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Confidential - Not to be disclosed or distributed to third
parties. © aguri otsuka All Rights Reserved. Confidential - Not to be disclosed or distributed to third parties. © aguri otsuka All Rights Reserved. ฤूऀษڧձɹʗɹੈ͕ؒϝσΟΞʹٻΊΔͷ େ௩ѥप -
Confidential - Not to be disclosed or distributed to third
parties. © aguri otsuka All Rights Reserved. ຊͷϙΠϯτʛ w ใٕज़ͷجຊతͳػೳෳɹˠɹΊΔͷ͕Χϯλϯʹ w ϚεɾίϛϡχέʔγϣϯࣾձʹӨڹΛ༩͑Δཁૉ w ϚεɾίϛϡχέʔγϣϯΠϯϑϧΤϯαʔͱڞଘ͍ͯ͠Δ w ϝσΟΞͷՁϚʔέςΟϯάͷد༩ w ϝσΟΞಛผͳͷͰͳ͍ w zಡऀzͱ͍͏ఆٛʹऩ·Βͳ͍ϝσΟΞͷϢʔβʔ 2 -
Confidential - Not to be disclosed or distributed to third
parties. © aguri otsuka All Rights Reserved. +άʔςϯϕϧΫҎ߱ 3 -
Confidential - Not to be disclosed or distributed to third
parties. © aguri otsuka All Rights Reserved. Ϛεɾίϛϡχέʔγϣϯͷ͡·Γ ੈلϤʔϩούɹ׆൛ҹٕज़ͷൃ໌ →ਖ਼͔֬ͭ༰қʹจॻΛෳͰ͖Δ͜ͱ͕Ͱ͖ΔΑ͏ʹ ࣄ݅ग़དྷࣄͳͲΛ”ه”͓ͯ͘͠͠จॻ ͚ͩͰͳ͘ɺ ଟ͘ͷਓ”ୡ”͢ΔͨΊͷจॻ͕࡞ΕΔʂʂ 4 -
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parties. © aguri otsuka All Rights Reserved. ใٕज़ͷجຊతͳػೳ ෳɺίϐʔ 5 ຊͷϙΠϯτɿ̍ -
Confidential - Not to be disclosed or distributed to third
parties. © aguri otsuka All Rights Reserved. ਓͱਓ͕ର໘Ͱ͖ΔൣғΛ͑ͯ ֦ࢄ͍ͯ͘͠ ڊେͳίϛϡχέʔγϣϯ Ϛεɾίϛϡχέʔγϣϯͷཱ 6 -
Confidential - Not to be disclosed or distributed to third
parties. © aguri otsuka All Rights Reserved. ࣾձʹେ͖ͳӨڹΛ༩͑Δ ػೳ͔ͩΒɺ ޮೳͱ෭࡞༻ΛѲ͠ͳ͚Εʂ ৽ฉɺϥδΦɺςϨϏͱ͍ͬͨϚεɾίϛϡχέʔγϣϯͷޮՌݚڀ͕࣮ࢪ͞ΕΔΑ͏ʹɻ 7 -
Confidential - Not to be disclosed or distributed to third
parties. © aguri otsuka All Rights Reserved. ڧˠऑˠڧɹʜˠऑʁ ͬ͘͟ΓݴͬͯɺϝσΟΞͷݸਓʢʹࣾձΛߏ͢Δཁૉʣʹର͢ΔӨڹɺʮڧྗͩʂʯ ʮ͍ɺͦ͏Ͱͳ͍ʯʮͬͺΓେ͖͍ʯͱ͍͏ݚڀ͕ࣾձֶऀͷؒͰଓ͍ͯ·͢ 8 ϚεɾίϛϡχέʔγϣϯͷޮՌݚڀͷେ͖ͳྲྀΕ -
Confidential - Not to be disclosed or distributed to third
parties. © aguri otsuka All Rights Reserved. ڧ ϚεɾίϛϡχέʔγϣϯͷޮՌݚڀͷେ͖ͳྲྀΕͷத 9 ڧ ऑ 1920͔Β ୈ2࣍ੈքରઓத ڠྗޮՌϞσϧ ؙཧʗൽԼࣹޮՌ ϝσΟΞडಈతௌऺड͚खʹର ͯ͠ɺϝοηʔδΛతʹӨڹ Λٴ΅͢ʢؙࣹͷΑ͏ʹʣ ͱ͍͏ɻ 1940−60 ݶఆޮՌϞσϧ ίϛϡχέʔγϣϯ2ஈ֊ͷྲྀΕ ʗબత৮ Ϛεɾίϛϡχέʔγϣϯͷओͳ ޮՌɺड͚खͷଶม༰Ͱͳ ͘ɺิڧ͢Δ͜ͱͩͱओு͢Δ આɻ 1970Ҏ߱ Ϛείϛͷٞઃఆػೳ ഓཆޮՌݚڀ ͷཐટ ݶఆޮՌΛݟ͢ܗͰɺཧ͕ ఏএ͞Εɺʮ৽ɾڧྗޮՌʯͱ ૯শ͞Ε͍ͯΔɻ -
Confidential - Not to be disclosed or distributed to third
parties. © aguri otsuka All Rights Reserved. ʮίϛϡχέʔγϣϯஈͷྲྀΕʯ 10 w ථઌΛมߋͨ͠ཧ༝ɺύʔιφϧίϛϡχέʔγϣϯͷӨڹͷ΄͏͕େ͖͔ͬͨ w ҙࢥܾఆʹӨڹΛ༩͑ΔʮΦϐχΦϯɾϦʔμʔʯଞͷਓʑΑΓϚεɾίϛϡχέʔγϣϯί ϛϡχέʔγϣϯʹଟ͘৮͍ͯͨ͠ ʰϐʔϓϧζɾνϣΠεʱʢ1'ϥβʔεϑΣϧυ ʣ w ফඅߦಈʹ͓͍ͯΦϐχΦϯɾϦʔμʔΛհͨ͠ύʔιφϧͳίϛϡχέʔγϣϯͷํ͕ɺϚ εɾίϛϡχέʔγϣϯΑΓӨڹྗ͕େ͖͍ w ΦϐχΦϯɾϦʔμʔ͕ूத͢ΔΑ͏ͳࣾձ֊ଘࡏ͠ͳ͍ ʰύʔιφϧɾΠϯϑϧΤϯεʱʢ&Χοπɺ1'ϥβʔεϑΣϧυ ʣ -
Confidential - Not to be disclosed or distributed to third
parties. © aguri otsuka All Rights Reserved. ʮબత৮ʗબతड༰ʯ 11 ਓʑϝσΟΞʹനࢴͷঢ়ଶͰ৮͢ΔΘ͚Ͱͳ͘ɺ࠷ॳ͔Β֤ʑ͕ੜ׆͍ͯ͠ΔҬ ࣾձूஂͷύʔιφϧͳίϛϡχέʔγϣϯʹج͍ͮͯɺࣾձܦࡁతɺफڭతɺҬతʹ͋ ΔҰఆͷੑΛ༗͍ͯ͠Δɻ ͦͷͨΊɺϚεɾίϛϡχέʔγϣϯͷޮՌɺड͚ख͕͢Ͱʹ༗͍ͯ͠ΔҙݟΛิ ڧͳ͍͠ଅਐ͢Δํʹڧ͘ಇ͘ɻਓʑ͕ࣗࢧ࣋͢ΔཱͷओுʹࣖΛ͚ɺͦΕͱ ͢Δओு͔ΒɺҙਤతͰͳ͍ʹͤΑࣖΛͦΒ͍ͯ͠Δɻ -
Confidential - Not to be disclosed or distributed to third
parties. © aguri otsuka All Rights Reserved. ͷཐટ 12 ֶ࣏ͱϚεɾίϛϡχέʔγϣϯʹ͓͚ΔԾઆͰɺಉௐѹྗʹΑͬͯগ͕Λ༨ّ ͳ͘͞Ε͍ͯ͘աఔΛࣔͨ͠ͷɻ ਓؒݽཱ͢ΔڪාΛ͍࣋ͬͯΔɻपғΛ؍͠ɺࣗͷҙݟ͕গɾྼͩͱ֮ࣗͨ͠ ਓɺݽཱΛආ͚ΔͨΊʹҙݟද໌Λ߇͑ͯ͠·͏ɻϚεɾίϛϡχέʔγϣϯʹΑͬͯଟ ͔গ͔͕ఏࣔ͞ΕΔ͜ͱͰɺଟͷແࠜڌʹେ͖͘ͳΓɺগແࠜڌʹ ͱ͔͍ɺੈͷऩᏑ͕ى͜Δɻʮཐટʯͱ͜ͷΑ͏ͳ૬తྦྷੵత૿෯աఔΛද ද͍ͯ͠Δɻ ʰੈܗաఔͷࣾձ৺ཧֶʱʢ&ϊΤϨʹϊΠϚϯ ʣ -
Confidential - Not to be disclosed or distributed to third
parties. © aguri otsuka All Rights Reserved. ʮϚεɾίϛϡχέʔγϣϯͷٞઃఆػೳʯ 13 ϚεɾίϛϡχέʔγϣϯͷೝతޮՌͷҰछɻϚεɾίϛϡχέʔγϣϯʢͱ͘ʹใಓʣ Ͱͷݴٴྔɾස͕ɺੈͷதͷॏཁͳ૪ɾٞઃఆʹӨڹΛ༩͑Δͱ͍͏ओுɻ૪τ ϐοΫ͕ϚεɾίϛϡχέʔγϣϯʹΑͬͯڧௐ͞ΕΕ͞ΕΔ΄ͲɺެऺͷଆͰಉ͡૪ τϐοΫ͕ΑΓॏཁࢹ͞ΕΔΑ͏ʹͳΔɻड͚खͷҙΛಛఆͷ૪τϐοΫͱয Խ͢Δʢಉ࣌ʹੜΈग़͢ʣͱߟ͑ΒΕΔɻ ʢϚοΫεΣϧɾϚίʔϜζɺυφϧυɾϧΠεɾγϣʔ ʣ -
Confidential - Not to be disclosed or distributed to third
parties. © aguri otsuka All Rights Reserved. ςϨϏࢹௌ͕͍࣌ؒਓ΄ͲςϨϏ͕ඳ͘ݱ࣮૾ʹӨڹ͞Εɺ ςϨϏతͳݱ࣮ೝࣝɺՁ؍ɺ৴೦Λͭ ʢ(Ψʔϒφʔ ʣ ΞϝϦΧʹ͓͚ΔςϨϏɾυϥϚ͓ΑͼςϨϏͷΞχϝ൪ͷ༰ੳΛߦ͍ɺͦͷதʹؚ·ΕΔྗγʔϯͷछྨΛௐͨΓɺ ՃऀඃऀͷಛΛ໌Β͔ʹ͠ɺͦΕΒ͕ΞϝϦΧࣾձͷߏͱؔ࿈͍ͯ͠Δ͜ͱΛࣔͨ͠ɻ·ͨɺਓʑ͕ࣾձͷةݥʹؔͯ͠ ͲͷΑ͏ͳೝࣝΛ͍ͬͯΔ͔ΛੈௐࠪํࣜͰௐɺͦΕͱςϨϏࢹௌ࣌ؒͷ͞ͱΫϩεͯ͠ੳ ΨʔϒφʔςϨϏͷʮಛʹϦςϥγʔඞཁͳ͘ʯʮͲ͜ͷՈఉʹ͋Γʯʮѹతʹଟ͘ͷ࣌ ؒ৮ΕΔʢ࣌ͷΞϝϦΧͷҰൠՈఉͷࢹௌ࣌ؒ࣌ؒఔʣʯͱ͍ͬͨɺଞͷϝσΟΞͱҟͳΔಛʹண ͠ɺςϨϏ͕ਓʑͷݱ࣮ೝࣝଶɺՁ؍ʹٴ΅͢ظతɾྦྷੵతͳӨڹʹ͠ɺޙ ͔Β͜ͷݚڀΛਪ͠ਐΊͨɻ ഓཆޮՌʗഓཆཧ 14 -
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parties. © aguri otsuka All Rights Reserved. ϝσΟΞݩʑࠂۀք༻ޠ ϝσΟΞͱ͍͏ݴ༿ͷॳग़ͷʰࠂͱൢചʱࢽ ϝσΟΞ͕ഔհ͢ΔͷʮϝοηʔδʯͰͳ͘ʮࠂʯͰ͋ͬͯɺͱͱͷҙຯʮ ࠂΛഔհ͢Δͷʯͱ͍͏ҙຯ 18 -
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parties. © aguri otsuka All Rights Reserved. ࠂഔମɹˠɹୡஔɹˠɹʁʁʁ 26 ૹΓखͱड͚खͷؒʹ͋Δͷͷ͜ͱ ʕςϨϏɺ৽ฉɺ8FCαΠτ͞·͟·ͳͷ͕ʮϝσΟΞʯ தؒʢ.FEJVNʣͷෳܗ ʮϝοηʔδʯͱʮίϯςϯπʯഔհ͢Δ -
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