻱㻭䛛䜙䛾⪺䛝ྲྀ䜚
䝞䜲䜸䜺䝇ᬑཬ䛾 ᢸᙜᐁᗇ➼䛾䚸䝞䜲䜸䜺䝇ᬑཬ 䞉㻹㻭㼃㻾䚸㻼㻰䚸㻼㻹䛛䜙䛾⪺
䛯䜑䛾᪉⟇䚸ᡓ␎ 䛾䛯䜑䛾᪉⟇䚸ᡓ␎➼䚸᭱㏆䛾䛝ྲྀ䜚
➼䚸᭱㏆䛾㈨ᩱ䛾㈨ᩱ䛾᭷↓
᭷↓
᪥ᮏഃ䛾䝥䝻䝆䜵䜽䝖ᐇ᪋యไ䛿䚸άື䜢ᐇ᪋䛩䜛䛾䛻 ᑓ㛛ᐙ䛻䜘䜛άື ᑓ㛛ᐙ䛾㓄⨨≧ἣ䛸άືෆᐜ
༑ศ䛷䛒䛳䛯䛛
䛾䝣䜷䝻䞊≧ἣ
䞉ᑓ㛛ᐙ䛛䜙䛾⪺䛝ྲྀ䜚
䞉㻯㻛㻼䛛䜙䛾⪺䛝ྲྀ䜚
㻶㻵㻯㻭ഃ䛿䝥䝻䝆䜵䜽䝖䛻ᑐ䛧䛶䚸㐺ษ䛺䝰䝙䝍䝸䞁䜾䜔ຓ 㻶㻵㻯㻭஦ົᡤ䛾䝣䜷㻶㻵㻯㻭஦ົᡤ䛸䛾ᡴ䛱ྜ䜟䛫㢖
ゝ䜢⾜䛳䛶䛔䜛䛛
䝻䞊≧ἣ
ᗘ䚸ᡴ䛱ྜ䜟䛫ෆᐜ
䞉ᑓ㛛ᐙ䛛䜙䛾⪺䛝ྲྀ䜚
䜻䝹䜼䝇ഃ䛾䝥䝻䝆䜵㻹㻭㼃㻾䛾ᢸᙜᒁ䛿䛹䜜䛟䜙䛔䛾㢖ᗘ䜔ෆᐜ䜢䝰䝙䝍䝸䞁 ᒁ䛻䜘䜛䝣䜷䝻䞊
䜽䝖ᐇ᪋యไ䛿㐺ษ䛛䜾䛧䛶䛔䜛䛛
≧ἣ
ᒁ䛸㻯㻾㻱㻭䛻䜘䜛ᡴྜ䛫㢖ᗘ䚸ᡴ 䞉㻯㻛㻼䛛䜙䛾⪺䛝ྲྀ䜚
䛱ྜ䜟䛫ෆᐜ
䞉ᢸᙜᒁ䛛䜙䛾⪺䛝ྲྀ䜚
㻟㻚ホ౯㻡㡯┠䛻䜘䜛ホ౯
ホ౯㡯┠
ጇᙜᛶ
ホ౯ㄪᰝ㡯┠
኱㡯┠
䚷䚷䚷䚷䚷䚷ᑠ㡯┠
䜻䝹䜼䝇䛾ᅜᐙ㛤Ⓨ 䝥䝻䝆䜵䜽䝖㛤ጞᚋ䛻ᨵゞ䛥䜜䛶䛔䜛䛛
ィ⏬䚸ᨻ⟇䛸䛾ᩚྜᛶ
ุ᩿᪉ἲ
ཷ┈⪅䛾䝙䞊䝈䛸䛾ᩚ 䝥䝻䝆䜵䜽䝖䛿ᡤ⟶ᒁ䛾䝙䞊䝈䛻ᩚྜ䛧䛶䛔䜛䛛
ྜᛶ
䝥䝻䝆䜵䜽䝖䛿㎰ᐙ䛾䝙䞊䝈䛻ᩚྜ䛧䛶䛔䜛䛛
᪥ᮏ䛾᥼ຓᨻ⟇䛸䛾
ᩚྜᛶ
᪥ᮏ䛾ᢏ⾡ⓗ䛺ඃ఩
ᛶ
ᚲせ䛺᝟ሗ䞉䝕䞊䝍
᝟ሗ※䞉᝟ሗ཰㞟䛾᪉ἲ
㛵㐃ᨻ⟇䛾ኚ᭦䛾㛵㐃ᅜᐙィ⏬䚸ᨻ⟇䛻ኚ᭦䛿䛒䡡ᑓ㛛ᐙ䛛䜙䛾᝟ሗ཰㞟
᭷↓
䜛䛛
䞉ᡤ⟶ᒁ䛛䜙䛾⪺䛝ྲྀ䜚
ᡤ⟶ᒁ䛾䝙䞊䝈䛸 ᡤ⟶ᒁ䛾ᐇ᪋ィ⏬䛺䛹䛻ኚ᭦
䛾ᩚྜᛶ䛾᭷↓ 䛿䛒䜛䛛
䞉ᡤ⟶ᒁ䚸㻯㻾㻱㻭䛛䜙䛾⪺䛝
ྲྀ䜚
䝞䜲䜸䜺䝇䛻䛴䛔㎰ᐙ䝙䞊䝈䛾᭷↓
䛶䛾㎰ᐙ䝙䞊䝈䛾
᭷↓
䞉㎰ᐙ䚸㻯㻾㻱㻭䛛䜙䛾⪺䛝ྲྀ
䜚
ᑐ䜻䝹䜼䝇ᅜู᥼ຓィ⏬䠄䜎䛯䛿䝻䞊䝸䞁䜾䝥䝷䞁䠅䛿䚸 ᅜู᥼ຓィ⏬䛸䛾 ᅜู᥼ຓィ⏬䠄䜎䛯䛿䝻䞊䝸䞁 ᑐ䜻䝹䜼䝇ᅜู᥼ຓィ⏬
ᩚྜᛶ
䜾䝥䝷䞁䠅䛻䚸䝞䜲䜸䜺䝇ศ㔝༠
䝥䝻䝆䜵䜽䝖㛤ጞᚋ䛻ኚ᭦䛥䜜䛶䛔䜛䛛䚹
ຊ䛾グ㏙䛜䛒䜛䛛
ᑐ䜻䝹䜼䝇ᅜู஦ᴗᐇ᪋ィ⏬䛿䝥䝻䝆䜵䜽䝖㛤ጞᚋ䛻
ᨵゞ䛥䜜䛶䛔䜛䛛
ᅜู஦ᴗᐇ᪋ィ⏬ ᅜู᥼ຓᐇ᪋ィ⏬䛻䝞䜲䜸䜺䝇 ᑐ䜻䝹䜼䝇ᅜู஦ᴗᐇ᪋ィ
䛸䛾ᩚྜᛶ
ᬑཬศ㔝䛾グ㏙䛜䛒䜛䛛
⏬
ᢏ⾡䝜䜴䝝䜴䛜⵳✚䛥䜜䛶䛔䜛ศ㔝䛛䚹
᪥ᮏ䛾ᢏ⾡ⓗ⵳✚ 㛵㐃ศ㔝ᢏ⾡༠ຊ䛾ᐇ⦼
䛾᭷↓
㸫㸫
䞉ᑓ㛛ᐙ䛛䜙䛾⪺䛝ྲྀ䜚
䞉㛵㐃ศ㔝༠ຊ䛾ሗ࿌᭩
᭷ຠᛶ
䝥䝻䝆䜵䜽䝖┠ᶆ䛾㐩
ᡂぢ㎸䜏
䝥䝻䝆䜵䜽䝖┠ᶆ㐩ᡂ
䛾㈉⊩䞉㜼ᐖせᅉ
䝥䝻䝆䜵䜽䝖┠ᶆ㐩ᡂ
䛾㜼ᐖせᅉ
ホ౯㡯┠
ຠ⋡ᛶ
኱㡯┠
᪥ᮏഃ䛾ᢞධ䛿㐺ษ
䛛
ᣦᶆ䛂㻌䛃䛾฿㐩≧ἣ
㻝㻌㻰㼑㼢㼑㼘㼛㼜㼙㼑㼚㼠㻌㼛㼒㻌㼠㼔㼑㻌㼕㼙㼜㼞㼛㼢㼑㼐㻌㼎㼕㼛㼓㼍㼟㻌㼜㼘㼍㼚㼠㼟㻌㼒㼛㼞
㼘㼕㼢㼑㼟㼠㼛㼏㼗㻌㼒㼍㼞㼙㼑㼞㼟
䞉ୖグ䛻ྠ䛨
ᣦᶆ䛂㻌䛃䛾฿㐩≧ἣ
㻞㻌㻾㼑㼢㼕㼑㼣㻌㼛㼒㻌㼠㼔㼑㻌㼜㼞㼑㼟㼑㼚㼠㻌㼒㼕㼚㼍㼚㼏㼕㼍㼘㻌㼕㼚㼟㼠㼕㼠㼡㼠㼕㼛㼚㼟㻌㼍㼚㼐
㼞㼑㼓㼡㼘㼍㼠㼕㼛㼚㼟㻌㼞㼑㼘㼍㼠㼑㼐㻌㼠㼛㻌㼑㼤㼠㼑㼚㼟㼕㼛㼚㻌㼛㼒㻌㼠㼔㼑㻌㼎㼕㼛㼓㼍㼟
㼠㼑㼏㼔㼚㼛㼘㼛㼓㼕㼑㼟
䞉ୖグ䛻ྠ䛨
┠ᶆ㐩ᡂ䛻ᙳ㡪䜢୚䛘䜛せᅉ䛿ఱ䛛
┠ᶆ㐩ᡂ䛾㈉⊩䞉 ┠ᶆ㐩ᡂ䛻㈉⊩䞉㜼ᐖ䛩䜛㞀ᐖ 䞉ᑓ㛛ᐙ䛛䜙䛾⪺䛝ྲྀ䜚
㜼ᐖせᅉ䛾᭷↓ 䛜䛒䜛䛛
䞉㻯㻛㻼䛛䜙䛾⪺䛝ྲྀ䜚
እ㒊᮲௳䛂෤䛾Ẽೃ䛜ᴟ➃䛻ప䛟䛺䜙䛺䛔䛃䛿ᢸಖ䛥䜜 ᴟᐮ䛷䛺䛔䛛
Ẽ ᝟ሗ
䛶䛔䜛䛛
እ㒊᮲௳䛂ᐙ␆㢌ᩘ䛜ῶ䜙䛺䛔䞉ቑ䛘䜛䛃䛿☜ಖ䛥䜜䛶 ᐙ␆㢌ᩘ䛾ῶᑡ䛾 ᑐ㇟ᮧⴠ䛾ᐙ␆㣫⫱㢌ᩘ䛾ኚ
䛔䜛䛛
᭷↓
໬
ホ౯ㄪᰝ㡯┠
䚷䚷䚷䚷䚷䚷ᑠ㡯┠
ᑓ㛛ᐙ䛾ὴ㐵ேᩘ䚸ᑓ㛛ᛶ䚸ὴ㐵᫬ᮇ䛿㐺ṇ䛛
ุ᩿᪉ἲ
ᚲせ䛺᝟ሗ䞉䝕䞊䝍
䞉ᑓ㛛ᐙ䚸ᬑཬᢸᙜ⪅䚸
㻯㻾㻱㻭䛛䜙䛾⪺䛝ྲྀ䜚
᝟ሗ※䞉᝟ሗ཰㞟䛾᪉ἲ
ィ⏬䛸ᐇ⦼䛾ẚ㍑䞉ᑓ㛛ᐙ䛾ὴ㐵ேᩘ䜔᫬ᮇ䛿ண 䞉ᑓ㛛ᐙᴗົ᏶஢ሗ࿌᭩
ᐃ㏻䜚䛰䛳䛯䛛
䝞䜲䜸䜺䝇䝥䝷䞁䝖䛾ᘓ⠏᫬ᮇ䛿㐺ษ䛷䛒䛳䛯䛛
ィ⏬䛸ᐇ⦼䛾ẚ㍑䝥䝷䞁䝖䛾ᘓ⠏䛿ணᐃ㏻䜚ᐇ᪋
䛥䜜䛯䛛
䞉ᑓ㛛ᐙᴗົ᏶஢ሗ࿌᭩
䝥䝻䝆䜵䜽䝖䛷ᐇ᪋䛩䜛◊ಟ䛿㐺ษ䛺ᅇᩘ䛸䚸䝍䜲䝭䞁䜾 ◊ಟᐇ᪋ィ⏬䛸ᐇ ◊ಟᐇ᪋ィ⏬䚸ᮏ㑥䞉➨୕ᅜ◊ 䞉ᑓ㛛ᐙᴗົ᏶஢ሗ࿌᭩
⦼䛾ẚ㍑
ಟᐇ᪋ィ⏬
䞉㻯㻾㻱㻭䛛䜙䛾⪺䛝ྲྀ䜚
䛻ᐇ᪋䛥䜜䛶䛔䜛䛛
ᶵᮦ䛾౪୚ィ⏬䛸 ᶵᮦ䛾౪୚ෆᐜ䜔ᢞධ᫬ᮇ䛿䞉஦ᴗ㐍ᤖሗ࿌᭩
䝥䝷䞁䝖䜢ྵ䜐ᶵᮦ䛾䛾✀㢮䚸㔞䚸ᢞධ᫬ᮇ䛿㐺ษ䛷 ᐇ⦼䛾ẚ㍑
㐺ษ䛷䛒䛳䛯䛛
䞉ᑓ㛛ᐙᴗົ᏶஢ሗ࿌᭩
䛒䛳䛯䛛䚹
䞉ᑓ㛛ᐙ䛛䜙䛾⪺䛝ྲྀ䜚
౪୚ᶵᮦ䛾౑⏝㢖 ౪୚ᶵᮦ䛾౑⏝㢖ᗘ䛿༑ศ㧗
ᗘ
䛔䛛
౪୚ᶵᮦ䛿౑⏝䛥䜜䛶䛔䜛䛛
䜻䝹䜼䝇ഃ䛾ᢞධ䛿
㐺ษ䛛
㻯㻛㻼䛾ᩘ䚸⬟ຊ䚸㓄⨨䛾᫬ᮇ䛿㐺ṇ䛷䛒䛳䛯䛛
ィ⏬䛸ᐇ⦼䛾ẚ㍑䜹䜴䞁䝍䞊䝟䞊䝖ᩘ䛿ணᐃ㏻䜚䞉ᑓ㛛ᐙᴗົ᏶஢ሗ࿌᭩
☜ಖ䛥䜜䛯䛛䚸䝥䝻䝆䜵䜽䝖άື 䞉ᑓ㛛ᐙ䚸㻯㻾㻱㻭䛛䜙䛾⪺䛝
䛾䛯䜑䛾᫬㛫䛜䛸䜜䛯䛛
ྲྀ䜚
ᚲせ䛺䝥䝻䝆䜵䜽䝖㐠Ⴀ㈝䚸ᶵᮦ䛾⥔ᣢ⟶⌮㈝䛿ฟ㈝䛥 ண⟬ᥐ⨨䛾᭷↓䚸䛣䜜䜎䛷䛾ண⟬ᥐ⨨ᐇ⦼
㔠㢠
䜜䛶䛔䜛䛛
ᘢᐖ䛾᭷↓
䛣䜜䜎䛷䛾ண⟬ᥐ⨨䛷⏕䛨䛯ᘢ
䜻䝹䜼䝇ഃண⟬ᥐ⨨䛷䛣䜜䜎䛷⏕䛨䛯ᘢᐖ䛿䛒䛳䛯䛛
ᐖ䛿䛒䛳䛯䛛
䞉㻯㻛㻼䚸ᑓ㛛ᐙ䛛䜙䛾⪺䛝ྲྀ
䜚
฼⏝䝇䝨䞊䝇䛾㐺 ᑓ㛛ᐙ䛾ᇳົᐊ䜔ᶵᮦಖ⟶䝇
ษ䛥
䝨䞊䝇䛿༑ศ䛛
䞉㻯㻛㻼䚸ᑓ㛛ᐙ䛛䜙䛾⪺䛝ྲྀ
䜚
ᘓ≀䞉᪋タ䛿㐺ษ䛛䚹
䜲䞁䝟䜽䝖
⮬❧Ⓨᒎᛶ
䞉㻯㻾㻱㻭䚸⌧ሙ䛷䛾どᐹ
䞉㻯㻛㻼䚸ᑓ㛛ᐙ䛛䜙䛾⪺䛝ྲྀ
䜚
ୖ఩┠ᶆ䛾㐩ᡂぢ㎸
䜏
ᣦᶆ䛂㻌䛃䛾฿㐩≧ἣ
㻝㻌㻺㼛㻌㼛㼒㻌㼞㼑㼘㼑㼢㼍㼚㼠㻌㼜㼞㼛㼐㼡㼏㼠㼟㻌㼕㼚㼠㼞㼛㼐㼡㼏㼕㼚㼓㻌㼠㼔㼑㻌㼕㼙㼜㼞㼛㼢㼑㼐
㼎㼕㼛㼓㼍㼟㻌㼠㼑㼏㼔㼚㼛㼘㼛㼓㼕㼑㼟
⤒῭㠃䛷䛾䜲䞁䝟䜽䝖
䝞䜲䜸䜺䝇ᬑཬ䛿䚸ᑐ㇟ᆅᇦ௨እ䛾ᆅᇦ䛾⤒῭㠃䛻ṇ ⤒῭ⓗᙳ㡪䛾᭷↓ ᑐ㇟ᆅᇦ௨እ䛷⤒῭ⓗ䛺ᙳ㡪䜢䞉ᡤ⟶ᒁ䚸ᑓ㛛ᐙ䛛䜙䛾⪺䛝
⿕䛳䛯ᮧⴠ䜔ᐙᗞ䛾ᩘ
ྲྀ䜚
㈇䛾ᙳ㡪䛜䛒䛳䛯䛛
♫఍㠃䛷䛾䜲䞁䝟䜽䝖
䝆䜵䞁䝎䞊䜈䛾䜲䞁䝟䜽䝖
ᬑཬဨ䛸⿻┈⪅䛻 ⏕άྥୖ䛾άື䛻ᙳ㡪䛥䜜䛯ዪ 䞉ᬑཬάື䛾ᐇ᪋ሗ࿌᭩
༨䜑䜛ዪᛶ䛾๭ྜ ᛶ䛾๭ྜ䛿ྠ⛬ᗘ䛛
䞉㻯㻛㻼䚸ᑓ㛛ᐙ䛛䜙䛾⪺䛝ྲྀ
䜚
ᅉᯝ㛵ಀ
ୖ఩┠ᶆ䛸䝥䝻䝆䜵䜽䝖┠ᶆ䛿஋㞳䛧䛶䛺䛔䛛
䝥䝻䝆䜵䜽䝖┠ᶆ䛛䝥䝻䝆䜵䜽䝖┠ᶆ䛛䜙ୖ఩┠ᶆ䜢䞉㻯㻛㻼䚸ᑓ㛛ᐙ䛛䜙䛾⪺䛝ྲྀ
䜙ୖ఩┠ᶆ䛾㛫䛾㐩ᡂ䛩䜛䜎䛷䛾㛫䛻䚸䝥䝻䝆䜵䜽䜚
እ㒊᮲௳䛾㔜せᗘ 䝖䛾⟶㎄እ䛾ၥ㢟䛿䛺䛔䛛
䞉㻶㻵㻯㻭஦ົᡤ䛛䜙䛾⪺䛝ྲྀ
䜚
እ㒊᮲௳䛿‶䛯䛥䜜䜛ྍ⬟ᛶ䛜㧗䛔䛛
6WDWXVRIWKH3URMHFWLQWKHSROLF\RQH[WHQVLRQRI
WKHELRJDVWHFKQRORJLHVLVPDLQWDLQHG
እ㒊᮲௳䛾‶䛯䛥ヱᙜ䛾እ㒊᮲௳䜢ゎỴ䛩䜛䛯䜑䞉㻯㻛㻼䚸ᑓ㛛ᐙ䛛䜙䛾⪺䛝ྲྀ
䜜䜛ྍ⬟ᛶ
䛾ᡭẁ䛿䛒䜛䛛
䜚
䞉㻶㻵㻯㻭஦ົᡤ䛛䜙䛾⪺䛝ྲྀ
䜚
䞉ୖグ䛻ྠ䛨
ᨻ⟇䞉ไᗘ㠃
䝞䜲䜸䜺䝇䛾ᬑཬ䜢㔜ど䛩䜛ᨻ⟇䛿⥅⥆䛥䜜䜛䛛
䞉ୖグ䛻ྠ䛨
⤌⧊㠃
䠄ᡤ⟶ᒁ䠅䝞䜲䜸䜺䝇䛾ᬑཬ䜢ྥୖ䛩䜛䛯䜑䛾ྲྀ⤌䜏䛻 ᬑཬ䛾䛯䜑䛾ィ⏬ ௒ᚋ䛾䝞䜲䜸䜺䝇䛾ᬑཬ䜢ྥୖ
䛾᭷↓
䛩䜛䛯䜑䛾ྲྀ䜚⤌䜏䜔ᡓ␎䛿䛒
㛵䛩䜛஦ᴗィ⏬䛿సᡂ䛥䜜䜛䛛
䜛䛛
䠄㻯㻾㻱㻭㻕༠ຊ⤊஢ᚋ䛻䜒άື䜢⥅⥆䛩䜛䛻㊊䜛ᬑཬே ேᮦ㓄⨨ィ⏬䛾᭷ ௒ᚋ䛾㻯㻾㻱㻭䛾ᬑཬேᮦ䞉䝖䝺䞊
↓
䝘䞊㓄⨨ィ⏬䜔ணᐃ䛿䛒䜛䛛
ᮦ䞉䝖䝺䞊䝘䞊➼䛾㓄⨨䛿⥅⥆䛩䜛䛛
㻯㻾㻱㻭䛾㐠Ⴀ⟶⌮⬟ຊ䛿䛒䜛䛛䚹䠄ពᚿỴᐃ䝥䝻䝉䝇䚸
䝬䝛䞊䝆䝯䞁䝖඲⯡䠅
ᢏ⾡㠃
䞉ᡤ⟶ᒁ䚸㻯㻛㻼䛛䜙䛾⪺䛝ྲྀ
䜚
䞉ᡤ⟶ᒁ䚸㻯㻛㻼䛛䜙䛾⪺䛝ྲྀ
䜚
䞉㻶㻵㻯㻭஦ົᡤ䚸ᑓ㛛ᐙ䛛䜙
䛾⪺䛝ྲྀ䜚
㻯㻛㻼⫋ဨ䛾䝰䝏
䝧䞊䝅䝵䞁
䜹䜴䞁䝍䞊䝟䞊䝖䛾䝰䝏䝧䞊䝅䝵䞉ᡤ⟶ᒁ䚸㻯㻛㻼䛛䜙䛾⪺䛝ྲྀ
䞁䛿㧗䛔䛛
䜚
䞉ᑓ㛛ᐙ䛛䜙䛾⪺䛝ྲྀ䜚
௒ᚋ䛾ண⟬㓄⨨䛻 ௒ᚋ䛾ண⟬☜ಖ䛾䛯䜑䛻䚸䛹䛾䞉ᡤ⟶ᒁ䚸㻯㻛㻼䛛䜙䛾⪺䛝ྲྀ
ྥ䛡䛯ྲྀ䜚⤌䜏䛾䜘䛖䛺ྲྀ䜚⤌䜏䜢⾜䛳䛶䛔䜛䛛䜚
᭷↓
䝇䝍䝑䝣䛾䝰䝏䝧䞊䝅䝵䞁䛿㧗䛔䛛䚹
㈈ົ㠃
ၥ㢟ゎỴ䜈䛾ᑐᛂ άືᐇ᪋䛾㝿䛾ၥ㢟ゎỴ䜈䛾
䛾㎿㏿䛥
ᑐᛂ䛿㎿㏿䛷䛒䛳䛯䛛
䞉ᡤ⟶ᒁ䚸㻯㻛㻼䛛䜙䛾⪺䛝ྲྀ
䜚
༠ຊ⤊஢௨㝆䛻ᚲせ䛺ண⟬䜢☜ಖ䛷䛝䜛䛛
㻔ண⟬䛜䛣䜜䜎䛷☜ಖ䛥䜜䛶䛔䛺䛔䛯䜑䠅ண⟬☜ಖ䛾䛯
䜑䛻䚸䛹䛾䜘䛖䛺ྲྀ䜚⤌䜏䜢⾜䛳䛶䛔䜛䛛
䞉ୖグ䛻ྠ䛨
䜻䝹䜼䝇ഃ䛷䝁䞊䝇䜢㛤ദ䛧䚸ᐁẸ㐃ᦠ䛷⫋ဨ䜔㛵ಀ
⪅䛾ᑓ㛛▱㆑䜔ᢏ⾡ຊ䜢㧗䜑䜙䜜䜛䛛
௒ᚋ䛾ᑓ㛛▱㆑䛾 ௒ᚋ䛾ᑓ㛛ศ㔝䛾▱㆑䜔ᢏ⾡
ྥୖ䛻ྥ䛡䛯άື ᝟ሗ☜ಖ䛾䛯䜑䛻䚸䛹䛾䜘䛖䛺
ணᐃ䛾᭷↓
ྲྀ䜚⤌䜏䜢⾜䛳䛶䛔䜛䛛
䞉ᡤ⟶ᒁ䚸Ẹ㛫ᅋయ䚸㻯㻛㻼䛛
䜙䛾⪺䛝ྲྀ䜚
䜻䝹䜼䝇ഃ䛷䜹䝸䜻䝳䝷䝮䜔ᩍᮦ䜢ᩚഛ䛷䛝䜛䛛䠄䝖䝺䞊䛣䜜䜎䛷䛾䝖䝺䞊䝖䝺䞊䝘䞊ᴗົ䛻䛴䛔䛶䚸䛣䜜䜎䞉㻯㻛㻼䚸≉䛻䝖䝺䞊䝘䞊⫋ဨ
䝘䞊ேᮦ䠅
䝘䞊ᴗົᐇ᪋≧ἣ 䛷䜹䝸䜻䝳䝷䝮䜔ᩍᮦసᡂ䚸◊ 䛛䜙䛾⪺䛝ྲྀ䜚
ಟ⤖ᯝ䛾䝰䝙䝍䝸䞁䜾䜢⾜䛳䛶䛔
䜛䛛
㸫㸫
1DUUDWLYH6XPPDU\
2EMHFWLYHO\9HULILDEOH,QGLFDWRUV
5HSRUW RQ GHYHORSPHQW RI WKH ELRJDV
WHFKQRORJLHV
5HSRUW RQ H[WHQVLRQ RI WKH ELRJDV
WHFKQRORJLHV
5HSRUWRQLQVWLWXWLRQDQGUHJXODWLRQUHODWHGWR
H[WHQVLRQRIWKHELRJDVWHFKQRORJLHV
5HSRUWRQWKH3LORW3URMHFWV
5HSRUWRQILQDOVXUYH\RIWKH3URMHFW
5HSRUWRQH[WHQVLRQRIWKHELRJDVWHFKQRORJLHV
0HDQVRI9HULILFDWLRQ
7KH3URMHFWIRUWKH6XSSRUWIRUWKH'LVVHPLQDWLRQRI%LRJDV7HFKQRORJ\LQWKH.\UJ\]5HSXEOLF
'HF㸫'HF
&KXLDQG,VV\N.XOREODVWV
2IILFHUVLQWKH0LQLVWU\RI$JULFXOWXUH:DWHU5HVRXUFHVDQG3URFHVVLQJ,QGXVWU\&HQWHUIRU5HQHZDEOH(QHUJ\$SSOLFDWLRQ7DUJHWHGREODVWV
)DUPHUVLQWKHWDUJHWDUHD
2YHUDOO*RDO
7KH ELRJDV WHFKQRORJLHV DUH GLVVHPLQDWHG LQ UXUDO DUHDV DQG WKHOLYLQJ 1XPEHURIUHOHYDQWSURMHFWVLQWURGXFLQJWKHLPSURYHG
FRQGLWLRQRIWKHUXUDOSHRSOHDGRSWLQJWKHVHWHFKQRORJLHVLVLPSURYHGG
ELRJDVWHFKQRORJLHV
1XPEHU RI KRXVHKROGV ZKRVH OLYLQJ FRQGLWLRQV LV
LPSURYHGE\DGRSWLQJWKHELRJDVWHFKQRORJLHV
3URMHFW3XUSRVH
7KHH[WHQVLRQV\VWHPRIWKHLPSURYHGELRJDVWHFKQRORJLHVLVHVWDEOLVKHG 'HYHORSPHQW RI WKH LPSURYHG ELRJDV SODQWV IRU
OLYHVWRFNIDUPHUV
5HYLHZ RI WKH SUHVHQW ILQDQFLDO LQVWLWXWLRQV DQG
UHJXODWLRQV UHODWHG WR H[WHQVLRQ RI WKH ELRJDV
WHFKQRORJLHV
(VWDEOLVKPHQW RI H[WHQVLRQ V\VWHP RI WKH ELRJDV
WHFKQRORJLHV WKURXJK SXEOLFSULYDWH FROODERUDWLRQ IRU
UXUDODUHDV
2XWSXWV
,PSURYHPHQWRIELRJDVSODQWVIRUOLYHVWRFNIDUPHUV
7KHDSSURSULDWHELRJDVWHFKQRORJLHVDUHGHYHORSHG
8VHU¶V PDQXDO RQ RSHUDWLRQ DQG PDLQWHQDQFH RI
WKHLPSURYHGELRJDVSODQWV
8VHU¶V PDQXDO RQ XWLOL]DWLRQ RI ELRJDV DQG OLTXLG
IHUWLOL]HUSURGXFHGDWELRJDVSODQWV
7KH FDSDFLW\ RI SHUVRQQHO UHODWHG WR H[WHQVLRQ RI WKH ELRJDV 1XPEHURISHUVRQQHODQGWKHLUGHJUHHRIWHFKQLFDO
FDSDFLW\ IRU H[WHQVLRQ ZRUN RI WKH ELRJDV
WHFKQRORJLHVLVVWUHQJWKHQHG
WHFKQRORJLHV
1XPEHU RI WHFKQLFDO WUDLQLQJ IRU SHUVRQQHO LQ
FKDUJH RI H[WHQVLRQ ZRUN RI WKH ELRJDV
WHFKQRORJLHV
'HYHORSPHQW RI WHDFKLQJ PDWHULDOVWH[WERRNV IRU
H[WHQVLRQRIWKHELRJDVWHFKQRORJLHV
7KHH[LVWLQJILQDQFLDOLQVWLWXWLRQVDQGUHJXODWLRQVUHODWHGWRH[WHQVLRQ ,PSURYHG VHUYLFHV RI WKH H[LVWLQJ ILQDQFLDO
LQVWLWXWLRQVDQGUHJXODWLRQVUHODWHGWRH[WHQVLRQRI
RIWKHELRJDVWHFKQRORJLHVDUHUHYLHZHG
WKHELRJDVWHFKQRORJLHV
7KH FRRUGLQDWLRQ DPRQJ WKH UHOHYDQW RUJDQL]DWLRQV IRU H[WHQVLRQ RI 1XPEHU RI YDULRXV MRLQW PHHWLQJV RQ H[WHQVLRQ RI
WKHELRJDVWHFKQRORJLHV
WKHELRJDVWHFKQRORJLHVLVLPSURYHG
'HYHORSPHQWRIJXLGHOLQHRQOLQNDJHQHWZRUNLQJRI
WKH RUJDQL]DWLRQV FRQFHUQHG IRU H[WHQVLRQ RI WKH
ELRJDVWHFKQRORJLHV
7KHELRJDVWHFKQRORJLHVDUHZLGHO\NQRZQ
1XPEHURIVHPLQDURQWKHELRJDVWHFKQRORJLHVIRU
3URMHFW1DPH 3URMHFW3HULRG 7DUJHW$UHD
7DUJHW*URXS 7KHQXPEHURIGRPHVWLFDQLPDOVLV
NHSWRULQFUHDVHGZLWKRXWVXIIHULQJ
IURPGLVHDVHVRUVR
7KHWHPSHUDWXUHLQZLQWHULVQRUPDO
QRWJHWWLQJH[WUHPHO\ORZ
6WDWXV RI WKH3URMHFWLQ WKH SROLF\RQ
H[WHQVLRQ RI WKH ELRJDV WHFKQRORJLHV
LVPDLQWDLQHG
,PSRUWDQW$VVXPSWLRQV
352-(&7'(6,*10$75,;3'0 㸲㸬㻼㻰㻹
㸫㸫
㸫㸫
$FWLYLWLHV
7R H[WUDFW OHVVRQV OHDUQW RQ H[LVWLQJ ELRJDV WHFKQRORJLHV DQG WR
FODULI\WKHQHHGVWKURXJKWKHUHYLHZRIUHOHYDQWSURMHFWV
7RVXUYH\RQWKHRUJDQL]DWLRQVFRQFHUQHGRIWKHELRJDVWHFKQRORJ\
GHYHORSPHQWLQFOXGLQJPDQXIDFWXULQJRUJDQL]DWLRQV
7RLPSURYHWKHGHVLJQRIH[LVWLQJELRJDVWHFKQRORJLHVEDVHGRQWKH
ILQGLQJVRIDQGDQGPDQXIDFWXUHLPSURYHGRQHV
7R YHULI\ WKH LPSURYHG ELRJDV WHFKQRORJLHV IURP WHFKQLFDO DQG
ILQDQFLDODVSHFWVWKURXJKLWVDSSOLFDWLRQWRWKH3LORW3URMHFWV
7R GHYHORS XVHU¶V PDQXDO RQ RSHUDWLRQ DQG PDLQWHQDQFH IRU WKH
LPSURYHGELRJDVSODQWV
7RGHYHORSXVHU¶VPDQXDORQXWLOL]DWLRQRIELRJDVDQGOLTXLGIHUWLOL]HU
SURGXFHGDWELRJDVSODQWV
7R GHYHORS WKH FDSDFLW\ RI WKH RUJDQL]DWLRQV FRQFHUQHG RQ WKH
ELRJDVWHFKQRORJ\GHYHORSPHQWWKURXJKWKHDERYHDFWLYLWLHV
7R H[WUDFW OHVVRQV OHDUQW RQ WKH H[LVWLQJ H[WHQVLRQ V\VWHP RI WKH
FHQWUDO DQG WKH ORFDO DGPLQLVWUDWLRQV DQG WR FODULI\ WKH QHHGV
WKURXJKWKHUHYLHZRIWKHUHOHYDQWSURMHFWV
7RUHFRJQL]HWHFKQLFDOFDSDFLW\RISHUVRQQHOLQFKDUJHRIH[WHQVLRQ
ZRUNRIWKHELRJDVWHFKQRORJLHVE\EDVHOLQHDQGWHUPLQDOVXUYH\V
7RGHYHORSWHDFKLQJPDWHULDOVWH[WERRNVIRUSHUVRQQHOLQFKDUJHRI
H[WHQVLRQZRUNRIWKHELRJDVWHFKQRORJLHV
7R FRQGXFW WHFKQLFDO WUDLQLQJ IRU SHUVRQQHO LQ FKDUJH RI H[WHQVLRQ
ZRUNRIWKHELRJDVWHFKQRORJLHV
XVHUV
5HSRUW RQ H[WHQVLRQ RI WKH ELRJDV
'HYHORSPHQWRISDPSKOHWOHDIOHWIRULQWURGXFLQJWKH
WHFKQRORJLHV
ELRJDVWHFKQRORJLHVLQFOXGLQJYLGHRV
1XPEHU RI SUHVV WRXUV VWXG\ WRXUV WR WKH SLORW
SURMHFWVLWHV
.\UJ\]VLGH
,QSXWV
-DSDQHVHVLGH
$VVLJQPHQWRIIXOOWLPH&3
'LVSDWFKRI 3URYLVLRQRIRIILFHIRU-,&$H[SHUWV
&KLHI$GYLVRU5XUDO'HYHORSPHQW/RQJWHUP
&RRUGLQDWRU([WHQVLRQ/RQJWHUP
3URYLVLRQRILQIRUPDWLRQRQUHOHYDQWSURMHFWV
%LRJDVWHFKQRORJ\6KRUWWHUP
$JULFXOWXUDO)HUWLOL]HU6KRUWWHUP
1HFHVVDU\H[SHQVHVIRUWKH3URMHFWDFWLYLWLHV
)LQDQFLQJ)DFLOLW\6KRUWWHUP
2WKHUH[SHUWVLQWKHVSHFLILFILHOGVPD\EHGLVSDWFKHGLI QHFHVVDU\
7UDLQLQJV IRU FRXQWHUSDUW SHUVRQQHO LQ -DSDQ RU LQ
WKLUGFRXQWULHVWUDLQLQJWKHPHVWREHGHFLGHG
1HFHVVDU\PDFKLQHU\DQGHTXLSPHQW
1HFHVVDU\H[SHQVHVIRUWKH3URMHFWDFWLYLWLHV
7UDLQHGSHUVRQQHOFRQWLQXHWRZRUNLQ
WKHSRVW
1HFHVVDU\ PDWHULDOVSDUWV IRU ELRJDV
SODQWDUHDYDLODEOHDQGWKHSULFHVDUH
NHSWUHDVRQDEOH
㸫㸫
7R H[WUDFW OHVVRQV OHDUQW RQ WKH H[LVWLQJ ILQDQFLDO LQVWLWXWLRQV DQG
UHJXODWLRQV UHODWHG WR H[WHQVLRQ RI WKH ELRJDV WHFKQRORJLHV DQG WR
FODULI\WKHQHHGVWKURXJKWKHUHYLHZRIWKHUHOHYDQWSURMHFWV
7RUHYLHZWKHH[LVWLQJILQDQFLDOLQVWLWXWLRQVDQGUHJXODWLRQVLQUXUDO
DUHD
7RFRQGXFWQHFHVVDU\UHYLVLRQVRIWKHH[LVWLQJILQDQFLDOLQVWLWXWLRQV
DQGUHJXODWLRQVEDVHGRQWKHILQGLQJVRIDQG
7R VKDUH LQIRUPDWLRQ DERXW WKH SURMHFW DPRQJ WKH RUJDQL]DWLRQV
FRQFHUQHG
7RVHOHFWWKHVLWHVDQGIDUPHUJURXSVIRUWKH3LORW3URMHFWVWKURXJK
FRPSHWLWLRQRISURSRVDOV
7REXLOGLPSOHPHQWDWLRQV\VWHPRIWKH3LORW3URMHFWV
7RKROGWKH2SHQ)RUXPRQWKH3LORW3URMHFWV
7R FRQGXFW EDVHOLQH DQG WHUPLQDO VXUYH\V RQ WDUJHWHG IDUPHUV RI
WKH3LORW3URMHFWV
7R FRQGXFW SODQQLQJ LPSOHPHQWDWLRQ DQG PRQLWRULQJ RI WKH 3LORW
3URMHFWVWKURXJKSDUWLFLSDWRU\PHWKRG
7R GHYHORS JXLGHOLQH RQ OLQNDJHQHWZRUNLQJ RI WKH RUJDQL]DWLRQV
FRQFHUQHGEDVHGRQWKHUHYLHZRIWKH3LORW3URMHFWV
7R KROG VHPLQDU IRU LQWURGXFWLRQ RI WKH ELRJDV WHFKQRORJLHV IRU
XVHUV
7RGHYHORSSDPSKOHWOHDIOHWIRULQWURGXFLQJWKHELRJDVWHFKQRORJLHV
7RFRQGXFWSUHVVWRXUVVWXG\WRXUVWRWKH3LORW3URMHFWVLWHV
3UHFRQGLWLRQ
6HFXULW\ FRQGLWLRQ RI WKH .\UJ\]
5HSXEOLFLVPDLQWDLQHG
㸳㸬㻾㼑㼏㼛㼞㼐㻌㼛㼒㻌㻼㼞㼛㼖㼑㼏㼠㻌㻼㼑㼞㼒㼛㼞㼙㼍㼚㼏㼑㼟
㻝㻚㻌㻾㼑㼏㼛㼞㼐㻌㼛㼒㻌㻼㼞㼛㼖㼑㼏㼠㻌㻼㼑㼞㼒㼛㼞㼙㼍㼚㼏㼑㼟
㻔㻝㻕㻌㻼㼘㼍㼚㻌㼛㼒㻌㻻㼜㼑㼞㼍㼠㼕㼛㼚㻌㻔㻼㼘㼍㼚㻌㼍㼚㼐㻌㻭㼏㼠㼡㼍㼘㻕
㻼㼞㼛㼖㼑㼏㼠㻌㻻㼡㼠㼜㼡㼠㼟㻌㼍㼚㼐㻌㻭㼏㼠㼕㼢㼕㼠㼕㼑㼟
㻞㻜㻜㻤
㻝㻙㻟
㻠㻙㻢
㻣㻙㻥
㻝䠊␆⏘㎰ᐙ䜈䛾ᨵၿ䛥䜜䛯ᢏ⾡䛾㛤Ⓨ
㻝㻙㻝㻌௚䝗䝘䞊➼䛻䜘䜛㛵㐃஦ᴗ䛾䝺䝡䝳䞊䜢㏻䛨䛯᪤Ꮡ 㻼㼘㼍㼚㼚㼑㼐
䝞䜲䜸䜺䝇ᢏ⾡䛻㛵䛩䜛ᩍカ䛾ᢳฟ䛸⌧ሙ䝙䞊䝈䛾ᢕ
ᥱ䚹
㻭㼏㼠㼡㼍㼘
㻾㼑㼢㼕㼟㼑㼐㻌㻼㼘㼍㼚
㻝㻙㻞Ẹ㛫௻ᴗ䜢䛿䛨䜑䛸䛧䛯䝞䜲䜸䜺䝇ᢏ⾡㛤Ⓨ㛵ಀᶵ 㻼㼘㼍㼚㼚㼑㼐
㛵䛾యไ䠄ேဨ䚸ண⟬䚸ᢏ⾡⬟ຊ➼䠅䛻㛵䛩䜛ㄪᰝ䛾ᐇ
᪋䚹
㻭㼏㼠㼡㼍㼘
㻾㼑㼢㼕㼟㼑㼐㻌㻼㼘㼍㼚
㻝㻙㻟䠊㻝㻙㻝䛸㻝㻙㻞䛾άື䛻ᇶ䛵䛟ᨵⰋᆺ䝞䜲䜸䜺䝇䝥䝷䞁䝖㻼㼘㼍㼚㼚㼑㼐
䛾タィ䚸〇㐀䚹
㻭㼏㼠㼡㼍㼘
㻾㼑㼢㼕㼟㼑㼐㻌㻼㼘㼍㼚
㻝㻙㻠䚷ᨵⰋᆺ䝞䜲䜸䜺䝇䝥䝷䞁䝖䛾䝟䜲䝻䝑䝖஦ᴗ䜈䛾㐺
⏝䛻䜘䜛ᢏ⾡ⓗ䞉㈈ົⓗጇᙜᛶ䛾᳨ド䚹
㻼㼘㼍㼚㼚㼑㼐
㻭㼏㼠㼡㼍㼘
㻾㼑㼢㼕㼟㼑㼐㻌㻼㼘㼍㼚
㻝㻙㻡䚷䝞䜲䜸䜺䝇䝥䝷䞁䝖䛾⌧ሙྥ䛡㐠⏝⥔ᣢ⟶⌮䝬䝙䝳㻼㼘㼍㼚㼚㼑㼐
䜰䝹䛾సᡂ䚹
㻭㼏㼠㼡㼍㼘
㻾㼑㼢㼕㼟㼑㼐㻌㻼㼘㼍㼚
㻝㻙㻢䚷䝞䜲䜸䜺䝇ཬ䜃ᾮ⫧䛾⌧ሙྥ䛡฼⏝䝬䝙䝳䜰䝹䛾㻼㼘㼍㼚㼚㼑㼐
సᡂ䚹
㻭㼏㼠㼡㼍㼘
㻾㼑㼢㼕㼟㼑㼐㻌㻼㼘㼍㼚
㻝㻙㻣䚷௨ୖ䜢㏻䛨䛯䝞䜲䜸䜺䝇ᢏ⾡㛤Ⓨ㛵㐃ᶵ㛵䛾యไ 㻼㼘㼍㼚㼚㼑㼐
ᙉ໬
㻭㼏㼠㼡㼍㼘
㻾㼑㼢㼕㼟㼑㼐㻌㻼㼘㼍㼚
㻞㻌䝞䜲䜸䜺䝇ᢏ⾡䛾⌧ሙ䛻ᑐ䛩䜛୰ኸ䛸ᆅ᪉䛾ᐁẸඹྠ䛾
ᬑཬேᮦ䛜⫱ᡂ䛥䜜䜛䚹
㻞㻙㻝䚷㐣ཤ䛻ᐇ᪋䛥䜜䛯䝞䜲䜸䜺䝇㛵㐃஦ᴗ䛾䝺䝡䝳䞊䜢㻼㼘㼍㼚㼚㼑㼐
⾜䛔䚸୰ኸ䛸ᆅ᪉䛾⌧⾜ᬑཬయไ䛻㛵䛩䜛ᩍカ䛾ᢳฟ
䛸⌧ሙ䝙䞊䝈䛾ᢕᥱ
㻭㼏㼠㼡㼍㼘
㻾㼑㼢㼕㼟㼑㼐㻌㻼㼘㼍㼚
㻞㻙㻞䚷ᬑཬேᮦ䠄Ẹ㛫௻ᴗ䚸㻺㻳㻻➼䜢ྵ䜐䠅䛾ᢏ⾡⬟ຊ䛻㻼㼘㼍㼚㼚㼑㼐
㛵䛩䜛䝧䞊䝇䝷䜲䞁ㄪᰝ䛸⤊஢᫬ㄪᰝ䛾ᐇ᪋䚹
㻭㼏㼠㼡㼍㼘
㻾㼑㼢㼕㼟㼑㼐㻌㻼㼘㼍㼚
㻞㻙㻟䚷ᬑཬேᮦ䜢ᑐ㇟䛸䛧䛯ᩍᮦ䠄ᬑཬ䝝䞁䝗䝤䝑䜽➼䠅䛾㻼㼘㼍㼚㼚㼑㼐
సᡂ䚹
㻭㼏㼠㼡㼍㼘
㻾㼑㼢㼕㼟㼑㼐㻌㻼㼘㼍㼚
㻞㻙㻠䚷ᬑཬேᮦ䛻ᑐ䛩䜛ᢏ⾡◊ಟ䛾ᐇ᪋
㻼㼘㼍㼚㼚㼑㼐
㻭㼏㼠㼡㼍㼘
㻾㼑㼢㼕㼟㼑㼐㻌㻼㼘㼍㼚
㻟㻌䝞䜲䜸䜺䝇ᬑཬ䛾䛯䜑䛾㎰Ẹ䛻ᑐ䛩䜛㐺ษ䛺⼥㈨ไᗘ䛜
ぢ┤䛥䜜䜛䚹
㻟㻙㻝䚷䝞䜲䜸䜺䝇㛵㐃஦ᴗ䛾䝺䝡䝳䞊䜢㏻䛨䛯⼥㈨ไᗘ䛻㻼㼘㼍㼚㼚㼑㼐
㛵䛩䜛ᩍカ䛾ᢳฟ䛸⌧ሙ䝙䞊䝈䛾ᢕᥱ䚹
㻭㼏㼠㼡㼍㼘
㻾㼑㼢㼕㼟㼑㼐㻌㻼㼘㼍㼚
㻟㻙㻞䚷㎰ᮧ㒊䛻䛚䛡䜛⌧⾜⼥㈨ไᗘ䛾䝺䝡䝳䞊䚹
㻼㼘㼍㼚㼚㼑㼐
㻭㼏㼠㼡㼍㼘
㻾㼑㼢㼕㼟㼑㼐㻌㻼㼘㼍㼚
㻟㻙㻟䚷௨ୖ䛻ᇶ䛵䛟⌧⾜⼥㈨ไᗘ䛾ᨵၿ᱌䛾ᥦゝ䚹
㻼㼘㼍㼚㼚㼑㼐
㻭㼏㼠㼡㼍㼘
㻾㼑㼢㼕㼟㼑㼐㻌㻼㼘㼍㼚
㸫㸫
㻝㻜㻙㻝㻞
㻝㻙㻟
㻿㼏㼔㼑㼐㼡㼘㼑
㻞㻜㻜㻥
㻠㻙㻢
㻣㻙㻥
㻞㻜㻝㻜
㻝㻜㻙㻝㻞
㻝㻙㻟
㻠㻙㻢
㻣㻙㻥
㻝㻜㻙㻝㻞
ᡂᯝ䠐
䝞䜲䜸䜺䝇ᢏ⾡ᬑཬ䛻㛵䛩䜛୰ኸ䚸ᆅ᪉䚸⌧ሙ㛫䛾㐃ᦠయ
ไ䛜ᵓ⠏䛥䜜䜛䚹
㻠㻙㻝䚷㛵ಀᶵ㛵㛫䛷䛾䝥䝻䝆䜵䜽䝖඲యീ䛾ඹ᭷
㻼㼘㼍㼚㼚㼑㼐
㻭㼏㼠㼡㼍㼘
㻾㼑㼢㼕㼟㼑㼐㻌㻼㼘㼍㼚
㻠㻙㻞䚷䝥䝻䝫䞊䝄䝹᪉ᘧ䛷䛾䝟䜲䝻䝑䝖஦ᴗ䝃䜲䝖䞉␆⏘㎰㻼㼘㼍㼚㼚㼑㼐
ᐙ䛾㑅ᐃ㼟
㻭㼏㼠㼡㼍㼘
㻾㼑㼢㼕㼟㼑㼐㻌㻼㼘㼍㼚
㻠㻙㻟䚷䝟䜲䝻䝑䝖஦ᴗ䛾ᐇ᪋యไ䛾ᵓ⠏䚹
㻼㼘㼍㼚㼚㼑㼐
㻭㼏㼠㼡㼍㼘
㻾㼑㼢㼕㼟㼑㼐㻌㻼㼘㼍㼚
㻠㻙㻠䚷䝟䜲䝻䝑䝖஦ᴗ䛻㛵䛩䜛䜸䞊䝥䞁䝣䜷䞊䝷䝮䛾㛤ദ䚹㻼㼘㼍㼚㼚㼑㼐
㻭㼏㼠㼡㼍㼘
㻾㼑㼢㼕㼟㼑㼐㻌㻼㼘㼍㼚
㻠㻙㻡䚷䝟䜲䝻䝑䝖஦ᴗᑐ㇟␆⏘㎰ᐙ䛻㛵䛩䜛䝧䞊䝇䝷䜲䞁㻼㼘㼍㼚㼚㼑㼐
ㄪᰝ䛸⤊஢᫬ㄪᰝ䛾ᐇ᪋䚹
㻭㼏㼠㼡㼍㼘
㻾㼑㼢㼕㼟㼑㼐㻌㻼㼘㼍㼚
㻠㻙㻢䚷ఫẸཧຍᆺᙧᘧ䛷䛾䝟䜲䝻䝑䝖஦ᴗ䛾ィ⏬䚸ᐇ᪋ཬ 㻼㼘㼍㼚㼚㼑㼐
䜃䝰䝙䝍䝸䞁䜾
㻭㼏㼠㼡㼍㼘
㻾㼑㼢㼕㼟㼑㼐㻌㻼㼘㼍㼚
㻠㻙㻣䚷䝟䜲䝻䝑䝖஦ᴗ䛾䝺䝡䝳䞊䜢㏻䛨䛯㛵ಀᶵ㛵㛫䛾㐃㻼㼘㼍㼚㼚㼑㼐
ᦠ䜺䜲䝗䝷䜲䞁䛾సᡂ䚹
㻭㼏㼠㼡㼍㼘
㻾㼑㼢㼕㼟㼑㼐㻌㻼㼘㼍㼚
ᡂᯝ䠑
䝞䜲䜸䜺䝇ᢏ⾡䛜㎰ᮧఫẸ䛻ᗈ䛟࿘▱䛥䜜䜛䚹
㻡㻙㻝䚷⌧ሙ䝺䝧䝹䜢ᑐ㇟䛸䛧䛯䝞䜲䜸䜺䝇ᢏ⾡⤂௓䝉䝭
䝘䞊䛾ᐇ᪋䚹
㻼㼘㼍㼚㼚㼑㼐
㻭㼏㼠㼡㼍㼘
㻾㼑㼢㼕㼟㼑㼐㻌㻼㼘㼍㼚
㻡㻙㻞䚷䝞䜲䜸䜺䝇ᢏ⾡⤂௓䝟䞁䝣䝺䝑䝖䠄䝡䝕䜸➼䜢ྵ䜐䠅㻼㼘㼍㼚㼚㼑㼐
䛾సᡂ䚹
㻭㼏㼠㼡㼍㼘
㻾㼑㼢㼕㼟㼑㼐㻌㻼㼘㼍㼚
㻡㻙㻟䚷䝟䜲䝻䝑䝖஦ᴗ䝃䜲䝖䜢ᑐ㇟䛸䛧䛯⌧ᆅ䝯䝕䜱䜰ྥ䛡㻼㼘㼍㼚㼚㼑㼐
䝥䝺䝇䝒䜰䞊䚸㎰Ẹཬ䜃ᆅ᪉⮬἞య㛵ಀ⪅ྥ䛡䝒䜰䞊䛾
ᐇ᪋
㻭㼏㼠㼡㼍㼘
㻾㼑㼢㼕㼟㼑㼐㻌㻼㼘㼍㼚
㸫㸫
㸫㸫
㻝㻙㻞䠊ᨵၿ䛥䜜䛯䝥䝷䞁䝖᧯స䚸ಖᏲ䛾䝬䝙䝳䜰䝹
㻝㻙㻟䠊䝥䝷䞁䝖฼⏝䛸ᾮ⫧฼⏝䝬䝙䝳䜰䝹
㻵㼚㼐㼕㼏㼍㼠㼛㼞㼟㻌㼕㼚㻌㻼㻰㻹
㻝㻙㻝䠊ᨵၿ䛥䜜䛯䝞䜲䜸䜺䝇䝥䝷䞁䝖ᢏ⾡
㻟䠊ᐁẸ㐃ᦠ䛻䜘䜛ᆅ᪉䝞䜲䜸䜺䝇ᬑཬ䝅䝇䝔䝮䛾☜❧䚹
㻞䠊䝞䜲䜸䜺䝇ᬑཬ䛾䛯䜑䛾⌧⾜䛾⼥㈨䞉㖟⾜ไᗘ䛾ㄪᰝ
㻵㼚㼐㼕㼏㼍㼠㼛㼞㼟㻌㼕㼚㻌㻼㻰㻹
㻌㻝䠊␆⏘㎰ᐙ䜈䛾ᨵၿ䛥䜜䛯ᢏ⾡䛾㛤Ⓨ
㻹㼑㼍㼚㼟㻌㼛㼒㻌㼂㼑㼞㼕㼒㼕㼏㼍㼠㼕㼛㼚
㻝䠊䝞䜲䜸䜺䝇㛤Ⓨ䛾ሗ࿌᭩
㻹㼑㼍㼚㼟㻌㼛㼒㻌㼂㼑㼞㼕㼒㼕㼏㼍㼠㼕㼛㼚
᭱⤊ホ౯ሗ࿌᭩
㻟㻙㻝䠊䝞䜲䜸䜺䝇ᬑཬ䛻㛵䛧䛶㔠⼥ไᗘ䛾䝃䞊䝡䝇䛾ྥୖ
㻡㻌䝞䜲䜸䜺䝇ᢏ⾡䛜㎰ᮧఫẸ䛻ᗈ䛟࿘▱䛥䜜䜛䚹
㻡㻙㻟䠊䝟䜲䝻䝑䝖䝃䜲䝖䛻䛶㛤ദ䛥䜜䛯䝥䝺䝇䝒䜰䞊䚸䝇䝍䝕䜱䛾
ᩘ
㻡㻙㻞䠊㛤Ⓨ䛥䜜䛯䝟䞁䝣䝺䝑䝖䞉ᑠ෉Ꮚ䠄䝡䝕䜸䠅➼
䞉䚷㻞㻜㻜㻤ᖺᗘ䝥䝻䝆䜵䜽䝖⤂௓䝸䞊䝣䝺䝑䝖䠄ⱥ㻛㟢䠅ྛ㻡㻜㻜㒊༳ๅ
䞉䚷㻞㻜㻜㻥ᖺᗘ䝥䝻䝆䜵䜽䝖⤂௓䝸䞊䝣䝺䝑䝖䠄㟢㻛ྜྷ䠅䚷ྛ㻡㻜㻜㒊༳ๅ
䞉䚷䝥䝻䝆䜵䜽䝖⤂௓䝡䝕䜸
䞉䚷㻞㻜㻜㻥ᖺᗘ䝥䝺䝇䝒䜰䞊䠄㻶㻵㻯㻭஦ົᡤ୺ദ䠅
䞉䚷㻞㻜㻜㻥ᖺᗘ䝏䝳䜲ᕞ䝃䜲䝖䜸䞊䝥䝙䞁䜾䝉䝺䝰䝙䞊
䞉䚷㻞㻜㻜㻥ᖺᗘ䚷䝇䝍䝕䜱䞊䝒䜰䞊䠄ィ㻞ᅇ䚸㻝㻜㻜ྡཧຍ䠅
䞉䚷㻞㻜㻝㻜ᖺᗘ䜸䞊䝥䝙䞁䜾䝉䝺䝰䝙䞊ᨻኚ䛾䛯䜑ᘏᮇ
䞉㻠ᅇ䚸㻤㻢ே䛻ᑐ䛧䛶䝉䝭䝘䞊䜢ᐇ᪋
䞉㻝㻟㻟ᡞ䛻ᑐ䛧ಶูᣦᑟ
䠑䠊䝞䜲䜸䜺䝇ᬑཬ䛻㛵䛩䜛ሗ࿌᭩
㻡㻙㻝䠊㛤ദ䛥䜜䛯䝉䝭䝘䞊䛾ᩘ
䞉䚷㻶㻯㻯䜢㻟ᅇ㛤ദ
䞉䚷䛂⼥㈨ไᗘ䛃䝽䞊䜽䝅䝵䝑䝥㛤ദ
䞉䚷㻞㻜㻜㻥ᖺᗘ䛻䝻䞊䜹䝹䝁䞁䜢⏝䛔䛯䝉䜽䝍䞊䝃䞊䝧䜲䛚䜘䜃䛂⼥㈨ไᗘ䛃▷ᮇᑓ㛛ᐙ䜢ὴ㐵
䞉䚷ᨻኚ䛻䜘䜚ಖ␃
㻠䠊䝟䜲䝻䝑䝖䝥䝻䝆䜵䜽䝖䛾ሗ࿌᭩
㻟䠊ไᗘ䜔つᐃ➼䛾䝺䝫䞊䝖
䞉䚷㻞㻜㻝㻜ᖺ㻠᭶䛻ணᐃ䛥䜜䛶䛔䛯䛜ᨻኚ䛾Ⅽಖ␃
䞉䚷඲䝍䜲䝥䛾䝟䜲䝻䝑䝖䝥䝷䞁䝖䛻䛴䛔䛶䛾㐠⏝⥔ᣢ⟶⌮䝬䝙䝳䜰䝹䜢సᡂ䚹
䞉䚷㻝㻜ᅇ䚸ィ㻞㻟㻣ே䛻ᑐ䛧䛶ྛ✀◊ಟ㻛䝉䝭䝘䞊䜢ᐇ᪋
䞉䚷඲䝍䜲䝥䛾䝟䜲䝻䝑䝖䝥䝷䞁䝖䛻䛴䛔䛶䛾㐠⏝⥔ᣢ⟶⌮䝬䝙䝳䜰䝹䜢సᡂ䚹㛵ಀᶵ㛵䛻䝏䜵䝑䜽䜢౫㢗䚹
䞉䚷ᾮ⫧䛾⑓ཎ⳦᳨ᰝ䚸ᾮ⫧䛾᪋⏝ຠᯝ䛚䜘䜃ᾮ⫧䛾ᩓᕸᶵᲔ䛾㛤Ⓨ䜢ጤク䚹฼⏝䝬䝙䝳䜰䝹䛾సᡂ䚹
㻾㼑㼟㼡㼘㼠㼟
䞉䚷㻞㻜㻜㻤ᖺᗘ୰䛻䝏䝳䜲ᕞ䛻㻟ᇶ䛾䝞䜲䜸䜺䝇䞉䝥䝷䞁䝖䜢タ⨨῭䜏䚹
䞉䚷㻞㻜㻜㻥ᖺᗘ䜘䜚䜲䝅䜽䜽䝸䛻㻣ᇶ䛾䝞䜲䜸䜺䝇䝥䝷䞁䝖䜢タ⨨୰䚹
䞉䚷㻞㻜㻜㻤ᖺᗘ䛻䝻䞊䜹䝹䝁䞁䜢⏝䛔䛯䝉䜽䝍䞊䝃䞊䝧䜲䜢ᐇ᪋
䞉䚷㻞㻜㻜㻤ᖺᗘ䛻䛂⼥㈨ไᗘ䛃▷ᮇᑓ㛛ᐙ䜢ὴ㐵
䞉䚷㻞㻜㻜㻤㻛㻞㻜㻜㻥ᖺᗘ䛻ᮏ㑥◊ಟᐇ᪋
䞉䚷ᬑཬ⏝ᩍᮦ䛾㛤Ⓨ
㻾㼑㼟㼡㼘㼠㼟
䞉䚷㻞㻜㻜㻤ᖺᗘ୰䛻䝏䝳䜲ᕞ䛻㻟ᇶ䛾䝞䜲䜸䜺䝇䞉䝥䝷䞁䝖䜢タ⨨῭䜏䚹
䞉䚷㻞㻜㻜㻥ᖺᗘ䜘䜚䜲䝅䜽䜽䝸䛻㻣ᇶ䛾䝞䜲䜸䜺䝇䝥䝷䞁䝖䜢タ⨨୰
㻠㻙㻞䠊㛤Ⓨ䛥䜜䛯䝞䜲䜸䜺䝇㛵㐃䛾⤌⧊䜔䝛䝑䝖䝽䞊䜽䛾䜺䜲
䝗䝷䜲䞁䚹
㻠㻌䝞䜲䜸䜺䝇ᢏ⾡ᬑཬ䛻㛵䛩䜛୰ኸ䚸ᆅ᪉䚸⌧ሙ㛫䛾㐃ᦠ 㻠㻙㻝䠊䝞䜲䜸䜺䝇ᬑཬ䛾䛯䜑䛻⾜䜟䜜䛯ඹྠ఍㆟䛾㛤ദᩘ
యไ䛜ᵓ⠏䛥䜜䜛䚹
㻟㻌䝞䜲䜸䜺䝇ᬑཬ䛾䛯䜑䛾㎰Ẹ䛻ᑐ䛩䜛㐺ษ䛺⼥㈨ไᗘ
䛜ぢ┤䛥䜜䜛䚹
㻞㻙㻞䠊䝞䜲䜸䜺䝇ᬑཬ䛾䛯䜑䛻⾜䜟䜜䛯ᢏ⾡カ⦎䛾ᩘ䚹
㻞㻙㻟䠊㛤Ⓨ䛥䜜䛯ᬑཬ䝬䝙䝳䜰䝹䛸ᩍᮦ
㻞㻌䝞䜲䜸䜺䝇ᢏ⾡䛾⌧ሙ䛻ᑐ䛩䜛୰ኸ䛸ᆅ᪉䛾ᐁẸඹྠ䛾㻞㻙㻝䠊䝞䜲䜸䜺䝇ᢏ⾡ᬑཬ䛻ಀ䜛⌮ゎ䜢῝䜑䛯㛵ಀ⪅䛾ᩘ䚹㻞䠊䝞䜲䜸䜺䝇ᬑཬ䛻ಀ䜛ሗ࿌᭩
ᬑཬேᮦ䛜⫱ᡂ䛥䜜䜛䚹
㻞㻕㻌㻭㼏㼏㼛㼙㼜㼘㼕㼟㼔㼙㼑㼚㼠㻌㼛㼒㻌㻵㼚㼐㼕㼏㼍㼠㼛㼞㼟㻌㼒㼛㼞㻌㻻㼡㼠㼜㼡㼠㼟
㻻㼡㼠㼜㼡㼠㼟
㻝㻌ᬑཬ䜢┠ⓗ䛸䛧䛯㐺ษ䛺䝞䜲䜸䜺䝇ᢏ⾡䛜㛤Ⓨ䛥䜜䜛
㻝㻕㻌㻭㼏㼏㼛㼙㼜㼘㼕㼟㼔㼙㼑㼚㼠㻌㼛㼒㻌㻵㼚㼐㼕㼏㼍㼠㼛㼞㼟㻌㼒㼛㼞㻌㻼㼞㼛㼖㼑㼏㼠㻌㻼㼡㼞㼜㼛㼟㼑
㻼㼞㼛㼖㼑㼏㼠㻌㻼㼡㼞㼜㼛㼟㼑
ᬑཬ䜢┠ⓗ䛸䛧䛯㐺ษ䛺䝞䜲䜸䜺䝇ᢏ⾡䛜㛤Ⓨ䛥䜜䜛
㻭㻺㻺㻱㼄㻌㻵
㻝㻚㻌㻾㼑㼏㼛㼞㼐㻌㼛㼒㻌㻼㼞㼛㼖㼑㼏㼠㻌㻼㼑㼞㼒㼛㼞㼙㼍㼚㼏㼑㼟
㻔㻞㻕㻌㻭㼏㼏㼛㼙㼜㼘㼕㼟㼔㼙㼑㼚㼠㻌㼛㼒㻌㻵㼚㼐㼕㼏㼍㼠㼛㼞㼟
㻭㻺㻺㻱㼄㻌㻵
㻝㻚㻌㻾㼑㼏㼛㼞㼐㻌㼛㼒㻌㻼㼞㼛㼖㼑㼏㼠㻌㻼㼑㼞㼒㼛㼞㼙㼍㼚㼏㼑㼟
㻔㻟㻕㻌㻼㼞㼛㼓㼞㼑㼟㼟㻌㼛㼒㻌㻼㼞㼛㼖㼑㼏㼠㻌㻭㼏㼠㼕㼢㼕㼠㼕㼑㼟
㻭㼏㼠㼕㼢㼕㼠㼕㼑㼟
䠍䚷ᬑཬ䜢┠ⓗ䛸䛧䛯㐺ษ䛺䝞䜲䜸䜺䝇ᢏ⾡䛜㛤Ⓨ䛥䜜䜛
㻾㼑㼟㼡㼘㼠㼟
㻝㻙㻝㻌௚䝗䝘䞊➼䛻䜘䜛㛵㐃஦ᴗ䛾䝺䝡䝳䞊䜢㏻䛨䛯䞉䝥䝻䝆䜵䜽䝖䛿䜻䝹䜼䝇ඹ࿴ᅜ䛻䛚䛡䜛䝞䜲䜸䜺䝇㛵㐃஦ᴗ䜢䝺䝡䝳䞊䛩䜛䛯䜑䚸
᪤Ꮡ䝞䜲䜸䜺䝇ᢏ⾡䛻㛵䛩䜛ᩍカ䛾ᢳฟ䛸⌧ሙ
௚䝗䝘䞊䛛䜙䛾⪺䛝ྲྀ䜚䛾௚䚸䝻䞊䜹䝹䝁䞁䝃䝹䝍䞁䝖䜢฼⏝䛧ㄪᰝ䜢⾜䛳䛯䚹
䝙䞊䝈䛾ᢕᥱ䚹
䞉ㄪᰝ䛾⤖ᯝ䚸䜻䝹䜼䝇ඹ࿴ᅜ䛾䝞䜲䜸䜺䝇䝥䝷䞁䝖ᑟධᐇ⦼䛸✌ാ≧ែ䜢ᢕᥱ䛩
䜛䛣䛸䚷䚷䛜䛷䛝䛯䚹䜎䛯୙✌ാ䝥䝷䞁䝖䛾ཎᅉ䜔ᑗ᮶䝙䞊䝈䚸䝙䞊䝈せᅉ䛻䛴䛔䛶
䜒ㄪᰝ䛷䛝䛯䚹
㻝㻙㻞Ẹ㛫௻ᴗ䜢䛿䛨䜑䛸䛧䛯䝞䜲䜸䜺䝇ᢏ⾡㛤Ⓨ㛵䞉⌧ᅾ䜻䝹䜼䝇ඹ࿴ᅜ၏୍䛾䝞䜲䜸䜺䝇䝥䝷䞁䝖䝯䞊䜹䞊䛷䛒䜛䝣䝹䞊䝗♫➼䜈䛾
ಀᶵ㛵䛾యไ䠄ேဨ䚸ண⟬䚸ᢏ⾡⬟ຊ➼䠅䛻㛵䛩䜛 ⪺䛝ྲྀ䜚䚸䛚䜘䜃䝻䞊䜹䝹䝁䞁䝃䝹䝍䞁䝖䜢฼⏝䛧䛯ㄪᰝ䜢⾜䛳䛯䚹
ㄪᰝ䛾ᐇ᪋䚹
䞉䜻䝹䜼䝇ඹ࿴ᅜ䛻䛿ㄪᰝ䜢⾜䛳䛯䝣䝹䞊䝗♫௨እ䛻䝞䜲䜸䜺䝇䝥䝷䞁䝖䝯䞊䜹䞊
䛿䛺䛟䚸タィ䚸᪋ᕤ䠄≉䛻㓄⟶䚸⁐᥋ᢏ⾡䠅䛺䛹㛵㐃ᢏ⾡ྥୖ䛾ᚲせᛶ䛜☜ㄆ䛷䛝
㻝㻙㻟䠊㻝㻙㻝䛸㻝㻙㻞䛾άື䛻ᇶ䛵䛟ᨵⰋᆺ䝞䜲䜸䜺䝇䝥䞉䚷䠎ᖺᗘ䚸ಶู㎰ᐙ䛻㐺䛩䜛䝥䝷䞁䝖䛸䛧䛶䚸ᆅୗ䝍䞁䜽ᆺ䚸䝗䞊䝮ᆺ䛚䜘䜃䜹䝘䝹
䝷䞁䝖䛾タィ䚸〇㐀䚹
ᆺ䛾タ䚷ィ䛚䜘䜃᪋ᕤ䜢⾜䛳䛯䚹
䞉䚷䝏䝳䜲ᕞ䛻㻟ᇶ䚸䜲䝅䜽䜽䝸ᕞ䛻㻢ᇶタ⨨䚸᪤Ꮡ䝥䝷䞁䝖㻝ᇶಟ᚟䛾ྜィ䠍䠌ᇶ䛾䝰
䝕䝹䝥䝷䞁䝖䜢タ⨨䛧䛯䚹
㻝㻙㻠䚷ᨵⰋᆺ䝞䜲䜸䜺䝇䝥䝷䞁䝖䛾䝟䜲䝻䝑䝖஦ᴗ䜈䞉䠎ᖺᗘ䛻䝥䝷䞁䝖䝰䝙䝍䝸䞁䜾䞉⼥㈨ไᗘᑓ㛛ᐙ䛻䜘䜛ㄪᰝ䛾௚䚸䝻䞊䜹䝹䝁䞁䝃
䛾㐺⏝䛻䜘䜛ᢏ⾡ⓗ䞉㈈ົⓗጇᙜᛶ䛾᳨ド䚹
䝹䝍䞁䝖䜢฼⏝䛧䛯ㄪᰝ䜢ᐇ᪋䛧䛯䚹
䞉ྛㄪᰝ䛚䜘䜃㎰ᐙ➼䛾⪺䛝ྲྀ䜚ㄪᰝ䛾⤖ᯝ䚸䝟䜲䝻䝑䝖஦ᴗ䛻ᑐ䛩䜛ᢏ⾡ⓗᑐᛂ
䛜༑ศྍ⬟䛷䛒䜛䛣䛸䛜☜ㄆ䛥䜜䛯䚹
㻝㻙㻡䚷䝞䜲䜸䜺䝇䝥䝷䞁䝖䛾⌧ሙྥ䛡㐠⏝⥔ᣢ⟶⌮ 䞉䚷඲䝍䜲䝥䛾䝟䜲䝻䝑䝖䝥䝷䞁䝖䛻䛴䛔䛶䛾㐠⏝⥔ᣢ⟶⌮䝬䝙䝳䜰䝹䜢సᡂ䚹㛵ಀ
䝬䝙䝳䜰䝹䛾సᡂ䚹
ᶵ㛵䛻䚷䝏䜵䝑䜽䜢౫㢗䚹
䞉䚷䝻䝅䜰ㄒ䚸䜻䝹䜼䝇ㄒ䛷䝬䝙䝳䜰䝹సᡂ䚹
㻝㻙㻢䚷䝞䜲䜸䜺䝇ཬ䜃ᾮ⫧䛾⌧ሙྥ䛡฼⏝䝬䝙䝳䜰䞉䚷ᾮ⫧䛾⑓ཎ⳦᳨ᰝ䚸ᾮ⫧䛾᪋⏝ຠᯝ䛚䜘䜃ᾮ⫧䛾ᩓᕸᶵᲔ䛾㛤Ⓨ䜢ጤク䚹฼
䝹䛾సᡂ䚹
⏝䝬䝙䝳䜰䝹䛾సᡂ䚹
䞉䚷ሗ࿌᭩䛚䜘䜃䝇䝷䝸䞊䝇䝥䝺䝑䝎䞊䛾㛤Ⓨ䛚䜘䜃䝬䝙䝳䜰䝹䛾సᡂ䚹
㻝㻙㻣䚷௨ୖ䜢㏻䛨䛯䝞䜲䜸䜺䝇ᢏ⾡㛤Ⓨ㛵㐃ᶵ㛵䛾䞉䚷኱Ꮫ䚸⫋ᴗカ⦎ᡤ䚸䛚䜘䜃䝯䞊䜹䞊䛾䝞䜲䜸䜺䝇䛚䜘䜃ᾘ໬ᾮ฼⏝䛻㛵䛩䜛せ
యไᙉ໬
⣲ᢏ⾡䛜ᾐ㏱䛧䛯䚹
䞉䚷䝥䝷䞁䝖〇స䚸〇స䝬䝙䝳䜰䝹䛾⟇ᐃ䚸ᾘ໬ᾮᩓᕸᶵ䛻㛤Ⓨ䚸ᩓᕸἲ䛾ᣦᑟ䛜
䛷䛝䛯䚹
㻞㻌䝞䜲䜸䜺䝇ᢏ⾡䛾⌧ሙ䛻ᑐ䛩䜛୰ኸ䛸ᆅ᪉䛾ᐁẸඹྠ䛾
ᬑཬேᮦ䛜⫱ᡂ䛥䜜䜛䚹
㻞㻙㻝䚷㐣ཤ䛻ᐇ᪋䛥䜜䛯䝞䜲䜸䜺䝇㛵㐃஦ᴗ䛾䝺
䝡䝳䞊䜢⾜䛔䚸୰ኸ䛸ᆅ᪉䛾⌧⾜ᬑཬయไ䛻㛵䛩
䜛ᩍカ䛾ᢳฟ䛸⌧ሙ䝙䞊䝈䛾ᢕᥱ
䞉䚷௚䝗䝘䞊ᶵ㛵䜈䛾⪺䛝ྲྀ䜚➼䛸䝻䞊䜹䝹䝁䞁䝃䝹䝍䞁䛸⏝䛔䛯ㄪᰝ䜢ᐇ᪋䛧䛯䚹
䞉䚷ㄪᰝ䛻䜘䜚䚸䛣䜜䜎䛷䛾䝞䜲䜸䜺䝇㛵㐃஦ᴗ䛾䝺䝡䝳䞊䜢⾜䛔䚸ၥ㢟Ⅼ䜢☜ㄆ䛧
䛯䚹௚䝗䝘䞊䛸䛾㐃ᦠ䜢䛿䛛䜛䛸䛸䜒䛻䚸୰ኸ䛸ᆅ᪉䛾㐃ᦠᙉ໬䛾ᚲせᛶ䛜ᣦ᦬䛥
䜜䛯䚹
㻞㻙㻞䚷ᬑཬேᮦ䠄Ẹ㛫௻ᴗ䚸㻺㻳㻻➼䜢ྵ䜐䠅䛾ᢏ⾡䞉䚷䝻䞊䜹䝹䝁䞁䝃䝹䝍䞁䝖䜢⏝䛔䛯ㄪᰝ䛒䜛䛔䛿䝞䜲䜸䜺䝇䝥䝷䞁䝖〇స䛾㐣⛬
⬟ຊ䛻㛵䛩䜛䝧䞊䝇䝷䜲䞁ㄪᰝ䛸⤊஢᫬ㄪᰝ䛾ᐇ 䛷䚸ྛ✀ᢏ⬟䝺䝧䝹䜢ㄪᰝ䛧䛯䚹
䞉䚷ㄪᰝ⤖ᯝ䜢ሗ࿌᭩䛻䛩䜛䛸䛸䜒䛻䚸⌧ሙᢏ⾡䝺䝧䝹䛾ㄪᰝ䜢ཧ⪃䛻ᢏ⾡⪅䛾᪥
᪋䚹
ᮏ◊ಟ䝥䝻䜾䝷䝮䜢సᡂ䛧䛯䚹
㻞㻙㻟䚷ᬑཬேᮦ䜢ᑐ㇟䛸䛧䛯ᩍᮦ䠄ᬑཬ䝝䞁䝗䝤䝑䜽䞉䚷䝥䝷䞁䝖〇స䚸❧䛱ୖ䛢䚸㐠㌿⥔ᣢ⟶⌮䝬䝙䝳䜰䝹䜢సᡂ䛧䛯䚹
➼䠅䛾సᡂ䚹
䞉䚷䝥䝷䞁䝖〇స䚸㐠㌿⥔ᣢ⟶⌮䚸ᾘ໬ᾮᩓᕸᶵ䛾タィ䚸ᾘ໬ᾮᩓᕸἲ䜢䝻䝅䜰
ㄒ䚸䜻䝹䜼䝇ㄒ䛷༳ๅ䚹
㻞㻙㻠䚷ᬑཬேᮦ䛻ᑐ䛩䜛ᢏ⾡◊ಟ䛾ᐇ᪋
䞉䚷⾜ᨻᐁ䠄䜹䜴䞁䝍䞊䝟䞊䝖䠅䛚䜘䜃ᕤᴗ኱Ꮫᩍဨ䜢ᑐ㇟䛸䛧䛯◊ಟ䜢ᐇ᪋䛧䛯䚹䜎
䛯䚸⾜ᨻᐁ䚸ᬑཬேᮦ䠄䝥䝷䞁䝖ᢏ⾡⪅䠅䛾᪥ᮏ◊ಟ䜢ᐇ᪋䛧䛯䚹
䞉䚷䠍䚸䠎ᖺᗘ䛻ィ䠍䠍ྡ䛾᪥ᮏ◊ಟ䜢ᐇ᪋䛧䛯䚹
㻟㻌䝞䜲䜸䜺䝇ᬑཬ䛾䛯䜑䛾㎰Ẹ䛻ᑐ䛩䜛㐺ษ䛺⼥㈨ไᗘ䛜
ぢ┤䛥䜜䜛䚹
㻟㻙㻝䚷䝞䜲䜸䜺䝇㛵㐃஦ᴗ䛾䝺䝡䝳䞊䜢㏻䛨䛯⼥㈨
ไᗘ䛻㛵䛩䜛ᩍカ䛾ᢳฟ䛸⌧ሙ䝙䞊䝈䛾ᢕᥱ䚹
㻟㻙㻞䚷㎰ᮧ㒊䛻䛚䛡䜛⌧⾜⼥㈨ไᗘ䛾䝺䝡䝳䞊䚹
⼥㈨ไᗘᑓ㛛ᐙ䛻䜘䜛ㄪᰝሗ࿌఍䜢㎰ᴗ┬䚸኱Ꮫ䚸䝯䞊䜹䞊䚸㎰ᐙ䜢ᑐ㇟䛻㛤ദ
䛧䛯䚹
䞉䚷⼥㈨ไᗘᑓ㛛ᐙ䛻䜘䜛ไᗘ䝺䝡䝳䞊䛚䜘䜃ㄪᰝ⌧ᆅㄪᰝ䜢⾜䛳䛯䚹
䞉䚷㎰ᐙㄪᰝ⤖ᯝ䛛䜙฼⏝ྍ⬟䛺⼥㈨ෆᐜ䛻䛴䛔䛶ศᯒ䛧䛯䚹
㻟㻙㻟䚷௨ୖ䛻ᇶ䛵䛟⌧⾜⼥㈨ไᗘ䛾ᨵၿ᱌䛾ᥦゝ䚹䞉䚷ㄪᰝ䛻ᇶ䛵䛝䚸㎰ᐙ䛻ཷ䛡ධ䜜䜙䜜䜛⼥㈨ෆᐜ䜢ศᯒ䚹㻚
䞉䚷ศᯒ䛻ᇶ䛵䛝⼥㈨ෆᐜ䜢ᥦゝ䚹
㻠㻌䝞䜲䜸䜺䝇ᢏ⾡ᬑཬ䛻㛵䛩䜛୰ኸ䚸ᆅ᪉䚸⌧ሙ㛫䛾㐃ᦠయ
ไ䛜ᵓ⠏䛥䜜䜛䚹
㻠㻙㻝䚷㛵ಀᶵ㛵㛫䛷䛾䝥䝻䝆䜵䜽䝖඲యീ䛾ඹ᭷
䞉䚷㎰ᴗ๪኱⮧䜢㆟㛗䛸䛩䜛㐍ᤖሗ࿌఍㆟䜢䠎ᅇ㛤ദ䛩䜛䛸䛸䜒䛻䚸㎰ᴗ๪኱⮧䛻
ᑐ䛩䜛ᐃᮇⓗሗ࿌䝥䝻䝆䜵䜽䝖㐍ᤖ≧ἣ䜢ሗ࿌䚹ᕞᨻᗓ䛸䜒ᐦ䛻㐃ᦠ䜢䛸䛳䛯䚹
䞉䚷㎰ᴗ๪኱⮧䛸䛾㛫䛷䚸㎰ᴗ┬⫋ဨ䜢䝥䝻䝆䜵䜽䝖䛻㓄⨨䛧䚸඲ᅜⓗ䛺ᬑཬ䛾᰾䛸
䛺䜛䛣䛸䜢☜⣙䛧䛯䚹
㻠㻙㻞䚷䝥䝻䝫䞊䝄䝹᪉ᘧ䛷䛾䝟䜲䝻䝑䝖஦ᴗ䝃䜲䝖䞉
␆⏘㎰ᐙ䛾㑅ᐃ
㻠㻙㻟䚷䝟䜲䝻䝑䝖஦ᴗ䛾ᐇ᪋యไ䛾ᵓ⠏䚹
䞉䚷㎰ᴗ┬䛸ᕞ䛾᥎⸀䜢㍈䛻䚸⥔ᣢ⟶⌮䛜ྍ⬟䛸⪃䛘䜙䜜䜛㎰ᐙ䜢㑅ᐃᣦ㔪䛸䛧
䛯䚹䚷䚷䚷䞉䚷㻞㻜㻜㻤ᖺᗘ䝏䝳䜲ᕞ䚸㻞㻜㻜㻥ᖺᗘ䜲䝅䜽䜽䝸ᕞ䛻䛚䛔䛶㻝㻜䝰䝕䝹䝥䝷䞁䝖䜢
㑅ᐃ
䞉䚷㻞㻜㻜㻤ᖺᗘ䛿䛂䝣䝹䞊䝗♫䛃䛻⌧ᆅ෌ጤク䛧䛶ᐇ᪋䚸㻞㻜㻜㻥ᖺᗘ䛿䝥䝻䝆䜵䜽䝖┤Ⴀ
䛷ᐇ᪋䛧䛯䚹
㻠㻙㻠䚷䝟䜲䝻䝑䝖஦ᴗ䛻㛵䛩䜛䜸䞊䝥䞁䝣䜷䞊䝷䝮䛾䞉䚷㻞㻜㻜㻥ᖺᗘ䝏䝳䜲ᕞ䛻䛶䜸䞊䝥䞁䝣䜷䞊䝷䝮䜢㛤ദ
㛤ദ䚹
㻠㻙㻡䚷䝟䜲䝻䝑䝖஦ᴗᑐ㇟␆⏘㎰ᐙ䛻㛵䛩䜛䝧䞊䝇䞉䚷䝻䞊䜹䝹䝁䞁䝃䝹䝍䞁䛸䜢฼⏝䛧䛯ㄪᰝ䜢ᐇ᪋䚹
䝷䜲䞁ㄪᰝ䛸⤊஢᫬ㄪᰝ䛾ᐇ᪋䚹
䞉䚷ᑐ㇟␆⏘㎰ᐙ䛾ᴫせ䜢ᢕᥱ䛷䛝䛯䚹
㸫㸫
㻠㻙㻢䚷ఫẸཧຍᆺᙧᘧ䛷䛾䝟䜲䝻䝑䝖஦ᴗ䛾ィ⏬䚸䞉䚷䛂ఫẸ⤌⧊໬䛃䛾䛯䜑䛾䝽䞊䜽䝅䝵䝑䝥㛤ദ䠄㻞㻜㻝㻜㻚㻟㻚㻝㻜䚸䝏䝵䞁䜽䝈䝹䞉䝇䞊䠅䛧
ᐇ᪋ཬ䜃䝰䝙䝍䝸䞁䜾
䛯䚹
䞉䚷䝞䜲䜸䜺䝇䝥䝷䞁䝖㐠Ⴀ䛾䛯䜑䛾ఫẸ⤌⧊໬䚸ሗ࿌᭩䜢ඹྠᾎሙ䛻䛴䛔䛶సᡂ
㻠㻙㻣䚷䝟䜲䝻䝑䝖஦ᴗ䛾䝺䝡䝳䞊䜢㏻䛨䛯㛵ಀᶵ㛵㛫䞉䚷䜹䜴䞁䝍䞊䝟䞊䝖ᶵ㛵䛸ᕞᨻᗓ䚸኱Ꮫ䛸㐃ᦠ䜢ᥦ᱌䚹
䛾㐃ᦠ䜺䜲䝗䝷䜲䞁䛾సᡂ䚹
䞉䚷䝥䝻䝆䜵䜽䝖䜈䛾㎰ᴗ┬⫋ဨ䛾ὴ㐵䛻䜘䛳䛶䜺䜲䝗䝷䜲䞁䛾సᡂ䜢ィ⏬䚹
㻡䚷䝞䜲䜸䜺䝇ᢏ⾡䛜㎰ᮧఫẸ䛻ᗈ䛟࿘▱䛥䜜䜛䚹
㻡㻙㻝䚷⌧ሙ䝺䝧䝹䜢ᑐ㇟䛸䛧䛯䝞䜲䜸䜺䝇ᢏ⾡⤂௓ 䞉䚷㎰ᐙྥ䛡䝉䝭䝘䞊ᐇ᪋䜔⌧ሙᢏ⾡⪅ྥ䛡䛾䝞䜲䜸䜺䝇ᢏ⾡䛾◊ಟ䜢ᐇ᪋䚹ኳ
䝉䝭䝘䞊䛾ᐇ᪋䚹
↛㈨※䚷䚷┬⫋ဨ䛻䜘䜛㎰ᐙྥ䛡Ᏻ඲◊ಟ䛾ᐇ᪋䚹
䞉䚷䝉䝭䝘䞊䜢㻠ᅇ䚸㻤㻢ྡ䛻ᑐ䛧䛶ᐇ᪋䚹⌧ሙᢏ⾡⪅㻟ྡ䛾᪥ᮏ◊ಟ䜢ᐇ᪋䚹඲ᅜ
㻝㻟㻟ྡ䠄㻞㻜㻝㻜㻚㻚㻞㻚㻝㻣᪥⌧ᅾ䠅䛾㎰ᐙ䛻ಶูᣦᑟ䚹
㻡㻙㻞䚷䝞䜲䜸䜺䝇ᢏ⾡⤂௓䝟䞁䝣䝺䝑䝖䠄䝡䝕䜸➼䜢
ྵ䜐䠅䛾సᡂ䚹
䞉䚷㻞㻜㻜㻤ᖺᗘ䛻䝥䝻䝆䜵䜽䝖⤂௓䝟䞁䝣䠄ⱥ㻛㟢䠅䚸㻞㻜㻜㻥ᖺᗘ䛻䠄㟢㻛䛂䜻䛃䠅䛷సᡂ䚹
䞉䚷㻞㻜㻝㻜ᖺᗘ䝥䝻䝆䜵䜽䝖⤂௓䝡䝕䜸䛾సᡂ䚹䜴䜵䝤䝃䜲䝖䛾ᖖ᫬᭦᪂䜢ᐇ᪋䚹
㻡㻙㻟䚷䝟䜲䝻䝑䝖஦ᴗ䝃䜲䝖䜢ᑐ㇟䛸䛧䛯⌧ᆅ䝯䝕䜱䜰䞉䚷㎰ᐙྥ䛡䝇䝍䝕䜱䝒䜰䞊㻘ฟ๓ᤵᴗ䜢ᐇ᪋䚹
ྥ䛡䝥䝺䝇䝒䜰䞊䚸㎰Ẹཬ䜃ᆅ᪉⮬἞య㛵ಀ⪅ྥ
䛡䝒䜰䞊䛾ᐇ᪋
㸫㸫
㸴㸬άືᐇ⦼࣭ᡂᯝ⾲
ࠉάືᐇ⦼࣭ᡂᯝ⾲㸦⮬ᕫホ౯㸧
32࡟ࡼࡿάືィ⏬㸦㡯┠ẖ㸧
ࣉࣟࢪ࢙ࢡࢺࡢάື≧ἣ
㡯┠
኱㡯┠
ᡂᯝ㸯
ᬑཬࢆ┠ⓗ࡜ࡋࡓ
㐺ษ࡞ࣂ࢖࢜࢞ࢫ
ᢏ⾡ࡀ㛤Ⓨࡉࢀࡿ
ᡂᯝ㸰
ࣂ࢖࢜࢞ࢫᢏ⾡ࡢ
⌧ሙ࡟ᑐࡍࡿ୰ኸ
࡜ᆅ᪉ࡢᐁẸඹྠ
ࡢᬑཬேᮦࡀ⫱ᡂ
ࡉࢀࡿࠋ
ᡂᯝ㸱
ࣂ࢖࢜࢞ࢫᬑཬࡢ
ࡓࡵࡢ㎰Ẹ࡟ᑐࡍ
ࡿ㐺ษ࡞⼥㈨ไᗘ
ࡀぢ┤ࡉࢀࡿࠋ
ᐇ᪋
᫬ᮇ
୰㡯┠
ᖺ ᖺ
௚ ࢻ ࢼ ࣮ ➼
࡟ࡼࡿ㛵㐃஦ᴗ
ࡢࣞࣅ࣮ࣗࢆ㏻
ࡌࡓ᪤Ꮡࣂ࢖࢜
࢞ࢫᢏ⾡࡟㛵ࡍ
ࡿᩍカࡢᢳฟ࡜
⌧ሙࢽ࣮ࢬࡢᢕ
ᥱࠋ
ᢸᙜ⪅ άືᐇ⦼
᭱⤊฿㐩┠ᶆ
௒ᚋࡢィ⏬㸧
㐩ᡂᗘ
㸦㸣㸧
άືᡂᯝ
ᖺ
ఀ ᮾ ‫ە‬௚ࢻࢼ࣮ᶵ㛵࡬ࡢ⪺ࡁ ሗ࿌᭩
኱ す ྲྀࡾ➼ࠉࠉࠉࠉࠉࠉࠉࠉ‫ە‬
㸦ၨ㸧 ࣮ࣟ࢝ࣝࢥࣥࢆ⏝࠸ࡓࢭࢡ
ࢱ࣮ࢧ࣮࣋࢖
Ẹ㛫௻ᴗࢆࡣ
ࡌࡵ࡜ࡋࡓࣂ࢖
࢜࢞ࢫᢏ⾡㛤Ⓨ
㛵ಀᶵ㛵ࡢయไ
㸦ேဨࠊண⟬ࠊ
ᢏ⾡⬟ຊ➼㸧࡟
㛵ࡍࡿㄪᰝࡢᐇ
᪋ࠋ
ఀ ᮾ ‫ ྲྀࡁ⪺ࡢ࡬➼♫ࢻ࣮ࣝࣇە‬ሗ࿌᭩
኱ す ࡾࠉࠉࠉࠉࠉࠉࠉࠉࠉ‫ە‬
㸦ၨ㸧 ࣮ࣟ࢝ࣝࢥࣥࢆ⏝࠸ࡓࢭࢡ
ࢱ࣮ࢧ࣮࣋࢖
㸬࡜ࡢ
άື࡟ᇶ࡙ࡃᨵ
Ⰻᆺࣂ࢖࢜࢞ࢫ
ࣉࣛࣥࢺࡢタ
ィࠊ〇㐀ࠋ
ࠉᨵⰋᆺࣂ࢖
࢜࢞ࢫࣉࣛࣥࢺ
ࡢࣃ࢖ࣟࢵࢺ஦
ᴗ࡬ࡢ㐺⏝࡟ࡼ
ࡿᢏ⾡ⓗ࣭㈈ົ
ⓗጇᙜᛶࡢ᳨
ドࠋ
ࠉࣂ࢖࢜࢞ࢫ
ࣉࣛࣥࢺࡢ⌧ሙ
ྥࡅ㐠⏝⥔ᣢ⟶
⌮࣐ࢽࣗ࢔ࣝࡢ
సᡂࠋ
‫ە‬ᆅୗࢱࣥࢡᆺࠊࢻ࣮࣒
኱す
㸦࿘㸧 ᆺࠊ࢝ࢼࣝᆺࡢタィ࠾ࡼࡧ
⚄⏣ ᪋ᕤ
ᚿ࿴
ᖺ㸰㸫᭶ᨵಟ
タィᅗ
ࢳࣗ࢖ᕞ࡟ᇶタ⨨
࢖ࢩࢡࢡࣜᕞ࡟ᇶタ⨨ࠊ
᪤Ꮡࣉࣛࣥࢺᇶಟ᚟
すᓮ
ᚨᮏ
℈㔝
‫࣭ە‬ᖺᗘ࡟ࣉࣛࣥ ሗ࿌᭩
ࢺࣔࢽࢱࣜࣥࢢ࣭⼥㈨ไᗘ
ᑓ㛛ᐙ࡟ࡼࡿㄪᰝࢆᐇ᪋ࠋ
ᑓ㛛ᐙࡢㄪᰝ⤖ᯝࢆཧ⪃࡟ ᢏ⾡ⓗ࣭㈈ົⓗጇᙜᛶ࡟ࡘ
࠸᳨࡚ウ
すᓮ
⚄⏣
ᚿ࿴
‫ࣝ࢔ࣗࢽ࣐ ࡘ࡟ࢺࣥࣛࣉࢺࢵࣟ࢖ࣃە‬
࠸࡚ࡢ࣐ࢽࣗ࢔ࣝࢆసᡂ
ࣃ࢖ࣟࢵࢺࣉࣛࣥࢺࡢࢱ࢖ ࣉู࣐ࢽࣗ࢔ࣝࡢಟṇ࣭ຍ
➹ࢆணᐃ
ࠉࣂ࢖࢜࢞ࢫ
ཬࡧᾮ⫧ࡢ⌧ሙ
ྥࡅ฼⏝࣐ࢽࣗ
࢔ࣝࡢసᡂࠋ
すᓮ
ࠉ௨ୖࢆ㏻ࡌ
ࡓࣂ࢖࢜࢞ࢫᢏ
⾡㛤Ⓨ㛵㐃ᶵ㛵
ࡢయไᙉ໬
ᒸᮏ
ఀᮾ
኱す
‫ە‬ᾮ⫧ࡢ⑓ཎ⳦᳨ᰝࠊᾮ⫧ ሗ࿌᭩࠾ࡼࡧࢫ࣮ࣛࣜࢫࣉ ᅵተ⫧ᩱ࣭ᶵᲔศ㔝ࡢ▷ᮇ ࡢ᪋⏝ຠᯝ࠾ࡼࡧᾮ⫧ࡢᩓ ࣞࢵࢲ࣮ࡢ㛤Ⓨ
ᑓ㛛ᐙࡢὴ㐵ࢆணᐃ
ᕸᶵᲔࡢ㛤Ⓨࢆጤク
㸦㸧
‫ࢺࣥࣛࣉࢺࢵࣟ࢖ࣃە‬㎰ᐙ
࡬ࡢᾮ⫧ᩓᕸἲࡢᣦᑟ
‫ࡢࢺ࢖ࢧࢺࢵࣟ࢖ࣃە‬㑅ᐃ ࣃ࢖ࣟࢵࢺࢧ࢖ࢺࡢ㑅ᐃ
࡟࠾ࡅࡿ㎰ᴗ┬ࡢ㛵୚
ࠉ㐣ཤ࡟ᐇ᪋
ࡉࢀࡓࣂ࢖࢜࢞
ࢫ㛵㐃஦ᴗࡢࣞ
ࣅ࣮ࣗࢆ⾜࠸ࠊ
୰ኸ࡜ࠉᆅ᪉ࡢ
⌧⾜ᬑཬయไ࡟
㛵ࡍࡿᩍカࡢᢳ
ฟ࡜⌧ሙࢽ࣮ࢬ
ࡢᢕᥱ
ࠉᬑཬேᮦ
㸦Ẹ㛫௻ᴗࠊ1*2
➼ࢆྵࡴ㸧ࡢᢏ
⾡⬟ຊ࡟㛵ࡍࡿ
࣮࣋ࢫࣛ࢖ࣥㄪ
ᰝ࡜⤊஢᫬ㄪᰝ
ࡢᐇ᪋ࠋ
ఀ ᮾ ‫ە‬௚ࢻࢼ࣮ᶵ㛵࡬ࡢ⪺ࡁ ሗ࿌᭩
኱ す ྲྀࡾ➼ࠉࠉࠉࠉࠉࠉࠉࠉ‫ە‬
㸦ၨ㸧 ࣮ࣟ࢝ࣝࢥࣥࢆ⏝࠸ࡓࢭࢡ
ࢱ࣮ࢧ࣮࣋࢖
ࠉᬑཬேᮦࢆ
ᑐ㇟࡜ࡋࡓᩍᮦ
㸦ᬑཬࣁࣥࢻ
ࣈࢵࢡ➼㸧ࡢస
ᡂࠋ
㻞㻙㻠䚷ᬑཬேᮦ䛻
ᑐ䛩䜛ᢏ⾡◊ಟ䛾
ᐇ᪋
すᓮ ‫ࢺࣥࣛࣉە‬〇సࠊ❧ࡕୖࡆ ሗ࿌᭩
ఀᮾ ࣐ࢽࣗ࢔ࣝసᡂ
኱す
㸦ၨ㸧
㻟㻙㻝䚷䝞䜲䜸䜺䝇㛵
㐃஦ᴗ䛾䝺䝡䝳䞊
䜢㏻䛨䛯⼥㈨ไᗘ
䛻㛵䛩䜛ᩍカ䛾ᢳ
ฟ䛸⌧ሙ䝙䞊䝈䛾
ᢕᥱ䚹
㻟㻙㻞䚷㎰ᮧ㒊䛻䛚
䛡䜛⌧⾜⼥㈨ไᗘ
䛾䝺䝡䝳䞊䚹
㻟㻙㻟䚷௨ୖ䛻ᇶ䛵䛟
⌧⾜⼥㈨ไᗘ䛾
ᨵၿ᱌䛾ᥦゝ䚹
ఀᮾ ‫ ࢭࡓ࠸⏝ࢆࣥࢥ࣮ࣝ࢝ࣟە‬ሗ࿌᭩
ࢡࢱ࣮ࢧ࣮࣋࢖
኱す
㸦ၨ㸧
ྛᅇྡ
ఀᮾ
‫⾜ە‬ᨻᐁ࠾ࡼࡧᕤᴗ኱Ꮫᩍ ィ㸯㸯ྡ㸦᪥ᮏ◊ಟ㸧
኱す
㸦ၨ㸧 ဨࢆᑐ㇟࡜ࡋࡓ◊ಟࢆᐇ᪋
‫⾜ە‬ᨻᐁࠊᬑཬேᮦࡢ᪥ᮏ
◊ಟ
℈㔝
‫⼥ە‬㈨ไᗘᑓ㛛ᐙ࡟ࡼࡿㄪ ሗ࿌᭩
ᰝሗ࿌఍ࢆ㛤ദ
℈㔝
‫⼥ە‬㈨ไᗘᑓ㛛ᐙ࡟ࡼࡿㄪ ሗ࿌᭩
ᰝሗ࿌఍ࢆ㛤ദ
℈㔝
‫⼥ە‬㈨ไᗘᑓ㛛ᐙ࡟ࡼࡿㄪ ሗ࿌᭩
ᰝሗ࿌఍ࢆ㛤ദ
㸫㸫
⤊஢᫬ㄪᰝࡢᐇ᪋
⾜ᨻᐁࠊᬑཬேᮦࡢ᪥ᮏ◊ ಟ㸦ᨻኚ࡟ࡼࡾಖ␃㸧
ᨻኚ࡟ࡼࡾಖ␃
㻠㻙㻝䚷㛵ಀᶵ㛵㛫
ᡂᯝ㸲
ࣂ࢖࢜࢞ࢫᢏ⾡ᬑ 䛷䛾䝥䝻䝆䜵䜽䝖඲
ཬ࡟㛵ࡍࡿ୰ኸࠊ యീ䛾ඹ᭷
ᆅ᪉ࠊ⌧ሙ㛫ࡢ㐃
ᦠయไࡀᵓ⠏ࡉࢀ
ࡿࠋ
㻠㻙㻞䚷䝥䝻䝫䞊䝄䝹
᪉ᘧ䛷䛾䝟䜲䝻䝑䝖
஦ᴗయ䝃䜲䝖䞉␆⏘
㎰ᐙ䛾㑅ᐃ
㻠㻙㻟䚷䝟䜲䝻䝑䝖஦
ᴗ䛾ᐇ᪋యไ䛾
ᵓ⠏䚹
㻠㻙㻠䚷䝟䜲䝻䝑䝖஦
ᴗ䛻㛵䛩䜛䜸䞊䝥
䞁䝣䜷䞊䝷䝮䛾㛤
ദ䚹
㻠㻙㻡䚷䝟䜲䝻䝑䝖஦
ᴗᑐ㇟␆⏘㎰ᐙ䛻
㛵䛩䜛䝧䞊䝇䝷䜲
䞁ㄪᰝ䛸⤊஢᫬ㄪ
ᰝ䛾ᐇ᪋䚹
㻠㻙㻢䚷ఫẸཧຍᆺ
ᙧᘧ䛷䛾䝟䜲䝻䝑䝖
஦ᴗ䛾ィ⏬䚸ᐇ᪋
ཬ䜃䝰䝙䝍䝸䞁䜾
㻠㻙㻣䚷䝟䜲䝻䝑䝖஦
ᴗ䛾䝺䝡䝳䞊䜢㏻
䛨䛯㛵ಀᶵ㛵㛫䛾
㐃ᦠ䜺䜲䝗䝷䜲䞁䛾
సᡂ䚹
㻡㻙㻝䚷⌧ሙ䝺䝧䝹䜢
ᡂᯝ㸳
ࣂ࢖࢜࢞ࢫᢏ⾡ࡀ ᑐ㇟䛸䛧䛯䝞䜲䜸
㎰ᮧఫẸ࡟ᗈࡃ࿘ 䜺䝇ᢏ⾡⤂௓䝉䝭
䝘䞊䛾ᐇ᪋䚹
▱ࡉࢀࡿࠋ
㻡㻙㻞䚷䝞䜲䜸䜺䝇ᢏ
⾡⤂௓䝟䞁䝣䝺䝑䝖
䠄䝡䝕䜸➼䜢ྵ䜐䠅
䛾సᡂ䚹
㻡㻙㻟䚷䝟䜲䝻䝑䝖஦
ᴗ䝃䜲䝖䜢ᑐ㇟䛸䛧
䛯⌧ᆅ䝯䝕䜱䜰ྥ
䛡䝥䝺䝇䝒䜰䞊䚸㎰
Ẹཬ䜃ᆅ᪉⮬἞య
㛵ಀ⪅ྥ䛡䝒䜰䞊
䛾ᐇ᪋
ᨻኚ࡟ࡼࡾಖ␃
ᒸᮏ
すᓮ
ఀᮾ
኱す
‫ە‬㎰ᴗ๪኱⮧ࢆ㆟㛗࡜ࡍࡿ
㐍ᤖሗ࿌఍㆟ࢆᅇᐇ᪋‫ە‬
㎰ᴗ๪኱⮧࡟ᑐࡍࡿᐃᮇⓗ
ሗ࿌‫ە‬ᕞ
ᨻᗓ࡜ࡢ㐃ᦠ
ᒸᮏ
ఀᮾ
኱す
‫ە‬ᖺᗘࢳࣗ࢖ᕞࠊ
ᖺᗘ࢖ࢩࢡࢡࣜᕞ࡟࠾࠸࡚
ࣔࢹࣝࣉࣛࣥࢺࢆ㑅ᐃ
ᒸᮏ
ᚿ࿴
‫ە‬ᖺᗘࡣࠕࣇ࣮ࣝࢻ
♫ࠖ࡟⌧ᆅ෌ጤクࡋ࡚ᐇ
᪋ࠊᖺᗘࡣࣉࣟࢪ࢙ࢡ
ࢺ┤Ⴀ࡛ᐇ᪋
‫ە‬ᖺᗘࢳࣗ࢖ᕞ࡟࡚
࣮࢜ࣉࣥࣇ࢛࣮࣒ࣛࢆ㛤ദ
ᒸᮏ
すᓮ
ఀᮾ
኱す
ఀᮾ ‫ ࢭࡓ࠸⏝ࢆࣥࢥ࣮ࣝ࢝ࣟە‬ሗ࿌᭩
኱す
ࢡࢱ࣮ࢧ࣮࣋࢖
㸦ၨ㸧
➉ෆ
すᓮ
ᖺᗘ➨ᅄ༙ᮇ࡟࢖ࢩ ࢡࢡࣜࡢ%*ࣉࣛࣥࢺ❹ᕤᘧ
࡜ేࡏࢭ࣑ࢼ࣮ࢆ㛤ദணᐃ
㸦ᨻኚ࡟ࡼࡾಖ␃㸧ࠋ
⤊஢᫬ㄪᰝࡢᐇ᪋
‫ࠕە‬ఫẸ⤌⧊໬ࠖࡢࡓࡵࡢ ࣂ࢖࢜࢞ࢫࣉࣛࣥࢺ㐠Ⴀࡢ 㐠Ⴀࡢ☜ㄆ
ࡓࡵࡢఫẸ⤌⧊໬ࠊሗ࿌᭩
࣮࣡ࢡࢩࣙࢵࣉ㛤ദ
㸦ࠊࢳࣙࣥࢡࢬ
࣭ࣝࢫ࣮㸧
‫ࢺ࣮ࣃ࣮ࢱࣥ࢘࢝ە‬ᶵ㛵࡜ ࢞࢖ࢻࣛ࢖ࣥࡢసᡂ
᭱⤊☜ㄆ㸦ᨻኚ࡟ࡼࡾಖ
㐃ᦠࡢ☜ㄆ
␃㸧
ࢭ࣑ࢼ࣮ࢆᅇࠊྡ࡟ᑐ
ࡋ࡚ᐇ᪋ࠉࠉࠉࠉࠉࠉࠉ⌧
ሙᢏ⾡⪅ྡࡢ᪥ᮏ◊ಟࢆ
ᐇ᪋ࠉࠉࠉࠉࠉ඲ᅜ
ྡ㸦᪥⌧
ᅾ㸧ࡢ㎰ᐙ࡟ಶูᣦᑟ
ヲ⣽࡞ᗈሗ㈨ᩱࡢసᡂࠊ ఀᮾ ‫ە‬ᖺᗘ࡟ࣉࣟࢪ࢙ࢡࢺ ྛ㒊సᡂ
࢙࢘ࣈࢧ࢖ࢺ᭦᪂ࠊࣅࢹ࢜
኱す
⤂௓ࣃࣥࣇ㸦ⱥ㟢㸧ࠊ
ࡢసᡂ୰
㸦ၨ㸧 ᖺᗘ࡟㸦㟢ࠕ࢟ࠖ㸧
࡛సᡂ
ࣉࣞࢫ࠾ࡼࡧ⮬἞య㛵ಀ⪅ ఀᮾ ‫ە‬㎰ᐙྥࡅࢫࢱࢹ࢕ࢶ࢔࣮ ேཧຍ
ྥࡅࢶ࢔࣮ࡢᐇ᪋ᨻኚ࡟
ࢆᅇᐇ᪋ࠉࠉࠉࠉࠉ‫ە‬ฟ ྡཧຍ
኱す
ࡼࡾಖ␃㸧
㸦ၨ㸧 ๓ᤵᴗᐇ᪋
ᒸᮏ
すᓮ
ఀᮾ
኱す
‫ە‬㎰ᐙྥࡅࢭ࣑ࢼ࣮ᐇ᪋
‫⌧ە‬ሙᢏ⾡⪅ࡢ◊ಟ
㸫㸫
㸵㸬෌⏕ྍ⬟࢚ࢿࣝࢠ࣮ศ㔝࡟࠾ࡅࡿ 㻶㻵㻯㻭 ࣂ࢖࢜࢞ࢫࣉࣟࢪ࢙ࢡࢺᇶ♏ㄪᰝ 㻔㻭㼚㼍㼘㼥㼠㼕㼏㼍㼘㻌㻾㼑㼜㼛㼞㼠㻕
5HVHDUFKDQG&RQVXOWLQJ
%DVLF6WXG\IRU-,&$%LRJDV3URMHFWLQWKH5HQHZDEOH
(QHUJ\6HFWRU%LRJDV
$1$/<7,&$/5(3257
3UHSDUHGIRU
-DSDQ,QWHUQDWLRQDO&RRSHUDWLRQ$JHQF\-,&$
.\UJ\]5HSXEOLF2IILFH%LVKNHN
%RNRPEDHYRVWU
7HO
(PDLOEDUFK\QHVKHQNXORYD#JPDLOFRP
3UHSDUHGE\
5HVHDUFK&RQVXOWLQJ$JHQF\6,$5
.\UJ\]VWDQ%LVKNHN
WKIORRU7RNWRJXODVWU
7HO
)D[
(PDLORIILFH#VLDUFRQVXOWFRP
'HFHPEHU
㸫㸫
&217(176
6XPPDU\DQGUHFRPPHQGDWLRQV
,QWURGXFWLRQ
2YHUYLHZRIVRFLRHFRQRPLFSRVLWLRQLQJLQN\UJ\]UHSXEOLF
'HPRJUDSKLFVLWXDWLRQ
*URVV'RPHVWLF3URGXFW*'3
,QIODWLRQ
,QYHVWPHQWV
5HDOL]DWLRQRI1DWLRQDO6WUDWHJ\RI3RYHUW\5HGXFWLRQ
7KHSULYDWHILQDQFLDOVHFWRU
&XUUHQWFRQGLWLRQRIELRJDVWHFKQRORJLHVLQN\UJ\]VWDQ
7KHVWDQGDUGOHJDOEDVH
%LRJDVIDFLOLWLHVLQ.\UJ\]VWDQ
7KHFRVWRI%)
)LQDQFLQJ
7KHPDLQWDUJHWJURXSIRUGLVWULEXWLRQRI%)LQ.\UJ\]VWDQ
&RRSHUDWLYHV
7KHLQWHUQDWLRQDORUJDQL]DWLRQV
1*2
0DQXIDFWXUHUVRI%)
6XUYH\RIIDUPHUV
5HVXPH
%DUULHUV
5HFRPPHQGDWLRQV
$SSHQGL[7KHOLVWRIFRQVWUXFWHG%)LQ.\UJ\]VWDQ
$SSHQGL[,QWHUQDWLRQDORUJDQL]DWLRQVDQGGRQRUV
㸫㸫
$SSHQGL[2RUJDQL]DWLRQVDQGHQWHUSULVHVZRUNLQJRQUHVELRJDV
/LVWRIDEEUHYLDWLRQV
%LEOLRJUDSK\
㸫㸫
6XPPDU\DQGUHFRPPHQGDWLRQV
9 )RU FRQGXFWLRQ RI WKLV UHSRUW YDULRXV PHWKRGV RI TXDOLWDWLYH UHVHDUFK ± GHVN UHVHDUFK H[SHUW
LQWHUYLHZVXUYH\ZHUHHPSOR\HG
9 .\UJ\]VWDQ WKH GHYHORSLQJ VWDWH ORFDWHG LQ &HQWUDO $VLD 7KH GHPRJUDSKLF VLWXDWLRQ LV
FKDUDFWHUL]HGE\VWHDG\JURZWKRIWKHSRSXODWLRQ7KHHFRQRP\RI.\UJ\]VWDQORVHVDQLQGXVWULDO
EDVLV IRFXVHG RQ DQ DJULFXOWXUDO SURGXFWLRQ H[WUDFWLRQ RI UDZ PDWHULDOV DQG PDQXIDFWXUH RI
VHUYLFHV DQG KDV QR WHFKQRORJLFDO EUDQFKHV ,Q VWUXFWXUH RI *'3 PRUH WKDQ D TXDUWHU RI WKH
YROXPHFRQVLVWVRIWKHDJULFXOWXUHZKLFKH[SHULHQFHVGLIILFXOWLHVWKHJURZLQJSULFHVIRUHQHUJ\
FDUULHUVORZIHUWLOLW\RIWKHODQGSRYHUW\RIDJULFXOWXUDOSRSXODWLRQGHWHULRUDWLRQRIDFRQGLWLRQ
RI HQYLURQPHQW +LJK OHYHO RI SRYHUW\ UHPDLQV LQ $OO UHJLRQV H[FHSW IRU
%LVKNHNDUHHFRQRPLFDOO\ZHDN7KHRIILFLDOUDWHRIXQHPSOR\PHQWLQ.\UJ\]VWDQPDNHV
0RUHWKDQKDOIRIXQHPSOR\HGDUH\RXQJPHQXSWR\HDUVROG
9 7KHUHLVDTXHVWLRQRISRZHUVDIHW\$EDVLVIRU SRZHULQ.\UJ\]VWDQLVZDWHUUHVRXUFHV2QO\
RIKRXVHKROGVLQKDGFRQVWDQWDFFHVVWRWKHHOHFWULFSRZHU3RZHULQWHQVLW\IRUFHVWKH
JRYHUQPHQWWRUDLVHWDULIIVIRUWKHHOHFWULFSRZHUHVVHQWLDOO\,QUXUDODUHDWKHUHLVDORZOHYHORI
LPSURYHPHQW RI OLYLQJ VSDFH 2QO\ RI UXUDO KRXVHKROGV DUH FRQQHFWHG WR FHQWUDO KHDWLQJ
V\VWHP1HWZRUNJDVLVXVHGE\RIUXUDOKRXVHKROGV$OPRVWKDOIRIWKHUXUDOSRSXODWLRQ
XVHVIRUFRRNLQJVROLGIXHODQRYHQWKHFHQWUH7KHUHDUHUXUDOKRXVHKROGVWKDWEXUQWKH
ZDVWH
9 ([SDQVLRQ RI DFFHVV RI WKH SRSXODWLRQ WR ILQDQFLDO VHUYLFHV DWWUDFWLRQ RI LQYHVWPHQWV WKH
LPSRUWDQW IDFWRUV RI HFRQRPLF JURZWK GHFUHDVH LQ OHYHO RI SRYHUW\ FUHDWLRQ RI DGGLWLRQDO
ZRUNSODFHV$FFRUGLQJWRDOODYDLODEOHLQIRUPDWLRQWKHUHDUHPLFURFUHGLWRUJDQL]DWLRQVDQG
FRPPHUFLDOEDQNVRSHUDWLQJLQ.\UJ\]VWDQ,QIRUJUDQWLQJRIFUHGLWVWRSULYDWHIDUPHUV
DQG UXUDO FRPPRGLW\ SURGXFHUV RQ D FRQVWDQW DQG VWHDG\ EDVLV 2-6& ³$\\O %DQN´ KDYH EHHQ
FUHDWHG $W WKH JHQHUDO LQFUHDVH LQ YROXPH RI IRUHLJQ LQYHVWPHQWV LQ .5 WKHLU UHFHLSW LQ
DJULFXOWXUDOVHFWRULQZDVUHGXFHGLQFRPSDULVRQZLWKE\
9 7KH ZLGH LQWURGXFWLRQ RI UHQHZDEOH HQHUJ\ VRXUFHV LQ SDUWLFXODU ELRJDV WHFKQRORJLHV FDQ
EHFRPHRQHRIWKHVROXWLRQVRIVRFLDODQGHFRQRPLFLVVXHVHVSHFLDOO\LQUXUDODUHD7KHVWDQGDUG
OHJDOEDVHIRUGHYHORSPHQWRI5(6LQ.\UJ\]VWDQLVFUHDWHG+RZHYHULWLVQHFHVVDU\WRZRUN
RXW WKH PHFKDQLVPV RI ODZV¶ UHDOL]DWLRQ ZKLFK ZRXOG VWLPXODWH SRWHQWLDO XVHUV RI 5(6
PDQXIDFWXUHUVDQGVXSSOLHUVRIWKHHTXLSPHQW
9 .\UJ\]VWDQSRVVHVVHVDELJSRWHQWLDOIRUGHYHORSPHQWRIELRJDVWHFKQRORJLHV2QSHUFHSWLYLW\RI
XVH LQ .\UJ\]VWDQ WKH\ DUH WKH WKLUG DIWHU VRODU DQG HQHUJ\ RI VPDOO PRXQWDLQ +\GURHOHFWULF
3RZHU 6WDWLRQV 7KH JHQHUDO SRWHQWLDO RI 5(6 LQ .\UJ\]VWDQ PDNHV PLOOLRQ WRQV RI
FRQGLWLRQDOIXHOD\HDU+RZHYHURQO\RIWKLVYROXPHDUHDFWXDOO\XVHG
9 &XUUHQWO\WKHUHLVLQIRUPDWLRQDERXW%)LQRSHQVRXUFHVZKLFKDUHFRQVWUXFWHGLQ.\UJ\]VWDQ
DQG RQO\ RI ZKLFK ZRUNLQ ZRUNLQJ RUGHU 7KH PDMRULW\ LV ORFDWHG LQ &KX\ DQG ,VV\N.XO
REODVWV $ FRQVLGHUDEOH SDUW RI IDFLOLWLHV GR QRW ZRUN EHFDXVH RI GLVFUHSDQF\ WR FOLPDWLF
FRQGLWLRQVRI.\UJ\]VWDQDQGDEVHQFHRIH[SHUWVIRUUHSDLUDQGVHUYLFHV
㸫㸫
9 ,QRYHUZKHOPLQJPDMRULW\RIWKHIDFLOLWLHVFRQVWUXFWHGLQ.\UJ\]VWDQPHWDOFDSDFLWLHVDUHXVHG
DV D UHDFWRU $QG RQO\ ZLWKLQ WKH OLPLWV RI -,&$ SURMHFW IRU WKH ILUVW WLPH WKHUH KDYH EHHQ
FRQVWUXFWHG IDFLOLWLHV DGDSWHG IRU FOLPDWLF FRQGLWLRQV RI .\UJ\]VWDQ RI WUHQFK DQG GRPH W\SHV
6PDOOIDFLOLWLHVZLWKɦYROXPHRIDUHDFWRUDUHSUHYDLOLQJ
9 ,Q.\UJ\]VWDQWKHUHLVQRLQGXVWULDOSURGXFWLRQRI%)WKHSULFHVIRUHDFKSURMHFWDUHFRPSXWHG
LQGLYLGXDOO\7KHDYHUDJHWRWDOFRVWRIWKHIDFLOLW\LQ3))OXLGPDNHV86'SHUɦRID
UHDFWRURIZKLFKLVWKHFRVWRIDUHDFWRU
9 1HFHVVLW\ RI 5(6 GHYHORSPHQW LV QRW D SULRULW\ IRU VWDWH ILQDQFLQJ 7KHUHIRUH QRZDGD\V
LQVWDOODWLRQ RI %) LV ILQDQFHG E\ WKH PHDQV RI WKH FXVWRPHU RU JUDQW IURP LQWHUQDWLRQDO
RUJDQL]DWLRQV
9 7KH EDVLF WDUJHW JURXS IRU GLVWULEXWLRQ RI %) LQ .\UJ\]VWDQ LV WKH SRSXODWLRQ RI UXUDO DUHD
%HVLGHVWKHPDQXIDFWXULQJQHHGVXVHRI%)SURPRWHVHFRQRP\RIIHPDOHZRUNLQUXUDODUHDV
7KXVOLPLWDWLRQRIIDUPHUV¶PHDQVDQGODFNLQIRUPDWLRQWKHEDVLFREVWDFOHVWRDZLGHVSUHDGRI
ELRJDVWHFKQRORJLHVLQ.\UJ\]VWDQ
9 )RUSURPRWLRQRI%)LQ.\UJ\]VWDQDUHHQJDJHG
7KH 6WDWH ERGLHV WKH 'HSDUWPHQW RI (QHUJ\ DQG IXHO UHVRXUFHV WKH 0LQLVWU\ RI
$JULFXOWXUH WKH &HQWHU RI SUREOHPV RI UHQHZDEOH HQHUJ\ VRXUFHV 3URMHFW 0DQDJHPHQW
RQ GHYHORSPHQW RI VPDOO DQG PHGLXP SRZHU LQ WKH .\UJ\] 5HSXEOLF SURYLGH
SHUIRUPDQFH RI JRYHUQPHQW SURJUDPV DUH HQJDJHG LQ SHUIHFWLRQ RI WKH VWDQGDUGOHJDO
EDVHFRRUGLQDWHDFWLYLWLHVRQ5(6GHYHORSPHQWSDUWLFLSDWHLQWKHLQWHUQDWLRQDOSURMHFWV
7KH ,QWHUQDWLRQDO RUJDQL]DWLRQV -,&$ 81'3 *()30* WKH (XURSHDQ &RPPLVVLRQ
UHQGHUWKHILQDQFLDOWHFKQRORJLFDODQGDGYLVRU\KHOS
1*2 FRQGXFW FDPSDLJQV RQ LQIRUPLQJ WKH SXEOLF SDUWLFLSDWH LQ GHYHORSPHQW RI
SURJUDPVDQGSHUIHFWLRQRIWKHVWDQGDUGOHJDOEDVHUHQGHUWKHDGYLVRU\KHOSLQVWDOO%)
0DQXIDFWXUHUV ,QVWDOODWLRQ RI %) LV FDUULHG RXW E\ HQWHUSULVHV SULYDWH HQWUHSUHQHXUV
UHSUHVHQWDWLYHV RI 1*2 7KH PDMRU PDQXIDFWXUHU RI %) LQ WKH .\UJ\] 5HSXEOLF LV 3)
)OXLG %HFDXVH RI OLPLWDWLRQ RI VRXQG GHPDQG RQ %) 0DQXIDFWXUHU¶V DFWLYLWLHV LQ
ELRJDVDUHOLPLWHGWRLQGLYLGXDOSURMHFWV
9 5HVXOWVRIWKHVXUYH\FRQGXFWHGZLWKLQWKHOLPLWV RI SUHSDUDWLRQ RI WKH SUHVHQW UHSRUW KDYH
VKRZQ
WKHEDVLFVRXUFHRIILQDQFLQJRILQVWDOODWLRQRI%)DUHRZQPHDQVLQGLYLGXDOIXQGV
PDMRULW\RIUHVSRQGHQWVGRQRWKDYHWKHLU%)LQZRUNLQJFRQGLWLRQ
%)LVXVHGIRUUHFHSWLRQVRIJDVIRULQGXVWULDODQGKRXVHKROGQHHGVIRUPDQXIDFWXUHRI
IHUWLOL]HUV
WKH EDVLF UDZ PDWHULDOV ZKLFK LV XVHG LQ %) LV PDQXUH RI ELJ OLYHVWRFN DQG VPDOO
OLYHVWRFN
PDMRUUHDVRQEHFDXVHRIZKLFK%)GRQRWRSHUDWHLVDEVHQFHRIH[SHUWVIRUUHSDLU
H[SHQVHVRQJDVKDYHGHFUHDVHGRQWKHDYHUDJHLQWLPHVRQWKHHOHFWULFSRZHULQ
WLPHV
㸫㸫
9 )RUGHYHORSPHQWRIELRJDVWHFKQRORJLHVLQWKH.\UJ\]5HSXEOLFLWLVQHFHVVDU\
WR SURYLGH WKH VWDWH VXSSRUW IRU GHYHORSPHQW RI ELRJDV WHFKQRORJLHV LQ .\UJ\]VWDQ WR
LPSURYHVWDQGDUGOHJDODQGWHFKQRORJLFDOEDVHV
WRFDUU\RXWWKHFRRUGLQDWLRQRIDFWLYLWLHVRIDOOLQWHUHVWHGRUJDQL]DWLRQVIRUUHDOL]DWLRQRI
FRQVHFXWLYHDFWLRQVIRUSURPRWLRQRIELRJDVWHFKQRORJLHV
WRFUHDWHV\VWHPRISUHIHUHQWLDOWDUJHWFUHGLWLQJZLGHO\WRXVHOHDVLQJWRUHDOL]HSURMHFWV
ZLWKWKHPL[HGILQDQFLQJ
WR EH RULHQWHG RQ UHDOL]DWLRQ RI VPDOO DQG PHGLXP EXGJHWDU\ SURMHFWV ZLWK REOLJDWRU\
ILQDQFLDOSDUWLFLSDWLRQRI/*DQGIDUPHUV
ZLGHO\SURSDJDQGL]HVXFFHVVIXOH[SHULHQFHRILQWURGXFWLRQRIELRJDVIDFLOLWLHV
WRGHYHORSV\VWHPIRUSUHSDUDWLRQRITXDOLILHGSHUVRQQHODQGVHUYLFHRIELRJDVIDFLOLWLHV
WR VWLU XS DFWLYLW\ RQ LQWURGXFWLRQ RI ELRJDV WHFKQRORJLHV LQ VRXWKHUQ REODVWV RI
.\UJ\]VWDQ2VK']KDODO$EDG%DWNHQ
WRILQDQFHZRUNLQJVRXWRIWKH.\UJ\]VFLHQWLVWVLQWKHILHOGRIELRJDVWRSURPRWHZLGH
DSSOLFDWLRQLQSUDFWLFHRIORFDOZRUNVDQGWHFKQLFDOGHFLVLRQV
WR FDUU\ RXW PRQLWRULQJ ZLWKLQ WKH OLPLWV RI SURMHFWV RI FRQVWUXFWHG %) DIWHU WKHLU
WHUPLQDWLRQ
㸫㸫
,1752'8&7,21
©%LRJDV VLPXOWDQHRXVO\ LV D VXSSO\ JXDUDQWHH HIILFLHQF\ RI XVH DQG FOLPDWH SURWHFWLRQ
WKHUHIRUHLWLVDSDUWRIRXUIRFXVHGLQWKHIXWXUHVWUDWHJ\RISRZHUVXSSO\ª
)RUGHYHORSLQJFRXQWULHVLWLVWKHIDVWHVWDQGHFRORJLFDOO\FRPSUHKHQVLEOHZD\IRULPSURYHPHQW
RIVRFLDOFRQGLWLRQVRIWKHSRSXODWLRQDQGLQGXVWU\GHYHORSPHQWLQHFRORJLFDOO\FRPSUHKHQVLEOH
ZD\
.\UJ\]VWDQ LV WKH FRXQWU\ ZKHUH LQ VWUXFWXUH RI JURVV QDWLRQDO SURGXFW ELJ SDUW RI TXDUWHU¶V
YROXPHLVRFFXSLHGE\DJULFXOWXUH7KXVWKHDJULFXOWXUHRI.\UJ\]VWDQH[SHULHQFHVFRQVLGHUDEOH
GLIILFXOWLHV WKH JURZLQJ SULFHV IRU HQHUJ\ FDUULHUV ORZ IHUWLOLW\ RI WKH ODQG SRYHUW\ RI
DJULFXOWXUDO SRSXODWLRQ GHWHULRUDWLRQ RI FRQGLWLRQ RI WKH HQYLURQPHQW :LGH LQWURGXFWLRQ RI
ELRJDVWHFKQRORJLHVLQSUDFWLFHFDQEHRQHRIWKHVROXWLRQVWRWKHVHSUREOHPV
-,&$ DPRQJ RWKHU RUJDQL]DWLRQV UHQGHUV WKH ILQDQFLDO WHFKQRORJLFDO DQG DGYLVRU\ KHOS IRU
.\UJ\]VWDQ ,Q SDUWLFXODU WKHUH LV SURMHFW ©$VVLVWDQFH LQ GLVWULEXWLRQ RI ELRJDV WHFKQRORJLHV LQ
.\UJ\] 5HSXEOLFª ZKLFK SXUSRVH LV GLVWULEXWLRQ RI ELRJDV WHFKQRORJLHV WR UXUDO DUHDV RI
.\UJ\]VWDQ DQG LPSURYHPHQW RI FRQGLWLRQV RI UXUDO SRSXODWLRQ E\ DSSOLFDWLRQ RI WKH JLYHQ
WHFKQRORJLHV
*RYHUQPHQW([HFXWLYH(215XKUJDV%HUQKDUG5HXWHUVEHUJ
㸫㸫
29(59,(:2)62&,2(&2120,&326,7,21,1*,1.<5*<=5(38%/,&
'HPRJUDSKLFVLWXDWLRQLVFKDUDFWHUL]HGE\DVWDEOHJURZWKRIFRQVWDQWSRSXODWLRQ'XULQJWKH
SHULRG RI WKH SRSXODWLRQ JUHZ E\ :KHUHDV WKH SRSXODWLRQ LQ UXUDO DUHDV KDV
KLJKHU SDFH RI JURZWK DQG PDNHV FRXQWU\¶V SRSXODWLRQ VL]H XS WR 'HPRJUDSKLFDOO\ WKH
SRSXODWLRQRI.\UJ\]VWDQLV\RXQJ,QWKHEHJLQQLQJRIWKHUHZHUHRIFKLOGUHQDQG
WHHQDJHUV SHRSOH RI DJH ZKR DUH FDSDEOH RI ZRUNLQJ DQG SHRSOH RI HOGHU DJH
7KHUH LV D JHQGHU EDODQFH ZKHUH PDOH DQG IHPDOH SRSXODWLRQV GR QRW H[FHHG HDFK RWKHU DQG
VKDUHRIFRXQWU\¶VSRSXODWLRQ
*URVV 'RPHVWLF 3URGXFW *'3 LW LV DQ LPSRUWDQW PDFURHFRQRPLF LQGLFDWRU ZKLFK
FKDUDFWHUL]HV WKH HFRQRPLF GHYHORSPHQW RI WKH FRXQWU\ 7KH JURZWK UDWH RI UHDO *'3 LQ
.\UJ\]VWDQIRULVRULQDQQXDODYHUDJHHVWLPDWLRQE\%\FRPSDULQJWKH
JURZWKRI*'3IURPLWZHQWXSWRLQRUE\DQQXDOO\
'LDJUDP7KHJURZWKRI*'3DVDZKROHDQGDJULFXOWXUHIRU
WRSUHFHGLQJ\HDU
DJULFXOWXUHWRSUHFHGLQJ\HDU
DJULFXOWXUH 'XH WR WKLV WKHUH DUH VWUXFWXUDO FKDQJHV LQ *'3 7KXV WKHUH LV DQQXDO GHFUHDVH LQ VKDUH RI
DJULFXOWXUHIURPLQWRLQ,WFDQEHVWDWHGDFFRUGLQJWR'LDJUDPWKH
JURZWKRI*'3LQZKROHOHDYHVEHKLQGWKHJURZWKRI*'3ZKLFKLVXVXDOO\FDUULHGRXWE\WUDGH
DQG VHUYLFHV 7KH VKDUH RI VHUYLFHV LQ *'3 IRU LQ FRPSDULVRQ WR KDYH JURZQ E\
DQGEHFDPH7KHJURZWKLQWUDGHPDGHXSRI*'3LQ
,QIODWLRQ LQ LV ZKDW LV FORVH WR SHVVLPLVWLF IRUHFDVWIRU 'XULQJ WKH DQDORJRXV
SHULRGRIWKHSUHYLRXV\HDULQIODWLRQZDVVWDWHGDWWKHOHYHORI7KHUHLVDQRWLFHDEOHMXPS
LQ SULFHV IRU VHUYLFHV WKH PDUN ZDV VHW DW DJDLQVW LQ 7KH LQFUHDVH LQ WKH
IROORZLQJ VHFWRUV ZDV FDXVHG E\ WKH SULFH MXPS WHQGHQF\ LQ WKH VLPLODU VSKHUHV LQ WKH ZRUOG
PDUNHWV
7KHLVVXHRISRZHUVDIHW\LVYHU\FULWLFDOLQ.\UJ\]5HSXEOLF
'HPRJUDSKLF\HDUERRNRI.\UJ\]5HSXEOLF16&
ZZZVWDWNJ
㸫㸫
+LJK GHSHQGHQFH RI .\UJ\]VWDQ RQ K\GUR HQHUJ\ DQG LPSRUWHG SHWUROHXP SURGXFWV FDUULHV RXW
FRQVWDQW WKUHDW IRU DJJUDYDWLRQ RI HFRQRP\ VXSSO\ DQG SURYLVLRQ RI HQHUJ\ LQ WKH SHULRG RI
VKDOORZQHVVDQGLQVWDELOLW\RIH[WHUQDOSULFHV7KHSURGXFWLRQRIRIHOHFWULFHQHUJ\RXWSXWLQ
WKH FRXQWU\ LV JHQHUDWHG DW K\GURSRZHU VWDWLRQV ,Q WKH VKDOORZ \HDUV WKLV FUHDWHV D WKUHDW RI
SRZHU HQHUJ\ VKRUWDJH ZKLFK FDQ EULQJ DURXQG WKH ORVV WR ZKROH HFRQRP\ DQG SULYDWH
FRQVXPSWLRQ 7KH FRXQWU\ EULQJV LQ PRUH WKDQ RI DOO FRQVXPLQJ K\GURFDUERQ 2ZQ
H[SORUHG UHVHUYHV RI RLO DQG JDV DUH LQVLJQLILFDQW DQG WKHLU RXWSXW PDNHV DOUHDG\ KDYH UHDFKHG
7KH IDVW LQFUHDVH RI ZRUOG SULFHV RQ RLO RLO SURGXFWV DQG JDV FDSDEOH VXEVWDQWLDOO\
DJJUDYDWHWKHHFRQRPLFVLWXDWLRQ7KHWDVNIRUGLYHUVLILFDWLRQRISRZHUHQHUJ\SURGXFWLRQILUVW
RIDOOIRUWKHGHYHORSPHQWRIORZHQHUJHWLFLVQRWVROYHGHQRXJKLQDFWLYHSDFH
+HQFHWKHUHDUHKHDY\VWRFNVRIHQHUJ\UHVRXUFHV WKDW .\UJ\] 5HSXEOLF SRVVHVVHV WKH SDUW RI
LPSRUWE\HQHUJ\FDUULHUVPDNHVXSDSSUR[LPDWHO\RIWRWDOSRZHUFRQVXPSWLRQ
(OHFWULFLW\LVWKHRQO\W\SHRIGHYHORSPHQWWKDWFRYHUVWKHZKROHUHSXEOLF+RZHYHULWGRHVQRW
PHDQWKDWWKHSRSXODWLRQKDVSHUPDQHQWDFFHVVWRHOHFWULFLW\,QMXVWRIKRXVHKROGV
KDG FRQWLQXRXV IHHG RI HOHFWULFLW\ 7KH RXWSXW RI HOHFWULFLW\ KDYH GURSSHG RQ IRU PRQWKVLQ7KHUHZHUHLQWURGXFHGSHULRGLFEODFNRXWVRIHOHFWULFLW\LQ0DUFK
(QHUJ\WHQVLRQPDNHVJRYHUQPHQWWRLQFUHDVHWKHWDULIIVIRUHOHFWULFLW\HVVHQWLDOO\+RZHYHULI
WKHUHDUHQRDFWLRQVWRLQFUHDVHWKHHQHUJ\UHVHUYHVDQGWRLPSURYHWKHDFFHVVRILWIRUKRXVHKROGV
HVSHFLDOO\IRUSRRUJURXSVRISRSXODWLRQWKHUHDSSHDUVDGDQJHURIZLGHQXVHRIILUHZRRGDQG
GRPHVWLF DQLPDOV¶ H[FUHPHQW IRU KHDWLQJ E\ WKRVH ZKR FDQQRW DIIRUG WR EX\ DQ H[SHQVLYH
JHQHUDWRU0RUHRYHULWKDVVLGHDIIHFWVOLNHGHIRUHVWDWLRQDQGHPHUJHQFHRIKHDOWKSUREOHPV
6WDWLVWLFVGHPRQVWUDWHVDVWHDG\SULFHLQFUHDVHDPRQJSURGXFHUVRIHQHUJ\UHVRXUFHV7KHSULFHV
IRUFRDOGXULQJKDYHJURZQPRUHWKDQLQWLPHVIRUJDVLQWZLFHDQGIRUHOHFWULFLW\
DOPRVWIRUTXDUWHU
'LDJUDP7KHLQFUHDVHRIDYHUDJHSULFHVDPRQJSURGXFHUVRIHQHUJ\UHVRXUFHV
(OHFWULFSRZHU
2LO
&RDO
1DWXUDOJDV
3HWURO
'LHVHORLO
7KH6WUDWHJ\RIFRXQWU\GHYHORSPHQW
㸫㸫
)RU WKHUPDO HQHUJ\ PDQXIDFWXUH LW LV DQQXDOO\ VSHQW WKRXVDQG WRQV RI FRQGLWLRQDO IXHO
LQFOXGLQJQDWXUDOJDVFRDOWRSLQWHUQDOEODFNRLOLPSRUWIXHOXQGHU
FORVHWRWKHZRUOGSULFHV([SHQVHVIRUSD\PHQWRILPSRUWHGIXHOPDNHPRUHWKDQELOOLRQVRPV
,WLVKLJKFRVWO\DQGHFRQRPLFDOO\XQMXVWLILHGVWUXFWXUHIXHOFRQVXPSWLRQ
,QWKHSUHVHQWVWLPHWKHFHQWUDOL]HGKHDWVXSSO\H[LVWVRQO\LQFLWLHVRIWKHFRXQWU\LQFOXGLQJ
%LVKNHNRIDQDYDLODEOHKRXVLQJɈVK.\]\O.LMD±DQG.DUDNRO
,QYHVWPHQWV
$WWUDFWLRQRILQYHVWPHQWVLVRQHRIWKHPDMRUFRQGLWLRQVRIHFRQRPLFGHYHORSPHQW$FFRUGLQJWR
WKH UHVXOWV RI WKH VWXG\ ³%XVLQHVV &RQGXFW´ FDUULHG RXW E\ WKH :RUOG %DQN DORQJ ZLWK
,QWHUQDWLRQDO )LQDQFH &RUSRUDWLRQ .\UJ\]VWDQ RFFXSLHV UG SODFH DPRQJ FRXQWULHV RI WKH
ZRUOG RQ VHFXULW\ RI LQYHVWRU¶V LQWHUHVWV LQ 7KHUH LV D OLEHUDO LQYHVWPHQW UHJLPH WKDW
DOORZVWKHLQYHVWRUVKDYHDFFHVVWRDOOVHFWRUVRIWKHHFRQRP\,QWKHYROXPHRIIRUHLJQ
LQYHVWPHQW LQWR .\UJ\] 5HSXEOLF ZDV 86' ZLWKRXW IORZRXW %\ FRPSDULQJ WR
WKHUH LV LQFUHDVH E\ 7KLV GHPRQVWUDWHV VXFFHVVIXO ZRUN RI WKH VWDWH DXWKRULWLHV E\
LPSURYHPHQWRIWKHLQYHVWPHQWFOLPDWH7KHJUDQWVRIWKHZKROHDPRXQWRILQYHVWPHQWVDUH
+RZHYHU LQ WKHUH ZDV D UHGXFWLRQ RI IRUHLJQ LQYHVWPHQW LQ DJULFXOWXUDO VHFWRU LQ
FRPSDULVRQWRE\ZKDWLV86'7KHORZSRUWLRQRIIRUHLJQLQYHVWPHQWLQ
DJULFXOWXUHRIWRWDOYROXPHFDQEHH[SODLQHGE\KLJKULVNVEHFDXVHRIVHDVRQDOLW\RIWKH
VHFWRU
7KH PDMRU IDFWRUV RI QHJDWLYH LQYHVWPHQW FOLPDWH LQ UXUDO DUHDV DUH UHPRWHQHVV DQG DEVHQFH RI
LQIUDVWUXFWXUH7KLVKDUGHQVDQGFUHDWHVREVWDFOHVIRUVXFFHVVIXOEXVLQHVVGHYHORSPHQWDQGOHDGV
WRKLJKSULPHFRVWRISURGXFWV7KHUHIRUHH[HFXWLRQRIDFWLRQVIRULPSURYHPHQWRILQIUDVWUXFWXUH
LQ UHJLRQV RI WKH FRXQWU\ SURYLGHG E\ &RXQWU\¶V 'HYHORSPHQW 6WUDWHJ\ FDQ JLYH VWLPXOXV IRU
LPSURYHPHQWRILQYHVWPHQWFOLPDWHLQUXUDODUHDV
5HDOL]DWLRQ RI 1DWLRQDO 6WUDWHJ\ RI 3RYHUW\ 5HGXFWLRQ 1635LVDQLQGXELWDEOHSULRULW\RI
.\UJ\]VWDQ¶VSXEOLFSROLF\,QWKHIUDPHVRI1DWLRQDO6WUDWHJ\RI3RYHUW\5HGXFWLRQIRU
WKHUHZHUHHVWDEOLVKHGWKHIROORZLQJSULRULWLHV
5HLQIRUFHPHQWRIHFRQRPLFJURZWKDQGMREFUHDWLRQ
,PSURYHPHQWRIHIIHFWLYHQHVVDQGDGGUHVVQHVVRIVRFLDOVHFXULW\DQGKXPDQGHYHORSPHQW
3HUIHFWLRQ RI PDQDJHPHQW HIIHFWLYHQHVV RI SXEOLF VHFWRU DQG LQVWLWXWLRQDO DQG KXPDQ
SRWHQWLDO
%HFDXVHRIXQGHUWDNHQVWHSVWKHSRWLRQRISRYHUW\UHGXFHVLQWKHFRXQWU\,QWKHOHYHORI
SRYHUW\LQ.\UJ\]VWDQZDVSHRSOHWKDWZDVOLWWOHORZHURIWKH1635
7KHUHIRUHWKHXQGHUWDNHQDFWLRQVIRUUHGXFWLRQRISRYHUW\LQWKHFRXQWU\DSSHDUHGWREHHIIHFWLYH
DQGDOORZHGWRNHHSWKHOHYHORISRYHUW\LQWKHIUDPHVRIIRUHFDVW
7KHHVWLPDWLRQRIRSSRUWXQLWLHVIRUUHJLRQDOFROODERUDWLRQLQWKHVSKHUHRI5(6XVDJHE\WKHFRXQWULHVRI&HQWUDO
$VLDQUHJLRQ&$5(&
KWWSSULYDWL]DWLRQNWNJEXVLQHVVBDVSHFWVBUXVSGI
KWWSZZZVWDWNJVWDWILOHVGLQILOHVEXLOGLQJSGI
KWWSZZZVWDWNJVWDWILOHVGLQILOHVEXLOGLQJSGI
7KH6WUDWHJ\RIFRXQWU\GHYHORSPHQWWKHQDWLRQDOVWUDWHJ\RISRYHUW\UHGXFWLRQ
KWWSZZZVWDWNJVWDWILOHVWHPDWLNDɛɟɞɧɨɫɬɶɍɪɨɜɟɧɶɛɟɞɧɨɫɬɢɜɝSGI
㸫㸫
'LDJUDP7KHG\QDPLFVRISRYHUW\OHYHOUHGXFWLRQ
WRWDO
FLW\WRZQ
YLOODJH
3UHYDOHQFH RI SRYHUW\ LQ UHJLRQV RI FRXQWU\ LV H[WUHPHO\ QRW HTXDO DQG GHFUHDVH RI LW LQ KDSSHQHGQRWLQDOOUHJLRQVRIWKHUHSXEOLF7KHOHYHORISRYHUW\YDULHVIURP,VV\N.XO
REODVWWRLQ%LVKNHN7KHPRVWSRVLWLYHVKLIWVLQLPSURYHPHQWRISRSXODWLRQSURVSHULW\
RFFXUUHG LQ %DWNHQ REODVW LQ 7KH OHYHO RI SRYHUW\ KDYH GHFUHDVHG E\ +RZHYHU
WKHUH LV LQFUHDVH RI SRYHUW\ OHYHO LQ ,VV\N.XO REODVW LQ %LVKNHN LW ZHQW XS E\ WLPHV 7KH
YROXPHRIPHDQVGHILFLWDPRQJWKHSRSXODWLRQZKLFKOLYHGEHORZWKHSRYHUW\OLQHLQLV
ELOOLRQVRIVRPV
'LDJUDP7KHOHYHORISRYHUW\LQUHJLRQVRI.\UJ\]5HSXEOLFLQ
3RYHUW\LQ.\UJ\]VWDQLVSUHVHQWHGE\UXUDOSKHQRPHQRQ±PRUHWKDQRISRRUSRSXODWLRQ
OLYHV LQ UXUDO DUHD 0HDQZKLOH WKH VWDWLVWLFV LV VKRZLQJ D VWDEOH WHQGHQF\ RI UXUDO SRYHUW\
7KHVWDQGDUGRIOLYLQJE\SRSXODWLRQRI.516&
㸫㸫
UHGXFWLRQ,QWKHSHULRGRILWUHGXFHGE\7KXVOHYHORILQFRPHVRIUHVLGHQWVRI
UXUDO DUHDV LQ KDV PDGH IURP UHSXEOLFDQ DQG WKH DYHUDJH ZDJH LQ WKH DJULFXOWXUH
HQWHUSULVHVPDGHDERXWIURPDYHUDJHLQ.\UJ\]VWDQ,QKDELWDQWVRI,VV\N.XO1DU\QDQG
7DODVREODVWVKDYHWKHOHDVWLQFRPHV
'LDJUDP7KHOHYHORILQFRPHH[SHQVHVPLQLPXPFRQVXPHUEXGJHWLQ
RQWKHDYHUDJHSHUFDSLWDVRPVSHUPRQWK
,QFRPH
VK
NH
N
%L
&K
X\
7D
OD
V
2
VK
1D
U\
Q
,V
V\
N
.X
O
$
ED
G
OD
O
%D
WN
HQ
'M
D
.\
UJ
\]
5
HS
XE
OL F
([SHQVHV
0&%
+LJK OHYHO RI SRYHUW\ LQ UXUDO DUHDV LV VWLSXODWHG E\ KLJK OHYHO RI XQHPSOR\PHQW LQ WKH JLYHQ
UHJLRQV7KHQXPEHURIXQHPSOR\HGSHRSOHLQLV±0RUHWKDQDKDOILVWKH
\RXQJJHQHUDWLRQLQWKHDJHEHIRUH7KHOHYHORI XQHPSOR\PHQW LQ WKH UXUDO DUHDV LV ORZHU
ZKDWLVDERXW7KHFRQGXFWLRQRIODQGUHIRUPFRQWULEXWHGWRWKHUHGXFWLRQRIWHQVLRQRQWKH
ODERUPDUNHWE\SURYLVLRQRIDOORWPHQWWRHYHU\IDPLO\LQUXUDODUHD
7KH OHYHO RI TXDUWHU LPSURYHPHQW LV RQH RI WKH FKDUDFWHULVWLFV RI SRSXODWLRQ¶V ZHOOEHLQJ
+RZHYHUWKHUHLVDELJJDSEHWZHHQWKHFLW\WRZQDQGYLOODJH2QO\RIFLW\DQGRI
UXUDOKRXVHKROGVDUHFRQQHFWHGWRFHQWUDOV\VWHPRIKHDWLQJZKHUHDVWKHRIXUEDQDQG
RIUXUDOKRXVHKROGVDUHFRQQHFWHGWRFHQWUDOJDVSLSHOLQH+RZHYHUDERXWKDOIRIUXUDOUHVLGHQWV
SRRUDQGQRWSRRUDUHXVLQJVROLGIXHOIXUQDFHILUHVLGHIRUSUHSDUDWLRQRIIRRG,Q
%DWNHQREODVWWKHUHDUHRISRRUKRXVHKROGV
7KHVWDWLVWLFV\HDUERRNRI.516&
㸫㸫
'LDJUDP 7KH XVH RI SRZHU VRXUFHV LQ UXUDO DUHDV IRU SUHSDUDWLRQ RI IRRG LQ SRRU
KRXVHKROGV
&KX\ 7DODV 2VK 1DU\Q ,VV\N.XO
'MDODO$EDG
%DWNHQ
*DVVWRYHZLWKFHQWUDOJDVSLSHOLQH
*DVVWRYHZLWKJDVFRQWDLQHUV
(OHFWULFVWRYH
6ROLGIXHO
7KHXVHRIVROLGIXHOFRDORUELRPDVVLQGRRUVIRUSUHSDUDWLRQRIIRRGLVRQHRIWKHPDMRUKHDOWK
SUREOHPVZKLFKFDQWDNHWKHIRUPRIDFXWHUHVSLUDWRU\GLVHDVHHVSHFLDOO\DPRQJFKLOGUHQDQG
DOVRFKURQLFREVWUXFWLYHGLVHDVHRIOXQJVFDQFHUDQGRWKHULOOQHVVHV
$ FRQWLQXRXV JURZWK RI WKH WDULIIV RQ KRXVLQJ VHUYLFHV DGYHUVHO\ DIIHFWV ZHOOEHLQJ RI WKH
SRSXODWLRQLQZKROHDQGLQSDUWLFXODUUXUDO'LDJUDP+RZHYHUWKHSRUWLRQRIH[SHQGLWXUHV
RQKRXVLQJVHUYLFHVRIWRWDOH[SHQVHVRISRSXODWLRQKDVDVWHDG\WHQGHQF\WRZDUGVJURZWKIURP
LQWRLQ
'LDJUDP7KHG\QDPLFVRIWDULIIVRQKRXVLQJVHUYLFHV (OHFWULFSRZHU
:DWHUVXSSO\DQGVHZHUDJH
+RWZDWHUVXSSO\
+HDWLQJ
&HQWUDOJDVSLSHOLQH
0XOWLSOH,QGLFDWRU&OXVWHU6XUYH\.\UJ\]5HSXEOLF81,&()
㸫㸫
,QWHJUDWHG FRQFRPLWDQW SURGXFW RI KXPDQ OLIH IXQFWLRQV LV D ZDVWH 7KH DFFHVV WR VHUYLFHV RI
PXQLFLSDO HFRQRP\ GHWHUPLQHV WKH PHWKRGV RI UHOLHYH IURP ZDVWH ,Q UXUDO DUHDV WKHUH DUH QR
UHIXVHFKXWHVDQGRQO\RIKRXVHKROGVXVHVWKHVHUYLFHVRIUHIXVHFROOHFWRUVDQGFRQWDLQHUV
$OPRVW KDOI RI WKH KRXVHKROGV EXUQ WKH ZDVWH 7KLV OHDGV WR WKH H[FUHWLRQ RI WR[LF
VXEVWDQFHV LQWR DWPRVSKHUH ZKLFK DUH GDQJHURXV IRU KHDOWK 7KH WRWDO DPRXQW RI GULHG RUJDQLF
PDWWHUV EXUQHG E\ RQH IDPLO\ RU KRXVHKROG LV DSSUR[LPDWHO\ WRQV D \HDU ,W LV FRQVLGHUHG
WKDWZKLOHEXUQLQJWKHZDVWHWKHUHLVH[FUHWLRQRIDERXWRIFDUERQR[LGHKDUPIXOLQMHFWLRQV
WKHUHIRUHWKHWRWDOYROXPHRIZDVWHLVNJ$QRWKHUGDQJHUZKLFKGRHVQRWKDYHDOHVVKDUP
IRUHQYLURQPHQWLVEXUULQJRIZDVWHRIUXUDOKRXVHKROGV
'LDJUDP'LVSRVDORIZDVWHLQUXUDODUHDVLQ
&KX\
7DODV
2VK ,VV\N.XO
JDUEDUJHWUXFN
'MDODO$EDG
1DU\Q
%DWNHQ
JDUEDUJHGXPSV
LQFLQHUDWLRQ
EXU\LQJ
7KH .\UJ\] 5HSXEOLF PDNHV DERXW PLOOLRQ WRQV RI PXQLFLSDO DQG LQGXVWULDO ZDVWHV ZKLFK
FDQ EH XVHG DV IXHO 6HSDUDWH JDWKHULQJ DQG UHFHSWLRQ RI JDV IURP RUJDQLF FRPSRQHQWV FDQ EH
FRQVLGHUHGDVWKHPRVWVXLWDEOHWHFKQRORJ\IRUXVHRIHQHUJ\IURPWKHVHUHQHZDEOHVRXUFHV
7KH SULYDWH ILQDQFLDO VHFWRU LV SOD\LQJ DQ LPSRUWDQW UROH LQ WKH UHGXFWLRQ RI SRYHUW\ 7KH
H[WHQVLRQRISRSXODWLRQDFFHVVWRILQDQFLDOVHUYLFHVLVRQHRIWKHNH\IDFWRUVRIHFRQRPLFJURZWK
UHGXFWLRQRISRYHUW\OHYHODQGFUHDWLRQRIDGGLWLRQDOHPSOR\PHQW7KDWLVZK\WKHGHYHORSPHQW
RIPLFURILQDQFLQJEHFDPHDYLWDOSDUWRISXEOLFSROLF\RI.\UJ\]5HSXEOLF.\UJ\]VWDQLVWKH
ILUVW FRXQWU\ LQ &HQWUDO $VLD ZKHUH WKH ODZV RI .\UJ\] 5HSXEOLF RQ 0LFUR)LQDQFH
2UJDQL]DWLRQV DQG &UHGLW 8QLWV ZHUH DFFHSWHG 7KLV GHPRQVWUDWHV WKH VWDWH¶V YDOXH IRU WKH
GHYHORSPHQWRIPLFURILQDQFHVHFWRU7KHPLFURILQDQFHVHFWRUFDQEHFKDUDFWHUL]HGE\WKHELJ
DPRXQWRIWKHSDUWLFLSDQWVRQWKH PDUNHW IURP *0$ WR &% 7KH GHYHORSPHQW RI WKLV VHFWRU LV
DFWLYHO\ VXSSRUWHG E\ WKH JRYHUQPHQW RI .\UJ\] 5HSXEOLF1DWLRQDO %DQN RI .\UJ\] 5HSXEOLF
DQG LQWHUQDWLRQDO GRQRUV ,I WKHUH ZHUH IXQFWLRQLQJ RQO\ PLFURILQDQFH RUJDQL]DWLRQV E\ WKH
HQGRILQWKHFRXQWU\EXWE\WKHHQGRIWKHUHZHUH,QWKHVFRSHRIWKHFRXQWU\
WKHUHZDVHVWDEOLVKHGWKHYDVWQHWZRUN RI UHWDLO PLFURILQDQFLQJILQDQFHFUHGLWLQVWLWXWLRQVDQG
EDQNVLQZKROHKDYHPRUHWKDQRIILFHVDUUDQJLQJPLFURFUHGLWV
㸫㸫
'HVSLWHRIELJDPRXQWRISURYLGHUVIRUPLFURFUHGLWLQJWKHUHQGHULQJRIILQDQFLDOVHUYLFHVWRWKH
PRVWSRRUKRXVHKROGVSHWW\IDUPHUVDQGSHRSOHWKDWDUHOLYLQJLQUHPRWHDUHDVLVLQVXIILFLHQW
0RVW RI WKH PLFURFUHGLWLQJ RUJDQL]DWLRQV KDYH VPDOO FDSLWDO DQG OLPLWHG RSSRUWXQLWLHV WR
LQFUHDVHDQGDWWUDFWH[WHUQDOORDQV7KHUHIRUHWKH\DUHOLPLWHGLQUHVRXUFHVZKLFKFRXOGEHXVHG
IRU FUHGLWLQJ 7KH PDMRU VRXUFH IRU ILQDQFLQJ RI FUHGLW ZRUN LV WKH H[WHUQDO ORDQV IURP GRQRUV
ZKHUHDVWKHORFDOVRXUFHVRIILQDQFLQJDUHQRWGHYHORSHG%HVLGHWKHUHLVDODFNRIVNLOOHGDQG
NQRZOHGJHDEOHSHUVRQQHOIRUFUHGLWLQJDFFRXQWLQJDQGPDQDJHPHQWLQIRUPDWLRQV\VWHPV
'HVSLWH RI WKH GLIILFXOWLHV WKH PLFURFUHGLWLQJ LQGLFDWRUV KDYH SRVLWLYH WHQGHQF\ RI JURZWK ,Q
-DQXDU\6HSWHPEHURIWKHYROXPHRIPLFURFUHGLWVIRUWKHSRSXODWLRQKDYHLQFUHDVHGDOPRVW
WZLFH DQG ZDV VRPV LQ FRPSDULVRQ WR WKH VDPH SHULRG LQ 7KH JUHDWHU SDUW RI
FUHGLWIXQGVZDVGLUHFWHGWRDJULFXOWXUH,QWKHVDPHSODFHWKHUHLVDOVRDELJVKDUHRIGHEWV
2XWRIIURPWKHGHEWVXPXQGHUFUHGLWVDUHORDQVIRUDJULFXOWXUDOVHFWRU7KHDYHUDJHVL]HRI
WKHFUHGLWLVVRPVLQDJULFXOWXUDOVHFWRUVRPV
,Q WKH FDSDFLW\ RI SURYLGHG FUHGLWV WKH OHDGHUV DUH 2VK DQG 'MDODO$EDG REODVWV
$OVRWKHUHLVLQFUHDVHRIFUHGLWUHSD\PHQWIURPLQWRLQ
'LDJUDP'LVWULEXWLRQRIPLFURILQDQFLDOIXQGVE\UHJLRQVIRU-DQXDU\6HSWHPEHU
%DWNHQ
%LVKNHN
'MDODO$EDG
&KX\
7DODV
2VK
1DU\Q
,VV\N.XO
7KHLQWHUHVWUDWHRQFUHGLWVSURYLGHGE\PLFURFUHGLWRUJDQL]DWLRQVLQRQDYHUDJHIURP
WRGHSHQGLQJRIWKHWHUPRIFUHGLWLQJDQGVXPRIWKHFUHGLW
㸫㸫
7DEOH7KHDYHUDJHDQQXDOLQWHUHVWUDWHIRUPLFURFUHGLWVZKLFKZHUHJDYHRXWLQ-DQXDU\
6HSWHPEHU
7KHDPRXQWRIJLYHQ
7HUPRIFUHGLW
PLFURFUHGLWWRSULYDWH
7RWDO WR
IURP IURP IURP
PRUH
HQWLWLHV
PRQWKV WR
WR
\HDUWR WKDQ
PRQWKV
PRQWKV
\HDUV
\HDUV
7RVRPV
)URPWRVRPV
)URPWRVRPV
0RUHWKDQVRPV
2ZQUHVRXUFHVPDNHXSIURPWKHVXPRIJLYHQFUHGLWVDUHERUURZHGIXQGVZKHUH
DUHWKHUHVRXUFHVRILQWHUQDWLRQDORUJDQL]DWLRQV
0RVWRIWKHPLFURFUHGLWUHFLSLHQWVDUHZRPHQ7KHELJJHVWPLFURFUHGLWRUJDQL]DWLRQV
DUH &-6& ³)LQFD´ //& 0)& ³%D\ 7XVKXP DQG 3DUWQHUV´ //& 0LFURFUHGLW &RPSDQ\ ³0RO
%XODN´&-6&)LUVWPLFUR&UHGLW&RPSDQ\
7DEOH&RQGLWLRQVRIFUHGLWLQJIURPWKHODUJHVWFUHGLWRUJDQL]DWLRQV
0D[ DPRXQW RI 0D[LPXP WHUP 5DWH
FUHGLW
PRQWKV
³%D\ 7XVKXP DQG VRPV
)URP
3DUWQHUV´
&-6&³)LQFD´
86'
&-6& 0.. ©)* 86'
)URP
&RPSDQLRQª
//&
0LFURFUHGLW VRPV
)URP
&RPSDQ\³0RO%XODN´
)URQWLHUV&RPSDQ\
VRPV
)URP
(QWUHSUHQHXUVKLS
VRPV
'HYHORSPHQW)XQG
7KH IXOO OLVW RI PLFURILQDQFH RUJDQL]DWLRQV LV DYDLODEOH RQ ZHEVLWH RI 1DWLRQDO %DQN RI .5
KWWSZZZQENUNJSULQWYHUMVS"LWHP ODQJ 586
7KHEDQNV\VWHPRI.\UJ\]5HSXEOLFFRQVLVWVRIWZROHYHOVWKHILUVWOHYHOLVD1DWLRQDOEDQNRI
.\UJ\]5HSXEOLFWKHVHFRQGFRPPHUFLDOEDQNVRI.\UJ\]5HSXEOLFFRPPHUFLDOEDQNVDUH
UHJLVWHUHGLQ.\UJ\]VWDQRQ'HFHPEHUVW
6WDWLVWLFDOEXOOHWLQRQPLFURFUHGLWLQJRISRSXODWLRQ-DQXDU\6HSWHPEHU
6WDWLVWLFDOEXOOHWLQRQPLFURFUHGLWLQJRISRSXODWLRQ-DQXDU\6HSWHPEHU
㸫㸫
7DEOH&RQGLWLRQVRIFUHGLWLQJRIWKHEDQNVRSHUDWLQJLQWHUULWRU\RI.\UJ\]5HSXEOLF
7LWOHRIWKHEDQN
2-6&$0$1%$1.´ 7\Q\VWDQRYD
6WUHHW%LVKNHN
7HO
2-6&
,VDQRYD6WUHHW
³.D]NRPHUWVEDQN
%LVKNHN
.\UJ\]VWDQ´
7HO
2-6&³&RPPHUFLDO
%DQN.\UJ\]VWDQ´
2-6&³$7)%DQN
.\UJ\]VWDQ´ 2-6&³,VV\N.XO´
2-6&³56.%DQN´
&-6&³%7$%DQN´
&-6&³'HPLU.\UJ\]
,QWHUQDWLRQDO%DQN´
2-6&
³$VLD8QLYHUVDO%DQN´
2-6&³(NR%DQN´
3RVWDGGUHVV
WHOHSKRQH
$7RJRORN0ROGR
6WUHHW%LVKNHN
7HO
-LEHN-ROX6WUHHW
%LVKNHN
7HO
$(UNLQGLN
%LVKNHN
7HO
$0RORGD\D
*YDUGL\D
%LVKNHN
7HO
0RVNRYVND\D
6WUHHW
%LVKNHN
7HO
&KX\6WUHHW
%LVKNHN
7HO
7XUXVEHNRYD
6WUHHW
%LVKNHN
7HO
*HRORJLFKHVNL\
3HUHXORN
%LVKNHN
7HO
0D[LPXP
DPRXQWRI
FUHGLW
86'
0D[LPXP ,QWHUHVWUDWH
WHUP
86'
$VDJUHHG
DFFRUGLQJWRFXUUHQW
EDQN
VLQWHUHVWUDWHV
GHSHQGLQJIURPWKH
WHUPDQGWKHVXPRI
WKHFRQWUDFW
PDLQWHQDQFHHWF
IDFWRUV
VRPV
86'
86'
86'
㸫㸫
0LUD6WUHHW
³6(=%LVKNHN´
86'
%LVKNHN
7HO
2-6&
%RNRQEDHYD
³.\UJ\]&UHGLW%DQN´
6WUHHW
VRPV
,EUDLPRYD6WUHHW
%LVKNHN
7HO
2-6&³%DQN%DND\´
,VDQRYD6WUHHW
%LVKNHN
7HO
2-6&³+DO\N%DQN
)UXQ]H6WUHHW
.\UJ\]VWDQ´
%LVKNHN
VRPV
7HO
%LVKNHN%UDQFKRI
0RVNRYVND\D
1DWLRQDO3DNLVWDQ%DQN 6WUHHW
%LVKNHN
7HO
&-6&³.\UJ\],QYHVW
D,EUDLPRYD
)URP
&UHGLW%DQN´
6WUHHW
86'
'RUGRL3OD]D
%LVKNHN
7HO
2-6&
-XNHHYD
³)LQDQFH&UHGLW%DQN
3XGRYNLQD6WUHHW
VRPV
.$%´
%LVKNHN
7HO
&-6&³0DQDV%DQN´ /RJYLQHQNR
6WUHHW
86'
%LVKNHN
7HO
2-6&
0RVNRYVND\D
³$N\OLQYHVW%DQN´
6WUHHW
%LVKNHN
7HO
,Q WKHUH ZDV FRQGXFWHG 2-6& ³$\\O %DQN´ ZKLFK LV DVVLJQHH RI MRLQWVWRFN VRFLHW\ RI
RSHQ W\SH ³.\UJ\] $JULFXOWXUDO )LQDQFH &RUSRUDWLRQ´ ,W ZDV RUJDQL]HG LQ E\ WKH
*RYHUQPHQW RI .\UJ\] 5HSXEOLF ZLWK WKH KHOS RI :RUOG %DQN DV D ILQDQFHFUHGLW LQVWLWXWLRQ
&-6&³%DQN$VLD´
㸫㸫
ZKLFK KDG DQ DLP IRU SURYLVLRQ RI FUHGLWV WR SULYDWH IDUPHUV DQG DJULFXOWXUDO SURGXFW
PDQXIDFWXUHVRQFRQVWDQWDQGVWHDG\EDVLV
$OOWKHRIWKHVWRFNVDUHSHUWDLQHGE\WKH*RYHUQPHQWRI.\UJ\]5HSXEOLF&XUUHQWO\WKH
EDQN LV LQ WKH SURFHVV RI SULYDWL]DWLRQ 7KHUH ZLOO EH SRVWHG RI EDQN VWRFNV RQ VDOH DW
LQYHVWPHQWFRQWHVW
7KHUHRSHQHGVHYHUDOFUHGLWOLQHV
7DEOH/LQHRI&UHGLWVRI$\\O%DQN
/LQHRIFUHGLWV
7HUP
6XP
,QWHUHVW
:RUOG%DQN
WKRXVDQGV
3ULYDWHDQGOHJDOHQWLWLHV
\HDUV
PLOOLRQV
$'%RQO\IRU&KX\REODVW
3ULYDWHDQGOHJDOHQWLWLHV
\HDUV
WKRXVDQGV
PLOOLRQV
(%5'
WKRXVDQGV
PLOOLRQV
,QFDUQDWHG MRLQWO\ ZLWK 81'3 $&6 $JULFXOWXUDO
&RQVXOWLQJ6HUYLFH
3DUWQHUVDUHUHVSRQVLEOHIRUVHOHFWLRQIRUPDWLRQDQG
HGXFDWLQJ WKH JURXSV RI PXWXDO DLG EXW WKH %DQN
SURYLGHVWKHJURXSVRIPXWXDODLGZLWKFUHGLWV7KLV
&UHGLWVIRU*URXSVRI0XWXDO$LG
FUHGLW OLQH LV IRFXVHG RQ VXSSRUW RI DJULFXOWXUDO
HQWUHSUHQHXUV DQG IDUPHUV ZKR GR QRW KDYH DFFHVV
WKH VWDQGDUGV RI EDQN ORDQV EHFDXVH RI FDSDFLW\ RI
WKHLU EXVLQHVV DQG DEVHQFH RI DGHTXDWH GHSRVLW
SURSHUW\
WKRXVDQGVRI
3ULYDWHHQWLWLHV
8SWR\HDUV VRPVIRURQH
PHPEHURIWKH
JURXS
7KH*RYHUQPHQWRI.5SURYLGHVIXQGVIURPWKH
EXGJHWRI$\\O%DQNIRUIXUWKHUFUHGLWLQJRI
3ULYLOHJHG&UHGLWV
VHDVRQDEOHDJUDULDQZRUNV
DQQXDOO\
1RWPRUHWKDW
ZLWKWKHIXUWKHU
3ULYDWHDQGOHJDOHQWLWLHV
\HDU
FRPSHQVDWLRQRI
VRPV
/LQHRI&UHGLW³7KH)XQGRI5DLIDLVHQ&RUSRUDWH'HYHORSPHQWLQ.\UJ\]VWDQ´
DQQXDOO\
)URP
GHSHQGLQJRQRZQ
WR
/HJDOHQWLWLHV
8SWR\HDUV
LQYHVWPHQWRI
FRUSRUDWHLQWRWKH
VRPV
SURMHFW
3ULYDWHDQGOHJDOHQWLWLHV
8SWR\HDUV
㸫㸫
)RU WKH SHULRG IURP -DQXDU\ WR $SULO ³$\\O %DQN´ SURYLGHG RI OD[ FUHGLWV IRU UXUDO
PDQXIDFWXUHUVIRUWKHWRWDOVXPPLOOLRQVRPV
&855(17&21',7,212)%,2*$67(&+12/2*,(6,1.<5*<=67$1
7KHVWDQGDUGOHJDOEDVH
3URPRWLRQ RI 5(6 LQ .\UJ\]VWDQ LV LPSRVVLEOH ZLWKRXW VWDWH VXSSRUW 7R UHJXODWH ZRUN RI WKH
VWDWHERGLHVLQWKLVDUHDLWLVQHFHVVDU\WRFUHDWHWKHVWDQGDUGOHJDOEDVH
,Q 'HFHPEHU WKH 3UHVLGHQW RI .\UJ\] UHSXEOLF .XUPDQEHN %DNLHY VLJQHG WKH /DZ RI
.\UJ\]5HSXEOLFRQ³5HQHZDEOH6RXUFHVRI(QHUJ\´
7KLV ODZ ZDV SUHSDUHG E\ LQLWLDWLYH RI 81'3 LQ WKH IUDPHV RI WKH SURJUDP ³(QYLURQPHQWDO
3URWHFWLRQIRU6WHDG\'HYHORSPHQW´
7KHVLJQHGODZGHWHUPLQHVOHJDO RUJDQL]DWLRQDO HFRQRPLF DQG ILQDQFLDO EDVHV PHFKDQLVP IRU
UHJXODWLRQ RI VWDWH¶V UHODWLRQV PDQXIDFWXUHUV VXSSOLHUV DQG FRQVXPHUV RI UHQHZDEOH HQHUJ\
VRXUFHVHTXLSPHQWIRUSURGXFWLRQDQGIDFLOLWLHV IRUXVDJHRIUHQHZDEOH HQHUJ\ UHVRXUFHV 7KH
DLP RI WKH ODZ LV GHYHORSPHQW DQG XVH RI UHQHZDEOH HQHUJ\ VRXUFHV 5(6 LPSURYHPHQW RI
HQHUJ\ VWUXFWXUH GLYHUVLILFDWLRQ RI HQHUJ\ UHVRXUFHV LPSURYHPHQW SRSXODWLRQ¶V RI VRFLDO
SRVLWLRQSURYLVLRQRIHQHUJ\VDIHW\IRUWKHFRXQWU\HQYLURQPHQWSURWHFWLRQDQGVWDEOHHFRQRPLF
GHYHORSPHQW
,QUHJXODWLRQRIWKHDGRSWHGODZ
WKHREMHFWVIRUUHJXODWLRQRIWKHODZDUHSURGXFWLRQFRQVXPSWLRQDQGVDOHRIWKHUPDOHOHFWULF
HQHUJ\DQGIXHOZLWKWKHXVHRI5(6DOVRSURGXFWLRQDQGGHOLYHU\RIHTXLSPHQWDQGWHFKQRORJLHV
RI5(6LQWKHWHUULWRU\RIWKHFRXQWU\
3XEOLFDGPLQLVWUDWLRQLQWKHDUHDRI5(6LVFDUULHGRXWE\WKH*RYHUQPHQWDQGDXWKRUL]HGVWDWH
VWUXFWXUHV
&UHDWLRQ DFTXLVLWLRQ DQG H[SORLWDWLRQ RI 5(6 IDFLOLWLHV FDQ EH FDUULHG RXW E\ DQ\ OHJDO RU
SK\VLFDO HQWLW\ ZLWK WKH FRPSOLDQFH RI UHTXLUHPHQWV RI WKH ODZ DQG WHFKQLFDO UHJXODWLRQV
IXQFWLRQLQJLQWKHWHUULWRU\RI.\UJ\]5HSXEOLF
)LQDQFLQJ RI VFLHQWLILF DQG WHFKQLFDO UHVHDUFKHV GLUHFWHG RQ GHYHORSPHQW DQG XVH RI 5(6
ZKLFKDUHFDUULHGRXWE\WKHUHVRXUFHVRIUHSXEOLF¶VEXGJHW
7KHUHIRUHVHHQFHUWDLQSUHIHUHQFHVIRUSURGXFHUVRIHOHFWULFDQGKHDWLQJHQHUJ\PDQXIDFWXUHG
E\WKHXVHRI5(6DQGIRUFRQVXPHUVRIVXFKHQHUJ\
,QWKHMXGJPHQWRIH[SHUWVLQWKHSURFHVVRIDSSURYDODQGSDVVLQJWKURXJKLQVWDQFHVWKHSURMHFW
RI WKH ODZ VXIIHUHG IURP VLJQLILFDQW FKDQJHV DQG EHFDPH EDVLF ZLWKRXW WHFKQLFDO PHFKDQLVPV
7KHDSSURYHGYHUVLRQGRHVQRWFRQWDLQDQ\PHFKDQLVPVRIUHDOL]DWLRQ+RZHYHUDGRSWLRQRIWKH
KWWSZZZDENJLQGH[SKS"RSWLRQ FRPBFRQWHQWWDVN YLHZLG ,WHPLG KWWSZZZSUHVLGHQWNJUXSUHVVODZV
㸫㸫
ODZLVLPSRUWDQWIURPWKHSROLWLFDOSRLQWRIYLHZ±WKHUHDSSHDUHGDOHJDOEDVHIRUGHYHORSPHQWRI
5(6
)RUWKHSDVVHG/DZWREHLQDFWLRQLWLVQHFHVVDU\WRGHYHORSPHFKDQLVPVRILWVUHDOL]DWLRQ
LQFOXGLQJILQDQFLDOWRGHYHORSVWDWXWRU\DFWVZKLFKZRXOGVWLPXODWHSRWHQWLDOXVHUVRI5(6
PDQXIDFWXUHUVDQGVXSSOLHUVRIWKHHTXLSPHQW6XFKZRUNLVFRQGXFWHGE\WKH0LQLVWU\RI
(QHUJ\RI.5LQFRRSHUDWLRQZLWKLQWHUHVWHGRUJDQL]DWLRQV2QFRQVLGHUDWLRQRIGHSXWLHVRI
-RJRUNX.HQHVKWKHELOORQ©$ERXWPRGLILFDWLRQDQGDGGLWLRQVWR/DZRI.5RQDERXWUHQHZDEOH
HQHUJ\VRXUFHVªKDVEHHQSUHVHQWHG
7KLVGRFXPHQWHVWDEOLVKHVDQHLJKW\HDUGHDGOLQHRIDUHFRXSPHQWRISURMHFWVRQXVHRI5(6
7KHHOHFWULFSRZHUZKLFKLVQRWUHDOL]HGDQGQRWFRQVXPHGE\RZQHUVRIIDFLOLWLHVIRURZQQHHGV
VKRXOGEHFRQVXPHGE\WKHODUJHVWGLVWULEXWLYHSRZHUFRPSDQ\LQWHUULWRU\ZKHUHLQVWDOODWLRQ
VHWWOHVGRZQ)RUDSURMHFWUHFRXSPHQWWKHWDULIIIRUWKHHOHFWULFSRZHULVHVWDEOLVKHGWKURXJKWKH
IDFLOLW\SURGXFWLRQE\H[WUDFKDUJHDGGLWLRQWRWKHPD[LPXPRSHUDWLQJWDULIIIRUWKHHOHFWULF
SRZHUIRUWKHHQGXVHUVUHFHLYLQJWKHHOHFWULFSRZHUIURPWUDGLWLRQDOHQHUJ\VRXUFHV)RUELRJDV
IDFLOLWLHVLWLVVRPVNLORZDWWKRXU7KHVHH[WUDFKDUJHVDUHLQGH[HGDQQXDOO\RQDQRIILFLDOUDWH
RILQIODWLRQDQGDIWHUWKHUHFRXSPHQWH[SLU\RIWKHWHUPDUHHVWDEOLVKHGLQGLYLGXDOO\E\
DXWKRULVHGVWDWHERG\([SHQVHVRQEXLOGLQJRIOLQHVWRDFRQQHFWLRQSRLQWRIDQHWZRUNRIWKH
HOHFWURSRZHUFRPSDQ\DUHFDUULHGRXWE\WKHRZQHURIIDFLOLW\$QGWKHFRPSDQLHVVKRXOG
SURYLGHDFFHVVWRWKHQHWZRUNVLIWKHHQHUJ\GHYHORSHGE\5(6FRUUHVSRQGVWRWKHVWDQGDUGV
/RFDOJRYHUQPHQWVDUHREOLJHGLQDSULRULW\RUGHUWRDOORFDWHWKHJURXQGDUHDVXQGHUFRQVWUXFWLRQ
RI5(6REMHFWV
,Q SUHVHQW WLPH WKHUH LV D UHDOL]DWLRQ RI WKH 1DWLRQDO (QHUJ\ 3URJUDP RI .\UJ\] 5HSXEOLF IRU
DQG 6WUDWHJ\ IRU 'HYHORSPHQW RI D )XHO DQG (QHUJ\ &RPSOH[ WLOO ,W LV
DSSURYHGE\GHFLVLRQRI-RJRUNX.HQHVKRIWKH.\UJ\]5HSXEOLFIURP$SULOWK1
,9
:RUNLQJRXWDUXOHRIDFFHVVWRWKHQHWZRUNVDQGVDOHVRIHQHUJ\IURPDOWHUQDWLYHHQHUJ\VRXUFHV
DQG PHFKDQLVPV RI WKHLU VXEVLGL]LQJ ZRUNLQJ RXW D SURJUDP RI UHSODFHPHQW RI K\GURFDUERQLF
IXHOE\ORFDODOWHUQDWLYHHQHUJ\VRXUFHVZLWKDYLHZRIGHFUHDVHGHSHQGLQJRQLPSRUWHGSRZHU
UHVRXUFHVDQGUHGXFWLRQRIHPLVVLRQVRIKRWEHGJDVHVDUHQDPHGDVWKHSULPDU\JRDOVRIDHQHUJ\
SROLF\
:KHUHDV WKH FUHDWLRQ RI WKH KLJKJUDGH LQWHUQDO HQHUJ\ PDUNHW ZLWK PDLQWHQDQFH RI WKH
FRPSHWLWLYHHQYLURQPHQWLQWKHILHOGRIGHYHORSPHQWDQGVDOHRIWKHHOHFWULFHQHUJ\E\EXLOGLQJ
VPDOOK\GURHOHFWULFSRZHUVWDWLRQV+36DQGRWKHUDOWHUQDWLYHVRXUFHVRQHRIWKHSULPDU\JRDOV
RIHFRQRP\LQHOHFWURHQHUJ\VHFWRUIRU
$V LW LV VSHFLILHG LQ WKH SURJUDP QHFHVVLW\ RI GHYHORSPHQW RI QRQFRQYHQWLRQDO UHQHZDEOH
HQHUJ\ VRXUFHV 1&5(6 KDV ULSHQHG EHFDXVH RI GHFUHDVH LQ H[WUDFWLRQ RI K\GURFDUERQLF UDZ
PDWHULDOV UHVWULFWLRQ RI LPSRUW DQG LQFUHDVH RI WKH SULFHV IRU HQHUJ\ FDUULHUV +RZHYHU ELRJDV
WHFKQRORJLHVDUHPRVWWHFKQLFDOO\SUHSDUHG
3RWHQWLDO HQHUJ\ UHVRXUFHV 1&5(6 RI WKH UHSXEOLF DUH UHDOO\ DFFHVVLEOH GXH WR SUHVHQW OHYHO RI
GHYHORSPHQW RI WHFKQLTXHV DQG WHFKQRORJLHV WKDW PDNH PLOOLRQ WFI SHU \HDU 1RZDGD\V
SUDFWLFDO XVH RI 1&5(6 LV LQVLJQLILFDQW DQG LW PDNHV RQO\ RI D SRZHU EDODQFH RI WKH
FRXQWU\
㸫㸫
)RU ZLGH SUDFWLFDO XVH PRVW WHFKQLFDOO\ SUHSDUHG DUH ZRUNLQJ RXW RI D KHDW VXSSO\ GXH WR WKH
VRODUHQHUJ\DQGELRJDVWHFKQRORJLHVDQGHOHFWURVXSSO\RQWKHEDVLVRIZLQGSRZHUVPDOOZDWHU
FKDQQHOVDQGVRODUSKRWRHOHFWULFVWDWLRQV
(VSHFLDOO\LPSRUWDQWSODFHVRI1&5(6GHYHORSPHQWDUHLQWKHPRXQWDLQDQGUXUDOGLVWULFWVZKHUH
FRQVWUXFWLRQRIODUJHWUDQVPLVVLRQHOHFWULFOLQHVLVHFRQRPLFDOO\XQSURILWDEOH
)RU H[HFXWLRQ RI REMHFWLYHV LW LV QHFHVVDU\ WR FUHDWH )XQG RI 1&5(6 GHYHORSPHQW DQG VPDOO
ZDWHUSRZHU HQJLQHHULQJ WR GHYHORS 1DWLRQDO VFLHQWLILF DQG WHFKQLFDO SURJUDP IRU XVH RI
1&5(6 DQG GHYHORSPHQW RI VPDOO ZDWHUSRZHU HQJLQHHULQJ DQG WR SURYLGH LW ZLWK WKH VWDWH
VXSSRUW
7KHQHHGLQLQYHVWPHQWVIRUGHYHORSPHQWRIVPDOO+36DQG1&5(6PDNHVPLOOLRQRI86'
7KHEXGJHWRIWKH.\UJ\]5HSXEOLFZKLFKKDV*'3KDUGO\DERYHELOOLRQRIVRPVLVQRWLQD
FRQGLWLRQWRDOORFDWHWKHVHUHVRXUFHV7KHUHIRUHH[SDQVLRQRIQXPEHURILQYHVWPHQWSURMHFWVLQ
FRPSHWLWLYH FRQWHVW IRU SULYDWH DQG IRUHLJQ LQYHVWPHQW UHVRXUFHV DQG WKH XVH RI LQWHUPHGLDU\
SDUWLFLSDWLRQRILQWHUQDWLRQDOILQDQFLDOLQVWLWXWLRQVVXFKDV:%,0)$'%(%55HWFWRDWWUDFW
SULYDWHLQYHVWPHQWVLQWRHQHUJ\VHFWRU
7KH SODQQHG LQFUHDVH RI WDULIIV RQ HOHFWUR SRZHU ZLOO SURYLGH FRPSHWLWLRQ DQG HIIHFWLYHQHVV
DSSRLQWHG WR WKH GHYHORSPHQW RI VPDOO +36 DQG 1&5(6 $FFHOHUDWLRQ RI D UHFRXSPHQW RI
LQYHVWPHQWVZLOOVWLPXODWHDWWUDFWLRQRIGRPHVWLFDQGIRUHLJQLQYHVWRUV
,Q2FWREHUWKH3UHVLGHQWRI.\UJ\]5HSXEOLFKDVFRQILUPHGWKH'HFUHHDERXWWKHɊURJUDP
RIGHYHORSPHQWRIVPDOODQGPLGGOHSRZHULQWKH.\UJ\]5HSXEOLFWLOO5HVSRQVLELOLW\IRU
LWV SHUIRUPDQFH LV DVVLJQHG WR WKH SURMHFW PDQDJHPHQW RQ GHYHORSPHQW RI VPDOO DQG PLGGOH
SRZHULQWKH.\UJ\]5HSXEOLF
,QWKLVGRFXPHQWLWLVVSHFLILHGWKDWRQHRIWKHIDVWHVWDQGHIIHFWLYHZD\VWRLQFUHDVHDQHQHUJ\
SRWHQWLDOLVGHYHORSPHQWRIQRQFRQYHQWLRQDOUHQHZHGHQHUJ\VRXUFHV1&5(6%HVLGHVLWZLOO
EHWKHHVVHQWLDOFRQWULEXWLRQRIWKH.\UJ\]5HSXEOLFLQWRUHDOL]DWLRQRIWKH.LRWVN\SURWRFRO
$VRQHRIWKHVWDWHLQWHUHVWVLQVSKHUHRIUHDOL]DWLRQRIWKHSURJUDPDUHQDPHGUXUDODQGPRXQWDLQ
DUHDV LW ZLOO EH UHDOL]HG ILUVW RI DOO LQ WKH VHWWOHPHQWV H[SHULHQFLQJ FRPSOH[LWLHV ZLWK SRZHU
VXSSO\ EHLQJ LQ DGYHUVH FOLPDWLF FRQGLWLRQV RU UHPRYHG IURP DQ LQIUDVWUXFWXUH RI D SRZHU
FRPSOH[)RUSURJUDPILQDQFLQJDWWUDFWLRQRISULYDWHLQYHVWPHQWVEDQNFUHGLWVPHDQVRIORFDO
FRPPXQLWLHVLVVXSSRVHG
$FWLYLWLHVRQGHVLJQLQJRIVWDQGDUGOHJDOEDVHIRUHQJLQHHULQJRIELRJDVIDFLOLWLHVXVHRIWKH
ELRJDVSURGXFHGIURPDSURFHVVHGRUJDQLFZDVWHDQGIHUWLOL]HUVWRFUHDWLRQRIGHPRQVWUDWLRQ
ELRJDVPRGXOHVLQHDFKREODVWRIWKHUHSXEOLFDUHSURYLGHGE\*RYHUQPHQWSURJUDPRQXVHRI
SURGXFWLRQDQGFRQVXPSWLRQZDVWHVIRU)RUFUHDWLRQRIGHPRQVWUDWLRQELRJDV
PRGXOHVLQHDFKREODVWWKHSURJUDPSURYLGHGH[SHQVHVLQWKHVXPRIVRPV5HSXEOLFDQ
EXGJHWORFDOJRYHUQPHQWEXGJHWVPHDQVRI*OREDO(FRORJLFDO)XQGDQGRWKHUGRQRUV
.\UJ\]VWDQ KDV MRLQHG WKH JOREDO SDUWQHUVKLS RQ UHQHZDEOH HQHUJ\ DQG HIIHFWLYHQHVV RI HQHUJ\
5(((7KHSDUWQHUVKLSLQVXSSRUWRIUHQHZDEOHHQHUJ\DQGHIIHFWLYHQHVVRIHQHUJ\5(((KDV
EHHQ FUHDWHG DW WKH ZRUOG VXPPLW RQ D VXVWDLQDEOH GHYHORSPHQW LQ -RKDQQHVEXUJ 5HSXEOLF RI
6RXWK$IULFDLQ$XJXVWDQGSXWVLWVJRDOIRUDFFHOHUDWLRQRIGHYHORSPHQWDQGH[SDQVLRQ
RIWKHJOREDOPDUNHWRIWHFKQRORJLHVRIUHQHZDEOHHQHUJ\DQGLQFUHDVHHIIHFWLYHQHVVRIHQHUJ\
㸫㸫
7KH 0LQLVWU\ RI (QHUJ\ DQG )XHO 5HVRXUFHV LV UHVSRQVLEOH IRU WKH JLYHQ FRRSHUDWLRQ LQ FORVH
FRUSRUDWLRQZLWKWKH0LQLVWU\IRU)RUHLJQ$IIDLUV.5
.\UJ\]VWDQ SRVVHVVHV D JUHDW SRWHQWLDO IRU GHYHORSPHQW RI ELRJDV WHFKQRORJLHV $FFRUGLQJ WR
SHUVSHFWLYHVRIH[SORLWDWLRQLQ.\UJ\]VWDQWKLVW\SHRIWHFKQRORJLHVDUHRQWKHWKLUGSODFHDIWHU
VRODUDQGHQHUJ\RIVPDOOPRXQWDLQ+363RWHQWLDORI5(6LQ.\UJ\]VWDQPDNHVXSPLOOLRQ
WRQVRIIXHOD\HDUKRZHYHURQO\RIWKLVYROXPHDUHDFWXDOO\XVHG%\H[SHUWHVWLPDWLRQV
WKHRUHWLFDOVWRFNVRI5(6FDQUHSODFHWRRIWKHFRQVXPHGIXHODQGHQHUJ\UHVRXUFHVWRGD\
E\WKHUHSXEOLF%\H[SHUWHVWLPDWLRQVWKHLQGXVWULDOHQWHUSULVHVRI.\UJ\]VWDQFDQPDNHELRJDV
IDFLOLWLHV LQ WRWDODPRXQW RI PLOOLRQ ɦ LQ D \HDU IRU WKH VXP RI PLOOLRQV RI
VRPV
%LRJDVIDFLOLWLHVLQ.\UJ\]VWDQ
1RZDGD\VLQ.\UJ\]VWDQE\H[SHUWHVWLPDWLRQVWKHUHDUHIURPWRRIFRQVWUXFWHG%)RXW
ZKLFKDSSUR[LPDWHO\DUHZRUNLQJ$Q\ERG\SRVVHVVWKHH[DFWLQIRUPDWLRQVLQFHVRPHRI
WKH %) DUH FRQVWUXFWHG E\ KDQGLFUDIW ZD\ &RQVHTXHQWO\ LQ RSHQ VRXUFHV WKH LQIRUPDWLRQ
SURYLGHV%)IURPZKLFKZRUNLQZRUNLQJRUGHURQO\%)7KHPDMRULW\RI%)ORFDWHGLQ
&KX\DQG,VV\N.XOREODVWV
7DEOH%LRJDVIDFLOLWLHVE\UHJLRQVDQGZRUNLQJFRQGLWLRQXQLW
7RWDO
2SHUDWHV ,QZRUNLQJ
1RW
1R
FRQGLWLRQ
RSHUDWLQJ LQIRUPDWLRQ
DYDLODEOH
2EODVW
.\UJ\]VWDQ
&KX\REODVW
,VV\N.XOREODVW
1DU\QREODVW
7DODVREODVW
2VK
'MDODO$EDG
%LVKNHN
2XWRIFRQVWUXFWHGIDFLOLWLHVLQ1DU\QDQG7DODVREODVWVGRQRWRSHUDWH7KHVHDUHIDFLOLWLHV
ZLWKRXW KHDWLQJ DQG UHDFWRU LVRODWLRQ LH QRW VXLWDEOH IRU RSHUDWLRQ LQ FOLPDWLF FRQGLWLRQV RI
WKHVHREODVWVDOO\HDUORQJ%HVLGHVWKHFRQWDFWZLWKPDQXIDFWXUHUVRIWKHVHIDFLOLWLHVLVORVWDQG
WKHUHDUHQRH[SHUWVIRUUHSDLUDQGVHUYLFHRI%)LQWKHVHREODVWV
KWWSZZZPDQDVNJWHPS*LULVLPFLOLN.RQJUHVLSGI
㸫㸫
㸫㸫
'MDODO$EDG
%LVKNHN
'LDJUDP%LRJDVIDFLOLWLHVLQ.\UJ\]VWDQ7KHRUGHURIWKH%)LQGLFDWHGLQWKHPDSLVFRQIRUPHGWRWKH$SSHQGL[
7KHRUGHURIWKH%)LQGLFDWHGLQWKHPDSLVFRQIRUPHGWRWKH$SSHQGL[
,QRYHUZKHOPLQJPDMRULW\RIWKHIDFLOLWLHVFRQVWUXFWHGLQ.\UJ\]VWDQWKHUHXVHGPHWDOWDQNVIRU
WKH UHDFWRU 7KH\ DUH WLJKW DQG FDQ PDLQWDLQ WKH KLJK SUHVVXUH 7KH XVH RI DOUHDG\ H[LVWLQJ
FDSDFLWLHV FRQVLGHUDEO\ UHGXFHV WKH SULFH RI IDFLOLW\ FRVW $QG RQO\ ZLWKLQ WKH OLPLWV RI -,&$
SURMHFWIRUWKHILUVWWLPHKDYH EHHQFRQVWUXFWHGIDFLOLWLHVRIWUHQFKDQGGRPHW\SHVDGDSWHGIRU
FOLPDWLF FRQGLWLRQV RI .\UJ\]VWDQ ,Q &KX\ REODVW WKH ODQG IDFLOLWLHV DUH SUHYDLOLQJ EHFDXVH RI
FORVH RFFXUUHQFH RI VXEVRLO ZDWHUV ,Q PRXQWDLQ DUHDV IRU H[DPSOH ,VV\N.XO REODVW
XQGHUJURXQG DQG VHPLXQGHUJURXQG IDFLOLWLHV DUH EXLOW 7KH LPSURYHG WKHUPDO SURWHFWLRQ RI
XQGHUJURXQG IDFLOLWLHV UHGXFHV WKH LQIOXHQFH RI GDLO\ FKDQJHV RI WHPSHUDWXUH RQ SURFHVV RI
IHUPHQWDWLRQRIUDZPDWHULDOV,Q.\UJ\]VWDQSDUWLFXODUO\LQ,VV\N.XOREODVWIDFLOLWLHVZLWKWKH
YROXPH RI D UHDFWRU ɦ DUH SUHYDLOLQJ ,Q &KX\ REODVW IDFLOLWLHV ZLWK ELJJHU YROXPH RI D
UHDFWRUɦDQGPRUHDUHSUHYDLOLQJ
7DEOH%LRJDVIDFLOLWLHVE\WKHYROXPHRIUHDFWRUDQGUHJLRQV
WKH
YROXPHRI
UHDFWRU
ɦ
2EODVW
7RWDO
7RWDO
2SHUDWHV
,QZRUNLQJ
FRQGLWLRQ
7RWDO
!
2SHUDWHV
,QZRUNLQJ
FRQGLWLRQ
7RWDO
2SHUDWHV
,QZRUNLQJ
FRQGLWLRQ
7RWDO
2SHUDWHV
,QZRUNLQJ
FRQGLWLRQ
7RWDO
2SHUDWHV
,QZRUNLQJ
FRQGLWLRQ
7RWDO
2SHUDWHV
,QZRUNLQJ
FRQGLWLRQ
7RWDO
2SHUDWHV
,QZRUNLQJ
FRQGLWLRQ
7RWDO
QR
LQIRUPDWLRQ 2SHUDWHV
DYDLODEOH ,QZRUNLQJ
FRQGLWLRQ
.\UJ\]VWDQ
&KX\
REODVW
,VV\N
.XO
REODVW
㸫㸫
1DU\Q 7DODV
REODVW REODVW
2VK
'MDODO
REODVW $EDG
REODVW
%LVKNHN
+DUGO\PRUHWKDQWKLUGRIDOOFRQVWUXFWHGIDFLOLWLHVLQ.\UJ\]VWDQDUHZLWKRXWKHDWLQJDQGUHDFWRU
LVRODWLRQZLWKPDQXDOKDVKLQJRIUDZPDWHULDOV7KHVHDUHWKHHOHPHQWDU\ELRJDVIDFLOLWLHVWKH\
FRQWDLQDPLQLPXPRIFRPSRQHQWV%DVLFDOO\WKH\KDYHEHHQLQVWDOOHGLQ1DU\Q,VV\N.XODQG
7DODVREODVWV'XHWRWKHDEVHQFHRIKHDWLQJDQGUHDFWRULVRODWLRQLQFOLPDWLFFRQGLWLRQVRI
.\UJ\]VWDQWKH\FDQZRUNRQO\LQDZDUPSHULRGRIWKH\HDU%HVLGHVWKHV\VWHPRIPDQXDO
KDVKLQJLVLQFRQYHQLHQWIRUORDGLQJDQGXQORDGLQJRIUDZPDWHULDOVWKLVGHPDQGVDGGLWLRQDO
H[SHQGLWXUHVRQODERU&XUUHQWO\WKHRYHUZKHOPLQJPDMRULW\RIWKHPGRHVQRWZRUN
$OO\HDUORQJLQWKHFRQGLWLRQVRI.\UJ\]VWDQIDFLOLWLHVZLWKKHDWLQJDQGDUHDFWRUWKHUPDO
SURWHFWLRQDUHDEOHWRRSHUDWH$OPRVWRI%IDUHWKHIDFLOLWLHVZLWKKHDWLQJLVRODWLRQZLWK
PDQXDOORDGLQJDQGSQHXPDWLFKDVKLQJRIUDZPDWHULDOV7KHPDMRULW\RIWKLVW\SHRIIDFLOLWLHVLV
ORFDWHGLQ,VV\N.XOREODVW
$ERXWWKLUGRIFRQVWUXFWHG%)DUHWKHIDFLOLWLHVZLWKKHDWLQJLVRODWLRQRIDUHDFWRUSQHXPDWLF
ORDGLQJDQGUDZPDWHULDOVKDVKLQJ7KHPDMRULW\RIWKHPLVORFDWHGLQ&KX\REODVW7KH
SQHXPDWLFORDGLQJHTXLSPHQWRI%)UHGXFHVH[SHQGLWXUHVRIODERURQLWVVHUYLFHEXW
FRQVLGHUDEO\LQFUHDVHVLWVFRVWIDFLOLWLHVLQ&KX\REODVWDQGLQ2VKDUHHTXLSSHGZLWK
V\VWHPRIK\GUDXOLFKDVKLQJRIUDZPDWHULDOV$OORIWKUHHGRQRWRSHUDWHEHFDXVHRIFRQVWUXFWLYH
FRPSOHWLRQVQHFHVVLW\
7KHFRVWRI%)
7KHFRVWRI%)LQFOXGHV
9 7KHFRVWRIPDWHULDOV
9 7KHFRVWRIFRQVWUXFWLRQDQGWUDQVSRUWDWLRQH[SHQVHV
9 3D\PHQWRILQWHUHVWVIRUFUHGLWVLIWKHORDQZDVWDNHQIRUFRQVWUXFWLRQRI%)
,Q.\UJ\]VWDQWKHUHLVQRLQGXVWULDOSURGXFWLRQRI%)WKHSULFHVIRUHDFKSURMHFWDUHHVWLPDWHG
LQGLYLGXDOO\7KHUHIRUHDQDYHUDJHWRWDOFRVWRI%)LQ3))OXLGPDNHV86'IRUFXELF
PHWHURIWKHUHDFWRUIURPZKLFKPDNHVWKHFRVWRIUHDFWRU
㸫㸫
7DEOH ,QGLFDWRUV RI IDUP %) ZLWK JDVKROGHU PHFKDQLFDO SUHSDUDWLRQ SQHXPDWLF
ORDGLQJDQGUDZPDWHULDOVKDVKLQJZLWKKHDWLQJRIUDZPDWHULDOVLQDUHDFWRUGXULQJWKH
ZRUNLQPHVRSKLOHWHPSHUDWXUHPRGH
,QGLFDWRUV
&DSDFLW\RIUHDFWRUV
ɦ ɦ
ɦ
ɦ
ɦ
ɦ
ɦ
)HUWLOL]HU
%LRJDV
WRQSHU\HDU
ɦSHU\HDU
&RVWRI%)
WKRXVDQGV RI VRPV
WUDQVSRUW WKRXVDQGVRI
DOORFDWLRQ VRPV
&RQVWUXFWLRQ
H[SHQVHV WD[
&RVWRIIHUWLOL]HUSHU\HDU
WKRXVDQGVRI
VRPV
&RVWRIJDVSHU\HDU
WKRXVDQGVRI
VRPV
([SORLWDWLRQ
WKRXVDQGV RI VRPVSHU\HDU
WKRXVDQGV RI VRPV
PRQWKV
%HQHILWVSHU\HDU
3D\EDFNSHULRG
7KHFRVWRIFRQVWUXFWLRQWUDQVSRUWH[SHQVHVDQGWD[DOORFDWLRQLVRI%)FRVW
%HVLGHVGXULQJRSHUDWLRQSHULRGWKHUHDUHH[SHQVHVRQWKHPDLQWHQDQFHRIIDFLOLW\ZKLFKDUHQR
PRUHWKDQRI%)FRVW
9 3UHYHQWLYHPDLQWHQDQFHRI%)RQFHD\HDUDERXWVRPVRQWKHDYHUDJH
9 2SHUDWLRQRI%)FOHDQHUVPDWHULDOVIRUELRJDVFODULILFDWLRQDQHOHFWULFLW\
9 5HSDLUDQGUHSODFHPHQWRISDUWVRI%)
9 &RVW RI LQVSHFWLRQV FRVW RI DFNQRZOHGJHPHQW DQG LQVSHFWLRQ RI RSHUDWLRQ RI WKH
FDSDFLWLHVXQGHUSUHVVXUH
9 3D\PHQWWRWKHSHUVRQQHOZKLFKLVHQJDJHGLQVXSHUYLVLRQRI%)
)LQDQFLQJ
1HFHVVLW\RI5(6GHYHORSPHQWLQSDUWLFXODURI%LRJDV7HFKQRORJLHVLVKLJKOLJKWHGLQDOO
SURJUDPGRFXPHQWV7KXVGHYHORSPHQWRI5(6LVQRWDSULRULW\IRUVWDWHILQDQFLQJ\HW7KH
GRFXPHQWVZKLFKZRXOGVWLPXODWHFRQVXPHUVPDQXIDFWXUHUVDQG/*ERGLHVWRDFWLYHSURPRWLRQ
RIELRJDVDUHVWLOOLQDSURFHVVRIGHYHORSPHQWDQGDSSURYDO
7KHUHIRUHLQVWDOODWLRQRI%)LVPDQXIDFWXUHGEDVLFDOO\E\WKHPHDQVRIWKHFXVWRPHURUJUDQWV
IURPLQWHUQDWLRQDORUJDQL]DWLRQVQRZDGD\V2XWRIIDFLOLWLHVDERXWZKLFKVRXUFHVRIILQDQFLQJ
DUHNQRZQWRXVIDFLOLWLHVDUHFRQVWUXFWHGRQSHUVRQDOPHDQVIDFLOLWLHVDUHFRQVWUXFWHGZLWK
ILQDQFLDOSDUWLFLSDWLRQRIWKH%$66SURJUDP%)DUHHVWDEOLVKHGRQJUDQWPHDQVRI-,&$
%LRJDVIDFLOLWLHVLQ.\UJ\]5HSXEOLFUHIHUHQFHPDQXDO
%LRJDVIDFLOLWLHVLQ.\UJ\]5HSXEOLFUHIHUHQFHPDQXDO
%LRJDVIDFLOLWLHVLQ.\UJ\]5HSXEOLFUHIHUHQFHPDQXDO
%LRJDVIDFLOLWLHVLQ.\UJ\]5HSXEOLFUHIHUHQFHPDQXDO
%LRJDVIDFLOLWLHVLQ.\UJ\]5HSXEOLFUHIHUHQFHPDQXDO
㸫㸫
IDFLOLWLHVILQDQFHGE\*()UHVSRQGHQWVFRXOGQRWUHFROOHFWJUDQWHHDQGIDFLOLWLHVZHUH
ILQDQFHGE\RWKHURUJDQL]DWLRQV
:KLOHZRUNLQJRQWKHUHSRUWZHKDYHQRWUHFHLYHGWKHLQIRUPDWLRQDERXWVRPHRQHZKRWRRNWKH
FUHGLWIRUFRQVWUXFWLRQRI%),WFDQWHVWLI\WKDWSRWHQWLDOXVHUVRI%)GRQRWKDYHRSSRUWXQLWLHVWR
WDNHWKHFUHGLWIRUFRQGLWLRQVFRPSUHKHQVLEOHWRWKHPRUWKHLQYHVWPHQWRIIXQGVLQWR%)LVQRW
FRQVLGHUHGSURILWDEOHHQRXJKDQGUHOLDEOH7KHUHIRUHWKHUHLVDFHUWDLQPLVWUXVWRIWKHSRSXODWLRQ
GXHWRWKHODFNRILQIRUPDWLRQ$FFRUGLQJWRUHVSRQGHQWVRIWKHVXUYH\ZKRSODQWRLQVWDOO%)
ZLWKLQ\HDUVDUHSODQQLQJWRHQFORVHRZQPHDQVUHVSRQGHQWVFRXQWRQWKHJUDQW2QO\
UHVSRQGHQWVDUHSODQQLQJWRWDNHWKHFUHGLWIRUFRQVWUXFWLRQRI%)
7KH PDLQ WDUJHW JURXS IRU GLVWULEXWLRQ RI %) LQ .\UJ\]VWDQFHUWDLQO\LVWKHSRSXODWLRQRI
UXUDODUHD7KHDJULFXOWXUHLQ*'3VWUXFWXUHRFFXSLHVWKHIRXUWKSDUW+RZHYHUVXFKFRPSOH[LWLHV
DV DQ H[KDXVWLRQ RI DUDEOH ODQGV WKH SURGXFWLYLW\ GHFUHDVH LQFUHDVLQJ HQHUJ\ WDULIIV LQYROYH
GHFUHDVHLQDOLYLQJVWDQGDUGRIUXUDOSRSXODWLRQDQGIRUFHVWRVHDUFKIRUQRWRUGLQDU\GHFLVLRQV
2QHRIWKHPXVHRIELRJDVIDFLOLWLHV$WRSHUDWLRQRIWKHVHV\VWHPVLWLVSRVVLEOHWRUHFHLYHQRW
RQO\KLJKTXDOLW\IHUWLOL]HUVEXWDOVRJDVZKLFKFDQEHXVHGIRUFRRNLQJDQGKHDWLQJRIEXLOGLQJV
%HVLGHVWKHPDQXIDFWXULQJQHHGVXVHRI%)SURPRWHVHFRQRP\RIIHPDOHZRUNLQUXUDODUHDV
7KHFRQVLGHUDEOHVKDUHRIKRXVHKROGVLQUXUDODUHDVXVHVIRUFRRNLQJDQGKHDWLQJRIKRXVHVVROLG
IXHOFRDOILUHZRRGNL]\DN8VHRI%)OLEHUDWHVWLPHVSHQWIRUJDWKHULQJWUDQVSRUWDWLRQGU\LQJ
DQGZDUHKRXVLQJRINL]\DNWUDQVSRUWDWLRQDQGDFRDORYHUORDGSXUFKDVHFDELQGU\LQJDQG
ZDUHKRXVLQJRIILUHZRRG7KHWLPHVSHQWIRUVHUYLFHRIWKHIXUQDFHFOHDULQJRIWKHIXUQDFHRI
DVKHVDIXHOWUD\IXUQDFHORDGLQJLJQLWLRQVXSHUYLVLRQRYHUWKHIXUQDFHDQGIXHODGGLWLRQLV
OLEHUDWHG
7LPHVSHQWIRUFRRNLQJZDUHZDVKLQJFOHDQLQJGHFUHDVHV7KHUHFHLYHGELRIHUWLOL]HUGRQRW
FRQWDLQVHHGVRIZHHGVZKLFKSHULVKLQSURFHVVRIIHUPHQWDWLRQLQDUHDFWRU+HQFHWLPHVSHQW
IRUZHHGLQJRIZHHGVGHFUHDVHV
&RQQHFWLRQRIWRLOHWWRWKHIDFLOLW\LPSURYHVVDQLWDU\DQGK\JLHQLFFRQGLWLRQVRIDOLIHRI
DJULFXOWXUDOSRSXODWLRQVDYHVWLPHDQGWKHPHDQVVSHQWIRUFOHDULQJRIGUDLQKROHV%HVLGHVWRLOHW
LQVWDOODWLRQLQGRRUVIDYRUDEO\DIIHFWVRQKHDOWKHVSHFLDOO\ZRPHQDQGFKLOGUHQ
7KH ODUJH DQG VPDOO KRUQHG OLYHVWRFN ZKLFK LV WKH EDVLF VRXUFH RI UDZ PDWHULDOV IRU ELRJDV
IDFLOLWLHVFRQVWDQWO\JURZV)RULWKDVLQFUHDVHGRQ7KHEDVLFVKDUHRIFDWWOHDQGDELUG
FRQWDLQVLQSHUVRQDOIDUPVRIWKHSRSXODWLRQ7KHVHDUHODUJHKRUQHGOLYHVWRFNKDUGO\PRUH
WKDQKDOIRIJRDWVVKHHSDQGSRXOWU\DQGKDOIRIOLYHVWRFNDUHKRUVHV
㸫㸫
'LDJUDP&DWWOHDQGELUGOLYHVWRFNE\NLQGVRIHFRQRP\RQ-DQXDU\
SRXOWU\
KRUVH
VKHHSDQGJRDW
FDWWOH
IDUPHUV
SULYDWHIDUPHUV
FROOHFWLYHIDUPHUV
VWDWHIDUPHUV
%\TXDQWLW\RIWKHFDWWOHDQGELUG2VKREODVWLVWKHOHDGHU7KHUHLVDILIWKSDUWRIDOOOLYHVWRFNDQG
DOPRVW WKH IRXUWK SDUW RI OLYHVWRFN RI FDWWOH $V LW LV NQRZQ WKH PDQXUH RI FDWWOH WKH PRVW
VXLWDEOH UDZ PDWHULDO IRU SURFHVVLQJ LQ ELRJDV IDFLOLWLHV 0HWKDQH SURGXFLQJ EDFWHULD DOUHDG\
FRQWDLQHGLQVWRPDFKVRIFDWWOHDOORZVWRXVHLWLQIDFLOLWLHVIRUFRQWLQXRXVIHUPHQWDWLRQ
'LDJUDP&RQGLWLRQDOOLYHVWRFNRIFDWWOHDQGELUGRQ-DQXDU\
LQFRXQWWRFDWWOHWKRXVDQGV
7$/$6
%,6+.(.
&+8<
,66<..8/
'-$/$/$%$'
1$5<1
%$7.(1
26+
7KH H[LVWLQJ DQQXDO QHHG IRU QLWULF IHUWLOL]HUV ZLWKRXW SRWDVK DQG SKRVSKDWHV LV HVWLPDWHG LQ
WRQV)URPPLOOLRQRIKHFWDUHVRIDJULFXOWXUDOODQGPRUHWKDQDUHUHFRJQL]HGE\
GHJUDGHGDQGVXEMHFWWRGHVHUWLILFDWLRQSURFHVVHV7KHDUHDVRIVHFRQGDU\VDOLQL]DWLRQPDNH
RI DOO DUDEOH IXQGV %XW DW DQDHURELF SURFHVV RI DQ RUJDQLF ZDVWH WKHUH LV D PLQHUDOL]DWLRQ DQG
%LRJDVWHFKQRORJLHVLQ.\UJ\]5HSXEOLF3))OXLG
㸫㸫
OLQNDJHWRDPPRQLXPQLWURJHQWKHPDLQWHQDQFHRIGLJHVWLEOHSKRVSKRUXVGRXEOHVXSDQGPDNHV
RIWKHWRWDOSKRVSKRUXV
)URPPLOOLRQKHFWDUHVRIDJULFXOWXUDOODQGPRUHWKDQDUHUHFRJQL]HGE\GHJUDGHGDQG
VXEMHFW WR GHVHUWLILFDWLRQ SURFHVVHV 7KH DUHDV VHFRQGDU\ VRLOV VDOLQL]DWLRQ PDNH DOO DUDEOH
IXQGV
2QWKHDUDEOHODQGVRIWKHFRXQWU\DQQXDOO\LWLVUHTXLUHGPLOOLRQ86'IRUPLQHUDODQGLW
ZDVXSWRPLOOLRQ86'WRLQ7KHGLIIHUHQFHLQPLOOLRQ86'D\HDULQWKHQHDUHVW
IRUHVHHDEOHIXWXUHZLOOQRWEHFRYHUHGQHLWKHUE\SHDVDQWVQRUE\GRQRUVWKHUHIRUHGHJUDGDWLRQ
RI DUDEOH ODQGV ZLOO SURFHHG DQG DORQJ ZLWK WKDW WKH SRYHUW\ RI D JUHDW EXON RI SHDVDQWV ZLOO
DFFUXH
7KHSURGXFWLYLW\RIDJULFXOWXUDOFURSVIDOOV,QIDFWIURPWRSURGXFWLYLW\RIZKHDWZDV
UHGXFHGWR
'LDJUDP7KHG\QDPLFVRI\LHOGRIDJULFXOWXUDOFURS
ZKHDW
EDUOH\
FRUQRQWRJUDLQ
ULFH
VXJDUEHHW
FRWWRQ
RLOVHHG
SRWDWR
YHJHWDEOH
SODQWDWLRQ
IUXLWDJH DQG EHUULHV
JUDSH
+RZHYHU DW DQDHURELF SURFHVVLQJ RI DQ RUJDQLF ZDVWH WKHUH LV D PLQHUDOL]DWLRQ DQG OLQNDJH RI
DPPRQLXPQLWURJHQWKHPDLQWHQDQFHRIGLJHVWLEOHSKRVSKRUXVGRXEOHVDQGPDNHVRIWKH
JHQHUDOSKRVSKRUXV7KHFRPSRVWPDGHLQUHDFWRUVFRXOGUDLVHIHUWLOLW\RIDDJULFXOWXUDOIDUPODQG
RQ
8QGRXEWHGO\ WKH SURMHFWV UHDOL]HG E\ WKH LQWHUQDWLRQDO RUJDQL]DWLRQV E\ JUDQW PHDQV SOD\ DQ
LPSRUWDQW UROH LQ DGYDQFHPHQW RI ELRJDV WHFKQRORJLHV LQ .\UJ\]VWDQ %XW FRVW RI %) LV KLJK
HQRXJK/LPLWHGPHDQVDPRQJIDUPHUVRI.\UJ\]VWDQWKHEDVLFREVWDFOHWRDZLGHFLUFXODWLRQ
RIELRJDVWHFKQRORJLHV7KHUHIRUHQRZDWDFKRLFHRIWDUJHWJURXSVLQUXUDODUHDVLWLVQHFHVVDU\
WREHJXLGHGE\ODUJHIDUPVDQGFRRSHUDWLYHV
7KHHVWLPDWLRQRIRSSRUWXQLWLHVIRUUHJLRQDOFROODERUDWLRQLQWKHVSKHUHRI5(6XVDJHE\WKHFRXQWULHVRI&HQWUDO
$VLDQUHJLRQ&$5(&
㸫㸫
&RRSHUDWLYHV
/LPLWDWLRQRIIDUPHUV¶PHDQVLQ.\UJ\]VWDQWKHEDVLFREVWDFOHWRDZLGHSURPRWLRQRIELRJDV
WHFKQRORJLHVEHFDXVHRIWKHLUKLJKFRVW&RQVWUXFWLRQDQGVHUYLFHRI%)FDQEHDFFHVVLEOHWR
DVVRFLDWLRQVRIIDUPHUVFRRSHUDWLYHVFROOHFWLYHIDUPVHWF
7KHFRRSHUDWLYHV\VWHPVKRXOGPDNHDEDVLVRIDQDJUDULDQDQGODQGSROLF\RI.\UJ\]VWDQ,WV
GHYHORSPHQWZLOODOORZIDUPHUVSHDVDQWIDUPVDQGSULYDWHHQWLWLHVLQUXUDODUHDVHIIHFWLYHO\
VROYHWKHLVVXHVFRQQHFWHGZLWKPDQXIDFWXUHSURFHVVLQJDQGUHDOL]DWLRQRIDJULFXOWXUDO
SURGXFWLRQE\XQLW\RIWKHHIIRUWV7KHTXDQWLW\RIVXEMHFWVRIDJULFXOWXUHFRQVWDQWO\JURZVDQG
LQWKHUHZDVFRRSHUDWLYHERRP7KHTXDQWLW\RIVWDWHIDUPVKDVLQFUHDVHGLQWLPHV
FROOHFWLYHLQMRLQWVWRFNFRPSDQLHVLQFROOHFWLYHUXVWLFIDUPVLQDJULFXOWXUDO
FRRSHUDWLYHVLQWLPHV
7DEOH7KHDPRXQWRIVXEMHFWVRIDJULFXOWXUHXQLW
7RWDO DPRXQW RI
DJULFXOWXUH
7KHW\SHRIVXEMHFW
VWDWHIDUPV
FROOHFWLYH
-6&
3&)
$&
3)
VXEMHFWV
RI
,Q -XQH WKHUH SDVVHG WKH /DZ RI .5 DERXW ³FRRSHUDWLYHV´ WKH 0LQLVWU\ RI $JULFXOWXUH
GHYHORSHG WKH SODQ RI PHDVXUHV IRU WKH IXUWKHU GHYHORSPHQW RI FRRSHUDWLYH PRYHPHQW LQ WKH
.\UJ\] 5HSXEOLF 2Q WKH EDVLV RI H[HPSODU\ FRRSHUDWLYHV LQ WKH UHJLRQV KHOG HGXFDWLRQDO
VHPLQDUVZKHUHHFRQRPLFIHDVLELOLW\RIVXFKVWHSLVH[SODLQHGWRIDUPHUV
%\ WKH LQVWUXFWLRQV RI 3UHVLGHQW .XUPDQEHN %DNLHY 3URMHFWV RI ODZV KDYH EHHQ GHYHORSHG WR
VXSSRUW WKH GHYHORSPHQW RI FRRSHUDWLYHV 0LQVHOYRGKR]SURP ZLWK WKH VXSSRUW RI WKH 86$,'
SURMHFW ³.HPRQLNV´ XQGHU WKH ³0RUWJDJH RI /DQG´ DQG ³6WUDWHJ\ RI /DQG )36´ LQ 6SULQJ RI
WKH\ KDYH EHHQ DFFHSWHG E\ -RJRUNX.HQHVK DQG VLJQHG E\ WKH 3UHVLGHQW RI .\UJ\]
5HSXEOLF
)RUWKHGHYHORSPHQWRIFRRSHUDWLYHSURPRWLRQLVVXJJHVWHG
9 7R VLPSOLI\ SURFHGXUH RI UHJLVWUDWLRQ IRU FRRSHUDWLYHV E\ PHDQV RI H[LW UHJLVWUDWLRQ E\
0LQLVWU\RI-XVWLFHRI.5
9 7R FKDQJH DQ RUGHU RI FROOHFWLRQ RI LQFRPH WD[ DQG VRFLDO GHGXFWLRQV IURP ZRUNHUV RI
DJULFXOWXUDO FRRSHUDWLYHV E\ LQWURGXFWLRQ RI WKH XQLILHG IL[HG WDULII UDWH EXW QR PRUH
WKDQVRPVIURPRQHVWDIIPHPEHU
9 7RVLPSOLI\WKHUHSRUWLQJSURFHGXUHRIDJULFXOWXUDOFRRSHUDWLYHVWRWD[ERGLHV
9 )LQDQFLDOFUHGLWLQVWLWXWLRQVVKRXOGPDNHDQHVWLPDWLRQRIPRUWJDJHSURSHUW\IRUQRWOHVV
WKDQIURPLWVPDUNHWFRVWZKLOHJUDQWLQJWKHFUHGLWUHVRXUFHV
KWWSZZZVWDWNJVWDWILOHVWHPDWLNDɋɟɥɶɯɨɡɄɵɪɝɵɡɫɬɚɧɜɰɢɮɪɚɯɫɯSGI
㸫㸫
,W LV VXSSRVHG WKDW DFFHSWDQFH RI WKHVH PHDVXUHV ZLOO DFFHOHUDWH SURFHVV RI FUHDWLRQ RI FR
RSHUDWLYHV FRQVROLGDWLRQ RI PHDQV DQG WKH ODQG SURSHUWLHV RI VPDOOVFDOH HQWHUSULVHV WKDW ZLOO
JLYHWKHFKDQFHIRURSHUDWLYHUHFHSWLRQRIFUHGLWUHVRXUFHVDQGWKHLUHIIHFWLYHXWLOL]DWLRQ
6WDWHDXWKRULWLHV
)RUUHDOL]DWLRQRIJRYHUQPHQWSURJUDPVLQWKHILHOGRISRZHULVUHVSRQVLEOHWKH0LQLVWU\RIWKH
HQHUJ\&XUUHQWO\WKHUHLVVWUXFWXUDOUHRUJDQL]DWLRQRIWKLVPLQLVWU\VLQFH'HFHPEHU7KH
QHZVWUXFWXUHLVLQDSURFHVVRIEHLQJDSSURYHG7KH0LQLVWU\RIWKHHQHUJ\LVWKHEDVLFSDUWQHU
RI81'3LQUHDOL]DWLRQRIWKHSURMHFWRQ©$GYDQFHPHQWRIUHQHZDEOHHQHUJ\VRXUFHVIRUVWHDG\
'HYHORSPHQWRIWKHUHPRWHDUHDVRI.\UJ\]VWDQª7KHZRUNRIWKHSURMHFWLVFRRUGLQDWHGE\
GHSXW\GLUHFWRURILQVSHFWLRQRQSRZHUDQGJDVRIWKHPLQLVWU\%HVLGHVRWKHUHPSOR\HHVRIWKH
PLQLVWU\IURPGLIIHUHQWGHSDUWPHQWVSDUWLFLSDWHLQWKHSURMHFW,QFRRSHUDWLRQZLWKHPSOR\HHVRI
WKH3URMHFWWKH\SDUWLFLSDWHLQGHVLJQLQJRIVWDQGDUGOHJDOGRFXPHQWVJUDQWVDQGPHWKRGV
RUJDQL]DWLRQRISXEOLFLQIRUPDWLRQFDPSDLJQV
㸫㸫
㸫㸫
%XUHDXRI)XHO5HVRXUFHVDQG%DODQFH
%XUHDXRI*DVDQG+HDWLQJ6XSSO\
%XUHDXRI(OHFWULFDO(QHUJ\
'LVWULEXWLRQɨɬɞɟɥ ɪɚɫɩɪɟɞɟɥɟɧɢɹ
%XUHDXRI3RZHU3URGXFWLRQDQG
7UDQVPLVVLRQ
'HSDUWPHQWRI)XHO(QHUJ\&RPSOH[
%XUHDXRI0DQXIDFWXULQJ
%XUHDXRI,QGXVWU\RI&RQVWUXFWLRQ
0DWHULDOV
%XUHDXRI/LJKW,QGXVWU\
%XUHDXRI0HWDOOXUJ\
'HSDUWPHQWRI,QGXVWU\
'HSDUWPHQWRI3URMHFW5HDOL]DWLRQ
3UHVV6HUYLFH
$GPLQLVWUDWLRQ
,QGXVWULDO(QJLQHHULQJ'HSDUWPHQW
%XUHDXRIVWDWHHQHUJ\LQVSHFWLRQ
$GPLQLVWUDWLYHRIILFH
6WDWH,QVSHFWLRQRQ*DVDQG(QHUJ\
&RPPLVVLRQRQ$QWL&RUUXSWLRQ3ROLF\
'HSDUWPHQWRI)LQDQFH$FFRXQWLQJRIILFH
+XPDQ5HVRXUFHDQG6SHFLDO:RUN
'HSDUWPHQWRI$FWLYLW\3URYLVLRQ
$GPLQLVWUDWLRQRI3HUSHFWLYH'HYHORSPHQWRI
,QGXVWU\DQG(QHUJ\
0LQLVWU\RI,QGXVWU\(QHUJ\DQG)XHO5HVRXUFHVRI.\UJ\]5HSXEOLF
'LDJUDP6WUXFWXUHRI0LQLVWU\RI(QHUJ\ZDVIXQFWLRQLQJWLOO'HFHPEHU
7KHEDVLFSDUWQHUIURP.\UJ\]VWDQLQWKH3URMHFWRI-,&$©$VVLVWDQFHWRGLVWULEXWLRQRIELRJDV
WHFKQRORJLHVLQ.\UJ\]VWDQªLVWKH0LQLVWU\RI$JULFXOWXUHRIWKH.\UJ\]5HSXEOLF7KHGLUHFWRU
RIWKHSURMHFWLVWKHGHSXW\GLUHFWRURI'HSDUWPHQWRI&KHPLFDOL]DWLRQSURWHFWLRQDQGTXDUDQWLQH
RISODQWVWKHPDQDJHUWKHKHDGRI'HSDUWPHQWRI&KHPLFDOL]DWLRQDQGUHJLVWUDWLRQRI
DJURFKHPLFDOV%HVLGHVRWKHUHPSOR\HHVRI'HSDUWPHQWRI&KHPLFDOL]DWLRQDQGUHJLVWUDWLRQRI
DJURFKHPLFDOVSDUWLFLSDWHLQUHDOL]DWLRQRISURMHFWDFWLYLWLHV7KHGXW\RIWKHHPSOR\HHVLQYROYHG
LQWKHSURMHFWLQFOXGHPDLQWHQDQFHRIFRPPXQLFDWLRQVZLWKRWKHUVWDWHERGLHVORFDO
JRYHUQPHQWVSDUWLFLSDWLRQLQGHVLJQLQJRIVWDQGDUGOHJDOGRFXPHQWVSUHSDUDWLRQDQGFDUU\LQJ
RXWRIDFWLYLWLHVRIWKHSURMHFWZLWKLQWKHFRPSHWHQFH
㸫㸫
㸫㸫
'HSDUWPHQWRI
&KHPLFDOL]DWLRQ
3UHYHQWLRQDQG
4XDUDQWLQHRI3ODQWV
'HSDUPHQWRI:DWHU
,QGXVWU\
0DQDJHURIWKH'HSDUWPHQW3URMHFW
0DQDJHURI³$VVLVWDQFHWR3URPRWLRQRI
%LRJDV7HFKQRORJLHVLQ.5´
%XUHDXRI&KHPLFDOL]DWLRQDQG
5HJLVWUDWLRQRI$JULFKHPLFDOV
%XUHDXRI3ODQW
4XDUDQWLQH
'HSXW\'LUHFWRU'LUHFWRURI3URMHFW
³$VVLVWDQFHWR3URPRWLRQRI%LRJDV
7HFKQRORJLHV LQ .5´
'HSDUWPHQWRI
3DVWXUDJH
%XUHDXRI3ODQW3UHYHQWLRQ
DQG5HJLVWUDWLRQRI3HVWLFLGHV
7KH'HSDUWPHQWRI
6WDWH9HWHULQDU\
&RVW$FFRXQWLQJ
'HSDUWPHQW
'HSDUWPHQWRI)LVKLQJ
,QGXVWU\
'LDJUDP6WUXFWXUHRI0LQLVWU\RI$JULFXOWXUH
0LQLVWU\RI$JULFXOWXUHRI.\UJ\]5HSXEOLF
0DLQ6WDWH7HFKQLFDO
,QVSHFWLRQ
6WDWH,QVSHFWLRQRQ
4XDUDQWLQHRI3ODQWV
0$
.\UJ\]$JUR%LR&HQWHU
0$
5HSXEOLFDQ6WDWH)DPLO\
,QVSHFWLRQ
6HQLRU%XUHDXRI
9HWHULQDU\6XSHUYLVLRQ
ȽɥɚɜɧɨɟRQ6WDWH
%RUGHUDQG
7UDQVSRUWDWLRQDW'*9
6WDWH&RPPLVVLRQRQ
6RUW7ULDO
5HSXEOLFDQ6WDWH&HQWHU
RI9HWHULQDU\
'LDJQRVWLFV
&RPSHWHQW
2UJDQL]DWLRQV
,Q WKH &HQWHU RI SUREOHPV RI UHQHZDEOH HQHUJ\ VRXUFHV KDV EHHQ IRUPHG ,W LV WKH
VWDWHUHVHDUFKDQGGHYHORSPHQWRUJDQL]DWLRQZKLFKLVFDUU\LQJRXWDFWLYLW\LQWKHILHOGRIXVHRI
QRQFRQYHQWLRQDOUHQHZDEOHHQHUJ\VRXUFHV1&5(6
'LDJUDP6WUXFWXUHRI&HQWHURISUREOHPVRIUHQHZDEOHHQHUJ\VRXUFHV
&HQWHURISUREOHPVRIUHQHZDEOHHQHUJ\VRXUFHV
'HSDUWPHQWRI
'HSDUWPHQWRI
'HSDUWPHQWRI
2EODVW¶V
,QIRUPDWLRQDO
+XPDQ
DQDO\WLFDO
PDQXIDFWXUH
PDUNHWLQJDQG
VFLHQFHDQG
EUDQFKHV
UHVRXUFH
DQGWHFKQLFDO
SODQQLQJ
LQQRYDWLRQV
'HSDUWPHQW
GHYHOLRPHQW
'HSDUWPHQWRI )LQDQFLDO
2VK
,VV\N.XO
7DODV
&35(6FDUULHVRXW
9 &RRUGLQDWLRQRIDFWLYLW\LQWKHILHOGRI1&5(6XVHLQWKH.\UJ\]5HSXEOLFSDUWLFLSDWHVLQ
GHVLJQLQJRIODZVVWDQGDUGOHJDOGRFXPHQWVSURJUDPVLQWKHILHOGRI5(6
9 &DUU\LQJ RXW IRUHFDVW HVWLPDWLRQV RI UHVRXUFHV RI 1&5(6 WKH DQDO\VLV RI D IXHOHQHUJ\
FRPSOH[FRQGLWLRQDQGGHYHORSPHQWRIRIIHUVRQRSWLPL]DWLRQRIHQHUJ\FRQVXPSWLRQZLWK
WKHXVHRISRZHUHIILFLHQWWHFKQRORJLHVDQGPHDQVRQWKHEDVLVRI1&5(6IRU*RYHUQPHQW
RI.5
9 5HVHDUFK DQG GHYHORSPHQW SURMHFWFRQVWUXFWLYH DQG LQGXVWULDO DFWLYLW\ LQ WKH ILHOG RI
WHFKQRORJLHV DQG PHDQV RQ WKH EDVLV RI XVH RI 1&5(6 SURPRWLQJ SRZHU HIILFLHQF\ DQG
SUHVHUYDWLRQRIWKHHQYLURQPHQW
9 :RUN RQ FUHDWLRQ RI D IDYRUDEOH LQYHVWPHQW FOLPDWH IRU DWWUDFWLRQ RI LQYHVWPHQWV LQ WKH
ILHOGRI1&5(6
9 3UHSDUDWLRQRISURIHVVLRQDOVSHFLDOLVWVLQWKHILHOGRI1&5(6
9 &RQGXFWLRQRIDQH[SHUWHVWLPDWLRQRIWHFKQRORJLHVDQGPHDQVGHYHORSPHQWRIVWDQGDUGV
RQSURGXFWLRQRI1&5(6DQGGHYHORSPHQWRIWKHLUFHUWLILFDWLRQHWF
)RUUHDOL]DWLRQRIDFWLYLW\&35(6FDQFRQGXFWWLPHFUHDWLYHFROOHFWLYHVWKHHQWHUSULVHVRIVPDOO
DQGPHGLXPEXVLQHVVDQGRWKHUWREHWKHIRXQGHUDQGWKHSDUWLFLSDQWRIYDULRXVIXQGVDQGRWKHU
RUJDQL]DWLRQV IRU WKH VROXWLRQ RI SUREOHPV LQ WKH ILHOG RI 5(6 DGYDQFHPHQW WR UHSUHVHQW WKH
.\UJ\]5HSXEOLFLQWKHLQWHUQDWLRQDORUJDQL]DWLRQVRQ1&5(6WRKROGPHHWLQJVVHPLQDUVDQG
FRQIHUHQFHV&XUUHQWO\HPSOR\HHVDUHZRUNLQJLQWKH&HQWHU
,Q0D\WKH3URMHFW'LUHFWRU\RQGHYHORSPHQWRIVPDOODQGDYHUDJHSRZHULQWKH.\UJ\]
5HSXEOLF KDV EHHQ IRUPHG 7KH PDQDJHPHQW KDV EHHQ FUHDWHG IRU SUHSDUDWLRQ RI VWUDWHJLF
SURMHFWVDQGSURJUDPVLQWKHILHOGRISRZHUGHYHORSPHQWRIWKH.\UJ\]5HSXEOLFGHYHORSPHQW
RI QRQFRQYHQWLRQDO DQG DOWHUQDWLYH HQHUJ\ VRXUFHV DWWUDFWLRQ RI LQYHVWPHQWV VFLHQWLILF
PDLQWHQDQFH RI VHSDUDWH VHFWRUV RI D SRZHU FRPSOH[ LQWURGXFWLRQ RI QHZ PHDQV DQG
WHFKQRORJLHV &XUUHQWO\ WKH PDQDJHPHQW DFWLYLW\ LV IRFXVHG RQ GHYHORSPHQW RI VPDOO ZDWHU
SRZHUHQJLQHHULQJDQGVHDUFKRILQYHVWRUV7KHPDQDJHPHQWFRQVLVWVRIHPSOR\HHV
㸫㸫
'LDJUDP6WUXFWXUHRI3URMHFW'LUHFWRU\RQGHYHORSPHQWRIVPDOODQGDYHUDJHSRZHU
3URMHFW'LUHFWRU\RI6PDOODQG0HGLXP(QHUJ\
'HSDUWPHQWRI
3XEOLF5HODWLRQV
DQG([HFXWLRQ&RQWURO
'HSDUWPHQWRI,QYHVWPHQWV
DQG0HFKDQLVPVRI
&OHDU'HYHORSPHQW
'HSDUWPHQWRI'HVLJQLQJ
DQG&RQVWUXFWLRQ
'HSDUWPHQWRI
/HJDO0DLQWHQDQFHDQG
(FRQRPLF$QDO\VLV
'HSDUWPHQWRI,QQRYDWLRQV
DQG+XPDQ5HVRXUFH
7KHLQWHUQDWLRQDORUJDQL]DWLRQV
7KH ELJ FRQWULEXWLRQ WR GHYHORSPHQW RI ELRJDV WHFKQRORJLHV LV EURXJKW E\ WKH LQWHUQDWLRQDO
RUJDQL]DWLRQV
6LQFHWKHUHUHDOL]HGDSURMHFWE\-,&$©$VVLVWDQFHWRGLVWULEXWLRQRIELRJDVWHFKQRORJLHV
LQ.\UJ\]VWDQª%DVLFSDUWQHUVRI-,&$DUHWKH0LQLVWU\RI$JULFXOWXUHDQGWKH&HQWHURQ
3UREOHPVRIUHQHZDEOHHQHUJ\VRXUFHV:LWKLQWKHOLPLWVRIWKHSURMHFWLQPRGHOLQJ%)
DUHFRQVWUXFWHGLQ&KX\REODVW7KHFRQVWUXFWLRQRI%)LVILQLVKHGLQ,VV\N.XOREODVW7KHUH
KHOGHGXFDWLRQDOVHPLQDUVIRUIDUPHUVHPSOR\HHVRI/*IDFXOW\RI$JUDULDQ8QLYHUVLW\RI.5
'LVWLQFWLYHIHDWXUHRIWKHSURMHFWUHDOL]HGE\-,&$LVWKDWYROXQWHHUVZKRDUHHQJDJHGLQWUDLQLQJ
SDUWLFLSDWHLQWKHSURMHFWDQGUHQGHUWKHDGYLVRU\KHOSWRXVHUVRI%)%HVLGHV-,&$LVRQHRIWKH
IHZRUJDQL]DWLRQVZKLFKFDUULHVRXWFRQVLVWHQWSROLF\RQSURPRWLRQRIELRJDVLQWRSUDFWLFHLQ
.\UJ\]VWDQ7KHEXGJHWRIWKHSURMHFWLV86'
7KHELJFRQWULEXWLRQWRGHYHORSPHQWRI%)LQ.\UJ\]VWDQEULQJV81'3&XUUHQWO\WKHSURMHFW
©$GYDQFHPHQWRIUHQHZDEOHHQHUJ\VRXUFHVIRUWKHVWHDG\GHYHORSPHQWRIWKHUHPRWHDUHDVRI
.\UJ\]VWDQ´LVUHDOL]HG7KHWHUPRIWKLVSURMHFWLVIURPWR1RYHPEHU7KHPDLQ
SDUWQHULVWKH0LQLVWU\RI(QHUJ\3URMHFWDFWLYLW\LVIRFXVHGRQZRUNLQJRXWDQGSHUIHFWLRQRI
VWDQGDUGOHJDOEDVHRI5(6FDUU\LQJRXWWKHFDPSDLJQVRQSXEOLFLQIRUPLQJDQGWUDLQLQJRI
VSHFLDOLVWV7KHEXGJHWRIWKHSURMHFWLV86'
7KHSURMHFWLVUHDOL]HGLQSKDVHV
)LUVWSKDVHLQFOXGHVWKHIROORZLQJDFWLYLWLHV
9 3XEOLFLQIRUPDWLRQFDPSDLJQ
9 3XEOLFDWLRQRIFRSLHVRIPDQXDORQPLFUR+36IRUIDUPHUV
9 ,QVWDOODWLRQRISLORWPLFUR+36LQ,VV\N.XOREODVW
9 'HYHORSPHQWRIODZDERXW5(6
9 'HYHORSPHQWRIUHJXODWLRQVRQFRQQHFWLRQRIVPDOO+36
9 &ROODERUDWLRQZLWK*()
9 'HYHORSPHQWRIORFDO1*2LQ,VV\N.XOREODVW
㸫㸫
9 &RQGXFWLRQRI5HYROYHU)XQG
9 ,QLWLDWLRQRIORFDOPDQXIDFWXUHRIPLFUR+36ZLWK&-6&³,QFUDIW´
6HFRQGSKDVHRIWKHSURMHFWDVVXPHV
9 'HYHORSPHQW RI OHJLVODWLRQ RQ 5(6 GHYHORSPHQW RI PHWKRGRORJ\ IRU 5(6 WDULII
IRUPDWLRQ
9 'HYHORSPHQWRI1DWLRQDO3URJUDPRIVPDOO+36IRUDWWUDFWLRQRILQYHVWPHQWVLQWKHJLYHQ
VHFWRU
9 &ROODERUDWLRQ ZLWK -,&$ RQ SURPRWLRQ RI ELRJDV IDFLOLWLHV ZLWK 86$,' IRU
KDUPRQL]DWLRQ RI HQHUJ\ PDUNHW ZLWK ORFDO 1*2 IRU SURPRWLRQ RI 5(6 LQ 1DU\Q DQG
'MDODO$EDGREODVWVDQGUXUDODUHDV
9 &RQGXFWLRQRIVHUYLFHVLQUHJLRQVDQGWUDLQLQJRIVSHFLDOLVWVIURPDOOREODVWV
9 &RQGXFWLRQRISXEOLFLQIRUPDWLRQFDPSDLJQ
:LWKWKHDFWLYHSDUWLFLSDWLRQRIWKLV3URMHFWWKHUHKDVEHHQPDGHWKHIROORZLQJ
7KHODZDERXW³5(6´LVSDVVHG
7KHSURMHFWVRIFKDQJHVRIWKH&XVWRPVDQG7D[&RGHDUHGHYHORSHG
7KHSURMHFWRI1DWLRQDO3URJUDPRQ6+(6LVGHYHORSHG
7KHSURMHFWVRI0HWKRGVRQ7DULII(GXFDWLRQIRU5(60HWKRGVRI([SHQVH$WWULEXWLRQ
IRU6+(6DQG5(61DWLRQDO6WDQGDUG/DZDERXWWHFKQLFDOUHJXODWLRQVIRU6+(6DQG
5(6
7KHPDQXDORQXVHRI5(6IRUSRZHUVXSSO\RIEXLOGLQJVLVSXEOLVKHG
7KHPDQXDORQFRQVWUXFWLRQRIELRJDVIDFLOLWLHVLVUHSXEOLVKHG
7KHJUDQWRQVPDOODQGPLFUR+36DQGWKHYLGHRFOLSRQ5(6DUHGHYHORSHG
SUDFWLFDOWUDLQLQJVHPLQDUVRQ5(6IRULQVWLWXWHVDQGH[SHUWVIURPUHJLRQVDUHFRQGXFWHG
ZRUNLQJPHHWLQJVDQGURXQGWDEOHVRQDGYDQFHPHQWRI5(6DQG6+36DUHFRQGXFWHG
:RUNIRUVXSSRUWRIQHZSURMHFWVRQ5(681'3*()±6+36HWFDUHFRQGXFWHG
*() LV FUHDWHG IRU ILQDQFLQJ RI SURJUDPV DQG SURMHFWV LQ IRXU PDMRU GLUHFWLRQV ELRGLYHUVLW\
FOLPDWHFKDQJHWKHLQWHUQDWLRQDOZDWHUVR]RQHOD\HUH[KDXVWLRQ([HFXWLYHDJHQFLHVRI*()DUH
WKH:RUOG%DQN:%WKH3URJUDPRIWKH8QLWHG1DWLRQVRQ(QYLURQPHQWDQGWKH3URJUDPRI
'HYHORSPHQW 81'37KH SURJUDP RI VPDOO JUDQWV RI *OREDO (FRORJLFDO )XQG *()30* LV
PDQDJHGE\81'3DQGLQSUHVHQWWLPH*()LVFDUULHGRXWLQFRXQWULHV
7KHSURJUDPRIVPDOOJUDQWVEHJDQLQ.\UJ\]VWDQE\WKHLQLWLDWLYHRIWKH'HYHORSPHQW3URJUDP
RI WKH 8QLWHG 1DWLRQV 2UJDQL]DWLRQ LQ ɝ *()30* LQ .\UJ\]VWDQ LV PDQDJHG E\ WKH
1DWLRQDO 2EVHUYDQW &RPPLWWHH FRQVLVWLQJ RI PHPEHUV UHSUHVHQWDWLYHV RI WKH QRQ
JRYHUQPHQWDO RUJDQL]DWLRQV ORFDO JRYHUQPHQWV WKH VFLHQWLILF DQG HGXFDWLRQDO RUJDQL]DWLRQV
RIILFHRI81'3LQWKHFRXQWU\IRUHLJQDQGLQWHUQDWLRQDOSURJUDPVPDVVPHGLD
1RZDGD\V WKHUH DUH IHZ SURMHFWV FDUULHG RXW E\ *() LQ .\UJ\]VWDQ 2QH RI WKHP LW LV WKH
SURMHFW WKH +HOS WR .\UJ\] 5HSXEOLF LQ SUHSDUDWLRQ RI VW QDWLRQDO PHVVDJH LQ UHVSRQG WR WKH
REOLJDWLRQVXQGHUWKH)UDPHFRQYHQWLRQRIWKH8QLWHG1DWLRQVRQFOLPDWHFKDQJH
7KH VHFRQG IRU WKH LPSRUWDQFH RI 30* LV UHJLRQDO *() SURMHFW RQ PDQDJHPHQW RI ZDWHU
UHVRXUFHV DQG HQYLURQPHQW LQ WKH &HQWUDO $VLD 5HJLRQDO *() :DWHU DQG (QYLURQPHQWDO
0DQDJHPHQW3URMHFW:(03LQZKLFKLQWHUULWRU\RI.\UJ\]VWDQZHUHUHDOL]HGRUUHDOL]HIRXU
FRPSRQHQWV WKH SURMHFW RQ KLJK ZDWHUV )ORRG (PHUJHQF\ DQ LQWUDIDUP LUULJDWLRQ )DUP
,UULJDWLRQUHVWRUDWLRQDQGUHSDLURILUULJDWLQJQHWZRUN,UULJDWLRQ5HKDELOLWDWLRQ3URMHFWWUDQV
ERXQGDU\ ZDWHU PRQLWRULQJ 7UDQVERXQGDU\ :DWHU 0RQLWRULQJ 2Q ODVW FRPSRQHQW *()
VXSSRUWVFRQVWUXFWLRQRIK\GURPHWHRURORJLFDOVWDWLRQV
㸫㸫
$VRIWKHSULRULW\SURJUDPVRI*()DUHQDPHG
9 $VVLVWDQFHWRXVHRIUHQHZDEOHHQHUJ\UHVRXUFHVE\HOLPLQDWLRQRIEDUULHUVDQGGHFUHDVH
RIWKHLQWHJUDWLRQFRVW
9 :RUNLQJ RXW HFRQRPLF ZLWK ORZ OHYHO RI NLWFKHQ VWRYH DQG WKH KHDWLQJ HTXLSPHQW
HPLVVLRQ
9 ,QWURGXFWLRQ RI DOWHUQDWLYH HQHUJ\ VRXUFHV VXFK DV LQGHSHQGHQW HOHFWURPDLQWHQDQFH
PLFURK\GURHOHFWULFSRZHUVWDWLRQVRODUDQGZLQGHQHUJ\ELRJDV
9 ([SHULPHQWDO FUHDWLRQ RI FRPPXQDO SODQWLQJV IRU VWHDG\ PDQXIDFWXUH DQG XVH RI D
ELRPDVVLQWKHIRUPRIIXHOLQDJULFXOWXUDODUHDV
9 -RLQW FRPPXQDOVFLHQWLILF UHVHDUFKHV DQG ZRUNV IRU FUHDWLRQ RI LQH[SHQVLYH DQG VWHDG\
ZD\VRIHQHUJ\UHFHSWLRQ
,Q RQ *() JUDQW¶V IXQGV LQ .\]\O&KDUED YLOODJH RI 7DODV REODVW ELRJDV IDFLOLW\ ZDV
FRQVWUXFWHG,WZDVWKHIDFLOLW\IURPRQHXQGHUJURXQGUHDFWRUZLWKRXWKHDWLQJLQFDSDFLW\RI
FXELF PHWHUV ZLWK PDQXDO ORDGLQJ XQORDGLQJ DQG UDZ PDWHULDOV KDVKLQJ 7KH %) ZRUNHG RQO\
ZLWKLQVXPPHUPRQWKVLQDQGELRJDVZDVXVHGIRUFRRNLQJ7KHPDQXDOIRURSHUDWLRQRI
WKHIDFLOLW\ZDVDEVHQWDQGWUDLQLQJIRUVHUYLFHPHQZDVQRWFRQGXFWHG
,Q*()WRJHWKHUZLWK3$.DOEDDQG$\\O2NPRWXRI.DOEDDQG&KRQ$O\VKUHDOL]HGWKH
3URMHFWRQFRQVWUXFWLRQRIELRJDVIDFLOLWLHVDQGLQWHJUDWLRQRIWHFKQRORJLHVIRUSURGXFWLRQRIELR
IHUWLOL]HUZKLFKLVFDUULHGRXWLQYLOODJHVRI7DODVREODVW.DOEDDQG&KDW%D]DUUHPRWHDZD\
IURPGLVWULFWDFFRUGLQJO\RQDQGNPIURP%LVKNHNRQDQGNP
7DEOH7KHSURMHFWEXGJHWIRUFRQVWUXFWLRQRI%)LQ7DODVREODVW
3DUWQHU
7\SHRIUHVRXUFHV
7KH HVWLPDWHG VXP LQ
86'
*OREDO (FRORJLFDO )XQG6PDOO ILQDQFLDO
*UDQW3URJUDP
3XEOLF$VVRFLDWLRQ©.DOEDª
)LQDQFLDO
DGPLQLVWUDWLYH ODERUFRQWULEXWLRQ
$\\O2NPRWX©.DOEDª
)LQDQFLDOPDWHULDO
$\\O2NPRWX©&KRQ$O\VKª
)LQDQFLDOPDWHULDO
727$/
'XULQJWKHUHDOL]DWLRQRIWKHJLYHQSURMHFWWKHUHKDYHEHHQUHDFKHG
9
/DERUDWRU\ DQDO\VHV RQ UHYHDOLQJ RI GHJUHH RI GHJUDGDWLRQ RI WKH VRLO WLPHV DUH
FDUULHG RXW WUDLQLQJ VHPLQDUV LQ YLOODJHV ZHUH RUJDQL]HG ZKHUH SHRSOH KDYH
UHFHLYHGNQRZOHGJHDERXWRSHUDWLRQRIELRJDVIDFLOLWLHVDQGXVHRIHFRORJLFDOO\SXUH
IHUWLOL]HU DERXW VWHDG\ RUJDQLF SROOXWLRQ DQG GHJUDGDWLRQ RI DUDEOH ODQGV ZRUNHUV
ZHUHWUDLQHGDVDIL[HURIELRJDVIDFLOLWLHV
%LRJDVIDFLOLWLHVLQ.\UJ\]5HSXEOLFUHIHUHQFHPDQXDO
㸫㸫
9
URXQGWDEOHZDVFRQGXFWHG
9
FRPSRVWSLWVZHUHLQVWDOOHG
9
ELRJDVIDFLOLWLHVDUHLQRSHUDWLRQ
9
0DQXDOVRQRSHUDWLRQRIELRJDVIDFLOLWLHVDQGWKHGHYLFHRIFRPSRVWSLWVFRSLHV
DQGSRVWHUFDOHQGDUVFRSLHVZHUHSULQWHG
9
,QIRUPDWLRQFDPSDLJQZDVFRQGXFWHGLQZKLFKLQIRUPDWLRQERDUGZDVHVWDEOLVKHG
WKHUHZHUHSULQWHGSXEOLFDWLRQVDERXWWKHSURMHFW LQ UHJLRQDOREODVWV DQG UHSXEOLFDQ
HGLWLRQV
$VDUHVXOWRIWKHFRQGXFWHGSURMHFWLVH[SHFWHG
9 DFWXDOUHGXFWLRQRIHPLVVLRQVRIDKDUPIXOZDVWHEXUQHGLQDWPRVSKHUHLQTXDQWLW\
PLOOLRQWRQVDQQXDOO\
9 UHGXFWLRQ RI VRLO LPSXULW\ DV D UHVXOW RI UHSODFHPHQW RI FKHPLFDO IHUWLOL]HUV ZLWK
HFRORJLFDOO\SXUHDQGKLJKO\HIIHFWLYHFRQFHQWUDWHGIHUWLOL]HUV
9 UHGXFWLRQRISUHSDUDWLRQRIILUHZRRGLQILHOGSURWHFWLQJZRRGVDQGSUHVVHGGXQJRQ
9 DFTXLVLWLRQRIHFRORJLFDONQRZOHGJHE\ORFDOUHVLGHQWV
9 H[LVWHQFH RI D EULJKW H[DPSOH RI HFRORJLFDOO\ VWHDG\ XVH RI DJULFXOWXUDO DQG ODQG
SURGXFWV
9 WKHZRUNRIRQHELRJDVIDFLOLW\SURYLGHVZLWKDOWHUQDWLYHUHSURGXFHGIXHOIRXUIDPLOLHV
IRU FRRNLQJ LQ VXPPHUWLPH DQG WZR IDPLOLHV GXULQJ ZLQWHU WLPH IRU FRRNLQJ DQG
KHDWLQJRIWKHKRXVHV
9 WKH JHQHUDO HFRQRPLF JDLQ IURP UHDOL]DWLRQ RI WKH SURGXFHG ELRIHUWLOL]HU DIWHU WKH
WHUPLQDWLRQRIUHDOL]DWLRQRIWKHSURMHFWFDQUHDFKWKHVXPRIPRUHWKDQ86'
IRURQHIDPLO\SHUD\HDU
9 KRXVHKROG DQG VDQLWDU\DQGK\JLHQLF FRQGLWLRQV RI UHVLGLQJ IRU ORFDO SRSXODWLRQ
LPSURYHV
,QWKHSURMHFW©'LVWULEXWLRQRIELRJDVIDFLOLWLHVZKLFKDUHHFRQRPLFDOO\DFFHVVLEOHWRUXUDO
UHVLGHQWVRI2VKREODVWVE\WKHRUJDQL]DWLRQRIDKDQGLFUDIWEDWFKSURGXFWLRQLQUXUDODUHDVªKDV
EHHQUHDOL]HG7KHGHVLJQRIIHULQFRVW86'ZDVSUHVHQWHGE\3)³$\MDQD´$VDUHVXOWRI
WKHSURMHFWIDFLOLWLHVLQ.DUDVXXUHJLRQLQ.DUDNXOMDDQG$OD\UHJLRQVKDYHEHHQ
FRQVWUXFWHG&XUUHQWO\IDFLOLWLHVDUHLQZRUNLQJRUGHU
,QWKHSHULRGRI*()KROGDFWLYHILQDQFLQJRISURMHFWVRQELRJDV7KHUHZHUHUHDOL]HG
SURMHFWVUHODWHGWR%7ZKHUHWKHWRWDODPRXQWRIVSHQWUHVRXUFHVZDVDERXW86'
+RZHYHUWKHPDMRULW\RI%)LQVWDOOHGIRUWKLVIXQGVHLWKHUGRQRWZRUNRUZRUNHGGXULQJWKH
OLPLWHGDPRXQWRIWLPHRUGRQRWH[LVWDQ\PRUH2QHRIWKHUHDVRQVLVFRQVWUXFWLYHGHIHFWV
GLVFUHSDQF\RISDUDPHWHUVRIWKHIDFLOLW\WRFOLPDWLFFRQGLWLRQV$QRWKHUUHDVRQLVDGGLWLRQDO
㸫㸫
H[SHQVHVRQVHUYLFHRIWKHIDFLOLW\VSDUHSDUWVSUHYHQWLYHZRUNVUHSDLUZKLFKHLWKHUFRXOGQRW
RUKDYHQRWZDQWHGWREHLQFXUUHGE\WKHXVHUVRIWKHVHIDFLOLWLHV
1RZDGD\V WKH 3URMHFW RI WKH (XURSHDQ &RPPLVVLRQ RQ LQWURGXFWLRQ RI PLFURK\GURHOHFWULF
SRZHUVWDWLRQDQGELRJDVIDFLOLWLHVLQ.\UJ\]5HSXEOLF,WLVILQDQFHGE\WKH(XURSHDQ8QLRQDQG
FDUULHGRXWLQWZRUHJLRQVRI,VV\N.XOREODVW7\XSDQG$N6XX7KHSXUSRVHDGYDQFHPHQWRI
WZR NLQGV RI UHQHZDEOH HQHUJ\ VRXUFHV 5(6 PLFURK\GURHOHFWULF SRZHU VWDWLRQ DQG ELRJDV
IDFLOLWLHV DPRQJ ORFDO FRPPXQLWLHV RI WKHVH UHJLRQV )RU WKLV SXUSRVH WKHUH ZHUH FDUULHG RXW
WUDLQLQJ RI ORFDO UHVLGHQWV RQ LVVXHVRIEXLOGLQJDQGRSHUDWLRQRI QHZ HQHUJ\ VRXUFHV DQG DOVR
FRPELQDWLRQ RI RZQ UHVRXUFHV IRU MRLQW FRQVWUXFWLRQ DQG XVH 7KHUH ZHUH VHPLQDUV DOUHDG\
VSHQW%HVLGHVWKHSURMHFWZRUNVRYHUWKHLVVXHRILPSURYHPHQWRIWKHOHJLVODWLRQRQ5(6
7KHSURMHFWDOVRLVLQWHQGHGWRFRQVWUXFWVRPHPLFURK\GURHOHFWULF SRZHU VWDWLRQ RI NZ RI
WRWDO FDSDFLW\ WKLV FDSDFLW\ LV VXIILFLHQW IRU PDLQWHQDQFH DSSUR[LPDWHO\ RI KRXVHV ZLWK DQ
HOHFWULFLW\IRUKRXVHKROGQHHGVZLWKRXWKHDWLQJDQGELRJDVIDFLOLWLHVRIFXEHVPDLQWHQDQFH
RIQHHGVIRUFRRNLQJRIDSSUR[LPDWHO\KRXVHVIRUSUDFWLFDOWUDLQLQJDQGGHPRQVWUDWLRQRI
SRVVLELOLWLHV&RQVHTXHQWO\DOORILWZLOOEHWUDQVIHUUHGWRORFDOFRPPXQLWLHVIRUWKHIXUWKHUXVDJH
7KHEXGJHWRIWKHSURMHFWLV(852
,QWKHQHDUIXWXUHLWLVSODQQHGWRDQQRXQFHRQHRIWKHWHQGHUIRUFRQVWUXFWLRQRIRQHIDFLOLW\LQ
7HSORNO\XFKHQND YLOODJH RI $N6XX UHJLRQ ,VV\N.XO REODVW 7KH FRQVWUXFWLRQ ZLOO EHJLQ LQ PRQWKV
,QXQGHUWKH%$6SURJUDP(XURSHDQ%DQNRI5HFRQVWUXFWLRQDQG'HYHORSPHQWFR
ILQDQFHG WKH FRQVWUXFWLRQ RI %)FRQWULEXWHG E\ SD\LQJ WKH FRQVXOWDWLRQ VHUYLFHV 7KHUH ZHUH
FRQVWUXFWHG%)LQ,VV\N.XOREODVWLQ&KX\LQ1DU\Q
7KH SURMHFW UHDOL]DWLRQ ©8VH SRZHU HIILFLHQW WHFKQRORJLHV DQG DSSOLFDWLRQ RI UHQHZDEOH HQHUJ\
VRXUFHV IRU SUHVHUYDWLRQ RI QDWXUDO UHVRXUFHV DQG LPSURYHPHQW RI OLIH FRQGLWLRQV RI UXUDO
SRSXODWLRQ RI PRXQWDLQ UHJLRQVª KHOG ZLWK WKH VXSSRUW RI )HGHUDO PLQLVWU\ RI HQYLURQPHQW
SUHVHUYDWLRQRIWKHQDWXUHDQGQXFOHDUVDIHW\RI)HGHUDO5HSXEOLFRI*HUPDQ\WKH*RYHUQPHQW
RI/LHFKWHQVWHLQ3ULQFHGRPE\3)&$03$OD7RRLVFRPLQJWRWKHHQG7HUPVRILWVUHDOL]DWLRQ
-DQXDU\±'HFHPEHUDQGWKHEXGJHW(XURV
7KH SDUWQHUV LQ WKLV SURMHFW DUH WKH $OOLDQFH RI 0RXQWDLQ &RPPXQLWLHV RI WKH &HQWUDO $VLD
$*2&$0RXQWDLQ9LOODJHV3DUWQHUVKLS'HYHORSPHQW)XQG093')WKH&HQWHURI(IILFLHQW
(QHUJ\ %XLOGLQJ RI WKH &HQWUDO $VLD &((%$ WKH &HQWHU RI SUREOHPV RI XVH RI UHQHZDEOH
HQHUJ\VRXUFHV0HUVL&RɄ5)LQDQFLDOJURXS&RPSDQLRQ
7KHDLPRIWKHSURMHFWLPSURYHPHQWRIOLIHFRQGLWLRQVRIUXUDOSRSXODWLRQRIPRXQWDLQUHJLRQV
RIWKH&HQWUDO$VLDE\DSSOLFDWLRQRIHQHUJ\HIILFLHQWWHFKQRORJLHVDQGIDFLOLWLHVRQWKHEDVLVRI
UHQHZDEOHHQHUJ\VRXUFHV
5HJDUGLQJ GLVWULEXWLRQ RI %) WKH 3) &$03 $OD7RR LV UHDG\ WR FRRSHUDWH DW OHYHO RI WKH
LQIRUPDWLRQFDPSDLJQV
7KH FRRSHUDWLRQ ZDV LPSRUWDQW DQG SURGXFWLYH ZLWK WKH :RUOG %DQN XQGHU WKH SURMHFW
©.D]DNKVWDQDQG.\UJ\]VWDQ2SSRUWXQLWLHVIRUGHYHORSPHQWRIQRQFRQYHQWLRQDOSRZHUªDVD
UHVXOWRIZKLFKWKHDQDO\VLVDQGHVWLPDWLRQRISHUVSHFWLYHVIRUGHYHORSPHQWRIVRODUDQGRWKHU
NLQGVRI5(6LQ.\UJ\]VWDQKDYHEHHQFDUULHGRXW7KHZRUNKDVFRPHWRWKHHQGZLWKODUJH
KWWSZZZUHSRUWNJMHQHUJHWLFKHVNLHSURHNW\]DLSURWLYKWPO
㸫㸫
JHQHUDOL]DWLRQ WKURXJK FRQGXFWLRQ RI WKH ,QWHUQDWLRQDO FRQIHUHQFH DQG DFFHSWDQFH RI VRPH
UHFRPPHQGDWLRQV RI WKH :RUOG %DQN DERXW UHQGHULQJ RI VXSSRUW DQG KHOS WR .D]DNKVWDQ DQG
.\UJ\]VWDQLQGHYHORSPHQWRIQRQFRQYHQWLRQDOSRZHU
:LWKLQ WKH OLPLWV RI WKH SURJUDP RI WKH $VLDQ 'HYHORSPHQW %DQN E\ UHJLRQDO HFRQRPLF
FRRSHUDWLRQ LQ WKH &HQWUDO $VLD WKHUH ZDV H[HFXWHG WKH ZRUN RQ UHYHDOLQJ RI SRVVLELOLWLHV IRU
UHDOL]DWLRQRIODUJHUHJLRQDOSURMHFWVLQWKHILHOGRI5(6DQGUHVHDUFKLQJRI SRVVLELOLW\ RI WKHLU
LQYHVWPHQW E\ WKH %DQN %HVLGHV GXULQJ WKH SURJUDP UHDOL]DWLRQ WKHUH ZHUH HVWLPDWHG WKH
SHUVSHFWLYHV IRU GHYHORSPHQW RI VPDOO SRZHU LQ WKH UHSXEOLF DQG RSSRUWXQLW\ IRU DWWUDFWLRQ RI
IRUHLJQLQYHVWRUVLQUHDOL]DWLRQRIVLPLODUSURMHFWV,QWKHUHSRUWZDVSUHSDUHGZKHUHUHVXOWV
RI WKH SHUIRUPDQFH RI WKLV SURMHFW ©(VWLPDWLRQ RI RSSRUWXQLWLHV IRU UHJLRQDO FRRSHUDWLRQ LQ WKH
ILHOGRIXVHRIUHQHZDEOHHQHUJ\VRXUFHVRIWKHFRXQWULHVRIWKH&HQWUDO$VLDQUHJLRQªKDYHEHHQ
SUHVHQWHG
1*2
2QHPRUHNH\SOD\HULQWKHILHOGRIELRJDVWHFKQRORJLHVLV1*2
,QWKH.\UJ\]DVVRFLDWLRQRIUHQHZDEOHHQHUJ\VRXUFHVKDVEHHQIRUPHG,WVVWUXFWXUH
LQFOXGHVUHSUHVHQWDWLYHVRIWKHVWDWHERGLHV1*2VFLHQFHRIILFHUVWKHSULYDWHHQWLWLHVZKRDUH
HQJDJHGLQDGYDQFHPHQWRI5(6LQWKH.\UJ\]5HSXEOLF7KHPHPEHUVRIDVVRFLDWLRQWRRNSDUW
LQWKHZRUNRXWRIWKH/DZDERXW5(6LQWKHSURMHFWUHDOL]HGE\-,&$DVDQDGYLVHU&XUUHQWO\
WRJHWKHUZLWKWKH'HSDUWPHQWRI(QHUJ\3RZHU(QJLQHHULQJWKHUHDUHGHYHORSLQJGRFXPHQWV
FKDQJHVLQWKHOHJLVODWLRQWKHWDULIISROLF\ZKLFKZRXOGSURPRWHSUDFWLFDOUHDOL]DWLRQRIWKH
/DZ7KHXSFRPLQJSODQVRI$VVRFLDWLRQLQFOXGHWKHUHDOL]DWLRQRISURMHFWVRQLQVWDOODWLRQRI%)
6LQFH 3() ³81,621´ UHDOL]HV LQ .\UJ\]VWDQ FRPSOH[ SURMHFWV RQ VXVWDLQDEOH
GHYHORSPHQW 2QH RI GLUHFWLRQV RI LWV DFWLYLW\ LV PDLQWHQDQFH RI VWHDG\ SRZHU VXSSO\ WR
FRPPXQLWLHVRIWKHUHPRWHUHJLRQVVLPXOWDQHRXVO\ZLWKGHFUHDVHLQSRYHUW\DQGVRFLDOLQWHQVLW\
WKHEDVLFFRPSRQHQWVRIFRQIOLFWVDQGVRIWHQLQJRIWKHLUQHJDWLYHLQIOXHQFHVRQHQYLURQPHQWDW
ORFDOOHYHO
,Q ZLWK WKH VXSSRUW RI (PEDVV\ RI WKH *UHDW %ULWDLQ LQ 6ORYDN 5HSXEOLF DQG WKH (QHUJ\
&HQWHU RI %UDWLVODYD 6ORYDNLD KDYH EHHQ UHDOL]HG WKH SURMHFW ©3UHSDUDWLRQ RI 0RGHOLQJ
'HFLVLRQV RQ %LRPDVV 8VHª 7KH SURMHFW ZDV FDUULHG RXW VLQFH 0DUFK WLOO -XO\ VLPXOWDQHRXVO\ LQ WKUHH FRXQWULHV .\UJ\]VWDQ 6HUELD DQG %RVQLD 7KH PDLQ REMHFWLYH ZDV LQ
FUHDWLRQ RI PRGHOLQJ GHFLVLRQV RQ XVH RI D ELRPDVV DV DQ HQHUJ\ VRXUFH DQG KHDW LQ KRXVH
FRQGLWLRQV
:LWKLQ WKH OLPLWV RI WKH SURMHFWWKHUHZDVSUHSDUHG³5HYLHZRI (QHUJ\ 6HFWRU RI WKH &RXQWU\´
ZKLFKFRQWDLQVWKHLQIRUPDWLRQRQDSRZHULQGXVWU\GHPDQGDQGFRQVXPSWLRQRIHQHUJ\HQHUJ\
GXWLHVDYDLODELOLW\RIUHVRXUFHVRIDELRPDVVDQGVRPHUHFRPPHQGDWLRQVDERXWELRPDVVXVH
$OVR WKH EURFKXUH ³6XFFHVVIXO H[DPSOHV RQ ELRPDVV XVH´ KDV EHHQ SXEOLVKHG 7KH RYHUDOO
REMHFWLYH RI WKH SXEOLFDWLRQ LQIRUPLQJ RI LQWHUHVWHG SDUWLHV RQ VXFFHVVIXO H[DPSOHV RI
DSSOLFDWLRQ RI D ELRPDVV DQG VWLPXODWLRQ RI LQWHUHVW RQ SODFHV DQG DOVR DVVLVWDQFH IRU
GHYHORSPHQWRIWKHELRPDVVPDUNHW
7KHSURMHFWWHDPSUHSDUHGDQGSXEOLVKHG³3ODQRIDFWLRQRQGHYHORSPHQWRIWKHELRPDVVPDUNHW
RILQ.\UJ\]VWDQª7KHPDLQWDVNRIWKLVGRFXPHQWLVWRFUHDWHWKHOLVWRIWRROVDQGWRRIIHUQHZ
PHFKDQLVPV RQ DGYDQFHPHQW RI WKH ELRPDVV PDUNHW 7KHVH PHFKDQLVPV DUH FUHDWHG E\ WDNLQJ
㸫㸫
LQWRDFFRXQWUHDOFRQGLWLRQVRIWKHWUDQVLWLYHPDUNHWDQGWKHIXWXUHWHQGHQFLHV7KHJLYHQVFKHPH
LVLQGLFDWLYHDQGWKLVSODQVKRXOGEHFDUULHGRXWZLWKDQDFWLYHVXSSRUWRIWKHVWDWH
7KH(FRORJLFDOPRYHPHQWRI%,20EHJDQWKHDFWLYLW\LQ.\UJ\]VWDQLQDV\RXWKVHFWLRQRI
(FRORJLFDO0RYHPHQWRI.\UJ\]VWDQ³ȺOH\QH´,QWKLVRUJDQL]DWLRQKDVEHJXQUHDOL]DWLRQ
RIORQJWHUPSURJUDPVDQGMRLQWSURMHFWVZLWKIRUHLJQSDUWQHUV
,Q SUHVHQW WLPH WKH DFWLYLW\ RI %,20 LV IRFXVHG RQ VRODU LQVWDOODWLRQV )URP WKH EHJLQQLQJ RI
(FRORJLFDO 0RYHPHQW %,20 DQG WKH 1RUZHJLDQ 6RFLHW\ RI 1DWXUH 3UHVHUYDWLRQ KDV
VWDUWHG UHDOL]DWLRQ RI WKH SDUWQHU SURMHFW ©7KH 6RODU HQHUJ\ IRU .\UJ\]VWDQª ZKLFK KDV EHHQ
VXSSRUWHG E\ WKH *RYHUQPHQW RI 1RUZD\ DQG WKH 6PDOO *UDQWV 3URJUDP RI *OREDO (FRORJLFDO
)XQG7KHSURMHFWFDSWXUHGYLOODJHVDQGZDVILQDQFHGE\*()7KHEXGJHWZDV86'
7KHYLJRURXVDFWLYLW\LQSURPRWLRQRI5(6LQSDUWLFXODUELRJDVLVFRQGXFWHGE\UXUDO1*2
7KH\ZRUNZLWKLQWKHOLPLWVRISURMHFWVIURPLQWHUQDWLRQDORUJDQL]DWLRQVDQGLQGHSHQGHQWO\DUH
HQJDJHGLQLQVWDOODWLRQRI%)
'XULQJSODQQLQJRIDGYDQFHPHQWRIELRJDVWHFKQRORJLHVLWLVQHFHVVDU\WRFRQVLGHUSRWHQWLDORI
ORFDOJRYHUQPHQWVZKLFKLVQRWPDVWHUHGLQSUHVHQWWLPHLQDVXIILFLHQWPHDVXUH6LQFHWKH
1DWLRQDOVWUDWHJ\GLUHFWHGRQGHFHQWUDOL]DWLRQRIWKHJRYHUQPHQWDQGGHYHORSPHQWRIORFDO
JRYHUQPHQWLVUHDOL]HGLQ.\UJ\]VWDQ7KXVWKHFRQVWUXFWHGHIIHFWLYHV\VWHP/*ZKLFKLV
DOORFDWHGZLWKHQRXJKRISRZHUDQGSRVVHVVHVILQDQFLDOOHYHUVZLOOPDNHWKHP/*IXOOSOD\HUV
DWUHDOL]DWLRQRIYDULRXVSURMHFWV
%\SODQQLQJGHYHORSPHQWRI%)LQ.\UJ\]VWDQLWLVQHFHVVDU\WRSD\DWWHQWLRQWRWKHLVVXHRI
SHRSOHZDUH$IWHUDOOIRUDFKLHYHPHQWRIWKHPD[LPXPSURGXFWLYLW\DQGVDIHW\RIZRUNDQG
VHUYLFHRI%)VKRXOGEHPDGHE\WKHSUHSDUHGTXDOLILHGVSHFLDOLVWV$VWKHVSHFLDOLVWRI3))OXLG
KDVWROGLWLVQHFHVVDU\©WRWDONWREDFWHULDª%HVLGHVEUHDNGRZQVXVFHSWLELOLW\FDVHVWKH
FRQVWUXFWLYHGHIHFWVZKLFKKDYHDULVHQGXHWRLQFRPSHWHQFHRIWKHSHUVRQQHOFDQGLVFUHGLWLGHD
DQGVORZGRZQWKHSURFHVVRI%)GHYHORSPHQWLQ.\UJ\]VWDQ0RUHRYHUWKHUHLVDQHFHVVLW\RI
VFLHQWLILFZRUNVDGDSWDWLRQVRIZRUOGH[SHULHQFHWRFRQGLWLRQVRI.\UJ\]VWDQ
6LQFH WKH GHSDUWPHQW RI QRQFRQYHQWLRQDO DQG UHQHZDEOH HQHUJ\ VRXUFHV LQ .\UJ\]
5XVVLDQ 6ODYLF 8QLYHUVLW\ LV RSHQHG $QQXDOO\ DFFRUGLQJ WR WKH SODQ VWDWH EXGJHW WKHUH LV D
UHFUXLWPHQWRIVWXGHQWVRQDVSHFLDOW\1RQFRQYHQWLRQDODQGUHQHZDEOHHQHUJ\VRXUFHV
,QWKHGHSDUWPHQWRI©5HQHZDEOHHQHUJ\VRXUFHVªZDVRUJDQL]HGDWWKH.\UJ\]7HFKQLFDO
8QLYHUVLW\
7KH GHSDUWPHQW SUHSDUHV HQJLQHHUV RQ D VSHFLDOW\ +\GURHOHFWULF SRZHU LQGXVWU\ DQG
©0DQDJHPHQWLQHOHFWULFSRZHULQGXVWU\ª
6WXGHQWV UHFHLYH NQRZOHGJH LQ WKH ILHOG RI GHVLJQLQJ DQG RSHUDWLRQ RI WKH WHFKQLFDO UHVRXUFHV
ZRUNLQJ RQ XVH QRQFRQYHQWLRQDO UHQHZDEOH HQHUJ\ VRXUFHV VXQ ZLQG VPDOO ZDWHU FXUUHQWV
ELRPDVVHWF
,WLVSRVVLEOHWRQDPHWKHVFLHQWLVWVZRUNLQJLQWKHILHOGRI5(6FDQEHFDOOHQWKXVLDVWV'HVSLWH
WKH OLPLWHG ILQDQFLQJ DQG ORZ VDODULHV WKH\ FDUU\ RXW UHVHDUFKHV ZKLFK VWDQG DW WKH ZRUOG
VWDQGDUGVOHYHO
KWWSXQLVRQNJUXVVLDQ"S 㸫㸫
7KHVFLHQWLVWVRI63&³$OWHQHUJR´KDYHGHYHORSHGVRODUELRJDVIDFLOLW\ZLWKWKHWKHUPDOSXPS
7KH RIIHUHG VRODUELRJDV IDFLOLW\ 6%) GLIIHUV IURP DQDORJXHV WKDW WKH GHYLFH RI KHDWLQJ
QHFHVVDU\IRUDFFHOHUDWLRQRIIHUPHQWDWLRQRIZHLJKWORDGHGLQWRDELRUHDFWRULVH[HFXWHGLQWKH
IRUP RI WKH VRODU FROOHFWRU FRQQHFWHG WR WKH WKHUPDO SXPS 7KLV DOORZV WR XVH IRU KHDWLQJ WKH
QDWXUDOVRODUHQHUJ\DQGWKHUHDUHQRDGGLWLRQDOH[SHQVHVRIWKHHOHFWULFSRZHU,WLVUHDOL]HGLQ
WKHIRUPRIWKHODERUDWRU\H[SHULPHQWDOVDPSOHLQFRVWRI86'WKHWHVWVKDYHVKRZQKLJK
HIILFLHQF\ 6FLHQWLVWV RIIHUHG WKHLU IDFLOLW\ IRU LQWURGXFWLRQ WR WKH LQWHUQDWLRQDO RUJDQL]DWLRQV
ORFDOJRYHUQPHQWVKRZHYHUWKHUHZHUHQRSDUWQHUVIRXQGIRULWVUHDOL]DWLRQ
,QVWDOODWLRQRI%)LVFDUULHGRXWE\EXVLQHVVHQWHUSULVHVSULYDWHHQWUHSUHQHXUVUHSUHVHQWDWLYHV
RI1*2
7KHPDMRUPDQXIDFWXUHURI%)LQWKHSUHVHQWWLPHLQ.\UJ\]5HSXEOLFLV3))OXLG7KHPDLQ
REMHFWLYHRILWVDFWLYLW\LVSURFHVVLQJRIDQRUJDQLFZDVWHLQELRJDVIDFLOLWLHV1RZDGD\VE\WKH
VSHFLDOLVWV RI WKH IXQG RQ WKH EDVLV RI IDUPV RI .\UJ\] 5HSXEOLF .D]DNKVWDQ DQG 8]EHNLVWDQ
WKHUHFRQVWUXFWHGDERXWELRJDVIDFLOLWLHVZLWKWKHFDSDFLW\RIUHDFWRUVIURPWRɦ
,Q -DQXDU\ 3) )OXLG KDV UHJLVWHUHG WKH VWDQGDUG ©%LRSRZHU PRGXOHV WKH JHQHUDO
VSHFLILFDWLRQVª 7KLV VWDQGDUG H[WHQGV RQ ELRSRZHU PRGXOHV LQWHQGHG IRU SURFHVVLQJ RI DQ
DJULFXOWXUDO ZDVWH PDQXUH RI DQLPDOV D NLWFKHQ JDUGHQ DFKH D WRSV RI YHJHWDEOH ZHHG
YHJHWDWLRQDQGIRRGZDVWHLQFRPEXVWLEOHELRJDVDQGRUJDQLFIHUWLOL]HUVZKLFKFDQEHXVHGDV
WKHIRGGHUDGGLWLYHIRUDQLPDOVDQGDELUG,QWKLVGRFXPHQWLQGLFDWRUVRISURGXFWLYLW\DQGWKH
VL]HV RI RIWHQ XVHG PRGXOHV DUH GHVFULEHG DW PHVRSKLORXV WHPSHUDWXUH PRGH FRQVWUXFWLYH
UHTXLUHPHQWVUHTXLUHPHQWVWRFRPSRQHQWVRIIDFLOLW\VDIHW\UHTXLUHPHQWDQGSUHVHUYDWLRQRI
WKH HQYLURQPHQW PRQLWRULQJ DQG WHVW PHWKRGV WUDQVSRUWDWLRQ DQG VWRUDJH FRQGLWLRQV
$FFRUGLQJ WR WKH VWDQGDUG WKH PRGXOHV VKRXOG EH PDGH RI VWHHO )RU FRQVWUXFWLRQ RI WKH
UHDFWRULWLVSRVVLEOHWRXVHUHLQIRUFHGFRQFUHWH
,QGLFDWRUVRISURGXFWLYLW\DQGWKHVL]HVRIRIWHQXVHGPRGXOHVDWPHVRSKLORXV
WHPSHUDWXUHPRGHO
1DPHRI3DUDPHWHU
%30
%30
%30 %30
&DUU\LQJ&DSDFLW\RQ0DQXUHDW
KXPLGLW\RIWKHLQLWLDOPDQXUHIURPWR
NJGD\QRWOHVV
&DSDELOLW\RQSURGXFHGELRIHUWLOL]HU
E\RIFDUU\LQJFDSDFLW\WRPDQXUHQRW
OHVV
&DSDELOLW\RQSURGXFHGELRJDVDW
KXPLGLW\RILQLWLDOPDQXUHIURPWR
PñGD\QRWOHVV
,QVWDOOHGFDSDELOLW\NLORYDWWQRWPRUH
:HLJKWRIPRGXOWQRWPRUH
2FXSSLHGDUHDPQRWOHVV
9ROXPHRIUHDFWRUPñ
KWWSZZZNXXNJQDXFKQRLVVOHGRYDWHOVNDMDGHMDWHOQRVWQDXFKQ\HUD]UDERWNL
㸫㸫
7KHVWDQGDUG©%LRSRZHUPRGXOHVWKHJHQHUDOVSHFLILFDWLRQVªKDVEHHQUHJLVWHUHGIRUWKHILUVWWLPH
LQWKH.\UJ\]5HSXEOLFDQGZLOOEHRSHUDWLQJWLOO
7KH IXQG VDYHV XS FRQVLGHUDEOH H[SHULHQFH E\ PDQXIDFWXULQJ RI %) DQG WKH XVH RI SURGXFHG
IHUWLOL]HUDQGELRJDV2QLWVEDVLVWKHUHGHYHORSHGWHFKQLFDOFRQGLWLRQVIRUPDQXIDFWXUHRIELRJDV
IDFLOLWLHV LQ ZKLFK D QXPEHU RI QHZ WHFKQLFDO GHFLVLRQV DW WKH OHYHO RI LQYHQWLRQV DUH XVHG ,Q
DQG 3) )OXLG LQLWLDWHG HODERUDWLRQ RI WKH ELOO RI D FDWWOHEUHHGLQJ ZDVWH DQG D
JRYHUQPHQW SURJUDP RQ LQWURGXFWLRQ RI ELRJDV WHFKQRORJLHV LQ 5HSXEOLF¶V DJULFXOWXUH 3)
)OXLG LV GHYHORSHG DQG SXEOLVKHG WKH +HOS 0DQDJHPHQW %LRJDV WHFKQRORJLHV LQ .\UJ\]
5HSXEOLF DQG WKH 6KRUW 0DQDJHPHQW &RQVWUXFWLRQ RI ELRJDV WHFKQRORJLHV ZLWK ILQDQFLDO
VXSSRUW RI 81'3 SURMHFW ,QVWLWXWLRQDO VWUHQJWKHQLQJ DQG FRQVWUXFWLRQ RI SRVVLELOLWLHV IRU D
VXVWDLQDEOHGHYHORSPHQWDQG*()30*
)RUUHGXFWLRQRIWKHFRVWH[SHUWVRIWKHIXQGUHFRPPHQGWRXVHWKHREVROHWHDQGFRQYHUWHGPHWDO
FRQWDLQHUVDVDUHDFWRUIRUH[DPSOHFRQWDLQHUVIRUVWRUDJHRIPLQHUDORLOZDWHUUDLOZD\WDQNV
ZKLFKDUHDEOHWRVHUYHVHYHUDOGHFDGHV$QQXDOH[SHQVHVIRUIDFLOLW\PDLQWHQDQFHVHUYLFHPDNH
DERXWIURPLQLWLDOFRVW7KHUHFRXSPHQWRIWKHLQVWDOODWLRQGRHVQRWH[FHHG\HDU
7KHWRWDODUHDRILQGXVWULDOEDVHRI3))OXLGPDNHVɦWKHVKRSDUHDɦRSHQHG
FUDQHDUHDɦWKHDUHDRIWKHDGPLQLVWUDWLYHERG\ɦ7KHORDGOLIWLQJHTXLSPHQW
FRQVLVWV RI JDQWULHV DQG EULGJH FUDQHV DQG DOORZV DGMXVWLQJ WKH UHOHDVH XS WR ELRJDV
IDFLOLWLHVDPRQWK
7KHSUDFWLFDOH[SHULHQFHRI3))OXLGDOORZVUHFRPPHQGLQJIRULQWURGXFWLRQLQWKHFRQGLWLRQV
RIWKH&HQWUDO$VLDWKHIDFLOLWLHVRIWKHFORVHGHOHYDWHGDQGXQGHUJURXQGW\SHVZLWKKHDWLQJRID
UHDFWRU
7R SURYLGH WKH PRVW QRUPDO WURXEOHIUHH RSHUDWLRQ RI WKH IDFLOLW\ 3) )OXLG FRQGXFWV
FRPSXOVRU\HGXFDWLRQRIRSHUDWRUVIRUDOOIDFLOLWLHVFRQVWUXFWHGE\WKH)XQG
2QH RI WKH ILUVW ELRJDV IDFLOLWLHV LQ .\UJ\]VWDQ KDV EHHQ FRQVWUXFWHG E\ 3) )OXLG LQ WKH
3HWURYND YLOODJH RI &KX\ REODVW LQ $VVRFLDWLRQ )DUPHU )RU LWV FUHDWLRQ WKH $VVRFLDWLRQ KDV
XQLWHGHIIRUWVRIIDUPVDQG3XEOLF)XQG)OXLG$VIRUUDZPDWHULDOVWKHUHXVHGDZDVWHRID
IDUPRIFDWWOHDQGSLJEUHHGLQJFRPSOH[7KHIDFLOLW\SURFHVVHVWRQVRIPDQXUHGUDLQVSHUGD\
3URGXFHGIHUWLOL]HULVXVHGRQKHFWDUHVRIDQDUDEOHODQGRIWKHIDUPVDQGELRJDVIRUQHHGV
RI D IDUP IRU FRRNLQJ LQ VHYHQ IDUP PDQRUV KHDWLQJ UHIXHOLQJ RI WZR PRWRU YHKLFOHV DQG
RSHUDWLRQRIHOHFWURJHQHUDWRU
7KHVSHFLDOLVWVRIWKHIXQGFDUU\RXWPRQLWRULQJRIRSHUDWLRQVRIDOOFRQVWUXFWHGELRJDVIDFLOLWLHV
DQGUHVHDUFKIRUGHILQLWLRQRIHIILFLHQWXVHRIELRIHUWLOL]HURQYDULRXVDJULFXOWXUDOFURSV2QWKH
DYHUDJH WKH SURGXFWLYLW\ LQFUHDVH GHSHQGLQJ RQ JURZQ W\SH RI FURS IOXFWXDWHV IURP WR
6LQFH HQWHUSULVH 5(&$ LV HQJDJHG ZLWK WKH LQVWDOODWLRQ RI QRQFRQYHQWLRQDO HQHUJ\
VRXUFHVLQFOXGLQJ%)%\H[SHUWVRIWKHHQWHUSULVHWKHUHLQVWDOOHG%)LQ,VV\N.XODQG7DODV
REODVWV 1RZDGD\V WKH HQWHUSULVH ZRUNV XQGHU WKH RUGHUV RI FOLHQWV DQG KDV QR VSHFLDO SODQV
UHJDUGLQJ %) 7KH &RVW RI IDFLOLW\ LQ FDSDFLW\ RI FXELF PHWHUV LV HVWLPDWHG E\ WKH GLUHFWRU
DSSUR[LPDWHO\LQ86'
,QWKH2VKREODVW3)$LMDQDLVHQJDJHGZLWKWKHLQVWDOODWLRQRI%),QWKHIXQGSDUWLFLSDWHG
MRLQWO\ ZLWK *() SURMHFW ³'LVWULEXWLRQ RI HFRQRPLFDOO\ DFFHVVLEOH ELRJDV IDFLOLWLHV WR UXUDO
UHVLGHQWVLQ2VKREODVWE\WKHRUJDQL]DWLRQRIDKDQGLFUDIWEDWFKSURGXFWLRQLQUXUDODUHDV´$OORI
㸫㸫
WKH LQVWDOOHG %) ZLWKLQ WKH OLPLWV RI SURMHFW DUH LQ ZRUNLQJ RUGHU ([SHUWV RI IXQG UHQGHU WKH
DGYLVRU\KHOSWRWKHSHUVRQVZKRLQVWDOOV%)LQGHSHQGHQWO\
7KH1*2³)XQGRI3RZHU6DIHW\7HFKQRORJLHVLVHQJDJHGLQLQVWDOODWLRQRI%)1RZDGD\VE\
WKHH[SHUWVRIWKLVIXQGWKHUHLQVWDOOHG%)RIWKHPDUHLQ1DU\QDQGLQ6RNXOXN
DVVHPEODJHRIPRUHIDFLOLWLHVFRPHVWRDQHQG1*2ZRUNVXQGHUSULYDWHRUGHUVRIFOLHQWVDQG
SODQVWRH[SDQGLWVDFWLYLW\RQLQVWDOODWLRQRI%)DQGFDUU\RXWWKHDGYHUWLVLQJFDPSDLJQ
%HFDXVHRIOLPLWDWLRQRIVRXQGGHPDQGRQ%)0DQXIDFWXUHU¶VDFWLYLWLHVLQELRJDVDUHOLPLWHGWR
LQGLYLGXDOSURMHFWV
6LPLODUVHUYLFHVDUHUHQGHUHGE\SULYDWHHQWUHSUHQHXUV*HQHUDOO\WKHLUVHUYLFHVDUHFKHDSHUEXW
VRPHWLPHVWKH\ODFNTXDOLW\
6XUYH\RIIDUPHUV
,QWKHIUDPHVRISUHSDUDWLRQRIWKHSUHVHQWUHSRUWWKHUHZDVFRQGXFWHGDVXUYH\RIIDUPHUV7KHUH
ZHUHUHVSRQGHQWVZKRSDUWLFLSDWHGLQDVXUYH\LWLVDTXDUWHURIWKHWRWDODPRXQWRIXVHUVRI
%)LQ.\UJ\]VWDQ,QWKLVVLWXDWLRQLWLVSRVVLEOHWRVSHDNDERXWUHSUHVHQWDWLYHQHVVRIWKHVDPSOH
%HVLGHVWKHUHZHUHVXUYH\HGIDUPHUVIURPWKHVDPHFRPPXQLWLHVEXWWKRVHZKRGRQRWKDYH
LQVWDOOHG%)%HORZDUHWKHUHVXOWVRIWKHVXUYH\
6RXUFHVRIILQDQFLQJIRULQVWDOODWLRQRI%)EDVLFDOO\DUHRZQIXQGV7KLVZDVWKHDQVZHURI
RIUHVSRQGHQWV+RZHYHURIUHVSRQGHQWVKDYHLQVWDOOHGWKHIDFLOLWLHVDWWKHH[SHQVHRIWKH
JUDQW,QSUHVHQWWLPHWKHPDMRULW\RIUHVSRQGHQWVGRQRWKDYHWKHLUIDFLOLWLHVLQZRUNLQJ
FRQGLWLRQZKHUHDVWKHUHVWDUHLQZRUNLQJFRQGLWLRQ7KXVIURP%)ZKLFKKDYHEHHQ
LQVWDOOHGDWWKHH[SHQVHRIWKH IRUHLJQRUJDQL]DWLRQVZRUNRQO\RQHRIZKLFKLVLQVWDOOHGE\
-,&$
7KHZRUNLQJ%)LQSUHVHQWWLPHDUHXVHGEDVLFDOO\IRUPDQXIDFWXUHRIIHUWLOL]HUV
RIUHVSRQGHQWVXVH%)IRUSURGXFWLRQRIJDVIRULQGXVWULDODQGKRXVHKROGQHHGVDQGIRU
UHF\FOLQJRIDZDVWH
7KHEDVLFUDZPDWHULDOZKLFKLVXVHGLQ%)LVPDQXUHRIFDWWOHDQGDOVRVRPHIDUPVLQ
DGGLWLRQXVHDQDJULFXOWXUDOZDVWH'XUDWLRQRI%)RSHUDWLRQRQWKHDYHUDJHPDNHVIURP
KDOID\HDUWLOOWZR\HDUV
7KHUHDVRQVIRUQRQZRUNLQJFRQGLWLRQRI%)UHVSRQGHQWVQDPHG
9 $EVHQFHRIH[SHUWVIRUUHSDLU
9 1HFHVVLW\RIFRQVWUXFWLYHFKDQJHV
9 $EVHQFHRIUDZPDWHULDOVIRUSURFHVVLQJ
9 +LJKFRVWRIUHSDLU
$GYDQWDJHVRIXVLQJ%)UHVSRQGHQWVQDPHG
9 'HFUHDVHLQH[SHQVHVRQJDVDQGHOHFWULFSRZHU
㸫㸫
9 ,QFUHDVHRISURGXFWLYLW\IURPXVHRIIHUWLOL]HUVSURGXFHGE\%)
9 'HFUHDVHLQH[SHQVHVRQIHUWLOL]HU
9 :DVWHUHF\FOLQJXWLOL]DWLRQ
%\ WKDW UHVSRQGHQWV KDYH QRWHG GHFUHDVH LQ H[SHQVHV RQ JDV RQ WKH DYHUDJH LQ WLPHV RQ
HOHFWULF SRZHU LQ WLPHV 7KH SURILW ZDV UHFHLYHG E\ UHVSRQGHQWV RQ WKH DYHUDJH VRPVUHVSRQGHQWVKDYHUHFHLYHGWKHORVVRQWKHDYHUDJHVRPV
$PRQJWKHGLVDGYDQWDJHVUHVSRQGHQWVQDPHG
9 $EVHQFHRIVHUYLFHV
9 /RZTXDOLW\RIWKHHTXLSPHQW
9 +LJKFRVW
9 7KHVPHOO
9 1HFHVVLW\RIVSHFLDOZRUNHUVIRUVHUYLFHVRI%)
7KLUG RI UHVSRQGHQWV KDYH QRWLFHG WKDW %) GR QRW KDYH GLVDGYDQWDJHV 3UDFWLFDOO\ DOO
UHVSRQGHQWVH[FHSWIRUWZRFRQVLGHUWKHXVHRI%)HIIHFWLYH
7KHPRVWSDUWRIUHVSRQGHQWVZKLFKGRQRWKDYHLQVWDOOHG%)SODQWRLQVWDOOLWZLWKLQ\HDUV
IRUIROORZLQJSXUSRVHV
9 0DQXIDFWXUHVRIIHUWLOL]HU
9 3URGXFWLRQRIJDVIRUKRXVHKROGQHHGV
9 3URGXFWLRQRIJDVIRULQGXVWULDOQHHGV
9 3URGXFWLRQRIWKHHOHFWULFSRZHUIRUKRXVHKROGQHHGV
9 3URGXFWLRQRIWKHHOHFWULFSRZHUIRULQGXVWULDOQHHGV
9
3URGXFWLRQRIJDVIRUUHIXHOLQJRIDXWRWUDQVSRUWDWLRQ
7KHPDMRUVRXUFHRIILQDQFLQJFRQVLGHUVRZQIXQGVDOPRVWKDOIFRXQWVRQJUDQWVDQGWKHILIWK
SDUWSODQVWRWDNHWKHFUHGLW
7KHPDMRUEDUULHUVIRUWKHGHYHORSPHQWRI%)LQ.\UJ\]VWDQUHVSRQGHQWVFRQVLGHU
9 $EVHQFHRIVXSSRUWIURPWKHVWDWHDXWKRULWLHV
9 $ODFNRIH[SHUWVIRULQVWDOODWLRQDQGVHUYLFHVRI%)
9 $EVHQFHRIWKHLQIRUPDWLRQDERXW%)
9 1HFHVVLW\RI%)DGDSWDWLRQWRWKHFRQGLWLRQVRI.\UJ\]VWDQ
㸫㸫
$FFRUGLQJWRUHVSRQGHQWVIRULQWURGXFWLRQRIELRJDVWHFKQRORJLHVLQ.\UJ\]VWDQLWLVQHFHVVDU\
9 0DLQWHQDQFHRIWKHVWDWHVXSSRUW
9 'HYHORSPHQWRIVHUYLFHXQLW
9 &UHDWLRQRIV\VWHPRIWDUJHWFUHGLWLQJIRUDFTXLVLWLRQ%)
9 ,QWURGXFWLRQRIV\VWHPRISULYLOHJHVIRUWKHHQWHUSULVHVDQGIDUPHUVXVLQJ%)
9 'LVWULEXWLRQRIWKHLQIRUPDWLRQDERXWELRJDVWHFKQRORJLHV
9 7RSURYLGHWUDLQLQJVIRUH[SHUWV
9 7RSURSDJDQGL]HSRVLWLYHH[SHULHQFHRI%)XVHLQ.\UJ\]VWDQ
9 7RLQYROYHDQGDWWUDFWJUDQWVRIWKHLQWHUQDWLRQDORUJDQL]DWLRQV
7KHEDVLFVRXUFHVIRUUHFHSWLRQRIWKHLQIRUPDWLRQDERXWELRJDVWHFKQRORJLHVDUHQDPHG
9 0DVV0HGLD
9 1HLJKERUVIULHQGVUHODWLYHV
9 2WKHUHQWHUSULVHVHQWLWLHVZKLFKDUHXVLQJ%)
9 1*2
9 $GYHUWLVLQJPDQXIDFWXUHUVRI%)
9 ,QIRUPDWLRQVRXUFHV
1HYHUWKHOHVV LQ WKH SUHVHQFH RI EDUULHUV DQG GLVDGYDQWDJHV WKH PDMRULW\ RI UHVSRQGHQWV
FRQVLGHUVWKDWELRJDVWHFKQRORJLHVLQ.\UJ\]VWDQKDYHJRRGSHUVSHFWLYHVIRUGHYHORSPHQW
5(680(
9 1RZDGD\VWKHQHFHVVLW\RIDFWLYHLQWURGXFWLRQRI5(6KDVULSHQHGLQ.\UJ\]VWDQLQ
SDUWLFXODUELRJDVHVSHFLDOO\LQDUXUDODUHD
9 7KHVWDQGDUGOHJDOEDVHIRUGHYHORSPHQWRI5(6LVFUHDWHGDFWLYLW\RQLWVSHUIHFWLRQLV
FRQGXFWHGE\DOOLQWHUHVWHGRUJDQL]DWLRQVVWDWHERGLHVLQWHUQDWLRQDORUJDQL]DWLRQV
UHSUHVHQWDWLYHVRI1*2VDQGEXVLQHVVVWUXFWXUHV
9 7KHYLJRURXVDFWLYLW\RQSURPRWLRQRI5(6LQ.\UJ\]VWDQLVFRQGXFWHGE\-,&$81'3
DQG(XURSHDQ&RPPLVVLRQ7KH\SDUWLFLSDWHLQSHUIHFWLRQRIVWDQGDUGOHJDOEDVH
SRSXODWLRQLQIRUPLQJDERXW5(6FDUU\RXWWUDLQLQJRIH[SHUWVILQDQFLQJFRQVWUXFWLRQRI
%)UHQGHUWKHDGYLVRU\KHOSDQGWHFKQLFDOVXSSRUW
㸫㸫
9 7KHQRQJRYHUQPHQWDORUJDQL]DWLRQVFRQGXFHWRSURPRWLRQRI5(6E\SDUWLFLSDWLRQLQ
SURMHFWVRQFRQVWUXFWLRQRI%)DFWLRQVIRUGLVWULEXWLRQRIWKHLQIRUPDWLRQDPRQJWKH
SRSXODWLRQWUDLQLQJRIH[SHUWV
9 %DVLFPDQXIDFWXUHURI%)LV)OXLGªWKDWDFWLYHO\VSUHDGVWKHLQIRUPDWLRQRQLWVDFWLYLW\
SDUWLFLSDWHV LQ SURMHFWV %HFDXVH RI OLPLWDWLRQ RI VRXQG GHPDQG RQ %) PDQXIDFWXUHU¶V
DFWLYLWLHVLQELRJDVDUHOLPLWHGWRLQGLYLGXDOSURMHFWV
9 7KHLQWHUHVWRISRSXODWLRQWRELRJDVLVJURZLQJ,WLVPDUNHGERWKE\PDQXIDFWXUHUVDQG
VXSSOLHUVRIWKHHTXLSPHQWIRU5(67KXVWKHUHLVQRDFFHVVLEOHDFWXDOLQIRUPDWLRQRQ
PDQXIDFWXUHUV+LJKFRVWRILQVWDOODWLRQRI%)DQGWKHDGGLWLRQDOH[SHQVHVDULVLQJZKLOH
WKHVHUYLFHDUHWKHPDLQGHWHUUHQWIRUWKHSRSXODWLRQ
9 )LQDQFLQJRIUHVHDUFKDQGGHYHORSPHQWLQWKHILHOGRI5(6LVQRWHQRXJK
9 7KHFOLPDWLFFRQGLWLRQVRI.\UJ\]VWDQDUHLPSRUWDQWIDFWRUZKLFKVKRXOGEHFRQVLGHUHG
IRUGHVLJQLQJRI%)
$GYDQWDJHVRIELRJDVGHYHORSPHQWLQ.\UJ\]VWDQ
9 0DLQWHQDQFHRISRZHUVDIHW\7KHXVHRI%)ZLOOSURPRWHLQFUHDVHRIUHOLDELOLW\RISRZHU
VXSSO\ HFRQRP\ RI RUJDQLF IXHO WKH GHFLVLRQ RI SUREOHPV RI ORFDO SRZHU VXSSO\
HVSHFLDOO\LQUXUDODQGUHPRWHDUHDV
9 7KH ZLGH XVH RI %) ZLOO DOORZ OLIWLQJ RI D OLYLQJ VWDQGDUG RI UXUDO SRSXODWLRQ DQG DOVR
SURPRWHVHFRQRP\RIIHPDOHODERU
9 7KHXVHRIELRJDVWHFKQRORJLHVLVRQHRIWRROVIRUUHGXFWLRQRISRYHUW\,QWKHFRQGLWLRQV
RIFRQVWDQWJURZWKRIWDULIIVIRUHQHUJ\FDUULHUVLQVWDOODWLRQRI%)SURPRWHVUHGXFWLRQRI
DVKDUHRIH[SHQVHVRQXWLOLWLHVLQWKHEXGJHWRIDKRXVHKROG%\HVWLPDWLRQVRI3))OXLG
WKHLQFRPHIURP%)ZLWKFDSDFLW\RIDELRUHDFWRUɦLVVRPVLQD\HDU7KHXVH
RIJDVIRUKRXVHKROGQHHGVZLOODOORZWKHUHGXFWLRQRIH[SHQVHVRQXWLOLWLHV%HVLGHVWKH
DGGLWLRQDOLQFRPHFDQEHUHFHLYHGIURPWKHVDOHRIELRJDVDQGIHUWLOL]HU
9 7KH 'HYHORSPHQW RI %) ZLOO SURPRWH FUHDWLRQ RI ZRUNSODFHV SURYLGLQJ HPSOR\PHQW
ZKLOHWKHLUFRQVWUXFWLRQDQGVHUYLFH
9 7KH UHPDLQHG DIWHU ELRJDV SURFHVVLQJ WKH ELRVKODP LV WKH KLJKTXDOLW\ IHUWLOL]HU ZKLFK
UDLVHVSURGXFWLYLW\WR)RUPDLQWHQDQFHRIDOODUDEOHODQGVRI.\UJ\]VWDQZLWKWKH
RUJDQLF IHUWLOL]HU GHYHORSHG LQ ELRJDV IDFLOLWLHV LW LV HQRXJK WR SURFHVV RI DQ
DYDLODEOH ZDVWH RI OLYHVWRFN EUHHGLQJ PLOOLRQ WRQV WKXV WKHUH ZLOO EH SURGXFHG
PRUHWKDQPLOOLRQɦRIELRJDVDQGPLOOLRQWRQVRIELRORJLFDOIHUWLOL]HU
9 'HYHORSPHQW RI %) ZLOO SURPRWH WKH VROXWLRQ WR WKH LVVXHV RI SUHVHUYDWLRQ RI WKH
HQYLURQPHQWGHFUHDVHRIKDUPIXOHPLVVLRQVLQDWPRVSKHUHSUHYHQWLRQIURPSROOXWLRQRI
VRLO DQG XQGHUJURXQG ZDWHUV 5HSODFHPHQW RI ILUH ZRRG FRQVXPSWLRQ ZLWK ELRJDV
7KHHVWLPDWLRQRIRSSRUWXQLWLHVRIUHJLRQDOFROODERUDWLRQLQWKHVSKHUHRI5(6XVDJHE\WKHFRXQWULHVRI&HQWUDO
$VLDQUHJLRQ&$5(&
㸫㸫
SURPRWHV UHGXFWLRQ RI GLVIRUHVWDWLRQ RI WKH ODQG %) SURYLGHV UHF\FOLQJ RI D ZDVWH DQG
VHZDJHWKHUHE\LPSURYHVDVDQLWDU\DQGK\JLHQLFVLWXDWLRQLQWKHFRXQWU\
9 'XHWRLQVWDOODWLRQRIELRJDVIDFLOLW\LWLVSRVVLEOHWRUHFHLYHSURILWE\VHOOLQJ(&%
9 'XHWRWKHIDVWUHFRXSPHQWLQYHVWPHQWSURMHFWVLQWKHILHOGRI%LRJDV7HFKQRORJLHVDUH
EHQHILFLDOHQRXJK
9 7KH ELRJDV FRQVLVWLQJ RQ IURP PHWKDQH FDQ EH XVHG IRU UHIXHOLQJ RI PRWRU
YHKLFOHVDQGDJULFXOWXUDOPDFKLQHU\LQVWHDGRIJDVROLQHDQGGLHVHOIXHO
%DUULHUV
)RUVXFFHVVIXODGYDQFHPHQWRIELRJDVWHFKQRORJLHVLQ.\UJ\]VWDQLWLVQHFHVVDU\WRRYHUFRPHWKH
IROORZLQJEDUULHUV
9 ȺGPLQLVWUDWLYH$VLWKDVEHHQQRWHGWKHDFFHSWHG/DZDERXW5(6KDVDIUDPHFKDUDFWHU
7KRXJK OHJDO EDVHV IRU LQWURGXFWLRQ DQG XVH RI VPDOO UHQHZDEOH HQHUJ\ VXSSO\ V\VWHPV
DUH FRQGXFWHG SRVLWLRQV DQG LQVWUXFWLRQV ZKLFK ZRXOG SURPRWH LWV UHDOL]DWLRQV LQ D
ZRUNLQJRXWVWDJH 9 )LQDQFLDO 'HVSLWH RI D IDVW UHFRXSPHQW DQG WKH HFRQRPLF JDLQV UHFHLYHG IURP ELRJDV
IDFLOLW\WKHRYHUZKHOPLQJPDMRULW\RIIDUPHUVGRHVQRWSRVVHVVVXIILFLHQWILQDQFLDODVVHWV
IRULQVWDOODWLRQRI%)7KHUHLVQRV\VWHPRISUHIHUHQWLDODQGWDUJHWFUHGLWLQJOHDVLQJ
9 ,QIRUPDWLYH'HVSLWHWKHYLJRURXVDFWLYLW\RIWKHLQWHUQDWLRQDORUJDQL]DWLRQVDQG1*2RQ
SXEOLF LQIRUPLQJ DERXW %7 WKH DFFHVV WR WKH LQIRUPDWLRQ RQ PDQXIDFWXUHUV RSHUDWLRQ
FRQGLWLRQVDGYDQWDJHVDQGGLVDGYDQWDJHVRI%)HWFLVOLPLWHG
9 3RVLWLRQLQJ 7KH QHFHVVLW\ DQG ELJ EHQHILW RI %) LQWURGXFWLRQ LV UHFRJQL]HG E\ DOO
LQWHUHVWHG ERGLHV +RZHYHU LQ SURFHVV RI UHDOL]DWLRQ WKHUH DUH VWDJQDWLRQ IURP VWDWH
DXWKRULWLHVDQGGHSHQGDQWSRVLWLRQRI/*DQGIDUPHUV0RUHRYHUHFRORJLFDODUJXPHQWV
LQ IDYRU RI LQWURGXFWLRQ RI ELRJDV WHFKQRORJLHV DUH SRRUO\ SHUFHLYHG EHFDXVH RI WKH
DEVHQFHIRUXQGHUVWDQGLQJRILPSRUWDQFHRIJOREDOHFRORJLFDOSURFHVVHV
9 &RPPXQLFDWLYH 7KRXJK IRUPDOO\ FRRUGLQDWLRQ RI DFWLRQV RQ LQWURGXFWLRQ RI 5(6 LV
DVVLJQHGWRWKH0LQLVWU\RI(QHUJ\DFWXDODOORUJDQL]DWLRQVRSHUDWHLVVHSDUDWHO\$FWXDO
FRRUGLQDWLRQRIRUJDQL]DWLRQ¶VDFWLYLWLHVLVDEVHQW
9 7KHUH LV QR V\VWHP ZKLFK ZRXOG FDUU\ RXW FRQWURO DQG VXSHUYLVLQJ IXQFWLRQV EHKLQG
UHOLDELOLW\DQGVDIHW\RI%)PDLQWHQDQFH7KHUHLVQRV\VWHPRIVHUYLFHIRU%)$EVHQFH
RITXDOLILHGSHUVRQQHO
ȿɋȼ±LVWKHXQLW\RIHPLVVLRQUHGXFWLRQZKLFKLVHTXDOWRWRQRI&2HTXLYDOHQWIRUFRQYHQLHQFH&2LVXVHG
DVWKHXQLW\RIHVWLPDWLRQRIKRWEHGJDVIRUH[DPSOHRQHFXELFPHWHURIPHWKDQH&+LVHTXDOWRPHWULFWRQVRI
&2$WWKHLQWHUQDWLRQDOPDUNHWRIȿɋȼEHFDPHWKHJRRGIRUSK\VLFDODQGOHJDOHQWLWLHV%HWZHHQWKHFRXQWULHV
VLJQHGWKH.LRWVN\SURWRFROWKHUHLVSRVVLELOLW\IRUVDOHSXUFKDVHSOHGJHDQGRWKHURSHUDWLRQVLQUHODWLRQWRWKH
ULJKWVRIKRWEHGJDVHPLVVLRQ
㸫㸫
9 &OLPDWLF)RUHIIHFWLYHRSHUDWLRQRIWKHIDFLOLW\ZKLFKSURGXFHVELRJDVLWLVQHFHVVDU\WR
VXSSRUWDQRSWLPXPWHPSHUDWXUHPRGHIURP&LQDUHDFWRU$YHUDJHWHPSHUDWXUHV
LQ-DQXDU\LQ.\UJ\]VWDQIURPɋWRɋLQYDOOH\VWRɋLQKLJKPRXQWDLQVLQ
-XO\IURPɋWRɋLQYDOOH\VDQGɋLQKLJKPRXQWDLQV+HQFHIRU%)WR
RSHUDWHDOO\HDUORQJDQGEHHFRQRPLFWKHUPRLVRODWLRQRIDUHDFWRUDQGKHDWLQJRIUDZ
PDWHULDOVOHDGVWRWKHQHFHVVLW\RIDGGLWLRQDOH[SHQVHV
5HFRPPHQGDWLRQV
)RUIXUWKHUGHYHORSPHQWRIELRJDVWHFKQRORJLHVLQ.\UJ\]5HSXEOLFLWLVQHFHVVDU\
97RSURYLGHWKHVWDWHVXSSRUWWRWKHGHYHORSPHQWRIELRJDVWHFKQRORJLHVLQ.\UJ\]VWDQWR
LPSURYHVWDQGDUGOHJDODQGWHFKQRORJLFDOEDVHVIRUUHDOL]DWLRQRIDXQLIRUPVWDWHSROLF\
LQVSKHUHRISURPRWLRQRIUHQHZDEOHHQHUJ\VRXUFHVLQSDUWLFXODUELRJDVWHFKQRORJLHV
IRUFRQGXFWLRQRI%)PDUNHWIRUVWLPXODWLRQRIPDQXIDFWXUHUVDQGFRQVXPHUV
97RFDUU\RXWFRRUGLQDWLRQRIDFWLYLWLHVRIDOOLQWHUHVWHGRUJDQL]DWLRQVWKHVWDWHERGLHV
WKHLQWHUQDWLRQDOQRQJRYHUQPHQWDOUHVHDUFKRUJDQL]DWLRQVIRUUHDOL]DWLRQRI
FRQVHFXWLYHDFWLRQVRQSURPRWLRQRIELRJDVWHFKQRORJLHVGXSOLFDWLRQH[FHSWLRQV
PD[LPXPHIIHFWLYHXWLOL]DWLRQRIUHVRXUFHVLQFOXGLQJILQDQFLDO
9)RUSURYLGLQJRIDFFHVVWRELRJDVWHFKQRORJLHVRIWKHJURXSVZKLFKGRQRWKDYH
VXIILFLHQWILQDQFLDODVVHWVWRFUHDWHV\VWHPRISUHIHUHQWLDOWDUJHWFUHGLWLQJZLGHO\XVDJHRI
OHDVLQJUHDOL]DWLRQRISURMHFWVZLWKWKHPL[HGILQDQFLQJSXEOLFIXQGVPHDQVRIWKH
LQWHUQDWLRQDORUJDQL]DWLRQVPHDQVRI%7¶VFRQVXPHUV
97REHRULHQWHGRQUHDOL]DWLRQVPDOODQGPHGLXPEXGJHWDU\SURMHFWVZLWKREOLJDWRU\
ILQDQFLDOSDUWLFLSDWLRQRI/*DQGIDUPHUVWRH[FOXGHGHSHQGDQWPRRGVDQGWRSURYLGHWKH
PD[LPXPLQWHUHVWRIIDUPHUVDVDUHVXOW7RLQYROYHLQSURMHFWVRQFRQVWUXFWLRQRI%)
ERWKODUJHDQGPHGLXPFRRSHUDWLYHVMRLQWVWRFNFRPSDQLHVFROOHFWLYHIDUPVZKLFKFDQ
HQFORVHRZQPHDQVLQEXLOGLQJRIIDFLOLWLHVSUHSDUDWLRQRITXDOLILHGSHUVRQQHO6XFK
IDFLOLWLHVFDQEHFRPHPRGHOLQJDQGSURPRWHSRSXODUL]DWLRQRI5(6LGHDLQUXUDODUHD
9:LGHO\WRSURSDJDQGL]HVXFFHVVIXOH[SHULHQFHRILQWURGXFWLRQRIELRJDVIDFLOLWLHVWR
H[WHQGWKHLQIRUPDWLRQRQDFWLYLW\RIWKHVWDWHERGLHVWKHLQWHUQDWLRQDODQGQRQ
JRYHUQPHQWDORUJDQL]DWLRQVEXVLQHVVVWUXFWXUHVGHYHORSHUVLQWKHILHOGRI%7
97RGHYHORSV\VWHPRISUHSDUDWLRQRITXDOLILHGSHUVRQQHODQGVHUYLFHRIELRJDVIDFLOLWLHV
97RVWLUXSDFWLYLW\RQLQWURGXFWLRQRIELRJDVWHFKQRORJLHVLQVRXWKHUQREODVWVRI
.\UJ\]VWDQ2VK']KDODO$EDGDQG%DWNHQ&XUUHQWO\ZRUNLQWKHVHREODVWVLVUHGXFHG
WRLQIRUPDWLRQWUDLQLQJDFWLYLWLHV7KHYDOOH\IRRWKLOODUHDRIWKH2VK']KDODO$EDGDQG
%DWNHQREODVWVLVWKHZDUPHVWDUHDRI.\UJ\]VWDQDQGFRQVHTXHQWO\LWLVIDYRUDEOHIRU
GHYHORSPHQWRIELRJDVVHQVLWLYHWRFOLPDWLFFRQGLWLRQV%HVLGHVSRYHUW\OHYHOLQWKHVH
REODVWVLVORZHUWKDQLQ,VV\N.XO1DU\QDQG7DODVREODVWVWKDWLVWKHDGGLWLRQDOIDFWRU
IRUSURPRWLQJWRGLVWULEXWLRQRIH[SHQVLYHELRJDVWHFKQRORJLHVLQWKHVRXWKRI.\UJ\]VWDQ
㸫㸫
97RILQDQFHZRUNVRIWKH.\UJ\]VFLHQWLVWVLQWKHILHOGRIELRJDVWRSURPRWHZLGH
DSSOLFDWLRQLQSUDFWLFHRIORFDOGHVLJQVDQGWHFKQLFDOGHFLVLRQV
97RFDUU\RXWPRQLWRULQJRI%)FRQVWUXFWHGZLWKLQWKHOLPLWVRIWKHSURMHFWVDIWHUWKHLU
WHUPLQDWLRQ
㸫㸫
㸫㸫
,66<..8/2%/$67
.DLQEHN.DV\PRY
.RQNLQD6WUHHW
.\]\O6XXYLOODJH
$N6X\VNL\UHJLRQ
,VV\N.XO
.DP\O0RPXQRY
*LE]H6WUHHW
.DUDNROWRZQ,VV\N
.XOUHJLRQ,VV\N
.XO
,GLURY,O\D]
+XVHPDNH\D6WUHHW 'D\VKHQYLOODJH
,UG\N
7\XSUHJLRQ,VV\N
.XO
%HNHPEDHY7XUJD]\ ,E\NHHYD6WUHHW %DOED\YLOODJH
1LNRODHYND
7\XSUHJLRQ
,VV\N.XO
%DDWDOLHY$OPD]
7DPJDYLOODJH'MHWL 2JX]UHJLRQ,VV\N.XO
.DPDO7DPJD
YLOODJH-HWL2JX]
UHJLRQ,VV\N±.XO
REODVW
,(0DPXQRY
,(0DPXQRY
,(0DPXQRY
,(0DPXQRY
P
P
P
,(0DPXQRY
P
P
³%,20´
P
2SHUDWHV
2SHUDWHV
2SHUDWHV
2SHUDWHV
1RWRSHUDWLQJ
QRSHUVRQQHO
2SHUDWHV
,1',9,'8$/)81'6
7KHOLVWLQFOXGHVDOORIWKH%)DERXWZKLFKLQIRUPDWLRQLVDYDLODEOHLQRSHQVRXUFHV
/RFDWLRQRI%)
7HOHSKRQHRI
<HDURI
&DSDFLW\ 0DQXIDFWXUHU$GYLVHU 6WDWXV
%)XVHURUWKH 3URGXFWLRQ RI
HQWLW\ZKR
5HDFWRU
SURYLGHGWKH
LQIRUPDWLRQ
7KHOLVWRIFRQVWUXFWHGELRJDVIDFLOLWLHVLQ.\UJ\]VWDQ
$SSHQGL[
7\SHRI%)
6RXUFHRI
ILQDQFLQJ
VRP
VRP
VRP
VRP
,QGLYLGXDO
IXQGV
,QGLYLGXDO
IXQGV
,QGLYLGXDO
IXQGV
,QGLYLGXDO
IXQGV
FRP ,QGLYLGXDO
IXQGV
'LIILFXOWWR ,QGLYLGXDO
DQVZHU
IXQGVGXDO
IXQGV
&RVW
0DPXQRY
.DP\O
0DPXQRY
.DP\O
0DPXQRY
.DP\O
0DPXQRY
.DP\O
6XUYH\RI
IDUPHUV
6XUYH\RI
IDUPHUV
6RXUFHRI
LQIRUPDWLRQ
㸫㸫
3),O\DV7DPJD
YLOODJH-HWL2JX]
UHJLRQ,VV\N±.XO
REODVW
%DUVNRRQ,VV\N±
.XOREODVW
.\]\O6XXYLOODJH
$N6XXUHJLRQ
,VV\N.XO
.\]\O6XXYLOODJH
$N6XXUHJLRQ
,VV\N.XO
.\]\O6XXYLOODJH
$N6XXUHJLRQ
,VV\N.XO
0HOLV7DVK.L\D
$NVXXUHJLRQ,VV\N
.XOREODVW
6DE\U7DPJD
YLOODJH-HWL2JX]
UHJLRQ,VV\N±.XO
REODVW
&+8<2%/$67
.RUREH\QLNRY%RULV
8NUDLQVND\MD6WUHHW
%HORYRGVNRH
YLOODJH&KX\REODVW
<DKL]RY8PDU
3LRQHUVND\D6WUHHW
6DGRYRHYLOODJH
0RVFRZUHJLRQ
&KX\
3RXOWU\)DFWRU\
³7´
.DQWWRZQ&KX\
0DER$EGXOD
<XQX]RYLFK
3)³)OXLG´
9HGHQHY$*
P
//&³(UEL´
DGYLVHU%XGDULQ9$
,(0DPXQRY
P
P
,(0DPXQRY
P
5(&$
P
3)³)OXLG´
9HGHQHY$*
1*2©%D\WRRª
P
P
1*2©%D\WRRª
P
1*2©%D\WRRª
P
,QVWDOOHGE\KLPVHOI
,(0DPXQRY
P
P
1RWRSHUDWLQJ
UHTXLUHV
FRQVWUXFWLYH
FKDQJHV
1RWRSHUDWLQJ
UHTXLUHV
1RWRSHUDWLQJ
QRSHUVRQQHO
1RWRSHUDWLQJ
QRUDZ
PDWHULDOV
1RLQIRUPDWLRQ
DYDLODEOH
,QZRUNLQJ
FRQGLWLRQ
,QZRUNLQJ
FRQGLWLRQ
1RLQIRUPDWLRQ
DYDLODEOH
1RLQIRUPDWLRQ
DYDLODEOH
1RLQIRUPDWLRQ
DYDLODEOH
1RLQIRUPDWLRQ
DYDLODEOH
,QGLYLGXDO
IXQGV
,QGLYLGXDO
IXQGV
,QGLYLGXDO
IXQGV
,QGLYLGXDO
IXQGV
,QGLYLGXDO
IXQGV
,QGLYLGXDO
IXQGV
VRP
VRP
86'
,QGLYLGXDO
IXQGV
,QGLYLGXDO
IXQGV
,QGLYLGXDO
IXQGV
,QGLYLGXDO
IXQGV
VRP ,QGLYLGXDO
IXQGV
VRP
VRP
IRU
,QVWDOODWLRQ
VRP
IRU
,QVWDOODWLRQ
VRP
IRU
,QVWDOODWLRQ
VRP
6XUYH\RI
IDUPHUV
%LRJDVIDFLOLWLHV
LQ.5UHIHUHQFH
PDQXDO
6XUYH\RI
IDUPHUV
6XUYH\RI
IDUPHUV
0DPXQRY
.DP\O
$EGXOOD
6PDLORY5(&$
0DPXQRY
.DP\O
-HQLVKEHNWKH
KHDGRI1*2
-HQLVKEHNWKH
KHDGRI1*2
-HQLVKEHNWKH
KHDGRI1*2
0DPXQRY
.DP\O
㸫㸫
1$5<12%/$67
%DN\W-HQDOLHY
.DLQGD6WUHHW%DVK
9RURVKLORYD
6WUHHW
$OHNVDQGURYND
YLOODJH0RVFRZ
UHJLRQ&KX\
*DOXVKNR$OHNVDQGU
$VVRFLDWLRQ³)DUP´
%HVK7HUHN6WUHHW
3HWURYNDYLOODJH
0RVFRZUHJLRQ
&KX\
6KDHY<XUL\//&
³%HNSU´D
%HUHJRYD\D6WUHHW
/HEHGLQRYNDYLOODJH
$ODPHGLQUHJLRQ
&KX\
)LOLSSRY,JRU
5\DERYD6WUHHW
%HORYRGVNRHYLOODJH
0RVFRZUHJLRQ
&KX\
7DPXURY%RULV
&ROOHFWLYH)DUP
³.LURYHVW´/LQH\QD\
6WUHHW
1RYR3RNURYND
YLOODJH,VV\NDWD
UHJLRQ&KX\
0DODEDHYD12-6&
³$N.XX´
.UDVQRGDUVND\D
6WUHHW6RNXOXN
YLOODJH6RNXOXN
UHJLRQ&KX\
6RNXOXNYLOODJH
&KX\REOXVW
P
$VVRFLDWLRQRI:DWHU
FRQVXPHUV³'$1´
1*2)XQGRI(QHUJ\ 1RWRSHUDWLQJ
(IILFLHQW7HFKQRORJLHV
P
2SHUDWHV
2SHUDWHV
3)³)OXLG´
9HGHQHY$*
1RWRSHUDWLQJ
QRIXQGVIRU
SHUVRQQHO
2SHUDWHV
P
3)³)OXLG´
9HGHQHY$*
P
2SHUDWHV
3)³)OXLG´
9HGHQHY$*
3)³)OXLG´
9HGHQHY$*
P
2SHUDWHV
P
3)³)OXLG´
9HGHQHY$*
P
FRQVWUXFWLYH
FKDQJHV
,QGLYLGXDO
IXQGV
,QGLYLGXDO
IXQGV
,QGLYLGXDO
IXQGV
'LIILFXOWWR ,QGLYLGXDO
DQVZHU
IXQGV
5HIXVHGWR
DQVZHU
'LIILFXOWWR ,QGLYLGXDO
DQVZHU
IXQGV
VRP
VRP
'LIILFXOWWR ,QGLYLGXDO
DQVZHU
IXQGV
'LIILFXOWWR ,QGLYLGXDO
DQVZHU
IXQGV
6XUYH\RI
IDUPHUV
=D\WVHY2OHJ
1*2)XQGRI
(QHUJ\(IILFLHQW
7HFKQRORJLHV
6XUYH\RI
IDUPHUV
6XUYH\RI
IDUPHUV
6XUYH\RI
IDUPHUV
6XUYH\RI
IDUPHUV
6XUYH\RI
IDUPHUV
㸫㸫
-HQDOLHY%DWLUEHN
//&³1DU\Q(W´
/HQLQD6WUHHW
1DU\QFLW\1DU\Q
7$/$62%/$67
.DLQEHN
'X\VKRQDOLHY
7DODV6WUHHW$UDO
VWUHHW7DODVUHJLRQ
7DODV
0LUODQ$UW\NEDHY
6H\GDKPDWRYD
6WUHHW$UDOYLOODJH
7DODVUHJLRQ7DODV
(VHQWD\-DQLVKEDHY
8VHQEDHY6WUHHW
.DOEDYLOODJH7DODV
UHJLRQ7DODV
,OHVKEHN.D]LHY
$P\P-DNEHNRYD
6WUHHW6KHNHU
YLOODJH.DUD%XXULQ UHJLRQ7DODV
,66<..8/2%/$67
*UHHQ\DUGKRWHO
.DUDNROWRZQ,VV\N .XOREODVW
1DU\QWRZQ1DU\Q
REODVW
NDLQG\YLOODJH$W
%DVK\UHJLRQ1DU\Q
1DU\QWRZQ1DU\Q
REODVW
$VVRFLDWLRQRI:DWHU
FRQVXPHUV³'$1´
.RNFKRORNRY6
P
:RUNHGGXULQJ
WKHVXPPHU
UHTXLUHV
FRQVWUXFWLYH
FKDQJHV
1RWRSHUDWLQJ
QRVSHFLDOLVWIRU
UHSDLULQJQR
VSDUHGHWDLOV
1RWRSHUDWLQJ
DEVHQFHRIUDZ
PDWHULDOVIRU
%)QRZDUP
EXLOGLQJ
1RWRSHUDWLQJQR
VSHFLDOLVWIRU
UHSDLULQJ
P
,)0DPXQRY
,QZRUNLQJ
FRQGLWLRQ
%$6352*5$0(%5',1',9,'8$/)81'6
'LIILFXOWWRDQVZHU
SUREDEO\5(&$
P
$VVRFLDWLRQRI:DWHU
FRQVXPHUV³'$1´
.RNFKRORNRY6
P
$VVRFLDWLRQRI:DWHU
FRQVXPHUV³'$1´
.RNFKRORNRY6
3)³)OXLG´
9HGHQHY$*
P
P
1*2)XQGRI(QHUJ\ 1RLQIRUPDWLRQ
(IILFLHQW7HFKQRORJLHV DYDLODEOH
P
2SHUDWHV
1*2)XQGRI(QHUJ\ 1RLQIRUPDWLRQ
(IILFLHQW7HFKQRORJLHV DYDLODEOH
P
.RNFKRORNRY6
,QGLYLGXDO
IXQGV
,QGLYLGXDO
IXQGV
,QGLYLGXDO
IXQGV
,QGLYLGXDO
IXQGV
VRP
86'
VRP
%$6SURJUDP
(%5'SDLG
IRU
FRQVXOWDWLRQ
,QGLYLGXDO
,QGLYLGXDO
IXQGV
,QGLYLGXDO
IXQGV
'LIILFXOWWR ,QGLYLGXDO
DQVZHU
IXQGV
86'
VRP
5HIXVHGWR
DQVZHU
5HIXVHGWR
DQVZHU
0DPXQRY
.DP\O
0DQXIDFWXUHU
6XUYH\RI
IDUPHUV
6XUYH\RI
IDUPHUV
6XUYH\RI
IDUPHUV
6XUYH\RI
IDUPHUV
=D\WVHY2OHJ
1*2)XQGRI
(QHUJ\(IILFLHQW
7HFKQRORJLHV
=D\WVHY2OHJ
1*2)XQGRI
(QHUJ\(IILFLHQW
7HFKQRORJLHV
6XUYH\RI
IDUPHUV
㸫㸫
%XVKODVKHY
$PDQWXU.DVKDW
YLOODJH,VV\N.XO
UHJLRQ,VV\N±.XO
REODVW
%DUDQFKLHY6WDKDQ
XFK*ULJRUHYND
YLOODJH,VV\N.XO
UHJLRQ,VV\N±.XO
REODVW
&+8<2%/$67
$OLVKHURY$OPD]
$.³$OD$UFKD
$NMRO´
$ODPHGLQUHJLRQ
&KX\
=DU\DFRRSHUDWLYH
$NVXXYLOODJH
$NVXXUHJLRQ,VV\N
.XOREODVW
,(%HUGLNHHY
6DJLQEHN&KRQ
7DVKYLOODJH7\XS
UHJLRQ,VV\N.XO
REODVW
,(0XVDHY0DPDQ
YLOODJH$NVXX
UHJLRQ,VV\N.XO
REODVW
,($VNDU&KRQ7DVK YLOODJH7\XSUHJLRQ ,VV\N.XOREODVW
P
,(0DPRQRY
,(0DPXQRY
,(0DPXQRY
P
P
,(0DPXQRY
P
,(0DPXQRY
,(0DPXQRY
P
P
,(0DPXQRY
P
1RLQIRUPDWLRQ
DYDLODEOH
2SHUDWHV
1RLQIRUPDWLRQ
DYDLODEOH
2SHUDWHV
2SHUDWHV
2SHUDWHV
2SHUDWHV
VRP
VRP
VRP
VRP
VRP
VRP
VRP
%$6SURJUDP
(%5'SDLG
IRU
FRQVXOWDWLRQ
,QGLYLGXDO
IXQGV
%$6SURJUDP
(%5'SDLG
IRU
FRQVXOWDWLRQ
,QGLYLGXDO
IXQGV
%$6SURJUDP
(%5'SDLG
IRU
FRQVXOWDWLRQ
,QGLYLGXDO
IXQGV
%$6SURJUDP
(%5'SDLG
IRU
FRQVXOWDWLRQ
,QGLYLGXDO
IXQGV
%$6SURJUDP
(%5'SDLG
IRU
FRQVXOWDWLRQ
,QGLYLGXDO
IXQGV
%$6SURJUDP
(%5'SDLG
IRU
FRQVXOWDWLRQ
,QGLYLGXDO
IXQGV
%$6SURJUDP
(%5'SDLG
IRU
FRQVXOWDWLRQ
,QGLYLGXDO
IXQGV
0DPXQRY
.DP\O
0DQXIDFWXUHU
0DPXQRY
.DP\O
0DQXIDFWXUHU
0DPXQRY
.DP\O
0DQXIDFWXUHU
0DPXQRY
.DP\O
0DQXIDFWXUHU
0DPXQRY
.DP\O
0DQXIDFWXUHU
0DPXQRY
.DP\O
0DQXIDFWXUHU
0DPXQRY
.DP\O
0DQXIDFWXUHU
㸫㸫
7$/$62%/$67
)DUKDW'X\VKHQRY
.\]\O&KDUED6WUHHW
.\]\O&KDUED
YLOODJH%DND\DW
UHJLRQ7DODV
3$³.DOED´
$U]\NXOD6WUHHW
.DOEDYLOODJH7DODV
UHJLRQ7DODV
26+2%/$67
&+8<2%/$67
6DOEDHYD.DQ\JXO
$QGDVKHY6WUHHW
%DWKKRXVH
1XUPDPEHWYLOODJH
,VV\NDWDUHJLRQ
&KX\
)DUP³$\PLU
.DV\EHN´
6RQ7DVKYLOODJH
,VV\NDWDUHJLRQ
&KX\
$VVRFLDWLRQRI:DWHU
FRQVXPHUV³'$1´
.RNFKRORNRY6
3)³2WRJRQ´
6DODKHWGLQRY76
P
3)³2WRJRQ´
6DODKHWGLQRY76
P
P
3URMHFWRI&355(6
2ER]RY$'
P
,QVWDOOHGE\KLPVHOI
P
$VVRFLDWLRQRI:DWHU
FRQVXPHUV³'$1´
.RNFKRORNRY6
P
2SHUDWHV
1RWRSHUDWLQJ
1RWRSHUDWLQJ
1RWRSHUDWLQJ
UHTXLUHV
FRQVWUXFWLYH
FKDQJHV
:RUNHGGXULQJ
WKHVXPPHU
UHTXLUHV
FRQVWUXFWLYH
FKDQJHV
1RWRSHUDWLQJ
UHTXLUHV
FRQVWUXFWLYH
FKDQJHVQR
VSHFLDOLVWIRU
UHSDLULQJKLJK
FRVWRI
UHSDLULQJ
*UDQW*()
,17(51$7,21$/25*$1,=$7,216*()-,&$
,66<..8/2%/$67
3)³%DUVHP´
0DPGMDQD6WUHHW
6DUXXYLOODJH$N
6XXUHJLRQ,V\\N
.XO
0DMLFRYD(OPLUD3) ³%DUVHP´
1DPD]EHNRYD6WUHHW
.\]\O6XXYLOODJH
$N6XXUHJLRQ
,VV\N.XO
*UDQW*()
*UDQW*()
*UDQW*()
86'WRWDO
DPRXQWRI
SURMHFW
*UDQW*()
*UDQW*()
*UDQW*()
86'WRWDO
DPRXQWRI
SURMHFW
86'WRWDO
DPRXQWRI
SURMHFW
86'
IXQGV
%LRJDVIDFLOLWLHV
LQ.5UHIHUHQFH
PDQXDO
%LRJDVIDFLOLWLHV
LQ.5UHIHUHQFH
PDQXDO
%LRJDVIDFLOLWLHV
LQ.5UHIHUHQFH
PDQXDO
%LRJDVIDFLOLWLHV
LQ.5UHIHUHQFH
PDQXDO
6XUYH\RI
IDUPHUV
%LRJDVIDFLOLWLHV
LQ.5UHIHUHQFH
PDQXDO
㸫㸫
-,&$
-,&$
-,&$
-,&$
-,&$
P
P
P
P
P
7DOD\EHN$N'HEH
YLOODJH,VV\N.XO
&KRQ.\]\O6XX
YLOODJH,VV\N.XO
%DDWEDHHY
$UVWDQEHN
6RRURQEDHY6WUHHW
-,&$
-,&$
P
P
3)³$LMDQD´
P
3)³$LMDQD´
P
RSHUDWHDEVHQFH
RIORFDWLRQ
LQIRUPDWLRQ
RSHUDWHDEVHQFH
RIORFDWLRQ
LQIRUPDWLRQ
RSHUDWHDEVHQFH
RIORFDWLRQ
LQIRUPDWLRQ
,QZRUNLQJ
FRQGLWLRQ
,QZRUNLQJ
FRQGLWLRQ
,QZRUNLQJ
FRQGLWLRQ
,QZRUNLQJ
FRQGLWLRQ
,QZRUNLQJ
FRQGLWLRQ
,QZRUNLQJ
FRQGLWLRQ
,QZRUNLQJ
FRQGLWLRQ
,QZRUNLQJ
FRQGLWLRQ
*UDQW-,&$
3)³$LMDQD´
P
,66<..8/2%/$67
3)³2WRJRQ´
6DODKHWGLQRY76
P
6RRURQEDHY
6WUHHW&KH'RER
YLOODJH'MHWL2JX]
UHJLRQ,VV\N.XO
$EG\UDHY'M\UJDOD
$WRNXURY6WUHHW
6DUXXYLOODJH,VV\N
.XO
.DUDJDOFKDHY
=DLUEHN
7\VKWREDHY6WUHHW
$N'RERYLOODJH
,VV\N.XO
6DUXXYLOODJH,VV\N
.XO
.DUD6XXUHJLRQ
.DUD.XOMD
0DPDWRY-
8FKDUYLOODJH
.DUDVXXUHJLRQ2VK
$OD\UHJLRQ
1R
LQIRUPDWLRQ
DYDLODEOH
1R
LQIRUPDWLRQ
DYDLODEOH
1R
LQIRUPDWLRQ
DYDLODEOH
86'WRWDO
DPRXQWRI
SURMHFW
*UDQW-,&$
*UDQW-,&$
*UDQW-,&$
*UDQW-,&$
*UDQW-,&$
*UDQW-,&$
*UDQW-,&$
*UDQW*()
*UDQW*()
*UDQW*()
*UDQW*()
0DPXQRY.
(QJLQHHUIURP
-,&$
0DPXQRY.
(QJLQHHUIURP
-,&$
0DPXQRY.
(QJLQHHUIURP
-,&$
0DPXQRY.
(QJLQHHUIURP
-,&$
0DPXQRY.
(QJLQHHUIURP
-,&$
0DPXQRY.
(QJLQHHUIURP
-,&$
0DPXQRY.
(QJLQHHUIURP
-,&$
%LRJDVIDFLOLWLHV
LQ.5UHIHUHQFH
PDQXDO
-DQLVKEHN
0DPDWRY3)
³$LMDQD´
-DQLVKEHN
0DPDWRY3)
³$LMDQD´
-DQLVKEHN
0DPDWRY3)
³$LMDQD´
*UDQW
-,&$
㸫㸫
&KH'RERYLOODJH
'MHWL2JX]UHJLRQ
,VV\N.XO
&+8<2%/$67
-DNHVKHY%HUGLEHN
.DUDO'RERYLOODJH .RN2\URN$\\O
2NPRWX.HPLQ
UHJLRQ&KX\
)DUP³'DU\3ULURG\´ .ROFKHQNR*3
6ORERGVND\D
6WUHHW7RNPDN
WRZQ&KX\
.XUPDQRY-HQLVK
'DLU\&RUSRUDWH
³$\NRPGDQ´
$OPDOLYLOODJH
,VV\NDWDUHJLRQ
&KX\
,66<..8/2%/$67
&DWWOHEUHHGLQJ
)DUP%DNWXX
'RORQRWX,VV\N.XO
UHJLRQ,VV\N.XO
%RJRPRORY/
%DUNWXX'RORQRWX
YLOODJH,VV\N.XO
UHJLRQ,VV\N.XO
.\]\O6XXYLOODJH
$N6XXUHJLRQ
,VV\N.XO
7HPLUEHN
0DPEHWDOLHY
.DUDVDHYD6WUHHW
.RUXPGXYLOODJH
7\XSUHJLRQ,VV\N
.XO
1XUODQ$VDQDOLHY
6KNROQD\D6WUHHW .DUD&KXQNXU
YLOODJH7\XSUHJLRQ
3)³)OXLG´
9HGHQHY$*-,&$
3)³)OXLG´
9HGHQHY$*
P
P
2SHUDWHV
2SHUDWHV
2SHUDWHV
-6&³)DNHO´
6WUXFKDOLQD7,
-6&³)DNHO´
6WUXFKDOLQD7,
³%,20´
,(0DPXQRY
,(0DPXQRY
P
P
P
P
P
2SHUDWHV
1RWRSHUDWLQJ
GLVUXSWLRQRI
UHDFWRU
2SHUDWHV
1RWRSHUDWLQJ
,QZRUNLQJ
FRQGLWLRQ
27+(5127$9$,/$%/(
3)³)OXLG´
9HGHQHY$*-,&$
P
*UDQW-,&$
*UDQW-,&$
*UDQW-,&$
VRP
6\W%XODN
IXQGV
6\W%XODN
IXQGV
'LIILFXOWWR ,QVWLWXWHRI
DQVZHU
QRQRUJDQLF
FKHPLVWU\
VRP
VRP
%LRJDVIDFLOLWLHV
LQ.5UHIHUHQFH
PDQXDO
%LRJDVIDFLOLWLHV
LQ.5UHIHUHQFH
PDQXDO
0DPXQRY
.DP\O
6XUYH\RI
IDUPHUV
%LRJDVIDFLOLWLHV
LQ.5UHIHUHQFH
PDQXDO
6XUYH\RI
IDUPHUV
%LRJDVIDFLOLWLHV
LQ.5UHIHUHQFH
PDQXDO
6XUYH\RI
IDUPHUV
㸫㸫
,VV\N.XO
&+8<2%/$67
$NDHY$VDQNXO
.\]\O%D\UDN
YLOODJH.HPLQ
UHJLRQ&KX\
.XEH]D60
)DUP³,EUDJLP´
&KDSDHYD6WUHHW
$OHNVDQGUREND
YLOODJH0RVFRZ
UHJLRQ&KX\
)DUP³%DN\W´
7HPLU\D]HYD
6WUHHW
3HUYRPD\VNRH
YLOODJH6RNXOXN
UHJLRQ&KX\
-6&³.XQWXX´
,PDQDOLHYD6WUHHW
.XQWXXYLOODJH
6RNXOXNUHJLRQ
&KX\
.XWWXNRY$PDQJHOG\
/HQLQD6WUHHW
+XQFKLYLOODJH
,VV\NDWDUHJLRQ
&KX\
)DUP³1XUGDQEHN´
%HVK2UXNYLOODJH
0RVFRZUHJLRQ
&KX\
6DG\EDHY2OHJ
'DFKQD\D6WUHHW
7DVK'\XEHYLOODJH
$ODPHGLQUHJLRQ
&KX\
)DUP³6KHPKDQ´
$OHNVHHYNDYLOODJH
'MDLOUHJLRQ&KX\
2-6&³0L6´
6RYHWVND\D6WUHHW
.DQWWRZQ&KX\
3)³)OXLG´
9HGHQHY$*
3)³)OXLG´
9HGHQHY$*
3)³)OXLG´
9HGHQHY$*
3)³)OXLG´
9HGHQHY$*
P
P
P
3)³)OXLG´
9HGHQHY$*
P
P
3)³)OXLG´
9HGHQHY$*
P
3)³)OXLG´
9HGHQHY$*
-6&&7³-$=´
P
P
-6&³)DNHO´
6WUXFKDOLQD7,
%XGDULQ9$
P
2SHUDWHV
2SHUDWHV
2SHUDWHV
2SHUDWHV
2SHUDWHV
,QZRUNLQJ
FRQGLWLRQ
2SHUDWHV
1RWRSHUDWLQJ
QRSHUVRQQHO
QRUDZ
PDWHULDOV
1RWRSHUDWLQJ
86'
,QGLYLGXDO
IXQGVIXQGV
IURP-6&&7
³-$=´IRU
DGYHUWLVLQJ
%LRJDVIDFLOLWLHV
LQ.5UHIHUHQFH
PDQXDO
%LRJDVIDFLOLWLHV
LQ.5UHIHUHQFH
PDQXDO
%LRJDVIDFLOLWLHV
LQ.5UHIHUHQFH
PDQXDO
%LRJDVIDFLOLWLHV
LQ.5UHIHUHQFH
PDQXDO
%LRJDVIDFLOLWLHV
LQ.5UHIHUHQFH
PDQXDO
%LRJDVIDFLOLWLHV
LQ.5UHIHUHQFH
PDQXDO
%LRJDVIDFLOLWLHV
LQ.5UHIHUHQFH
PDQXDO
6XUYH\RI
IDUPHUV
%LRJDVIDFLOLWLHV
LQ.5UHIHUHQFH
PDQXDO
㸫㸫
6DJ\Q'MXPDJXORY
&KRQ7RER
6WUHHW$FKD.DLQG\
YLOODJH$W%DVK\
UHJLRQ1DU\Q
'MXQXV6DWLHY
0RQPXWEHNRY,
0DODNDQRYD
6WUHHW%LULOLN
YLOODJH$W%DVK\
UHJLRQ1DU\Q
3(³&KDJDWD\´
$E\NHHYD6WUHHW
$WEDVK\YLOODJH$W
EDVK\UHJLRQ1DU\Q
'X\VKQNXO
'MXPDQRY
0DPEHNWQD]LHYD
6WUHHW%DVK.DLQG\
YLOODJH$W%DVK\
UHJLRQ1DU\Q
6WDPRY0XKDPEHW
&KRFK'RER
6WUHHW$W%DVK\
YLOODJH1DU\Q
$VVRFLDWLRQRI:DWHU
FRQVXPHUV³'$1´
.RNFKRORNRY6
$VVRFLDWLRQRI:DWHU
FRQVXPHUV³'$1´
.RNFKRORNRY6
$VVRFLDWLRQRI:DWHU
FRQVXPHUV³'$1´
.RNFKRORNRY6
$VVRFLDWLRQRI:DWHU
P
P
P
P
$VVRFLDWLRQRI:DWHU
FRQVXPHUV³'$1´
.RNFKRORNRY6
P
$VVRFLDWLRQRI:DWHU
FRQVXPHUV³'$1´
.RNFKRORNRY6
$VVRFLDWLRQRI:DWHU
FRQVXPHUV³'$1´
.RNFKRORNRY6
P
P
$VVRFLDWLRQRI:DWHU
FRQVXPHUV³'$1´
.RNFKRORNRY6
P
$VVRFLDWLRQRI:DWHU
FRQVXPHUV³'$1´
.RNFKRORNRY6
P
1$5<12%/$67
-ROGRVKEDHY
$N\OEHN
6DULHYD6WUHHW
.\]\O7XXYLOODJH$W
%DVK\UHJLRQ1DU\Q
0DWNDE\ORY
.RQRFKDO\
-DNSD\6WUHHW
$FKD.DLQG\YLOODJH
$W%DVK\UHJLRQ
1DU\Q
%LUOLNYLOODJH$W
%DVK\UHJLRQ1DU\Q
1RWRSHUDWLQJ
1RWRSHUDWLQJ
UHTXLUHV
FRQVWUXFWLYH
FKDQJHV
1RWRSHUDWLQJ
UHTXLUHV
FRQVWUXFWLYH
FKDQJHVQR
VSHFLDOLVWIRU
UHSDLULQJ
1RWRSHUDWLQJ
UHTXLUHV
FRQVWUXFWLYH
FKDQJHVQR
VSHFLDOLVWIRU
UHSDLULQJ
1RWRSHUDWLQJ
UHTXLUHV
FRQVWUXFWLYH
FKDQJHV
1RWRSHUDWLQJ
UHTXLUHV
FRQVWUXFWLYH
FKDQJHV
1RWRSHUDWLQJ
UHTXLUHV
FRQVWUXFWLYH
FKDQJHV
1RWRSHUDWLQJ
UHTXLUHV
FRQVWUXFWLYH
FKDQJHV
1RWRSHUDWLQJ
UHTXLUHV
FRQVWUXFWLYH
FKDQJHV
JUDQW
'LIILFXOWWR JUDQW
DQVZHU
VRP
IRU
PDWHULDOV
%LRJDVIDFLOLWLHV
%LRJDVIDFLOLWLHV
LQ.5UHIHUHQFH
PDQXDOO
6XUYH\RI
IDUPHUV
6XUYH\RI
IDUPHUV
%LRJDVIDFLOLWLHV
LQ.5UHIHUHQFH
PDQXDO
%LRJDVIDFLOLWLHV
LQ.5UHIHUHQFH
PDQXDO
%LRJDVIDFLOLWLHV
LQ.5UHIHUHQFH
PDQXDO
%LRJDVIDFLOLWLHV
LQ.5UHIHUHQFH
PDQXDO
%LRJDVIDFLOLWLHV
LQ.5UHIHUHQFH
PDQXDO
㸫㸫
6KXNXUEHN
,PDQDOLHY-DQ\
&KHN6WUHHW7DODV
FLW\7DODVUHJLRQ
7DODV
1XUNDQ7RNWRURY
7DQDEDHYD6WUHHW
6KHNHUYLOODJH.DUD
%XXULQUHJLRQ7DODV
0DPDW6DUSLHY
5DKPDQEHUGLHYD
6WUHHW$N7DVK
YLOODJH0DQDV
UHJLRQ7DODV
$VNDUEHN
-DN\OEHNRY&KRQ
.DSNDYLOODJH
0DQDVUHJLRQ7DODV
%XUXO7XPDQRYD
7$/$62%/$67
'RRWDO\$VDQRY
'DVSD\D6WUHHW.HQ
$UDOYLOODJH%DND\DW
UHJLRQ7DODV
-XPD.R]XEHNRY
$W%DVK\6WUHHW
$W%DVK\YLOODJH$W
%DVK\UHJLRQ1DU\Q
&KRQ7RER
6WUHHW$FKD.DLQG\
YLOODJH$W%DVK\
UHJLRQ1DU\Q
.DV\PRY7XUDU
0DODNDQRYD
6WUHHW%LULOLN
YLOODJH$W%DVK\
UHJLRQ1DU\Q
$VVRFLDWLRQRI:DWHU
FRQVXPHUV³'$1´
.RNFKRORNRY6
$VVRFLDWLRQRI:DWHU
FRQVXPHUV³'$1´
.RNFKRORNRY6
$VVRFLDWLRQRI:DWHU
FRQVXPHUV³'$1´
.RNFKRORNRY6
$VVRFLDWLRQRI:DWHU
FRQVXPHUV³'$1´
.RNFKRORNRY6
$VVRFLDWLRQRI:DWHU
FRQVXPHUV³'$1´
.RNFKRORNRY6
$VVRFLDWLRQRI:DWHU
P
P
P
P
P
$VVRFLDWLRQRI:DWHU
FRQVXPHUV³'$1´
.RNFKRORNRY6
P
P
$VVRFLDWLRQRI:DWHU
FRQVXPHUV³'$1´
.RNFKRORNRY6
P
FRQVXPHUV³'$1´
.RNFKRORNRY6
1RWRSHUDWLQJ
UHTXLUHV
FRQVWUXFWLYH
FKDQJHV
:RUNHGGXULQJ
WKHVXPPHU
UHTXLUHV
FRQVWUXFWLYH
FKDQJHV
1RWRSHUDWLQJ
UHTXLUHV
FRQVWUXFWLYH
FKDQJHV
1RWRSHUDWLQJ
:RUNHGGXULQJ
WKHVXPPHU
UHTXLUHV
FRQVWUXFWLYH
FKDQJHV
:RUNHGGXULQJ
WKHVXPPHU
UHTXLUHV
FRQVWUXFWLYH
FKDQJHV
1RWRSHUDWLQJ
UHTXLUHV
FRQVWUXFWLYH
FKDQJHVQR
VSHFLDOLVWIRU
UHSDLULQJ
1RWRSHUDWLQJ
UHTXLUHV
FRQVWUXFWLYH
FKDQJHVQR
VSHFLDOLVWIRU
UHSDLULQJ
UHTXLUHV
FRQVWUXFWLYH
FKDQJHV
5HIXVHGWR
DQVZHU
JUDQW
'LIILFXOWWR JUDQW
DQVZHU
%LRJDVIDFLOLWLHV
%LRJDVIDFLOLWLHV
LQ.5UHIHUHQFH
PDQXDO
%LRJDVIDFLOLWLHV
LQ.5UHIHUHQFH
PDQXDO
%LRJDVIDFLOLWLHV
LQ.5UHIHUHQFH
PDQXDO
%LRJDVIDFLOLWLHV
LQ.5UHIHUHQFH
PDQXDO
%LRJDVIDFLOLWLHV
LQ.5UHIHUHQFH
PDQXDO
6XUYH\RI
IDUPHUV
6XUYH\RI
IDUPHUV
LQ.5UHIHUHQFH
PDQXDO
㸫㸫
$NV\UHJLRQ-DODO
$EDGREODVW
%XGDULQ9$
P
.D]\KDGMDHY
6KDYNDW
7DGM\EDHYD
6WUHHW.XUXN.RO
YLOODJHQHDUE\
6X]DNYLOODJH
6X]DNUHJLRQ
'MDODO$EDG
1RRNHQUHJLRQ-DODO
$EDGREODVW
%XGDULQ9$
P
63&³$OWHUQHUJR´
P
%XGDULQ9$
%XGDULQ9$
P
P
3)³)OXLG´
9HGHQHY$*
P
FRQVXPHUV³'$1´
.RNFKRORNRY6
'-$/$/$%$'2%/$67
'MDODO$EDGFLW\
,QVWLWXWHRI
(QHUJHWLFVDQG
(OHFWURQLFV
6X]DNYLOODJH
'MDODO$EDG
63&³$OWHUQHUJR´
,VDQRYD6WUHHW
2VK
0RORGHMQD\D6WUHHW
%DND\$WDYLOODJH
%DND\DWDUHJLRQ
7DODV
%,6+.(.
3)³)OXLG´
$OPD$WLQVND\D
6WUHHW%LVKNHNFLW\
&KX\
26+2%/$67
-DQ\$U\NYLOODJH
2VK
2SHUDWHV
2SHUDWHV
1RWRSHUDWLQJ
1RWRSHUDWLQJ
1RWRSHUDWLQJ
1RWRSHUDWLQJ
UHTXLUHV
FRQVWUXFWLYH
FKDQJHV
,QZRUNLQJ
FRQGLWLRQ
,QZRUNLQJ
FRQGLWLRQ
UHTXLUHV
FRQVWUXFWLYH
FKDQJHV
6RODU%LRJDV
%)
H[SHULPHQWDO
PRGHO
86'
2VPRQDOLHY
-DQLEHNKHDGRI
DJULFXOWXUDO
GHSDUWPHQW
'MDODO$EDG
REODVW
2VPRQDOLHY
-DQLEHNKHDGRI
DJULFXOWXUDO
%LRJDVIDFLOLWLHV
LQ.5UHIHUHQFH
PDQXDO
%LRJDVIDFLOLWLHV
LQ.5UHIHUHQFH
PDQXDO
%LRJDVIDFLOLWLHV
LQ.5UHIHUHQFH
PDQXDO
6SHFLDOLVWRI
63&
³$OWHUQHUJR´
%LRJDVIDFLOLWLHV
LQ.5UHIHUHQFH
PDQXDO
%LRJDVIDFLOLWLHV
LQ.5UHIHUHQFH
PDQXDO
LQ.5UHIHUHQFH
PDQXDO
㸫㸫
%D]DU.RUJRQ
UHJLRQ-DODO$EDG
REODVW
2SHUDWHV
GHSDUWPHQW
'MDODO$EDG
REODVW
2VPRQDOLHY
-DQLEHNKHDGRI
DJULFXOWXUDO
GHSDUWPHQW
'MDODO$EDG
REODVW
㸫㸫
$&7,9,7<
'HVLJQDQGSXEOLFDWLRQRIDJXLGHRQDSSOLFDWLRQRIELRJDV
WHFKQRORJLHVLQ.\UJ\]VWDQ5HDOL]HGLQ
$,0
7KHKHOSWRWKHSRSXODWLRQRI.5LQH[SDQVLRQRI
SRVVLELOLWLHVLQXVDJHRIDQHQHUJ\SRWHQWLDORIDELRPDVV
LPSURYHPHQWRIHFRORJLFDODQGVDQLWDU\ZHOOEHLQJRIWKH
SRSXODWLRQUHGXFWLRQRILVVXHRIKRWEHGJDVHVDQG
LPSURYHPHQWRIDJULFXOWXUDOJURXQGVTXDOLW\
3URPRWLRQRI%LRJDV7HFKQRORJLHVLQ5XUDO
$UHDVRIWKH.\UJ\]5HSXEOLF-,&$
%LVKNHN%RNRPEDHYD6WUHHWɌɟO
,PSURYHPHQWRISRWHQWLDORQDSSOLFDWLRQRI
ELRJDVIDFLOLWLHVLQ.\UJ\]VWDQ
3/$16
&RQGXFWLRQRIORFDOPDUNHWRI5(6
LQ.\UJ\]VWDQPDQXIDFWXUH
VHUYLFHRIUHDOILQDQFLDODQG
OHDVLQJPHFKDQLVPVIRUSXUFKDVLQJ
RI5(6HTXLSPHQWE\ILQDOXVHUV
DWWUDFWLRQRILQYHVWRUV3DUWQHUVK LS
ZLWKGRQRUV(&-,&$DQGRWKHUVRQ
UHDOL]DWLRQRIUHJLRQDOSURMHFWVRI
5(63URPRWLRQRI5(6IRU
PXQLFLSDODXWKRULWLHVRI
.\UJ\]VWDQ7KHODXQFKLQJRIQHZ
SURMHFW*()81'3'HYHORSPHQW
RIVPDOO+36 LQ.\UJ\]VWDQ
$&7,9,7<
'HYHORSPHQWDQGSHUIHFWLRQRIVWDQGDUGOHJDOEDVHIRU5(6
FRQGXFWLRQRIFDPSDLQJVWRLQIRUPWKHSXEOLFWUDLQLQJRI
VSHFLDOLVWHGXFDWLRQDOPDWHULDO6XSSRUWRIQHZSURMHFWV
81'3*()PLFUR+36
$,0
7KHDLPRIWKHSURMHFWLVUHGXFWLRQRISRYHUW\DQG
LPSURYHPHQWRIOLYLQJFRQGLWLRQVRIUXUDOSRSXODWLRQE\
SURPRWLRQRI5(6XVHPLFURDQGVPDOO+36VRODUDQG
ELRJDVIDFLOLWLHV
%XGJHW86'
3/$16
(GLOEHN%RJRPEDHY%LVKNHN$KXQEDHYD6WUHHW5 %XGJHW86'
7HO
3URMHFWRI81'3$GYDQFHPHQWRIUHQHZDEOH
HQHUJ\VRXUFHVIRUUHPRWHUHJLRQV5HQHZDEOH
(QHUJ\6RXUFHV
$SSHQGL[,QWHUQDWLRQDORUJDQL]DWLRQVDQGGRQRUV
㸫㸫
$&7,9,7<
$VVLVWDQFHWRWKHXVHRI5(6E\HOLPLQDWLRQRIEDUULHUV
DQGLQWURGXFWLRQGHSUHFLDWLRQRIFRVWILQDQFLQJRI
SURMHFWVRQLQWURGXFWLRQRI5(6
$,0
ɊURYLVLRQRIEHQHILWWRJOREDOHQYLURQPHQWWKURXJKWKHDFWLYLW\RQ
WKHOHYHORIORFDOFRPPXQLWLHV,QWKHVSKHUHRIELRJDVSURYLVLRQRI
DOWHUQDWLYHDQGDXWRQRPRXVHQHUJ\VRXUFHVIRUWKHORFDOSRSXODWLRQ
7RWDODPRXQWRIDOOSURMHFWV
LQELRJD]86'
86'
86'
(VWDEOLVKPHQWRIFRPELQHG%LRJDV8QLWVDQG6PDOO+\GURHOHFWULF6WDWLRQLQ.L]LO&KDUEDYLOODJHRQ8UPDUDO
5LYHU
$,07RJLYHWRORFDOSHRSOHDOWHUQDWLYHDQGDXWRQRPRXVHQHUJ\VRXUFHVELRJDVDQGPLQLK\GURSRZHUVWDWLRQIRUKHDWLQJSUHSDULQJIRRGDQGLOOXPLQDWLRQ
LQVWHDGRIZRRG
$,07KHUHFRQVWUXFWLRQRIYLOODJHEDWKKRXVHDQGWUDQVIHULWVKHDWLQJV\VWHPWRELRJDV
5HFRQVWUXFWLRQRIYLOODJHEDWKKRXVHDQGWUDQVIHULWVKHDWLQJV\VWHPWRELRJDVLQ1XUPDQEHW
3/$16
7KHODXQFKLQJRI*()81'3
SURMHFW'HYHORSPHQWRIVPDOO
+36LQ.\UJ\]VWDQ
,QWURGXFWLRQRI$XWRQRPRXV5HQHZDEOH6RXUFHRI(QHUJ\LQ'MXXN\6HWWOHPHQW
86'
$,07RJLYHWRORFDOSHRSOHLQYLOODJH6DUXXDQG'MXXNXDOWHUQDWLYHHQHUJ\VRXUFHLQVWHDGRIZRRGDQGSUHVHUYDWLRQIORRGSODLQIRUHVWE\LQVWDOODWLRQRI
DXWRQRPRXVVPDOOK\GURHOHFWULFSRZHUVWDWLRQVRQ'MXXNX5LYHUDQGDOVRSODQWLQJZLOORZVDQGSRSODUV
0XUDWEHN.RVKRHY%LVKNHN2VKVND\D6WUHHWDSW
7HO
$&7,9,7<
3/$16
'HYHORSPHQWRIELRJDVWHFKQRORJLHVWUDLQLQJRIVSHFLDOLVWVUHDOL]DWLRQ 5HDOL]DWLRQRIDFWLYLWLHVZLWKLQ
RISLORWSURMHFWVLQ,VV\N.XODQG&KX\REODVWVFRQGXFWLRQRIDV\VWHP WKHOLPLWVRIWKHSURMHFW
RIVSUHDGLQJRIELRJDVWHFKQRORJLHVGHYHORSPHQWRIPDQXDORQ
DSSOLFDWLRQRIELRJDVWHFKQRORJLHVDQGOLTXLGIHUWLOL]HUV
3URJUDPRI*OREDO(FRORJ\)XQG*()DQG/,)(81'3
KWWSVJSXQGSRUJZHESURMHFWV
$,0
'LVVHPLQDWLRQRIELRJDVWHFKQRORJLHVLQ.\UJ\]VWDQ
㸫㸫
86'
86'
86'
86'
86'
'HPRQVWUDWLRQRIHQYLURQPHQWDQGHFRQRP\EHQHILWVRIFRPELQDWLRQRIUHQHZDEOHVRXUFHRIHQHUJ\DQGHQHUJ\
VDYLQJWHFKQRORJLHVLQWKH1RYRSDYORYNDYLOODJHORFDWHGLQWKH&KXLYDOOH\]RQHRILQWHQVLYHDJULFXOWXUHGHYHORSPHQW
$,07RHOLPLQDWHVKRUWFRPLQJVDQGOLPLWDWLRQVRIVHSDUDWHGHYLFHVE\FRPELQLQJWKHPLQRQHHQHUJ\GHOLYHU\DQGHQHUJ\VDYLQJFRPSOH[E\WKHH[DPSOHRI
DYHUDJHIDUPDQGJLYHZLGHSURSDJDWLRQRIH[SHULPHQWUHVXOWVWKDWZLOOUDLVHSXEOLFDZDUHQHVVDERXWWKHVHWHFKQRORJLHV
86'
'HPRQVWUDWLRQRIHQYLURQPHQWDQGHFRQRP\EHQHILWVRIXVLQJRUJDQLFIHUWLOL]HUVRULJLQDWHGE\FRPSRVWLQJDQG
DQDHURELFIHUPHQWDWLRQRISODQWJURZLQJDQGDQLPDOKXVEDQGU\ZDVWHIRULQFUHDVHRIQDWXUDOODQGIHUWLOLW\LQ.DOED
YLOODJHORFDWHGLQWKH]RQHRIDUDEOHIDUPLQJRI7DODVYDOOH\
'HPRQVWUDWLRQRIHQYLURQPHQWDQGHFRQRP\EHQHILWVRULJLQDWHGE\SURFHVVLQJRIDEVFLVHGOHDYHVDQGUHVWVRI
DJULFXOWXUHSODQWVLQFRPSRVWSLWDQGELRJDVLQVWDOODWLRQLQFRPSDULVRQZLWKLQFLQHUDWLRQLQWKH&KRQMDUJ\OFKDN
YLOODJHORFDWHGLQWKHODNHVKRUHRIODNH,VV\NNXO±FHQWHURI,VV\NNXOELRVSKHUHWHUULWRU\
$,0'HPRQVWUDWLRQRIHFRQRPLFDQGHFRORJLFDOEHQHILWVRIDSSO\LQJRIELRJDVWHFKQRORJLHVDQGFRPSRVWLQJ
86'
3URPRWLQJWKHDGRSWLRQRIUHQHZDEOHVRXUFHVRIHQHUJ\ELRJDVLQVWDOODWLRQVE\UHGXFWLRQWKHLUSURGXFWLRQFRVWV
LQFUHDVLQJDZDUHQHVVDERXWFRQVWUXFWLRQW\SHVLPSOHPHQWDWLRQRIORDQVFKHPHVDPRQJUXUDOSRSXODWLRQRIDG\U]RQH
LQWKH2VKREODVW
$,0,QLWLDWLRQRIZLGHVSUHDGLQWURGXFWLRQRIELRJDVLQVWDOODWLRQVE\UHPRYLQJEDUULHUVDVLQVXIILFLHQWDZDUHQHVVDQGKLJKFRVWRISURGXFWLRQRILQGLYLGXDO
ELRJDVLQVWDOODWLRQV
$,0'HPRQVWUDWLRQRIFOLPDWHIULHQGO\WHFKQRORJLHVRIXVLQJUHQHZDEOH
7UDLQLQJDQGPDQXIDFWXUH&HQWHUIRULQWURGXFWLRQRIFOLPDWHIULHQGO\WHFKQRORJLHVLQUXUDODUHDV
$,03URSDJDWLRQDQGLQWURGXFWLRQRIDVHWRIHQHUJ\DQGKHDWHIILFLHQWWHFKQRORJLHVLQ$W%DVK\GLVWULFWZKLFKWKHPRVWKLJKPRXQWDLQRXVDGPLQLVWUDWLYH
GLVWULFWLQ.\UJ\]VWDQ
,QFUHDVLQJRIHIILFLHQF\RIKHDWLQJKRXVHVE\LPSOHPHQWDWLRQHQHUJ\DQGKHDWVDYLQJWHFKQRORJLHV
$,0'HPRQVWUDWLRQRIHFRORJLFDODQGHFRQRPLFDGYDQWDJHVRIXVLQJWKHVPDOOYROXPHPPELRJDVLQVWDOODWLRQV
,QWURGXFWLRQRILQGLYLGXDOKRXVHKROGELRJDVXQLWVLQ,VV\N.XOUHJLRQ 㸫㸫
86'
3ODQQLQJJUDQWUHVHDUFKRQLQWURGXFLQJELRJDVSODQWVLQ%DWNHQREODVWE\DQDO\]LQJGLYHUVHW\SHVDQG
FRQVWUXFWLQJGHPRQVWUDWLYHGHYLFHV
$,07RLQWURGXFHWKHELRJDVGHYLFHVLQWKH%DWNHQDUHD
86'
&RQVHUYDWLRQRIELRGLYHUVLW\E\RUJDQL]LQJIRUHVWQXUVHU\RIVSHFLHVWKDWDUHLQWKH.\UJ\]5HG%RRNWRSURGXFH
VDSOLQJVLQEULTXHWWHVLQEXIIHU]RQHRI6DU\FKHOHNUHVHUYHLQ.\]\OWXXYLOODJHDQGHVWDEOLVKLQJELRJDVSODQWIRU
IHUWLOL]HUSURGXFWLRQ
$,07RUHKDELOLWDWHWKHIRUHVWWKHQXUVHU\RIHQGHPLFDQGUDUHW\SHV
5HGXFWLRQRIPDQPDGHSUHVVXUHRQFRQLIHURXVIRUHVWDQGULYHUSODQHIRUHVWSORWVFRQWDLQLQJVSHFLHVLQFOXGHGLQWR 86'
5HG%RRNRI.\UJ\]VWDQE\HQVXULQJHQHUJ\QHHGRILQKDELWDQWVRI-XXNXWUDFWWKRUXJKLQVWDOODWLRQRIUHQHZDEOH
VRXUFHVRIHQHUJ\PLQL+\GUR3RZHUVWDWLRQVRODUFROOHFWRUVDQGSODQWDWLRQRIIDVWJURZLQJWUHHVLQWKHIRUHVWDQG
VWHSSHEHOWRIVRXWKHUQVORSHRI7HVNH\$ODWRREHLQJDSDUWRI³,VV\NN\O%LRVSKHUH7HUULWRU\´
$,07RSURPRWHDOWHUQDWLYHW\SHVRIHQHUJ\UHVRXUFHVVRODUFROOHFWRUPLQLK\GURHOHFWULFVWDWLRQVDQGELRJDVGHYLFHV
3URPRWLRQDQGIDFLOLWDWLRQRIELRJDVWHFKQRORJLHVGLVVHPLQDWLRQE\RYHUFRPLQJRILQIRUPDWLRQHFRQRP\WHFKQLFDO 86'
EDUULHUVWKURXJKGLVWULEXWLRQRIUHIHUHQFHERRNRQELRJDVWHFKQRORJLHVFRQGXFWLRQRQVLWHWUDLQLQJVHPLQDUVDQG
SUHVHQWDWLRQLQHDFKREODVWRI.\UJ\]5HSXEOLF
$,07KHSURMHFWLVSURSRVLQJWRXVHXSWKHPDQXUHE\LPSOHPHQWLQJWKHELRJDVWHFKQRORJ\
$,0'HPRQVWUDWLRQRIRSSRUWXQLWLHVRIRUJDQLFIHUWLOL]HUVDSSOLFDWLRQRULJLQDWHGE\FRPSRVWLQJDQGDQDHURELFIHUPHQWDWLRQIRUQDWXUDOVRLOIHUWLOLW\
SUHVHUYDWLRQ
㸫㸫
©8VHSRZHUHIILFLHQWWHFKQRORJLHVDQG
DSSOLFDWLRQRIUHQHZDEOHHQHUJ\VRXUFHVIRU
SUHVHUYDWLRQRIQDWXUDOUHVRXUFHVDQG
LPSURYHPHQWRIOLIHFRQGLWLRQVRIUXUDOOSRSXODWLRQ
RIPRXQWDLQUHJLRQVª)HGHUDOPLQLVWU\RI
HQYLURQPHQWVSHQWSUHVHUYDWLRQRIWKHQDWXUHDQG
QXFOHDUVDIHW\RI)HGHUDO5HSXEOLFRI*HUPDQ\
WKH*RYHUQPHQWRI/LHFKWHQVWHLQ3ULQFHGRP3)
&$03$OD7RR
$,0
,PSURYHPHQWRIOLIHFRQGLWLRQVRIUXUDOSRSXODWLRQ
RIPRXQWDLQUHJLRQVRIWKH&HQWUDO$VLDE\
DSSOLFDWLRQRIHQHUJ\HIILFLHQWWHFKQRORJLHVDQG
IDFLOLWLHVRQWKHEDVLVRIUHQHZDEOHHQHUJ\VRXUFHV
EXGJHW
3URMHFWRI(XURSHDQ&RPPLWWHHRQ
,QWURGXFWLRQRI0LFUR+36DQGELRJDVIDFLOLWLHV
LQ.\UJ\]VWDQ
$,0
3URPRWLRQDPRQJORFDOFRPPXQLWLHVWZRW\SHVRI
5(6PLFUR+36DQG%)3HUIHFWLRQRIVWDQGDUG
OHJDOEDVHRQ5(6
$&7,9,7<
0RQLWRULQJDQGHYDOXDWLRQRIVLWXDWLRQE\WKHXVHRIDFFHVVLEOHHQHUJ\
VRXUFHVFRQGXFWLRQRIWUDLQLQJVHPLQDUVDQGURXQGWDEOHVFRQGXFWLRQRI
PDUNHWUHVHDUFKHVRQLGHQWLILFDWLRQRIPRVWDFFHSWDEOHHQHUJ\HIILFLHQW
WHFKQRORJLHVIRUUXUDOSRSXODWLRQ
3/$16
%XGJHW
(XUR
3/$16
&RQGXFWLRQRI
DFWLYLWLHV
DFFRUGLQJWRWKH
SURMHFW
$&7,9,7<
7UDLQLQJRIORFDOUHVLGHQWVRQTXHVWLRQVRIFRQVWUXFWLRQDQGH[SORWDWLRQRI
QHZVRXUFHVRIHQHUJ\DQGDOVRFRQVROLGDWLRQRIRZQUHVRXUFHVIRU
FRRSHUDWLYHFRQVWUXFWLRQDQGXVDJH&RQVWUXFWLRQRIPLFUR+36DQG%)7KH
ZRUNRQLPSURYHPHQWRIOHJLVODWLRQ
,VDHY5XVODQ%LVKNHN2VKVND\D6WUHHW7HO
%XGJHW
(XUR
,VODP2VPRQDOLHY%LVKNHN$EG\PRPXQRYD7HO
㸫㸫
6ZLVV%XUHDXRI&ROODERUDWLRQLQ.5
$,0
6XSSRUWRIVWHDG\GHYHORSPHQWE\UHGXFWLRQRI
SRYHUW\KHOSLQVWHDG\ULVHRIHQWHUSUHQHXUVKLS
SURYLVLRQRIHTXDODFFHVVWRSURIHVVLRQDOVHUYLFHVRI
VWDWHERGLHV
$,0
7KHDQDO\VLVDQGHVWLPDWLRQRISURVSHFWVIRU
GHYHORSPHQWRIVRODUDQGRWKHUNLQGVRI5(6LQ
.\UJ\]VWDQ
:%
$,0
'HYHORSPHQWRIVPDOODQGPHGLXPHQWHUSULVHVZLWK
KHOSRIFRILQDQFHVXEVLGLQJEXVLQHVV
FRQVXOWDWLRQVRIIHUHGE\GRPHVWLFDGYLVRUV
%DV3URJUDPP(%5'
$,0
(VWLPDWLRQRIWKHSHUVSHFWLYHVIRUGHYHORSPHQWRI
VPDOOSRZHULQWKHUHSXEOLFDQGRSSRUWXQLW\IRU
DWWUDFWLRQRIIRUHLJQLQYHVWRUVLQUHDOL]DWLRQRI
VLPLODUSURMHFWV
$VLDQ'HYHORSPHQW%DQN
%LVKNHN3DQILORYD6WUHHW
$&7,9,7<
3URMHFWRQUHVWRUDWLRQRIV\VWHPRIGULQNLQJZDWHUVXSSO\RI.DUDNROWRZQ
7KHSURMHFWRIUHGXFWLRQRISRZHUORVV1DU\QH[SHFWHGSURMHFW
5HKDELOLWDWLRQRIV\VWHPRIGULQNLQJZDWHUVXSSO\RI%LVKNHNFLW\LQ
FROODERUDWLRQZLWK(XURSHDQ%DQNRI5HFRQVWUXFWLRQDQG'HYHORSPHQW
-\OG\]'MDN\SRYD356SHFLDOLVW%LVKNHN0RVNRYVND\D6WUHHW7HO
$&7,9,7<
5HDOL]DWLRQRISURMHFW.D]DNKVWDQDQG.\UJ\]VWDQ2SSRUWXQLWLHVIRU
GHYHORSPHQWRIQRQFRQYHQWLRQDOSRZHU7KHSURMHFWLVUHDOL]HG
$]LP%LVKNHN7\Q\VWDQRYDDSW
$&7,9,7<
)LQDQFLQJRIFRQVXOWDQWVHUYLFHVRQLQVWDOODWLRQRI%)
$LQDJXO$EGUDKPDQRYD&RRUGLQDWRURI35%LVKNHN2UR]EHNRYD
6WUHHW7HO
$&7,9,7<
5HYHDOLQJRISRVVLELOLWLHVRIUHDOL]DWLRQRIODUJHUHJLRQDOSURMHFWVLQWKHILHOG
RI5(6DQGVWXG\LQJRISRVVLELOHLQWURGXFWLRQRILQYHVWPHQWE\WKH%DQN
3/$16
1RSURMHFWVDUH
SODQQHGRQELRJDV
\HWLQ.\UJ\]VWDQ
3/$16
1RSURMHFWVDUH
SODQQHGRQELRJDV
\HWLQ.\UJ\]VWDQ
3/$16
1RSURMHFWVDUH
SODQQHGRQELRJDV
\HWLQ.\UJ\]VWDQ
3/$16
1RSURMHFWVDUH
SODQQHGRQELRJDV
\HWLQ.\UJ\]VWDQ
㸫㸫
)XQG6RURV.\UJ\]VWDQ
$,0
6XSSRUWRIFLWL]HQLQLWLDWLYHVLQUHDOL]DWLRQRIOHJDO
HGXFDWLRQDODQGHFRQRPLFUHIRUPVVXSSRUWRI0DVV
0HGLD1*2DQGDFDGHPLFFLUFOHVDVVLVWDQFHRI
LQLWLDWLYHVLQWKHVSKHUHRISXEOLFSROLF\KHDOWKFDUH
FXOWXUH
&RPPXQLW\'HYHORSPHQWDQG,QYHVWPHQW
$JHQF\RIWKH.5$5,6
$,0
7KHRYHUDUFKLQJDLPRIWKH$5,6DQGDQ\SURMHFW
PDQDJHGE\LWLVWRFRQWULEXWHWRWKHDOOHYLDWLRQRI
UXUDOSRYHUW\
86$JHQF\RI,QWHUQDWLRQDO'HYHORSPHQW
86$,'
$,0
$VVLVWDQFHRILUULJDWHGVHFWRURIDJULFXOWXUH
VWUHQJWKHQLQJRIORFDORUJDQL]DWLRQVZKLFKDUHXVLQJ
ZDWHUUHVRXUFHVIRULUULJDWLRQ6XSSRUWLQ
GHYHORSPHQWRIDJULFXOWXUDOPDQXIDFWXUH
$GPLQLVWUDWLRQLQUHIRUPDWLRQRI.\UJ\](QHUJ\
6HFWRU
3/$16
1RSURMHFWVDUH
SODQQHGRQELRJDV
\HWLQ.\UJ\]VWDQ
3/$16
1RSURMHFWVDUH
SODQQHGRQELRJDV
\HWLQ.\UJ\]VWDQ
3/$16
1RSURMHFWVDUH
SODQQHGRQELRJDV
\HWLQ.\UJ\]VWDQ
%LVKNHN0LUDSURVSHNWɌɟO
$&7,9,7<
3URJUDPRQVXSSRUWRIZDWHUXVHUV
DVVRFLDWLRQV3URMHFW$J)LQ7KHSURMHFW
RQFRQGXFWLRQRIVXFFHVVIXOLQYHVWPHQWSODQIRULPSURYHPHQWRIV\VWHPVRI
UHOLDELOLW\IRUDUWHULDOOLQHVRIHQHUJ\WUDQVPLVVLRQLQUHJLRQVDQGH[SDQVLRQRI
RSSRUWXQLWLHVIRUHOHFWURHQHUJ\WUDGH
%LVKNHN%RNRPEDHYD6WUHHWɌɟO
$&7,9,7<
3URYLGLQJWHFKQLFDODQGILQDQFLDODVVLVWDQFHWRFRPPXQLWLHVFRPPXQLW\
EDVHGRUJDQL]DWLRQVDQGORFDOJRYHUQPHQWVWRZRUNWRJHWKHUHIILFLHQWO\
3URYLGLQJLQYHVWPHQWVXSSRUWWRUXUDOLQIUDVWUXFWXUHLPSURYHPHQW
6XSSRUWLQJVPDOOJURXSPDQDJHGHQWHUSULVHV
%LVKNHNɚ/RJYLQHQNR
$&7,9,7<
3URJUDPDFWLYLW\LQVHYHQPDLQGLUHFWLRQVOHJDOUHIRUPVHGXFDWLRQVXSSRUW
RI0DVV0HGLDDQG\RXWKLQLWLDWLYHVDFFHVVWRVHUYLFHVRISXEOLFKHDOWKFDUH
DVVLVWDQFHLQWUDQVSDUDQFHDQGDFFRXQWDELOLW\LQEXGJHWVSKHUHDQGDOVRWKH
SURJUDPRI(DVW(DVW3DUWQHUVKLSZLWKRXW%RUGHUV
㸫㸫
7KH'HXWVFKH*HVHOOVFKDIWIU7HFKQLVFKH
=XVDPPHQDUEHLW*7=*PE+
$,0
,PSURYHPHQWRIOLYLQJFRQGLWLRQVDQGSHUVSHFWLYHV
WKURXJKIRUPDWLRQRISURSLWLRXVSROLWLFDO
HFRQRPLFDOHFRORJLFDODQGVRFLDOGHYHORSPHQWLQ
FRXQWULHVSDUWQHUV6XSSRUWRILQWHJUDWHG
GHYHORSPHQWUHIRUPSURFHVVHVWKURXJKDVVLJQDEOH
VHUYLFHV
3/$16
1RSURMHFWVDUH
SODQQHGRQELRJDV
\HWLQ.\UJ\]VWDQ
%LVKNHN3DQILORYD6WUHHW
$&7,9,7<
6WUXJJOHZLWKGHVHUWLILFDWLRQLQ.\UJ\]VWDQLQWKHOLPLWVRI81&RQYHQWLRQ
$VVLVWDQFHLQSUHSDUDWLRQDQGSURIHVVLRQDOGHYHORSPHQW
RIVSHFLDOLVWTXDOLILFDWLRQDQGPDQDJHPHQWRIDJUDULDQVHFWRU
$VVLVWDQFHWRVWHDG\HFRQRPLFFROODERUDWLRQ
'HYHORSPHQWRIPLFURILQDQFLQJLQ&HQWUDO$LVD
㸫㸫
3URMHFWPDQDJHPHQWRQ
GHYHORSPHQWRIVPDOODQG
DYHUDJHHQHUJHWLFVLQ.5
$OEHUW/LKHDGRI
GHSDUWPHQW
%LVKNHN,VDQRYD
6WUHHWɝȻɢɲɤɟɤ
7HO
9ODGLPLU3DN
0DQDJHURIWKH
7KH0LQLVWU\RI$JULFXOWXUH 3URMHFWRQ
%LVKNHN
'HSDUWPHQWRIFKHPLFDOL]DWLRQ $VVLVWDQFHWR
%RNRPEDHYD6WUHHW DQGSURWHFWLRQRISODQWV
GLVWULEXWLRQRI
ELRJDVWHFKQRORJLHV
LQ.\UJ\]VWDQ
&RPPLWWHHRIIXHODQGHQHUJ\
6HUJH\3RSRY
FRPSOH[DQGRILQWHULRUXVHRI
<XUL\'DQLLORY
-RJRUNX.HQHVKRI.\UJ\]
5RVD2WXQEDHYD
5HSXEOLF
(OHEDHYD6WUHHW
7KH&HQWHURISUREOHPVRI
$OD\EHN2ER]RY
7HO
UHQHZDEOHHQHUJ\VRXUFHV
GLUHFWRU
5
$]DPDW2PDURY
VSHFLDOLVW
1DPH
&RRUGLQDWLRQRIVFLHQFHDQGUHVHDUFKSURMHFW
FRQVWULFWLRQDQGPDQXIDFWXUHDFWLYLWLHVFRQVXOWLQJ
H[SHUWLVHPDUNHWUHVHDUFKLQ5(6DUHD
'XWLHVRI3URJUDPUHDOL]DWLRQSHUIRUPDQFHRIWKH
1DWLRQDOSRZHUSURJUDPRI.\UJ\]5HSXEOLFIRU
DQGVWUDWHJ\RIGHYHORSPHQWRIDIXHODQG
HQHUJ\FRPSOH[WLOOUHJDUGLQJGHYHORSPHQWRI
VPDOODQGDYHUDJHSRZHUGHYHORSPHQWRQ
3HUIHFWLRQRI6WDQGDUG/HJDO%DVHRI5(6
5HDOL]DWLRQRIWKHSURMHFWWRJHWKHUZLWK-,&$RQ
$VVLVWDQFHWRGLVWULEXWLRQRIELRJDVWHFKQRORJLHVLQ
.\UJ\]VWDQ
3HUIHFWLRQRIVWDQGDUGOHJDOEDVHRI5(6
&RQGXFWHG
,QWHUYLHZ
$GGUHVV7HOHSKRQH
7KHDFWLYLW\LQ5(6%LRJDV
DQG5HFHLYHG
,QIRUPDWLRQ
0LQLVWU\RIWKHLQGXVWU\
SRZHUDQGIXHOUHVRXUFHVRI
.\UJ\]5HSXEOLF6WDWH
GHSDUWPHQWRQUHJXODWLRQRID
IXHODQGHQHUJ\FRPSOH[
7LWOHRI2UJDQL]DWLRQRU
(QWHUSULVH
6WDWH$XWKRULWLHV1RQ*RYHUQPHQWDO2UJDQL]DWLRQV6FLHQWLILF2UJDQL]DWLRQV(QWHUSULVHV
$SSHQGL[2UJDQL]DWLRQVDQG(QWHUSULVHV:RUNLQJRQ5(6%LRJDV
㸫㸫
)XQG6$05$OD7RR
'HSDUWPHQWRI5(6.78RI
5D]]DNRY
'HSDUWPHQWRI1RQ
7UDGLWLRQDODQG5HQHZDEOH
(QHUJ\6RXUFHV.568
$VVRFLDWLRQRI5HQHZDEOH
(QHUJ\6RXUFHV
3))OXLG
.\UJ\]6FLHQFH7HFKQLFDO
&HQWHU(QHUJL\D
5XVODQ,VDHY
SURMHFWFRRUGLQDWRU
$OD\EHN2ER]RY
&KDLURIWKH
'HSDUWPHQW
(PLO$NNR]LHY
&KDLURIWKH
'HSDUWPHQW
$OD\EHN2ER]RY
KHDGRIDVVRFLDWLRQ
$OHNVH\9HGHQHHY
KHDGRI3)
%LVKNHN
2VKVND\D6WUHHW
7HO
D$OPDDWLQVND\D
6WU
(OHEDHYD6WUHHW
7HO
.\UJ\]5XVVLDQ
6ODYLF8QLYHUVLW\
.LHYVND\D6WU
%LVKNHN
7HO
6KDPLO'LNDPEDHY
GLUHFWRU
5HDOL]DWLRQRISURMHFWVRQLQWURGXFWLRQRIHQHUJ\
HIIHFWLYHWHFKQRORJLHVLQWKHILHOGRIELRJDV
FRQGXWFLRQRISXEOLFLQIRUPDWLRQFDPSDLJQV
3UHSDUDWLRQRI6SHFLDOLVWVLQWKHILHOGRI5(6
3UHSDUDWLRQRI6SHFLDOLVWVLQWKHILHOGRI5(6
'HYHORSPHQWDQGSHUIHFWLRQRIVWDQGDUGOHJDOEDVH
RQ5(6FRQGXFWLRQRISXEOLFLQIRUPDWLRQ
FDPSDLJQV
LQWURGXFWLRQRIWKHFRQFUHWH0HFKDQLVPRI3XUH
'HYHORSPHQWDQGWKH0HFKDQLVPRI-RLQW
5HDOL]DWLRQZLWKLQWKHOLPLWVRISHUIRUPDQFHRIWKH
.LRWVN\3URWRFROLQWKHVSKHUHRIUHQHZHDEOHVRXUFHV
RIVPDOODQGDYHUDJHSRZHU
'HYHORSPHQWRIWKHSURMHFWGRFXPHQWDWLRQRQ
EXLOGLQJRIVPDOO+36DQGDOVRIDFLOLWLHVXVLQJ
UHQHZHDEOHHQHUJ\VRXUFHVWKHDGYLVRU\WHFKQLFDO
KHOSWRWKHHQWHUSULVHVLQXVHRIWKHEHVWSUDFWLFHVLQ
VSKHUHRIHQHUJ\HIILFLHQF\SRZHUVXSSO\HFRORJ\
DQGXVHRIUHQHZHDEOHHQHUJ\VRXUFHV
,QVWDOODWLRQRI%)GHYHORSPHQWRI76DQG
HGXFDWLRQDOPDWHULDOVWUDLQLQJRIVSHFLDOLVWV
SDUWLFLSDWLRQLQWKHGHYHORSPHQWRIOHJLVODWLYH
GRFXPHQWV
㸫㸫
3XEOLF(FRORJLFDO)XQG
8QLVRQ
(FRORJLFDO0RYHPHQW
%,20
-6&)DNHO
&-6&-$=
//&5(&$
63&©$OW(QHUJRª
1*2%$56(0
1*2)XQGRI(QHUJ\
(IILFLHQW7HFKQRORJLHV
%LVKNHN
$EG\PRPXQRY
6WUHHW5
.LULOHQNR$QQD
7HO
SURJUDPFRRUGLQDWRU
%LVKNHN
'DULND
$EG\PRPXQRYD
6XOD\PDQRYD
6WUHHW7HO
SURMHFWFRRUGLQDWRU 2OHJ=D\WVHYKHDG RI1*2
1DPD]EHNRYD
6WUHHW.\]\O6XX
0DMLFRYD(OPLUD
YLOODJH$N6XX
UHJLRQ,VV\N.XO
2VK,VDQRYD
6WUHHW.887HO
$EGXOOD6PDLORY
KHDGRI//&
.DUDEDOWD
%LVKNHN
3URIVR\X]QD\D
6WUHHW
&XUUHQWO\GRHVQRWLQVWDOO%)
,QVWDOODWLRQRI%)
,QVWDOODWLRQRI%)
5HVHDUFKDFWLYLW\LQWKHILHOGRI5(6
,QVWDOODWLRQRI%)SDUWLFLSDWLRQLQSURMHFWVRI5(6
,QVWDOODWLRQRI%)
'HYHORSPHQWRIPHFKDQLVPVRQDGYDQFHPHQWRIWKH
PDUNHWRIDELRPDVVLQIRUPLQJWKHSXEOLF
5HDOL]DWLRQRISURMHFWVRQDGYDQFHPHQWRI5(6LQ
.\UJ\]VWDQ&XUUHQWO\DFWLYLW\LVIRFXVHGRQVRODU
IDFLOLWLHV
㸫㸫
//&237,0$35,0(
1*2%D\7RR
3)$LMDQD
-DQLVKEHN
0DPDWRYKHDGRI
3)
-DQLVKEHNKHDGRI
1*2
6DPDW6XEDQEHNRY
KHDGRI//&
6DUXXYLOODJH$N6XX
UHJLRQ,V\\N.XO
6DOHRIHTXLSPHQW
LQVWDOODWLRQRI%)
3DUWLFLSDWLRQLQWKHSURMHFWRQLQWURGXFWLRQRI
%LRJDVLQVWDOODWLRQRI%)
/LVWRI$EEUHYLDWLRQV
%)
%LRJDVIDFLOLWLHV
5(6
5HQHZDEOH(QHUJ\VRXUFHV
*'3
*URVV'RPHVWLF3URGXFW
1*2
1RQ*RYHUQPHQWDO
2UJDQL]DWLRQV
+36
+\GURHOHFWULFSRZHUVWDWLRQV
/*
/RFDO*RYHUQPHQW
//&
/LPLWHG/LDELOLW\&RPSDQ\
3)
3XEOLF)RQG
%*7
%LRJDV7HFKQRORJLHV
1&5(6
1RQFRQYHQWLRQDOUHQHZDEOH
HQHUJ\VRXUFHV
㸫㸫
%LEOLRJUDSK\
'HPRJUDSKLF\HDUERRNRI.\UJ\]5HSXEOLF16&
6WDWLVWLFVLQIRUPDWLRQUHWULHYHGIURPZZZVWDWNJ
7KH6WUDWHJ\RIFRXQWU\GHYHORSPHQW
7KHHVWLPDWLRQRIRSSRUWXQLWLHVIRUUHJLRQDOFROODERUDWLRQLQWKHVSKHUHRI5(6XVDJHE\
WKHFRXQWULHVRI&HQWUDO$VLDQUHJLRQ&$5(&
KWWSSULYDWL]DWLRQNWNJEXVLQHVVBDVSHFWVBUXVSGI
7KHQDWLRQDOVWUDWHJ\RISRYHUW\UHGXFWLRQ
7KHVWDQGDUGRIOLYLQJE\SRSXODWLRQRI.516&
7KHVWDWLVWLFV\HDUERRNRI.516&
0XOWLSOH,QGLFDWRU&OXVWHU6XUYH\.\UJ\]5HSXEOLF81,&()
6WDWLVWLFVEXOOHWLQDERXWPLFURFUHGLWLQJRIWKHSRSXODWLRQ-DQXDU\6HSWHPEHUɇɋɄ
%LVKNHN
KWWSZZZDENJLQGH[SKS"RSWLRQ FRPBFRQWHQWWDVN YLHZLG ,WHPLG KWWSZZZSUHVLGHQWNJUXSUHVVODZV
KWWSZZZPDQDVNJWHPS*LULVLPFLOLN.RQJUHVLSGI
%LRJDVIDFLOLWLHVLQ.\UJ\]5HSXEOLFUHIHUHQFHPDQXDO
KWWSXQLVRQNJUXVVLDQ"S KWWSVJSXQGSRUJZHESURMHFWV
㸫㸫
㸶㸬༠㆟㆟஦㘓㸦㻹㻛㻹㸧
㸫㸫
㸫㸫

キルギス共和国 バイオガス技術普及支援計画

Comments

Description

Transcript

キルギス共和国バイオガス技術普及支援計画