Skolkovo STARTUP LAUNCHPAD Kanalosh
- 1. ﾐ湲τひｸ ﾐｺﾐｾﾐｼﾐｼﾐｵﾑﾑﾐｸﾐｰﾐｻﾐｸﾐｷﾐｰﾑﾐｸﾐｸ ﾐｲﾑ錦ﾐｾﾐｺﾐｸﾑ ﾑひｵﾑﾐｽﾐｾﾐｻﾐｾﾐｳﾐｸﾐｹ: ﾐｾﾑﾐｽﾐｾﾐｲﾑ 101 ﾐｭﾐｴﾑσｰﾑﾐｴ ﾐ墟ｰﾐｽﾐｰﾐｻﾐｾﾑ, ﾐ侑ｽﾐｲﾐｵﾑﾑひｸﾑﾐｸﾐｾﾐｽﾐｽﾑ巾ｹ ﾐｴﾐｸﾑﾐｵﾐｺﾑひｾﾑ 11 ﾐｽﾐｾﾑ紹ｱﾑﾑ 2013 ﾐｳ.
- 2. ﾐ墟籍墟侑 ﾐ漬榧渙ﾐ榧｡ﾐｫ ﾐ慴ｫ ﾐ厘籍｢ﾐﾐ榧斷片? 1. ﾐ｡ﾐｿﾐｾﾑﾐｾﾐｱﾑ ﾐｺﾐｾﾐｼﾐｼﾐｵﾑﾑﾐｸﾐｰﾐｻﾐｸﾐｷﾐｰﾑﾐｸﾐｸ 2. ﾐ柘巾ｱﾐｾﾑ ﾑﾐｿﾐｾﾑﾐｾﾐｱﾐｰ ﾐｺﾐｾﾐｼﾐｼﾐｵﾑﾑﾐｸﾐｰﾐｻﾐｸﾐｷﾐｰﾑﾐｸﾐｸ 3. ﾐ漬ｻﾐｸﾑ紹ｽﾐｸﾐｵ ﾑﾐｿﾐｾﾑﾐｾﾐｱﾐｰ ﾐｺﾐｾﾐｼﾐｼﾐｵﾑﾑﾐｸﾐｰﾐｻﾐｸﾐｷﾐｰﾑﾐｸﾐｸ ﾐｽﾐｰ ﾐｱﾐｸﾐｷﾐｽﾐｵﾑ-ﾐｼﾐｾﾐｴﾐｵﾐｻﾑ 4. ﾐ｣ﾐｽﾐｸﾐｺﾐｰﾐｻﾑ糊ｽﾑ巾ｵ ﾐｲﾐｾﾐｷﾐｼﾐｾﾐｶﾐｽﾐｾﾑﾑひｸ ﾐｺﾐｾﾐｼﾐｿﾐｰﾐｽﾐｸﾐｸﾑτﾐｰﾑﾑひｽﾐｸﾐｺﾐｰ ﾐ｡ﾐｺﾐｾﾐｻﾐｺﾐｾﾐｲﾐｾ 2
- 3. ﾐ墟籍墟侑 ﾐ｡ﾐ渙榧｡ﾐ榧岱ｫ ﾐ墟榧慴慴片ﾐｦﾐ侑籍嶢侑厘籍ｦﾐ侑 ﾐ斷籍侑岱榧嶢片 ﾐﾐ籍｡ﾐ渙ﾐ榧｡ﾐ｢ﾐﾐ籍斷片斷ｫ? 1. ﾐ湲ﾐｾﾐｴﾐｰﾐｶﾐｰ ﾐｻﾐｸﾑﾐｵﾐｽﾐｷﾐｸﾐｸ 2. ﾐ湲ﾐｾﾐｴﾐｰﾐｶﾐｰ ﾐｺﾐｾﾐｼﾐｿﾐｰﾐｽﾐｸﾐｸ 3. ﾐ柘錦ﾐｾﾐｴ ﾐｽﾐｰ ﾑﾑ巾ｽﾐｾﾐｺ 3
- 5. ﾐ渙ﾐ榧頒籍孟 ﾐ嶢侑ｦﾐ片斷厘侑 ﾐｧﾐ｢ﾐ ﾐ｢ﾐ籍墟榧 ﾐ渙ﾐ榧頒籍孟 ﾐ嶢侑ｦﾐ片斷厘侑? ﾐ渙ｾﾐｴ ﾐｿﾑﾐｾﾐｴﾐｰﾐｶﾐｵﾐｹ ﾐｻﾐｸﾑﾐｵﾐｽﾐｷﾐｸﾐｸ ﾐｸﾐｼﾐｵﾑ紗 ﾐｲﾐｲﾐｸﾐｴﾑ ﾐｿﾑﾐｾﾐｴﾐｰﾐｶﾑ ﾐｿﾑﾐｰﾐｲﾐｰ ﾐｽﾐｰ ﾐｸﾑﾐｿﾐｾﾐｻﾑ糊ｷﾐｾﾐｲﾐｰﾐｽﾐｸﾐｵ ﾐｾﾐｱﾑ諌ｵﾐｺﾑひｾﾐｲ ﾐｸﾐｽﾑひｵﾐｻﾐｻﾐｵﾐｺﾑびσｰﾐｻﾑ糊ｽﾐｾﾐｹ ﾑﾐｾﾐｱﾑﾑひｲﾐｵﾐｽﾐｽﾐｾﾑﾑひｸ ﾐ渙ｾﾐｻﾐｽﾐｰﾑ ﾐ佯ﾐｺﾐｻﾑ紗ﾐｸﾑひｵﾐｻﾑ糊ｽﾐｰﾑ ﾐ湲ﾐｾﾑﾑひｰﾑ ﾐ渙ｾﾐｻﾐｽﾐｾﾑﾑび袴 ﾐｻﾐｸﾑ威ｰﾐｵﾑ ﾐｿﾑﾐｰﾐｲ ﾑﾐｰﾐｼﾐｾﾑﾑひｾﾑ肖ひｵﾐｻﾑ糊ｽﾐｾﾐｳﾐｾ ﾐｸﾑﾐｿﾐｾﾐｻﾑ糊ｷﾐｾﾐｲﾐｰﾐｽﾐｸﾑ ﾐｾﾐｱﾑ諌ｵﾐｺﾑひｰ ﾐｻﾐｸﾑﾐｵﾐｽﾐｷﾐｸﾐｸ ﾐｸ ﾐｲﾑ巾ｴﾐｰﾑﾐｸ ﾐｰﾐｽﾐｰﾐｻﾐｾﾐｳﾐｸﾑﾐｽﾑ錦 ﾐｻﾐｸﾑﾐｵﾐｽﾐｷﾐｸﾐｹ ﾐｴﾑﾑσｳﾐｸﾐｼ ﾐｻﾐｸﾑﾐｰﾐｼ, ﾐｰ ﾐｻﾐｸﾑﾐｵﾐｽﾐｷﾐｸﾐｰﾑび ﾑﾐｰﾐｷﾑﾐｵﾑ威ｰﾐｵﾑびﾑ ﾐｸﾑﾐｿﾐｾﾐｻﾑ糊ｷﾐｾﾐｲﾐｰﾑび ﾐｾﾐｱﾑ諌ｵﾐｺﾑ ﾐｻﾐｸﾑﾐｵﾐｽﾐｷﾐｸﾐｸ ﾐｼﾐｾﾐｽﾐｾﾐｿﾐｾﾐｻﾑ糊ｽﾐｾ ﾐ嶢ｸﾑﾐｵﾐｽﾐｷﾐｸﾐｰﾑび ﾑﾐｰﾐｷﾑﾐｵﾑ威ｰﾐｵﾑびﾑ ﾐｸﾑﾐｿﾐｾﾐｻﾑ糊ｷﾐｾﾐｲﾐｰﾑび ﾐｾﾐｱﾑ諌ｵﾐｺﾑ ﾐｻﾐｸﾑﾐｵﾐｽﾐｷﾐｸﾐｸ ﾐｼﾐｾﾐｽﾐｾﾐｿﾐｾﾐｻﾑ糊ｽﾐｾ, ﾐｽﾐｾ ﾑひｾﾐｻﾑ糊ｺﾐｾ ﾐｽﾐｰ ﾐｾﾐｿﾑﾐｵﾐｴﾐｵﾐｻﾐｵﾐｽﾐｽﾐｾﾐｹ ﾑひｵﾑﾑﾐｸﾑひｾﾑﾐｸﾐｸ. ﾐ斷ｵ ﾐｻﾐｸﾑ威ｰﾐｵﾑ ﾐｿﾑﾐｰﾐｲ ﾑﾐｰﾐｼﾐｾﾑﾑひｾﾑ肖ひｵﾐｻﾑ糊ｽﾐｾﾐｳﾐｾ ﾐｸﾑﾐｿﾐｾﾐｻﾑ糊ｷﾐｾﾐｲﾐｰﾐｽﾐｸﾑ ﾐｾﾐｱﾑ諌ｵﾐｺﾑひｰ ﾐｻﾐｸﾑﾐｵﾐｽﾐｷﾐｸﾐｸ ﾐｸ ﾐｲﾑ巾ｴﾐｰﾑﾐｸ ﾐｰﾐｽﾐｰﾐｻﾐｾﾐｳﾐｸﾑﾐｽﾑ錦 ﾐｻﾐｸﾑﾐｵﾐｽﾐｷﾐｸﾐｹ ﾐｴﾑﾑσｳﾐｸﾐｼ ﾐｻﾐｸﾑﾐｰﾐｼ 5
- 6. ﾐ渙ﾐ榧頒籍孟 ﾐ嶢侑ｦﾐ片斷厘侑 ﾐ墟籍墟榧漬ｫ ﾐ渙ﾐ侑慴片ﾐｫ ﾐ渙ﾐ榧頒籍孟 ﾐ嶢侑ｦﾐ片斷厘侑? Basic DOS 1 ﾑﾐｵﾐｲﾑﾐｰﾐｻﾑ 1975 ﾐｳ. ﾐ岱ｸﾐｻﾐｻ ﾐ寅ｵﾐｹﾑび ﾐｿﾐｾﾐｴﾐｿﾐｸﾑﾐｰﾐｻ ﾐｻﾐｸﾑﾐｵﾐｽﾐｷﾐｸﾐｾﾐｽﾐｽﾐｾﾐｵ ﾑﾐｾﾐｳﾐｻﾐｰﾑ威ｵﾐｽﾐｸﾐｵ ﾑ ﾐｺﾐｾﾐｼﾐｿﾐｰﾐｽﾐｸﾐｵﾐｹ MITS (Altair), ﾐｿﾑﾐｵﾐｴﾐｾﾑﾑひｰﾐｲﾐｸﾐｲ ﾐｵﾐｹ ﾐｿﾑﾐｰﾐｲﾐｾ ﾐｽﾐｰ ﾐｸﾑﾐｿﾐｾﾐｻﾑ糊ｷﾐｾﾐｲﾐｰﾐｽﾐｸﾐｵ ﾑ紹ｷﾑ巾ｺﾐｰ Basic ﾐｲ ﾑﾐｾﾑﾑひｰﾐｲﾐｵ ﾐ渙 ﾐｴﾐｻﾑ ﾐｺﾐｾﾐｼﾐｿﾑ袴紗ひｵﾑﾐｰ Altair. ﾐ｡ﾐｲﾐｾﾐｹ ﾐｿﾐｵﾑﾐｲﾑ巾ｹ ﾐｳﾐｾﾐｴ ﾐ慴ｰﾐｹﾐｺﾑﾐｾﾑﾐｾﾑﾑ, ﾐｲ ﾐｺﾐｾﾑひｾﾑﾐｾﾐｹ ﾑﾐｰﾐｱﾐｾﾑひｰﾐｻﾐｾ ﾑびﾐｸ ﾑﾐｵﾐｻﾐｾﾐｲﾐｵﾐｺﾐｰ, ﾐｷﾐｰﾐｺﾐｾﾐｽﾑﾐｸﾐｻﾐｰ ﾑ ﾐｾﾐｱﾐｾﾑﾐｾﾑひｾﾐｼ $16,005. ﾐ 1980 ﾐｳ. Microsoft ﾐｿﾑﾐｸﾐｾﾐｱﾑﾐｵﾐｻﾐｰ ﾑ ﾐ｢ﾐｸﾐｼﾐｰ ﾐ渙ｰﾑひｵﾑﾑﾐｾﾐｽﾐｰ ﾐｻﾐｸﾑﾐｵﾐｽﾐｷﾐｸﾑ ﾐｽﾐｰ 86-DOS ﾐｷﾐｰ $50 ﾑび錦. ﾐｸ ﾐｿﾐｵﾑﾐｵﾐｴﾐｰﾐｻﾐｰ ﾐｵﾑ IBM ﾐｲ ﾐｴﾐｵﾐｺﾐｰﾐｱﾑﾐｵ 1980 ﾐｳﾐｾﾐｴﾐｰ, ﾐｰ ﾐｲ ﾐｸﾑ社ｻﾐｵ 1981 ﾐｳﾐｾﾐｴﾐｰ, ﾐｽﾐｵﾐｷﾐｰﾐｴﾐｾﾐｻﾐｳﾐｾ ﾐｴﾐｾ ﾐｲﾑ巾ｿﾑτﾐｺﾐｰ IBM PC ﾐｿﾐｾﾐｻﾐｽﾐｾﾑﾑび袴 ﾐｲﾑ巾ｺﾑσｿﾐｸﾐｻﾐｰ ﾐｿﾑﾐｰﾐｲﾐｰ ﾐｽﾐｰ 86-DOS, ﾐｴﾐｾﾐｿﾐｻﾐｰﾑひｸﾐｲ ﾐｵﾑ禾 $80 ﾑび錦. DOS ﾑτﾑひｰﾐｽﾐｰﾐｲﾐｻﾐｸﾐｲﾐｰﾐｻﾐｸ ﾐｽﾐｰ ﾐｲﾑﾐｵ ﾐｾﾑﾐｸﾐｳﾐｸﾐｽﾐｰﾐｻﾑ糊ｽﾑ巾ｵ ﾐｺﾐｾﾐｼﾐｿﾑ袴紗ひｵﾑﾑ IBM ﾐｸ ﾐｸﾑ ﾐｺﾐｻﾐｾﾐｽﾑ. 6
- 7. ﾐ渙ﾐ榧頒籍孟 ﾐ嶢侑ｦﾐ片斷厘侑 ﾐ斷 ﾐ墟籍墟侑･ ﾐｭﾐ｢ﾐ籍渙籍･ ﾐﾐ籍厘ﾐ籍岱榧｢ﾐ墟 ﾐ.ﾐ｡. ﾐ慴榧孟斷 ﾐ厘籍墟嶢ｮﾐｧﾐ籍｢ﾐｬ ﾐ嶢侑ｦﾐ片斷厘侑榧斷斷｣ﾐｮ ﾐ｡ﾐ頒片嶢墟｣? ﾐ斷ｰ ﾐｲﾑﾐｵﾑ! 7
- 8. ﾐ渙ﾐ榧頒籍孟 ﾐ嶢侑ｦﾐ片斷厘侑 ﾐ墟籍 ﾐ榧渙ﾐ片頒片嶢ｯﾐ片｢ﾐ｡ﾐｯ ﾐ｡ﾐ｢ﾐ榧侑慴榧｡ﾐ｢ﾐｬ ﾐ嶢侑ｦﾐ片斷厘侑? ﾐ頒ｾﾑﾐｾﾐｴﾐｽﾑ巾ｹ ﾐｿﾐｾﾐｴﾑﾐｾﾐｴ ﾐ｡ﾑﾐｰﾐｲﾐｽﾐｸﾑひｵﾐｻﾑ糊ｽﾑ巾ｹ ﾐ厘ｰﾑびﾐｰﾑひｽﾑ巾ｹ ﾐ｢ﾐｵﾐｺﾑτ禍ｰﾑ ﾑﾑひｾﾐｸﾐｼﾐｾﾑﾑび ﾐｱﾑσｴﾑτ禍ｸﾑ ﾐｿﾑﾐｸﾐｱﾑ巾ｻﾐｵﾐｹ 窶｢ ﾐ､ﾐｰﾐｺﾑひｾﾑ 1: ﾐｾﾐｶﾐｸﾐｴﾐｰﾐｵﾐｼﾐｰﾑ ﾐｿﾑﾐｸﾐｱﾑ巾ｻﾑ ﾐｾﾑ ﾐｲﾐｽﾐｵﾐｴﾑﾐｵﾐｽﾐｸﾑ ﾐｸﾐｽﾑひｵﾐｻﾐｻﾐｵﾐｺﾑびσｰﾐｻﾑ糊ｽﾐｾﾐｹ ﾑﾐｾﾐｱﾑﾑひｲﾐｵﾐｽﾐｽﾐｾﾑﾑひｸ ﾐｽﾐｰ ﾑﾑ巾ｽﾐｾﾐｺ 窶｢ ﾐ､ﾐｰﾐｺﾑひｾﾑ 2: ﾐｼﾐｸﾐｽﾐｸﾐｼﾑσｼ ﾑﾑひｾﾐｸﾐｼﾐｾﾑﾑひｸ ﾐｾﾐｿﾑﾐｵﾐｴﾐｵﾐｻﾑ紹ｵﾑびﾑ ﾐｼﾐｸﾐｽﾐｸﾐｼﾐｰﾐｻﾑ糊ｽﾐｾﾐｹ ﾑﾑひｰﾐｲﾐｺﾐｾﾐｹ ﾐｿﾑﾐｸﾐｱﾑ巾ｻﾑ糊ｽﾐｾﾑﾑひｸ ﾐｸﾐｽﾐｲﾐｵﾑﾑひｾﾑﾐｾﾐｲ ﾑﾐｾ ﾑﾑひｾﾑﾐｾﾐｽﾑ ﾐｿﾑﾐｾﾐｴﾐｰﾐｲﾑﾐｰ 窶｢ ﾐ､ﾐｰﾐｺﾑひｾﾑ 3: ﾐｼﾐｰﾐｺﾑﾐｸﾐｼﾑσｼ ﾑﾑひｾﾐｸﾐｼﾐｾﾑﾑひｸ ﾐｾﾐｿﾑﾐｵﾐｴﾐｵﾐｻﾑ紹ｵﾑびﾑ ﾐｼﾐｸﾐｽﾐｸﾐｼﾐｰﾐｻﾑ糊ｽﾐｾﾐｹ ﾑﾑひｰﾐｲﾐｺﾐｾﾐｹ ﾐｿﾑﾐｸﾐｱﾑ巾ｻﾑ糊ｽﾐｾﾑﾑひｸ ﾐｿﾐｾﾐｺﾑσｿﾐｰﾑひｵﾐｻﾑ 窶｢ ﾐ､ﾐｰﾐｺﾑひｾﾑ 4: ﾑﾑびﾑσｺﾑびτﾐｰ ﾑﾐｴﾐｵﾐｻﾐｺﾐｸ ﾐ渙ｾ ﾑﾑひｾﾐｸﾐｼﾐｾﾑﾑひｸ ﾑﾑﾐｾﾐｶﾐｸﾑ ﾑﾐｴﾐｵﾐｻﾐｾﾐｺ ﾐ｡ﾐｺﾐｾﾐｻﾑ糊ｺﾐｾ ﾐｿﾐｾﾑびﾐｰﾑひｸﾑ ﾐｿﾐｾﾐｺﾑσｿﾐｰﾑひｵﾐｻﾑ ﾐｽﾐｰ ﾑﾐｰﾐｷﾑﾐｰﾐｱﾐｾﾑひｺﾑ ﾑひｰﾐｺﾐｾﾐｹ ﾐｶﾐｵ ﾑひｵﾑﾐｽﾐｾﾐｻﾐｾﾐｳﾐｸﾐｸ 8
- 9. ﾐ渙ﾐ榧頒籍孟 ﾐ嶢侑ｦﾐ片斷厘侑 ﾐ｡ﾐ｢ﾐ榧侑慴榧｡ﾐ｢ﾐｬ ﾂｫﾐ ﾐ渙片ﾐ漬榧 ﾐ渙ﾐ侑岱嶢侑孟片斷侑伉ｻ Excel exercise: FCF model 9
- 10. ﾐ渙ﾐ榧頒籍孟 ﾐ嶢侑ｦﾐ片斷厘侑 ﾐ｡ﾐ｢ﾐ榧侑慴榧｡ﾐ｢ﾐｬ ﾂｫﾐ漬 ﾐ漬｢ﾐ榧ﾐ榧 ﾐ渙ﾐ侑岱嶢侑孟片斷侑伉ｻ Excel exercise: NPV 10
- 11. ﾐ渙ﾐ榧頒籍孟 ﾐ嶢侑ｦﾐ片斷厘侑 ﾐ｡ﾐ｢ﾐ榧侑慴榧｡ﾐ｢ﾐｬ ﾂｫﾐ ﾐ｢ﾐﾐ片｢ﾐｬﾐ片 ﾐ渙ﾐ侑岱嶢侑孟片斷侑伉ｻ Excel exercise: rNPV 11
- 12. ﾐ渙ﾐ榧頒籍孟 ﾐ嶢侑ｦﾐ片斷厘侑 ﾐ漬榧渙ﾐ榧｡ ﾂｫﾐ斷 ﾐ厘籍｡ﾐｫﾐ渙墟｣ﾂｻ ﾐ厘ｰﾐｲﾐｸﾑﾐｸﾑ ﾐｻﾐｸ ﾑﾐｿﾑﾐｰﾐｲﾐｵﾐｴﾐｻﾐｸﾐｲﾐｰﾑ ﾑﾑひｾﾐｸﾐｼﾐｾﾑﾑび ﾐｸﾐｽﾑひｵﾐｻﾐｻﾐｵﾐｺﾑびσｰﾐｻﾑ糊ｽﾐｾﾐｹ ﾑﾐｾﾐｱﾑﾑひｲﾐｵﾐｽﾐｽﾐｾﾑﾑひｸ ﾐｾﾑ ﾑひｾﾐｳﾐｾ, ﾐｺﾑひｾ ﾑ紹ｲﾐｻﾑ紹ｵﾑびﾑ ﾐ渙榧墟｣ﾐ渙籍｢ﾐ片嶢片? ﾐ斷ｵﾑ ﾐ侑ｽﾑひｵﾐｻﾐｻﾐｵﾐｺﾑびσｰﾐｻﾑ糊ｽﾐｰﾑ ﾑﾐｾﾐｱﾑﾑひｲﾐｵﾐｽﾐｽﾐｾﾑﾑび ﾐｸﾐｼﾐｵﾐｵﾑ ﾐｵﾐｴﾐｸﾐｽﾑﾑひｲﾐｵﾐｽﾐｽﾑτ ﾑﾑひｾﾐｸﾐｼﾐｾﾑﾑび, ﾐｺﾐｾﾑひｾﾑﾐｰﾑ ﾐｽﾐｵ ﾐｷﾐｰﾐｲﾐｸﾑﾐｸﾑ ﾐｾﾑ ﾑひｾﾐｳﾐｾ, ﾐｺﾑひｾ ﾐｿﾐｾﾐｺﾑσｿﾐｰﾐｵﾑ ﾐｻﾐｸﾑﾐｵﾐｽﾐｷﾐｸﾑ ﾐ頒ｰ ﾐ侑ｽﾑひｵﾐｻﾐｻﾐｵﾐｺﾑびσｰﾐｻﾑ糊ｽﾐｰﾑ ﾑﾐｾﾐｱﾑﾑひｲﾐｵﾐｽﾐｽﾐｾﾑﾑび ﾐｼﾐｵﾐｽﾑ紹ｵﾑ ﾑﾐｲﾐｾﾑ ﾑﾑひｾﾐｸﾐｼﾐｾﾑﾑび (ﾐｽﾐｵ ﾑﾐｵﾐｽﾑ! ﾐｰ ﾐｸﾐｼﾐｵﾐｽﾐｽﾐｾ ﾑﾑひｾﾐｸﾐｼﾐｾﾑﾑび!) ﾐｲ ﾐｷﾐｰﾐｲﾐｸﾑﾐｸﾐｼﾐｾﾑﾑひｸ ﾐｾﾑ ﾑひｾﾐｳﾐｾ, ﾐｺﾑひｾ ﾐｿﾐｾﾐｺﾑσｿﾐｰﾐｵﾑ ﾐｻﾐｸﾑﾐｵﾐｽﾐｷﾐｸﾑ 12
- 13. ﾐ渙ﾐ榧頒籍孟 ﾐ嶢侑ｦﾐ片斷厘侑 ﾐ榧｢ﾐ漬片｢ ﾐ斷 ﾐ漬榧渙ﾐ榧｡ ﾂｫﾐ斷 ﾐ厘籍｡ﾐｫﾐ渙墟｣ﾂｻ ♀ ﾐ厘ｰﾐｲﾐｸﾑﾐｸﾑ ﾐｻﾐｸ ﾑﾐｿﾑﾐｰﾐｲﾐｵﾐｴﾐｻﾐｸﾐｲﾐｰﾑ ﾑﾑひｾﾐｸﾐｼﾐｾﾑﾑび ﾐｸﾐｽﾑひｵﾐｻﾐｻﾐｵﾐｺﾑびσｰﾐｻﾑ糊ｽﾐｾﾐｹ ﾑﾐｾﾐｱﾑﾑひｲﾐｵﾐｽﾐｽﾐｾﾑﾑひｸ ﾐｾﾑ ﾑひｾﾐｳﾐｾ, ﾐｺﾑひｾ ﾑ紹ｲﾐｻﾑ紹ｵﾑびﾑ ﾐ渙榧墟｣ﾐ渙籍｢ﾐ片嶢片? ﾐ斷ｵﾑ ﾐ侑ｽﾑひｵﾐｻﾐｻﾐｵﾐｺﾑびσｰﾐｻﾑ糊ｽﾐｰﾑ ﾑﾐｾﾐｱﾑﾑひｲﾐｵﾐｽﾐｽﾐｾﾑﾑび ﾐｸﾐｼﾐｵﾐｵﾑ ﾐｵﾐｴﾐｸﾐｽﾑﾑひｲﾐｵﾐｽﾐｽﾑτ ﾑﾑひｾﾐｸﾐｼﾐｾﾑﾑび, ﾐｺﾐｾﾑひｾﾑﾐｰﾑ ﾐｽﾐｵ ﾐｷﾐｰﾐｲﾐｸﾑﾐｸﾑ ﾐｾﾑ ﾑひｾﾐｳﾐｾ, ﾐｺﾑひｾ ﾐｿﾐｾﾐｺﾑσｿﾐｰﾐｵﾑ ﾐｻﾐｸﾑﾐｵﾐｽﾐｷﾐｸﾑ ﾐ頒ｰ ﾐ頒ｻﾑ ﾑﾐｰﾐｷﾐｽﾑ錦 ﾐｿﾐｾﾐｺﾑσｿﾐｰﾑひｵﾐｻﾐｵﾐｹ rNPV ﾑﾐｰﾐｷﾐｽﾑ巾ｹ! 窶｢ ﾐ渙ｾﾐｲﾑ錦威ｵﾐｽﾐｸﾐｵ ﾐｿﾑﾐｾﾐｴﾐｰﾐｶ 窶｢ ﾐ｡ﾐｽﾐｸﾐｶﾐｵﾐｽﾐｸﾐｵ ﾑﾐｰﾑﾑﾐｾﾐｴﾐｾﾐｲ 窶｢ ﾐ頒ｵﾑ威ｵﾐｲﾐｾﾐｵ ﾑﾐｸﾐｽﾐｰﾐｽﾑﾐｸﾑﾐｾﾐｲﾐｰﾐｽﾐｸﾐｵ 窶｢ ﾂｫﾐ慯紹ｳﾐｺﾐｸﾐｵﾂｻ ﾐｰﾐｺﾑひｸﾐｲﾑ 13
- 14. ﾐ渙ﾐ榧頒籍孟 ﾐ嶢侑ｦﾐ片斷厘侑 ﾐ墟籍墟榧漬ｫ ﾐ､ﾐ籍墟｢ﾐ榧ﾐｫ ﾐ嶢侑ｦﾐ片斷厘侑榧斷斷榧 ﾐ｡ﾐ頒片嶢墟? ﾐﾐｾﾑ紹ｻﾑひｸ ﾐ渙ｰﾑτ威ｰﾐｻﾑ糊ｽﾑ巾ｵ ﾐｿﾐｻﾐｰﾑひｵ ﾐ｡ﾑﾐｾﾐｺ ﾐ頒ｾﾐｻﾑ ﾐｾﾑ ﾐｴﾐｾﾑﾐｾﾐｴﾐｰ, ﾐｿﾐｾﾐｻﾑτﾐｰﾐｵﾐｼﾐｾﾐｳﾐｾ ﾐｾﾑ ﾐｸﾑﾐｿﾐｾﾐｻﾑ糊ｷﾐｾﾐｲﾐｰﾐｽﾐｸﾑ ﾐｴﾐｰﾐｽﾐｽﾐｾﾐｹ ﾐｸﾐｽﾑひｵﾐｻﾐｻﾐｵﾐｺﾑびσｰﾐｻﾑ糊ｽﾐｾﾐｹ ﾑﾐｾﾐｱﾑﾑひｲﾐｵﾐｽﾐｽﾐｾﾑﾑひｸ ﾐｿﾐｾﾐｺﾑσｿﾐｰﾑひｵﾐｻﾐｵﾐｼ ﾐｻﾐｸﾑﾐｵﾐｽﾐｷﾐｸﾐｸ ﾐ渙ｰﾑτ威ｰﾐｻﾑ糊ｽﾑ巾ｵ = ﾑﾐｸﾐｺﾑﾐｸﾑﾐｾﾐｲﾐｰﾐｽﾐｽﾑ巾ｵ ﾐｿﾐｻﾐｰﾑひｵﾐｶﾐｸ. ﾐ慴ｾﾐｳﾑτ ﾐｱﾑ錦び ﾐｾﾐｴﾐｽﾐｾﾐｼﾐｾﾐｼﾐｵﾐｽﾑひｽﾑ巾ｼﾐｸ ﾐｸﾐｻﾐｸ ﾐｼﾐｽﾐｾﾐｳﾐｾﾑびﾐｰﾐｽﾑ威ｵﾐｲﾑ巾ｼﾐｸ. ﾐ｡ﾑﾐｾﾐｺ, ﾐｲ ﾑひｵﾑﾐｵﾐｽﾐｸﾐｵ ﾐｺﾐｾﾑひｾﾑﾐｾﾐｳﾐｾ ﾐｿﾐｾﾐｺﾑσｿﾐｰﾑひｵﾐｻﾑ ﾐｼﾐｾﾐｶﾐｵﾑ ﾐｸﾑﾐｿﾐｾﾐｻﾑ糊ｷﾐｾﾐｲﾐｰﾑび ﾐｸﾐｽﾑひｵﾐｻﾐｻﾐｵﾐｺﾑびσｰﾐｻﾑ糊ｽﾑτ ﾑﾐｾﾐｱﾑﾑひｲﾐｵﾐｽﾐｽﾐｾﾑﾑび ﾐ｢ﾐｵﾑﾑﾐｸﾑひｾﾑﾐｸﾑ ﾐ｢ﾐｵﾑﾑﾐｸﾑひｾﾑﾐｸﾐｸ, ﾐｽﾐｰ ﾐｺﾐｾﾑひｾﾑﾑ錦 ﾐｿﾐｾﾐｺﾑσｿﾐｰﾑひｵﾐｻﾑ ﾐｼﾐｾﾐｶﾐｵﾑ ﾐｸﾐｷﾐｲﾐｻﾐｵﾐｺﾐｰﾑび ﾐｺﾐｾﾐｼﾐｼﾐｵﾑﾑﾐｵﾑﾐｺﾑτ ﾐｲﾑ巾ｳﾐｾﾐｴﾑ ﾐｾﾑ ﾐｸﾑﾐｿﾐｾﾐｻﾑ糊ｷﾐｾﾐｲﾐｰﾐｽﾐｸﾑ ﾐｸﾐｽﾑひｵﾐｻﾐｻﾐｵﾐｺﾑびσｰﾐｻﾑ糊ｽﾐｾﾐｹ ﾑﾐｾﾐｱﾑﾑひｲﾐｵﾐｽﾐｽﾐｾﾑﾑひｸ ﾐ､ﾐｾﾑﾐｼﾐｰ ﾐｿﾐｻﾐｰﾑひｵﾐｶﾐｰ ﾐ頒ｵﾐｽﾐｵﾐｶﾐｽﾑ巾ｵ ﾑﾑﾐｵﾐｴﾑﾑひｲﾐｰ ﾐｸﾐｻﾐｸ ﾐｿﾐｾﾑﾑひｰﾐｲﾐｺﾐｸ ﾑひｾﾐｲﾐｰﾑﾐｰ/ﾑτﾐｻﾑσｳﾐｸ ﾐ寅ｰﾑﾐｰﾐｽﾑひｸﾐｸ ﾐ湲ﾐｰﾐｲﾐｾﾐｲﾐｾﾐｹ ﾑﾑひｰﾑびτ ﾐｿﾐｰﾑひｵﾐｽﾑひｾﾐｲ, ﾐｸﾑ ﾑひｵﾑﾐｽﾐｸﾑﾐｵﾑﾐｺﾐｰﾑ ﾐｿﾑﾐｸﾐｼﾐｵﾐｽﾐｸﾐｼﾐｾﾑﾑび ﾐｸ ﾐｺﾐｾﾐｼﾐｼﾐｵﾑﾑﾐｵﾑﾐｺﾐｰﾑ ﾐｿﾑﾐｸﾐｼﾐｵﾐｽﾐｸﾐｼﾐｾﾑﾑび, ﾐｽﾐｰﾑﾑτ威ｵﾐｽﾐｸﾐｹ ﾐｿﾑﾐｰﾐｲ 3-ﾐｹ ﾑﾑひｾﾑﾐｾﾐｽﾑ ﾐｸ ﾑ.ﾐｴ., ﾐｸ ﾑ.ﾐｿ. 14
- 15. ﾐ渙ﾐ榧頒籍孟 ﾐ嶢侑ｦﾐ片斷厘侑 ﾐ墟籍 ﾐ漬｡ﾐ ﾐｭﾐ｢ﾐ ﾐ､ﾐ籍墟｢ﾐ榧ﾐｫ ﾐ｡ﾐ榧ｧﾐ片｢ﾐ籍ｮﾐ｢ﾐ｡ﾐｯ ﾐ ﾐﾐ片籍嶢ｬﾐ斷榧 ﾐ｡ﾐ頒片嶢墟? ﾐ佯ﾐｺﾐｻﾑ紗ﾐｸﾑひｵﾐｻﾑ糊ｽﾐｰﾑ ﾐｻﾐｸﾑﾐｵﾐｽﾐｷﾐｸﾑ ﾐｽﾐｰ ﾐｲﾐｵﾑﾑ ﾐｼﾐｸﾑ, ﾐｺﾑﾐｾﾐｼﾐｵ ﾑﾑびﾐｰﾐｽ ﾐ｡ﾐ斷 ﾐ斷ｰ ﾑﾑﾐｾﾐｺ 20 ﾐｻﾐｵﾑ ﾐ｡ ﾐｿﾑﾐｰﾐｲﾐｾﾐｼ ﾑﾐｰﾐｷﾑﾐｰﾐｱﾐｾﾑひｺﾐｸ ﾑﾐｾﾐｱﾑﾑひｲﾐｵﾐｽﾐｽﾐｾﾐｹ ﾐ侑｡ ﾐｽﾐｰ ﾐｾﾑﾐｽﾐｾﾐｲﾐｵ ﾐｻﾐｸﾑﾐｵﾐｽﾐｷﾐｸﾐｾﾐｽﾐｽﾐｾﾐｹ ﾐ侑｡ 200 ﾑび錦 ﾐｴﾐｾﾐｻﾐｻ ﾐｿﾐｻﾐｰﾑひｵﾐｶ ﾐｿﾐｾ ﾐｷﾐｰﾐｲﾐｵﾑﾑ威ｵﾐｽﾐｸﾐｸ ﾐｿﾐｾﾐｻﾐｵﾐｲﾑ錦 ﾐｸﾑﾐｿﾑ錦ひｰﾐｽﾐｸﾐｹ 300 ﾑび錦 ﾐｴﾐｾﾐｻﾐｻ ﾐｿﾐｻﾐｰﾑひｵﾐｶ ﾐｿﾐｾﾑﾐｻﾐｵ ﾐｿﾐｵﾑﾐｲﾐｾﾐｹ ﾐｿﾑﾐｾﾐｴﾐｰﾐｶﾐｸ ﾐｽﾐｰ ﾑﾑ巾ｽﾐｺﾐｵ 3% ﾑﾐｾﾑ紹ｻﾑひｸ 100 ﾑび錦. ﾐｴﾐｾﾐｻﾐｻ. ﾐｿﾐｻﾐｰﾑひｵﾐｶ ﾐｲ ﾐｼﾐｾﾐｼﾐｵﾐｽﾑ ﾑﾐｴﾐｵﾐｻﾐｺﾐｸ ﾐ寅ｰﾑﾐｰﾐｽﾑひｸﾐｸ: - ﾐ渙ｾ ﾐｿﾑﾐｰﾐｲﾐｾﾐｲﾐｾﾐｼﾑ ﾑﾑひｰﾑびτﾑ ﾐｿﾐｰﾑひｵﾐｽﾑひｰ - ﾐ斷ｰﾑﾑτ威ｵﾐｽﾐｸﾑ ﾐｿﾑﾐｰﾐｲ 3-ﾐｹ ﾑﾑひｾﾑﾐｾﾐｽﾑ 15
- 16. ﾐ渙ﾐ榧頒籍孟 ﾐ嶢侑ｦﾐ片斷厘侑 ﾐ墟籍墟榧漬ｫ ﾐ｢ﾐ侑渙侑ｧﾐ斷ｫﾐ ﾐﾐ籍厘慴片ﾐｫ ﾐ嶢侑ｦﾐ片斷厘侑榧斷斷榧 ﾐ｡ﾐ頒片嶢墟 ﾐ ﾐ慴侑ﾐ? ﾐ｡ﾑﾐｵﾐｴﾐｽﾐｸﾐｹ ﾑﾐｰﾐｷﾐｼﾐｵﾑ ﾐｻﾐｸﾑﾐｵﾐｽﾐｷﾐｸﾐｾﾐｽﾐｽﾐｾﾐｹ ﾑﾐｴﾐｵﾐｻﾐｺﾐｸ ﾐ斷ｵﾐｼﾐｵﾐｴﾐｻﾐｵﾐｽﾐｽﾐｰﾑ ﾐ湲ﾐｾﾐｼﾐｵﾐｶﾑτひｾﾑﾐｽﾐｰﾑ ﾐｾﾐｿﾐｻﾐｰﾑひｰ, $M ﾐｾﾐｿﾐｻﾐｰﾑひｰ, $M ﾐ侑墟｢ ﾐﾐｾﾑ紹ｻﾑひｸ ﾐ侑｢ﾐ榧寅 (NPV, 18%) , $M 6,1% 6,20 ﾐｭﾐｭ 0,88 1,37 5,3% 10,90 ﾐ岱慴｢ 3,00 12,00 8,7% 41,50 ﾐｯﾐ｢ 3,9% 3,10 ﾐ墟｢ 12,1% 9,30 7,22% 14,20 ﾐ｡ﾑﾐｵﾐｴﾐｽﾐｵﾐｵ ﾐ佯ﾑひｾﾑﾐｽﾐｸﾐｺ: Licensing Executives Society, 2011 1,94 6,69 16
- 17. ﾐ渙ﾐ榧頒籍孟 ﾐ嶢侑ｦﾐ片斷厘侑 ﾐｧﾐ｢ﾐ ﾐ頒榧嶢孟斷 ﾐ｣ﾐ慴片｢ﾐｬ ﾐ墟榧慴籍斷頒, ﾐｧﾐ｢ﾐ榧岱ｫ ﾐ渙ﾐ榧頒籍｢ﾐｬ ﾐ嶢侑ｦﾐ片斷厘侑ｮ? 窶｢ 窶｢ 窶｢ 窶｢ ﾐ斷ｰﾐｹﾑひｸ ﾐｿﾐｾﾐｺﾑσｿﾐｰﾑひｵﾐｻﾑ ﾐ湲ﾐｵﾐｷﾐｵﾐｽﾑひｾﾐｲﾐｰﾑび ﾑひｵﾑﾐｽﾐｾﾐｻﾐｾﾐｳﾐｸﾑ ﾐ｡ﾑびﾑσｺﾑびτﾐｸﾑﾐｾﾐｲﾐｰﾑび ﾑﾐｴﾐｵﾐｻﾐｺﾑ ﾐ樮びﾐｻﾐｵﾐｴﾐｸﾑび ﾐｿﾐｻﾐｰﾑひｵﾐｶﾐｸ 17
- 18. ﾐ渙ﾐ榧頒籍孟 ﾐ嶢侑ｦﾐ片斷厘侑 ﾐ墟籍 ﾐ斷籍厰｢ﾐ ﾐ渙榧墟｣ﾐ渙籍｢ﾐ片嶢ｯ? ﾐ渙ｾﾑﾑﾐｵﾐｴﾐｽﾐｸﾐｺ 窶｢ ﾐ.ﾐ｡. ﾐ侑ｽﾐｲﾐｵﾑﾑひｱﾐｰﾐｽﾐｺﾐｸ: NewStock Capital, Inflexion Point 窶｢ ﾐ｢ﾐｵﾑﾐｽﾐｾﾐｻﾐｾﾐｳﾐｸﾑﾐｵﾑﾐｺﾐｸﾐｵ ﾐ侑ｽﾐｲﾐｵﾑﾑひｱﾐｰﾐｽﾐｺﾐｸ: Acacia, Epicenter IP Group, Investment Technology Group 窶｢ ﾐ渙ｰﾑひｵﾐｽﾑひｽﾑ巾ｵ ﾐｱﾑﾐｾﾐｺﾐｵﾑﾑ: IPInvestments Group, PatentBridge, Red Chalk Group, TAEUS 窶｢ ﾐ侑ｽﾐｲﾐｵﾑﾑひｱﾐｰﾐｽﾐｺﾐｸ: Morgan Stanley, JPMorgan, Credit Suisse, Royal Bank of Scotland ﾐ｡ﾑびﾐｰﾑひｵﾐｳﾐｸﾑﾐｵﾑﾐｺﾐｸﾐｹ ﾐｸﾐｽﾐｲﾐｵﾑﾑひｾﾑ 窶｢ ﾐ｡ﾐｾﾑﾑひｾﾑ紹ｲﾑ威ｰﾑ肖ﾑ ﾐｺﾐｾﾐｼﾐｿﾐｰﾐｽﾐｸﾑ, ﾐｸﾐｼﾐｵﾑ紗禍ｰﾑ ﾐｴﾐｾﾑﾑびσｿ ﾐｺ ﾂｫﾐｲﾐｰﾑ威ｸﾐｼﾂｻ ﾐｿﾐｾﾑびﾐｵﾐｱﾐｸﾑひｵﾐｻﾑ紹ｼ ﾑ ﾐｿﾑﾐｾﾐｴﾑσｺﾑひｾﾐｼ, ﾐｺﾐｾﾑひｾﾑﾑ巾ｹ ﾑﾐｵﾐｼﾑひｾ ﾑﾑﾐｾﾐｴﾐｵﾐｽ ﾑ ﾐｲﾐｰﾑ威ｸﾐｼ ﾐ墟ｾﾐｽﾐｺﾑτﾐｵﾐｽﾑ 窶｢ ﾐ墟ｾﾐｼﾐｿﾐｰﾐｽﾐｸﾑ, ﾐｾﾑびﾑひｰﾐｲﾑ威ｰﾑ ﾐｲ ﾑﾐｰﾐｷﾑﾐｰﾐｱﾐｾﾑひｺﾐｵ ﾐｿﾑﾐｾﾐｴﾑσｺﾑひｰ ﾐｸﾐｻﾐｸ ﾐｽﾐｵ ﾑﾑσｼﾐｵﾐｲﾑ威ｰﾑ ﾐｵﾐｳﾐｾ ﾑﾐｰﾐｷﾑﾐｰﾐｱﾐｾﾑひｰﾑび 18
- 20. ﾐ渙ﾐ榧頒籍孟 ﾐ墟榧慴渙籍斷侑 ﾐ墟籍墟榧漬ｫ ﾐ渙ﾐ侑慴片ﾐｫ ﾐ渙ﾐ榧頒籍孟 ﾐ｢ﾐ片･ﾐ斷榧嶢榧寅侑ｧﾐ片｡ﾐ墟侑･ ﾐ墟榧慴渙籍斷侑? ﾐﾐｵﾐｹﾑひｸﾐｽﾐｳ ﾐｽﾐｰﾐｸﾐｱﾐｾﾐｻﾐｵﾐｵ ﾐｷﾐｽﾐｰﾑﾐｸﾐｼﾑ錦 ﾐｿﾐｾﾐｺﾑσｿﾐｾﾐｺ ﾑひｵﾑﾐｽﾐｾﾐｻﾐｾﾐｳﾐｸﾑﾐｵﾑﾐｺﾐｸﾑ ﾐｺﾐｾﾐｼﾐｿﾐｰﾐｽﾐｸﾐｹ 窶｢ PayPal ﾐｿﾑﾐｸﾐｾﾐｱﾑﾐｵﾑひｵﾐｽ ﾐｺﾐｾﾐｼﾐｿﾐｰﾐｽﾐｸﾐｵﾐｹ eBay ﾐｲ 2002 ﾐｳ. ﾐｷﾐｰ $1.5 ﾐｼﾐｻﾑﾐｴ. 窶｢ YouTube ﾐｿﾑﾐｸﾐｾﾐｱﾑﾐｵﾑひｵﾐｽ ﾐｺﾐｾﾐｼﾐｿﾐｰﾐｽﾐｸﾐｵﾐｹ Google ﾐｲ 2006 ﾐｳ. ﾐｷﾐｰ $1.65 ﾐｼﾐｻﾑﾐｴ. 窶｢ Android ﾐｿﾑﾐｸﾐｾﾐｱﾑﾐｵﾑひｵﾐｽ ﾐｺﾐｾﾐｼﾐｿﾐｰﾐｽﾐｸﾐｵﾐｹ Google ﾐｲ 2005 ﾐｳ. ﾐｷﾐｰ $0.05 ﾐｼﾐｻﾑﾐｴ. 22-ﾐｼﾐｵﾑﾑ肖ﾐｽﾑ巾ｹ ﾑﾑひｰﾑﾑひｰﾐｿ ﾐｱﾐｵﾐｷ ﾐｿﾑﾐｾﾐｴﾐｰﾐｶ ﾐｸ ﾐｿﾑσｱﾐｻﾐｸﾑﾐｽﾐｾﾑﾑひｸ 窶｢ Skype ﾐｿﾑﾐｸﾐｾﾐｱﾑﾐｵﾑひｵﾐｽ ﾐｺﾐｾﾐｼﾐｿﾐｰﾐｽﾐｸﾐｵﾐｹ Microsoft ﾐｲ 2005 ﾐｳ. ﾐｷﾐｰ $8.5 ﾐｼﾐｻﾑﾐｴ. ﾐｾﾑ ﾐｺﾐｾﾐｼﾐｿﾐｰﾐｽﾐｸﾐｸ eBay, ﾐｺﾐｾﾑひｾﾑﾐｰﾑ ﾐｿﾑﾐｸﾐｾﾐｱﾑﾐｵﾐｻﾐｰ ﾐｵﾐｳﾐｾ 2 ﾐｳﾐｾﾐｴﾐｰﾐｼﾐｸ ﾑﾐｰﾐｽﾑ袴威ｵ ﾐｷﾐｰ $2.5 ﾐｼﾐｻﾑﾐｴ 窶｢ Instagram ﾐｿﾑﾐｸﾐｾﾐｱﾑﾐｵﾑひｵﾐｽ ﾐｺﾐｾﾐｼﾐｿﾐｰﾐｽﾐｸﾐｵﾐｹ Facebook ﾐｲ 2012 ﾐｳ. ﾐｷﾐｰ $1.0 ﾐｼﾐｻﾑﾐｴ. 20
- 21. ﾐ渙ﾐ榧頒籍孟 ﾐ墟榧慴渙籍斷侑 ﾐ ﾐｧﾐ片 ﾐ榧｢ﾐ嶢侑ｧﾐ侑ｯ ﾐ榧｢ ﾐ渙ﾐ榧頒籍孟 ﾐ嶢侑ｦﾐ片斷厘侑? ﾐｮﾑﾐｸﾐｴﾐｸﾑﾐｵﾑﾐｺﾐｸ ﾐ墟ｾﾐｼﾐｰﾐｽﾐｴﾐｰ ﾐ岱ｸﾐｷﾐｽﾐｵﾑ ﾐ斷ｰﾐｻﾐｾﾐｳﾐｸ 窶｢ ﾐ湲ﾐｾﾐｴﾐｰﾐｶﾐｰ: ﾐｿﾐｵﾑﾐｵﾑﾐｾﾐｴ ﾑﾐｾﾐｱﾑﾑひｲﾐｵﾐｽﾐｽﾐｾﾑﾑひｸ 窶｢ ﾐ嶢ｸﾑﾐｵﾐｽﾐｷﾐｸﾑﾐｾﾐｲﾐｰﾐｽﾐｸﾐｵ: ﾐｿﾑﾐｵﾐｴﾐｾﾑﾑひｰﾐｲﾐｻﾐｵﾐｽﾐｸﾐｵ ﾐｿﾑﾐｰﾐｲﾐｰ ﾐｽﾐｰ ﾐｸﾑﾐｿﾐｾﾐｻﾑ糊ｷﾐｾﾐｲﾐｰﾐｽﾐｸﾐｵ 窶｢ ﾐ墟ｾﾐｼﾐｰﾐｽﾐｴﾐｰ ﾂｫﾐｸﾐｴﾐｵﾑ ﾐｽﾐｰ ﾑﾐｰﾐｱﾐｾﾑびδｻ ﾐｺ ﾐｿﾐｾﾐｺﾑσｿﾐｰﾑひｵﾐｻﾑ 窶｢ ﾐ渙ｾﾐｺﾑσｿﾐｰﾑひｵﾐｻﾑ ﾐｿﾑﾐｸﾐｽﾐｸﾐｼﾐｰﾐｵﾑ ﾐｽﾐｰ ﾑﾐｵﾐｱﾑ ﾐｲﾑﾐｵ ﾐｴﾐｾﾐｻﾐｳﾐｸ, ﾐｾﾑﾐｻﾐｾﾐｶﾐｽﾐｵﾐｽﾐｸﾑ, ﾂｫﾐｿﾐｾﾐｴﾐｲﾐｾﾐｴﾐｽﾑ巾ｵ ﾐｺﾐｰﾐｼﾐｽﾐｸﾂｻ ﾐｸ ﾑ.ﾐｿ. 窶｢ ﾐ漬ｾ ﾐｼﾐｽﾐｾﾐｳﾐｸﾑ ﾑﾑびﾐｰﾐｽﾐｰﾑ ﾐｼﾐｸﾑﾐｰ ﾐｽﾐｰﾐｻﾐｾﾐｳﾐｾﾐｲﾐｰﾑ ﾑﾐｸﾑﾑひｵﾐｼﾐｰ ﾐｴﾐｵﾐｻﾐｰﾐｵﾑ ﾑﾐｴﾐｵﾐｻﾐｺﾑ ﾐｿﾑﾐｸﾐｾﾐｱﾑﾐｵﾑひｵﾐｽﾐｸﾑ ﾐｺﾐｾﾐｼﾐｿﾐｰﾐｽﾐｸﾐｸ ﾐｳﾐｾﾑﾐｰﾐｷﾐｴﾐｾ ﾐｼﾐｵﾐｽﾐｵﾐｵ ﾐｲﾑ巾ｳﾐｾﾐｴﾐｽﾐｾﾐｹ, ﾑﾐｵﾐｼ ﾐｻﾐｸﾑﾐｵﾐｽﾐｷﾐｸﾐｾﾐｽﾐｽﾐｰﾑ ﾑﾐｴﾐｵﾐｻﾐｺﾐｰ (ﾐｽﾐｰﾐｿﾑ. ﾐ｡ﾐｨﾐ) 21
- 22. ﾐ渙ﾐ榧頒籍孟 ﾐ墟榧慴渙籍斷侑 ﾐ斷 ﾐ榧 ﾐｭﾐ｢ﾐ榧 ﾐ嶢 ﾐｧﾐ籍ｩﾐ ﾐ漬｡ﾐ片寅 ﾐ侑頒片｢ ﾐﾐ片ｧﾐｬ? ﾐｮﾑﾐｸﾐｴﾐｸﾑﾐｵﾑﾐｺﾐｸ ﾐ墟ｾﾐｼﾐｰﾐｽﾐｴﾐｰ ﾐ岱ｸﾐｷﾐｽﾐｵﾑ ﾐ斷ｰﾐｻﾐｾﾐｳﾐｸ 窶｢ ﾐ湲ﾐｾﾐｴﾐｰﾐｶﾐｰ: ﾐｿﾐｵﾑﾐｵﾑﾐｾﾐｴ ﾑﾐｾﾐｱﾑﾑひｲﾐｵﾐｽﾐｽﾐｾﾑﾑひｸ 窶｢ ﾐ嶢ｸﾑﾐｵﾐｽﾐｷﾐｸﾑﾐｾﾐｲﾐｰﾐｽﾐｸﾐｵ: ﾐｿﾑﾐｵﾐｴﾐｾﾑﾑひｰﾐｲﾐｻﾐｵﾐｽﾐｸﾐｵ ﾐｿﾑﾐｰﾐｲﾐｰ ﾐｽﾐｰ ﾐｸﾑﾐｿﾐｾﾐｻﾑ糊ｷﾐｾﾐｲﾐｰﾐｽﾐｸﾐｵ 窶｢ ﾐ墟ｾﾐｼﾐｰﾐｽﾐｴﾐｰ ﾂｫﾐｸﾐｴﾐｵﾑ ﾐｽﾐｰ ﾑﾐｰﾐｱﾐｾﾑびδｻ ﾐｺ ﾐｿﾐｾﾐｺﾑσｿﾐｰﾑひｵﾐｻﾑ 窶｢ ﾐ渙ｾﾐｺﾑσｿﾐｰﾑひｵﾐｻﾑ ﾐｿﾑﾐｸﾐｽﾐｸﾐｼﾐｰﾐｵﾑ ﾐｽﾐｰ ﾑﾐｵﾐｱﾑ ﾐｲﾑﾐｵ ﾐｴﾐｾﾐｻﾐｳﾐｸ, ﾐｾﾑﾐｻﾐｾﾐｶﾐｽﾐｵﾐｽﾐｸﾑ, ﾂｫﾐｿﾐｾﾐｴﾐｲﾐｾﾐｴﾐｽﾑ巾ｵ ﾐｺﾐｰﾐｼﾐｽﾐｸﾂｻ ﾐｸ ﾑ.ﾐｿ. 窶｢ ﾐ漬ｾ ﾐｼﾐｽﾐｾﾐｳﾐｸﾑ ﾑﾑびﾐｰﾐｽﾐｰﾑ ﾐｼﾐｸﾑﾐｰ ﾐｽﾐｰﾐｻﾐｾﾐｳﾐｾﾐｲﾐｰﾑ ﾑﾐｸﾑﾑひｵﾐｼﾐｰ ﾐｴﾐｵﾐｻﾐｰﾐｵﾑ ﾑﾐｴﾐｵﾐｻﾐｺﾑ ﾐｿﾑﾐｸﾐｾﾐｱﾑﾐｵﾑひｵﾐｽﾐｸﾑ ﾐｺﾐｾﾐｼﾐｿﾐｰﾐｽﾐｸﾐｸ ﾐｳﾐｾﾑﾐｰﾐｷﾐｴﾐｾ ﾐｼﾐｵﾐｽﾐｵﾐｵ ﾐｲﾑ巾ｳﾐｾﾐｴﾐｽﾐｾﾐｹ, ﾑﾐｵﾐｼ ﾐｻﾐｸﾑﾐｵﾐｽﾐｷﾐｸﾐｾﾐｽﾐｽﾐｰﾑ ﾑﾐｴﾐｵﾐｻﾐｺﾐｰ (ﾐｽﾐｰﾐｿﾑ. ﾐ｡ﾐｨﾐ) 22
- 23. ﾐ渙ﾐ榧頒籍孟 ﾐ墟榧慴渙籍斷侑 ﾐ漬榧渙ﾐ榧｡ ﾂｫﾐ斷 ﾐ厘籍｡ﾐｫﾐ渙墟｣ﾂｻ ﾐ柘錦威ｵ ﾐｸﾐｻﾐｸ ﾐｽﾐｸﾐｶﾐｵ ﾑﾐｿﾑﾐｰﾐｲﾐｵﾐｴﾐｻﾐｸﾐｲﾐｰﾑ ﾑﾑひｾﾐｸﾐｼﾐｾﾑﾑび ﾐｺﾐｾﾐｼﾐｿﾐｰﾐｽﾐｸﾐｸ ﾑﾐｿﾑﾐｰﾐｲﾐｵﾐｴﾐｻﾐｸﾐｲﾐｾﾐｹ ﾑﾑひｾﾐｸﾐｼﾐｾﾑﾑひｸ ﾐｸﾐｽﾑひｵﾐｻﾐｻﾐｵﾐｺﾑびσｰﾐｻﾑ糊ｽﾐｾﾐｹ ﾑﾐｾﾐｱﾑﾑひｲﾐｵﾐｽﾐｽﾐｾﾑﾑひｸ ﾑ采ひｾﾐｹ ﾐｶﾐｵ ﾐｺﾐｾﾐｼﾐｿﾐｰﾐｽﾐｸﾐｸ? ﾐ斷ｸﾐｶﾐｵ ﾐ｡ﾐｿﾑﾐｰﾐｲﾐｵﾐｴﾐｻﾐｸﾐｲﾐｰﾑ ﾑﾑひｾﾐｸﾐｼﾐｾﾑﾑび ﾐｺﾐｾﾐｼﾐｿﾐｰﾐｽﾐｸﾐｸ ﾐｽﾐｸﾐｶﾐｵ ﾑﾐｿﾑﾐｰﾐｲﾐｵﾐｴﾐｻﾐｸﾐｲﾐｾﾐｹ ﾑﾑひｾﾐｸﾐｼﾐｾﾑﾑひｸ ﾐｸﾐｽﾑひｵﾐｻﾐｻﾐｵﾐｺﾑびσｰﾐｻﾑ糊ｽﾐｾﾐｹ ﾑﾐｾﾐｱﾑﾑひｲﾐｵﾐｽﾐｽﾐｾﾑﾑひｸ ﾐ柘錦威ｵ ﾐ｡ﾐｿﾑﾐｰﾐｲﾐｵﾐｴﾐｻﾐｸﾐｲﾐｰﾑ ﾑﾑひｾﾐｸﾐｼﾐｾﾑﾑび ﾐｺﾐｾﾐｼﾐｿﾐｰﾐｽﾐｸﾐｸ ﾐｲﾑ錦威ｵ ﾑﾐｿﾑﾐｰﾐｲﾐｵﾐｴﾐｻﾐｸﾐｲﾐｾﾐｹ ﾑﾑひｾﾐｸﾐｼﾐｾﾑﾑひｸ ﾐｸﾐｽﾑひｵﾐｻﾐｻﾐｵﾐｺﾑびσｰﾐｻﾑ糊ｽﾐｾﾐｹ ﾑﾐｾﾐｱﾑﾑひｲﾐｵﾐｽﾐｽﾐｾﾑﾑひｸ 23
- 24. ﾐ渙ﾐ榧頒籍孟 ﾐ墟榧慴渙籍斷侑 ﾐ榧｢ﾐ漬片｢ ﾐ斷 ﾐ漬榧渙ﾐ榧｡ ﾂｫﾐ斷 ﾐ厘籍｡ﾐｫﾐ渙墟｣ﾂｻ ♀ ﾐ柘錦威ｵ ﾐｸﾐｻﾐｸ ﾐｽﾐｸﾐｶﾐｵ ﾑﾐｿﾑﾐｰﾐｲﾐｵﾐｴﾐｻﾐｸﾐｲﾐｰﾑ ﾑﾑひｾﾐｸﾐｼﾐｾﾑﾑび ﾐｺﾐｾﾐｼﾐｿﾐｰﾐｽﾐｸﾐｸ ﾑﾐｿﾑﾐｰﾐｲﾐｵﾐｴﾐｻﾐｸﾐｲﾐｾﾐｹ ﾑﾑひｾﾐｸﾐｼﾐｾﾑﾑひｸ ﾐｸﾐｽﾑひｵﾐｻﾐｻﾐｵﾐｺﾑびσｰﾐｻﾑ糊ｽﾐｾﾐｹ ﾑﾐｾﾐｱﾑﾑひｲﾐｵﾐｽﾐｽﾐｾﾑﾑひｸ ﾑ采ひｾﾐｹ ﾐｶﾐｵ ﾐｺﾐｾﾐｼﾐｿﾐｰﾐｽﾐｸﾐｸ? ﾐ斷ｸﾐｶﾐｵ 窶｢ ﾐ頒ｾﾐｻﾐｳﾐｸ, ﾑﾑσｴﾐｵﾐｱﾐｽﾑ巾ｵ ﾐｸﾑﾐｺﾐｸ, ﾑσｳﾑﾐｾﾐｷﾑ 窶｢ ﾐ｡ﾑτ禍ｵﾑﾑひｲﾑτ紗禍ｸﾐｵ ﾐｾﾐｱﾑ紹ｷﾐｰﾑひｵﾐｻﾑ袴ﾑひｲﾐｰ 窶｢ ﾐ｡ﾐｻﾐｾﾐｶﾐｽﾐｾﾐｵ ﾑﾑびﾑσｺﾑびτﾐｸﾑﾐｾﾐｲﾐｰﾐｽﾐｸﾐｵ ﾑﾐｴﾐｵﾐｻﾐｺﾐｸ 窶｢ ﾐ｡ﾐｻﾐｾﾐｶﾐｽﾐｾﾑﾑひｸ ﾐｸﾐｽﾑひｵﾐｳﾑﾐｰﾑﾐｸﾐｸ ﾐ柘錦威ｵ 窶｢ ﾐ｡ﾐｸﾐｻﾑ糊ｽﾐｰﾑ ﾐｺﾐｾﾐｼﾐｰﾐｽﾐｴﾐｰ, ﾑﾐｰﾐｷﾑﾐｰﾐｱﾐｰﾑび巾ｲﾐｰﾑ紗禍ｰﾑ ﾂｫﾑﾐｻﾐｰﾐｱﾑτ篠ｻ ﾑひｵﾑﾐｽﾐｾﾐｻﾐｾﾐｳﾐｸﾑ 窶｢ ﾐ｡ﾐｾﾐｿﾑτびﾑひｲﾑτ紗禍ｸﾐｵ ﾐｲﾐｵﾑ禍ｵﾑﾑひｲﾐｵﾐｽﾐｽﾑ巾ｵ ﾐｸ ﾐｽﾐｵﾐｲﾐｵﾑ禍ｵﾑﾑひｲﾐｵﾐｽﾐｽﾑ巾ｵ ﾐｰﾐｺﾑひｸﾐｲﾑ 24
- 25. ﾐ渙ﾐ榧頒籍孟 ﾐ墟榧慴渙籍斷侑 ﾐｧﾐ｢ﾐ ﾐ頒榧嶢孟斷 ﾐ｣ﾐ慴片｢ﾐｬ ﾐ墟榧慴籍斷頒, ﾐｧﾐ｢ﾐ榧岱ｫ ﾐ渙ﾐ榧頒籍｢ﾐｬ ﾐ墟榧慴渙籍斷侑ｮ? 窶｢ 窶｢ 窶｢ 窶｢ ﾐ斷ｰﾐｹﾑひｸ ﾐｿﾐｾﾐｺﾑσｿﾐｰﾑひｵﾐｻﾑ ﾐ湲ﾐｵﾐｷﾐｵﾐｽﾑひｾﾐｲﾐｰﾑび ﾑひｵﾑﾐｽﾐｾﾐｻﾐｾﾐｳﾐｸﾑ ﾐｸ ﾐｺﾐｾﾐｼﾐｿﾐｰﾐｽﾐｸﾑ ﾐ｡ﾑびﾑσｺﾑびτﾐｸﾑﾐｾﾐｲﾐｰﾑび ﾑﾐｴﾐｵﾐｻﾐｺﾑ ﾐ帯錦び ﾐｳﾐｾﾑひｾﾐｲﾐｾﾐｹ ﾑﾐｰﾐｱﾐｾﾑひｰﾑび ﾑ ﾐｿﾐｾﾐｺﾑσｿﾐｰﾑひｵﾐｻﾑ 25
- 26. ﾐ渙ﾐ榧頒籍孟 ﾐ墟榧慴渙籍斷侑 ﾐ墟籍 ﾐ斷籍厰｢ﾐ ﾐ渙榧墟｣ﾐ渙籍｢ﾐ片嶢ｯ? 窶｢ ﾐ｡ﾐｿﾑﾐｾﾑﾐｸﾑひｵ ﾑﾐｵﾐｱﾑ, ﾑ ﾐｺﾐｾﾐｳﾐｾ ﾐｱﾑ ﾐｲﾑ ﾑﾐｾﾑひｵﾐｻﾐｸ ﾑﾐｰﾐｱﾐｾﾑひｰﾑび 26
- 27. ﾐ｡ﾐｰﾐｼﾐｾﾑﾑひｾﾑ肖ひｵﾐｻﾑ糊ｽﾑ巾ｹ ﾐｲﾑ錦ﾐｾﾐｴ ﾐｽﾐｰ ﾑﾑ巾ｽﾐｾﾐｺ 27
- 28. ﾐ漬ｫﾐ･ﾐ榧 ﾐ斷 ﾐﾐｫﾐ斷榧 ﾐ ﾐｧﾐ片 ﾐ榧｢ﾐ嶢侑ｧﾐ侑ｯ ﾐ榧｢ ﾐ渙ﾐ榧頒籍孟 ﾐ嶢侑ｦﾐ片斷厘侑? ﾐ湲ﾐｾﾐｴﾐｲﾐｸﾐｶﾐｵﾐｽﾐｸﾐｵ ﾐ｡ﾐｱﾑ錦 ﾐ湲ﾐｾﾐｸﾐｷﾐｲﾐｾﾐｴﾑﾑひｲﾐｾ ﾐ斷侑榧墟 ﾐｷﾐｰﾐｺﾐｾﾐｽﾑﾐｵﾐｽ ﾐｸ ﾐｱﾐｾﾐｻﾑ袴威ｵ ﾐｽﾐｵ ﾐｽﾑσｶﾐｵﾐｽ ﾐ侑ｳﾑﾐｾﾐｺﾐｸ ﾑﾑ巾ｽﾐｺﾐｰ: ﾑﾐｼﾐｵﾐｶﾐｽﾐｸﾐｺﾐｸ, ﾐｺ ﾐｾﾐｽﾐｺﾑτﾐｵﾐｽﾑび, ﾑﾐｵﾐｳﾑσｻﾑ肖ひｾﾑﾑ ﾐ漬ｽﾑτびﾐｵﾐｽﾐｽﾐｸﾐｵ ﾐｿﾑﾐｾﾑﾐｵﾑﾑﾑ 28
- 29. ﾐ漬ｫﾐ･ﾐ榧 ﾐ斷 ﾐﾐｫﾐ斷榧 ﾐ墟籍 ﾐ｡ﾐ｢ﾐﾐ榧侑｢ﾐｬ ﾐ渙ﾐ榧侑厘漬榧頒｡ﾐ｢ﾐ漬? ﾐｧﾑひｾ ﾐｽﾑσｶﾐｽﾐｾ ﾐｷﾐｽﾐｰﾑび ﾐｸ ﾑσｼﾐｵﾑび? ﾐ墟ｰﾐｺ ﾐｾﾐｱﾐｻﾐｵﾐｳﾑﾐｸﾑび ﾑﾐｵﾐｱﾐｵ ﾐｶﾐｸﾐｷﾐｽﾑ? 窶｢ ﾐ｢ﾐｵﾑﾐｽﾐｾﾐｻﾐｾﾐｳﾐｸﾑﾐｵﾑﾐｺﾐｸﾐｵ ﾐｿﾑﾐｾﾑﾐｵﾑﾑﾑ 窶｢ ﾐ湲ﾐｾﾐｸﾐｷﾐｲﾐｾﾐｴﾑﾑひｲﾐｵﾐｽﾐｽﾐｾﾐｵ ﾐｾﾐｱﾐｾﾑﾑσｴﾐｾﾐｲﾐｰﾐｽﾐｸﾐｵ ﾐｸ ﾐｾﾑﾐｽﾐｰﾑ禍ｵﾐｽﾐｸﾐｵ 窶｢ ﾐ｡ﾐｺﾐｻﾐｰﾐｴ 窶｢ ﾐ｡ﾑひｰﾐｽﾐｴﾐｰﾑﾑひｸﾐｷﾐｰﾑﾐｸﾑ ﾐｸ ﾐｼﾐｵﾑびﾐｾﾐｻﾐｾﾐｳﾐｸﾑ 窶｢ ﾐ侑ｽﾑﾐｾﾑﾐｼﾐｰﾑﾐｸﾐｾﾐｽﾐｽﾑ巾ｵ ﾐｿﾐｾﾑひｾﾐｺﾐｸ 窶｢ ﾐﾐｰﾐｷﾑﾐｵﾑ威ｸﾑひｵﾐｻﾑ糊ｽﾑ巾ｵ ﾐｸ ﾑﾐｵﾐｳﾑσｻﾑ肖ひｾﾑﾐｽﾑ巾ｵ ﾐｴﾐｾﾐｺﾑσｼﾐｵﾐｽﾑび 窶｢ ﾐ頒ｾﾐｲﾐｵﾑﾐｸﾑび袴ﾑ ﾐｽﾐｰﾐｵﾐｼﾐｽﾐｾﾐｼﾑ ﾑﾑσｺﾐｾﾐｲﾐｾﾐｴﾐｸﾑひｵﾐｻﾑ ﾐｿﾑﾐｾﾐｸﾐｷﾐｲﾐｾﾐｴﾑﾑひｲﾐｰ 窶｢ ﾐ厘ｰﾐｺﾐｾﾐｽﾑびﾐｰﾐｺﾑひｸﾑﾐｾﾐｲﾐｰﾑび ﾐｾﾐｿﾑﾐｵﾐｴﾐｵﾐｻﾐｵﾐｽﾐｽﾑ巾ｵ ﾑ采ひｰﾐｿﾑ ﾐｿﾑﾐｾﾐｸﾐｷﾐｲﾐｾﾐｴﾑﾑひｲﾐｰ ﾐｸﾐｻﾐｸ ﾐｲﾐｵﾑﾑ ﾐｿﾑﾐｾﾐｸﾐｷﾐｲﾐｾﾐｴﾑﾑひｲﾐｵﾐｽﾐｽﾑ巾ｹ ﾐｿﾑﾐｾﾑﾐｵﾑﾑ 29
- 30. ﾐ漬ｫﾐ･ﾐ榧 ﾐ斷 ﾐﾐｫﾐ斷榧 ﾐ墟籍 ﾐ｡ﾐ｢ﾐﾐ榧侑｢ﾐｬ ﾐ渙ﾐ榧頒漬侑孟片斷侑? ﾐｧﾑひｾ ﾐｽﾑσｶﾐｽﾐｾ ﾐｷﾐｽﾐｰﾑび ﾐｸ ﾑσｼﾐｵﾑび? ﾐ墟ｰﾐｺ ﾐｾﾐｱﾐｻﾐｵﾐｳﾑﾐｸﾑび ﾑﾐｵﾐｱﾐｵ ﾐｶﾐｸﾐｷﾐｽﾑ? 窶｢ 窶｢ 窶｢ 窶｢ 窶｢ ﾐ頒ｾﾐｲﾐｵﾑﾐｸﾑび袴ﾑ ﾐｽﾐｰﾐｵﾐｼﾐｽﾐｾﾐｼﾑ ﾑﾑσｺﾐｾﾐｲﾐｾﾐｴﾐｸﾑひｵﾐｻﾑ ﾐｼﾐｰﾑﾐｺﾐｵﾑひｸﾐｽﾐｳﾐｾﾐｲﾐｾﾐｳﾐｾ ﾐｾﾑひｴﾐｵﾐｻﾐｰ 窶｢ ﾐ厘ｰﾐｺﾐｾﾐｽﾑびﾐｰﾐｺﾑひｸﾑﾐｾﾐｲﾐｰﾑび ﾐｼﾐｰﾑﾐｺﾐｵﾑひｸﾐｽﾐｳﾐｾﾐｲﾑ巾ｹ ﾐｿﾑﾐｾﾑﾐｵﾑﾑ 窶｢ 窶｢ 窶｢ 窶｢ 窶｢ ﾐ渙ｾﾑびﾐｵﾐｱﾐｸﾑひｵﾐｻﾑ ﾐ帯ﾐｵﾐｽﾐｴ ﾐ渙ｾﾐｷﾐｸﾑﾐｸﾐｾﾐｽﾐｸﾑﾐｾﾐｲﾐｰﾐｽﾐｸﾐｵ ﾐ､ﾐｾﾑﾐｼﾑσｻﾐｸﾑﾐｾﾐｲﾐｺﾐｰ ﾐｿﾑﾐｾﾐｴﾑσｺﾑひｰ ﾐｴﾐｻﾑ ﾐｿﾐｾﾑびﾐｵﾐｱﾐｸﾑひｵﾐｻﾑ/SKU ﾐｦﾐｵﾐｽﾐｾﾐｾﾐｱﾑﾐｰﾐｷﾐｾﾐｲﾐｰﾐｽﾐｸﾐｵ ﾐｸ ﾑﾐｺﾐｸﾐｴﾐｺﾐｸ ﾐ湲ﾐｾﾐｼﾐｾﾑﾐｸﾑ ATL/BTL ﾐ侑ｽﾑﾐｾﾑﾐｼﾐｰﾑﾐｸﾐｾﾐｽﾐｽﾐｾﾐｵ ﾐｿﾐｾﾐｺﾑﾑ錦ひｸﾐｵ ﾐ墟ｾﾐｽﾐｲﾐｵﾑﾑひｰﾑﾐｸﾑ ﾐｸﾐｽﾑﾐｾﾑﾐｼﾐｸﾑﾐｾﾐｲﾐｰﾐｽﾐｽﾐｾﾑﾑひｸ ﾐ侑ｽﾑﾐｾﾑﾐｼﾐｰﾑﾐｸﾐｾﾐｽﾐｽﾑ巾ｵ ﾐｿﾐｾﾑﾑﾐｵﾐｴﾐｽﾐｸﾐｺﾐｸ 30
- 31. ﾐ漬ｫﾐ･ﾐ榧 ﾐ斷 ﾐﾐｫﾐ斷榧 ﾐ墟籍 ﾐ｡ﾐ｢ﾐﾐ榧侑｢ﾐｬ ﾐ｡ﾐ岱ｫﾐ｢? ﾐｧﾑひｾ ﾐｽﾑσｶﾐｽﾐｾ ﾐｷﾐｽﾐｰﾑび ﾐｸ ﾑσｼﾐｵﾑび? ﾐ墟ｰﾐｺ ﾐｾﾐｱﾐｻﾐｵﾐｳﾑﾐｸﾑび ﾑﾐｵﾐｱﾐｵ ﾐｶﾐｸﾐｷﾐｽﾑ? 窶｢ ﾐ墟ｰﾐｽﾐｰﾐｻﾑ ﾑﾐｱﾑ錦ひｰ 窶｢ ﾐ｢ﾐｵﾑﾑﾐｸﾑひｾﾑﾐｸﾐｰﾐｻﾑ糊ｽﾐｾﾐｵ ﾐｿﾐｾﾐｺﾑﾑ錦ひｸﾐｵ ﾐｸ ﾐｿﾐｵﾐｽﾐｵﾑびﾐｰﾑﾐｸﾑ 窶｢ ﾐ頒ｸﾑﾑびﾐｸﾐｱﾑ袴紗ﾐｸﾑ 窶｢ ﾐﾐｾﾐｷﾐｽﾐｸﾑﾐｰ 窶｢ ﾐ頒ｾﾑﾑびσｿﾐｽﾐｾﾑﾑび ﾐｿﾑﾐｾﾐｴﾑσｺﾑひｰ 窶｢ ﾐ頒ｾﾑﾑびσｿﾐｽﾐｾﾑﾑび ﾐｿﾐｾﾑびﾐｵﾐｱﾐｸﾑひｵﾐｻﾑ 窶｢ ﾐ｡ﾑひｾﾐｸﾐｼﾐｾﾑﾑび ﾐｿﾑﾐｾﾐｴﾐｰﾐｶﾐｸ 窶｢ ﾐ湲ﾐｾﾐｲﾐｵﾐｴﾐｵﾐｽﾐｸﾐｵ ﾑﾐｴﾐｵﾐｻﾐｺﾐｸ 窶｢ ﾐ渙ｾﾑﾐｻﾐｵﾐｿﾑﾐｾﾐｴﾐｰﾐｶﾐｽﾐｾﾐｵ ﾐｾﾐｱﾑﾐｻﾑσｶﾐｸﾐｲﾐｰﾐｽﾐｸﾐｵ 窶｢ ﾐ頒ｾﾐｲﾐｵﾑﾐｸﾑび袴ﾑ ﾐｽﾐｰﾐｵﾐｼﾐｽﾐｾﾐｼﾑ ﾑﾑσｺﾐｾﾐｲﾐｾﾐｴﾐｸﾑひｵﾐｻﾑ ﾐｾﾑひｴﾐｵﾐｻﾐｰ ﾑﾐｱﾑ錦ひｰ 窶｢ ﾐ厘ｰﾐｺﾐｾﾐｽﾑびﾐｰﾐｺﾑひｸﾑﾐｾﾐｲﾐｰﾑび ﾐｴﾐｸﾑﾑびﾐｸﾐｱﾑ袴紗ひｾﾑﾑﾐｺﾐｸﾐｹ ﾐｿﾑﾐｾﾑﾐｵﾑﾑ 窶｢ ﾐ厘ｰﾐｺﾐｾﾐｽﾑびﾐｰﾐｺﾑひｸﾑﾐｾﾐｲﾐｰﾑび ﾑﾐｾﾐｷﾐｽﾐｸﾑﾐｽﾑ巾ｹ ﾐｿﾑﾐｾﾑﾐｵﾑﾑ 31
- 32. ﾐ漬ｫﾐ･ﾐ榧 ﾐ斷 ﾐﾐｫﾐ斷榧 ﾐ墟籍 ﾐ｡ﾐ｢ﾐﾐ榧侑｢ﾐｬ ﾐﾐ籍岱榧｢ﾐ｣ ﾐ｡ ﾐ侑斷ｫﾐ慴 ﾐ侑寅ﾐ榧墟籍慴 ﾐﾐｫﾐ斷墟? ﾐｧﾑひｾ ﾐｽﾑσｶﾐｽﾐｾ ﾐｷﾐｽﾐｰﾑび ﾐｸ ﾑσｼﾐｵﾑび? ﾐ墟ｰﾐｺ ﾐｾﾐｱﾐｻﾐｵﾐｳﾑﾐｸﾑび ﾑﾐｵﾐｱﾐｵ ﾐｶﾐｸﾐｷﾐｽﾑ? 窶｢ ﾐ渙ｾﾑﾑひｰﾐｲﾑ禍ｸﾐｺﾐｸ 窶｢ ﾐ榧ｿﾑひｾﾐｲﾑ巾ｵ ﾐｸ ﾑﾐｾﾐｷﾐｽﾐｸﾑﾐｽﾑ巾ｵ ﾐｿﾐｾﾑﾑﾐｵﾐｴﾐｽﾐｸﾐｺﾐｸ 窶｢ ﾐ墟ｾﾐｽﾐｺﾑτﾐｵﾐｽﾑび 窶｢ ﾐ｡ﾑσｱﾑﾑひｸﾑびτび (ﾐｷﾐｰﾐｼﾐｵﾐｽﾑ肖紗禍ｸﾐｵ ﾐｿﾑﾐｾﾐｴﾑσｺﾑび) 窶｢ ﾐﾐｵﾐｳﾑσｻﾑ肖ひｾﾑﾑ 窶｢ ﾐ頒ｾﾐｲﾐｵﾑﾐｸﾑび袴ﾑ ﾐｽﾐｰﾐｵﾐｼﾐｽﾐｾﾐｼﾑ ﾑﾑσｺﾐｾﾐｲﾐｾﾐｴﾐｸﾑひｵﾐｻﾑ ﾐｾﾑひｴﾐｵﾐｻﾐｰ ﾐｿﾐｾﾑﾑひｰﾐｲﾐｾﾐｺ 窶｢ ﾐ頒ｾﾐｲﾐｵﾑﾐｸﾑび袴ﾑ ﾐｽﾐｰﾐｵﾐｼﾐｽﾐｾﾐｼﾑ ﾑﾑσｺﾐｾﾐｲﾐｾﾐｴﾐｸﾑひｵﾐｻﾑ ﾐｾﾑひｴﾐｵﾐｻﾐｰ ﾐｿﾑﾐｾﾐｴﾐｰﾐｶ 窶｢ ﾐ頒ｾﾐｲﾐｵﾑﾐｸﾑび袴ﾑ ﾐｽﾐｰﾐｵﾐｼﾐｽﾐｾﾐｼﾑ ﾑﾑσｺﾐｾﾐｲﾐｾﾐｴﾐｸﾑひｵﾐｻﾑ ﾐｾﾑひｴﾐｵﾐｻﾐｰ ﾑﾑびﾐｰﾑひｵﾐｳﾐｸﾐｸ ﾐｸ ﾑﾐｰﾐｷﾐｲﾐｸﾑひｸﾑ 窶｢ ﾐ頒ｾﾐｲﾐｵﾑﾐｸﾑび袴ﾑ ﾐｽﾐｰﾐｵﾐｼﾐｽﾐｾﾐｼﾑ ﾑﾑσｺﾐｾﾐｲﾐｾﾐｴﾐｸﾑひｵﾐｻﾑ ﾐｾﾑひｴﾐｵﾐｻﾐｰ ﾑﾐｰﾐｱﾐｾﾑび ﾑ ﾐｳﾐｾﾑ.ﾐｾﾑﾐｳﾐｰﾐｽﾐｰﾐｼﾐｸ 32
- 33. ﾐ漬ｫﾐ･ﾐ榧 ﾐ斷 ﾐﾐｫﾐ斷榧 ﾐ墟籍 ﾐ｡ﾐ｢ﾐﾐ榧侑｢ﾐｬ ﾐ漬斷｣ﾐ｢ﾐﾐ片斷斷侑 ﾐ渙ﾐ榧ｦﾐ片｡ﾐ｡ﾐｫ? ﾐｧﾑひｾ ﾐｽﾑσｶﾐｽﾐｾ ﾐｷﾐｽﾐｰﾑび ﾐｸ ﾑσｼﾐｵﾑび? ﾐ墟ｰﾐｺ ﾐｾﾐｱﾐｻﾐｵﾐｳﾑﾐｸﾑび ﾑﾐｵﾐｱﾐｵ ﾐｶﾐｸﾐｷﾐｽﾑ? 窶｢ ﾐ墟ｰﾐｴﾑﾑ 窶｢ ﾐ侑ｽﾑﾐｾﾑﾐｼﾐｰﾑﾐｸﾐｾﾐｽﾐｽﾑ巾ｵ ﾐｿﾐｾﾑひｾﾐｺﾐｸ ﾐｸ ﾐｾﾑびﾐｵﾑひｽﾐｾﾑﾑび 窶｢ ﾐ頒ｵﾐｽﾐｵﾐｶﾐｽﾑ巾ｵ ﾐｿﾐｾﾑひｾﾐｺﾐｸ 窶｢ ﾐ｣ﾐｿﾑﾐｰﾐｲﾐｻﾐｵﾐｽﾑﾐｵﾑﾐｺﾐｸﾐｵ ﾑﾐｸﾑﾑひｵﾐｼﾑ ﾐｸ ﾐｿﾑﾐｾﾑﾐｵﾑﾑﾑ 窶｢ ﾐ頒ｾﾐｲﾐｵﾑﾐｸﾑび袴ﾑ ﾐｽﾐｰﾐｵﾐｼﾐｽﾐｾﾐｼﾑ ﾑﾑσｺﾐｾﾐｲﾐｾﾐｴﾐｸﾑひｵﾐｻﾑ ﾐｾﾐｿﾐｵﾑﾐｰﾑﾐｸﾐｾﾐｽﾐｽﾐｾﾐｳﾐｾ ﾐｾﾑひｴﾐｵﾐｻﾐｰ 窶｢ ﾐ頒ｾﾐｲﾐｵﾑﾐｸﾑび袴ﾑ ﾐｽﾐｰﾐｵﾐｼﾐｽﾐｾﾐｼﾑ ﾑﾑσｺﾐｾﾐｲﾐｾﾐｴﾐｸﾑひｵﾐｻﾑ ﾐｾﾑひｴﾐｵﾐｻﾐｰ ﾐｺﾐｰﾐｴﾑﾐｾﾐｲ 窶｢ ﾐ頒ｾﾐｲﾐｵﾑﾐｸﾑび袴ﾑ ﾐｽﾐｰﾐｵﾐｼﾐｽﾐｾﾐｼﾑ ﾑﾑσｺﾐｾﾐｲﾐｾﾐｴﾐｸﾑひｵﾐｻﾑ ﾐｱﾑτﾐｳﾐｰﾐｻﾑひｵﾑﾐｸﾐｸ 窶｢ ﾐ頒ｾﾐｲﾐｵﾑﾐｸﾑび袴ﾑ ﾐｽﾐｰﾐｵﾐｼﾐｽﾐｾﾐｼﾑ ﾑﾑσｺﾐｾﾐｲﾐｾﾐｴﾐｸﾑひｵﾐｻﾑ ﾑﾐｸﾐｽﾐｰﾐｽﾑﾐｾﾐｲﾐｾﾐｳﾐｾ ﾐｾﾑひｴﾐｵﾐｻﾐｰ 窶｢ ﾐ頒ｾﾐｲﾐｵﾑﾐｸﾑび袴ﾑ ﾐｽﾐｰﾐｵﾐｼﾐｽﾐｾﾐｼﾑ ﾑﾑσｺﾐｾﾐｲﾐｾﾐｴﾐｸﾑひｵﾐｻﾑ ﾐｸﾐｽﾑﾐｾﾑﾐｼﾐｰﾑﾐｸﾐｾﾐｽﾐｽﾐｾﾐｳﾐｾ ﾐｾﾑひｴﾐｵﾐｻﾐｰ 33
- 34. ﾐ漬ｫﾐ･ﾐ榧 ﾐ斷 ﾐﾐｫﾐ斷榧 ﾐ寅頒 ﾐ漬籍ｨﾐ ﾐ慴片｡ﾐ｢ﾐ ﾐ ﾐｭﾐ｢ﾐ榧 ﾐ榧ﾐ寅籍斷侑厘籍ｦﾐ侑? ﾐ寅ｵﾐｽﾐｵﾑﾐｰﾐｻﾑ糊ｽﾑ巾ｹ ﾐｴﾐｸﾑﾐｵﾐｺﾑひｾﾑ 窶｢ ﾐ榧ｿﾑ錦 ﾑﾐｾﾐｷﾐｴﾐｰﾐｽﾐｸﾑ ﾐｸ ﾑﾑσｺﾐｾﾐｲﾐｾﾐｴﾑﾑひｲﾐｰ ﾐｿﾑﾐｵﾐｴﾐｿﾑﾐｸﾑ肖ひｸﾑ紹ｼﾐｸ ﾐｿﾐｾﾐｻﾐｽﾐｾﾐｳﾐｾ ﾑﾐｸﾐｺﾐｻﾐｰ 窶｢ ﾐ｡ﾐｾﾐｾﾑひｲﾐｵﾑびﾑひｲﾑτ紗禍ｵﾐｵ ﾐｾﾐｱﾑﾐｰﾐｷﾐｾﾐｲﾐｰﾐｽﾐｸﾐｵ ﾐ斷ｰﾑﾐｰﾐｻﾑ糊ｽﾐｸﾐｺ ﾐｿﾑﾐｾﾐｸﾐｷﾐｲﾐｾﾐｴﾑﾑひｲﾐｰ ﾐﾑσｺﾐｾﾐｲﾐｾﾐｴﾐｸﾑひｵﾐｻﾑ ﾐｼﾐｰﾑﾐｺﾐｵﾑひｸﾐｽﾐｳﾐｰ ﾐﾑσｺﾐｾﾐｲﾐｾﾐｴﾐｸﾑひｵﾐｻﾑ ﾑﾐｱﾑ錦ひｰ 窶｢ ﾐ榧ｿﾑ錦 ﾑﾐｾﾐｷﾐｴﾐｰﾐｽﾐｸﾑ ﾐｸ ﾑﾑσｺﾐｾﾐｲﾐｾﾐｴﾑﾑひｲﾐｰ ﾐｿﾑﾐｾﾐｸﾐｷﾐｲﾐｾﾐｴﾑﾑひｲﾐｾﾐｼ 窶｢ ﾐ｡ﾐｾﾐｾﾑひｲﾐｵﾑびﾑひｲﾑτ紗禍ｵﾐｵ ﾐｾﾐｱﾑﾐｰﾐｷﾐｾﾐｲﾐｰﾐｽﾐｸﾐｵ 窶｢ ﾐ榧ｿﾑ錦 ﾑﾐｾﾐｷﾐｴﾐｰﾐｽﾐｸﾑ ﾐｸ ﾐｿﾑﾐｾﾐｴﾐｲﾐｸﾐｶﾐｵﾐｽﾐｸﾑ ﾐｱﾑﾐｵﾐｽﾐｴﾐｾﾐｲ 窶｢ ﾐ｡ﾐｾﾐｾﾑひｲﾐｵﾑびﾑひｲﾑτ紗禍ｵﾐｵ ﾐｾﾐｱﾑﾐｰﾐｷﾐｾﾐｲﾐｰﾐｽﾐｸﾐｵ 窶｢ ﾐ榧ｿﾑ錦 ﾑﾑσｺﾐｾﾐｲﾐｾﾐｴﾑﾑひｲﾐｰ ﾑﾐｸﾑﾑひｵﾐｼﾐｾﾐｹ ﾐｿﾑﾐｾﾐｴﾐｰﾐｶ 窶｢ ﾐ｡ﾐｾﾐｾﾑひｲﾐｵﾑびﾑひｲﾑτ紗禍ｵﾐｵ ﾐｾﾐｱﾑﾐｰﾐｷﾐｾﾐｲﾐｰﾐｽﾐｸﾐｵ ﾐ頒ｸﾑﾐｵﾐｺﾑひｾﾑ ﾐｿﾐｾ ﾑﾑびﾐｰﾑひｵﾐｳﾐｸﾐｸ ﾐ寅ｾﾑ.ﾐｾﾑﾐｳﾐｰﾐｽﾑ ﾐ榧ｿﾐｵﾑﾐｰﾑﾐｸﾐｾﾐｽﾐｽﾑ巾ｹ ﾐｴﾐｸﾑﾐｵﾐｺﾑひｾﾑ 窶｢ ﾐ榧ｿﾑ錦 ﾐｿﾐｾﾑﾑびﾐｾﾐｵﾐｽﾐｸﾑ ﾑﾑびﾐｰﾑひｵﾐｳﾐｸﾐｹ 窶｢ ﾐ｡ﾐｾﾐｾﾑひｲﾐｵﾑびﾑひｲﾑτ紗禍ｵﾐｵ ﾐｾﾐｱﾑﾐｰﾐｷﾐｾﾐｲﾐｰﾐｽﾐｸﾐｵ 窶｢ ﾐ榧ｿﾑ錦 ﾑﾐｰﾐｱﾐｾﾑび ﾐｲ ﾐｳﾐｾﾑ.ﾐｾﾑﾐｳﾐｰﾐｽﾐｰﾑ ﾐｸﾐｻﾐｸ ﾐｲﾐｷﾐｰﾐｸﾐｼﾐｾﾐｴﾐｵﾐｹﾑﾑひｲﾐｸﾑ ﾑ ﾐｽﾐｸﾐｼﾐｸ 窶｢ ﾐ渙ｾﾑﾑびﾐｾﾐｵﾐｽﾐｸﾐｵ ﾑﾐｸﾑﾑひｵﾐｼ ﾐｸ ﾐｿﾑﾐｾﾑﾐｵﾑﾑﾐｾﾐｲ 窶｢ ﾐ｡ﾐｾﾐｾﾑひｲﾐｵﾑびﾑひｲﾑτ紗禍ｵﾐｵ ﾐｾﾐｱﾑﾐｰﾐｷﾐｾﾐｲﾐｰﾐｽﾐｸﾐｵ
- 35. ﾐ漬ｫﾐ･ﾐ榧 ﾐ斷 ﾐﾐｫﾐ斷榧 ﾐ慴榧孟片｢ ﾐ岱ｫﾐ｢ﾐｬ ﾐｭﾐ｢ﾐ? ﾐ寅ｵﾐｽﾐｵﾑﾐｰﾐｻﾑ糊ｽﾑ巾ｹ ﾐｴﾐｸﾑﾐｵﾐｺﾑひｾﾑ 窶｢ ﾐ榧ｿﾑ錦 ﾑﾐｾﾐｷﾐｴﾐｰﾐｽﾐｸﾑ ﾐｸ ﾑﾑσｺﾐｾﾐｲﾐｾﾐｴﾑﾑひｲﾐｰ ﾐｿﾑﾐｵﾐｴﾐｿﾑﾐｸﾑ肖ひｸﾑ紹ｼﾐｸ ﾐｿﾐｾﾐｻﾐｽﾐｾﾐｳﾐｾ ﾑﾐｸﾐｺﾐｻﾐｰ 窶｢ ﾐ｡ﾐｾﾐｾﾑひｲﾐｵﾑびﾑひｲﾑτ紗禍ｵﾐｵ ﾐｾﾐｱﾑﾐｰﾐｷﾐｾﾐｲﾐｰﾐｽﾐｸﾐｵ ﾐ斷ｰﾑﾐｰﾐｻﾑ糊ｽﾐｸﾐｺ ﾐｿﾑﾐｾﾐｸﾐｷﾐｲﾐｾﾐｴﾑﾑひｲﾐｰ ﾐﾑσｺﾐｾﾐｲﾐｾﾐｴﾐｸﾑひｵﾐｻﾑ ﾐｼﾐｰﾑﾐｺﾐｵﾑひｸﾐｽﾐｳﾐｰ 窶｢ ﾐ榧ｿﾑ錦 ﾑﾐｾﾐｷﾐｴﾐｰﾐｽﾐｸﾑ ﾐｸ ﾑﾑσｺﾐｾﾐｲﾐｾﾐｴﾑﾑひｲﾐｰ ﾐｿﾑﾐｾﾐｸﾐｷﾐｲﾐｾﾐｴﾑﾑひｲﾐｾﾐｼ 窶｢ ﾐ｡ﾐｾﾐｾﾑひｲﾐｵﾑびﾑひｲﾑτ紗禍ｵﾐｵ ﾐｾﾐｱﾑﾐｰﾐｷﾐｾﾐｲﾐｰﾐｽﾐｸﾐｵ 窶｢ ﾐ榧ｿﾑ錦 ﾑﾐｾﾐｷﾐｴﾐｰﾐｽﾐｸﾑ ﾐｸ 窶｢ ﾐ榧ｿﾑ錦 ﾑﾑσｺﾐｾﾐｲﾐｾﾐｴﾑﾑひｲﾐｰ ﾐｿﾑﾐｾﾐｴﾐｲﾐｸﾐｶﾐｵﾐｽﾐｸﾑ ﾐｱﾑﾐｵﾐｽﾐｴﾐｾﾐｲ ﾑﾐｸﾑﾑひｵﾐｼﾐｾﾐｹ ﾐｿﾑﾐｾﾐｴﾐｰﾐｶ 窶｢ ﾐ｡ﾐｾﾐｾﾑひｲﾐｵﾑびﾑひｲﾑτ紗禍ｵﾐｵ ﾐｿﾐｾ ﾐｽﾐｰﾑσｺﾐｵﾐ｡ﾐｾﾐｾﾑひｲﾐｵﾑびﾑひｲﾑτ紗禍ｵﾐｵ 窶｢ ﾐﾑσｺﾐｾﾐｲﾐｾﾐｴﾐｸﾑひｵﾐｻﾑ ﾐｾﾐｱﾑﾐｰﾐｷﾐｾﾐｲﾐｰﾐｽﾐｸﾐｵ ﾐｾﾐｱﾑﾐｰﾐｷﾐｾﾐｲﾐｰﾐｽﾐｸﾐｵ ﾐ頒ｸﾑﾐｵﾐｺﾑひｾﾑ ﾐｿﾐｾ ﾑﾑびﾐｰﾑひｵﾐｳﾐｸﾐｸ 窶｢ ﾐ榧ｿﾑ錦 ﾐｿﾐｾﾑﾑびﾐｾﾐｵﾐｽﾐｸﾑ ﾑﾑびﾐｰﾑひｵﾐｳﾐｸﾐｹ 窶｢ ﾐ｡ﾐｾﾐｾﾑひｲﾐｵﾑびﾑひｲﾑτ紗禍ｵﾐｵ ﾐｾﾐｱﾑﾐｰﾐｷﾐｾﾐｲﾐｰﾐｽﾐｸﾐｵ ﾐﾑσｺﾐｾﾐｲﾐｾﾐｴﾐｸﾑひｵﾐｻﾑ ﾑﾐｱﾑ錦ひｰ 窶｢ ﾐ榧ｿﾑ錦 ﾑﾐｾﾐｷﾐｴﾐｰﾐｽﾐｸﾑ ﾐｸ ﾑﾐｰﾐｷﾐｲﾐｸﾑひｸﾑ ﾑひｵﾑﾐｽﾐｾﾐｻﾐｾﾐｳﾐｸﾐｹ ﾐ寅ｾﾑ.ﾐｾﾑﾐｳﾐｰﾐｽﾑ ﾐ榧ｿﾐｵﾑﾐｰﾑﾐｸﾐｾﾐｽﾐｽﾑ巾ｹ ﾐｴﾐｸﾑﾐｵﾐｺﾑひｾﾑ 窶｢ ﾐ｡ﾐｾﾐｾﾑひｲﾐｵﾑびﾑひｲﾑτ紗禍ｵﾐｵ ﾐｾﾐｱﾑﾐｰﾐｷﾐｾﾐｲﾐｰﾐｽﾐｸﾐｵ 窶｢ ﾐ榧ｿﾑ錦 ﾑﾐｰﾐｱﾐｾﾑび ﾐｲ 窶｢ ﾐ渙ｾﾑﾑびﾐｾﾐｵﾐｽﾐｸﾐｵ ﾑﾐｸﾑﾑひｵﾐｼ ﾐｸ ﾐｳﾐｾﾑ.ﾐｾﾑﾐｳﾐｰﾐｽﾐｰﾑ ﾐｸﾐｻﾐｸ ﾐｿﾑﾐｾﾑﾐｵﾑﾑﾐｾﾐｲ ﾐｲﾐｷﾐｰﾐｸﾐｼﾐｾﾐｴﾐｵﾐｹﾑﾑひｲﾐｸﾑ ﾑ ﾐｽﾐｸﾐｼﾐｸ 窶｢ ﾐ｡ﾐｾﾐｾﾑひｲﾐｵﾑびﾑひｲﾑτ紗禍ｵﾐｵ ﾐｾﾐｱﾑﾐｰﾐｷﾐｾﾐｲﾐｰﾐｽﾐｸﾐｵ
- 37. ﾐ漬ｫﾐ岱榧 ﾐ｡ﾐ渙榧｡ﾐ榧岱 ﾐ墟榧慴慴片ﾐｦﾐ侑籍嶢侑厘籍ｦﾐ侑 ﾐ墟籍 ﾐ侑厘慴片斷ｯﾐ片｢ﾐ｡ﾐｯ ﾐ渙ﾐ榧､ﾐ侑嶢ｬ ﾐﾐ侑｡ﾐ墟? ﾐ｢ﾐｵﾑﾐｽﾐｾﾐｻﾐｾﾐｳﾐｸﾑﾐｵﾑﾐｺﾐｸﾐｵ ﾑﾐｸﾑﾐｺﾐｸ ﾐ榧ｿﾐｵﾑﾐｰﾑﾐｸﾐｾﾐｽﾐｽﾑ巾ｵ ﾑﾐｸﾑﾐｺﾐｸ ﾐﾐｸﾑﾐｺﾐｸ ﾑﾑ巾ｽﾐｺﾐｰ ﾐ柘錦ﾐｾﾐｴ ﾐｽﾐｰ ﾑﾑ巾ｽﾐｾﾐｺ 37
- 38. ﾐ漬ｫﾐ岱榧 ﾐ｡ﾐ渙榧｡ﾐ榧岱 ﾐ墟榧慴慴片ﾐｦﾐ侑籍嶢侑厘籍ｦﾐ侑 ﾐ墟籍 ﾐ侑厘慴片斷ｯﾐ片｢ﾐ｡ﾐｯ ﾐ｡ﾐ｢ﾐ榧侑慴榧｡ﾐ｢ﾐｬ ﾐ墟榧慴渙籍斷侑? ﾐ｢ﾐｵﾑﾐｽﾐｾﾐｻﾐｾﾐｳﾐｸﾑﾐｵﾑﾐｺﾐｸﾐｵ ﾑﾐｸﾑﾐｺﾐｸ ﾐ榧ｿﾐｵﾑﾐｰﾑﾐｸﾐｾﾐｽﾐｽﾑ巾ｵ ﾑﾐｸﾑﾐｺﾐｸ ﾐﾐｸﾑﾐｺﾐｸ ﾑﾑ巾ｽﾐｺﾐｰ ﾐ柘錦ﾐｾﾐｴ ﾐｽﾐｰ ﾑﾑ巾ｽﾐｾﾐｺ 38
- 39. ﾐ漬ｫﾐ岱榧 ﾐ｡ﾐ渙榧｡ﾐ榧岱 ﾐ墟榧慴慴片ﾐｦﾐ侑籍嶢侑厘籍ｦﾐ侑 ﾐ ﾐ寅頒 ﾐ頒片斷ｬﾐ寅? ﾐ湲ﾐｾﾐｴﾐｰﾐｶﾐｰ ﾐｻﾐｸﾑﾐｵﾐｽﾐｷﾐｸﾐｸ ﾐ柘錦ﾐｾﾐｴ ﾐｽﾐｰ ﾑﾑ巾ｽﾐｾﾐｺ ﾐ斷侑榧墟 ﾐ｡ﾐｾﾐｷﾐｴﾐｰﾐｽﾐｸﾐｵ ﾐｿﾑﾐｾﾐｸﾐｷﾐｲﾐｾﾐｴﾑﾑひｲﾐｰ 1-ﾐｹ ﾐｳﾐｾﾐｴ ﾐｿﾑﾐｾﾐｴﾐｰﾐｶ 2-ﾐｹ ﾐｳﾐｾﾐｴ ﾐｿﾑﾐｾﾐｴﾐｰﾐｶ 3-ﾐｹ ﾐｳﾐｾﾐｴ ﾐｿﾑﾐｾﾐｴﾐｰﾐｶ 4-ﾐｹ ﾐｳﾐｾﾐｴ ﾐｿﾑﾐｾﾐｴﾐｰﾐｶ 5-ﾐｹ ﾐｳﾐｾﾐｴ ﾐｿﾑﾐｾﾐｴﾐｰﾐｶ ﾐ頒ｲﾐｸﾐｶﾐｵﾐｽﾐｸﾐｵ ﾐｴﾐｵﾐｽﾐｵﾐｶﾐｽﾑ錦 ﾑﾑﾐｵﾐｴﾑﾑひｲ 39
- 40. ﾐ漬ｫﾐ岱榧 ﾐ｡ﾐ渙榧｡ﾐ榧岱 ﾐ墟榧慴慴片ﾐｦﾐ侑籍嶢侑厘籍ｦﾐ侑 ﾐ漬榧渙ﾐ榧｡ ﾂｫﾐ斷 ﾐ厘籍｡ﾐｫﾐ渙墟｣ﾂｻ ﾐ ﾐｺﾐｰﾐｺﾐｾﾐｼ ﾐｸﾐｷ ﾐｲﾐｰﾑﾐｸﾐｰﾐｽﾑひｾﾐｲ 窶 ﾐｿﾑﾐｾﾐｴﾐｰﾐｶﾐｰ ﾐｻﾐｸﾑﾐｵﾐｽﾐｷﾐｸﾐｸ ﾐｸﾐｻﾐｸ ﾐｲﾑ錦ﾐｾﾐｴ ﾐｽﾐｰ ﾑﾑ巾ｽﾐｾﾐｺ 窶 ﾑﾐｰﾐｷﾑﾐｰﾐｱﾐｾﾑびﾐｸﾐｺ ﾐｷﾐｰﾑﾐｰﾐｱﾐｰﾑび巾ｲﾐｰﾐｵﾑ ﾐｱﾐｾﾐｻﾑ袴威ｵ? ﾐ岱ｾﾐｻﾑ袴威ｵ ﾑﾐｵﾑﾐｵﾐｷ ﾐｻﾐｸﾑﾐｵﾐｽﾐｷﾐｸﾑ ﾐ岱ｾﾐｻﾑ袴威ｵ ﾑﾐｵﾑﾐｵﾐｷ ﾐｲﾑ錦ﾐｾﾐｴ ﾐｽﾐｰ ﾑﾑ巾ｽﾐｾﾐｺ 40
- 41. ﾐ漬ｫﾐ岱榧 ﾐ｡ﾐ渙榧｡ﾐ榧岱 ﾐ墟榧慴慴片ﾐｦﾐ侑籍嶢侑厘籍ｦﾐ侑 ﾐ榧｢ﾐ漬片｢ ﾐ斷 ﾐ漬榧渙ﾐ榧｡ ﾂｫﾐ斷 ﾐ厘籍｡ﾐｫﾐ渙墟｣ﾂｻ ♀ ﾐ ﾐｺﾐｰﾐｺﾐｾﾐｼ ﾐｸﾐｷ ﾐｲﾐｰﾑﾐｸﾐｰﾐｽﾑひｾﾐｲ 窶 ﾐｿﾑﾐｾﾐｴﾐｰﾐｶﾐｰ ﾐｻﾐｸﾑﾐｵﾐｽﾐｷﾐｸﾐｸ ﾐｸﾐｻﾐｸ ﾐｲﾑ錦ﾐｾﾐｴ ﾐｽﾐｰ ﾑﾑ巾ｽﾐｾﾐｺ 窶 ﾑﾐｰﾐｷﾑﾐｰﾐｱﾐｾﾑびﾐｸﾐｺ ﾐｷﾐｰﾑﾐｰﾐｱﾐｰﾑび巾ｲﾐｰﾐｵﾑ ﾐｱﾐｾﾐｻﾑ袴威ｵ? ﾐ岱ｾﾐｻﾑ袴威ｵ ﾑﾐｵﾑﾐｵﾐｷ ﾐｻﾐｸﾑﾐｵﾐｽﾐｷﾐｸﾑ 窶｢ ﾐ斷ｵﾑ ﾐｴﾐｰﾐｻﾑ糊ｽﾐｵﾐｹﾑ威ｵﾐｳﾐｾ ﾑﾐｰﾐｷﾐｼﾑ巾ｲﾐｰﾐｽﾐｸﾑ ﾐｴﾐｾﾐｻﾐｵﾐｹ ﾐｸﾐｷ-ﾐｷﾐｰ ﾐｿﾑﾐｸﾐｲﾐｻﾐｵﾑﾐｵﾐｽﾐｸﾑ ﾐｽﾐｾﾐｲﾑ錦 ﾐｸﾐｽﾐｲﾐｵﾑﾑひｾﾑﾐｾﾐｲ ﾐｴﾐｻﾑ ﾐｲﾑ錦ﾐｾﾐｴﾐｰ ﾐｽﾐｰ ﾑﾑ巾ｽﾐｾﾐｺ 窶｢ ﾐ｡ﾑσｼﾐｼﾐｰﾑﾐｽﾑ巾ｵ ﾑﾐｸﾑﾐｺﾐｸ ﾐｽﾐｸﾐｶﾐｵ 窶｢ NPV ﾐｲﾑ錦威ｵ ﾐｸﾐｷ-ﾐｷﾐｰ ﾑﾐｾﾐｺﾑﾐｰﾑ禍ｵﾐｽﾐｸﾑ ﾐｲﾑﾐｵﾐｼﾐｵﾐｽﾐｸ ﾐｴﾐｾ ﾂｫﾐｷﾐｰﾑﾐｰﾐｱﾐｾﾑひｺﾐｰﾂｻ 窶｢ ﾂｫﾐ慴ｳﾐｽﾐｾﾐｲﾐｵﾐｽﾐｽﾑ巾ｹﾂｻ ﾐｴﾐｾﾑﾑびσｿ ﾐｺ ﾐｱﾐｾﾐｻﾑ袴威ｸﾐｼ ﾑひｵﾑﾑﾐｸﾑひｾﾑﾐｸﾑ紹ｼ, ﾐｱﾐｾﾐｻﾑ袴威ｵﾐｼﾑ ﾐｺﾐｾﾐｻﾐｸﾑﾐｵﾑﾑひｲﾑ ﾑﾐｾﾐｷﾐｽﾐｸﾑﾐｽﾑ錦 ﾑひｾﾑﾐｵﾐｺ, ﾐｿﾑﾐｾﾑﾐｵﾑﾑﾐｸﾐｾﾐｽﾐｰﾐｻﾑ糊ｽﾐｾﾐｹ ﾐｸ ﾐｱﾐｾﾐｻﾑ袴威ｾﾐｹ ﾐｺﾐｾﾐｼﾐｰﾐｽﾐｴﾐｵ ﾐｼﾐｰﾑﾐｺﾐｵﾑひｾﾐｻﾐｾﾐｳﾐｾﾐｲ ﾐｸ ﾐｿﾑﾐｾﾐｴﾐｰﾐｲﾑﾐｾﾐｲ ﾐ岱ｾﾐｻﾑ袴威ｵ ﾑﾐｵﾑﾐｵﾐｷ ﾐｲﾑ錦ﾐｾﾐｴ ﾐｽﾐｰ ﾑﾑ巾ｽﾐｾﾐｺ 窶｢ ﾐ湲ﾐｸﾐｱﾑ巾ｻﾑ糊ｽﾑ巾ｵ ﾐｺﾐｾﾐｼﾐｿﾐｰﾐｽﾐｸﾐｸ ﾑﾑひｾﾑ肖 ﾐｱﾐｾﾐｻﾑ袴威ｵ, ﾑﾐｵﾐｼ ﾐｺﾐｾﾐｼﾐｿﾐｰﾐｽﾐｸﾐｸ ﾐｱﾐｵﾐｷ ﾐｿﾑﾐｾﾐｴﾐｰﾐｶ 窶｢ ﾐ斷ｵﾑ ﾐｴﾐｾﾑﾑびσｿﾐｰ ﾐｺ ﾐｺﾑﾑσｿﾐｽﾐｾﾐｼﾑ ﾐｻﾐｸﾑﾐｵﾐｽﾐｷﾐｸﾐｰﾑび 窶｢ ﾐ篇ﾑび ﾑﾐｸﾐｻﾑ糊ｽﾑ巾ｹ ﾑﾑ巾ｽﾐｾﾑﾐｽﾑ巾ｹ ﾐｿﾐｰﾑﾑひｽﾐｵﾑ 窶｢ ﾐ篇ﾑび ﾂｫﾑ禍ｵﾐｴﾑﾑ巾ｹﾂｻ ﾐｸﾐｽﾐｲﾐｵﾑﾑひｾﾑ 41
- 42. ﾐ漬ｫﾐ岱榧 ﾐ｡ﾐ渙榧｡ﾐ榧岱 ﾐ墟榧慴慴片ﾐｦﾐ侑籍嶢侑厘籍ｦﾐ侑 ﾐ墟籍 ﾐ孟 ﾐ漬｡ﾐ-ﾐ｢ﾐ籍墟 ﾐ漬ｫﾐ岱ﾐ籍｢ﾐｬ? ﾐ墟ｾﾐｽﾑひｰﾐｺﾑび ﾑﾑﾐｵﾐｴﾐｸ ﾐｿﾐｾﾑびﾐｵﾐｱﾐｸﾑひｵﾐｻﾐｵﾐｹ ﾐ墟ｾﾐｽﾑひｰﾐｺﾑび ﾐｲ ﾐｸﾐｽﾐｴﾑτﾑびﾐｸﾐｸ 42
- 43. ﾐ漬ｻﾐｸﾑ紹ｽﾐｸﾐｵ ﾑﾐｿﾐｾﾑﾐｾﾐｱﾐｰ ﾐｺﾐｾﾐｼﾐｼﾐｵﾑﾑﾐｸﾐｰﾐｻﾐｸﾐｷﾐｰﾑﾐｸﾐｸ ﾐｽﾐｰ ﾐｱﾐｸﾐｷﾐｽﾐｵﾑ-ﾐｼﾐｾﾐｴﾐｵﾐｻﾑ 43
- 44. ﾐ漬嶢侑ｯﾐ斷侑 ﾐ斷 ﾐ岱侑厘斷片｡-ﾐ慴榧頒片嶢ｬ ﾐ墟籍 ﾐ渙ﾐ榧漬榧頒侑｢ﾐｬ ﾐ岱侑厘斷片｡-ﾐ渙嶢籍斷侑ﾐ榧漬籍斷侑? Text ﾐ岱ｸﾐｷﾐｽﾐｵﾑ-ﾐｺﾐｾﾐｽﾑﾐｵﾐｿﾑﾐｸﾑ ﾐ､ﾐｸﾐｽﾐｰﾐｽﾑﾐｾﾐｲﾑ巾ｹ ﾐｿﾐｻﾐｰﾐｽ 44
- 45. ﾐ漬嶢侑ｯﾐ斷侑 ﾐ斷 ﾐ岱侑厘斷片｡-ﾐ慴榧頒片嶢ｬ ﾐ斷 ﾐｭﾐ｢ﾐ籍渙 ﾂｫﾐ侑頒片 ﾐ斷 ﾐ｡ﾐ籍嶢､ﾐ片｢ﾐ墟閉ｻ ﾐ斷 ﾐｧﾐ｢ﾐ ﾐ漬嶢侑ｯﾐ片｢ ﾐ｡ﾐ渙榧｡ﾐ榧 ﾐ墟榧慴慴片ﾐｦﾐ侑籍嶢侑厘籍ｦﾐ侑? ﾐ嶢ｸﾑﾐｵﾐｽﾐｷﾐｸﾐｰﾑ: 窶｢ ﾐ厘ｰﾑﾐｵﾐｼ ﾐｽﾑσｶﾐｵﾐｽ ﾐｿﾑﾐｾﾐｴﾑσｺﾑ 窶｢ ﾐ｡ﾐｿﾐｵﾑﾐｸﾑﾐｸﾐｺﾐｰﾑﾐｸﾑ ﾐｿﾑﾐｾﾐｴﾑσｺﾑひｰ 窶｢ ﾐｧﾑひｾ ﾐｽﾑσｶﾐｽﾐｾ ﾐｴﾐｾﾐｺﾐｰﾐｷﾐｰﾑび ﾐ渙ｾﾑびﾐｵﾐｱﾐｸﾑひｵﾐｻﾑ: 窶｢ ﾐ厘ｰﾑﾐｵﾐｼ ﾐｽﾑσｶﾐｵﾐｽ ﾐｿﾑﾐｾﾐｴﾑσｺﾑ 窶｢ ﾐ｡ﾐｿﾐｵﾑﾐｸﾑﾐｸﾐｺﾐｰﾑﾐｸﾑ ﾐｿﾑﾐｾﾐｴﾑσｺﾑひｰ 窶｢ ﾐｧﾑひｾ ﾐｽﾑσｶﾐｽﾐｾ ﾐｴﾐｾﾐｺﾐｰﾐｷﾐｰﾑび 45
- 46. ﾐ漬嶢侑ｯﾐ斷侑 ﾐ斷 ﾐ岱侑厘斷片｡-ﾐ慴榧頒片嶢ｬ ﾐ斷 ﾐ墟籍墟侑 ﾐﾐ籍厘頒片嶢ｫ ﾐ岱侑厘斷片｡-ﾐ渙嶢籍斷 ﾐ漬嶢侑ｯﾐ片｢ ﾐ漬ｫﾐ岱榧ﾐ籍斷斷籍ｯ ﾐ慴榧頒片嶢ｬ ﾐ墟榧慴慴片ﾐｦﾐ侑籍嶢侑厘籍ｦﾐ侑? ﾐ湲ﾐｾﾐｴﾑσｺﾑ ﾐﾑ巾ｽﾐｾﾐｺ ﾐ｡ﾑひｰﾐｴﾐｸﾐｹﾐｽﾐｾﾑﾑび 窶｢ 窶｢ 窶｢ 窶｢ ﾐｧﾑひｾ ﾐｵﾑﾑび ﾑひｾﾑ ﾐｿﾑﾐｾﾐｴﾑσｺﾑ, ﾐｺﾐｾﾑひｾﾑﾑ巾ｹ ﾐｼﾑ ﾐｱﾑσｴﾐｵﾐｼ ﾑﾐｰﾐｷﾑﾐｰﾐｱﾐｰﾑび巾ｲﾐｰﾑび? ﾐ旃σｶﾐｵﾐｽ ﾐｻﾐｸ ﾑ采ひｾﾑ ﾐｿﾑﾐｾﾐｴﾑσｺﾑ ﾑﾐｾﾑび ﾐｺﾐｾﾐｼﾑ-ﾐｽﾐｸﾐｱﾑσｴﾑ? ﾐ篇ﾐｻﾐｸ ﾐｽﾑσｶﾐｵﾐｽ, ﾐｷﾐｰﾑﾐｵﾐｼ? ﾐ墟ｰﾐｺﾐｸﾐｼﾐｸ ﾐｺﾐｰﾑﾐｵﾑﾑひｲﾐｰﾐｼﾐｸ ﾐｾﾐｽ ﾐｴﾐｾﾐｻﾐｶﾐｵﾐｽ ﾐｾﾐｱﾐｻﾐｰﾐｴﾐｰﾑび, ﾑﾑひｾﾐｱﾑ ﾐｱﾑ錦び ﾐｽﾑσｶﾐｽﾑ巾ｼ? 窶｢ ﾐ慴ｾﾐｹ ﾑﾑ巾ｽﾐｾﾐｺ 窶 ﾑ采ひｾ ﾐｺﾐｾﾐｽﾐｵﾑﾐｽﾑ巾ｹ ﾐｿﾐｾﾑびﾐｵﾐｱﾐｸﾑひｵﾐｻﾑ ﾐｸﾐｻﾐｸ ﾐｿﾐｾﾐｺﾑσｿﾐｰﾑひｵﾐｻﾑ ﾐｻﾐｸﾑﾐｵﾐｽﾐｷﾐｸﾐｸ? 窶｢ ﾐ斷ｰ ﾐｺﾐｰﾐｺﾐｾﾐｼ ﾑ采ひｰﾐｿﾐｵ ﾑﾐｰﾐｷﾑﾐｰﾐｱﾐｾﾑひｾﾐｺ ﾐｼﾑ ﾐｿﾐｾﾐｻﾑτﾐｰﾐｵﾐｼ ﾐｿﾑﾐｾﾐｴﾑσｺﾑ? 窶｢ ﾐ墟ｰﾐｺﾐｾﾐｲ ﾐｽﾐｰﾐｸﾐｺﾑﾐｰﾑびﾐｰﾐｹﾑ威ｸﾐｹ ﾐｿﾑτび ﾐｺ ﾐｿﾑﾐｾﾐｴﾑσｺﾑび? 46
- 47. ﾐ漬嶢侑ｯﾐ斷侑 ﾐ斷 ﾐ岱侑厘斷片｡-ﾐ慴榧頒片嶢ｬ ﾐ斷 ﾐ墟籍墟侑 ﾐ墟籍ｧﾐ片｡ﾐ｢ﾐ漬 ﾐ渙ﾐ榧頒｣ﾐ墟｢ﾐ ﾐ侑慴片片｢ ﾐ｡ﾐ慴ｫﾐ｡ﾐ ﾐ榧ﾐ侑片斷｢ﾐ侑ﾐ榧漬籍｢ﾐｬﾐ｡ﾐｯ ﾐ渙ﾐ ﾐ渙嶢籍斷侑ﾐ榧漬籍斷侑? ﾐ岱ｵﾑﾑﾐｼﾑ錦ﾐｻﾐｵﾐｽﾐｽﾑ巾ｵ: 窶｢ ﾐ慴ｰﾑﾐｳﾐｸﾐｽﾐｰﾐｻﾑ糊ｽﾑ巾ｵ ﾐｿﾐｾﾑびﾐｵﾐｱﾐｸﾑひｵﾐｻﾑ袴ﾐｺﾐｸﾐｵ ﾐｿﾑﾐｵﾐｸﾐｼﾑτ禍ｵﾑﾑひｲﾐｰ 窶｢ ﾐ湲ﾐｵﾐｸﾐｼﾑτ禍ｵﾑﾑひｲﾐｾ ﾐｲ ﾑﾐｵﾐｽﾐｵ ﾐｲ <30 ﾑﾐｰﾐｷ 窶｢ ﾐ樮びﾑτびﾑひｲﾐｸﾐｵ ﾐｰﾐｽﾐｰﾐｻﾐｾﾐｳﾐｾﾐｲ ﾐｽﾐｰ ﾐｻﾐｾﾐｺﾐｰﾐｻﾑ糊ｽﾐｾﾐｼ ﾑﾑ巾ｽﾐｺﾐｵ 窶｢ ﾐ斷ｾﾐｲﾐｸﾐｷﾐｽﾐｰ ﾑひｵﾑﾐｽﾐｾﾐｻﾐｾﾐｳﾐｸﾐｸ ﾐｱﾐｵﾐｷ ﾐｿﾐｾﾑびﾐｵﾐｱﾐｸﾑひｵﾐｻﾑ袴ﾐｺﾐｸﾑ ﾐｿﾑﾐｵﾐｸﾐｼﾑτ禍ｵﾑﾑひｲ ﾐ樮ﾐｼﾑ錦ﾐｻﾐｵﾐｽﾐｽﾑ巾ｵ: 窶｢ ﾐﾐｰﾐｴﾐｸﾐｺﾐｰﾐｻﾑ糊ｽﾑ巾ｵ ﾐｿﾐｾﾑびﾐｵﾐｱﾐｸﾑひｵﾐｻﾑ袴ﾐｺﾐｸﾐｵ ﾐｿﾑﾐｵﾐｸﾐｼﾑτ禍ｵﾑﾑひｲﾐｰ 窶｢ ﾐ湲ﾐｵﾐｸﾐｼﾑτ禍ｵﾑﾑひｲﾐｾ ﾐｲ ﾑﾐｵﾐｽﾐｵ ﾐｲ >30 ﾑﾐｰﾐｷ 窶｢ ﾐ榧ｿﾐｵﾑﾐｵﾐｶﾐｵﾐｽﾐｸﾐｵ ﾐｺﾐｾﾐｽﾐｺﾑτﾐｵﾐｽﾑひｾﾐｲ ﾐｽﾐｰ >10 ﾐｻﾐｵﾑ 47
- 48. ﾐ漬嶢侑ｯﾐ斷侑 ﾐ斷 ﾐ岱侑厘斷片｡-ﾐ慴榧頒片嶢ｬ ﾐ頒榧岱ﾐ榧漬榧嶢ｬﾐｦﾐｫ? ﾐ侑ｽﾑひｵﾑﾐｰﾐｺﾑひｸﾐｲﾐｽﾐｾﾐｵ ﾑσｿﾑﾐｰﾐｶﾐｽﾐｵﾐｽﾐｸﾐｵ 48
- 49. ﾐ｣ﾐｽﾐｸﾐｺﾐｰﾐｻﾑ糊ｽﾑ巾ｵ ﾐｲﾐｾﾐｷﾐｼﾐｾﾐｶﾐｽﾐｾﾑﾑひｸ ﾐｺﾐｾﾐｼﾐｿﾐｰﾐｽﾐｸﾐｸ-ﾑτﾐｰﾑﾑひｽﾐｸﾐｺﾐｰ ﾐ｡ﾐｺﾐｾﾐｻﾐｺﾐｾﾐｲﾐｾ 49
- 50. ﾐ墟榧慴渙籍斷侑-ﾐ｣ﾐｧﾐ籍｡ﾐ｢ﾐ斷侑墟 ﾐ｡ﾐ墟榧嶢墟榧漬 ﾐ墟籍 ﾐ渙ﾐ榧片墟｢ ﾐ｡ﾐ墟榧嶢墟榧漬 ﾐ渙榧慴榧孟片｢ ﾐ漬籍 ﾐ墟榧慴慴片ﾐｦﾐ侑籍嶢侑厘榧漬籍｢ﾐｬ ﾐ漬籍ｨﾐ｣ ﾐ｢ﾐ片･ﾐ斷榧嶢榧寅侑ｮ? ﾐ頒ｾﾑﾑびσｿ ﾐ頒ｵﾐｽﾑ糊ｳﾐｸ ﾐ｡ﾑﾐｵﾐｴﾐｰ 窶｢ 窶｢ 窶｢ 窶｢ ﾐ墟ｾﾑﾐｿﾐｾﾑﾐｰﾑﾐｸﾐｸ ﾐﾐｵﾐｳﾑσｻﾑ肖ひｾﾑﾑ ﾐ慴ｵﾐｽﾑひｾﾑﾑ ﾐﾐｵﾐｵﾑﾑび ﾐｸﾐｽﾐｽﾐｾﾐｲﾐｰﾑﾐｸﾐｾﾐｽﾐｽﾐｾﾐｹ ﾐｿﾑﾐｾﾐｴﾑσｺﾑﾐｸﾐｸ 窶｢ ﾐ斷ｰﾐｻﾐｾﾐｳﾐｸ 窶｢ ﾐ湲ﾐｸﾐｲﾐｻﾐｵﾑﾐｵﾐｽﾐｸﾐｵ ﾐｸﾐｽﾐｲﾐｵﾑﾑひｸﾑﾐｸﾐｹ 窶｢ ﾐ酉ﾐｰﾐｽﾑひｾﾐｲﾐｰﾑ ﾐｿﾐｾﾐｴﾐｴﾐｵﾑﾐｶﾐｺﾐｰ 窶｢ 窶｢ 窶｢ 窶｢ 窶｢ 1000 ﾑﾑひｰﾑﾑひｰﾐｿﾐｾﾐｲ ﾐ侑ｽﾑﾑﾐｰﾑﾑびﾑτびτﾐｰ PR ﾐ｣ﾐｽﾐｸﾐｲﾐｵﾑﾑﾐｸﾑひｵﾑ ﾐｭﾐｺﾑﾐｿﾐｵﾑﾑび 50