Discussion Purpose OnlyStrictly Confidentialᡂ㛗⏘ᴗ䜽䝷䝇䝍䞊䛾άື㡿ᇦ஦ᴗ⤌ᡂ䞉ィ⏬ẁ㝵䛛䜙䛾ཧ⏬䛻䛚䛡䜛஦ᴗ䝣䝻䞊䛸ྛ㒊䛾άື㡿ᇦ஦ᴗ⤌ᡂ䞉ィ⏬ẁ㝵 䠄㏻ᖖ䠅㻝ᖺ䡚㻟ᖺ⏘ᴗㄪᰝ䞉㛗ᮇᡓ␎❧᱌z ⏘ᴗㄪᰝཬ䜃௻ᴗㄪᰝz 㛗ᮇⓗ䛺⤒Ⴀᡓ␎䠋஦ᴗᡓ␎䛾௻⏬䞉❧᱌䞉ᥦ᱌䝬䞊䜿䝑䝖Ⓨ᥀䞉஦ᴗ໬ㄪᰝ஦ᴗィ⏬⟇ᐃ䞉஦ᴗ䝇䝖䝷䜽䝏䝱䞊䛾᳨ウz ᝟ሗ཰㞟z ஦ᴗィ⏬⟇ᐃz 䝬䞊䜿䝔䜱䞁䜾z ஦ᴗ䝇䝖䝷䜽z 䝟䞊䝖䝘䞊ೃ⿵䝏䝱䞊᳨ウ䝣䜯䜲䝘䞁䝇᳨ウz ಶู䝙䞊䝈䛻ᘓタ䞉᏶ᡂz 䝣䜯䜲䝘䞁䝇ྜ䛳䛯䝣䜯䜲䝘䞁䝇䛾᳨ウ㐠Ⴀ⥔ᣢz ㈨㔠ᅇ཰⤌ᡂz 䝣䜯䜲䝘䞁䝇䞉㑅ᐃ䝇䝖䝷䜽䝏䝱䞊᳨ウz ஦ᴗ໬ㄪᰝ䠄㻲㻿䠅z ⿵ຓ㔠⋓ᚓᅜෆእႠᴗᣐⅬ䞉䝥䝻䝎䜽䝒㒊䛾άື㡿ᇦz 䝟䞊䝖䝘䞊㑅ᐃㄪᰝ㒊㛛䛾άື㡿ᇦᡂ㛗⏘ᴗ䜽䝷䝇䝍䞊䛾άື㡿ᇦ⤌⧊ⓗ䛻䚸㒊㛛ᶓ᩿⤌⧊䜢タ⨨䛧䛶䛾ྲྀ䜚⤌䜏కˑửḛਤẼᡂỮỂẟẺẻẪḜẦỤḛσỆ˺ỦḜểẟạ૾Ӽࣱồỉਪ৆Copyright © 2017 Sumitomo Mitsui Banking Corporation. All Rights Reserved.

Discussion Purpose OnlyStrictly Confidentialᡂ㛗⏘ᴗ䜽䝷䝇䝍䞊䛾ྲྀ⤌䜏ศ㔝䛺䜙䜃䛻⾜ෆྛ㒊䛸䛾㐃ᦠᡂ㛗ศ㔝䛾ᑓ㛛ᐙ䛸䛧䛶ྛ㒊㛛䛾䝋䝸䝳䞊䝅䝵䞁䜢ྲྀ䜚䜎䛸䜑Ⴀᴗᨭ᥼䝋䝸䝳䞊䝅䝵䞁᪂つ䝡䝆䝛䝇䝸䞊䝇ᴗົ᩷᪕㻹㻒㻭᪂䛧䛔䝋䝸䝳䞊䝅䝵䞁㛵㐃䝸䞊䝇఍♫䜢㏻䛨䚸ኴ㝧ගⓎ㟁タഛ䜔㛵㐃〇㐀⿦⨨➼ྲྀ䜚ᢅ䛔᪂䛯䛺௙ධඛ䛾㛤ᣅ䚸஦ᴗᣑ኱䛻ྥ䛡䛯㈍኎ඛ䛾ᣑ኱➼䛾䝙䞊䝈䛻ᑐ䛧 ᘢ⾜䛾䝛䝑䝖䝽䞊䜽䜢䛤ᥦ౪௻ᴗ䛾኎༷䞉㈙཰䞉ྜే䚸㈨ᮏᥦᦠ䚸ྜᘚ௻ᴗ䛾タ❧䚸䝬䝛䝆䝯䞁䝖䝞䜲䜰䜴䝖➼䚸ᵝ䚻䛺䜿䞊䝇䛷䛾䛤ᨭ᥼䝣䜯䜲䝘䞁䝇䝋䝸䝳䞊䝅䝵䞁䝥䝻䝆䜵䜽䝖䝣䜯䜲䝘䞁䝇ไᗘ㔠⼥ᅜෆእ䛾኱ᆺ䝥䝻䝆䜵䜽䝖ྥ䛡䛾䝥䝻䝆䜵䜽䝖 䝣䜯 䜲 䝘䞁䝇䜢䜰䝺䞁䝆䝇䝖䝷䜽䝏䝱䞊䝗䝖䝺䞊䝗䝧䞁䝏䝱䞊௻ᴗ䝣䜯䜲䝘䞁䝇䝣䜯䜲䝘䞁䝇ᨭ᥼ᅜ㝿༠ຊ㖟⾜䜔᪥ᮏ㈠᫆ಖ㝤䛸䛔䛳䛯ᨻᗓ䛾㔠⼥ไᗘ䜢౑䛳䛯䝥䝻䝆䜵䜽䝖ྥ䛡䛾䝣䜯䜲䝘䞁䝇䜢䜰䝺䞁䝆㻿㻼㻯 䜔 ಙ ク 䜢౑䛳䛯䝣䜯䞁䝗⤌ᡂ➼䜢䜰䝺䞁䝆㍺ฟಙ⏝≧䠄㻸㻯䠅䜔㍺ฟമᶒ㈙ྲྀ➼䛾㈠᫆㛵㐃䝣䜯䜲䝘䞁䝇䜢䜰䝺䞁䝆㛵㐃఍♫䠄ドๆ఍♫䚸䝧䞁䝏䝱䞊䜻䝱䝢䝍䝹➼䠅䜢㏻䛨䚸බ㛤ᘬཷ䚸஦ᴗィ⏬䛾⟇ᐃᨭ᥼➼䜢⾜䛖ᕥグ䚸ྛ㒊㛛䛾䝋䝸䝳䞊䝅䝵䞁䜢ά⏝䛧䛯᪂つ䝡䝆䝛䝇䜔᪂䛯䛺㔠⼥䝋䝸䝳䞊䝅䝵䞁䜢㛤Ⓨᑐ㇟ศ㔝䜲䞁䝣䝷䜲䞁䝣䝷䠄஺㏻➼䠅䠄㻞㻜㻝㻜ᖺᗘ䡚䠅䚸㻶㻻㻵㻺䚸㻹㻾㻻䚸䝁䞁䝉䝑䝅䝵䞁䚸㻵㻾➼㈨※▼Ⅳ䚸ኳ↛䜺䝇䚸䝅䜵䞊䝹䜺䝇 ➼䠄㻞㻜㻝㻜ᖺᗘ䡚䠅䜶䝛䝹䜼䞊෌⏕ྍ⬟䜶䝛䝹䜼䞊䠄㢼ຊ䚸ኴ㝧ග䞉⇕䚸ᆅ⇕䚸Ỉຊ➼䠅䚸䜽䝸䞊䞁䝁䞊䝹䝔䜽䝜䝻䝆䞊䚸▼Ⅳ㧗ຠ⋡Ⓨ㟁 ➼䠄㻞㻜㻝㻜ᖺᗘ䡚䠅㎰ᴗᅜෆ㎰ᴗ䠄䜏䜙䛔ඹ๰䝣䜯䞊䝮⛅⏣➼䠅ᾏእ㎰ᴗ䠄㎰ᴗᢏ⾡䛾ᾏእᒎ㛤➼䠅䠄㻞㻜㻝㻟ᖺᗘ䡚䠅་⒪䞉௓ㆤ་⒪䞉௓ㆤᅜ㝿ᒎ㛤 ➼䠄㻞㻜㻝㻟ᖺᗘ䡚䠅䝣䝻䞁䝔䜱䜰ᕷሙ䝭䝱䞁䝬䞊䚸䝰䞁䝂䝹 ➼䠄㻞㻜㻝㻝ᖺᗘ䡚䠅᤼ฟᶒி㒔㆟ᐃ᭩䚸஧ᅜ㛫䜸䝣䝉䝑䝖䝯䜹䝙䝈䝮 ➼䠄㻞㻜㻜㻡ᖺᗘ䡚䠄㻖ᪧ䞉⎔ቃ䝋䝸䝳䞊䝅䝵䞁ᐊ䜢⤫ྜ䠅䠅䝻䝪䝑䝖䝃䞊䝡䝇䝻䝪䝑䝖䛾ᬑཬᨭ᥼䚸➨ᅄḟ⏘ᴗ㠉࿨䠄䝻䝪䝑䝖䞉㻭㻵䞉㻵㼛㼀䠅 ➼䠄㻞㻜㻝㻠ᖺ䡚䠅崊嵤崰崊嵤崰崽崏崊ূ਎峢峘ੈඑ峮ਗ৖崣嵇崲嵤ಉ峢峘ః࿳岝㻿㻹㻮㻯ਦ౏਒ষ峘ਦ౏崥嵒嵍嵤崟嵏嵛ਃચ峘ણ৷㻿㻵㻮ୢ௜ા೪਑ಉ岝ষ৆峘崛崡崰చ੖峕ৱ峃峵崥嵤崟嵋嵓嵣崌嵛崹崗崰嵣嵄嵛崱‫ق‬㻿㻵㻮‫ك‬峘਄ੌ峼௓ਤCopyright © 2017 Sumitomo Mitsui Banking Corporation. All Rights Reserved.

ConfidentialDiscussion Purpose OnlyStrictly Confidential㎰ᴗศ㔝䛾ྲྀ⤌యไz ᡂ㛗ᡓ␎᥎㐍䝥䝻䝆䜵䜽䝖䞉䝏䞊䝮䛾ୗ䛷䚸㖟⾜ෆ䞉㻿㻹㻲㻳ྛ♫䛾㎰ᴗ㛵㐃ᢸᙜ㒊⨫㛫䛷㐃ᦠ䛧䚸䛚ᐈ䛥䜎䛾ㄢ㢟ゎỴ䚸㎰ᴗ䛾ᡂ㛗⏘ᴗ໬䜈䛾㈉⊩䚸㔠⼥䝡䝆䝛䝇䛾Ⓨ᥀䞉⤌ᡂ䜢⾜䛖䚹ᅜෆእ䛚ᐈ䛥䜎䠄㎰ᴗ⏕⏘ἲே䚸⮬἞య䞉኱Ꮫ䚸㻶㻭䜾䝹䞊䝥䚸㎰ᴗ㈨ᶵᮦ䠄〇㐀䞉༺䞉ᑠ኎䠅䚸⏕⏘≀ὶ㏻䠄༺䞉ᑠ኎䠅➼䠅ᣐⅬ䝧䞊䝇ᶵ⬟ูᶵ⬟ู䜾䝹䞊䝥఍♫䈜㻝䛚ྲྀᘬᗑ䠄ႠᴗᣐⅬ䠅ᅜෆ 㻝㻣㻠ᣐⅬᾏእ 㻣㻟ᣐⅬᮏᗑྛ㒊䠄㻞㻜㻝㻢ᖺ㻣᭶⌧ᅾ䠅᪥ᮏ⥲ྜ◊✲ᡤ䝉䝕䜱䝘ᡂ㛗⏘ᴗ䜽䝷䝇䝍䞊ᅜෆ䞉ᾏእ䛾㎰ᴗศ㔝䛾㻾㻒㻰䞉஦ᴗ໬᥎㐍䠄䜏䜙䛔ඹ๰䝣䜯䞊䝮⛅⏣䚸஦ᴗ໬ㄪᰝ➼䠅୕஭ఫ཭䝣䜯䜲䝘䞁䝇㻒䝸䞊䝇୕஭ఫ཭䜹䞊䝗ᡂ㛗஦ᴗ㛤Ⓨ㒊䝧䞁䝏䝱䞊௻ᴗᨭ᥼䠄㻿㻹㻮㻯䜰䜾䝸䝣䜯䞁䝗䞉䜰䜾䝸䝔䝑䜽➼䠅㎰ᴗ㛵㐃䝁䞁䝃䝹䚸⏕⏘⪅ྥ䛡䝸䞊䝇 ➼⏕⏘⪅ྥ䛡ᑠཱྀ䜽䝺䝆䝑䝖䚸Ỵ῭ຠ⋡໬ ➼䝁䞊䝫䝺䞊䝖䞉䜰䝗䝞䜲䝄䝸䞊➨୍㒊ᶵᲔ䠄㎰ᶵ➼䠅ᢸᙜ䠄ᴗ✀ู⤒Ⴀㄢ㢟䝋䝸䝳䞊䝅䝵䞁ᥦ᱌➼䠅䝁䞊䝫䝺䞊䝖䞉䜰䝗䝞䜲䝄䝸䞊➨஧㒊⣲ᮦ䠄⫧ᩱ䞉㎰⸆➼䠅ᢸᙜ䠄ᴗ✀ู⤒Ⴀㄢ㢟䝋䝸䝳䞊䝅䝵䞁ᥦ᱌➼䠅䝁䞊䝫䝺䞊䝖䞉䜰䝗䝞䜲䝄䝸䞊➨୕㒊㣗ရ䠄〇㐀䞉༺䠅䚸ὶ㏻䠄㻳㻹㻿➼䠅ᢸᙜ䠄ᴗ✀ู⤒Ⴀㄢ㢟䝋䝸䝳䞊䝅䝵䞁ᥦ᱌➼䠅௻ᴗㄪᰝ㒊㔠⼥䞉ၟ♫䞉᪂ศ㔝㻳䚸䝦䝹䝇䜿䜰䞉㣗ရ㻳➼䠄ᴗ⏺䞉ಶ♫ㄪᰝ䚸ศᯒ➼䠅䜾䝻䞊䝞䝹䞉䜰䝗䝞䜲䝄䝸䞊㒊ᅜูᢸᙜ䠄ᾏእ㢳ᐈ䛸ᅜෆ㢳ᐈ䛾䝬䝑䝏䞁䜾➼䠅බඹ䞉㔠⼥ἲே㒊බඹ㒊㛛㢳ᐈᢸᙜ䠄㛵す䝣䞊䝗䜶䜽䝇䝫䞊䝖㻒䝤䝷䞁䝕䜱䞁䜾༠㆟఍ཧ⏬➼䠅䈜㻝 䜾䝹䞊䝥఍♫ά⏝䛻䛴䛔䛶䛿஦๓䛻䛚ᐈ䛥䜎䛻᝟ሗඹ᭷䛻ಀ䜛ྠព䜢䛔䛯䛰䛟䛣䛸䛸䛧䛶䛚䜚䜎䛩䚹Copyright © 2017 Sumitomo Mitsui Banking Corporation. All Rights Reserved.Discussion Purpose OnlyStrictly Confidential㎰ᴗศ㔝䛾ྲྀ⤌஦౛㎰ᴗ⏕⏘⪅ྥ䛡䝣䜯䜲䝘䞁䝇ᅜෆ䞉ᾏእ䛾⏘ᐁᏛ㐃ᦠ㻝㻚 ㏻ᖖ䛾䝥䝻䝟䞊⼥㈨ 䠄㻞㻜㻜㻡ᖺ䡚䠅z 㻞㻜㻜㻡ᖺ䛛䜙䚸㏻ᖖ䛾䝥䝻䝟䞊⼥㈨䜢ά⏝䛧䚸኱つᶍ㎰ᴗἲே䜈䛾⼥㈨䜢ᒎ㛤㻤㻚 ㎰Ỉ┬䠋䜾䝻䞊䝞䝹䝣䞊䝗䝞䝸䝳䞊䝏䜵䞊䞁ᡓ␎ᐁẸ༠㆟఍ཧຍ 䠄㻞㻜㻝㻠㻛㻢᭶䡚䠅䚉 ஦ᴗ㻲㻿䠄᪥ᮏ⥲ྜ◊✲ᡤ䛸䛾༠ാ䠅㻞㻚 ᅜෆไᗘ⼥㈨䡡മົಖド➼ 䠄㻞㻜㻜㻤ᖺ䡚䠅z ㎰ᯘỈ⏘┬ᡤ⟶䛾ไᗘ⼥㈨䛾ά⏝䠄฼Ꮚ⿵⤥䠅z ㎰ᴗಙ⏝ᇶ㔠༠఍䛾ά⏝䠄മົಖド䠅z ㎰ᯘ⁺ᴗಙ⏝ᇶ㔠䛾ά⏝䠄⼥㈨ಖ㝤䠅z ᪥ᮏᨻ⟇㔠⼥බᗜ䛾ጤク㈚௜

㻥㻚 䜲䞁䝗䝛䝅䜰䠋䝪䝂䞊䝹㎰⛉኱Ꮫ䛸䛾㐃ᦠ 䠄㻞㻜㻝㻠㻛㻟᭶䡚䠅䚉 ༠ຊぬ᭩䜢⥾⤖䛧䚸䜲䞁䝗䝛䝅䜰䛾㎰䞉Ỉ⏘䞉␆⏘᱌௳䛾ඹྠㄪᰝ䠄㻶㻵㻯㻭ண⟬ά⏝➼䠅䜔䝝䝷䝹ㄆドྲྀᚓᨭ᥼䜢ᐇ᪋㻝㻜㻚 㼁㻭㻱䜰䝤䝎䝡㤳㛗ᅜ䠋㼁㻭㻱኱Ꮫ䞉䜰䝤䝎䝡ᨻᗓ䠉ᮾி㎰ᕤ኱Ꮫ䛸䛾㐃ᦠ 䠄㻞㻜㻝㻠㻛㻥᭶䡚䠅㻟㻚 㻿㻹㻮㻯䜰䜾䝸䝣䜯䞁䝗 䠄㻞㻜㻝㻟㻛㻣᭶䡚䠅z ㎰ᴗศ㔝ྥ䛡䛾ᢞ㈨䝣䜯䞁䝗䚉 ᡂ㛗ᛶ䛾㧗䛔䝡䝆䝛䝇䝰䝕䝹䜢䜒䛴䛚ᐈ䛥䜎䜢䚸㈨ᮏᛶ䛾㈨㔠䛷ᨭ᥼䚉 ᪥ᮏ䛾᪋タᅬⱁ䞉᳜≀ᕤሙᢏ⾡䛻㛵䛩䜛ඹྠ◊✲䞉◊ಟ䞉஦ᴗ໬ㄪᰝ䜢ᐇ᪋䠄⤒⏘┬㈨※䜶䝛䝹䜼䞊ᗇண⟬䠅ᅜෆ✄సάᛶ໬䛻ྥ䛡䛯ྲྀ䜚⤌䜏㻠㻚 ᾏእྥ䛡ไᗘ⼥㈨ 䠄㻞㻜㻝㻠㻛㻤᭶䠅z 㻺㻱㼄㻵㈠᫆ಖ㝤௜䞉ᾏእ㎰ᴗ⏕⏘⪅ྥ䛡㛗ᮇ⼥㈨㻝㻝㻚 䜏䜙䛔ඹ๰䝣䜯䞊䝮⛅⏣䛾タ❧䠄㻞㻜㻝㻢㻛㻤䡚䠅㻡㻚 ㎰ᶵ㈍኎㔠⼥䝥䝻䜾䝷䝮䠄㉺䞉ẚ䞉ᑽ䠅 䠄㻞㻜㻝㻡㻛㻟᭶䡚䠅z ᪂⯆ᅜ䛾㈨ᮏᥦᦠ㖟⾜➼䜢㏻䛨䛯㎰ᶵ㉎ධ⪅ྥ䛡⼥㈨䝥䝻䜾䝷䝮ฟ඾䠖㤳┦ᐁ㑰䝩䞊䝮䝨䞊䝆䠄㼔㼠㼠㼜㻦㻛㻛㼣㼣㼣㻚㼗㼍㼚㼠㼑㼕㻚㼓㼛㻚㼖㼜㻛㼖㼜㻛㻥㻢㼋㼍㼎㼑㻛㼍㼏㼠㼕㼛㼚㼟㻛㻞㻜㻝㻠㻜㻤㻛㻜㻝㼎㼞㼍㼦㼕㼘㼋㼐㼍㼥㻝㻚㼔㼠㼙㼘䠅㻿㻹㻲㻳䜾䝹䞊䝥ྛ♫䛾䛤⤂௓z ㎰ᴗཧධ䜔ᾏእ㐍ฟ䛻㛵䛩䜛䝁䞁䝃䝹䝔䜱䞁䜾䛾せᮃ䛻ᛂ䛨䛶䚸᪥ᮏ⥲ྜ◊✲ᡤ䜢⤂௓䝡䝆䝛䝇䝬䝑䝏䞁䜾z ㎰ᶵ➼䛾ᶵᮦ䛾䝸䞊䝇䛻㛵䛩䜛せᮃ䛻ᛂ䛨䛶䚸୕஭ఫ཭䝣䜯䜲䝘䞁䝇㻒䝸䞊䝇䜢⤂௓㻢㻚 䜰䜾䝸䝡䝆䝛䝇஺ὶ఍䛾㛤ദ 䠄㻞㻜㻜㻡䡚㻞㻜㻜㻢ᖺ䠅㻣㻚 䜰䜾䝸䝡䝆䝛䝇䝬䝑䝏䞁䜾 䠄㻞㻜㻝㻟ᖺ䡚䠅䚉 ᅜෆ஦ᴗ⪅㛫䛰䛡䛷䛺䛟䚸ᅜෆ㻙ᾏእ䛾஦ᴗ⪅䝬䝑䝏䞁䜾䜒ᙉ໬䠄䜲䞁䝗䝛䝅䜰䚸୰ᮾᆅᇦ➼䠅䚉 䝝䝷䝹ၟㄯ఍➼䜈䛾༠㈶䞉௻ᴗ⤂௓➼z ㎰ᴗ㈨ᮦ䛾䝅䝵䝑䝢䞁䜾䜽䝺䝆䝑䝖 䛻㛵䛩䜛せᮃ䛻ᛂ䛨䛶䚸䝉䝕䜱䝘䜢⤂௓z ⏕⏘⪅ྥ䛡㎰ᴗ㈨ᮦ㈍኎䜔㎰స≀㈙ྲྀ䛻㛵䛩䜛▷ᮇ୚ಙ䞉Ỵ῭ຠ⋡໬䛻㛵䛩䜛せᮃ䛻ᛂ䛨䛶䚸୕஭ఫ཭䜹䞊䝗䜢⤂௓Copyright © 2017 Sumitomo Mitsui Banking Corporation. All Rights Reserved.

Discussion Purpose OnlyStrictly Confidential䛆䝥䝺䞊䝲䞊䛾ኚ໬䛇㎰ᴗ⪅ேཱྀ䛾ῶᑡ䛸つᶍᣑ኱•㎰ᴗᑵᴗ⪅䛾㧗㱋໬䛜㐍䜏䚸ᑵᴗேཱྀ䛿㐣ཤ㻞㻜ᖺ㛫䛷༙ῶ䚹ᑵᴗேཱྀ䛾䛖䛱㻠㻣䠂䛿㻣㻜ṓ௨ୖ䛷䛒䜛୍᪉䚸᪂つᑵ㎰䛿ẖᖺ㻡୓ே⛬ᗘ䛷䛒䜚䚸㞳㎰䛿᭦䛻ຍ㏿䛩䜛ぢ㎸䜏䚹㞳㎰ᣑ኱䛻క䛔䚸㎰ᴗἲே➼䛾ᢸ䛔ᡭ䛻㎰ᆅ䛜㞟✚䛧䚸㎰ᴗ⤒Ⴀ䛾኱つᶍ໬䛜㐍䜏ጞ䜑䛶䛔䜛䚹••㎰ᴗᑵᴗேཱྀ䛸ᖹᆒᖺ㱋Ỉ✄స௜㠃✚䛾⤒Ⴀయู㞟✚๭ྜ0%20%40%60%80%100%䠄ṓ䠅䠄୓ே䠅㻣㻜㻢㻜㻜

4.2%㎰ᴗᑵᴗேཱྀ㻔ᕥ㍈㻕
2005ᖹᆒᖺ㱋㻔ྑ㍈㻕

㻡㻜㻜

13.3%

22.0%24.7%11.7% 10.8% 10.4%2.9%㻢㻤㻢㻢㻚㻠ṓ㻟㼔㼍௨ୖ䠖㻞㻤㻚㻟䠂㻠㻜㻜㻢㻢㻟㻜㻜㻢㻠5.9%
2010

10.8%

18.0%

19.4%㻞㻝㻜୓ே㻟㼔㼍௨ୖ䠖㻠㻝㻚㻥䠂㻞㻜㻜㻢㻞㻝㻜㻜㻢㻜㻜

㻡㻤㻝㻥㻥㻡㻞㻜㻜㻜

㻞㻜㻜㻡

㻞㻜㻝㻜

㻞㻜㻝㻡13.4%9.8% 10.7% 11.9%2015 8.5% 14.7%16.8%9.3% 11.0% 13.8% 7.5% 18.4%(ᖺ)

㻟㼔㼍௨ୖ䠖㻡㻜㻚㻣䠂

0.5haᮍ‶3.0䡚5.0

0.5䡚1.0
5.0䡚10.0

1.0䡚2.010.0䡚15.02.0䡚3.015.0ha௨ୖฟ඾䠖㎰ᯘỈ⏘┬䛂㻞㻜㻝㻡ᖺ㎰ᯘᴗ䝉䞁䝃䝇䛃䠄㼔㼠㼠㼜㻦㻛㻛㼣㼣㼣㻚㼙㼍㼒㼒㻚㼓㼛㻚㼖㼜㻛㼖㻛㼠㼛㼗㼑㼕㻛㼏㼑㼚㼟㼡㼟㻛㼍㼒㼏㻛㻞㻜㻝㻡㻛㼠㼛㼜㻚㼔㼠㼙㼘䠅Copyright © 2017 Sumitomo Mitsui Banking Corporation. All Rights Reserved.

Discussion Purpose OnlyStrictly Confidential䛆䝥䝺䞊䝲䞊䛾ኚ໬䛇㎰ᴗཧධ஦౛䛾ቑຍ•㎰ᆅἲ➼䛾つไ⦆࿴䜔㎰ᴗἲேタ❧䛾ᨭ᥼⟇䜢ཷ䛡 䚸୍⯡ἲே䛾㎰ᴗཧධ஦౛䛜ቑຍ 䚹㻞㻜㻝㻢ᖺ᫬Ⅼ䛷⣙㻞㻘㻞㻜㻜ἲே䛜ཧධ䚹䛯䛰䛧䚸㎰ᆅ䛾೉ධ㠃✚䛿䚸㻝㼔㼍ᮍ‶䛾ᑠつᶍ䛺஦ᴗ䛜ከ䛟䜢༨䜑䛶䛔䜛䚹Ⴀ㎰స≀ู䛷䛿㔝⳯᱂ᇵ䛾๭ྜ䛜㧗䛟䚸タഛ䞉❧ᆅ➼䛾ཧධ㞀ቨ䛜㧗䛔␆⏘䛾๭ྜ䛜ప䛔䚹••㎰ᴗཧධ௻ᴗᩘ᥎⛣ཧධ௻ᴗ䛾Ⴀ㎰స≀ෆヂ᧤㽤ⅉ㟿᧥ᕤⱁస≀㻥㻟ⰼ䛝 ␆⏘㻡㻣 㻡㻜䛭䛾௚㻠㻝ᯝᶞ㻞㻟㻢
㔝⳯㻥㻞㻟」ྜ㻠㻜㻣⡿㯏➼㻠㻝㻡䠄ὀ䠅䝸䞊䝇᪉ᘧ䛻䜘䜚ཧධ䛧䛯୍⯡ἲே䛾ᩘ䠄ὀ䠅㻞㻜㻝㻢ᖺ㻢᭶ᮎ᫬Ⅼฟ඾䠖㎰ᯘỈ⏘┬䛂ᖹᡂ㻞㻤ᖺᗘ 㣗ᩱ䞉㎰ᴗ䞉㎰ᮧⓑ᭩䛃䠄㼔㼠㼠㼜㻦㻛㻛㼣㼣㼣㻚㼙㼍㼒㼒㻚㼓㼛㻚㼖㼜㻛㼖㻛㼣㼜㼍㼜㼑㼞㻛㼣㼋㼙㼍㼒㼒㻛㼔㻞㻤㻛㼍㼠㼠㼍㼏㼔㻛㼜㼐㼒㻛㼦㼑㼚㼎㼡㼚㻙㻢㻢㻚㼜㼐㼒䠅Copyright © 2017 Sumitomo Mitsui Banking Corporation. All Rights Reserved.Discussion Purpose OnlyStrictly Confidential䛆䝥䝺䞊䝲䞊䛾ኚ໬䛇௻ᴗ䛾㎰ᴗཧධ䛾஦౛
1 ௻ᴗ䛾㎰ᴗཧධ䛾䝟䝍䞊䞁2 ௻ᴗ䛾㎰ᴗཧධ䛾஦౛ᴗ✀㻺㼛௻ᴗྡᴗ✀㻝䜹䝂䝯㣗ရ㻞䝃䜲䝊䝸䝲እ㣗㻟䝉䝤䞁㻒䜰䜲㻴㻰ᑠ኎㻠୕஭୙ື⏘୙ື⏘㻡ᮾⰪ

㟁ᶵ

㻢㻶㻾஑ᕞ

㐠㍺┠ⓗ⮬♫䛷฼⏝䛩䜛㎰⏘≀z 䛂᭷ᶵ䛃䛂䝖䝺䞊䝃䝡䝸䝔䜱䛃䛺䛹䛾䛄Ᏻᚰ䡡Ᏻ඲䛅᱂ᇵရ┠᱂ᇵ᪉ἲෆᐜz ኴ㝧ග฼⏝ᆺz 䝖䝬䝖᳜≀ᕤሙ䛾௜ຍ౯್䜢䛴䛡䛯䛔㣗ရ㛵㐃z 㣗ရ䛾ᶵ⬟ᛶ⾲♧䛻㛵䛩䜛ἲᨵṇ䛻ᑐ䛩䜛ᑐᛂᙉ໬䜢䛧䛯䛔z ኳೃ୙㡰䛷ᕷሙ౯᱁䛜㧗㦐䛧䛶䛔䛶䜒䚸z 䝖䝬䝖z ኴ㝧ග฼⏝ᆺz 䝺䝍䝇᳜≀ᕤሙ⮬♫㎰ሙ䚸እ㒊䛾㎰ᴗἲே䛸䛾ዎ⣙᱂ᇵ䛷䚸䝖䝬䝖䜢⏕⏘䚹඲ᅜ䛾䝇䞊䝟䞊䜈㈍኎✀Ꮚ䛛䜙㛤Ⓨ䛧䛯㔝⳯䜢᱂ᇵ䚹⮬♫ᗑ⯒䛷ά⏝䛂୍ᐃ䛾༢౯䛃䛷䛄Ᏻᐃㄪ㐩䛅䛧䛯䛔⮬♫䛾㣗ရᗫᲠ≀䛾䝸䝃䜲䜽䝹ᡭẁz 䝖䜴䝰䝻䝁䝅z ኱᰿ ➼⏕⏘⪅䛸ྜᘚ䛷䝉䝤䞁䝣䜯䞊䝮䜢ᒎ㛤䚹⮬♫ᗑ⯒䛷㈍኎z 㟢ᆅz 㣗ရᗫᲠ≀䜢䛂ሁ⫧໬䛃䛧䚸⮬♫㎰ሙ䛷౑⏝䛧䛯䛔z ᏶඲㛢㙐ᆺz 䝺䝍䝇᳜≀ᕤሙᮏᴗ䛾ᢏ⾡ᛂ⏝z ᮏᴗ䛷ᇵ䛳䛯䛧䛯䛔㐟ఇ㈨⏘䛾ά⏝␗ᴗ✀㎰ᴗ䝧䞁䝏䝱䞊䛂䜏䜙䛔䛃䛸䚸༓ⴥ┴᯽ᕷ䛷䝺䝍䝇䜢᱂ᇵᗘ⟶⌮ᢏ⾡➼䜢㎰ᴗ䛻ᛂ⏝z ᧔㏥䛧䛯ᕤሙ➼䛾㐟ఇ୙ື⏘䜢ά⏝䛧䛯䛔㞠⏝ᑐ⟇z ᐃᖺᘏ㛗䛻క䛖䚸ᚑᴗဨ䛾㞠⏝䛾ሙ䜢☜ಖz 䝺䝍䝇z ᏶඲㛢㙐ᆺz 䝝䞊䝤᳜≀ᕤሙz 䝙䝷z 㟢ᆅ

z 䝭䝙䝖䝬䝖z ኴ㝧ග฼⏝ᆺz 䝍䝬䝂 ➼᳜≀ᕤሙ⮬♫㐟ఇᆅ䜢ά⏝䛧䚸䝺䝍䝇䜢᱂ᇵ䚹䜹䝑䝖㔝⳯䛸䛧䛶㈍኎஑ᕞྛᆅ㎰ᐙ䛸༠ຊ䛧䚸⮬♫㎰ሙ䛷㎰⏘≀䜢⏕⏘䚹⮬♫䛜㐠Ⴀ䛩䜛እ㣗ᗑ➼䛷ᥦ౪䛧䛯䛔z 䜲䝏䝂ᆅᇦ㈉⊩㻣z 䠄≉䛻ᆅሙ௻ᴗ䠅ᆅᇦ୺せ⏘ᴗ䛾㎰ᴗ䜢ᨭ᥼ఫ཭໬Ꮫ໬Ꮫ䠄㎰⸆䠅z ኴ㝧ග฼⏝ᆺz 䝖䝬䝖᳜≀ᕤሙz 䜏䛴䜀z 㟢ᆅz 䝺䝍䝇 ➼䛧䛯䛔඲ᅜ䛷⮬♫㎰ሙ䜢ᒎ㛤䚹᪂䛯䛺㎰ᴗ䝡䝆䝛䝇䝰䝕䝹䜢ᵓ⠏䛩䜛䛯 䜑䛾ᐇドᣐⅬ䛸䛧 䛶䜒ά⏝ฟ඾䠖ྛ♫䝩䞊䝮䝨䞊䝆䚸ྛ✀ሗ㐨㈨ᩱCopyright © 2017 Sumitomo Mitsui Banking Corporation. All Rights Reserved.

Discussion Purpose OnlyStrictly Confidential䛆䝥䝺䞊䝲䞊䛾ኚ໬䛇㎰ᆅἲ䛾つไ⦆࿴••㎰ᆅ䜢ᡤ᭷䛷䛝䜛ἲே䛾せ௳䛻䛴䛔䛶䚸ἲே䛜㻢ḟ⏘ᴗ໬➼䜢ᅗ䜚⤒Ⴀ䜢Ⓨᒎ䛥䛫᫆䛟䛩䜛ほⅬ䛛䜙ぢ┤䛧䜢ᐇ᪋䚹㎰ᆅ䜢ᡤ᭷ฟ᮶䜛ἲே䛾せ௳䛷䛒䜛䛣䛸䜢᫂☜䛻䛩䜛䛯䜑䚸せ௳䜢‶䛯䛩ἲே䛾࿧⛠䜢䛂㎰ᴗ⏕⏘ἲே䛃䛛䜙䛂㎰ᆅᡤ᭷㐺᱁ἲே䛃䛻ኚ᭦䚹

1 ࿧⛠ᨵṇ๓ᨵṇᚋ䠄ᖹᡂ㻞㻤ᖺ㻠᭶㻝᪥᪋⾜䠅㎰ᴗ⏕⏘ἲே㎰ᆅᡤ᭷㐺᱁ἲே2 ἲேᙧែᰴᘧ఍♫䠄㠀බ㛤఍♫䛻㝈䜛䠅䚸ᣢศ఍♫ཪ䛿㎰஦⤌ྜἲே 䠄ኚ᭦䛺䛧䠅3 ஦ᴗせ௳኎ୖ㧗䛾㐣༙ᩘ䛜㎰ᴗ䠄㈍኎䞉ຍᕤရ䜢ྵ䜐䠅 䠄ኚ᭦䛺䛧䠅z ㎰ᴗ㛵ಀ⪅௨እ䛾⪅䛜⥲㆟Ỵᶒ䛾㻠ศ䛾㻝௨ୗ㆟Ỵᶒ䞉4 ᵓᡂဨせ௳z ㎰ᴗ㛵ಀ⪅௨እ䛾⪅䛿䚸㛵㐃஦ᴗ⪅䠄ἲே䛸⥅⥆ⓗྲྀᘬ㛵ಀ䜢᭷䛩䜛⪅➼䠅䛻㝈ᐃz ᙺဨ䛾㐣༙䛜㎰ᴗ䠄㈍኎䞉ຍᕤ䜢ྵ䜐䠅䛾ᖖ᫬ᚑ஦⪅䛷䛒䜛䛣䛸5 ᙺဨせ௳z 䛥䜙䛻䛭䛾㐣༙䛜㎰సᴗ䛻ᚑ஦z ㎰ᴗ㛵ಀ⪅௨እ䛾⪅䛜⥲㆟Ỵᶒ 䛾㻢ḟ⏘ᴗ໬䛺䛹⤒ႠⓎᒎ䜢┠ᣦ䛩ሙྜ䚸㈨ᮏቑᙉ䛾ᚲせᛶ䛜Ⓨ⏕㻢ḟ⏘ᴗ໬䛻䜘䜚㈍኎䞉ຍᕤ➼䛾ẚ⋡䜢㧗䜑䜛䛸䚸㎰సᴗ䛻ᚑ஦䛩䜛ᙺဨ䛾䝅䜵䜰䛿ୗ䛜䜙䛦䜛䜢ᚓ䛺䛔㻞ศ䛾㻝ᮍ‶z ㎰ᴗ㛵ಀ⪅௨እ䛾⪅䛾ᵓᡂဨせ௳䜢᧔ᗫ䠄ἲே䛸⥅⥆ⓗྲྀᘬ㛵ಀ䛜䛺䛔⪅䜒ᵓᡂဨ䛸䛺䜛䛣䛸䛜ྍ⬟䠅z ᙺဨ䛾㐣༙䛜㎰ᴗ䠄㈍኎䞉ຍᕤ䜢ྵ䜐䠅䛾ᖖ᫬ᚑ஦⪅䛷䛒䜛䛣䛸䚹z ᙺဨཪ䛿㔜せ䛺౑⏝ே䠄㎰ሙ㛗➼䠅䛾䛖䛱䚸㻝ே௨ୖ䛜㎰సᴗ䛻ᚑ஦Copyright © 2017 Sumitomo Mitsui Banking Corporation. All Rights Reserved.

Discussion Purpose OnlyStrictly Confidential䛆䝞䝸䝳䞊䝏䜵䞊䞁䛾ኚ໬䛇㎰⸆䛾ὶ㏻ᵓ㐀••㎰⸆䛾ὶ㏻ᵓ㐀䛿䚸㎰⸆䛛䜙䛾ὶ㏻䛾㻠๭䜢඲㎰䞉⤒῭㐃➼䛾䠦䠝⣔⤫䛜༨䜑䛶䛔䜛䚹䜎䛯䚸⏕⏘⪅䜈䛾㈍኎䛾㻢๭䜢ᆅᇦ㎰༠䛜༨䜑䛶䛚䜚䚸㈍኎➇த䛜ാ䛝䛵䜙䛔ᵓ㐀䛸ゝ䛘䜛䚹㻠㻜㻑

㻠㻜㻑

㻢㻜㻑㎰

㻔㎰

඲⤒῭
㎰㐃
ὀ
㻝༠㻕

⸆

⏕

吸㻞㻜㻑

⏘呎⪅

吂
呎㻢㻜㻑

༺኎
ᴗ
⪅䕺ᅜෆ⏕⏘䠖㻞㻠୓䡐ᑠ኎ᴗ⪅䕺ᾏእ⏕⏘䠖㻞୓䡐ὀ㻞

㻠㻜㻑

㻠㻜㻑㻔

㻕

㻔ὀ㻝㻕⤒῭㎰ᴗ༠ྠ⤌ྜ㐃ྜ఍䠖㎰༠䛜ฟ㈨䛧䚸⤌ྜဨ䛸䛺䛳䛶⤌⧊䛩䜛㒔㐨ᗓ┴༢఩䛾⤌ྜ䚹㏆ᖺ䛿඲㎰䜔┴༢୍㎰༠䜈䛾⤫ྜ䛜㐍䜣䛷䛔䜛䚹㻔ὀ㻞㻕୍㒊䛾䝩䞊䝮䝉䞁䝍䞊➼䛿༺኎ᴗ⪅䜢㏻䛥䛪䛻㎰⸆䝯䞊䜹䞊䛛䜙┤᥋௙ධ䜜䜢⾜䛳䛶䛔䜛䚹㻔ฟ඾㻕㎰ᯘỈ⏘┬䛂⏕⏘⪅䛾ᡤᚓྥୖ䛻䛴䛺䛜䜛⏕⏘㈨ᮦ౯᱁ᙧᡂ䛾௙⤌䜏䛾ぢ┤䛧䛃䜢ຍᕤ䛧䛶సᡂ䠄http://www.maff.go.jp/j/kanbo/nougyo_kyousou_ryoku/attach/pdf/nougyo_kyoso_ryoku-44.pdf䠅Copyright © 2017 Sumitomo Mitsui Banking Corporation. All Rights Reserved.Discussion Purpose OnlyStrictly Confidential䛆䝞䝸䝳䞊䝏䜵䞊䞁䛾ኚ໬䛇⡿✐䛾ὶ㏻ᵓ㐀••⡿✐䛾ὶ㏻ᵓ㐀䛿䚸䠦䠝䚸඲㎰䚸༺䛸」ᩘ䛾䝥䝺䞊䝲䞊䜢⤒⏤䛧䛯ྲྀᘬ䛜୺య䛺䛜䜙䚸᭱㏆䛷䛿༺䞉ᑠ኎஦ᴗ⪅䛜┤᥋ᆅᇦ䠦䠝䜔㎰ᴗἲே䛸ྲྀᘬ䛩䜛䜿䞊䝇䜒ቑຍഴྥ䚹༺኎ᴗ⪅䛿኱ᡭ䛷䜒ᕷሙ༨᭷⋡䛿ప䛟䚸ᆅᇦ䛾୰ᑠ༺ᴗ⪅䜒ከ䛔䚹ᑠ኎䞉እ㣗➼䛸䛾౯᱁஺΅ຊ䛿┦ᑐⓗ䛻ప䛔䛯䜑䚸⡿౯ୖ᪼᫬䛷䜒㈍኎౯᱁䛻㌿᎑䛧䛵䜙䛔ᴗ⏺ᵓ㐀䛸ゝ䛘䜛䚹༢఩䠖୓䝖䞁䠄㻞㻣ᖺ⏘⡿䠅䚸䠂䛿㎰ᐙᾘ㈝௨እ䛾୺㣗⏝䛖䜛䛱⡿䛾ෆヂ䠘୺㣗⏝䛖䜛䛱⡿䠚㻞㻢㻢䠦䠝➼㻟㻢㻢㻢㻟㻑㻠㻢㻑㻞㻢㻢㻠㻢㻑㻞㻞㻜㻟㻤㻑㻥㻟㻝㻢㻑㻝㻜㻜㻝㻣㻑⏕⏘⪅༺呍ᑠ኎➼㻞㻢㻢඲㎰呍⤒῭㐃➼㻠㻢㻑ᾘ㈝⪅㻣㻝㻑㻝㻞㻣㻞㻞㻑㻞㻝㻟㻤㻢㻝㻡㻑㎰ᐙ┤኎㻟㻣㻑㻣㻥㻥㻝㻠㻢㎰ᐙᾘ㈝䠄↓ൾㆡΏ䜢ྵ䜐䠅䠘䛭䛾௚䠚㻣㻠ຍᕤ⏝⡿➼䚸䜒䛱⡿➼䠄㞟Ⲵᴗ⪅䜢㏻䛨䛶ᐇ㟂⪅䛻㈍኎䠅㻔ฟ඾㻕㎰ᯘỈ⏘┬䛂⡿䜢䜑䛠䜛㛵ಀ㈨ᩱ䠄ᖹᡂ29ᖺ7᭶䠅䛃䜢ຍᕤ䛧䛶సᡂ䠄http://www.maff.go.jp/j/seisan/kikaku/attach/pdf/kome_siryou-93.pdf䠅Copyright © 2017 Sumitomo Mitsui Banking Corporation. All Rights Reserved.

Discussion Purpose OnlyStrictly Confidential䛆䝞䝸䝳䞊䝏䜵䞊䞁䛾ኚ໬䛇ᨻᗓ䞉䠦䠝䜾䝹䞊䝥䛾ྲྀ⤌⤒⦋•••ᨻᗓ䛿㻞㻜㻝㻢ᖺ㻠᭶᪋⾜䛾ᨵṇ㎰༠ἲ䛻䜘䜚䚸㻶㻭඲୰䛾┘ᰝ䞉ᣦᑟᶒ㝈䜢ᗫṆ䚸ᆅᇦ㎰༠䛾⤒Ⴀ䛾⮬୺ᛶ䜢ᣑ኱䚹㻞㻜㻝㻢ᖺ㻝㻝᭶䛻䛿䛂㎰ᴗ➇தຊᙉ໬䝥䝻䜾䝷䝮䛃䜢Ỵᐃ䛧䚸⏕⏘⪅䛾ᡤᚓྥୖ䛻ྥ䛡䛯௒ᚋ䛾ᨻ⟇᪉㔪䜢බ⾲䚹䠦䠝䜾䝹䞊䝥䜒䚸㻞㻜㻝㻢ᖺ㻥᭶䛻⊂⮬䛾஦ᴗᨵ㠉᱌䜢බ⾲䚹⩣㻟᭶䛻䛿඲㎰䛜⮬ᕫᨵ㠉᪉㔪䜢බ⾲䛧䛯䚹ᨻᗓ㻶㻭䜾䝹䞊䝥つไᨵ㠉఍㆟㻔ὀ㻕㻞㻜㻝㻟ᖺ㻡᭶㻞㻜㻝㻠ᖺ㻡᭶z 䛂㎰ᯘỈ⏘ᴗ䞉ᆅᇦ䛾άຊ๰㐀ᮏ㒊䛃䜢ෆ㛶䛻タ⨨㻞㻜㻝㻢ᖺ㻠᭶z ᨵṇ㎰༠ἲ䛾᪋⾜㻔௨ୗ䚸୍㒊ᢤ⢋㻕z 㻶㻭୰ኸ఍ไᗘ䛾ᗫṆ䜢ᥦゝz 㻶㻭඲୰䛾┘ᰝ䞉ᣦᑟᶒ㝈ᗫṆz 㻶㻭඲㎰䛾ᰴᘧ఍♫໬䛜ྍ⬟䛻㻞㻜㻝㻢ᖺ㻥᭶z ㎰༠ᨵ㠉䛻㛵䛩䜛ពぢ㻔௨ୗ䚸୍㒊ᢤ⢋㻕㻞㻜㻝㻢ᖺ㻝㻝᭶䐟඲㎰䛾㉎㈙஦ᴗ䜢㻝ᖺ௨ෆ䛻⦰ᑠ䐠඲㎰䛾㎰⏘≀䛾ጤク㈍኎䜢㻝ᖺ௨ෆ䛻ᗫṆ䛧䚸඲㔞䜢㈙ྲྀ㈍኎䛻㌿᥮z 㻶㻭䜾䝹䞊䝥䛸䛧䛶⊂⮬䛾஦ᴗᨵ㠉᱌䜢Ⓨ⾲䐡ᆅᇦ㎰༠䛾㔠⼥஦ᴗ䜢㻟ᖺ௨ෆ䛻༙ῶz 䛂㎰ᴗ➇தຊᙉ໬䝥䝻䜾䝷䝮䛃䜢Ⓨ⾲䠄ィ㻝㻟㡯┠䚸௨ୗ୍㒊ᢤ⢋䠅㻝㻚 ⏕⏘㈨ᮦ䛾౯᱁ᘬୗ䛢z ᨻᗓ䛿䚸⏕⏘㈨ᮦᴗ⏺䛾෌⦅䜢ಁ㐍㻞㻚 ὶ㏻䞉ຍᕤ䛾ᵓ㐀ᨵ㠉z ᨻᗓ䛿䚸ຠ⋡ⓗ䞉ᶵ⬟ⓗ䛺ὶ㏻䞉ຍᕤᵓ㐀䜢┠ᣦ䛧䚸୰㛫ὶ㏻䠄⡿༺䚸༺኎ᕷሙ㛵ಀ⪅䠅䛾ྜ⌮໬䜢᥎㐍z ඲㎰䛿䚸ྲྀᢅ㖭᯶䛾⤠䜚㎸䜏䚸ᅜ㝿Ỉ‽䜈䛾౯᱁ᘬୗ䛢䜢┠ᣦ䛩z ඲㎰䛿䚸୰㛫ὶ㏻ᴗ⪅䜈䛾㈍኎䛛䜙䚸ᐇ㟂⪅䞉ᾘ㈝⪅䜈䛾┤᥋㈍኎୰ᚰ䛻䝅䝣䝖z ඲㎰䛿䚸ጤク㈍኎䛛䜙㈙ྲྀ㈍኎䜈䝅䝣䝖㻞㻜㻝㻣ᖺ㻞᭶z 䛂㎰ᴗ➇தຊᙉ໬ᨭ᥼ἲ᱌䛃䜢㛶㆟Ỵᐃ䛧ᅜ఍䜈ᥦฟ㻞㻜㻝㻣ᖺ㻟᭶㻞㻜㻝㻣ᖺ㻡᭶z ㎰ᴗ➇தຊᙉ໬ᨭ᥼ἲ䛜ཧ㆟㝔ᮏ఍㆟䛻䛶ᡂ❧㻞㻜㻝㻣ᖺ㻤᭶z ㎰ᴗ➇தຊᙉ໬ᨭ᥼ἲ䜢᪋⾜䠄㻤㻛㻝䠅z ඲㎰䛜⮬ᕫᨵ㠉䛾᪉㔪䜢Ⓨ⾲㻔ὀ㻕ෆ㛶ᗓタ⨨ἲ䛻ᇶ䛵䛝タ⨨䛥䜜䛯ᑂ㆟఍䚹ෆ㛶⥲⌮኱⮧䛾ㅎၥ䜢ཷ䛡䚸つไᨵ㠉䜢㐍䜑䜛䛯䜑䛾ㄪᰝ䚸ᑂ㆟䜢⾜䛔䚸ෆ㛶⥲⌮኱⮧䜈䛾ពぢ䜢㏙䜉䜛䛣䛸䛺䛹䛜୺䛺௵ົ䚹ྠ఍㆟䛿㻞㻜㻝㻢ᖺ㻣᭶䜢䜒䛳䛶タ⨨ᮇ㝈䛜⤊஢䛧䛯䛯䜑䚸䛭䛾ᚋ⥅⤌⧊䛸䛧䛶䚸ྠᖺ㻥᭶䛻䛂つไᨵ㠉᥎㐍఍㆟䛃䛜タ⨨䛥䜜䛯䚹ฟ඾䠖㎰ᯘỈ⏘┬䛂㎰ᴗ➇தຊᙉ໬䝥䝻䜾䝷䝮䛃䠄http://www.maff.go.jp/j/kanbo/nougyo_kyousou_ryoku/index.html䠅䜢ຍᕤ䛧䛶సᡂCopyright © 2017 Sumitomo Mitsui Banking Corporation. All Rights Reserved.

Discussion Purpose OnlyStrictly Confidential䛆䝞䝸䝳䞊䝏䜵䞊䞁䛾ኚ໬䛇㎰ᴗ➇தຊᙉ໬䝥䝻䜾䝷䝮••䛂㎰ᴗ➇தຊᙉ໬䝥䝻䜾䝷䝮䛃䛷䛿䚸⏕⏘㈨ᮦ䛾౯᱁ᘬୗ䛢䜔ὶ㏻䞉ຍᕤ䛾ᵓ㐀ᨵ㠉䛻ྥ䛡䛯᪋⟇➼䚸㻝㻟㡯┠䛾ᨻ⟇᪉㔪䛜⟇ᐃ䛥䜜䛯䚹⏕⏘㈨ᮦ䛾౯᱁ᘬୗ䛢䛸䚸ὶ㏻䞉ຍᕤ䛾ᵓ㐀ᨵ㠉䛻ྥ䛡䛶䛿䚸ᴗ⏺෌⦅➼䜢ಁ㐍䛩䜛䛯䜑䛾ᨭ᥼ᥐ⨨➼䜢ㅮ䛨䜛䛂㎰ᴗ➇தຊᙉ໬ᨭ᥼ἲ䛃䛜㻞㻜㻝㻣ᖺ㻡᭶䛻ᡂ❧䛧䛯䚹䝔䞊䝬୺䛺᪋⟇⏕⏘㈨ᮦ䛾౯᱁ᘬୗ䛢• ⏕⏘㈨ᮦ䛾౯᱁䜢ᅜ㝿Ỉ‽䜈ᘬୗ䛢䚹
э㎰ᴗ➇தຊᙉ໬ᨭ᥼ἲ䛾ᡂ❧ὶ㏻䞉ຍᕤ䛾ᵓ㐀ᨵ㠉• ୰㛫ὶ㏻䛾ᢤᮏⓗ䛺ྜ⌮໬䛾᥎㐍䚹э㎰ᴗ➇தຊᙉ໬ᨭ᥼ἲ䛾ᡂ❧ேᮦຊ䛾ᙉ໬• ᪂つᑵ㎰⪅䛾⤒Ⴀ⬟ຊྥୖ䜢┠ⓗ䛸䛧䛯䛂㎰ᴗ⤒Ⴀሿ䛃䛾ᩚഛ䚹ᡓ␎ⓗ㍺ฟయไ䛾 • ㎰⏘≀䛾䝤䝷䞁䝕䜱䞁䜾䜔䝥䝻䝰䞊䝅䝵䞁䚸㍺ᩚഛฟ஦ᴗ⪅䛾䝃䝫䞊䝖యไ䛾ᩚഛ䚹ཎᩱཎ⏘ᆅ⾲♧䛾 • 㔜㔞๭ྜ1఩䛾ཎᮦᩱ䛻䛴䛔䛶䚸ཎ๎䚸ཎ⏘ᑟධᆅ䜢ᅜู㔜㔞㡰䛻⾲♧䚹䝏䜵䝑䜽䜸䝣䛾ᑟධ• ⏕⏘⪅䛛䜙ᣐฟ㢠䜢ᚩ཰䛧䚸㈍኎ಁ㐍䛺䛹䛻ά⏝䛩䜛䝇䜻䞊䝮䛾ᑟධ䚹䝔䞊䝬୺䛺᪋⟇཰ධಖ㝤ไᗘ䛾ᑟධ• ㎰ᴗ཰ධ䜢⿵ൾ䛩䜛ಖ㝤䛾ᑟධ䠄⮬↛⅏ᐖ䛻ຍ䛘䚸౯᱁ኚື䝸䝇䜽䜒ྵ䜐䠅䚹ᅵᆅᨵⰋไᗘ䛾ぢ┤䛧• ᇶ┙ᩚഛ஦ᴗ䛾ᡭ⥆䛝䛾⡆⣲໬䛧䚸ᢸ䛔ᡭ㎰ᐙ䜈䛾㎰ᆅ㞟⣙䜢ಁ㐍䚹㎰ᮧᆅᇦ䛻䛚䛡䜛ᑵ • ㎰ᮧᆅᇦᕤᴗ➼ᑟධಁ㐍ἲ䠄㎰ᕤἲ䠅䛾ᑐ㇟ᴗ✀䚸ᑐ㇟ᆅᇦ䛾ぢ┤䛧䚹ᴗᵓ㐀䛾ᨵၿ㣫ᩱ⏝⡿䛾᥎㐍• ከ཰ရ✀䛾ᑟධ䚸ከ཰䜢ᐇ⌧䛩䜛ప䝁䝇䝖᱂ᇵᢏ⾡䛾ᬑཬ➼䛾᥎㐍䚹⫗⏝∵䞉㓗㎰䛾⏕⏘ᇶ┙䜢ᙉ໬• ⦾Ṫ㞤∵䛾ቑ㢌䜔䚸ங⏝ᚋ⥅∵䛾☜ಖ䛾᥎㐍䚹㓄ྜ㣫ᩱ౯᱁Ᏻᐃ • ㍺ධ㣫ᩱ䛻㐣ᗘ䛻౫Ꮡ䛧䛺䛔␆⏘⤒Ⴀ䛾☜ไᗘ䛾Ᏻᐃ㐠Ⴀ❧䚹∵ங䞉ங〇ရ䛾⏕⏘䞉ὶ㏻䛾ᨵ㠉• ⮬⏤䛻ฟⲴඛ䜢㑅䜉䜛ไᗘ䛻ᨵ㠉䚸⿵⤥㔠䛾஺௜ᑐ㇟䜢ᣑ኱䚹ฟ඾䠖㎰ᯘỈ⏘┬䛂㎰ᴗ➇தຊᙉ໬䝥䝻䜾䝷䝮䛃䠄http://www.maff.go.jp/j/kanbo/nougyo_kyousou_ryoku/index.html䠅䜢ຍᕤ䛧䛶సᡂCopyright © 2017 Sumitomo Mitsui Banking Corporation. All Rights Reserved.Discussion Purpose OnlyStrictly Confidential䛆䝞䝸䝳䞊䝏䜵䞊䞁䛾ኚ໬䛇㎰ᴗ➇தຊᙉ໬ᨭ᥼ἲ
•䛂㎰ᴗ➇தຊᙉ໬ᨭ᥼ἲ䛃䛷䛿䚸Ⰻ㉁䛛䛴పᗮ䛺㎰ᴗ㈨ᮦ䛾౪⤥䜔䚸㎰⏘≀䛾ὶ㏻➼䛾ྜ⌮໬䛾ᐇ⌧䛻㈨䛩䜛䜉
䛟䚸௒ᚋ䚸ᅜ䛜ㅮ䛪䜉䛝᪋⟇䜢つᐃ䚹ຍ䛘䛶䚸㎰ᴗ䛾㈨ᮦᴗ⪅䠄⫧ᩱ䞉㎰⸆䞉㣫ᩱ➼䠅䜔䚸㣗ရຍᕤᴗ⪅䠄〇⢊䞉ஙᴗ➼䠅䚸㎰⏘ရ䛾ὶ㏻ᴗ⪅䠄⡿༺䞉㣗ရ䝇䞊䝟䞊➼䠅䛾஦ᴗ෌⦅䞉஦ᴗཧධ䛻ᑐ䛩䜛䚸ᨭ᥼ᥐ⨨䛜ㅮ䛨䜙䜜䜛䚹ᅜ䛜ㅮ䛪䜉䛝᪋⟇஦ᴗ෌⦅䞉஦ᴗཧධ䜢ಁ㐍䛩䜛䛯䜑䛾ᨭ᥼ᥐ⨨䝔䞊䝬୺䛺᪋⟇䐟ᐇ᪋᪉㔪୺ົ኱⮧㻔ὀ㻝㻕䛜ᑐ㇟஦ᴗ䛾ᑗ᮶䛾䛒䜚᪉➼䚸ᣦ㔪䜢ᐃ䜑䜛• ㎰ᴗ㈨ᮦ䛾㛤Ⓨ䜢ಁ㐍Ⰻ㉁䛛䛴పᗮ䛺㎰ᴗ㈨ᮦ䛾౪⤥䜢ᐇ⌧ • ஦ᴗ෌⦅ཪ䛿஦ᴗཧධ䜢ಁ㐍䐠ィ⏬䛾ㄆᐃᑐ㇟஦ᴗ⪅䛿䚸෌⦅➼䛾ィ⏬䜢సᡂ䚸୺ົ኱⮧ᥦฟ䛧䚸ィ⏬䛾ㄆᐃ䜢ཷ䛡䜛• ྲྀᘬ᮲௳➼䚸᝟ሗ䛾ぢ䛘䜛໬䐡ᨭ᥼ᥐ⨨䐟㔠⼥ᨭ᥼䞉䐠⛯ไ≉౛䛾ᨭ᥼ᥐ⨨• つไ➼䛾ぢ┤䛧• つไ➼䛾ぢ┤䛧㎰⏘≀䛾ὶ㏻➼䛾ྜ⌮໬䠘ᑐ㇟஦ᴗ⪅䠄ὀ㻞䠅䠚• ᝟ሗ㏻ಙᢏ⾡➼䛾ά⏝䜢ಁ㐍䛆஦ᴗ෌⦅䛇䞉⫧ᩱ䚸㎰⸆䚸㓄ྜ㣫ᩱ䛾〇㐀ᴗ䞉ᑠ㯏䚸∵ங䞉ங〇ရ䛾〇㐀ᴗ䞉⡿✐䚸⏕㩭㣗ᩱရ➼䛾༺኎ᴗ䞉㣧㣗ᩱရ䛾ᑠ኎ᴗ• ஦ᴗ෌⦅ཪ䛿஦ᴗཧධ䜢ಁ㐍• ⏕⏘⪅䛛䜙ᾘ㈝⪅䜈䛾┤᥋㈍኎䜢ಁ㐍• ྲྀᘬ᮲௳➼䚸᝟ሗ䛾ぢ䛘䜛໬ᐃᮇⓗ䛺ㄪᰝ䛸᪋⟇䛾᳨ウ• 㻡ᖺẖ䛻㎰ᴗ㈨ᮦ䛾౪⤥䞉㎰⏘≀䛾ὶ㏻䛾≧ἣ䜢ㄪᰝ䛧䚸⤖ᯝ䜢බ⾲• ㄪᰝ⤖ᯝ䜢㋃䜎䛘䚸᪋⟇䛾䛒䜚᪉䜢᳨ウ䛧䚸ᚲせ䛺ᥐ⨨䜢ㅮ䛪䜛䛆஦ᴗཧධ䛇䞉㎰ᴗ⏝ᶵᲔ〇㐀ᴗ䞉✀ⱑ䛾⏕⏘༺኎ᴗ㔠⼥ᨭ᥼•㎰ᯘ⁺ᴗᡂ㛗⏘ᴗ໬ᨭ᥼ᶵᵓ㻔㻭㻙㻲㻵㼂㻱㻕䛻䜘䜛ฟ㈨㻔ὀ㻟㻕•᪥ᮏᨻ⟇㔠⼥බᗜ䛻䜘䜛⼥㈨➼•୰ᑠ௻ᴗᇶ┙ᩚഛᶵᵓ䛻䜘䜛മົಖド⛯ไ≉౛•Ⓩ㘓චチ⛯䛾㍍ῶᥐ⨨➼㻔ὀ㻝㻕㎰ᯘỈ⏘኱⮧ཬ䜃㎰ᴗ⏕⏘㛵㐃஦ᴗ䜢ᡤ⟶䛩䜛኱⮧䚹• タഛᢞ㈨䛻ᑐ䛩䜛ൾ༷䛾≉౛㻔ὀ㻞㻕᪋⾜つ๎᱌䚹㻞㻜㻝㻣ᖺ㻣᭶㻝㻢᪥䜎䛷䝟䝤䝸䝑䜽䝁䝯䞁䝖䜢ເ㞟䚹• タഛᗫᲠ䛻ᑐ䛩䜛⧞䜚ᡠ䛧㑏௜䛾≉౛ ➼㻔ὀ㻟㻕㻭㼓㼞㼕㼏㼡㼘㼠㼡㼞㼑㻘㻌㼒㼛㼞㼑㼟㼠㼞㼥㻌㼍㼚㼐㻌㼒㼕㼟㼔㼑㼞㼕㼑㼟㻌㻲㼡㼚㼐㻌㼏㼛㼞㼜㼛㼞㼍㼠㼕㼛㼚㻌㼒㼛㼞㻌㻵㼚㼚㼛㼢㼍㼠㼕㼛㼚㻘㻌㼂㼍㼘㼡㼑㻙㼏㼔㼍㼕㼚㻌㼍㼚㼐㻌㻱㼤㼜㼍㼚㼟㼕㼛㼚㻌㻶㼍㼜㼍㼚 䛾␎⛠䚹ฟ඾䠖㎰ᯘỈ⏘┬䛂㎰ᴗ➇தຊᙉ໬䝥䝻䜾䝷䝮䛃䠄http://www.maff.go.jp/j/kanbo/nougyo_kyousou_ryoku/index.html䠅䜢ຍᕤ䛧䛶సᡂCopyright © 2017 Sumitomo Mitsui Banking Corporation. All Rights Reserved.

Discussion Purpose OnlyStrictly Confidential䛆䝞䝸䝳䞊䝏䜵䞊䞁䛾ኚ໬䛇඲㎰䛾⮬ᕫᨵ㠉䛾ᴫせ•㻞㻜㻝㻣ᖺ㻟᭶䛻බ⾲䛥䜜䛯඲㎰䛾⮬ᕫᨵ㠉䛻ಀ䜛஦ᴗᡓ␎䛿䚸⡿ᅜ䜔㔝⳯䚸⫧ᩱ➼䛾኎㈙᪉ἲ䜢ᢤᮏⓗ䛻㌿᥮䛩䜛䜒䛾䛸䛺䛳䛶䛚䜚䚸㻞㻜㻝㻢ᖺ㻥᭶䛻඲୰䛜බ⾲䛧䛯⮬ᕫᨵ㠉᱌䜘䜚䜒㋃䜏㎸䜣䛰ෆᐜ䛸ゝ䛘䜛䚹㡯┠㈍኎஦ᴗ⏕⏘㈨ᮦ஦ᴗㄢ㢟ලయ⟇ᖺḟィ⏬䠄ᇶ‽䛿㻞㻜㻝㻢ᖺᗘ䠅䞉ᪧ㣗⟶ἲୗ䛾ὶ㏻ᵓ㐀䛜ṧᏑ⡿ 䞉ᾘ㈝㔞䛾ῶᑡ✐䛂኎䛳䛶㈔䛖䛃䛛䜙䛂⮬䜙኎䜛䛃䜈䛾㌿᥮ 䞉┤᥋㈍኎ྲྀᢅ㔞䛾㻠㻜㻑䋻㻥㻜㻑䠄㻞㻜㻞㻠ᖺ䠅䞉ྲྀᘬඛ䜈䛾ฟ㈨䞉ᴗົᥦᦠ䞉䝟䞊䝖䝘䞊ᕷሙ䞉༺䛾㑅ู䞉㈙ྲྀ㈍኎ྲྀᢅ㔞䛾㻝㻜㻑䋻㻣㻜㻑䠄㻞㻜㻞㻠ᖺ䠅䞉ᐇ㟂⪅䜈䛾┤᥋㈍኎䛾ᣑ኱䞉ጤク㈍኎䞉ண⣙┦ᑐྲྀᘬ䛛䜙㈙ྲྀ㈍኎䞉༺኎ᕷሙ䛾ᶵ⬟ኚ໬䠄↓᮲௳ጤ 䜈䛾㡰ḟ㌿᥮䞉┤᥋㈍኎㻟㻘㻝㻜㻜൨෇䋻㻡㻘㻡㻜㻜൨෇䠄㻞㻜㻞㻠ᖺ䠅ᅬ ク㈍኎䋻ண⣙┦ᑐྲྀᘬ䠅ⱁ 䞉ᕷሙ⤒⏤⋡䛾ῶᑡ䞉㈙ྲྀ㈍኎㻞㻘㻞㻣㻜൨෇䋻㻡㻘㻡㻜㻜൨෇䠄㻞㻜㻞㻠ᖺ䠅䞉㒔㐨ᗓ┴ẖ䛻᪋⫧ᇶ‽䛜⣽ศ໬ ➇தධᮐ୰ᚰ䛾㉎㈙᪉ᘧ䜈䛾㌿᥮⫧ 䞉ከ㖭᯶ᑡ㔞⏕⏘䛻䜘䜛㧗䝁䝇䝖 䞉㖭᯶ᩘ䛾ᢤᮏⓗ⦰ᑠᩱ䞉㍺ධ⫧ᩱ䛾ྲྀᢅᣑ኱䞉ᅜ⏘⫧ᩱ୰ᚰ䞉㻞㻜㻝㻣ᖺ௨㝆䚸㉎㈙᪉ᘧ䛾㌿᥮䞉୍⯡㧗ᗘ໬ᡂ⫧ᩱ㖭᯶ᩘ㻠㻜㻜㖭᯶䋻㻝㻜⛬ᗘ䛻㞟⣙䞉ከ㖭᯶ᑡ㔞⏕⏘䛻䜘䜛㧗䝁䝇䝖㎰ 䞉ᅜ⏘㎰⸆୰ᚰ⸆䞉䝆䜵䝛䝸䝑䜽㎰⸆䛾ඹྠ㛤Ⓨ䞉ရ┠㞟⣙䛻䜘䜛౯᱁ᘬୗ䛢䞉ᢸ䛔ᡭ┤㏦つ᱁䛻䜘䜛౯᱁ᘬୗ䛢㻞㻜㻞㻞ᖺ䝆䜵䝛䝸䝑䜽㎰⸆㈍኎㛤ጞ㎰ 䞉㧗ᶵ⬟ᛶ㏣ồ䛻䜘䜛㧗䝁䝇䝖໬ᶵ 䞉ᡤ᭷୰ᚰ䛾䛯䜑✌ാ⋡ప఩䞉ᢸ䛔ᡭྥ䛡ప䝁䝇䝖䝰䝕䝹䛾㛤Ⓨせồ 㻞㻜㻝㻤ᖺప䝁䝇䝖䝰䝕䝹㈍኎㛤ጞ䞉㎰ᶵ䝅䜵䜰䝸䞊䝇䞉䝺䞁䝍䝹஦ᴗ䛾ಁ㐍㍺ฟ䞉ᅜෆᾘ㈝ῶᑡୗ䛻䛚䛔䛶୙ྍḞ 䞉ᾏእᣐⅬᩚഛ䞉᳨␿䞉Ⅽ᭰䝸䝇䜽➼䜈䛾ᑐฎ
䞉㍺ฟ⏝⏘ᆅ䛵䛟䜚䠄⡿䚸㟷ᯝ䠅䞉ရ㉁ಖᣢ䞉ඹྠ≀ὶ 㼑㼠㼏㍺ฟ㢠㻝㻟㻜൨෇䋻㻟㻠㻜൨෇䠄㻞㻜㻝㻥ᖺ䠅Copyright © 2017 Sumitomo Mitsui Banking Corporation. All Rights Reserved.

Strictly Confidential㎰ᴗἲேタ❧䛻㛵䛩䜛ᙜ⾜䛾≺䛔Discussion Purpose Only(1)ᙜ⾜⮬䜙䛜㎰ᴗ䛾⏘ᴗ໬ᐇ⌧䛻ཧ⏬䛧䛶䛔䛟䛣䛸䛷䚸䐟㎰ᴗ䛾䝡䝆䝛䝇໬䛻క䛖䚸㎰ᴗศ㔝䛾䝞䞁䜹䝤䝹䞉䝬䞊䜿䝑䝖䜢๰ฟ䛧䚸䐠ྠศ㔝䛷䛾䝡䝆䝛䝇ᶵ఍⋓ᚓ䛻ᚲせ䛺▱ぢ䞉䝤䝷䞁䝗䞉䝛䝑䝖䝽䞊䜽䜢ᵓ⠏䚹 (ὀ)
㎰ᴗཧධ(2)ᮏྲྀ⤌䛿᪥ᮏ෌⯆ᡓ␎䛻䛶ᨻᗓ䛜⏘ᴗ⏺䛻ᮇᚅ䛩䜛䜒䛾䛷䚸ᡃ䛜ᅜ䛾ㄢ㢟ゎỴ䛻㈨䛩䜛㈉⊩䚹䛾ព⩏(ὀ)

䞉⏕⏘䞉㈍኎䛾ᐇ⤒㦂䛻ᇶ䛵䛟㎰ᴗἲேྥ䛡䝋䝸䝳䞊䝅䝵䞁䛾▱ぢ⋓ᚓ䞉㎰ᴗ䝁䝭䝳䝙䝔䜱䛻䛚䛡䜛SMFG䝤䝷䞁䝗䛾☜❧䚸᝟ሗ䛾஺ᕪⅬ䛸䛺䜛䝥䝺䝊䞁䝇☜❧䞉஦ᴗᢎ⥅䞉◚⥢᫬䛾ཷ䛡─䛸䛺䜚ᚓ䜛⏕⏘⪅䝛䝑䝖䝽䞊䜽䛾ᵓ⠏(1) ㎰ᴗἲே䛾኱つᶍ䞉ᗈᇦ໬䛻క䛖䚸JA⣔⤫䛷ᑐᛂ䛧䛝䜜䛺䛔㈨㔠䝙䞊䝈䛾Ⓨ⏕

䝥䝺䞊
䝲䞊䛾ኚ໬
䠃䝡䝆䝛䝇ᶵ఍䛆䝥䝺䞊䝲䞊ኚ໬䜲䝯䞊䝆䛇⏘ᴗ䛸䛧䛶䛾㎰ᴗ㎰ᴗཧධ௻ᴗ

9 ㎰ᶵ䞉ᅡሙタഛ㈨㔠䚸㐠㌿㈨㔠
9 ㍺ฟ䞉㈍㊰ᣑ኱䛻క䛖㈨㔠Ỵ῭9 ௚㎰ᴗἲே䞉࿘㎶㡿ᇦ䜈䛾M&A etc㎰ᴗἲே(2) ㎰ᆅ⛣㌿䛾ᮏ᱁໬䛻క䛖኱つᶍ䛺㔠⼥䜲䝧䞁䝖䛾Ⓨ⏕㞟ⴠႠ㎰➼㞟ⴠႠ㎰➼9 㞳㎰䛻క䛖┦⥆䞉஦ᴗᢎ⥅䝡䝆䝛䝇9 ㈨⏘㐠⏝䝙䞊䝈䛾Ⓨ⏕9 䝸䞊䝇➼䛾䝋䝸䝳䞊䝅䝵䞁ᶵ఍䛾ᣑ኱㞽⣽䞉වᴗ㎰ᐙ㞽⣽䞉වᴗ㎰ᐙ኱つᶍ㎰ᴗἲே㎰ᆅ⛣㌿䛾㐍ᒎᅬⱁ䛸䛧䛶䛾㎰ᴗ䠄ཧ⪃䠅 ㎰ᴗྥ䛡㈚ฟ䠄⣙5඙෇䠅䛿䚸9๭㏆䛟䛜ᨻ⟇㔠⼥䛚䜘䜃JA⣔⤫䛻౫Ꮡ䛧䛶䛚䜚䚸Ẹ㛫㖟⾜䛿㝈ᐃⓗཧධ㜼ᐖせᅉϸ㻕஦ᴗつᶍ䛜ᑠ䛥䛔Ϻ㻕ᴗ⏺䞉ᆅᇦ䝁䝭䝳䝙䝔䜱䛻ཧධ䛧㞴䛔Ϲ㻕஦ᴗ䝸䝇䜽䠄ኳೃ➼䠅䛾ᑐฎ䛜㞴䛧䛔ϻ㻕㎰ᆅ➼䛾㈨⏘ฎศ䛜㞴䛧䛟ಖ඲䛜ᅔ㞴Copyright © 2017 Sumitomo Mitsui Banking Corporation. All Rights Reserved.Strictly Confidential䜏䜙䛔ඹ๰䝣䜯䞊䝮⛅⏣䛾ᙜึ஦ᴗᒎ㛤䜲䝯䞊䝆Discussion Purpose Only• ඛ䛪䛿䝟䜲䝻䝑䝖䝰䝕䝹䛸䛧䛶䚸ேཱྀῶᑡ䞉㧗㱋໬䛾㢧ⴭ䛺⛅⏣┴䛻䛶䚸㎰ᆅ䛾ཷ䛡─䛸䛧䛶㎰సᴗཷク䞉㎰ᆅ㈤೉䜢ཷ䛡䛶⡿䜢⏕⏘䚹኱つᶍႠ㎰䞉ከ཰ᢏ⾡䛾ᐇ㊶䞉⤌⧊ⓗ䛺㈍㊰㛤ᣅ䛻䜘䜚䚸௻ᴗⓗ䛺✄స⤒Ⴀ䝰䝕䝹䜢☜❧䚹• ஦ᴗ㛤ጞ᫬䛿኱₲ᮧ୰ᚰ䛻ཷク䞉⏕⏘䜢ᒎ㛤䛧䚸ᐇ⦼䛾⵳✚䚸䝁䝭䝳䝙䝔䜱䛛䜙䛾ಙ㢗⋓ᚓ䛻⧅䛢䚸ᚎ䚻䛻㏆㞄ᆅᇦ䛻ᒎ㛤䚹• ᑗ᮶ⓗ䛻䛿ྛᆅ䛾㎰ᴗἲே䛸䛾㐃ᦠ䜔䚸㈨ᮦ䞉ὶ㏻➼䛾௚㡿ᇦ䛾஦ᴗ⪅䛸䛾㐃ᦠ䜢㐍䜑䜛䛣䛸䛻䜘䜚䚸᭦䛺䜛⏕⏘ᛶ䛾ྥୖ䚸✄స䝞䝸䝳䞊䝏䜵䞊䞁䛾ᵓ㐀ᨵ㠉䜢ᐇ⌧䚹ᙜึ⏘ᴗⓗ✄స⤒Ⴀ䝰䝕䝹䜢⛅⏣䛻䛶☜❧䛣䜎䛱༠఍኱₲ᮧ㎰ᐙ㻺㻱㻯䠝䠬䈜㻝⛅⏣㖟⾜⛅⏣┴඲ᅗ㻿㻹㻲㻸䈜㻞ᘢ⾜ฟ㈨䞉㐃ᦠ➼䜸䝨䝺䞊䝍䞊୺㣗⡿ᅜෆ䞉ᾏእຍᕤ⡿ຍᕤ఍♫䜏䜙䛔ඹ๰䝣䜯䞊䝮⛅⏣䠄㎰ᆅᡤ᭷㐺᱁ἲே䠅㎰సᴗཷク䞉㎰ᆅ㈤೉䈜㻝䠖㻺㻱㻯䜻䝱䝢䝍䝹䝋䝸䝳䞊䝅䝵䞁ᰴᘧ఍♫䈜㻞䠖୕஭ఫ཭䝣䜯䜲䝘䞁䝇㻒䝸䞊䝇ᰴᘧ఍♫㎰ᐙ

ᑗ᮶ീ ྛᆅ䛾㎰ᴗἲே䛸䛾㐃ᦠ䛻䜘䜚ᒎ㛤ᣑ኱㻭┴㎰ᴗἲே㻮┴㎰ᴗἲே㻡㻜䠂㉸㻯┴㎰ᴗἲே㻡㻜䠂㉸㎰ᆅᡤ᭷㐺᱁ἲே㻭㻡㻜䠂㉸㎰ᆅᡤ᭷㐺᱁ἲே㻮㐃ᦠ➼㎰ᆅᡤ᭷㐺᱁ἲே㻯㐃ᦠ➼㈨ᶵᮦㄪ㐩䞉ඹྠ฼⏝䞉㈍㊰㛤ᣅ䛷㐃ᦠ㎰సᴗཷク䞉㎰ᆅ㈤೉䞉⡿㈙ྲྀ

㻭┴㎰ᐙ㻮┴㎰ᐙ㻯┴㎰ᐙCopyrightht © 2017 SSumitomoitMitMitsuii BBankingki Corporation.
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RdStrictly Confidential䜏䜙䛔ඹ๰䝣䜯䞊䝮⛅⏣䛾ྲྀ⤌≧ἣ•••Discussion Purpose Only㻞㻜㻝㻢ᖺ㻤᭶䛻䠄ᰴ䠅䜏䜙䛔ඹ๰䝣䜯䞊䝮⛅⏣䠄㻹㻷㻲㻭㻕䜢タ❧䚸ึᖺᗘ䛻㻡㻡㼔㼍䛾✄สసᴗ䜢ཷク䚹㻞㻜㻝㻣ᖺᗘ䜘䜚኱₲ᮧෆ䛾Ỉ⏣䠄㻞㻚㻣㼔㼍䠅䛻฼⏝ᶒ䜢タᐃ䛧䚸ከ཰㔞⡿䛾⏕⏘䜢㛤ጞ䚹㎰ᶵ䝯䞊䜹䞊䜔㎰ᴗ㻵㻯㼀஦ᴗ⪅䛸䛾㐃ᦠ䛻䜘䜚䚸㎰ᴗ䛾⏕⏘ᛶ䞉௜ຍ౯್ྥୖ䛻㈨䛩䜛䝇䝬䞊䝖㎰ᴗ䛾ᐇド䝣䜱䞊䝹䝗䛸䛧䛶䛾ά⏝䜢᥎㐍䚹෗┿㻝 ✄สసᴗཷク෗┿㻞 ඛ➃ᢏ⾡䜢ά⏝䛧䛯⏣᳜సᴗ䐟෗┿㻟 ඛ➃ᢏ⾡䜢ά⏝䛧䛯⏣᳜సᴗ䐠෗┿㻠 䝉䞁䝃䞊䜢ά⏝䛧䛯Ỉ఩⟶⌮䐟෗┿㻡 䝉䞁䝃䞊䜢ά⏝䛧䛯Ỉ఩⟶⌮䐠෗┿㻢 ⟶⌮ᅡሙ䛾≧ἣ䠄㻣᭶䠅ฟ඾䠖୕஭ఫ཭㖟⾜Copyright © 2017 Sumitomo Mitsui Banking Corporation. All Rights Reserved.

Strictly Confidential஦ᴗ䜢ጞ䜑䛶ศ䛛䛳䛯䛣䛸•Discussion Purpose Only㻹㻷㻲㻭䛷⮬἞య䜔ᆅඖ㎰ᐙ䛻䝬䞊䜿䝔䜱䞁䜾䜢⾜䛖୰䛷䚸✄స䜘䜚䜒㎰సᴗ㈇ᢸ䛾኱䛝䛔⏿స䛷㎰ᆅ䛾㐟ఇ໬䛜ඛ⾜䛧䛶䛚䜚䚸Ỉ⏣ཷク䛰䛡䛷䛺䛟⏿ᆅཷク䛾ᶵ⬟䜒ే䛫ᣢ䛯䛺䛡䜜䜀ཷ䛡ᡭ୙ᅾ㎰ᆅ䛾ཷ䛡─䛸䛧䛶୙༑ศ䛺䛣䛸䛜ุ᫂䚹ุ᫂䛧䛯ᆅᇦ䛾ᐇ᝟⛅⏣┴䞉㻶㻭䛾ྲྀ⤌䜏䞉㧗㱋໬䛾㐣⛬䛷䛿䚸✄స䜘䜚䜒㎰సᴗ㈇ᢸ䛾኱䛝䛔⏿స䛷㎰ᆅ䛾㐟ఇ໬䛜ඛ⾜䞉┴ෆ㎰ᴗἲே䜒ከ䛟䛜✄స䛻೫㔜䚸⏿䛾ཷ䛡─䛜ᴟ䜑䛶ᑡ䛺䛔䞉⏿స⤒Ⴀ䛻䛿┦ᛂ䛾タഛᢞ㈨䞉ேဨ☜ಖ䛜ᚲせ䛸䛺䜚䚸ಶே㎰ᐙ༢⊂䛷䛾ྲྀ⤌䛿ᅔ㞴䞉⪔సᨺᲠ⏿䛾Ⅼᅾ䛻䜘䛳䛶⋇ᐖ䜔⑓ᐖ⹸䛾 ᗋ໬䠄⛅⏣┴䠅䞉ᙉ䛔ᢸ䛔ᡭ䛵䛟䜚䜢┠ᣦ䛧䚸⤒Ⴀయ䛾つᶍᣑ኱䜢ᨭ᥼䞉䛂⡿౫Ꮡ䛛䜙䛾⬺༷䛃䜢ᥖ䛢䚸䜶䝎䝬䝯➼䛾⏘ᆅ໬䛻୍ᐃ䛾ᡂᯝ䠄㻶㻭኱₲ᮧ䠅䞉㧗཰┈㔝⳯䛾⏘ᆅ໬䛻ྥ䛡ရ┠㑅ᐃ䞉ᶵᲔ໬య⣔䛾☜❧䞉䝍䝬䝛䜼䜢᪂䛯䛺୺せస≀䛸䛧䛶㻞㻜㻝㻣㻛㻢䛻⏕⏘⤌ྜ䜢タ❧㞳㎰䛾ཷ䛡─䛸䛺䜛䛻䛿⏿䛾ཷクᶵ⬟䜒ഛ䛘䜛ᚲせ䠄⏿䛾ཷク䛜Ỉ⏣䛾ཷク䛻Ⓨᒎ䠅┴㎰ᴗᨻ⟇䞉㻶㻭᪋⟇䛸䛾ᩚྜᛶ䛻䜘䜚䚸㎰ᆅ☜ಖ䞉ᢏ⾡㠃䛾ᨭ᥼☜ಖ෗┿䠖⛅⏣┴ෆ䛾㎰ᆅ䝞䞁䜽ᥖ㍕㎰ᆅ䛾≧ἣฟ඾䠖୕஭ఫ཭㖟⾜Copyright © 2017 Sumitomo Mitsui Banking Corporation. All Rights Reserved.Strictly Confidentialᆅᇦ䛾ᐇ᝟䜢㋃䜎䛘䛯᪂䛯䛺䝏䝱䝺䞁䝆Discussion Purpose Only• ┴ෆ㎰ᐙ䛾ཷ䛡ᡭ୙ᅾ㎰ᆅ䛾ཷ䛡─䛸䛧䛶䛾ᶵ⬟䜢᭦䛻㐍໬䛥䛫䜛䛯䜑䚸㻹㻷㻲㻭䛿᪂䛯䛺䝏䝱䝺䞁䝆䛸䛧䛶䚸㧗཰┈㔝⳯䛾⏘ᆅ໬䜢┠ᣦ䛩⛅⏣┴䞉㻶㻭኱₲ᮧ➼䛾༠ຊ䜢ᚓ䛺䛜䜙䚸䝍䝬䝛䜼䛾኱つᶍ⏕⏘䛻ྲྀ⤌䜣䛷䛔䛟䚹• ⏕⏘యไ☜❧䛻ᡂຌ䛩䜜䜀䚸ᚓ䛯䝜䜴䝝䜴䛿ᆅᇦ䛾ᢸ䛔ᡭ䛻ఏ᧛䛩䜛䛣䛸䛷䚸㎰ᴗ䜢㏻䛨䛯ᆅᇦάᛶ໬䛻䜒㈉⊩䚹⏕⏘ᴫせస≀㑅ᐃ䞉⏕㣗䞉ຍᕤ⏝䛾ᕷሙつᶍ䛜኱䛝䛟䚸ᮾ໭䛜⏘ᆅ䝸䝺䞊䛾➃ቃᮇ䛸䛺䛳䛶䛔䜛䝍䝬䝛䜼䛻╔┠䞉኱つᶍႠ㎰䛸ᶵᲔ໬୍㈏య⣔䛻䜘䛳䛶୍ᐃ䛾⤒῭ྜ⌮ᛶ䜢☜ಖ㎰ᆅ☜ಖ䞉኱₲ᮧ䛾⛅⏣┴㎰ᴗබ♫ಖ᭷䛾ᮍ฼⏝ᆅ㻞㻜㼔㼍䠄䛖䛱௒ᮇస௜㻢㻚㻡㼔㼍䠅䛻䛴䛝ྠබ♫䛸౑⏝㈚೉ዎ⣙䜢⥾⤖䞉୕✀⏫ඵ❳ᆅ༊䠄㻝㻜㼔㼍䠅䜢ጞ䜑䚸ᚋ⥅⪅୙㊊䛻ᝎ䜐㞟ⴠ䛛䜙䛾⏿సཷク䛻䛴䛔䛶༠㆟㐍ᒎᢏ⾡ᨭ᥼䞉⛅⏣䛷䛾䝍䝬䝛䜼⏕⏘య⣔☜❧䛻ྥ䛡䚸⛅⏣┴㎰ᴗヨ㦂ሙ䚸㻶㻭኱₲ᮧ䜘䜚⏕⏘ᢏ⾡䛾䜰䝗䝞䜲䝇㈍㊰☜ಖ䞉┴ෆ༺䜔㟂せᐙ䛸༠㆟䚸⏕㣗⏝䞉ຍᕤ⏝䛾⤌ྜ䛫䛻䜘䜚཰┈ᛶ䞉ຠ⋡ᛶ䛾୧❧䜢ᅗ䜛෗┿㻝 ᧛✀ᶵ䛻䜘䜛᧛✀సᴗ෗┿㻞 ⱑᗋ䜈䛾᰿ษ䜚䝅䞊䝖ᩜタ෗┿㻟 ๧ⴥసᴗᚋ䛾䝍䝬䝛䜼ⱑฟ඾䠖୕஭ఫ཭㖟⾜Copyright © 2017 Sumitomo Mitsui Banking Corporation. All Rights Reserved.

Strictly Confidential⌧ᅾ䛾ᅡሙ≧ἣ୕✀⏫ඵ❳ᆅ༊䠄⪔సᨺᲠᆅ䠅⏨㮵ᕷⱝ⨾ᆅ༊䠄௚స≀ఇ⪔ᆅ䠅኱₲ᮧෆỈ⏣ᮏ♫ᡤᅾᆅ኱₲ᮧ᪉ୖᆅ༊䠄┴බ♫ᡤ᭷ᆅ䠅Discussion Purpose Only୕✀⏫ඵ❳ᆅ༊⛅⏣┴ෆ䛷᭷ᩘ䛾⏿సᅋᆅ䚹◁ᆅ䛷Ỉ䛿䛡䛜Ⰻ䛔䛯䜑䝯䝻䞁䞉䝛䜼➼䛜స௜䛥䜜䛶䛔䜛䚹⪔సᨺᲠ䛜㐍䜐ᐇ᝟䜢㋃䜎䛘䛶ᅵᆅᨵⰋ༊䛸༠㆟䛾⤖ᯝ䚸⣙㻝㻜㼔㼍䠄㻢㻜➹వ䠅䜢㈤೉䚹኱₲ᮧ᪉ୖᆅ༊኱₲ᮧෆ䛾ᖸᣅᆅ䛺䛜䜙㎰ᐙ䛻㓄ศ䛥䜜䛺䛛䛳䛯⏿ᆅ䛷䚸⛅⏣┴㎰ᴗබ♫䛜ᡤ᭷䚹⛅⏣┴䛸䛾༠㆟䛻䜘䜚䚸㻞㻜㼔㼍䛾౑⏝㈚೉ዎ⣙䜢⥾⤖䚹⛅⏣ᕷῧᕝᆅ༊⛅⏣ᕷῧᕝᆅ༊䠄୰ᒣ㛫ᆅ䠅⛅⏣ᕷ䛾୰ᒣ㛫ᆅ䛷䚸䛂䛸䜒⿵ൾ䛃ไᗘ䛻䜘䜚⪔స⥅⥆䜢๓ᥦ䛻⿵ൾ㔠䜢ཷ䛡䛶䛔䛯ᆅᇦ䚹ᖹᡂ㻟㻜ᖺ䛾⏕⏘ㄪᩚᗫṆ䜢ぢᤣ䛘䚸ᆅඖ᭷ຊ⪅䛸䛾༠㆟䛻䜘䜚⣙ฟ඾䠖୕஭ఫ཭㖟⾜ 㻡㼔㼍䜢㈤೉䚹Copyright © 2017 Sumitomo Mitsui Banking Corporation. All Rights Reserved.