{"id":1017,"date":"2022-01-19T06:17:39","date_gmt":"2022-01-18T21:17:39","guid":{"rendered":"https:\/\/1up-life.blog\/?p=1017"},"modified":"2022-01-19T06:17:39","modified_gmt":"2022-01-18T21:17:39","slug":"%e3%80%90%e7%bf%bb%e8%a8%b3%e3%80%91%e3%82%b7%e3%83%86%e3%82%a3%e3%82%b0%e3%83%ab%e3%83%bc%e3%83%97-nysec2021%e5%b9%b4%e7%ac%ac4%e5%9b%9b%e5%8d%8a%e6%9c%9f%e6%b1%ba%e7%ae%97%e8%aa%ac%e6%98%8e","status":"publish","type":"post","link":"https:\/\/1up-life.blog\/?p=1017","title":{"rendered":"\u3010\u7ffb\u8a33\u3011\u30b7\u30c6\u30a3\u30b0\u30eb\u30fc\u30d7 (NYSE:C)2021\u5e74\u7b2c4\u56db\u534a\u671f\u6c7a\u7b97\u8aac\u660e\u4f1a\uff08\u30ab\u30f3\u30d5\u30a1\u30ec\u30f3\u30b9\u30b3\u30fc\u30eb\uff09"},"content":{"rendered":"

\u30b7\u30c6\u30a3\u30b0\u30eb\u30fc\u30d7 (NYSE:C)2021\u5e74\u7b2c4\u56db\u534a\u671f\u6c7a\u7b97\u8aac\u660e\u4f1a\u306e\u65e5\u672c\u8a9e\u8a33\u306b\u306a\u308a\u307e\u3059\u3002<\/p>\n

EPS\u306f2.15\u30c9\u30eb\u3067\u5e02\u5834\u4e88\u60f3\u3092\u4e0a\u56de\u3063\u3066\u304a\u308a\u3001\u826f\u3044\u7121\u3044\u3088\u3046\u3060\u3063\u305f\u3068\u601d\u3044\u307e\u3059\u3002\u682a\u4fa1\u306f\u307e\u3060\u307e\u3060\u30b3\u30ed\u30ca\u524d\u3092\u56de\u5fa9\u3057\u3066\u3044\u306a\u3044\u3067\u3059\u306d\u3002<\/p>\n

\"\u30b7\u30c6\u30a3\u30b0\u30eb\u30fc\u30d7

\u30b7\u30c6\u30a3\u30b0\u30eb\u30fc\u30d7 (NYSE:C)\u682a\u4fa1<\/p><\/div>\n

\u30b7\u30c6\u30a3\u30b0\u30eb\u30fc\u30d7 (NYSE:C)2021\u5e74\u7b2c4\u56db\u534a\u671f\u6c7a\u7b97\u8aac\u660e\u4f1a<\/strong><\/span><\/p>\n

2022\u5e741\u670814\u65e5\u5348\u524d11\u664200\u5206\uff08\u65e5\u672c\u6642\u9593\uff09<\/p>\n

Call participants:
\nJen Landis — Head of Investor Relations
\nJane Fraser — Chief Executive Officer
\nMark Mason — Chief Financial Officer
\nJohn McDonald — Autonomous Research — Analyst
\nMike Mayo — Wells Fargo Securities — Analyst
\nGlenn Schorr — Evercore ISI — Analyst
\nBetsy Graseck — Morgan Stanley — Analyst
\nErika Najarian — UBS — Analyst
\nKen Usdin — Jefferies — Analyst
\nVivek Juneja — J.P. Morgan — Analyst
\nCharles Peabody — Portales Partners — Analyst
\nGerard Cassidy — RBC Capital Markets — Analyst
\nEbrahim Poonawala — Bank of America Merrill Lynch — Analyst
\nJim Mitchell — Seaport Global Securities — Analyst
\nMatt O’Connor — Deutsche Bank — Analyst
\nSteven Chubak — Wolfe Research — Analyst
\nJeff Harte — Piper Sandler — Analyst
\nMore C analysis<\/p>\n

\u30aa\u30da\u30ec\u30fc\u30bf\u30fc<\/p>\n

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\u3054\u7570\u8b70\u306e\u3042\u308b\u65b9\u306f\u3001\u3053\u306e\u6642\u70b9\u3067\u5207\u65ad\u3057\u3066\u304f\u3060\u3055\u3044\u3002\u30e9\u30f3\u30c7\u30a3\u30b9\u3055\u3093\u3001\u59cb\u3081\u3066\u304f\u3060\u3055\u3044\u3002<\/p>\n

\u30b8\u30a7\u30f3\u30fb\u30e9\u30f3\u30c7\u30a3\u30b9 — \u30a4\u30f3\u30d9\u30b9\u30bf\u30fc\u30fb\u30ea\u30ec\u30fc\u30b7\u30e7\u30f3\u30ba\u306e\u8cac\u4efb\u8005<\/p>\n

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\u305d\u308c\u3067\u306f\u3001\u30b8\u30a7\u30fc\u30f3\u306b\u4ea4\u4ee3\u3057\u307e\u3059\u3002<\/p>\n

\u30b8\u30a7\u30fc\u30f3\u30fb\u30d5\u30ec\u30a4\u30b6\u30fc — \u6700\u9ad8\u7d4c\u55b6\u8cac\u4efb\u8005<\/p>\n

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3\u67082\u65e5\u306b\u5c06\u6765\u306e\u30b7\u30c6\u30a3\u306b\u3064\u3044\u3066\u304a\u8a71\u3057\u3067\u304d\u308b\u3053\u3068\u3092\u5927\u5909\u697d\u3057\u307f\u306b\u3057\u3066\u3044\u307e\u3059\u3002\u672c\u65e5\u306f\u3001\u5f53\u793e\u306e\u7d44\u7e54\u53ca\u3073\u8ca1\u52d9\u5831\u544a\u3092\u5237\u65b0\u3055\u308c\u305f\u6226\u7565\u306b\u5408\u81f4\u3055\u305b\u308b\u305f\u3081\u306b\u884c\u3063\u3066\u3044\u308b\u5909\u66f4\u306b\u3064\u3044\u3066\u3054\u8aac\u660e\u3057\u307e\u3059\u3002\u307e\u305f\u3001\u3053\u308c\u3089\u306e\u5909\u66f4\u306b\u3088\u308a\u3001\u69cb\u9020\u306e\u8907\u96d1\u3055\u3068\u305d\u308c\u306b\u4f34\u3046\u30b3\u30b9\u30c8\u3092\u524a\u6e1b\u3059\u308b\u3053\u3068\u304c\u3067\u304d\u307e\u3059\u3002\u7279\u306b\u3001\u6295\u8cc7\u5bb6\u306e\u7686\u69d8\u306b\u3068\u3063\u3066\u30b7\u30c6\u30a3\u3092\u3088\u308a\u7406\u89e3\u3057\u3084\u3059\u3044\u3082\u306e\u306b\u3059\u308b\u3053\u3068\u304c\u3067\u304d\u307e\u3059\u3002<\/p>\n

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\u5f53\u56db\u534a\u671f\u306e NCL \u7387\u306f\u3001\u524d\u5e74\u540c\u671f\u6bd4 61bp \u4f4e\u4e0b\u3001\u524d\u56db\u534a\u671f\u6bd4 20bp \u4f4e\u4e0b\u3057\u30011.2%\u3068\u306a\u308a\u307e\u3057\u305f\u3002\u5f53\u56db\u534a\u671f\u306f\u3001\u7d4c\u6e08\u898b\u901a\u3057\u3068\u30dd\u30fc\u30c8\u30d5\u30a9\u30ea\u30aa\u306e\u8cea\u306e\u7d99\u7d9a\u7684\u306a\u6539\u5584\u306b\u95a2\u9023\u3057\u3066\u30019 \u5104\u30c9\u30eb\u8d85\u306e ACL \u3092\u89e3\u653e\u3057\u3001\u51fa\u6765\u9ad8\u306e\u5897\u52a0\u306b\u3088\u308a\u4e00\u90e8\u76f8\u6bba\u3055\u308c\u307e\u3057\u305f\u3002\u3053\u306e\u7d50\u679c\u3001\u5f53\u671f\u7d14\u5229\u76ca\u306f 42\uff05\u6e1b\u5c11\u3057\u3001RoTCE \u306f 8\uff05\u3068\u306a\u308a\u307e\u3057\u305f\u3002\u30a2\u30b8\u30a2\u5730\u57df\u306e\u4e8b\u696d\u58f2\u5374\u306e\u5f71\u97ff\u3092\u9664\u304f\u3068\u3001\u5f53\u671f\u7d14\u5229\u76ca\u306f44\uff05\u5897\u52a0\u3057\u3001RoTCE\u306f20\uff05\u3068\u306a\u308a\u307e\u3059\u3002<\/p>\n

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\u305d\u3057\u3066\u3001\u3053\u306e\u65b0\u3057\u3044\u6c7a\u7b97\u8aac\u660e\u4f1a\u3092\u6c17\u306b\u5165\u3063\u3066\u3044\u305f\u3060\u3051\u308b\u3053\u3068\u3092\u9858\u3063\u3066\u3044\u307e\u3059\u3057\u3001\u4eca\u5f8c\u3082\u9032\u5316\u3055\u305b\u3066\u3044\u304d\u307e\u3059\u3002\u4eca\u5f8c\u3001\u3055\u3089\u306b\u9032\u5316\u3055\u305b\u3066\u3044\u304d\u307e\u3059\u3002\u305d\u308c\u3067\u306f\u3001\u30b8\u30a7\u30fc\u30f3\u3068\u79c1\u3067\u8cea\u554f\u3092\u304a\u53d7\u3051\u3057\u307e\u3059\u3002<\/p>\n

\u8cea\u7591\u5fdc\u7b54<\/strong><\/span><\/p>\n

\u30aa\u30da\u30ec\u30fc\u30bf\u30fc<\/p>\n[\u30aa\u30da\u30ec\u30fc\u30bf\u30fc\u306e\u6307\u793a\u3011\u3054\u8cea\u554f\u306f1\u554f1\u7b54\u3067\u304a\u9858\u3044\u3057\u307e\u3059\u3002Q&A\u306e\u540d\u7c3f\u3092\u4f5c\u6210\u3059\u308b\u305f\u3081\u3001\u5c11\u3057\u9593\u3092\u7f6e\u304d\u307e\u3059\u3002\u6700\u521d\u306e\u8cea\u554f\u306f\u3001Autonomous Research\u306e\u30b8\u30e7\u30f3\u30fb\u30de\u30af\u30c9\u30ca\u30eb\u30c9\u304b\u3089\u3067\u3059\u3002<\/p>\n

\u30b8\u30e7\u30f3\u30fb\u30de\u30af\u30c9\u30ca\u30eb\u30c9 — Autonomous Research — \u30a2\u30ca\u30ea\u30b9\u30c8<\/p>\n

\u304a\u306f\u3088\u3046\u3054\u3056\u3044\u307e\u3059\u3002\u30de\u30fc\u30af\u3055\u3093\u3001\u8a73\u7d30\u306a\u60c5\u5831\u63d0\u4f9b\u3001\u305d\u3057\u3066\u30b8\u30a7\u30fc\u30f3\u3055\u3093\u3001\u6226\u7565\u7684\u306a\u6700\u65b0\u60c5\u5831\u3092\u3042\u308a\u304c\u3068\u3046\u3054\u3056\u3044\u307e\u3059\u3002\u30de\u30fc\u30af\u3001\u7d14\u91d1\u5229\u53ce\u5165\u306e\u611f\u5fdc\u5ea6\u306e\u4fee\u6b63\u518d\u8868\u793a\u306b\u3064\u3044\u3066\u304a\u4f3a\u3044\u3057\u305f\u3044\u306e\u3067\u3059\u304c\u3002\u79c1\u305f\u3061\u304c\u305d\u308c\u3092\u7406\u89e3\u3057\u3066\u3044\u308b\u304b\u3069\u3046\u304b\u3001\u78ba\u8a8d\u3057\u305f\u3044\u306e\u3067\u3059\u3002<\/p>\n

\u3053\u306e\u65b0\u3057\u3044\u8868\u793a\u306b\u306f\u3001\u3069\u306e\u3088\u3046\u306a\u9055\u3044\u304c\u3042\u308b\u306e\u3067\u3057\u3087\u3046\u304b\uff1f\u307e\u305f\u3001\u4eca\u5e74\u306e\u7d14\u91d1\u5229\u53ce\u5165\u306e\u898b\u901a\u3057\u306e\u4e3b\u306a\u8981\u56e0\u306f\u4f55\u3067\u3057\u3087\u3046\u304b\uff1f\u6570\u5b57\u3067\u793a\u3059\u5fc5\u8981\u306f\u3042\u308a\u307e\u305b\u3093\u304c\u3001\u30c8\u30ec\u30fc\u30c7\u30a3\u30f3\u30b0\u3068\u30b3\u30a2NII\u30ab\u30fc\u30c9\u306e\u6210\u9577\u306b\u3064\u3044\u3066\u8003\u3048\u3066\u307f\u3066\u304f\u3060\u3055\u3044\u3002\u3042\u308a\u304c\u3068\u3046\u3054\u3056\u3044\u307e\u3059\u3002<\/p>\n

\u30de\u30fc\u30af\u30fb\u30e1\u30a4\u30bd\u30f3 — \u6700\u9ad8\u8ca1\u52d9\u8cac\u4efb\u8005<\/p>\n

\u304a\u306f\u3088\u3046\u3054\u3056\u3044\u307e\u3059\u3001\u30b8\u30e7\u30f3\u3002\u30b9\u30e9\u30a4\u30c99\u306f\u3001\u79c1\u304c\u30ab\u30d0\u30fc\u3057\u305f\u90e8\u5206\u3067\u3059\u3002\u6b74\u53f2\u7684\u306b\u3001\u79c1\u305f\u3061\u306f\u30e9\u30f3\u30aa\u30d5\u30fb\u30d0\u30e9\u30f3\u30b9\u30b7\u30fc\u30c8\u3092\u958b\u793a\u3057\u3066\u304d\u307e\u3057\u305f\u3002<\/p>\n

\u3053\u308c\u306f\u660e\u3089\u304b\u306b\u3001\u9810\u91d1\u306e\u671f\u9650\u5207\u308c\u306b\u3088\u308b\u3082\u306e\u3067\u3059\u3002\u30ed\u30fc\u30f3\u306f\u6e80\u671f\u3092\u8fce\u3048\u308b\u3068\u6d88\u6ec5\u3057\u307e\u3059\u3002\u4ed6\u306e\u4f01\u696d\u306f\u3001\u9759\u7684\u306a\u30d0\u30e9\u30f3\u30b9\u30b7\u30fc\u30c8\u3092\u898b\u308b\u3068\u3044\u3046\u30a2\u30d7\u30ed\u30fc\u30c1\u3092\u3068\u3063\u3066\u3044\u307e\u3059\u306d\u3002\u305d\u3053\u3067\u3001\u9759\u7684\u306a\u30d0\u30e9\u30f3\u30b9\u30b7\u30fc\u30c8\u3092\u60f3\u5b9a\u3057\u3001\u91d1\u5229\u4e0a\u6607\u306e\u74b0\u5883\u4e0b\u3067100\u30d9\u30fc\u30b7\u30b9\u30dd\u30a4\u30f3\u30c8\u306e\u5e73\u884c\u79fb\u52d5\u3092\u60f3\u5b9a\u3057\u305f\u5206\u6790\u3092\u884c\u3044\u307e\u3057\u305f\uff08\u3082\u3061\u308d\u3093\u3001\u3059\u3079\u3066\u306e\u901a\u8ca8\u3067\uff09\u3002\u5f53\u7136\u306a\u304c\u3089\u3001\u3059\u3079\u3066\u306e\u901a\u8ca8\u3067\u3001\u7c73\u56fd\u3068\u6b27\u5dde\u304c\u6df7\u5728\u3057\u3066\u3044\u307e\u3059\u3002<\/p>\n

\u30c9\u30eb\u3068\u5916\u56fd\u901a\u8ca8\u304c\u6df7\u5728\u3057\u3066\u3044\u307e\u3059\u3002\u3053\u306e\u3088\u3046\u306a\u5206\u6790\u3092\u884c\u3063\u305f\u5834\u5408\u3001\u30d0\u30e9\u30f3\u30b9\u30b7\u30fc\u30c8\u304c\u9759\u7684\u3067\u3042\u308b\u3068\u4eee\u5b9a\u3059\u308b\u3068\u3001\u3064\u307e\u308a\u9810\u91d1\u3084\u30ed\u30fc\u30f3\u306a\u3069\u306e\u30ec\u30d9\u30eb\u304c\u9759\u7684\u3067\u3042\u308b\u3068\u4eee\u5b9a\u3059\u308b\u3068\u3001\u7b2c3\u56db\u534a\u671f\u306eQ\u3067\u958b\u793a\u3057\u305f\u5185\u5bb9\u3088\u308a\u30823\u500d\u4ee5\u4e0a\u306e\u6210\u679c\u304c\u5f97\u3089\u308c\u308b\u3053\u3068\u306b\u306a\u308a\u307e\u3059\u3002\u3064\u307e\u308a\u3001\u7d14\u5229\u606f\u5229\u76ca\u306f25\u5104\u30c9\u30eb\u304b\u308930\u5104\u30c9\u30eb\u3068\u3044\u3046\u3053\u3068\u306b\u306a\u308a\u307e\u3059\u3002\u3067\u3059\u304b\u3089\u3001\u9810\u91d1\u6b8b\u9ad8\u3092\u7dad\u6301\u3059\u308b\u3053\u3068\u3001\u3042\u308b\u3044\u306f\u9810\u91d1\u6b8b\u9ad8\u304c\u540c\u3058\u3067\u3042\u308b\u3068\u4eee\u5b9a\u3059\u308c\u3070\u3001\u3088\u308a\u591a\u304f\u306e\u7d14\u5229\u606f\u53ce\u5165\u3092\u5f97\u308b\u3053\u3068\u304c\u3067\u304d\u307e\u3059\u3057\u3001\u305d\u308c\u304c\u79c1\u304c\u63d0\u793a\u3057\u305f\u6570\u5b57\u3084\u7bc4\u56f2\u306e\u5927\u304d\u306a\u8981\u56e0\u3068\u306a\u3063\u3066\u3044\u307e\u3059\u3002<\/p>\n

John McDonald — Autonomous Research — \u30a2\u30ca\u30ea\u30b9\u30c8<\/p>\n

\u4e86\u89e3\u3057\u307e\u3057\u305f\u3002<\/p>\n

\u30de\u30fc\u30af\u30fb\u30e1\u30a4\u30bd\u30f3 — \u6700\u9ad8\u8ca1\u52d9\u8cac\u4efb\u8005<\/p>\n

\u3068\u3044\u3046\u70b9\u3067\u306f…\u3059\u307f\u307e\u305b\u3093\uff1f<\/p>\n

John McDonald — Autonomous Research — \u30a2\u30ca\u30ea\u30b9\u30c8<\/p>\n

\u306f\u3044\u3002\u3044\u3084\u3001\u53c2\u8003\u306b\u306a\u308a\u307e\u3059\u306d\u3002<\/p>\n

\u30de\u30fc\u30af\u30fb\u30e1\u30a4\u30bd\u30f3 — \u6700\u9ad8\u8ca1\u52d9\u8cac\u4efb\u8005<\/p>\n

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\u3053\u306e\u3088\u3046\u306b\u3001\u5f53\u793e\u306e\u30d5\u30e9\u30f3\u30c1\u30e3\u30a4\u30ba\u306e\u6839\u5e79\u3068\u306a\u308b\u30c9\u30e9\u30a4\u30d0\u30fc\u306f\u975e\u5e38\u306b\u5f37\u529b\u3067\u3001\u5065\u5168\u306a\u624b\u6570\u6599\u53ce\u5165\u306e\u4f38\u3073\u3092\u727d\u5f15\u3057\u3066\u3044\u307e\u3059\u3002GDP\u304c\u30d7\u30e9\u30b9\u306b\u8ee2\u3058\u308b\u898b\u901a\u3057\u3067\u3042\u308b\u3053\u3068\u304b\u3089\u30012022\u5e74\u3082\u5f15\u304d\u7d9a\u304d\u6709\u5229\u306b\u50cd\u304f\u3068\u671f\u5f85\u3057\u3066\u3044\u307e\u3059\u3002\u3082\u3046\u3072\u3068\u3064\u306f\u30012022\u5e74\u306e\u91d1\u5229\u4e0a\u6607\u306e\u524d\u63d0\u3067\u3059\u3002\u30a8\u30b3\u30ce\u30df\u30b9\u30c8\u306e\u898b\u89e3\u306b\u3082\u3088\u308a\u307e\u3059\u304c\u3001\u79c1\u306f3\u3064\u304b\u30894\u3064\u306e\u5229\u4e0a\u3052\u3092\u60f3\u5b9a\u3057\u3066\u3044\u307e\u3059\u3002<\/p>\n

TTS\u30d5\u30e9\u30f3\u30c1\u30e3\u30a4\u30ba\u3084\u30d7\u30e9\u30a4\u30d9\u30fc\u30c8\u30d0\u30f3\u30af\u306a\u3069\u3001\u767a\u751f\u30d3\u30b8\u30cd\u30b9\u306e\u6570\u3092\u8003\u3048\u308b\u3068\u3001\u3053\u308c\u306f\u660e\u3089\u304b\u306b\u79c1\u305f\u3061\u306b\u6709\u5229\u306b\u50cd\u304f\u3067\u3057\u3087\u3046\u3002\u3053\u308c\u3089\u306f\u30c8\u30c3\u30d7\u30e9\u30a4\u30f3\u306b\u5f71\u97ff\u3092\u4e0e\u3048\u308b\u91cd\u8981\u306a\u8981\u7d20\u3067\u3042\u308a\u30012022\u5e74\u4ee5\u964d\u306e\u6210\u9577\u306b\u8ca2\u732e\u3059\u308b\u3082\u306e\u3068\u8003\u3048\u3066\u3044\u307e\u3059\u3002\u30d6\u30e9\u30f3\u30c9\u30ab\u30fc\u30c9\u30dd\u30fc\u30c8\u30d5\u30a9\u30ea\u30aa\u306e\u30ed\u30fc\u30f3\u306e\u4f38\u3073\u306b\u3064\u3044\u3066\u89e6\u308c\u307e\u3057\u305f\u304c\u3001\u3053\u308c\u306f\u3069\u306e\u3088\u3046\u306a\u3082\u306e\u3067\u3059\u304b\uff1f\u30ab\u30fc\u30c9\u306b\u3064\u3044\u3066\u306f\u3001\u652f\u6255\u91d1\u5229\u304c\u3069\u3046\u306a\u308b\u304b\u3001\u305d\u3057\u3066\u305d\u308c\u304c\u3069\u3046\u63a8\u79fb\u3057\u3066\u3044\u304f\u304b\u304c\u91cd\u8981\u3067\u3059\u3002<\/p>\n

2021\u5e74\u307e\u3067\u305a\u3063\u3068\u9811\u5f37\u306b\u9ad8\u6b62\u307e\u308a\u3057\u3066\u3044\u307e\u3057\u305f\u30022021\u5e74\u307e\u3067\u305a\u3063\u3068\u9ad8\u6b62\u307e\u308a\u3057\u3066\u3044\u305f\u91d1\u5229\u304c\u3001\u4eca\u5e74\u5f8c\u534a\u306b\u306f\u4f4e\u4e0b\u3057\u3001\u5e73\u5747\u5229\u6255\u3044\u6b8b\u9ad8\u304c\u5c11\u3057\u4f38\u3073\u308b\u3068\u3044\u3044\u306e\u3067\u3059\u304c\u3001\u3053\u308c\u3089\u306f2022\u5e74\u307e\u3067\u7d9a\u304f\u3079\u304d\u91cd\u8981\u306a\u8981\u7d20\u3067\u3059\u3002<\/p>\n

John McDonald — Autonomous Research — \u30a2\u30ca\u30ea\u30b9\u30c8<\/p>\n

\u308f\u304b\u308a\u307e\u3057\u305f\u3002\u7d20\u6674\u3089\u3057\u3044\u3002\u305d\u308c\u304b\u3089\u88dc\u8db3\u3067\u3059\u304c\u3001\u8cc7\u672c\u7ba1\u7406\u306b\u3064\u3044\u3066\u3001\u4eca\u671f\u306f\u3042\u308b\u7a0b\u5ea6\u306e\u81ea\u793e\u682a\u8cb7\u3044\u306b\u623b\u3059\u3068\u304a\u3063\u3057\u3083\u3044\u307e\u3057\u305f\u304c\u3001\u307e\u3060\u8d77\u304d\u3066\u3044\u306a\u3044\u53d6\u5f15\u3067\u89e3\u653e\u3055\u308c\u308b\u898b\u8fbc\u307f\u306e\u8cc7\u672c\u304c\u305f\u304f\u3055\u3093\u3042\u308a\u307e\u3059\u306d\u3002\u3053\u306e\u70b9\u306b\u3064\u3044\u3066\u306f\u3069\u306e\u3088\u3046\u306b\u304a\u8003\u3048\u3067\u3057\u3087\u3046\u304b\uff1f\u5c06\u6765\u306e\u8cc7\u672c\u306f\u3001\u624b\u306b\u5165\u308c\u305f\u3089\u3069\u3093\u3069\u3093\u6295\u5165\u3057\u3066\u3044\u304f\u3082\u306e\u3067\u3059\u3002<\/p>\n

\u9577\u671f\u7684\u306a\u8996\u91ce\u306b\u7acb\u3063\u3066\u306e\u3053\u3068\u3067\u3059\u304c\u3001\u4eca\u5e74\u4e2d\u306b\u305d\u308c\u3092\u4f7f\u3046\u4e88\u5b9a\u306f\u306a\u3044\u306e\u3067\u3057\u3087\u3046\u304b\uff1f<\/p>\n

\u30de\u30fc\u30af\u30fb\u30e1\u30a4\u30bd\u30f3 — \u6700\u9ad8\u8ca1\u52d9\u8cac\u4efb\u8005<\/p>\n

\u8cc7\u672c\u8a08\u753b\u306b\u3064\u3044\u3066\u306f\u3001\u5f53\u793e\u306e\u6226\u7565\u3001\u8cc7\u672c\u3092\u5b9f\u969b\u306b\u5c55\u958b\u3059\u308b\u80fd\u529b\u3001\u305d\u3057\u3066\u4f59\u5270\u8cc7\u672c\u3092\u3067\u304d\u308b\u3060\u3051\u682a\u4e3b\u306b\u9084\u5143\u3059\u308b\u80fd\u529b\u3068\u3044\u3046\u89b3\u70b9\u304b\u3089\u898b\u3066\u3044\u307e\u3059\u3002\u305d\u306e\u305f\u3081\u3001\u73fe\u5728\u9032\u3081\u3066\u3044\u308b\u4e8b\u696d\u58f2\u5374\u306b\u3088\u3063\u3066\u8cc7\u672c\u304c\u81ea\u7531\u306b\u306a\u308c\u3070\u3001\u305d\u308c\u3092\u5e74\u9593\u304a\u3088\u3073\u56db\u534a\u671f\u306e\u8cc7\u672c\u8a08\u753b\u306b\u7e54\u308a\u8fbc\u3093\u3067\u3044\u304f\u3064\u3082\u308a\u3067\u3059\u3002\u305d\u3057\u3066\u3001\u53ef\u80fd\u306a\u9650\u308a\u3001\u305d\u306e\u5206\u3092\u682a\u4e3b\u306b\u9084\u5143\u3059\u308b\u3064\u3082\u308a\u3067\u3059\u3002<\/p>\n

2022\u5e74\u306b\u306f\u3001\u3044\u304f\u3064\u304b\u306e\u6848\u4ef6\u304c\u30af\u30ed\u30fc\u30ba\u3059\u308b\u4e88\u5b9a\u3067\u3059\u3002\u305d\u308c\u3082\u8a08\u753b\u306e\u4e00\u90e8\u3068\u306a\u308a\u307e\u3059\u306e\u3067\u3001\u5e74\u660e\u3051\u306b\u305d\u3046\u3044\u3063\u305f\u30a2\u30af\u30b7\u30e7\u30f3\u3092\u8d77\u3053\u3057\u305f\u3044\u3068\u601d\u3063\u3066\u3044\u307e\u3059\u3002<\/p>\n

\u30aa\u30da\u30ec\u30fc\u30bf\u30fc<\/p>\n

\u6b21\u306e\u8cea\u554f\u306f\u3001\u30a6\u30a7\u30eb\u30ba\u30fb\u30d5\u30a1\u30fc\u30b4\u8a3c\u5238\u306e\u30de\u30a4\u30af\u30fb\u30e1\u30a4\u30e8\u30fc\u3055\u3093\u304b\u3089\u3067\u3059\u3002<\/p>\n

Mike Mayo — Wells Fargo Securities — \u30a2\u30ca\u30ea\u30b9\u30c8<\/p>\n

\u3053\u3093\u306b\u3061\u306f\u3002<\/p>\n

\u30b8\u30a7\u30fc\u30f3\u30fb\u30d5\u30ec\u30a4\u30b6\u30fc — \u6700\u9ad8\u7d4c\u55b6\u8cac\u4efb\u8005<\/p>\n

\u3053\u3093\u306b\u3061\u306f\u3001\u30de\u30a4\u30af\u3002<\/p>\n

\u30de\u30fc\u30af\u30fb\u30e1\u30a4\u30bd\u30f3 — \u6700\u9ad8\u8ca1\u52d9\u8cac\u4efb\u8005<\/p>\n

\u304a\u306f\u3088\u3046\u3054\u3056\u3044\u307e\u3059\u3001\u30de\u30a4\u30af\u3002<\/p>\n

\u30de\u30a4\u30af\u30fb\u30e1\u30a4\u30e8\u30fc — \u30a6\u30a7\u30eb\u30ba\u30fb\u30d5\u30a1\u30fc\u30b4\u8a3c\u5238 — \u30a2\u30ca\u30ea\u30b9\u30c8<\/p>\n

\u30b8\u30a7\u30fc\u30f3\u3055\u3093\u3001\u79c1\u306e2\u3064\u306e\u8cea\u554f\u304c\u7d42\u308f\u3063\u305f\u3089\u3001\u3082\u3046\u4e00\u5ea6\u304a\u9858\u3044\u3057\u307e\u3059\u3002\u305f\u304f\u3055\u3093\u3042\u308a\u307e\u3059\u304b\u3089\u3002<\/p>\n

\u30b8\u30a7\u30fc\u30f3\u30fb\u30d5\u30ec\u30a4\u30b6\u30fc — \u6700\u9ad8\u7d4c\u55b6\u8cac\u4efb\u8005<\/p>\n

\u5fc3\u914d\u3057\u306a\u3044\u3067\u3001\u30de\u30a4\u30af\u3002<\/p>\n

Mike Mayo — \u30a6\u30a7\u30eb\u30ba\u30fb\u30d5\u30a1\u30fc\u30b4\u8a3c\u5238 — \u30a2\u30ca\u30ea\u30b9\u30c8<\/p>\n

\u3057\u304b\u3057\u3001\u65b0\u3057\u3044\u30d7\u30ec\u30bc\u30f3\u30c6\u30fc\u30b7\u30e7\u30f3\u3092\u3042\u308a\u304c\u3068\u3046\u3054\u3056\u3044\u307e\u3057\u305f\u3002\u79c1\u3084\u591a\u304f\u306e\u6295\u8cc7\u5bb6\u304c\u62b1\u3044\u3066\u3044\u308b\u6700\u5927\u306e\u7591\u554f\u306f\u3001\u3059\u3079\u3066\u304c\u7d42\u308f\u3063\u305f\u3068\u304d\u3001\u30b7\u30c6\u30a3\u30b0\u30eb\u30fc\u30d7\u3068\u306f\u4f55\u8005\u306a\u306e\u304b\u3001\u3068\u3044\u3046\u3053\u3068\u3067\u3059\u3002\u30b7\u30c6\u30a3\u30b0\u30eb\u30fc\u30d7\u3068\u306f\u4f55\u8005\u306a\u306e\u304b\u3001\u4f55\u3092\u8868\u3057\u3066\u3044\u308b\u306e\u304b\u3001\u6700\u3082\u30b7\u30f3\u30d7\u30eb\u306a\u30b9\u30c6\u30fc\u30c8\u30e1\u30f3\u30c8\u306f\u4f55\u3067\u3057\u3087\u3046\u304b\uff1f<\/p>\n

\u30b8\u30a7\u30fc\u30f3\u30fb\u30d5\u30ec\u30a4\u30b6\u30fc — \u6700\u9ad8\u7d4c\u55b6\u8cac\u4efb\u8005<\/p>\n

\u305d\u306e\u8cea\u554f\u306f\u5927\u597d\u304d\u3067\u3059\u3002\u30b7\u30c6\u30a3\u306e\u30d3\u30b8\u30e7\u30f3\u306f\u3001\u30af\u30ed\u30b9\u30dc\u30fc\u30c0\u30fc\u306e\u30cb\u30fc\u30ba\u3092\u6301\u3064\u91d1\u878d\u6a5f\u95a2\u306b\u3068\u3063\u3066\u5353\u8d8a\u3057\u305f\u9280\u884c\u306b\u306a\u308b\u3053\u3068\u3067\u3059\u3002\u79c1\u305f\u3061\u306f\u3001\u5bcc\u88d5\u5c64\u306e\u30b0\u30ed\u30fc\u30d0\u30eb\u30fb\u30ea\u30fc\u30c0\u30fc\u3067\u3042\u308a\u3001\u6d88\u8cbb\u8005\u5411\u3051\u6c7a\u6e08\u3084\u81ea\u56fd\u5e02\u5834\u3067\u306e\u878d\u8cc7\u306e\u4e3b\u8981\u30d7\u30ec\u30fc\u30e4\u30fc\u3068\u306a\u308b\u3053\u3068\u3092\u76ee\u6307\u3057\u3066\u3044\u307e\u3059\u3002\u3053\u308c\u304c\u5c06\u6765\u306e\u30b7\u30c6\u30a3\u3067\u3042\u308a\u3001\u79c1\u305f\u3061\u306e\u30d3\u30b8\u30e7\u30f3\u3067\u3059\u3002<\/p>\n

\u3088\u308a\u30b7\u30f3\u30d7\u30eb\u306b\u3001\u3088\u308a\u96c6\u4e2d\u7684\u306b\u3002\u63a5\u7d9a\u3082\u3088\u308a\u826f\u304f\u306a\u3063\u3066\u3044\u307e\u3059\u3002\u5353\u8d8a\u6027\u3068\u8aac\u660e\u8cac\u4efb\u306e\u6587\u5316\u3092\u7279\u5fb4\u3068\u3057\u3001\u3088\u308a\u30b7\u30f3\u30d7\u30eb\u306b\u904b\u55b6\u3055\u308c\u307e\u3059\u3002\u305d\u3057\u3066\u3001\u4eca\u65e5\u304a\u898b\u305b\u3057\u305f\u3088\u3046\u306b\u3001\u8ab0\u3082\u304c\u7406\u89e3\u3057\u3084\u3059\u304f\u3001\u682a\u4e3b\u306e\u5229\u76ca\u306b\u5b8c\u5168\u306b\u5408\u81f4\u3057\u305f\u3082\u306e\u3067\u3042\u308b\u3079\u304d\u3060\u3068\u8003\u3048\u3066\u3044\u307e\u3059\u3002<\/p>\n

Mike Mayo — Wells Fargo Securities — \u30a2\u30ca\u30ea\u30b9\u30c8<\/p>\n

\u305d\u308c\u306b\u4f34\u3044\u3001\u73fe\u5728110\u5104\u30c9\u30eb\u307b\u3069\u306e\u8cc7\u672c\u304c\u89e3\u653e\u3055\u308c\u3066\u3044\u308b\u306e\u3067\u3057\u3087\u3046\u304b\uff1fMark\u3001\u3042\u306a\u305f\u306f\u3044\u3064\u3082\u3001\u4e8b\u696d\u306b\u6295\u8cc7\u3057\u3001\u6210\u9577\u306e\u305f\u3081\u306e\u4f9b\u7d66\u3092\u884c\u3044\u3001\u305d\u3057\u3066\u81ea\u793e\u682a\u8cb7\u3044\u3092\u3059\u308b\u3068\u8a00\u3063\u3066\u3044\u307e\u3059\u306d\u3002\u3057\u304b\u3057\u3001\u3053\u308c\u307b\u3069\u4f4e\u3044\u682a\u4fa1\u3068\u3044\u3046\u306e\u306f\u3001\u3064\u307e\u308a\u91d1\u878d\u6307\u6a19\u306b\u5bfe\u3059\u308b\u682a\u4fa1\u304c\u53f2\u4e0a\u6700\u4f4e\u6c34\u6e96\u306b\u3042\u308b\u3068\u3044\u3046\u3053\u3068\u3067\u3059\u3002\u8cb7\u3044\u623b\u3057\u306e\u512a\u5148\u9806\u4f4d\u3092\u4e0a\u3052\u306a\u3044\u304b\uff1f\u3042\u308b\u3044\u306f\u3001\u682a\u4e3b\u304c\u91cd\u8981\u3067\u3042\u308b\u3053\u3068\u3092\u793a\u3059\u305f\u3081\u306b\u3001\u4ed6\u306b\u4f55\u304b\u3067\u304d\u308b\u3053\u3068\u3001\u8a00\u3048\u308b\u3053\u3068\u306f\u3042\u308a\u307e\u3059\u304b\uff1f\u30b8\u30a7\u30fc\u30f3 \u3064\u307e\u308a\u3001\u3042\u306a\u305f\u306fE\u9762\u3067\u591a\u304f\u306e\u3053\u3068\u3092\u884c\u3063\u3066\u304d\u307e\u3057\u305f\u3002S\u306e\u5074\u9762\u3067\u306f\u3001\u78ba\u304b\u306b\u591a\u304f\u306e\u3053\u3068\u3092\u884c\u3063\u3066\u304d\u307e\u3057\u305f\u3002<\/p>\n

\u3057\u304b\u3057\u3001ESG\u306eG\u306f\u3001\u682a\u4e3b\u3068\u306e\u95a2\u4fc2\u3067\u306f\u3001\u682a\u4e3b\u306f\u9577\u3044\u9593\u3001\u7f6e\u304d\u53bb\u308a\u306b\u3055\u308c\u3066\u304d\u307e\u3057\u305f\u3002\u682a\u4e3b\u3068\u3001\u3088\u308a\u3088\u3044\u682a\u4fa1\u3092\u6c42\u3081\u308b\u682a\u4e3b\u306e\u6c17\u6301\u3061\u3092\u7406\u89e3\u3059\u308b\u305f\u3081\u306b\u3001\u4ed6\u306b\u4f55\u304b\u3067\u304d\u308b\u3053\u3068\u3001\u8a00\u3048\u308b\u3053\u3068\u306f\u306a\u3044\u3067\u3057\u3087\u3046\u304b\uff1f<\/p>\n

\u30b8\u30a7\u30fc\u30f3\u30fb\u30d5\u30ec\u30a4\u30b6\u30fc — \u6700\u9ad8\u7d4c\u55b6\u8cac\u4efb\u8005<\/p>\n

\u682a\u4e3b\u306e\u7686\u69d8\u306f\u3001\u79c1\u305f\u3061\u306b\u3068\u3063\u3066\u975e\u5e38\u306b\u91cd\u8981\u306a\u512a\u5148\u4e8b\u9805\u3067\u3059\u3002\u305d\u3057\u3066\u30de\u30a4\u30af\u3001\u79c1\u305f\u3061\u306f\u9280\u884c\u3092\u3088\u308a\u682a\u4e3b\u3068\u4e00\u4f53\u5316\u3057\u305f\u3001\u89aa\u3057\u307f\u3084\u3059\u3044\u3082\u306e\u306b\u3059\u308b\u5fc5\u8981\u304c\u3042\u308b\u3053\u3068\u306f\u5206\u304b\u3063\u3066\u3044\u307e\u3059\u3057\u3001\u305d\u3046\u3057\u3066\u3044\u307e\u3059\u3002\u305d\u3053\u3067\u30014\u3064\u306e\u4f8b\u3092\u6319\u3052\u305f\u3044\u3068\u601d\u3044\u307e\u3059\u3002\u79c1\u305f\u3061\u306e\u6226\u7565\u306f\u3001\u4f59\u5270\u8cc7\u672c\u3092\u751f\u307f\u51fa\u3057\u3001\u682a\u4e3b\u306b\u9084\u5143\u3059\u308b\u3053\u3068\u3067\u3059\u3002<\/p>\n

\u305d\u3057\u3066\u3001\u304a\u3063\u3057\u3083\u308b\u3068\u304a\u308a\u3001\u73fe\u5728\u306e\u682a\u4fa1\u3092\u8003\u616e\u3059\u308b\u3068\u3001\u81ea\u793e\u682a\u8cb7\u3044\u306f\u975e\u5e38\u306b\u9b45\u529b\u7684\u3067\u3059\u3002\u6b21\u306b\u3001\u682a\u4e3b\u4fa1\u5024\u3092\u9ad8\u3081\u308b\u305f\u3081\u306b\u3001\u9280\u884c\u3092\u6700\u9ad8\u306e\u30dd\u30b8\u30b7\u30e7\u30f3\u306b\u7f6e\u304f\u305f\u3081\u306e\u69cb\u9020\u3068\u6226\u7565\u7684\u306a\u6c7a\u5b9a\u3092\u4e0b\u3057\u3066\u3044\u307e\u3059\u3002\u305d\u3057\u3066\u3001\u79c1\u305f\u3061\u306f\u3001\u73fe\u5728\u3088\u308a\u3082\u306f\u308b\u304b\u306b\u9ad8\u3044\u30d0\u30ea\u30e5\u30a8\u30fc\u30b7\u30e7\u30f3\u3092\u5b9f\u73fe\u3059\u308b\u305f\u3081\u306b\u3001\u7dca\u6025\u6027\u3092\u3082\u3063\u3066\u5b9f\u884c\u3057\u3001\u5b9f\u73fe\u3057\u3066\u3044\u307e\u3059\u3002\u7b2c\u4e09\u306b\u3001\u682a\u4e3b\u306e\u7686\u69d8\u304c\u9280\u884c\u3092\u7406\u89e3\u3057\u3084\u3059\u3044\u3088\u3046\u306b\u3001\u8ca1\u52d9\u5831\u544a\u306e\u591a\u304f\u306e\u8981\u7d20\u3092\u5909\u66f4\u3057\u3001\u3067\u304d\u308b\u9650\u308a\u900f\u660e\u6027\u3092\u9ad8\u3081\u3066\u3001\u79c1\u305f\u3061\u306e\u9032\u6357\u3068\u6210\u679c\u3092\u6e2c\u5b9a\u3067\u304d\u308b\u3088\u3046\u306b\u3059\u308b\u3053\u3068\u3067\u3059\u3002<\/p>\n

\u30de\u30fc\u30af\u304c\u8aac\u660e\u3057\u3001\u79c1\u304c\u9ad8\u3044\u30ec\u30d9\u30eb\u3067\u8aac\u660e\u3057\u305f\u69cb\u9020\u306b\u3088\u308a\u3001\u3053\u306e\u4ed5\u4e8b\u306f\u3088\u308a\u7c21\u5358\u306b\u306a\u308b\u3068\u601d\u3044\u307e\u3059\u3002\u6700\u5f8c\u306b\u3001\u7686\u3055\u3093\u3082\u3088\u304f\u304a\u3063\u3057\u3083\u308b\u3053\u3068\u3067\u3059\u304c\u3001\u79c1\u305f\u3061\u306f\u5831\u916c\u306b\u3064\u3044\u3066\u3082\u5909\u66f4\u3092\u52a0\u3048\u3066\u3044\u307e\u3059\u3002\u6765\u5e74\u306f\u3001\u3088\u308a\u591a\u304f\u306e\u30b7\u30cb\u30a2\u30d3\u30b8\u30cd\u30b9\u30ea\u30fc\u30c0\u30fc\u304cPSU\u306b\u53c2\u52a0\u3059\u308b\u4e88\u5b9a\u3067\u3059\u3002\u307e\u305f\u3001\u5730\u57df\u306b\u3088\u3063\u3066\u306f\u3001\u682a\u5f0f\u3068\u73fe\u91d1\u306e\u30df\u30c3\u30af\u30b9\u3067\u306f\u306a\u304f\u3001100\uff05\u7e70\u5ef6\u3079\u306b\u79fb\u884c\u3057\u3066\u3044\u307e\u3059\u3002<\/p>\n

\u307e\u305f\u3001\u696d\u7e3e\u8a55\u4fa1\u3092\u6c7a\u5b9a\u3059\u308b\u969b\u306e\u30ea\u30bf\u30fc\u30f3\u306e\u91cd\u8981\u6027\u3092\u9ad8\u3081\u3066\u3044\u307e\u3059\u3002\u3053\u306e\u3088\u3046\u306b\u3001\u79c1\u305f\u3061\u304c\u3068\u3063\u3066\u3044\u308b\u3055\u307e\u3056\u307e\u306a\u884c\u52d5\u306f\u7121\u6570\u306b\u3042\u308a\u307e\u3059\u304c\u3001\u305d\u308c\u306f\u79c1\u305f\u3061\u306b\u3068\u3063\u3066\u682a\u4e3b\u304c\u91cd\u8981\u3067\u3042\u308b\u304b\u3089\u3067\u3059\u3002\u305d\u3057\u3066\u3001\u79c1\u305f\u3061\u306e\u8a55\u4fa1\u3092\u3001\u79c1\u305f\u3061\u304c\u8003\u3048\u308b\u3088\u3046\u306b\u3001\u305d\u306e\u53ef\u80fd\u6027\u3092\u6700\u5927\u9650\u306b\u5b9f\u73fe\u3067\u304d\u308b\u3088\u3046\u306a\u3082\u306e\u306b\u3057\u305f\u3044\u3068\u601d\u3044\u307e\u3059\u3002<\/p>\n

\u30aa\u30da\u30ec\u30fc\u30bf\u30fc<\/p>\n

\u6b21\u306e\u8cea\u554f\u306f\u3001\u30a8\u30d0\u30b3\u30a2\u306e\u30b0\u30ec\u30f3\u30fb\u30b7\u30e7\u30a2\u30fc\u3067\u3059\u3002<\/p>\n

Glenn Schorr — Evercore ISI — \u30a2\u30ca\u30ea\u30b9\u30c8<\/p>\n

\u3069\u3046\u3082\u3042\u308a\u304c\u3068\u3046\u3054\u3056\u3044\u307e\u3059\u3002\u3042\u306a\u305f\u306e\u7b54\u3048\u3092\u805e\u304f\u305f\u3081\u306b\u3001\u30d8\u30c3\u30c9\u30db\u30f3\u3092\u56de\u3057\u3066\u304a\u304d\u307e\u3059\u3002\u500b\u4eba\u7684\u306b\u306f\u3001\u6295\u8cc7\u5bb6\u306b\u6295\u8cc7\u3092\u4f9d\u983c\u3057\u305f\u9298\u67c4\u306b\u57cb\u3082\u308c\u3066\u3044\u308b\u7d4c\u55b6\u9663\u304c\u597d\u304d\u3067\u3059\u3002<\/p>\n

\u306a\u308a\u305f\u3044\u5206\u91ce\u3059\u3079\u3066\u3067\u30ea\u30fc\u30c0\u30fc\u306b\u306a\u308a\u3001\u30b7\u30c6\u30a3\u3068\u306f\u8ab0\u304b\u3068\u3044\u3046\u554f\u3044\u306b\u7b54\u3048\u308b\u306b\u306f\u3001\u7dad\u6301\u3059\u308b\u305f\u3081\u306b\u591a\u304f\u306e\u51fa\u8cbb\u304c\u5fc5\u8981\u3067\u3059\u3002\u305d\u3053\u3067\u8cea\u554f\u306a\u306e\u3067\u3059\u304c\u3001\u5341\u5206\u306a\u7d4c\u8cbb\u3092\u304b\u3051\u3001\u30d5\u30e9\u30f3\u30c1\u30e3\u30a4\u30ba\u3092\u30ea\u30fc\u30c0\u30fc\u306b\u4f9b\u7d66\u3057\u306a\u304c\u3089\u3001\u53ce\u76ca\u6027\u306e\u30ae\u30e3\u30c3\u30d7\u3068\u3001\u7d4c\u8cbb\u9762\u3067\u306e\u30d0\u30e9\u30f3\u30b9\u3092\u3069\u306e\u3088\u3046\u306b\u53d6\u3063\u3066\u3044\u308b\u306e\u3067\u3057\u3087\u3046\u304b\u3002\u7686\u3055\u3093\u306e\u3054\u610f\u898b\u3092\u304a\u805e\u304b\u305b\u304f\u3060\u3055\u3044\u3002<\/p>\n

\u30de\u30fc\u30af\u30fb\u30e1\u30a4\u30bd\u30f3 — \u6700\u9ad8\u8ca1\u52d9\u8cac\u4efb\u8005<\/p>\n

\u7533\u3057\u8a33\u3042\u308a\u307e\u305b\u3093\u3002\u3053\u306e\u8cea\u554f\u306e\u5927\u534a\u3092\u3042\u306a\u305f\u306f\u4e2d\u65ad\u3057\u3066\u3057\u307e\u3044\u307e\u3057\u305f\u3002\u6700\u5f8c\u306e\u90e8\u5206\u3092\u3082\u3046\u4e00\u5ea6\u304a\u9858\u3044\u3057\u307e\u3059\u3002\u3053\u306e\u56de\u7dda\u306b\u306f\u96d1\u97f3\u304c\u591a\u3044\u306e\u3067\u3059\u3002<\/p>\n

\u30b8\u30a7\u30fc\u30f3\u30fb\u30d5\u30ec\u30a4\u30b6\u30fc — \u6700\u9ad8\u7d4c\u55b6\u8cac\u4efb\u8005<\/p>\n

\u307e\u3068\u3081\u3066\u3044\u305f\u3060\u3051\u307e\u3059\u304b\uff1f<\/p>\n

Glenn Schorr — Evercore ISI — \u30a2\u30ca\u30ea\u30b9\u30c8<\/p>\n

\u3082\u3061\u308d\u3093\u3067\u3059\u3002\u3059\u307f\u307e\u305b\u3093\u3002\u79c1\u306f\u305d\u308c\u3092\u62fe\u3046\u3088 [\u805e\u304d\u53d6\u308c\u306a\u3044] \u3002<\/p>\n

\u30de\u30fc\u30af\u30fb\u30e1\u30a4\u30bd\u30f3 — \u6700\u9ad8\u8ca1\u52d9\u8cac\u4efb\u8005<\/p>\n

\u3082\u3046\u5c11\u3057\u8a00\u3063\u3066\u304f\u3060\u3055\u3044\u3002\u9759\u6b62\u753b\u304c\u591a\u3044\u3067\u3059\u306d\u3002\u623b\u308b\u3079\u304d\u3067\u3059\u304b\uff1f<\/p>\n

Glenn Schorr — Evercore ISI — \u30a2\u30ca\u30ea\u30b9\u30c8<\/p>\n

\u3082\u3061\u308d\u3093\u3067\u3059\u3002<\/p>\n

\u30de\u30fc\u30af\u30fb\u30e1\u30a4\u30bd\u30f3 — \u6700\u9ad8\u8ca1\u52d9\u8cac\u4efb\u8005<\/p>\n

\u3059\u307f\u307e\u305b\u3093\u3002<\/p>\n

\u30aa\u30da\u30ec\u30fc\u30bf\u30fc<\/p>\n

\u6b21\u306e\u8cea\u554f\u306f\u30e2\u30eb\u30ac\u30f3\u30b9\u30bf\u30f3\u30ec\u30fc\u8a3c\u5238\u306e\u30d9\u30c3\u30c4\u30a3\u30fc\u30fb\u30b0\u30e9\u30bb\u30c3\u30af\u3067\u3059\u3002<\/p>\n

Betsy Graseck — Morgan Stanley — \u30a2\u30ca\u30ea\u30b9\u30c8<\/p>\n

\u3053\u3093\u306b\u3061\u306f\u3001\u304a\u306f\u3088\u3046\u3054\u3056\u3044\u307e\u3059\u3002\u79c1\u306e\u58f0\u304c\u3061\u3083\u3093\u3068\u805e\u3053\u3048\u307e\u3059\u304b\uff1f<\/p>\n

\u30b8\u30a7\u30fc\u30f3\u30fb\u30d5\u30ec\u30a4\u30b6\u30fc — \u6700\u9ad8\u7d4c\u55b6\u8cac\u4efb\u8005<\/p>\n

\u30d9\u30c3\u30c4\u30a3\u30fc\u3001\u3053\u3093\u306b\u3061\u306f\u3002<\/p>\n

Betsy Graseck — \u30e2\u30eb\u30ac\u30f3\u30b9\u30bf\u30f3\u30ec\u30fc — \u30a2\u30ca\u30ea\u30b9\u30c8<\/p>\n

\u3053\u3093\u306b\u3061\u306f\u3001OK\u3067\u3059\u3002\u3067\u306f\u3001\u3044\u304f\u3064\u304b\u8cea\u554f\u3092\u3055\u305b\u3066\u304f\u3060\u3055\u3044\u30021\u3064\u306f\u3001CET1\u304c\u73fe\u5728\u304b\u3089\u5e74\u672b\u307e\u306712%\u3067\u7d42\u308f\u308b\u3068\u3044\u3046\u304a\u8a71\u304c\u3042\u308a\u307e\u3057\u305f\u304c\u3001\u305d\u3053\u304b\u3089\u3069\u306e\u3088\u3046\u306a\u7d4c\u904e\u3092\u305f\u3069\u3063\u3066\u304d\u305f\u306e\u304b\u3001\u3068\u3044\u3046\u3053\u3068\u3067\u3059\u3002<\/p>\n

\u3044\u304f\u3064\u304b\u306e\u4e8b\u696d\u304c\u64a4\u9000\u3057\u3001RWA\u304c\u6e1b\u5c11\u3059\u308b\u3068\u601d\u3044\u307e\u3059\u3002\u3057\u304b\u3057\u3001\u305d\u306e\u4e00\u65b9\u3067\u3001\u81ea\u793e\u682a\u8cb7\u3044\u3082\u884c\u308f\u308c\u3066\u3044\u307e\u3059\u3002\u540c\u6642\u306b\u3001RWA\u3092\u5897\u52a0\u3055\u305b\u305f\u3044\u3068\u8003\u3048\u3066\u3044\u308b\u306e\u3067\u306f\u306a\u3044\u3067\u3057\u3087\u3046\u304b\uff1f\u7b2c2\u56db\u534a\u671f\u306bRWA\u304c5%\u6e1b\u5c11\u3057\u305f\u306e\u306f\u77e5\u3063\u3066\u3044\u307e\u3059\u3057\u3001FICC\u304c\u5c11\u3057\u8efd\u304b\u3063\u305f\u306e\u306f\u305d\u306e\u305b\u3044\u304b\u3082\u3057\u308c\u307e\u305b\u3093\u3002\u3067\u306f\u3001\u3053\u306e\u3088\u3046\u306a\u8ecc\u9053\u3068CET1\u5909\u66f4\u306e\u8981\u56e0\u306b\u3064\u3044\u3066\u3001\u3069\u306e\u3088\u3046\u306b\u8003\u3048\u308b\u3079\u304d\u304b\u3001\u6559\u3048\u3066\u304f\u3060\u3055\u3044\u3002\u306a\u305c\u306a\u3089\u3001\u30de\u30fc\u30b1\u30c3\u30c8\u4e8b\u696d\u306e\u53ce\u76ca\u62e1\u5927\u306b\u3064\u3044\u3066\u3069\u3046\u8003\u3048\u308b\u304b\u306b\u5f71\u97ff\u3092\u4e0e\u3048\u308b\u304b\u3089\u3067\u3059\u3002<\/p>\n

\u30de\u30fc\u30af\u30fb\u30e1\u30a4\u30bd\u30f3 — \u6700\u9ad8\u8ca1\u52d9\u8cac\u4efb\u8005<\/p>\n

\u306f\u3044\u3002\u3044\u3044\u8cea\u554f\u3067\u3059\u306d\u3002\u79c1\u305f\u3061\u306f\u3001\u7279\u306b\u6210\u9577\u5206\u91ce\u306e\u30d5\u30e9\u30f3\u30c1\u30e3\u30a4\u30ba\u306b\u3069\u306e\u3088\u3046\u306b\u6295\u8cc7\u3057\u7d9a\u3051\u308b\u304b\u3092\u8003\u3048\u3066\u3044\u307e\u3059\u3002\u540c\u6642\u306b\u3001\u81ea\u793e\u682a\u8cb7\u3044\u3084\u682a\u4e3b\u3078\u306e\u5229\u76ca\u9084\u5143\u3092\u78ba\u5b9f\u306b\u884c\u3046\u3053\u3068\u3067\u3059\u3002<\/p>\n

CET1\u6bd4\u7387\u3092\u898b\u308b\u3068\u3001\u4eca\u5e74\u5ea6\u306f\u7d0412.2%\u3067\u7d42\u4e86\u3057\u3066\u3044\u307e\u3059\u3002\u3054\u5b58\u77e5\u306e\u3088\u3046\u306b\u3001SACR\u306f1\u67081\u65e5\u304b\u3089\u9069\u7528\u3055\u308c\u307e\u3059\uff08\u3042\u308b\u3044\u306f\u9069\u7528\u3055\u308c\u3066\u3044\u307e\u3059\uff09\u3002\u3057\u305f\u304c\u3063\u3066\u30011\u67081\u65e5\u6642\u70b9\u3067\u306f\u3001\u307b\u307c\u76ee\u6a19\u901a\u308a\u306e\u6c34\u6e96\u3067\u7d42\u4e86\u3057\u3066\u3044\u307e\u3059\u3002\u305d\u306e\u4e00\u65b9\u3067\u3001SACR\u3068\u4f4e\u30ea\u30bf\u30fc\u30f3\u306e\u8cc7\u7523\u306e\u4e21\u65b9\u3092\u76f8\u6bba\u3059\u308b\u3082\u306e\u3092\u7279\u5b9a\u3057\u3001\u305d\u308c\u3089\u3092\u53d6\u308a\u9664\u3044\u3066\u53ce\u5165\u3092\u5f97\u308b\u3068\u3068\u3082\u306b\u3001\u5e74\u9593\u3092\u901a\u3058\u3066\u58f2\u5374\u3092\u5b8c\u4e86\u3055\u305b\u308b\u3053\u3068\u304c\u3067\u304d\u307e\u3059\u3002<\/p>\n

\u305d\u306e\u7d50\u679c\u3001\u76ee\u6a19\u306b\u8fd1\u3044\u5e74\u660e\u3051\u306e2022\u5e74\u672b\u306b\u306f\u3001GCIB\u306e\u9006\u98a8\u3092\u5438\u53ce\u3059\u308b\u305f\u3081\u306b\u300112%\u307e\u3067\u56de\u5fa9\u3055\u305b\u308b\u5fc5\u8981\u304c\u3042\u308a\u307e\u3059\uff082023\u5e74\u521d\u982d\u306eGCIB\u306e\u9006\u98a8\u306f\u7de9\u548c\u3055\u308c\u306a\u3044\u3068\u4eee\u5b9a\u3057\u3066\u3044\u307e\u3059\uff09\u3002\u3053\u306e\u3088\u3046\u306b\u3001\u5e74\u9593\u3092\u901a\u3058\u3066RWA\u3092\u6d3b\u7528\u3057\u3001\u8cc7\u672c\u3092\u89e3\u653e\u3057\u3001\u682a\u4e3b\u306b\u8cc7\u672c\u3092\u9084\u5143\u3057\u3066\u3044\u304d\u307e\u3059\u3002\u305d\u3057\u3066\u3001\u3088\u308a\u591a\u304f\u306e\u5229\u76ca\u3092\u751f\u307f\u51fa\u3057\u307e\u3059\u3002\u3057\u304b\u3057\u3001\u5e74\u672b\u306b\u306f\u3001\u3088\u308a\u9ad8\u3044\u6c34\u6e96\u3001\u3042\u308b\u3044\u306f12%\u3092\u76ee\u6307\u3057\u3066\u3044\u304f\u5fc5\u8981\u304c\u3042\u308a\u307e\u3059\u3002<\/p>\n

Betsy Graseck — \u30e2\u30eb\u30ac\u30f3\u30b9\u30bf\u30f3\u30ec\u30fc — \u30a2\u30ca\u30ea\u30b9\u30c8<\/p>\n

GCIB\u3084SCB\u306e\u3088\u3046\u306a\u4e8b\u696d\u5206\u96e2\u306e\u6069\u6075\u304c\u3069\u306e\u7a0b\u5ea6\u3042\u308b\u306e\u304b\u3001\u304a\u5206\u304b\u308a\u3067\u3059\u304b\uff1f\u4eca\u9031\u306e\u30e1\u30ad\u30b7\u30b3\u306e\u30cb\u30e5\u30fc\u30b9\u3092\u898b\u3066\u601d\u3063\u305f\u306e\u3067\u3059\u304c\u3001\u3082\u3057\u304b\u3057\u305f\u3089\u305d\u308c\u304c\u30e1\u30ad\u30b7\u30b3\u306e\u6d88\u8cbb\u8005\u4e8b\u696d\u3092\u64a4\u9000\u3055\u305b\u308b\u3053\u3068\u306b\u3057\u305f\u7406\u7531\u306e\u4e00\u3064\u304b\u3082\u3057\u308c\u307e\u305b\u3093\u3002<\/p>\n

\u30de\u30fc\u30af\u30fb\u30e1\u30a4\u30bd\u30f3 — \u6700\u9ad8\u8ca1\u52d9\u8cac\u4efb\u8005<\/p>\n

\u305d\u3046\u3067\u3059\u306d\u3001\u30b8\u30a7\u30fc\u30f3\u304c\u8a00\u3063\u3066\u3044\u305f\u3088\u3046\u306b\u3001\u3053\u306e\u6c7a\u5b9a\u306f\u5927\u304d\u306a\u8981\u56e0\u3067\u306f\u3042\u308a\u307e\u305b\u3093\u3002\u3057\u304b\u3057\u3001\u3054\u6307\u6458\u306e\u3088\u3046\u306a\u70b9\u306b\u306f\u95a2\u4fc2\u3057\u3066\u3044\u307e\u3059\u3002GCIB\u306e\u89b3\u70b9\u304b\u3089\u898b\u308b\u3068\u3001\u30e1\u30ad\u30b7\u30b3\u306e\u6d88\u8cbb\u8005\u4e8b\u696d\u306b\u95a2\u9023\u3059\u308b\u9810\u91d1\u306f\u3001\u78ba\u304b310\u5104\u30c9\u30eb\u307b\u3069\u3042\u308a\u307e\u3059\u3002<\/p>\n

\u3053\u308c\u306fGCIB\u306e\u30b9\u30b3\u30a2\u306b10\u30d9\u30fc\u30b7\u30b9\u30dd\u30a4\u30f3\u30c8\u307b\u3069\u3001\u3064\u307e\u308a10\u30dd\u30a4\u30f3\u30c8\u307b\u3069\u5f71\u97ff\u3092\u4e0e\u3048\u308b\u3067\u3057\u3087\u3046\u3002\u3053\u306e\u3088\u3046\u306b\u3001\u58f2\u5374\u3092\u4e88\u5b9a\u3057\u3066\u3044\u308b\u9810\u91d1\u306f\u5168\u90e8\u3067\u7d04850\u5104\u30c9\u30eb\u3067\u3059\u3002\u3060\u304b\u3089\u3001\u305d\u3053\u304b\u3089\u3044\u304f\u3089\u304b\u306e\u5229\u76ca\u3092\u5f97\u308b\u3053\u3068\u306f\u8a08\u7b97\u3067\u304d\u308b\u306f\u305a\u3067\u3059\u3002\u305d\u306e\u3068\u304a\u308a\u3067\u3001\u4eca\u306e\u3068\u3053\u308d\u5171\u6709\u3067\u304d\u308b\u3088\u3046\u306a\u6570\u5b57\u306f\u3042\u308a\u307e\u305b\u3093\u3002<\/p>\n

\u3057\u304b\u3057\u3001\u304a\u3063\u3057\u3083\u308b\u3068\u304a\u308a\u3001CCAR\u306e\u89b3\u70b9\u304b\u3089\u3001\u30b9\u30c8\u30ec\u30b9\u8cc7\u672c\u30d0\u30c3\u30d5\u30a1\u30fc\u306b\u3064\u3044\u3066\u8003\u3048\u308b\u3068\u3001PPNR\u3078\u306e\u5f71\u97ff\u3082\u3042\u308a\u307e\u3059\u304c\u3001\u305d\u308c\u4ee5\u4e0a\u306b\u3001\u30b9\u30c8\u30ec\u30b9\u30ed\u30b9\u3078\u306e\u5f71\u97ff\u3082\u51fa\u3066\u304d\u307e\u3059\u3002\u3054\u5b58\u77e5\u306e\u3088\u3046\u306b\u3001\u3053\u306e\u5f71\u97ff\u306f\u3001\u9810\u91d1\u3078\u306e\u5f71\u97ff\u3068\u540c\u69d8\u306b\u3001\u3053\u308c\u3089\u306e\u53d6\u5f15\u304c\u5b8c\u4e86\u3059\u308b\u307e\u3067\u306f\u3001\u5b9f\u969b\u306b\u306f\u51fa\u3066\u304d\u307e\u305b\u3093\u3002\u3057\u304b\u3057\u3001\u9577\u671f\u7684\u306a\u8cc7\u672c\u8a08\u753b\u3092\u3069\u3046\u8003\u3048\u308b\u304b\u3001\u305d\u306e\u4e00\u8981\u7d20\u3067\u3042\u308b\u3053\u3068\u306f\u9593\u9055\u3044\u306a\u304f\u30013\u67082\u65e5\u306e\u30a4\u30f3\u30d9\u30b9\u30bf\u30fc\u30fb\u30c7\u30a4\u3067\u3082\u3063\u3068\u8a73\u3057\u304f\u304a\u8a71\u3057\u3059\u308b\u3064\u3082\u308a\u3067\u3059\u3002<\/p>\n

Betsy Graseck — \u30e2\u30eb\u30ac\u30f3\u30b9\u30bf\u30f3\u30ec\u30fc — \u30a2\u30ca\u30ea\u30b9\u30c8<\/p>\n

\u308f\u304b\u308a\u307e\u3057\u305f\u3002\u3042\u308a\u304c\u3068\u3046\u3054\u3056\u3044\u307e\u3059\u3002\u4eca\u304a\u8a71\u306b\u3042\u3063\u305f\u4f4e\u30ea\u30bf\u30fc\u30f3\u306e\u8cc7\u7523\u3068\u3044\u3046\u306e\u306f\u3001\u57fa\u672c\u7684\u306b\u91d1\u5229\u3084\u50b5\u5238\u30d3\u30b8\u30cd\u30b9\u306e\u3088\u3046\u306a\u3082\u306e\u3067\u3057\u3087\u3046\u304b\uff1f\u307e\u305f\u3001\u305d\u3053\u306b\u4f55\u3089\u304b\u306e\u5f71\u97ff\u3092\u671f\u5f85\u3059\u3079\u304d\u3067\u3057\u3087\u3046\u304b\uff1f\u3042\u308b\u3044\u306f\u307e\u305f\u3001RWA\u304c5%\u6e1b\u5c11\u3057\u305f\u3053\u3068\u3068\u3001\u50b5\u5238\u30d3\u30b8\u30cd\u30b9\u304c\u4eca\u671f\u306f\u5c11\u3057\u8efd\u304b\u3063\u305f\u3068\u3044\u3046\u30b3\u30e1\u30f3\u30c8\u3092\u95a2\u9023\u3065\u3051\u3088\u3046\u3068\u3057\u3066\u3044\u308b\u306e\u3067\u3059\u3002<\/p>\n

\u30de\u30fc\u30af\u30fb\u30e1\u30a4\u30bd\u30f3 — \u6700\u9ad8\u8ca1\u52d9\u8cac\u4efb\u8005\uff08CFO<\/p>\n

\u306f\u3044\u3001\u305d\u3046\u3067\u3059\u3002\u3057\u304b\u3057\u3001\u79c1\u305f\u3061\u306f\u30de\u30fc\u30b1\u30c3\u30c8\u30fb\u30d5\u30e9\u30f3\u30c1\u30e3\u30a4\u30ba\u306e\u3069\u3053\u306b\u4f4e\u30ea\u30bf\u30fc\u30f3\u306e\u8cc7\u7523\u304c\u3042\u308b\u306e\u304b\u3001\u307e\u305f\u3001\u5358\u4e00\u5546\u54c1\u3067\u5fc5\u305a\u3057\u3082\u30d5\u30e9\u30f3\u30c1\u30e3\u30a4\u30ba\u5168\u4f53\u306b\u30ea\u30f3\u30af\u3057\u3066\u3044\u306a\u3044\u9867\u5ba2\u95a2\u4fc2\u304c\u3069\u3053\u306b\u3042\u308b\u306e\u304b\u3001\u78ba\u5b9f\u306b\u8abf\u3079\u3066\u3044\u308b\u3068\u3053\u308d\u3067\u3059\u3002\u3053\u306e\u70b9\u306b\u3064\u3044\u3066\u306f\u3001\u30b8\u30a7\u30fc\u30f3\u3068\u79c1\u3001\u305d\u3057\u3066\u30d1\u30b3\u3082\u5f37\u3044\u95a2\u5fc3\u3092\u5bc4\u305b\u3066\u3044\u307e\u3059\u3002<\/p>\n

\u79c1\u305f\u3061\u306f\u3001\u5e02\u5834\u3084FICC\u304c\u6210\u9577\u3059\u308b\u4e00\u65b9\u3067\u3001\u30d0\u30e9\u30f3\u30b9\u30b7\u30fc\u30c8\u304c\u62e1\u5927\u3057\u3066\u3044\u308b\u3053\u3068\u306b\u6c17\u3065\u3044\u3066\u304a\u308a\u3001\u8cc7\u672c\u306e\u6d3b\u7528\u3092\u6700\u9069\u5316\u3059\u308b\u3053\u3068\u3092\u671b\u3093\u3067\u3044\u307e\u3059\u3002<\/p>\n

\u30aa\u30da\u30ec\u30fc\u30bf\u30fc<\/p>\n

\u6b21\u306e\u8cea\u554f\u306f\u3001UBS\u306e\u30a8\u30ea\u30ab\u30fb\u30ca\u30b8\u30e3\u30ea\u30a2\u30f3\u3055\u3093\u304b\u3089\u304a\u9858\u3044\u3057\u307e\u3059\u3002<\/p>\n

Erika Najarian — UBS — \u30a2\u30ca\u30ea\u30b9\u30c8<\/p>\n

\u306f\u3044\u3001\u3053\u3093\u306b\u3061\u306f\u3002\u304a\u306f\u3088\u3046\u3054\u3056\u3044\u307e\u3059\u3002\u6700\u521d\u306e\u8cea\u554f\u306f\u3001\u30de\u30fc\u30af\u3055\u3093\u306b\u304a\u9858\u3044\u3057\u307e\u3059\u3002<\/p>\n

\u3068\u3053\u308d\u3067\u3001\u8ca1\u52d9\u60c5\u5831\u306e\u65b0\u3057\u3044\u958b\u793a\u65b9\u6cd5\u306b\u3064\u3044\u3066\u3001\u672c\u5f53\u306b\u3042\u308a\u304c\u3068\u3046\u3054\u3056\u3044\u307e\u3059\u30023\u6708\u306b\u306f\u3082\u3063\u3068\u8a73\u7d30\u306a\u60c5\u5831\u304c\u5f97\u3089\u308c\u308b\u3068\u601d\u3044\u307e\u3059\u3002\u3057\u304b\u3057\u3001\u64a4\u9000\u5f8c\u306b\u6b8b\u308b\u8cbb\u7528\u30d9\u30fc\u30b9\u306b\u3064\u3044\u3066\u8003\u3048\u308b\u3068\u304d\u3001\u6539\u5584\u95a2\u9023\u8cbb\u7528\u306b\u3042\u3068\u3069\u308c\u304f\u3089\u3044\u306e\u4f38\u3073\u304c\u3042\u308b\u306e\u304b\u3001\u611f\u899a\u7684\u306b\u628a\u63e1\u3059\u308b\u3053\u3068\u304c\u3067\u304d\u308b\u3067\u3057\u3087\u3046\u304b\uff1f2022\u5e74\u306e\u6295\u8cc7\u652f\u51fa\u306f\u3069\u306e\u7a0b\u5ea6\u7a4d\u6975\u7684\u306b\u884c\u3046\u4e88\u5b9a\u3067\u3059\u304b\uff1f\u307e\u305f\u3001\u30d5\u30e9\u30f3\u30c1\u30e3\u30a4\u30ba\u5185\u306e\u975e\u52b9\u7387\u7684\u306a\u7d4c\u8cbb\u3092\u5341\u5206\u306b\u628a\u63e1\u3057\u305f\u4e0a\u3067\u3001\u3053\u308c\u30892\u3064\u306e\u65bd\u7b56\u306b\u5145\u3066\u308b\u3053\u3068\u304c\u3067\u304d\u308b\u3068\u304a\u8003\u3048\u3067\u3057\u3087\u3046\u304b\uff1f<\/p>\n

\u30de\u30fc\u30af\u30fb\u30e1\u30a4\u30bd\u30f3 — \u6700\u9ad8\u8ca1\u52d9\u8cac\u4efb\u8005<\/p>\n

\u306f\u3044\u3001\u7d20\u6674\u3089\u3057\u3044\u8cea\u554f\u3067\u3059\u30022022\u5e74\u306b\u3064\u3044\u3066\u30ac\u30a4\u30c0\u30f3\u30b9\u3092\u51fa\u3059\u3064\u3082\u308a\u306f\u3042\u308a\u307e\u305b\u3093\u304c\u3001\u91cd\u8981\u3060\u3068\u601d\u3046\u306e\u3067\u3001\u79c1\u305f\u3061\u304c\u3069\u306e\u3088\u3046\u306b\u8003\u3048\u3066\u3044\u308b\u304b\u3092\u6574\u7406\u3057\u3066\u307f\u305f\u3044\u3068\u601d\u3044\u307e\u3059\u3002\u30b8\u30a7\u30fc\u30f3\u3082\u79c1\u3082\u3001\u79c1\u305f\u3061\u304c\u591a\u304f\u306e\u9759\u7684\u60c5\u5831\u3092\u5165\u624b\u3057\u3066\u3044\u308b\u3053\u3068\u3092\u8a8d\u8b58\u3057\u3066\u3044\u307e\u3059\u3002\u7d4c\u8cbb\u306e\u9762\u3067\u306f\u3001\u660e\u3089\u304b\u306b\u5927\u304d\u306a\u7d4c\u8cbb\u306e\u30d9\u30fc\u30b9\u304c\u3042\u308a\u307e\u3059\u3002<\/p>\n

\u4eca\u5e74\u306b\u5165\u3063\u3066\u304b\u3089\u306f\u3001\u305d\u306e\u4f38\u3073\u3092\u5b9f\u611f\u3057\u3066\u3044\u307e\u3059\u3002\u3057\u304b\u3057\u3001\u6642\u9593\u3092\u304b\u3051\u3066\u7d4c\u8cbb\u3092\u524a\u6e1b\u3059\u308b\u30c1\u30e3\u30f3\u30b9\u306f\u3042\u308b\u3068\u601d\u3044\u307e\u3059\u3002\u305d\u306e\u305f\u3081\u3001\u4e8b\u696d\u58f2\u5374\u306b\u3064\u3044\u3066\u8003\u3048\u308b\u306a\u3089\u3001\u305d\u3053\u304b\u3089\u5c11\u3057\u59cb\u3081\u307e\u3059\u3002\u58f2\u5374\u306b\u95a2\u9023\u3059\u308b\u8cbb\u7528\u306f\u7d0468\u5104\u30c9\u30eb\u3067\u3059\u3002<\/p>\n

\u58f2\u5374\u304c\u5b8c\u4e86\u3059\u308c\u3070\u3001\u305d\u306e\u3046\u3061\u306e\u3044\u304f\u3064\u304b\u306f\u81ea\u7136\u306b\u306a\u304f\u306a\u308a\u307e\u3059\u3002\u305d\u306e\u6b8b\u308a\u306f\u3001\u4e00\u822c\u7684\u306b\u5ea7\u7901\u30b3\u30b9\u30c8\u3068\u547c\u3070\u308c\u308b\u3082\u306e\u3067\u3059\u304c\u3001\u79c1\u305f\u3061\u306f\u3059\u3067\u306b\u5ea7\u7901\u30b3\u30b9\u30c8\u3092\u524a\u6e1b\u3059\u308b\u305f\u3081\u306e\u30c1\u30fc\u30e0\u3092\u7acb\u3061\u4e0a\u3052\u3066\u3044\u307e\u3059\u30022\u3064\u76ee\u306e\u30dd\u30a4\u30f3\u30c8\u306f\u3001\u30c8\u30e9\u30f3\u30b9\u30d5\u30a9\u30fc\u30e1\u30fc\u30b7\u30e7\u30f3\u3067\u3059\u3002\u3053\u306e\u5909\u9769\u306b\u3088\u308a\u3001\u4eca\u5e74\u5ea6\u306f3\uff05\u306e\u6210\u9577\u3092\u9042\u3052\u308b\u3053\u3068\u304c\u3067\u304d\u307e\u3057\u305f\u3002<\/p>\n

\u7279\u306b\u63a1\u7528\u304c\u9032\u3093\u3067\u3044\u308b\u305f\u3081\u3001\u305d\u308c\u306b\u4f34\u3063\u3066\u3055\u3089\u306b\u6210\u9577\u3059\u308b\u3068\u671f\u5f85\u3057\u3066\u3044\u307e\u3059\u3002\u307e\u305f\u3001\u6280\u8853\u7684\u306a\u6295\u8cc7\u3082\u5fc5\u8981\u3067\u3059\u3002\u3057\u304b\u3057\u3001\u3053\u306e\u5909\u9769\u306b\u3088\u3063\u3066\u52b9\u7387\u5316\u304c\u9032\u307f\u3001\u624b\u4f5c\u696d\u306b\u3088\u308b\u30bf\u30c3\u30c1\u30dd\u30a4\u30f3\u30c8\u304c\u6e1b\u308a\u3001\u30b9\u30c8\u30ec\u30fc\u30c8\u30fb\u30b9\u30eb\u30fc\u30fb\u30d7\u30ed\u30bb\u30c3\u30b7\u30f3\u30b0\u304c\u4fc3\u9032\u3055\u308c\u3001\u305d\u306e\u7d50\u679c\u3001\u7d4c\u8cbb\u3092\u524a\u6e1b\u3059\u308b\u3053\u3068\u304c\u3067\u304d\u308b\u3088\u3046\u306b\u306a\u308a\u307e\u3059\u3002\u6700\u5f8c\u306b\u3001\u6226\u7565\u306b\u3064\u3044\u3066\u304a\u8a71\u3057\u307e\u3059\u3002<\/p>\n

\u30b8\u30a7\u30fc\u30f3\u306f\u3001\u79c1\u305f\u3061\u306e\u6226\u7565\u306e\u4e2d\u3067\u3001\u30b3\u30a2\u30d3\u30b8\u30cd\u30b9\u306b\u7126\u70b9\u3092\u5f53\u3066\u308b\u3068\u3044\u3046\u3053\u3068\u3092\u8ff0\u3079\u3066\u3044\u307e\u3059\u3002\u3053\u308c\u306b\u3088\u308a\u3001\u7d44\u7e54\u69cb\u9020\u3092\u691c\u8a0e\u3057\u3001\u4f1a\u793e\u306e\u7ba1\u7406\u30fb\u904b\u55b6\u65b9\u6cd5\u3092\u3088\u308a\u7c21\u7d20\u5316\u3059\u308b\u3053\u3068\u304c\u3067\u304d\u307e\u3059\u3002\u79c1\u305f\u3061\u306f\u56db\u534a\u671f\u306b3\u5104\u30c9\u30eb\u304b\u30894\u5104\u30c9\u30eb\u306e\u751f\u7523\u6027\u524a\u6e1b\u3092\u5b9f\u65bd\u3057\u3066\u3044\u307e\u3059\u3002\u3057\u304b\u3057\u3001\u305d\u308c\u3060\u3051\u3067\u306f\u5341\u5206\u3067\u306f\u3042\u308a\u307e\u305b\u3093\u3002<\/p>\n

\u305d\u308c\u4ee5\u4e0a\u306e\u52b9\u7387\u5316\u306e\u6a5f\u4f1a\u304c\u3042\u308b\u3068\u8003\u3048\u3066\u3044\u307e\u3059\u3002\u4eca\u5f8c\u6570\u5e74\u9593\u306b\u4e88\u60f3\u3055\u308c\u308b\u6295\u8cc7\u652f\u51fa\u306e\u4e00\u90e8\u3092\u8cc4\u3046\u305f\u3081\u306b\u3001\u305d\u3046\u3057\u305f\u6a5f\u4f1a\u3092\u8ffd\u3044\u6c42\u3081\u308b\u3064\u3082\u308a\u3067\u3059\u3002\u8a73\u3057\u304f\u306f\u30a4\u30f3\u30d9\u30b9\u30bf\u30fc\u30fb\u30c7\u30a4\u3067\u8aac\u660e\u3057\u307e\u3059\u3002<\/p>\n

Erika Najarian — UBS — \u30a2\u30ca\u30ea\u30b9\u30c8<\/p>\n

\u3042\u308a\u304c\u3068\u3046\u3054\u3056\u3044\u307e\u3059\u3002\u30b8\u30a7\u30fc\u30f3\u3001\u6b21\u306e\u8cea\u554f\u306f\u3042\u306a\u305f\u306b\u3067\u3059\u3002\u30de\u30a4\u30af\u306e\u300c\u30b7\u30c6\u30a3\u306e\u30d3\u30b8\u30e7\u30f3\u300d\u306b\u3064\u3044\u3066\u306e\u8cea\u554f\u306b\u5bfe\u3057\u3066\u3001\u3042\u306a\u305f\u306f\u300c\u4e16\u754c\u306e\u30b3\u30fc\u30dd\u30ec\u30fc\u30c8\u30fb\u30d0\u30f3\u30af\u3068\u3057\u3066\u306e\u30b7\u30c6\u30a3\u300d\u3068\u3044\u3046\u30d3\u30b8\u30e7\u30f3\u3092\u63d0\u793a\u3055\u308c\u307e\u3057\u305f\u304c\u3001\u3053\u308c\u306f\u3069\u306e\u3088\u3046\u306a\u30d3\u30b8\u30e7\u30f3\u3067\u3059\u304b\u3002\u3042\u306a\u305f\u306e\u30b7\u30c6\u30a3\u306e\u30d3\u30b8\u30e7\u30f3\u3001\u3064\u307e\u308a\u8cc7\u91d1\u8abf\u9054\u306e\u30d9\u30fc\u30b9\u3068\u306a\u308b\u3082\u306e\u306f\u3069\u306e\u3088\u3046\u306a\u3082\u306e\u3067\u3059\u304b\uff1f\u7279\u306b\u91d1\u5229\u4e0a\u6607\u5c40\u9762\u3067\u306f\u3001\u7c73\u56fd\u6700\u5927\u306e\u91d1\u878d\u6a5f\u95a2\u3067\u3042\u308b\u30b7\u30c6\u30a3\u3068\u306e\u9593\u306b\u751f\u3058\u308b\u30ae\u30e3\u30c3\u30d7\u306b\u3064\u3044\u3066\u3001\u3055\u307e\u3056\u307e\u306a\u8b70\u8ad6\u304c\u3042\u308a\u307e\u3059\u3002<\/p>\n

\u7279\u306b\u91d1\u5229\u4e0a\u6607\u5c40\u9762\u3067\u306f\u3001\u9ad8\u91d1\u5229\u306e\u9810\u91d1\u306b\u95a2\u3057\u3066\u3001\u7c73\u56fd\u6700\u5927\u306e\u540c\u696d\u4ed6\u793e\u3068\u306e\u81ea\u7136\u306a\u30ae\u30e3\u30c3\u30d7\u304c\u8a71\u984c\u306b\u306a\u308a\u307e\u3059\u3088\u306d\uff1f\u8cc7\u91d1\u8abf\u9054\u57fa\u76e4\u306f\u3069\u306e\u3088\u3046\u306b\u5909\u5316\u3057\u3066\u3044\u304f\u3068\u304a\u8003\u3048\u3067\u3059\u304b\uff1f\u307e\u305f\u3001\u7c73\u56fd\u306e\u30ea\u30c6\u30fc\u30eb\u9810\u91d1\u306e\u30d5\u30e9\u30f3\u30c1\u30e3\u30a4\u30ba\u3092\u5927\u5e45\u306b\u62e1\u5927\u3059\u308b\u3053\u3068\u306b\u8208\u5473\u306f\u3042\u308a\u307e\u3059\u304b\uff1f<\/p>\n

\u30b8\u30a7\u30fc\u30f3\u30fb\u30d5\u30ec\u30a4\u30b6\u30fc — \u6700\u9ad8\u7d4c\u55b6\u8cac\u4efb\u8005<\/p>\n

\u30a8\u30ea\u30ab \u79c1\u305f\u3061\u306f\u3001\u304b\u306a\u308a\u591a\u69d8\u306a\u8cc7\u91d1\u8abf\u9054\u57fa\u76e4\u3092\u6709\u3057\u3066\u3044\u307e\u3059\u3002\u6a5f\u95a2\u6295\u8cc7\u5bb6\u30b5\u30a4\u30c9\u304b\u3089\u898b\u308b\u3068\u3001\u4e16\u754c\u4e00\u306eTTS\u30d5\u30e9\u30f3\u30c1\u30e3\u30a4\u30ba\u3092\u6301\u3063\u3066\u3044\u307e\u3059\u3002\u3053\u308c\u306f\u3001\u30ad\u30e3\u30c3\u30b7\u30e5\u30fb\u30de\u30cd\u30b8\u30e1\u30f3\u30c8\u3068\u3001\u30ad\u30e3\u30c3\u30b7\u30e5\u30fb\u30de\u30cd\u30b8\u30e1\u30f3\u30c8\u306b\u304a\u3051\u308b\u5727\u5012\u7684\u306a\u5730\u4f4d\u304b\u3089\u751f\u307e\u308c\u308b\u8cc7\u91d1\u8abf\u9054\u3067\u3059\u3002<\/p>\n

\u8d85\u5bcc\u88d5\u5c64\u304b\u3089\u5bcc\u88d5\u5c64\u307e\u3067\u306e\u30a6\u30a7\u30eb\u30b9\u30fb\u30d5\u30e9\u30f3\u30c1\u30e3\u30a4\u30ba\u3082\u3001\u5f53\u793e\u306b\u3068\u3063\u3066\u975e\u5e38\u306b\u9b45\u529b\u7684\u306a\u9810\u91d1\u3068\u8cc7\u91d1\u8abf\u9054\u306e\u6e90\u6cc9\u3068\u306a\u3063\u3066\u3044\u307e\u3059\u3002\u3082\u3061\u308d\u3093\u3001\u56fd\u969b\u7684\u306a\u6d88\u8cbb\u8005\u91d1\u878d\u306e\u5206\u91ce\u304b\u3089\u3082\u64a4\u9000\u3057\u3066\u3044\u307e\u3059\u3002\u307e\u305f\u3001\u7c73\u56fd\u306e\u30ea\u30c6\u30fc\u30eb\u30fb\u30d0\u30f3\u30ad\u30f3\u30b0\u3067\u306f\u3001\u30c7\u30b8\u30bf\u30eb\u9810\u91d1\u306e\u5897\u52a0\u3092\u4fc3\u9032\u3057\u3001\u7c73\u56fd\u5185\u3067\u5b89\u5b9a\u3057\u305f\u4f4e\u30b3\u30b9\u30c8\u306e\u8cc7\u91d1\u8abf\u9054\u3092\u5b9f\u73fe\u3059\u308b\u3053\u3068\u306b\u6ce8\u529b\u3057\u3066\u3044\u307e\u3059\u3002<\/p>\n

\u305d\u3057\u3066\u3001\u4eca\u5f8c\u3082\u305d\u306e\u6210\u9577\u3092\u7d99\u7d9a\u3059\u308b\u3053\u3068\u3092\u671f\u5f85\u3057\u3066\u3044\u307e\u3059\u3002<\/p>\n

\u30aa\u30da\u30ec\u30fc\u30bf\u30fc<\/p>\n

\u6b21\u306e\u8cea\u554f\u306f\u3001\u30a6\u30a7\u30eb\u30ba\u30fb\u30d5\u30a1\u30fc\u30b4\u8a3c\u5238\u306e\u30de\u30a4\u30af\u30fb\u30de\u30a4\u30e8\u30fc\u3055\u3093\u304b\u3089\u3067\u3059\u3002<\/p>\n

Mike Mayo — Wells Fargo Securities — \u30a2\u30ca\u30ea\u30b9\u30c8<\/p>\n

\u3053\u3093\u306b\u3061\u306f\u3001\u601d\u3063\u305f\u3088\u308a\u65e9\u304b\u3063\u305f\u3067\u3059\u306d\u3002\u5831\u916c\u306e\u5909\u66f4\u306b\u3064\u3044\u3066\u306e\u30d5\u30a9\u30ed\u30fc\u30a2\u30c3\u30d7\u3067\u3059\u3002\u305d\u3046\u3067\u3059\u306d\u3001\u73fe\u91d1\u3068\u682a\u5f0f\u3060\u3051\u3067\u306a\u304f\u3001\u682a\u5f0f\u3067\u652f\u6255\u3046\u4eba\u304c\u51fa\u3066\u304d\u305f\u306e\u306f\u826f\u3044\u30cb\u30e5\u30fc\u30b9\u3067\u3059\u3002<\/p>\n

\u3067\u3082\u3001\u65b0\u3057\u3044\u30dc\u30fc\u30ca\u30b9\u306e\u53d6\u308a\u6c7a\u3081\u304c\u3042\u308a\u307e\u3057\u305f\u3088\u306d\u3002\u305d\u308c\u304c\u6700\u7d42\u6c7a\u5b9a\u3055\u308c\u305f\u3068\u306f\u601d\u3044\u307e\u305b\u3093\u3067\u3057\u305f\u3002\u3057\u304b\u3057\u3001\u6b21\u306e3\u5e74\u9593\u306e\u8ca1\u52d9\u76ee\u6a19\u306b\u57fa\u3065\u304f\u65b0\u3057\u3044\u30dc\u30fc\u30ca\u30b9\u5236\u5ea6\u306e\u4e00\u90e8\u3068\u3057\u3066\u3001\u305d\u308c\u306f\u3084\u306f\u308a\u3059\u3079\u3066\u73fe\u91d1\u306a\u306e\u3067\u3057\u3087\u3046\u304b\uff1f\u305d\u308c\u3068\u3082\u73fe\u91d1\u3068\u682a\u5f0f\u3067\u3059\u304b\uff1f\u305d\u308c\u3068\u3082\u682a\u5f0f\u3067\u3059\u304b\uff1f<\/p>\n

\u30b8\u30a7\u30fc\u30f3\u30fb\u30d5\u30ec\u30a4\u30b6\u30fc — \u6700\u9ad8\u7d4c\u55b6\u8cac\u4efb\u8005<\/p>\n

\u30c8\u30e9\u30f3\u30b9\u30d5\u30a9\u30fc\u30e1\u30fc\u30b7\u30e7\u30f3\u30a2\u30ef\u30fc\u30c9\u306e\u3053\u3068\u3067\u3057\u3087\u3046\u304b\u3002\u305d\u3046\u3067\u3057\u3087\u3046\u304b\u3001\u30de\u30a4\u30af\uff1f<\/p>\n

Mike Mayo — Wells Fargo Securities — \u30a2\u30ca\u30ea\u30b9\u30c8<\/p>\n

\u306f\u3044\u3001\u305d\u3046\u3067\u3059\u3002<\/p>\n

\u30b8\u30a7\u30fc\u30f3\u30fb\u30d5\u30ec\u30a4\u30b6\u30fc — \u6700\u9ad8\u7d4c\u55b6\u8cac\u4efb\u8005<\/p>\n

\u6700\u521d\u306e2\u679a\u306f\u73fe\u91d1\u3067\u652f\u6255\u308f\u308c\u307e\u3059\u304c\u3001\u6700\u5f8c\u306e50%\u306f3\u5e74\u9593\u306e\u682a\u5f0f\u696d\u7e3e\u306b\u9023\u52d5\u3057\u307e\u3059\u3002\u3053\u308c\u304c\u9069\u5207\u306a\u30d0\u30e9\u30f3\u30b9\u3060\u3068\u8003\u3048\u3066\u3044\u307e\u3059\u3002\u5148\u307b\u3069\u3082\u7533\u3057\u4e0a\u3052\u305f\u3088\u3046\u306b\u3001\u5909\u9769\u306f\u79c1\u305f\u3061\u306e\u6700\u512a\u5148\u8ab2\u984c\u3067\u3059\u3002<\/p>\n

\u79c1\u305f\u3061\u306f\u3001\u63d0\u8d77\u3055\u308c\u305f\u61f8\u5ff5\u306b\u3046\u307e\u304f\u5bfe\u51e6\u3059\u308b\u5fc5\u8981\u304c\u3042\u308a\u3001\u305d\u308c\u306f100\uff05\u682a\u4e3b\u306e\u5229\u76ca\u3068\u306a\u308a\u307e\u3059\u3002\u305d\u306e\u305f\u3081\u306b\u91cd\u8981\u306a\u3053\u3068\u306e\u3072\u3068\u3064\u306f\u3001\u3053\u3046\u3057\u305f\u61f8\u5ff5\u3084\u4f01\u696d\u6587\u5316\u306e\u5909\u5316\u306b\u5bfe\u5fdc\u3059\u308b\u305f\u3081\u306b\u306f\u3001\u96c6\u56e3\u3067\u8aac\u660e\u8cac\u4efb\u3092\u679c\u305f\u3059\u5fc5\u8981\u304c\u3042\u308b\u3068\u3044\u3046\u3053\u3068\u3067\u3059\u3002\u305d\u306e\u305f\u3081\u3001\u3053\u306e\u8cde\u306f\u3001\u500b\u4eba\u306e\u30a4\u30f3\u30bb\u30f3\u30c6\u30a3\u30d6\u3067\u306f\u306a\u304f\u3001\u5171\u901a\u306e\u6210\u529f\u306b\u4f9d\u5b58\u3059\u308b\u3082\u306e\u3067\u3059\u3002\u3067\u3059\u304b\u3089\u3001\u3053\u306e\u8cde\u306f\u6210\u679c\u3092\u3042\u3052\u308b\u305f\u3081\u306e\u91cd\u8981\u306a\u8981\u7d20\u306a\u306e\u3067\u3059\u3002<\/p>\n

\u3082\u3061\u308d\u3093\u3001\u5909\u9769\u306e\u6210\u679c\u3092\u51fa\u305b\u305a\u3001\u305d\u306e\u5b9f\u884c\u304c\u3046\u307e\u304f\u3044\u304b\u306a\u3051\u308c\u3070\u3001\u8cde\u306f\u3042\u308a\u307e\u305b\u3093\u3002<\/p>\n

Mike Mayo — Wells Fargo Securities — \u30a2\u30ca\u30ea\u30b9\u30c8<\/p>\n

\u305d\u306e\u76ee\u6a19\u306b\u3064\u3044\u3066\u306f\u3001\u30a4\u30f3\u30d9\u30b9\u30bf\u30fc\u30fb\u30c7\u30a4\u3067\u308f\u304b\u308b\u3068\u601d\u3044\u307e\u3059\u306e\u3067\u3001\u305d\u306e\u8cea\u554f\u306b\u304a\u7b54\u3048\u304f\u3060\u3055\u3044\u3002PSU\u306b\u3064\u3044\u3066\u306f\u3001\u4ee5\u524d\u306f\u3044\u304f\u3089\u73fe\u91d1\u3067\u652f\u7d66\u3055\u308c\u3066\u3044\u305f\u306e\u3067\u3057\u3087\u3046\u304b\uff1f\u307e\u305f\u3001\u4ee5\u524d\u3068\u6bd4\u3079\u3066\u4f55\u4eba\u304f\u3089\u3044\u306b\u9069\u7528\u3055\u308c\u308b\u306e\u3067\u3057\u3087\u3046\u304b\uff1f<\/p>\n

\u30b8\u30a7\u30fc\u30f3\u30fb\u30d5\u30ec\u30a4\u30b6\u30fc — \u6700\u9ad8\u7d4c\u55b6\u8cac\u4efb\u8005<\/p>\n

PSU\u306f\u7d4c\u55b6\u9663\u306b\u652f\u7d66\u3055\u308c\u3066\u3044\u307e\u3059\u304c\u3001\u4eca\u5f8c\u306f\u4e3b\u8981\u4e8b\u696d\u306e\u30ea\u30fc\u30c0\u30fc\u3092\u542b\u3080\u3088\u308a\u5e83\u7bc4\u306a\u696d\u52d9\u30c1\u30fc\u30e0\u306b\u3082\u62e1\u5927\u3057\u3066\u3044\u304d\u307e\u3059\u3002\u3053\u306e\u60c5\u5831\u306f\u30013\u6708\u306b\u767a\u884c\u3055\u308c\u308b\u59d4\u4efb\u72b6\u3067\u3054\u89a7\u3044\u305f\u3060\u3051\u307e\u3059\u3002\u3067\u3059\u304b\u3089\u3001\u3053\u308c\u3089\u306e\u60c5\u5831\u306f\u3059\u3079\u3066\u307b\u307c\u540c\u6642\u306b\u5165\u624b\u3059\u308b\u3053\u3068\u304c\u3067\u304d\u307e\u3059\u3002<\/p>\n

\u30aa\u30da\u30ec\u30fc\u30bf\u30fc<\/p>\n

\u6b21\u306e\u8cea\u554f\u306f\u3001\u30b8\u30a7\u30d5\u30ea\u30fc\u30ba\u306e\u30b1\u30f3\u30fb\u30a6\u30b9\u30c7\u30a3\u30f3\u3055\u3093\u304b\u3089\u304a\u9858\u3044\u3057\u307e\u3059\u3002<\/p>\n

Ken Usdin — Jefferies — \u30a2\u30ca\u30ea\u30b9\u30c8<\/p>\n

\u3069\u3046\u3082\u3042\u308a\u304c\u3068\u3046\u3054\u3056\u3044\u307e\u3059\u3002\u304a\u306f\u3088\u3046\u3054\u3056\u3044\u307e\u3059\u3002\u30de\u30fc\u30af\u3001\u30ab\u30fc\u30c9\u30d3\u30b8\u30cd\u30b9\u5168\u4f53\u306b\u3064\u3044\u3066\u5c11\u3057\u304a\u8a71\u3044\u305f\u3060\u3051\u306a\u3044\u3067\u3057\u3087\u3046\u304b\u3002\u78ba\u304b\u306b\u5c11\u3057\u30d0\u30e9\u30f3\u30b9\u304c\u53d6\u308c\u59cb\u3081\u3066\u3044\u307e\u3059\u3002<\/p>\n

\u3057\u304b\u3057\u3001\u305d\u306e\u30d0\u30e9\u30f3\u30b9\u306e\u8ecc\u9053\u3092\u3069\u306e\u3088\u3046\u306b\u8003\u3048\u3066\u3044\u308b\u306e\u304b\u30011\u3064\u76ee\u306b\u3064\u3044\u3066\u89e6\u308c\u3066\u3044\u305f\u3060\u3051\u308c\u3070\u3068\u601d\u3044\u307e\u3059\u30022\u3064\u76ee\u306f\u3001\u6d88\u8cbb\u3068\u8cb8\u4ed8\u306e\u6bd4\u7387\u306f\u3069\u306e\u7a0b\u5ea6\u3067\u3059\u304b\uff1f\u305d\u308c\u304b\u30893\u3064\u76ee\u3001\u660e\u3089\u304b\u306b\u640d\u5931\u304c\u9a5a\u304f\u307b\u3069\u5c11\u306a\u3044\u306e\u3067\u3059\u304c\u3001\u30ab\u30fc\u30c9\u306e\u6b63\u5e38\u5316\u3092\u3069\u306e\u3088\u3046\u306b\u898b\u8fbc\u3093\u3067\u3044\u307e\u3059\u304b\uff1f\u3042\u308a\u304c\u3068\u3046\u3054\u3056\u3044\u307e\u3059\u3002<\/p>\n

\u30de\u30fc\u30af\u30fb\u30e1\u30a4\u30bd\u30f3 — \u6700\u9ad8\u8ca1\u52d9\u8cac\u4efb\u8005<\/p>\n

\u306f\u3044\u3001\u3082\u3061\u308d\u3093\u3067\u3059\u3002\u5148\u307b\u3069\u3082\u7533\u3057\u4e0a\u3052\u307e\u3057\u305f\u304c\u3001\u30ab\u30fc\u30c9\u306e\u72b6\u6cc1\u3092\u898b\u308b\u3068\u3001\u5168\u4f53\u7684\u306b\u4f7f\u7528\u91cf\u304c\u5897\u3048\u3066\u3044\u307e\u3059\u3002\u30d6\u30e9\u30f3\u30c9\u30fb\u30ab\u30fc\u30c9\u306e\u5229\u7528\u984d\u306f24%\u5897\u52a0\u3057\u3066\u3044\u307e\u3059\u3002\u30ea\u30c6\u30fc\u30eb\u30fb\u30b5\u30fc\u30d3\u30b9\u306e\u5229\u7528\u984d\u306f16%\u5897\u3067\u3059\u3002<\/p>\n

\u3064\u307e\u308a\u3001\u975e\u5e38\u306b\u5065\u5168\u306a\u5229\u7528\u984d\u3067\u3059\u3002\u79c1\u305f\u3061\u306e\u30ab\u30fc\u30c9\u3092\u4f7f\u3063\u3066\u3044\u305f\u3060\u3044\u3066\u3044\u308b\u3068\u3044\u3046\u3053\u3068\u306f\u3001\u3068\u3066\u3082\u826f\u3044\u3053\u3068\u3067\u3059\u3002\u8caf\u84c4\u91d1\u5229\u304c\u6b63\u5e38\u5316\u3057\u59cb\u3081\u305f\u3068\u306f\u3044\u3048\u3001\u5e02\u5834\u306b\u306f\u307e\u3060\u5927\u91cf\u306e\u6d41\u52d5\u6027\u304c\u5b58\u5728\u3057\u307e\u3059\u3002\u3053\u308c\u306f\u30d6\u30e9\u30f3\u30c9\u30ab\u30fc\u30c9\u3084\u30ea\u30c6\u30fc\u30eb\u30b5\u30fc\u30d3\u30b9\u3001\u305d\u3057\u3066\u7387\u76f4\u306b\u8a00\u3063\u3066\u56fd\u969b\u30ab\u30fc\u30c9\u4e8b\u696d\u306e\u4e00\u90e8\u306b\u304a\u3051\u308b\u6c7a\u6e08\u7387\u306b\u8868\u308c\u3066\u3044\u307e\u3059\u3002<\/p>\n

\u305d\u3057\u3066\u3001\u305d\u308c\u306f\u307e\u3060\u6c88\u9759\u5316\u3057\u3066\u3044\u307e\u305b\u3093\u3002\u305d\u306e\u305f\u3081\u3001\u30d6\u30e9\u30f3\u30c9\u30ab\u30fc\u30c9\u306e\u30ed\u30fc\u30f3\u3082\u4f38\u3073\u59cb\u3081\u3066\u3044\u307e\u3059\u3002\u5e73\u5747\u8cb8\u51fa\u984d\u306f3%\u5897\u3001\u30d6\u30e9\u30f3\u30c9\u30fb\u30ab\u30fc\u30c9\u3002\u671f\u672b\u306e\u30ed\u30fc\u30f3\u306f5%\u5897\u3067\u3057\u305f\u3002<\/p>\n

\u3053\u306e\u3088\u3046\u306a\u5371\u6a5f\u304b\u3089\u8131\u3057\u305f\u3068\u304d\u306b\u91cd\u8981\u306a\u306e\u306f\u3001\u3044\u304b\u306b\u518d\u6295\u8cc7\u3092\u884c\u3046\u304b\u3067\u3059\u3002\u305d\u306e\u305f\u3081\u3001\u79c1\u305f\u3061\u306f\u65b0\u898f\u9867\u5ba2\u306e\u958b\u62d3\u3068\u65b0\u898f\u53e3\u5ea7\u306e\u7372\u5f97\u306b\u591a\u304f\u306e\u6642\u9593\u3092\u8cbb\u3084\u3057\u3066\u304d\u307e\u3057\u305f\u3002\u30d6\u30e9\u30f3\u30c9\u30fb\u30ab\u30fc\u30c9\u306e\u65b0\u898f\u53e3\u5ea7\u7372\u5f97\u6570\u306f43%\u5897\u52a0\u3057\u307e\u3057\u305f\u3002\u307e\u305f\u3001\u30ea\u30c6\u30fc\u30eb\u30fb\u30b5\u30fc\u30d3\u30b9\u306b\u304a\u3044\u3066\u3082\u3001\u5168\u822c\u7684\u306b\u65b0\u898f\u53e3\u5ea7\u7372\u5f97\u3092\u63a8\u9032\u3057\u3066\u3044\u307e\u3059\u3002<\/p>\n

\u3067\u3059\u304b\u3089\u3001\u65b0\u898f\u53e3\u5ea7\u306e\u7372\u5f97\u3068\u3044\u3046\u70b9\u3067\u306f\u3001\u975e\u5e38\u306b\u826f\u3044\u53cd\u5fdc\u304c\u5f97\u3089\u308c\u3066\u3044\u307e\u3059\u3002\u30d5\u30ec\u30c3\u30af\u30b9\u30fb\u30ed\u30fc\u30f3\u3084\u30d5\u30ec\u30c3\u30af\u30b9\u30fb\u30da\u30a4\u3068\u3044\u3046\u5546\u54c1\u3082\u5927\u304d\u304f\u4f38\u3073\u3066\u304a\u308a\u3001\u5f93\u6765\u306f\u30c8\u30e9\u30f3\u30b6\u30af\u30b7\u30e7\u30f3\u3092\u884c\u3063\u3066\u3044\u305f\u304a\u5ba2\u69d8\u3092\u30bf\u30fc\u30b2\u30c3\u30c8\u306b\u3057\u3066\u3001\u3053\u306e\u5546\u54c1\u306b\u79fb\u884c\u3055\u305b\u307e\u3057\u305f\u3002\u3053\u306e\u3088\u3046\u306b\u3001\u975e\u5e38\u306b\u826f\u3044\u6210\u9577\u3092\u898b\u305b\u3066\u3044\u307e\u3059\u3002\u5b9f\u969b\u30012021\u5e74\u306b\u306f\u3001\u5168\u4f53\u304c\u4f38\u3073\u305f\u3060\u3051\u3067\u306f\u3042\u308a\u307e\u305b\u3093\u3002<\/p>\n

\u3057\u304b\u3057\u3001\u5272\u8ce6\u8ca9\u58f2\u306b\u76ee\u3092\u5411\u3051\u308b\u3068\u3001\u5272\u8ce6\u8ca9\u58f2\u5168\u4f53\u306e90%\u304c\u30c7\u30b8\u30bf\u30eb\u8ca9\u58f2\u3068\u306a\u3063\u3066\u304a\u308a\u3001\u3053\u308c\u3082\u4f4e\u30b3\u30b9\u30c8\u3067\u9867\u5ba2\u3092\u7372\u5f97\u3059\u308b\u30a2\u30d7\u30ed\u30fc\u30c1\u3068\u306a\u3063\u3066\u3044\u307e\u3059\u3002\u3053\u306e\u3088\u3046\u306b\u3001\u57fa\u790e\u7684\u306a\u6307\u6a19\u306f\u826f\u597d\u3067\u3059\u3002\u3057\u304b\u3057\u3001\u3084\u306f\u308a\u3001\u652f\u6255\u91d1\u5229\u304c\u843d\u3061\u7740\u304f\u307e\u3067\u306f\u7121\u7406\u3067\u3057\u3087\u3046\u30022022\u5e74\u306e\u5f8c\u534a\u306b\u306f\u3001\u305d\u308c\u304c\u73fe\u308c\u3066\u304f\u308b\u3068\u671f\u5f85\u3057\u3066\u3044\u307e\u3059\u3002<\/p>\n

\u3082\u3046\u4e00\u3064\u306e\u3054\u8cea\u554f\u3067\u3042\u308b\u640d\u5931\u306b\u3064\u3044\u3066\u306f\u3001\u975e\u5e38\u306b\u4f4e\u3044\u640d\u5931\u30ec\u30d9\u30eb\u3067\u3059\u3002\u5148\u307b\u3069\u5ef6\u6ede\u7387\u306e\u304a\u8a71\u304c\u3042\u308a\u307e\u3057\u305f\u304c\u3001\u305d\u306e\u70b9\u306b\u3064\u3044\u3066\u306f\u3044\u304b\u304c\u3067\u3057\u3087\u3046\u304b\u3002\u5148\u307b\u3069\u306e\u30ed\u30b9\u7387\u3082\u305d\u3046\u3067\u3059\u304c\u3001\u5ef6\u6ede\u306e\u50be\u5411\u3092\u898b\u3066\u3082\u3001\u7279\u306b\u6ce8\u76ee\u3059\u308b\u3088\u3046\u306a\u3053\u3068\u306f\u306a\u3044\u3067\u3059\u3002\u304b\u306a\u308a\u4f4e\u3044\u6c34\u6e96\u306b\u3068\u3069\u307e\u3063\u3066\u3044\u307e\u3059\u3002<\/p>\n

\u307e\u305f\u3001\u61f8\u5ff5\u3055\u308c\u308b\u3088\u3046\u306a\u5146\u5019\u3082\u898b\u5f53\u305f\u308a\u307e\u305b\u3093\u3002\u3057\u304b\u3057\u3001\u652f\u6255\u3044\u7387\u304c\u4e0b\u304c\u308a\u59cb\u3081\u308b\u3068\u3001\u3053\u306e2\u3064\u306f\u6b63\u5e38\u5316\u3057\u59cb\u3081\u308b\u3060\u308d\u3046\u3068\u60f3\u50cf\u3057\u3066\u3044\u307e\u3059\u3002<\/p>\n

Ken Usdin — \u30b8\u30a7\u30d5\u30ea\u30fc\u30ba — \u30a2\u30ca\u30ea\u30b9\u30c8<\/p>\n

\u30de\u30fc\u30af\u3001\u3042\u308a\u304c\u3068\u3046\u3054\u3056\u3044\u307e\u3059\u3002\u305d\u308c\u304b\u3089\u3001\u30d5\u30a9\u30ed\u30fc\u30a2\u30c3\u30d7\u3092\u304a\u9858\u3044\u3057\u307e\u3059\u3002\u30a2\u30c9\u30d0\u30a4\u30b6\u30ea\u30fc\u90e8\u9580\u306e\u56db\u534a\u671f\u6c7a\u7b97\u304c\u904e\u53bb\u6700\u9ad8\u3001\u3042\u308b\u3044\u306f\u904e\u53bb\u6700\u9ad8\u3068\u304a\u3063\u3057\u3083\u3044\u307e\u3057\u305f\u304c\u3001\u3053\u308c\u306f\u3069\u3046\u3044\u3046\u3053\u3068\u3067\u3059\u304b\uff1f\u6295\u8cc7\u9280\u884c\u90e8\u9580\u306e\u30d1\u30a4\u30d7\u30e9\u30a4\u30f3\u306b\u3064\u3044\u3066\u3001\u5404\u30d7\u30ed\u30c0\u30af\u30c8\u30fb\u30b0\u30eb\u30fc\u30d7\u304b\u3089\u5e83\u304f\u30b3\u30e1\u30f3\u30c8\u3092\u9802\u3051\u308c\u3070\u3068\u601d\u3044\u307e\u3059\u3002<\/p>\n

\u3042\u308a\u304c\u3068\u3046\u3054\u3056\u3044\u307e\u3057\u305f\u3002<\/p>\n

\u30de\u30fc\u30af\u30fb\u30e1\u30a4\u30bd\u30f3 — \u6700\u9ad8\u8ca1\u52d9\u8cac\u4efb\u8005<\/p>\n

\u6295\u8cc7\u9280\u884c\u90e8\u9580\u306e\u30d1\u30a4\u30d7\u30e9\u30a4\u30f3\u306f\u975e\u5e38\u306b\u5f37\u529b\u3067\u3059\u3002\u30a2\u30c9\u30d0\u30a4\u30b6\u30ea\u30fc\u90e8\u9580\u306f\u524d\u5e74\u6bd4146\uff05\u5897\u3068\u3001\u30a6\u30a9\u30ec\u30c3\u30c8\u3092\u5927\u304d\u304f\u4e0a\u56de\u308b\u6210\u9577\u3092\u9042\u3052\u3001\u4eca\u5e74\u3092\u7d42\u3048\u307e\u3057\u305f\u3002\u3053\u306e\u5206\u91ce\u3067\u306f\u30b7\u30a7\u30a2\u3092\u62e1\u5927\u3059\u308b\u3053\u3068\u304c\u3067\u304d\u307e\u3057\u305f\u3002<\/p>\n

ECM\u306f\u7d0416%\u5897\u3067\u3001\u3053\u3061\u3089\u3082\u30a6\u30a9\u30ec\u30c3\u30c8\u3092\u4e0a\u56de\u3063\u3066\u3044\u307e\u3059\u3002\u3053\u308c\u306f\u3001SPAC\u306e\u6d3b\u52d5\u304b\u3089\u5f97\u3089\u308c\u308b\u624b\u6570\u6599\u306e\u4e00\u90e8\u3092\u53cd\u6620\u3057\u305f\u3082\u306e\u3067\u3059\u3002\u3053\u306e\u3088\u3046\u306b\u3001\u975e\u5e38\u306b\u826f\u3044\u6210\u9577\u3092\u898b\u305b\u3066\u3044\u307e\u3059\u3002EMEA\u3068\u5317\u7c73\u306f\u3001M&A\u306e\u52e2\u3044\u304c\u7d9a\u3044\u3066\u3044\u308b\u305f\u3081\u3001\u524d\u5e74\u540c\u671f\u6bd4\u3067\u30d7\u30e9\u30b9\u3068\u306a\u3063\u3066\u3044\u307e\u3059\u3002<\/p>\n

\u3053\u306e\u3088\u3046\u306b\u3001\u975e\u5e38\u306b\u597d\u8abf\u306b\u63a8\u79fb\u3057\u3066\u3044\u307e\u3059\u3002\u30d1\u30a4\u30d7\u30e9\u30a4\u30f3\u306f\u307e\u3060\u975e\u5e38\u306b\u5f37\u3044\u3068\u601d\u3044\u307e\u3059\u3002\u30d8\u30eb\u30b9\u30b1\u30a2\u3001\u30c6\u30af\u30ce\u30ed\u30b8\u30fc\u3001\u30b9\u30dd\u30f3\u30b5\u30fc\u30fb\u30b0\u30eb\u30fc\u30d7\u306a\u3069\u3001\u5f37\u5316\u304c\u5fc5\u8981\u306a\u5206\u91ce\u306b\u30d0\u30f3\u30ab\u30fc\u3092\u6295\u5165\u3057\u3066\u304d\u307e\u3057\u305f\u304c\u3001\u3053\u308c\u3089\u306e\u6295\u8cc7\u306f\u78ba\u5b9f\u306b\u5b9f\u3092\u7d50\u3073\u3064\u3064\u3042\u308a\u307e\u3059\u3002\u3067\u3059\u304b\u3089\u3001\u79c1\u305f\u3061\u306f\u826f\u3044\u611f\u89e6\u3092\u5f97\u3066\u3044\u307e\u3059\u3002<\/p>\n

\u30aa\u30da\u30ec\u30fc\u30bf\u30fc<\/p>\n

\u6b21\u306e\u8cea\u554f\u306f\u3001\u30a8\u30d0\u30b3\u30a2\u306e\u30b0\u30ec\u30f3\u30fb\u30b7\u30e7\u30a2\u30fc\u3067\u3059\u3002<\/p>\n

\u30b0\u30ec\u30f3\u30fb\u30b7\u30e7\u30fc\u30a2 — \u30a8\u30d0\u30fc\u30b3\u30a2ISI — \u30a2\u30ca\u30ea\u30b9\u30c8<\/p>\n

\u308f\u304b\u3063\u305f\u3088 \u3082\u3046\u4e00\u5ea6\u3084\u3063\u3066\u307f\u307e\u3057\u3087\u3046\u3002<\/p>\n

Jane Fraser — \u6700\u9ad8\u7d4c\u55b6\u8cac\u4efb\u8005<\/p>\n

\u3082\u3063\u3068\u3044\u3044\u3001\u30b0\u30ec\u30f3\u3002<\/p>\n

Glenn Schorr — Evercore ISI — \u30a2\u30ca\u30ea\u30b9\u30c8<\/p>\n

\u308f\u304b\u308a\u307e\u3057\u305f\u3002\u3064\u307e\u308a\u3001\u79c1\u305f\u3061\u306f\u9577\u671f\u7684\u306a\u30d7\u30ed\u30bb\u30b9\u3092\u3046\u307e\u304f\u9032\u3081\u3066\u304a\u308a\u30011\u5e74\u4ee5\u4e0a\u306e\u671f\u9593\u3067\u6e2c\u5b9a\u3057\u3066\u3044\u308b\u3068\u601d\u3044\u307e\u3059\u3002\u3057\u304b\u3057\u3001\u3042\u308b\u7a2e\u306e — \u30ea\u30bf\u30fc\u30f3\u306f\u4e0a\u304c\u308b\u524d\u306b\u4e0b\u304c\u3089\u306a\u3051\u308c\u3070\u306a\u3089\u306a\u3044\u3088\u3046\u306b\u611f\u3058\u307e\u3059\u304c\u3001\u3069\u3046\u304a\u8003\u3048\u3067\u3059\u304b\uff1f\u540c\u696d\u4ed6\u793e\u3068\u306e\u5dee\u3092\u7e2e\u3081\u308b\u3068\u3044\u3046\u5168\u4f53\u7684\u306a\u76ee\u6a19\u304c\u3042\u308b\u306e\u306f\u77e5\u3063\u3066\u3044\u307e\u3059\u3002<\/p>\n

\u3057\u304b\u3057\u3001\u89e3\u653e\u3055\u308c\u308b\u8cc7\u672c\u3001GCIB\u30d0\u30c3\u30d5\u30a1\u3001\u5206\u6bcd\u3001\u8cc7\u672c\u5e02\u5834\u3001\u5358\u72ec\u30d5\u30e9\u30f3\u30c1\u30e3\u30a4\u30ba\u306e\u5ea7\u7901\u8cbb\u7528\u306e\u4e00\u90e8\u6b63\u5e38\u5316\u3001\u305d\u3057\u3066\u3053\u308c\u3089\u306e\u5909\u9769\u306e\u5b9f\u884c\u7d99\u7d9a\u306e\u9593\u3067\u3001\u305d\u308c\u306f\u5927\u4e08\u592b\u3067\u3059\u304b\u3001\u305d\u3057\u3066\u305d\u308c\u306f\u6b63\u5e38\u3067\u3059\u304b\uff1f\u6700\u521d\u306b\u4e0b\u304c\u3063\u3066\u304b\u3089\u4e0a\u304c\u308b\u3068\u3044\u3046\u306e\u306f\u3001\u79c1\u305f\u3061\u306e\u30e2\u30c7\u30eb\u306b\u3082\u4e00\u90e8\u3042\u308b\u3068\u601d\u3046\u306e\u3067\u3059\u304c\u3002<\/p>\n

\u30de\u30fc\u30af\u30fb\u30e1\u30a4\u30bd\u30f3 — \u6700\u9ad8\u8ca1\u52d9\u8cac\u4efb\u8005<\/p>\n

\u306f\u3044\u3001\u3042\u308a\u304c\u3068\u3046\u3054\u3056\u3044\u307e\u3059\u3001\u30b0\u30ec\u30f3\u30022021\u5e74\u306eRoTCE\u304c13.4%\u3067\u3001\u30ea\u30b6\u30fc\u30d6\u30ea\u30ea\u30fc\u30b9\u304c90\u5104\u30c9\u30eb\u8fd1\u304f\u306b\u306a\u308b\u3068\u3057\u305f\u3089\u3001\u300c\u30a4\u30a8\u30b9\u300d\u3068\u8a00\u308f\u3056\u308b\u3092\u5f97\u307e\u305b\u3093\u3088\u306d\uff1f\u306a\u305c\u306a\u3089\u3001\u3053\u306e\u30ea\u30b6\u30fc\u30d6\u30ea\u30ea\u30fc\u30b9\u306f\u3001\u305d\u306e\u3046\u3061\u306e\u304b\u306a\u308a\u306e\u90e8\u5206\u3092\u727d\u5f15\u3057\u3066\u3044\u308b\u304b\u3089\u3067\u3059\u30022020\u5e74\u3068\u6bd4\u8f03\u3059\u308b\u3053\u3068\u304c\u91cd\u8981\u3067\u3059\u30022020\u5e74\u3067\u306f\u3001\u610f\u5473\u306e\u3042\u308b\u57cb\u8535\u91cf\u3092\u7a4d\u307f\u4e0a\u3052\u305f\u306e\u3067\u3001\u9006\u306e\u52b9\u679c\u304c\u3042\u308a\u307e\u3057\u305f\u3002<\/p>\n

\u3057\u304b\u3057\u3001\u3053\u308c\u304b\u3089\u8a73\u3057\u304f\u8aac\u660e\u3057\u307e\u3059\u304c\u3001\u30b8\u30a7\u30fc\u30f3\u304c\u8ff0\u3079\u305f\u3088\u3046\u306b\u3001\u79c1\u305f\u3061\u306f\u3001\u6210\u9577\u306e\u6a5f\u4f1a\u304c\u3042\u308a\u3001\u3088\u308a\u9ad8\u3044\u30ea\u30bf\u30fc\u30f3\u304c\u671f\u5f85\u3067\u304d\u308b\u30d5\u30e9\u30f3\u30c1\u30e3\u30a4\u30ba\u306e\u4e2d\u6838\u90e8\u5206\u306b\u91cd\u70b9\u3092\u7f6e\u3044\u3066\u3044\u307e\u3059\u3002\u305d\u3057\u3066\u3001\u305d\u3053\u306b\u79c1\u305f\u3061\u306e\u30a8\u30cd\u30eb\u30ae\u30fc\u304c\u96c6\u4e2d\u3057\u3001\u9577\u671f\u7684\u306b\u30ea\u30bf\u30fc\u30f3\u3092\u5411\u4e0a\u3055\u305b\u308b\u3053\u3068\u306b\u3064\u306a\u304c\u308b\u3068\u8003\u3048\u3066\u3044\u307e\u3059\u3002<\/p>\n

Glenn Schorr — Evercore ISI — \u30a2\u30ca\u30ea\u30b9\u30c8<\/p>\n

\u305d\u306e\u901a\u308a\u3067\u3059\u3002\u5c11\u306a\u304f\u3068\u3082\u4e88\u5099\u8cbb\u306f\u5927\u304d\u306a\u30a4\u30f3\u30d1\u30af\u30c8\u304c\u3042\u308a\u307e\u3059\u3002\u305d\u3046\u3067\u3059\u306d\u3002\u305d\u308c\u304b\u3089\u3001\u6210\u9577\u3068\u3044\u3046\u70b9\u3067\u306f\u3001\u3044\u304f\u3064\u304b\u306e\u8cea\u554f\u304c\u98db\u3073\u4ea4\u3063\u305f\u3068\u601d\u3044\u307e\u3059\u306e\u3067\u3001\u77ed\u304f\u307e\u3068\u3081\u307e\u3059\u3002<\/p>\n

\u3057\u304b\u3057\u3001\u30d7\u30ec\u30df\u30a2\u30fb\u30d5\u30e9\u30f3\u30c1\u30e3\u30a4\u30ba\u3084\u3042\u3089\u3086\u308b\u696d\u754c\u3084\u4e8b\u696d\u5206\u91ce\u306b\u304a\u3044\u3066\u3001\u30b7\u30c6\u30a3\u304c\u3069\u306e\u3088\u3046\u306a\u5b58\u5728\u3067\u3042\u308a\u3001\u307e\u305f\u3069\u306e\u3088\u3046\u306a\u5b58\u5728\u3067\u3042\u308a\u305f\u3044\u304b\u306b\u3064\u3044\u3066\u306e\u3042\u306a\u305f\u306e\u7b54\u3048\u304b\u3089\u3059\u308b\u3068\u3001\u77ed\u671f\u7684\u306b\u682a\u4e3b\u306b\u3068\u3063\u3066\u6b63\u3057\u3044\u3053\u3068\u3092\u884c\u3044\u3001\u682a\u4fa1\u3092\u4e0a\u3052\u308b\u3053\u3068\u3068\u3001\u5c06\u6765\u306e\u305f\u3081\u306b\u78ba\u5b9f\u306b\u6295\u8cc7\u3059\u308b\u3053\u3068\u306e\u30d0\u30e9\u30f3\u30b9\u3092\u3069\u306e\u3088\u3046\u306b\u53d6\u3063\u3066\u3044\u308b\u306e\u3067\u3057\u3087\u3046\u304b\uff1f\u306a\u305c\u306a\u3089\u3001\u3069\u306e\u696d\u754c\u3082\u975e\u5e38\u306b\u7af6\u4e89\u304c\u6fc0\u3057\u3044\u304b\u3089\u3067\u3059\u3002\u3069\u306e\u4f01\u696d\u306b\u3082\u3001\u65e9\u304f\u3082\u4eca\u65e5\u3082\u3001\u3042\u308b\u3044\u306f\u6700\u8fd1\u3082\u3001\u305d\u306e\u5206\u91ce\u3067\u7af6\u4e89\u3059\u308b\u305f\u3081\u306b\u5de8\u984d\u306e\u8cc7\u91d1\u3092\u6295\u3058\u3066\u3044\u308b\u7af6\u5408\u4ed6\u793e\u304c\u3044\u307e\u3059\u3002\u9577\u671f\u7684\u306a\u6295\u8cc7\u3068\u77ed\u671f\u7684\u306a\u682a\u4fa1\u4e0a\u6607\u306e\u30d0\u30e9\u30f3\u30b9\u3092\u3069\u3046\u3068\u308b\u304b\uff1f<\/p>\n

\u30de\u30fc\u30af\u30fb\u30e1\u30a4\u30bd\u30f3 — \u6700\u9ad8\u8ca1\u52d9\u8cac\u4efb\u8005<\/p>\n

\u3067\u306f\u3001\u79c1\u304b\u3089\u304a\u8a71\u3057\u3055\u305b\u3066\u3044\u305f\u3060\u304d\u307e\u3059\u3002\u307e\u305a\u3001\u91cd\u8981\u306a\u3053\u3068\u306f\u3001\u9577\u671f\u7684\u306b\u30ea\u30bf\u30fc\u30f3\u3092\u3082\u305f\u3089\u3059\u4e2d\u6838\u7684\u306a\u30d5\u30e9\u30f3\u30c1\u30e3\u30a4\u30ba\u306b\u7126\u70b9\u3092\u5f53\u3066\u308b\u3068\u3044\u3046\u3053\u3068\u3067\u3059\u3002\u305d\u306e\u305f\u3081\u3001\u58f2\u5374\u6d3b\u52d5\u3092\u901a\u3058\u3066\u3001\u8cc7\u6e90\u3084\u6295\u8cc7\u306e\u914d\u5206\u3092\u512a\u5148\u7684\u306b\u884c\u3063\u3066\u3044\u307e\u3059\u3002<\/p>\n

\u3082\u3046\u3072\u3068\u3064\u306f\u3001\u77ed\u671f\u7684\u306a\u6307\u6a19\u3092\u9054\u6210\u3059\u308b\u305f\u3081\u3067\u306f\u306a\u304f\u3001\u9577\u671f\u7684\u306a\u8996\u70b9\u3067\u30d5\u30e9\u30f3\u30c1\u30e3\u30a4\u30ba\u306b\u6295\u8cc7\u3057\u3066\u3044\u308b\u3053\u3068\u3067\u3059\u3002\u305d\u306e\u305f\u3081\u306b\u306f\u3001\u9867\u5ba2\u306e\u9700\u8981\u304c\u3042\u308a\u3001\u5f53\u793e\u304c\u958b\u767a\u3057\u305f\u7af6\u4e89\u4e0a\u306e\u512a\u4f4d\u6027\u3092\u6d3b\u7528\u3067\u304d\u308b\u5206\u91ce\u306b\u8cc7\u91d1\u3092\u6295\u5165\u3059\u308b\u5fc5\u8981\u304c\u3042\u308a\u307e\u3059\u3002\u305d\u306e\u305f\u3081\u3001\u6295\u8cc7\u5bb6\u306b\u5bfe\u3057\u3066\u660e\u78ba\u3067\u900f\u660e\u6027\u306e\u3042\u308b\u8aac\u660e\u3092\u3059\u308b\u3053\u3068\u3092\u5ff5\u982d\u306b\u7f6e\u304d\u306a\u304c\u3089\u3001\u3053\u306e\u3088\u3046\u306a\u65b9\u6cd5\u3067\u30a2\u30d7\u30ed\u30fc\u30c1\u3057\u3066\u3044\u307e\u3059\u3002\u307e\u305f\u3001\u4f59\u5270\u8cc7\u91d1\u304c\u3042\u308c\u3070\u3001\u305d\u308c\u3092\u682a\u4e3b\u306b\u9084\u5143\u3057\u3066\u3044\u307e\u3059\u3002\u305d\u3046\u3059\u308c\u3070\u3001\u305f\u3060\u508d\u89b3\u3057\u3066\u3044\u308b\u3060\u3051\u3067\u3001\u682a\u4e3b\u304c\u671f\u5f85\u3059\u308b\u3088\u3046\u306a\u30ea\u30bf\u30fc\u30f3\u304c\u5f97\u3089\u308c\u306a\u3044\u3068\u3044\u3046\u3053\u3068\u306f\u3042\u308a\u307e\u305b\u3093\u3002<\/p>\n

\u30b8\u30a7\u30fc\u30f3\u30fb\u30d5\u30ec\u30a4\u30b6\u30fc — \u6700\u9ad8\u7d4c\u55b6\u8cac\u4efb\u8005<\/p>\n

\u79c1\u3082\u98db\u3073\u5165\u308a\u3067\u53c2\u52a0\u3057\u307e\u3059\u3002\u79c1\u305f\u3061\u304c\u6295\u8cc7\u3057\u3066\u3044\u308b\u3055\u307e\u3056\u307e\u306a\u4e8b\u696d\u3092\u898b\u3066\u307f\u308b\u3068\u3001\u30de\u30fc\u30af\u304c\u8a00\u3063\u305f\u3088\u3046\u306b\u3001\u305d\u308c\u3089\u306f\u30cf\u30a4\u30ea\u30bf\u30fc\u30f3\u306a\u3082\u306e\u3070\u304b\u308a\u3067\u3059\u3002\u3064\u307e\u308a\u3001\u30b5\u30fc\u30d3\u30b9\u4e8b\u696d\u306f\u8cc7\u672c\u304c\u8efd\u304f\u3001\u30cf\u30a4\u30ea\u30bf\u30fc\u30f3\u3067\u3059\u3002\u30a6\u30a7\u30eb\u30b9\u30fb\u30de\u30cd\u30b8\u30e1\u30f3\u30c8\u3082\u540c\u3058\u3067\u3059\u3002<\/p>\n

\u6295\u8cc7\u9280\u884c\u696d\u52d9\u3067\u306f\u3001\u7d99\u7d9a\u7684\u306b\u30b7\u30a7\u30a2\u3092\u62e1\u5927\u3059\u308b\u6a5f\u4f1a\u304c\u3042\u308b\u3068\u601d\u3044\u307e\u3059\u304c\u3001\u3053\u308c\u3082\u30cf\u30a4\u30ea\u30bf\u30fc\u30f3\u306a\u30d3\u30b8\u30cd\u30b9\u3067\u3059\u3002\u3067\u3059\u304b\u3089\u3001\u3053\u306e\u4e8b\u696d\u306f\u3001\u3042\u306a\u305f\u304c\u304a\u3063\u3057\u3083\u308b\u3088\u3046\u306a\u30df\u30c3\u30af\u30b9\u306b\u304a\u3044\u3066\u3001\u9577\u671f\u7684\u306b\u79c1\u305f\u3061\u3092\u52a9\u3051\u3066\u304f\u308c\u308b\u3053\u3068\u3067\u3057\u3087\u3046\u3002\u307e\u305f\u3001\u3059\u3079\u3066\u304c\u83ab\u5927\u306a\u6295\u8cc7\u3092\u5fc5\u8981\u3068\u3059\u308b\u308f\u3051\u3067\u306f\u3042\u308a\u307e\u305b\u3093\u3002\u4f8b\u3048\u3070\u3001\u30a6\u30a7\u30eb\u30b9\u3092\u4f8b\u306b\u3068\u308b\u3068\u3001\u79c1\u305f\u3061\u304c\u3059\u3067\u306b\u6301\u3063\u3066\u3044\u308b\u3055\u307e\u3056\u307e\u306a\u30d4\u30fc\u30b9\u3092\u7d44\u307f\u5408\u308f\u305b\u3066\u30011\u3064\u306e\u7d71\u5408\u3055\u308c\u305f\u30d3\u30b8\u30cd\u30b9\u3068\u63d0\u6848\u306b\u3057\u3066\u3044\u308b\u306e\u3067\u3042\u3063\u3066\u3001\u30bc\u30ed\u304b\u3089\u59cb\u3081\u308b\u3068\u3044\u3046\u3053\u3068\u3067\u306f\u3042\u308a\u307e\u305b\u3093\u3002<\/p>\n

\u3064\u307e\u308a\u3001\u3053\u306e\u591a\u304f\u306f\u8ffd\u52a0\u7684\u306a\u3082\u306e\u306a\u306e\u3067\u3059\u3002<\/p>\n

\u30aa\u30da\u30ec\u30fc\u30bf\u30fc<\/p>\n[\u6b21\u306e\u8cea\u554f\u306fJP\u30e2\u30eb\u30ac\u30f3\u306e\u30f4\u30a3\u30f4\u30a7\u30c3\u30af\u30fb\u30b8\u30e5\u30cb\u30a2\u304b\u3089\u3067\u3059\u3002<\/p>\n

Vivek Juneja — J.P. Morgan — \u30a2\u30ca\u30ea\u30b9\u30c8<\/p>\n

\u30b8\u30a7\u30fc\u30f3\u3055\u3093\u3001\u30de\u30fc\u30af\u3055\u3093\u3001\u3053\u3093\u306b\u3061\u306f\u3002\u307e\u305a\u306f\u7c21\u5358\u306b\u3002\u30e1\u30ad\u30b7\u30b3\u304b\u3089\u64a4\u9000\u3059\u308b\u3068\u3044\u3046\u3053\u3068\u3067\u3059\u304c\u3001\u30b7\u30f3\u30ac\u30dd\u30fc\u30eb\u3068\u9999\u6e2f\u306f\u3001\u6d88\u8cbb\u8005\u30d3\u30b8\u30cd\u30b9\u306b\u304a\u3051\u308b13\u306e\u5e02\u5834\u304b\u3089\u306e\u64a4\u9000\u3092\u767a\u8868\u3057\u305f\u3068\u304d\u306b\u306f\u3001\u64a4\u9000\u306e\u5bfe\u8c61\u306b\u306f\u5165\u3063\u3066\u3044\u307e\u305b\u3093\u3067\u3057\u305f\u306d\u3002\u3053\u308c\u3089\u306e\u5e02\u5834\u3067\u306e\u30b3\u30f3\u30b7\u30e5\u30fc\u30de\u30fc\u30fb\u30d3\u30b8\u30cd\u30b9\u3001\u3064\u307e\u308a\u3001\u9577\u5e74\u306b\u308f\u305f\u3063\u3066\u884c\u3063\u3066\u304d\u305f\u4f1d\u7d71\u7684\u306a\u30b3\u30f3\u30b7\u30e5\u30fc\u30de\u30fc\u30fb\u30d3\u30b8\u30cd\u30b9\u306b\u3068\u3069\u307e\u308b\u306e\u3067\u3057\u3087\u3046\u304b\uff1f\u305d\u308c\u3068\u3082\u5909\u66f4\u3055\u308c\u308b\u306e\u3067\u3057\u3087\u3046\u304b\uff1f<\/p>\n

Jane Fraser — \u6700\u9ad8\u7d4c\u55b6\u8cac\u4efb\u8005<\/p>\n

\u3044\u3044\u3048\u3001\u30b7\u30f3\u30ac\u30dd\u30fc\u30eb\u3068\u9999\u6e2f\u306e\u30d5\u30e9\u30f3\u30c1\u30e3\u30a4\u30ba\u306f\u3001\u305d\u306e\u6027\u8cea\u4e0a\u3001\u3042\u306a\u305f\u304c\u304a\u3063\u3057\u3083\u308b\u3088\u3046\u306b\u3001\u65e2\u5b58\u306e\u975e\u5e38\u306b\u5f37\u529b\u306a\u30d7\u30e9\u30c3\u30c8\u30d5\u30a9\u30fc\u30e0\u3067\u69cb\u7bc9\u3057\u6295\u8cc7\u3057\u3066\u3044\u308b\u30a6\u30a7\u30eb\u30b9\u30d5\u30e9\u30f3\u30c1\u30e3\u30a4\u30ba\u3068\u81ea\u7136\u306b\u7d50\u3073\u3064\u3044\u3066\u3044\u308b\u3068\u8003\u3048\u3066\u3044\u307e\u3059\u3002\u3067\u3059\u304b\u3089\u3001\u79c1\u305f\u3061\u306f\u4eca\u5f8c\u3082\u3055\u307e\u3056\u307e\u306a\u30b5\u30fc\u30d3\u30b9\u3084\u80fd\u529b\u3092\u63d0\u4f9b\u3057\u3066\u3044\u304f\u3064\u3082\u308a\u3067\u3059\u3002\u306a\u305c\u306a\u3089\u3001\u3053\u308c\u3089\u306e\u30b5\u30fc\u30d3\u30b9\u306f\u3001\u4e16\u754c\u3067\u6700\u3082\u4e3b\u8981\u306a\u5bcc\u306e\u4e2d\u5fc3\u5730\u3067\u3042\u308b2\u3064\u306e\u5730\u57df\u3067\u3001\u79c1\u305f\u3061\u306e\u5bcc\u306e\u30d3\u30b8\u30cd\u30b9\u3092\u88dc\u5b8c\u3057\u3001\u30b5\u30dd\u30fc\u30c8\u3059\u308b\u306e\u306b\u5f79\u7acb\u3064\u304b\u3089\u3067\u3059\u3002<\/p>\n

Vivek Juneja — J.P.\u30e2\u30eb\u30ac\u30f3 — \u30a2\u30ca\u30ea\u30b9\u30c8<\/p>\n

OK\u3001\u7d20\u6674\u3089\u3057\u3044\u3002\u7d9a\u3044\u3066\u306e\u8cea\u554f\u3067\u3059\u304c\u3001\u3082\u3057\u3088\u308d\u3057\u3051\u308c\u3070\u3002\u30de\u30fc\u30af\u304c\u884c\u3063\u305fNII\u306e\u5909\u66f4\u3067\u3059\u304c\u3001\u3053\u308c\u306f\u3069\u306e\u7a0b\u5ea6\u306e\u9810\u91d1\u30d9\u30fc\u30bf\u3092\u60f3\u5b9a\u3057\u3066\u3044\u308b\u306e\u3067\u3057\u3087\u3046\u304b\uff1f\u307e\u305f\u3001\u3053\u306e\u5909\u5316\u306e\u3046\u3061\u3001\u7c73\u56fd\u306e\u7d14\u5229\u606f\u53ce\u76ca\u306f\u4ed6\u306e\u901a\u8ca8\u3068\u6bd4\u8f03\u3057\u3066\u3069\u306e\u7a0b\u5ea6\u3067\u3059\u304b\uff1f<\/p>\n

\u30de\u30fc\u30af\u30fb\u30e1\u30a4\u30bd\u30f3 — \u6700\u9ad8\u8ca1\u52d9\u8cac\u4efb\u8005<\/p>\n

\u305d\u3046\u3067\u3059\u3002 \u3067\u3059\u304b\u3089\u3001\u9810\u91d1\u306e\u30d9\u30fc\u30bf\u5024\u3092\u5171\u6709\u3057\u305f\u3053\u3068\u306f\u3042\u308a\u307e\u305b\u3093\u3002\u3057\u304b\u3057\u3001\u3054\u60f3\u50cf\u306e\u901a\u308a\u3001\u30ea\u30c6\u30fc\u30eb\u3088\u308a\u3082\u6a5f\u95a2\u6295\u8cc7\u5bb6\u5074\u306e\u65b9\u304c\u30d9\u30fc\u30bf\u306f\u9ad8\u304f\u306a\u308b\u50be\u5411\u306b\u3042\u308a\u307e\u3059\u3002\u305d\u308c\u3067\u3001\u305d\u306e\u90e8\u5206\u3067\u3059\u304c\u3001\u3059\u307f\u307e\u305b\u3093\u3001\u3054\u8cea\u554f\u306e\u5f8c\u534a\u90e8\u5206\u306f\u4f55\u3067\u3057\u305f\u304b\u3001Vivek\uff1f<\/p>\n

Vivek Juneja — J.P. Morgan — \u30a2\u30ca\u30ea\u30b9\u30c8<\/p>\n

\u3053\u3093\u306b\u3061\u306f\u3002<\/p>\n

\u30de\u30fc\u30af\u30fb\u30e1\u30a4\u30bd\u30f3 — \u6700\u9ad8\u8ca1\u52d9\u8cac\u4efb\u8005<\/p>\n

\u3053\u3093\u306b\u3061\u306f\u3001\u30d3\u30d9\u30c3\u30af\u3055\u3093\uff1f<\/p>\n

Vivek Juneja — J.P.\u30e2\u30eb\u30ac\u30f3 — \u30a2\u30ca\u30ea\u30b9\u30c8<\/p>\n

\u306f\u3044\u3001\u805e\u3053\u3048\u307e\u3059\u304b\uff1f<\/p>\n

\u30de\u30fc\u30af\u30fb\u30e1\u30a4\u30bd\u30f3 — \u6700\u9ad8\u8ca1\u52d9\u8cac\u4efb\u8005<\/p>\n

\u306f\u3044\u3001\u805e\u3053\u3048\u307e\u3059\u3002\u8cea\u554f\u306e\u5f8c\u534a\u306f\u4f55\u3060\u3063\u305f\u306e\u3067\u3057\u3087\u3046\u304b\uff1f\u7533\u3057\u8a33\u3042\u308a\u307e\u305b\u3093\u3002<\/p>\n

Vivek Juneja — J.P.\u30e2\u30eb\u30ac\u30f3 — \u30a2\u30ca\u30ea\u30b9\u30c8<\/p>\n

OK\u30022\u3064\u76ee\u306f\u3001\u91d1\u5229\u611f\u5fdc\u5ea6\u306e\u5909\u5316\u306b\u3088\u308b\u7d14\u91d1\u5229\u53ce\u5165\u306e\u5909\u5316\u306b\u3064\u3044\u3066\u3067\u3059\u304c\u3001\u30de\u30fc\u30af\u3001\u3042\u306a\u305f\u304c\u884c\u3063\u3066\u3044\u308b\u306e\u306f\u3001\u4ed6\u306e\u901a\u8ca8\u306b\u5bfe\u3059\u308b\u7c73\u56fd\u306e\u7d14\u91d1\u5229\u53ce\u5165\u306e\u5909\u5316\u306f\u3069\u306e\u7a0b\u5ea6\u3067\u3057\u3087\u3046\u304b\u3002<\/p>\n

\u30de\u30fc\u30af\u30fb\u30e1\u30a4\u30bd\u30f3 — \u6700\u9ad8\u8ca1\u52d9\u8cac\u4efb\u8005<\/p>\n

\u5897\u52a0\u5e45\u306f\u5927\u4f53\u6d77\u5916\u306b\u504f\u3063\u3066\u3044\u307e\u3059\u3002\u3067\u3059\u304b\u3089\u300130\u5104\u30c9\u30eb\u306e\u5897\u52a0\u306e\u3046\u3061\u30013\u5206\u306e2\u304c\u6d77\u5916\u30013\u5206\u306e1\u304c\u56fd\u5185\u3068\u3044\u3046\u3068\u3053\u308d\u3067\u3057\u3087\u3046\u304b\u3002<\/p>\n

Vivek Juneja — J.P.\u30e2\u30eb\u30ac\u30f3 — \u30a2\u30ca\u30ea\u30b9\u30c8<\/p>\n

\u308f\u304b\u308a\u307e\u3057\u305f\u3002\u305d\u308c\u306f\u3001\u3042\u306a\u305f\u304c\u305d\u306e\u6d41\u51fa\u5148\u3092\u60f3\u5b9a\u3057\u3066\u3044\u305f\u304b\u3089\u3067\u3059\u304b\uff1f<\/p>\n

\u30de\u30fc\u30af\u30fb\u30e1\u30a4\u30bd\u30f3 — \u6700\u9ad8\u8ca1\u52d9\u8cac\u4efb\u8005<\/p>\n

\u3059\u307f\u307e\u305b\u3093\uff1f<\/p>\n

Vivek Juneja — J.P.\u30e2\u30eb\u30ac\u30f3 — \u30a2\u30ca\u30ea\u30b9\u30c8<\/p>\n

\u305d\u3053\u3067\u3001\u30d0\u30e9\u30f3\u30b9\u30b7\u30fc\u30c8\u306e\u30e9\u30f3\u30aa\u30d5\u3092\u3088\u308a\u591a\u304f\u60f3\u5b9a\u3057\u3066\u3044\u305f\u306e\u3067\u3059\u306d\u3002<\/p>\n

\u30de\u30fc\u30af\u30fb\u30e1\u30a4\u30bd\u30f3 — \u6700\u9ad8\u8ca1\u52d9\u8cac\u4efb\u8005<\/p>\n

\u306f\u3044\u3002<\/p>\n

Vivek Juneja — J.P. Morgan — \u30a2\u30ca\u30ea\u30b9\u30c8<\/p>\n

OK\u3067\u3059\u3002\u3042\u308a\u304c\u3068\u3046\u3054\u3056\u3044\u307e\u3059\u3002<\/p>\n

\u30aa\u30da\u30ec\u30fc\u30bf\u30fc<\/p>\n

\u6b21\u306e\u8cea\u554f\u306f\u30dd\u30eb\u30bf\u30ec\u30b9\u306e\u30c1\u30e3\u30fc\u30eb\u30ba\u30fb\u30d4\u30fc\u30dc\u30c7\u30a3\u3067\u3059\u3002<\/p>\n

\u30c1\u30e3\u30fc\u30eb\u30ba\u30fb\u30d4\u30fc\u30dc\u30c7\u30a3 — \u30dd\u30fc\u30bf\u30ec\u30b9\u30fb\u30d1\u30fc\u30c8\u30ca\u30fc\u30ba — \u30a2\u30ca\u30ea\u30b9\u30c8<\/p>\n

\u306f\u3044\u3002\u81ea\u793e\u682a\u8cb7\u3044\u306b\u5bfe\u3059\u308b\u898f\u5236\u3084\u653f\u6cbb\u7684\u306a\u30ea\u30b9\u30af\u306b\u3064\u3044\u3066\u8cea\u554f\u3067\u3059\u3002\u3068\u3044\u3046\u306e\u3082\u3001\u4eca\u9031\u521d\u3081\u306b\u884c\u308f\u308c\u305f\u30d1\u30a6\u30a8\u30eb\u518d\u4efb\u516c\u8074\u4f1a\u3067\u3001\u6700\u5f8c\u306e2\u5206\u9593\u306e\u8a3c\u8a00\u3092\u805e\u3044\u305f\u3068\u3053\u308d\u3001\u30b7\u30a7\u30ed\u30c3\u30c9\u30fb\u30d6\u30e9\u30a6\u30f3\u304c\u9280\u884c\u696d\u754c\u306b\u304a\u3051\u308b\u81ea\u793e\u682a\u8cb7\u3044\u306b\u53cd\u5bfe\u3059\u308b\u30ec\u30fc\u30eb\u3092\u6577\u3044\u305f\u306e\u3067\u3059\u3002\u305d\u3057\u3066\u6628\u5e74\u3001\u30d0\u30a4\u30c7\u30f3\u5927\u7d71\u9818\u306f2\u3064\u306e\u30b9\u30d4\u30fc\u30c1\u3067\u30d0\u30a4\u30d0\u30c3\u30af\u53cd\u5bfe\u3092\u8a34\u3048\u305f\u3068\u601d\u3044\u307e\u3059\u3002<\/p>\n

\u3064\u307e\u308a\u3001\u53d6\u5f15\u7a0e\u306f\u8cb7\u3044\u623b\u3057\u3092\u6b62\u3081\u308b\u3082\u306e\u3067\u306f\u3042\u308a\u307e\u305b\u3093\u3002\u3057\u304b\u3057\u3001\u8cb7\u3044\u623b\u3057\u3092\u601d\u3044\u3068\u3069\u307e\u3089\u305b\u308b\u305f\u3081\u306b\u3001\u9053\u5fb3\u7684\u306a\u8aac\u5f97\u4ee5\u5916\u306b\u4f55\u304b\u8b70\u8ad6\u3055\u308c\u3066\u3044\u308b\u3053\u3068\u306f\u3042\u308b\u306e\u3067\u3057\u3087\u3046\u304b\uff1f<\/p>\n

Jane Fraser — \u6700\u9ad8\u7d4c\u55b6\u8cac\u4efb\u8005<\/p>\n

\u79c1\u305f\u3061\u306f\u3001\u682a\u4e3b\u306e\u305f\u3081\u306b\u6b63\u3057\u3044\u3053\u3068\u3092\u3059\u308b\u3064\u3082\u308a\u3067\u3059\u3002\u305d\u3057\u3066\u4eca\u3001\u7279\u306b\u682a\u4fa1\u306e\u52d5\u5411\u3092\u8003\u3048\u308b\u3068\u3001\u81ea\u793e\u682a\u8cb7\u3044\u306f\u975e\u5e38\u306b\u91cd\u8981\u3067\u3001\u304a\u305d\u3089\u304f\u79c1\u305f\u3061\u304c\u53d6\u308b\u3079\u304d\u884c\u52d5\u306e\u6700\u4e0a\u4f4d\u306b\u4f4d\u7f6e\u3065\u3051\u3089\u308c\u308b\u3067\u3057\u3087\u3046\u3002\u3067\u3059\u304b\u3089\u3001\u79c1\u305f\u3061\u306f\u3001\u4f59\u5270\u8cc7\u672c\u3092\u682a\u4e3b\u306b\u9084\u5143\u3059\u308b\u3053\u3068\u306e\u91cd\u8981\u6027\u3092\u306f\u3063\u304d\u308a\u3068\u8a8d\u8b58\u3057\u3066\u3044\u307e\u3059\u3002<\/p>\n

Charles Peabody — Portales Partners — \u30a2\u30ca\u30ea\u30b9\u30c8<\/p>\n

\u3044\u3084\u3001\u3042\u306a\u305f\u304c\u305d\u3046\u3057\u305f\u3044\u306e\u306f\u308f\u304b\u308a\u307e\u3059\u3002\u305f\u3060\u3001\u898f\u5236\u3084\u653f\u6cbb\u7684\u306a\u5074\u9762\u304b\u3089\u3001\u3042\u306a\u305f\u306e\u9858\u671b\u306b\u5bfe\u3059\u308b\u30ea\u30b9\u30af\u306f\u4f55\u306a\u306e\u304b\u3092\u7406\u89e3\u3057\u3088\u3046\u3068\u3057\u3066\u3044\u308b\u306e\u3067\u3059\u3002<\/p>\n

\u30b8\u30a7\u30fc\u30f3\u30fb\u30d5\u30ec\u30a4\u30b6\u30fc — \u6700\u9ad8\u7d4c\u55b6\u8cac\u4efb\u8005<\/p>\n

\u306a\u3044\u3068\u601d\u3063\u3066\u3044\u307e\u3059\u3002\u79c1\u305f\u3061\u306f\u6975\u3081\u3066\u5341\u5206\u306a\u8cc7\u672c\u3092\u6709\u3057\u3066\u3044\u307e\u3059\u3002\u30d1\u30f3\u30c7\u30df\u30c3\u30af\u306b\u7a81\u5165\u3059\u308b\u3068\u304d\u3082\u3001\u8131\u51fa\u3059\u308b\u3068\u304d\u3082\u3001\u9280\u884c\u306e\u8cc7\u672c\u529b\u306b\u306f\u81ea\u4fe1\u304c\u3042\u308b\u3068\u3044\u3046\u306e\u306f\u3001\u30ef\u30b7\u30f3\u30c8\u30f3\u304b\u3089\u4e00\u8cab\u3057\u3066\u805e\u3044\u3066\u3044\u308b\u3053\u3068\u3067\u3001\u305d\u306e\u70b9\u3067\u306f\u904e\u5270\u306a\u5fc3\u914d\u306f\u3057\u3066\u3044\u307e\u305b\u3093\u3002<\/p>\n

\u30de\u30fc\u30af\u30fb\u30e1\u30a4\u30bd\u30f3 — \u6700\u9ad8\u8ca1\u52d9\u8cac\u4efb\u8005<\/p>\n

\u898f\u5236\u5f53\u5c40\u306e\u30ac\u30a4\u30c9\u30e9\u30a4\u30f3\u304c\u5b58\u5728\u3059\u308b\u9650\u308a\u3001\u3042\u308b\u3044\u306f\u3069\u306e\u3088\u3046\u306b\u9032\u5316\u3057\u3088\u3046\u3068\u3082\u3001\u5f53\u7136\u306a\u304c\u3089\u9075\u5b88\u3057\u3066\u3044\u304d\u307e\u3059\u3002<\/p>\n

Charles Peabody — Portales Partners — \u30a2\u30ca\u30ea\u30b9\u30c8<\/p>\n

\u305d\u3046\u3067\u3059\u304b\u3002\u305d\u306e\u4ef6\u306b\u95a2\u3059\u308b\u30d5\u30a9\u30ed\u30fc\u30a2\u30c3\u30d7\u3067\u3059\u3002\u898f\u5236\u5f53\u5c40\u304c\u305d\u306e\u5e2d\u306b\u7740\u3044\u305f\u3070\u304b\u308a\u3060\u3068\u3059\u308b\u3068\u3001\u304a\u305d\u3089\u304f\u4eca\u5e74\u306f\u81ea\u793e\u682a\u8cb7\u3044\u306b\u3064\u3044\u3066\u4f55\u3082\u3067\u304d\u306a\u3044\u3067\u3057\u3087\u3046\u304c\u3001\u6765\u5e74\u306f\u81ea\u793e\u682a\u8cb7\u3044\u306b\u3064\u3044\u3066\u4f55\u304b\u3057\u3088\u3046\u3068\u3059\u308b\u3068\u601d\u3044\u307e\u3059\u3002\u77ed\u671f\u7684\u306b\u3067\u304d\u308b\u3060\u3051\u591a\u304f\u306e\u81ea\u793e\u682a\u8cb7\u3044\u3092\u884c\u3044\u305f\u3044\u3068\u3044\u3046\u3053\u3068\u3067\u3059\u304c\u3001\u7b2c1\u56db\u534a\u671f\u306b30\u5104\u30c9\u30eb\u306e\u30da\u30fc\u30b9\u306b\u623b\u3057\u305f\u3068\u3044\u3046\u304a\u8a71\u304c\u3042\u308a\u307e\u3057\u305f\u306d\u3002<\/p>\n

\u3053\u306e30\u5104\u30c9\u30eb\u3068\u3044\u3046\u30da\u30fc\u30b9\u306f\u3001\u3069\u306e\u7a0b\u5ea6\u6301\u7d9a\u53ef\u80fd\u306a\u306e\u3067\u3057\u3087\u3046\u304b\u3002<\/p>\n

\u30de\u30fc\u30af\u30fb\u30e1\u30a4\u30bd\u30f3 — \u30c1\u30fc\u30d5\u30fb\u30d5\u30a1\u30a4\u30ca\u30f3\u30b7\u30e3\u30eb\u30fb\u30aa\u30d5\u30a3\u30b5\u30fc<\/p>\n

\u307e\u305a\u3001SCB\u306e\u30d5\u30ec\u30fc\u30e0\u30ef\u30fc\u30af\u3067\u306f\u3001\u56db\u534a\u671f\u3054\u3068\u306b\u30ad\u30e3\u30d4\u30bf\u30eb\u30a2\u30af\u30b7\u30e7\u30f3\u3092\u6c7a\u5b9a\u3057\u3066\u3044\u307e\u3059\u3002\u3082\u3061\u308d\u3093\u3001CCAR\u3092\u5b9f\u65bd\u3057\u3001\u8cc7\u672c\u30b9\u30bf\u30c3\u30af\u306e\u5c11\u306a\u304f\u3068\u3082\u4e00\u90e8\u3092\u6c7a\u5b9a\u3059\u308b\u3053\u3068\u306b\u306a\u308a\u307e\u3059\u3002\u307e\u305f\u3001GCIB \u306e\u5f71\u97ff\u3082\u3042\u308a\u307e\u3059\u3002<\/p>\n

\u305d\u306e\u3088\u3046\u306a\u3053\u3068\u3092\u3059\u3079\u3066\u7e54\u308a\u8fbc\u3093\u3067\u3044\u307e\u3059\u3002\u5f53\u793e\u306e\u5834\u5408\u3001\u8cc7\u672c\u8a08\u753b\u3092\u7b56\u5b9a\u3059\u308b\u969b\u306b\u3001\u4e8b\u696d\u58f2\u5374\u3082\u8996\u91ce\u306b\u5165\u308c\u307e\u3059\u3002\u5834\u5408\u306b\u3088\u3063\u3066\u306f\u3001\u4e8b\u696d\u5206\u96e2\u306b\u3088\u308aTCE\u3092\u5275\u51fa\u3057\u3001\u682a\u4e3b\u306b\u9084\u5143\u3059\u308b\u3053\u3068\u304c\u3067\u304d\u307e\u3059\u3002\u307e\u305f\u3001\u4e8b\u696d\u5206\u96e2\u306b\u3088\u308b\u4e00\u6642\u7684\u306a\u5f71\u97ff\u3082\u8003\u616e\u3059\u308b\u5fc5\u8981\u304c\u3042\u308a\u307e\u3059\u3002<\/p>\n

\u3057\u304b\u3057\u3001\u3053\u308c\u306f\u5e74\u6b21\u8cc7\u672c\u8a08\u753b\u30d7\u30ed\u30bb\u30b9\u306e\u4e00\u90e8\u3067\u3042\u308a\u3001\u79c1\u305f\u3061\u306f\u305d\u308c\u3089\u3059\u3079\u3066\u3092\u7e54\u308a\u8fbc\u3093\u3067\u3044\u307e\u3059\u3002<\/p>\n

\u30aa\u30da\u30ec\u30fc\u30bf\u30fc<\/p>\n

\u6b21\u306e\u8cea\u554f\u306f\u3001RBC\u306e\u30b8\u30a7\u30e9\u30eb\u30c9\u30fb\u30ad\u30e3\u30b7\u30c7\u30a3\u6c0f\u304b\u3089\u3067\u3059\u3002<\/p>\n

\u30b8\u30a7\u30e9\u30eb\u30c9\u30fb\u30ad\u30e3\u30b7\u30c7\u30a3 — RBC\u30ad\u30e3\u30d4\u30bf\u30eb\u30de\u30fc\u30b1\u30c3\u30c4 — \u30a2\u30ca\u30ea\u30b9\u30c8<\/p>\n

\u3042\u308a\u304c\u3068\u3046\u3054\u3056\u3044\u307e\u3059\u3002\u304a\u306f\u3088\u3046\u3054\u3056\u3044\u307e\u3059\u3001\u30de\u30fc\u30af\u3002\u304a\u306f\u3088\u3046\u3054\u3056\u3044\u307e\u3059 \u30b8\u30a7\u30fc\u30f3<\/p>\n

\u30de\u30fc\u30af\u30fb\u30e1\u30a4\u30bd\u30f3 — \u6700\u9ad8\u8ca1\u52d9\u8cac\u4efb\u8005<\/p>\n

\u3084\u3042\u3001\u30b8\u30a7\u30e9\u30fc\u30c9\u3002<\/p>\n

\u30b8\u30a7\u30fc\u30f3\u30fb\u30d5\u30ec\u30a4\u30b6\u30fc — \u6700\u9ad8\u7d4c\u55b6\u8cac\u4efb\u8005<\/p>\n

\u3053\u3093\u306b\u3061\u306f\u3002<\/p>\n

Gerard Cassidy — RBC Capital Markets — \u30a2\u30ca\u30ea\u30b9\u30c8<\/p>\n

\u73fe\u5728\u9032\u884c\u4e2d\u306e\u6226\u7565\u5237\u65b0\u306b\u3064\u3044\u3066\u300175\uff05\u300180\uff05\u306e\u5b8c\u6210\u5ea6\u306a\u306e\u304b\u3001\u304a\u805e\u304b\u305b\u304f\u3060\u3055\u3044\u3002\u30de\u30fc\u30af\u306f\u3001\u5e02\u5834\u30d3\u30b8\u30cd\u30b9\u304c\u601d\u3046\u3088\u3046\u306a\u30ea\u30bf\u30fc\u30f3\u3092\u5f97\u3089\u308c\u306a\u3044\u53ef\u80fd\u6027\u304c\u3042\u308b\u3068\u8ff0\u3079\u3066\u3044\u307e\u3059\u306d\u3002\u305d\u308c\u306f\u3069\u3053\u304b\u306e\u5206\u91ce\u304b\u3082\u3057\u308c\u307e\u305b\u3093\u3002\u3057\u304b\u3057\u3001\u305d\u308c\u306f\u3069\u3053\u3067\u3057\u3087\u3046\u304b\uff1f\u307e\u305f\u3001\u30a4\u30f3\u30d9\u30b9\u30bf\u30fc\u30fb\u30c7\u30a4\u307e\u3067\u306b\u3001\u305d\u308c\u306f\u5b8c\u4e86\u3059\u308b\u3068\u8003\u3048\u3066\u3088\u3044\u306e\u3067\u3057\u3087\u3046\u304b\uff1f<\/p>\n

\u30b8\u30a7\u30fc\u30f3\u30fb\u30d5\u30ec\u30a4\u30b6\u30fc — \u6700\u9ad8\u7d4c\u55b6\u8cac\u4efb\u8005<\/p>\n

\u4eca\u56de\u306e\u30b9\u30b1\u30b8\u30e5\u30fc\u30eb\u306f\u3001\u65b0CEO\u3068\u3057\u3066\u5927\u304d\u306a\u4e00\u6b69\u3092\u8e0f\u307f\u51fa\u3059\u3068\u3044\u3046\u610f\u5473\u3067\u3001\u3053\u306e\u7279\u5225\u306a\u6f14\u7fd2\u306f\u7d42\u308f\u308a\u306b\u8fd1\u3065\u3044\u3066\u3044\u307e\u3059\u3002\u3067\u3059\u304b\u3089\u3001\u3053\u308c\u304c\u30e1\u30ad\u30b7\u30b3\u3067\u884c\u3046\u6700\u5f8c\u306e\u5927\u304d\u306a\u69cb\u9020\u7684\u6c7a\u5b9a\u3067\u3042\u308a\u3001\u4eca\u306f\u30a4\u30f3\u30d9\u30b9\u30bf\u30fc\u30fb\u30c7\u30a4\u304b\u3089\u3059\u3079\u3066\u3092\u307e\u3068\u3081\u308b\u3053\u3068\u306b\u96c6\u4e2d\u3057\u3066\u3044\u308b\u3068\u8a00\u3063\u3066\u3044\u307e\u3059\u3002\u305d\u3057\u3066\u3001\u4eca\u65e5\u767a\u8868\u3057\u305f\u65b0\u3057\u3044\u30ec\u30dd\u30fc\u30c6\u30a3\u30f3\u30b0\u306e\u4ed5\u7d44\u307f\u306f\u3001\u305d\u306e\u305f\u3081\u306e\u975e\u5e38\u306b\u91cd\u8981\u306a\u57fa\u76e4\u306b\u306a\u308b\u3068\u601d\u3044\u307e\u3059\u3002\u3067\u3059\u304b\u3089\u3001\u79c1\u305f\u3061\u306f\u6b63\u3057\u3044\u69cb\u9020\u4e0a\u306e\u6c7a\u5b9a\u3092\u3057\u305f\u3068\u78ba\u4fe1\u3057\u3066\u3044\u307e\u3059\u3057\u3001\u30a4\u30f3\u30d9\u30b9\u30bf\u30fc\u30fb\u30c7\u30a4\u3092\u697d\u3057\u307f\u306b\u3057\u3066\u3044\u307e\u3059\u3002<\/p>\n

\u30de\u30fc\u30af\u30fb\u30e1\u30a4\u30bd\u30f3 — \u6700\u9ad8\u8ca1\u52d9\u8cac\u4efb\u8005<\/p>\n

\u305d\u3057\u3066\u3001\u5ff5\u306e\u305f\u3081\u306f\u3063\u304d\u308a\u3055\u305b\u3066\u304a\u304d\u305f\u3044\u306e\u3067\u3059\u304c\u3001\u30b8\u30a7\u30e9\u30fc\u30c9\u3055\u3093\u3002\u30de\u30fc\u30b1\u30c3\u30c8\u4e8b\u696d\u306e\u4e00\u90e8\u3092\u64a4\u9000\u3055\u305b\u308b\u3068\u8a00\u3063\u3066\u3044\u308b\u306e\u3067\u306f\u3042\u308a\u307e\u305b\u3093\u3002\u305d\u306e\u3088\u3046\u306a\u3053\u3068\u3092\u7533\u3057\u4e0a\u3052\u3066\u3044\u308b\u306e\u3067\u306f\u307e\u3063\u305f\u304f\u3042\u308a\u307e\u305b\u3093\u3002\u79c1\u304c\u8a00\u3044\u305f\u3044\u306e\u306f\u3001\u79c1\u305f\u3061\u304c\u5e38\u306b\u884c\u3063\u3066\u3044\u308b\u3088\u3046\u306b\u3001\u30d0\u30e9\u30f3\u30b9\u30b7\u30fc\u30c8\u3001\u8cc7\u672c\u3001RWA\u306a\u3069\u306e\u4f7f\u7528\u65b9\u6cd5\u3092\u6700\u9069\u5316\u3059\u308b\u6a5f\u4f1a\u3092\u5e38\u306b\u63a2\u3057\u3066\u304a\u308a\u3001\u4f4e\u30ea\u30bf\u30fc\u30f3\u306e\u8cc7\u7523\u3092\u51e6\u5206\u3059\u308b\u5fc5\u8981\u304c\u3042\u308b\u3068\u5224\u65ad\u3057\u305f\u5834\u5408\u306b\u306f\u3001\u305d\u308c\u3092\u884c\u3046\u3068\u3044\u3046\u3053\u3068\u3067\u3059\u3002SACR\u306e\u3088\u3046\u306a\u30eb\u30fc\u30eb\u306e\u5909\u66f4\u306b\u3088\u3063\u3066\u3001\u4fa1\u683c\u304c\u8abf\u6574\u3055\u308c\u308b\u304b\u3001\u3042\u308b\u3044\u306f\u3001\u307e\u3060\u610f\u5473\u304c\u3042\u308b\u304b\u3069\u3046\u304b\u3001\u3053\u308c\u3089\u306e\u8cc7\u7523\u306e\u3044\u304f\u3064\u304b\u3092\u53b3\u3057\u304f\u898b\u76f4\u3055\u306a\u3051\u308c\u3070\u306a\u3089\u306a\u304f\u306a\u308b\u3067\u3057\u3087\u3046\u3002<\/p>\n

\u3053\u308c\u304c\u3001\u5e02\u5834\u4e8b\u696d\u306e\u4e00\u90e8\u304b\u3089\u64a4\u9000\u3059\u308b\u3068\u793a\u5506\u3057\u305f\u4ee5\u4e0a\u306b\u3001\u79c1\u304c\u8a00\u3044\u305f\u3044\u3053\u3068\u306a\u306e\u3067\u3059\u3002<\/p>\n

Gerard Cassidy — RBC Capital Markets — \u30a2\u30ca\u30ea\u30b9\u30c8<\/p>\n

\u3044\u3044\u3048\u3001\u3068\u3066\u3082\u660e\u78ba\u3067\u3059\u3002\u30de\u30fc\u30af\u3001\u3042\u308a\u304c\u3068\u3046\u3054\u3056\u3044\u307e\u3059\u3002\u305d\u308c\u304b\u3089\u3001\u7c21\u5358\u306a\u30d5\u30a9\u30ed\u30fc\u30a2\u30c3\u30d7\u3067\u3059\u304c\u3001\u660e\u3089\u304b\u306b\u3001\u3042\u306a\u305f\u304c\u30b3\u30df\u30c3\u30c8\u3057\u3066\u3044\u308b\u3044\u304f\u3064\u304b\u306e\u4e8b\u696d\u3001TSS \u3084\u6295\u8cc7\u9280\u884c\u5206\u91ce\u306f\u3001\u3042\u306a\u305f\u65b9\u304c\u660e\u3089\u304b\u306b\u30d7\u30ec\u30fc\u30e4\u30fc\u3067\u3042\u308b\u3053\u3068\u3092\u793a\u3057\u3066\u3044\u307e\u3059\u3002\u898f\u6a21\u306e\u7d4c\u6e08\u304c\u3042\u308a\u307e\u3059\u3002<\/p>\n

\u4ed6\u306e\u4e8b\u696d\u306b\u3064\u3044\u3066\u3082\u3001\u4eca\u5f8c\u7d99\u7d9a\u7684\u306b\u53d6\u308a\u7d44\u3093\u3067\u3044\u304f\u3068\u3057\u3066\u3044\u307e\u3059\u304c\u3001\u3053\u308c\u3089\u306e\u4e8b\u696d\u306b\u5339\u6575\u3059\u308b\u898f\u6a21\u306e\u7d4c\u6e08\u3092\u5b9f\u73fe\u3059\u308b\u305f\u3081\u306b\u306f\u3001\u3069\u3053\u304b\u3089\u624b\u3092\u3064\u3051\u3066\u3044\u304f\u306e\u3067\u3057\u3087\u3046\u304b\u3002<\/p>\n

\u30b8\u30a7\u30fc\u30f3\u30fb\u30d5\u30ec\u30a4\u30b6\u30fc — \u6700\u9ad8\u7d4c\u55b6\u8cac\u4efb\u8005<\/p>\n

\u306f\u3044\u3001\u304a\u3063\u3057\u3083\u308b\u3068\u304a\u308a\u3067\u3059\u3002\u4e21\u5e02\u5834\u306b\u304a\u3044\u3066\u3001\u3059\u3067\u306b\u975e\u5e38\u306b\u30b9\u30b1\u30fc\u30eb\u306e\u5927\u304d\u306a\u4e8b\u696d\u304c\u3044\u304f\u3064\u3082\u3042\u308a\u307e\u3059\u3002TTS\u3092\u898b\u308b\u3068\u3001\u305d\u3053\u3067\u306f\u6bce\u65e54\u5146\u5186\u306e\u30dc\u30ea\u30e5\u30fc\u30e0\u3092\u52d5\u304b\u3057\u3066\u3044\u307e\u3059\u3002\u3053\u308c\u3089\u306e\u4e8b\u696d\u3067\u306f\u3001\u30c7\u30b8\u30bf\u30eb\u5316\u3001\u30c7\u30fc\u30bf\u5316\u306b\u3088\u308a\u591a\u304f\u306e\u6295\u8cc7\u3092\u884c\u3063\u3066\u3044\u307e\u3059\u3002<\/p>\n

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\u30de\u30fc\u30af\u30fb\u30e1\u30a4\u30bd\u30f3 — \u6700\u9ad8\u8ca1\u52d9\u8cac\u4efb\u8005<\/p>\n

\u307e\u305f\u3001\u30b8\u30a7\u30fc\u30f3\u3055\u3093\u306e\u3054\u6307\u6458\u306e\u3068\u304a\u308a\u3001\u4eca\u5e74\u306e\u30b3\u30de\u30fc\u30b7\u30e3\u30eb\u30fb\u30d0\u30f3\u30af\u306f\u3001\u79c1\u305f\u3061\u304c\u63d0\u4f9b\u3059\u308bTTS\u3092\u3055\u3089\u306b\u6d3b\u7528\u3059\u308b\u5927\u304d\u306a\u30c1\u30e3\u30f3\u30b9\u3068\u306a\u308a\u307e\u3059\u3002\u3059\u3067\u306b\u30b3\u30de\u30fc\u30b7\u30e3\u30eb\u30fb\u30d0\u30f3\u30af\u3067\u306f\u3001CMO\u3084\u305d\u306e\u4ed6\u306e\u5e02\u5834\u5411\u3051\u5546\u54c1\u306e\u591a\u69d8\u5316\u304c\u9032\u3093\u3067\u304a\u308a\u3001\u4eca\u5e74\u306e\u53ce\u76ca\u306f\u524d\u5e74\u6bd412%\u5897\u3001\u30a6\u30a7\u30eb\u30b9\u306e\u65b0\u898f\u9867\u5ba2\u7372\u5f97\u3082\u540c\u69d8\u306e\u5f37\u3055\u3092\u898b\u305b\u3066\u3044\u307e\u3059\u304c\u3001\u3053\u306e2\u3064\u304c\u91cd\u8981\u306a\u5206\u91ce\u3068\u306a\u308a\u307e\u3059\u3002\u305d\u3046\u3067\u3059\u306d\u3002<\/p>\n

\u30aa\u30da\u30ec\u30fc\u30bf\u30fc<\/p>\n[\u6b21\u306e\u8cea\u554f\u306f\u3001\u30d0\u30f3\u30af\u30fb\u30aa\u30d6\u30fb\u30a2\u30e1\u30ea\u30ab\u306e\u30a8\u30d6\u30e9\u30d2\u30e0\u30fb\u30d7\u30fc\u30ca\u30ef\u30e9\u3055\u3093\u304b\u3089\u306e\u3082\u306e\u3067\u3059\u3002<\/p>\n

Ebrahim Poonawala — \u30d0\u30f3\u30af\u30aa\u30d6\u30a2\u30e1\u30ea\u30ab\u30fb\u30e1\u30ea\u30eb\u30ea\u30f3\u30c1 — \u30a2\u30ca\u30ea\u30b9\u30c8<\/p>\n

\u3053\u3093\u306b\u3061\u306f\u3002\u3061\u3087\u3063\u3068\u3060\u3051\u30d5\u30a9\u30ed\u30fc\u30a2\u30c3\u30d7\u3092\u3055\u305b\u3066\u304f\u3060\u3055\u3044\u3002\u30de\u30fc\u30af\u3001\u8cc7\u672c\u9084\u5143\u306b\u3064\u3044\u3066\u3067\u3059\u304c\u3001\u3042\u306a\u305f\u306e\u8a71\u3092\u6b63\u3057\u304f\u7406\u89e3\u3057\u3066\u3044\u308b\u304b\u3069\u3046\u304b\u78ba\u8a8d\u3057\u305f\u3044\u306e\u3067\u3059\u3002\u7b2c1\u56db\u534a\u671f\u306b\u53d6\u308a\u623b\u305d\u3046\u3068\u3057\u3066\u3044\u308b30\u5104\u30c9\u30eb\u306b\u3064\u3044\u3066\u8003\u3048\u308b\u3068\u304d\u3001\u4eca\u5f8c\u3001\u305d\u306e30\u5104\u30c9\u30eb\u306b\u306f\u3055\u3089\u306a\u308b\u30a2\u30c3\u30d7\u30b5\u30a4\u30c9\u30ea\u30b9\u30af\u304c\u3042\u308b\u306e\u3067\u3057\u3087\u3046\u304b\uff1f\u305d\u308c\u3068\u3082\u3001\u3082\u3063\u3068\u4f4e\u304f\u306a\u308b\u53ef\u80fd\u6027\u3082\u3042\u308b\u306e\u3067\u3057\u3087\u3046\u304b\uff1f\u671f\u5f85\u5024\u3068\u3044\u3046\u70b9\u3067\u6b63\u3057\u3044\u304b\u3069\u3046\u304b\u78ba\u8a8d\u3057\u305f\u3044\u306e\u3067\u3059\u3002<\/p>\n

\u30de\u30fc\u30af\u30fb\u30e1\u30a4\u30bd\u30f3 — \u6700\u9ad8\u8ca1\u52d9\u8cac\u4efb\u8005<\/p>\n

\u5148\u307b\u3069\u7533\u3057\u4e0a\u3052\u305f\u3088\u3046\u306b\u3001\u65b0\u3057\u3044SCB\u30eb\u30fc\u30eb\u306b\u3088\u308a\u3001\u56db\u534a\u671f\u5358\u4f4d\u3067\u898b\u308b\u3053\u3068\u304c\u3067\u304d\u308b\u3088\u3046\u306b\u306a\u3063\u305f\u3053\u3068\u3082\u3042\u308a\u3001\u56db\u534a\u671f\u3054\u3068\u306e\u8cc7\u672c\u8cb7\u3044\u5165\u308c\u306e\u6c7a\u5b9a\u306b\u3064\u3044\u3066\u3001\u79c1\u306f\u4e88\u60f3\u3092\u7acb\u3066\u3066\u3044\u307e\u305b\u3093\u3002\u3067\u3059\u304b\u3089\u3001\u305d\u308c\u4ee5\u4e0a\u306e\u30ac\u30a4\u30c0\u30f3\u30b9\u306f\u304a\u4f1d\u3048\u3057\u3066\u3044\u307e\u305b\u3093\u3002\u8cc7\u672c\u8a08\u753b\u306b\u3064\u3044\u3066\u306f\u30013\u67082\u65e5\u306b\u5e83\u304f\u304a\u8a71\u3057\u3059\u308b\u3053\u3068\u306b\u306a\u308a\u307e\u3059\u306d\u3002<\/p>\n

Ebrahim Poonawala — \u30d0\u30f3\u30af\u30aa\u30d6\u30a2\u30e1\u30ea\u30ab\u30fb\u30e1\u30ea\u30eb\u30ea\u30f3\u30c1 — \u30a2\u30ca\u30ea\u30b9\u30c8<\/p>\n

\u305d\u308c\u304b\u3089\u3001\u30b8\u30a7\u30fc\u30f3\u3055\u3093\u3001\u7c73\u56fd\u306e\u5c0f\u58f2\u696d\u306b\u3064\u3044\u3066\u3067\u3059\u304c\u3001\u30a4\u30f3\u30d9\u30b9\u30bf\u30fc\u30fb\u30c7\u30a4\u3067\u4f55\u304b\u3082\u3063\u3068\u610f\u5473\u306e\u3042\u308b\u3053\u3068\u3092\u671f\u5f85\u3067\u304d\u308b\u306e\u3067\u3057\u3087\u3046\u304b\uff1f\u305d\u306e\u6642\u307e\u3067\u304a\u5f85\u3061\u3044\u305f\u3060\u3044\u3066\u3082\u304b\u307e\u3044\u307e\u305b\u3093\u3002\u3068\u3044\u3046\u306e\u3082\u3001\u79c1\u306e\u8a18\u61b6\u304c\u6b63\u3057\u3051\u308c\u3070\u3001\u3042\u306a\u305f\u306fGoogle\u3068\u30d1\u30fc\u30c8\u30ca\u30fc\u3060\u3063\u305f\u306f\u305a\u3067\u3059\u3002\u305d\u308c\u306f\u5b9f\u73fe\u3057\u307e\u305b\u3093\u3067\u3057\u305f\u3002<\/p>\n

\u6295\u8cc7\u5bb6\u304c\u62b1\u3044\u3066\u3044\u308b\u5927\u304d\u306a\u7591\u554f\u306f\u3001\u7c73\u56fd\u306e\u5c0f\u58f2\u30d5\u30e9\u30f3\u30c1\u30e3\u30a4\u30ba\u306b\u3082\u3063\u3068\u826f\u3044\u5b9a\u7fa9\u304c\u3042\u308b\u306e\u3067\u306f\u306a\u3044\u304b\u3001\u3068\u3044\u3046\u3053\u3068\u3067\u3059\u30023\u6708\u306eInvestor Day\u3067\u305d\u308c\u3092\u6559\u3048\u3066\u3082\u3089\u3048\u308b\u306e\u304b\u3001\u305d\u308c\u3068\u3082\u3001\u5c11\u306a\u304f\u3068\u3082\u7c73\u56fd\u306e\u5c0f\u58f2\u696d\u306b\u95a2\u3059\u308b\u9650\u308a\u3001\u77ed\u671f\u7684\u306b\u306f\u4f55\u3082\u6025\u9032\u7684\u306a\u3053\u3068\u306f\u306a\u3044\u306e\u304b\u3001\u3061\u3087\u3063\u3068\u304a\u805e\u304d\u3057\u305f\u3044\u306e\u3067\u3059\u3002<\/p>\n

\u30b8\u30a7\u30fc\u30f3\u30fb\u30d5\u30ec\u30a4\u30b6\u30fc — \u6700\u9ad8\u7d4c\u55b6\u8cac\u4efb\u8005<\/p>\n

\u30a4\u30f3\u30d9\u30b9\u30bf\u30fc\u30fb\u30c7\u30a4\u3067\u3001\u3053\u306e\u4e8b\u696d\u306e\u8cac\u4efb\u8005\u3067\u3042\u308b\u30a2\u30ca\u30f3\u30c9\u304b\u3089\u76f4\u63a5\u8a71\u3092\u805e\u304f\u3053\u3068\u304c\u3067\u304d\u308b\u306e\u306f\u9593\u9055\u3044\u306a\u3044\u3067\u3057\u3087\u3046\u3002\u30c8\u30c3\u30d72\u306e\u30ab\u30fc\u30c9\u30fb\u30d5\u30e9\u30f3\u30c1\u30e3\u30a4\u30ba\u3001\u500b\u4eba\u5411\u3051\u878d\u8cc7\u3001\u5bcc\u88d5\u5c64\u5411\u3051\u878d\u8cc7\u306a\u3069\u3001\u7c73\u56fd\u306b\u304a\u3051\u308b\u30d1\u30fc\u30bd\u30ca\u30eb\u30fb\u30d0\u30f3\u30ad\u30f3\u30b0\u6226\u7565\u306e\u3059\u3079\u3066\u3092\u8aac\u660e\u3059\u308b\u4e88\u5b9a\u3067\u3059\u3002\u305d\u3057\u3066\u3082\u3061\u308d\u3093\u3001\u30ea\u30c6\u30fc\u30eb\u30fb\u30d0\u30f3\u30af\u306f\u3001\u7c73\u56fd\u306b\u304a\u3051\u308b\u79c1\u305f\u3061\u306e\u6210\u9577\u306e\u6838\u3068\u306a\u308b2\u3064\u306e\u539f\u52d5\u529b\u306b\u5bfe\u3057\u3066\u3001\u30b5\u30dd\u30fc\u30c8\u7684\u306a\u5f79\u5272\u3092\u62c5\u3063\u3066\u3044\u307e\u3059\u3002<\/p>\n

\u305d\u3046\u3067\u3059\u306d\u3002<\/p>\n

Ebrahim Poonawala — \u30d0\u30f3\u30af\u30aa\u30d6\u30a2\u30e1\u30ea\u30ab\u30fb\u30e1\u30ea\u30eb\u30ea\u30f3\u30c1 — \u30a2\u30ca\u30ea\u30b9\u30c8<\/p>\n

\u4e86\u89e3\u3067\u3059\u3002\u3042\u308a\u304c\u3068\u3046\u3054\u3056\u3044\u307e\u3059\u3002<\/p>\n

\u30aa\u30da\u30ec\u30fc\u30bf\u30fc<\/p>\n

\u6b21\u306e\u8cea\u554f\u306f\u3001\u30b7\u30fc\u30dd\u30fc\u30c8\u30ea\u30b5\u30fc\u30c1\u306e\u30b8\u30e0\u30fb\u30df\u30c3\u30c1\u30a7\u30eb\u3055\u3093\u304b\u3089\u3067\u3059\u3002<\/p>\n

Jim Mitchell — Seaport Global Securities — \u30a2\u30ca\u30ea\u30b9\u30c8<\/p>\n

\u3053\u3093\u306b\u3061\u306f \u30de\u30fc\u30af\u3001\u7d4c\u8cbb\u306e\u3053\u3068\u306a\u3093\u3067\u3059\u304c……\u4e8b\u696d\u5206\u96e2\u3067\u3044\u308d\u3044\u308d\u52d5\u3044\u3066\u3044\u308b\u306e\u306f\u627f\u77e5\u3057\u3066\u3044\u307e\u3059\u3057\u3001\u901a\u5e74\u306e\u7d4c\u8cbb\u30ac\u30a4\u30c0\u30f3\u30b9\u306e\u6570\u5b57\u3092\u51fa\u3059\u3064\u3082\u308a\u306f\u306a\u3044\u3088\u3046\u3067\u3059\u304c……\u3002\u3057\u304b\u3057\u3001\u7b2c1\u56db\u534a\u671f\u306b\u767a\u751f\u3057\u305f\u8cbb\u7528\u306b\u3064\u3044\u3066\u306f\u3069\u3046\u3067\u3057\u3087\u3046\u304b\uff1f\u5831\u916c\u306f\u524d\u56db\u534a\u671f\u6bd4\u3067\u7d0410\u5104\u30c9\u30eb\u5897\u52a0\u3057\u307e\u3057\u305f\u3002<\/p>\n

\u3053\u306e\u3046\u3061\u3001\u5831\u916c\u306e\u5909\u52d5\u306f\u3069\u306e\u7a0b\u5ea6\u3067\u3059\u304b\uff1f\u307e\u305f\u3001\u3053\u306e\u6570\u5024\u306f\u59a5\u5f53\u306a\u3082\u306e\u3067\u3057\u3087\u3046\u304b\uff1f\u3082\u3057\u3088\u308d\u3057\u3051\u308c\u3070\u3001\u7b2c1\u56db\u534a\u671f\u306e\u30b8\u30e3\u30f3\u30d7\u30aa\u30d5\u30fb\u30dd\u30a4\u30f3\u30c8\u3092\u304a\u6559\u3048\u3044\u305f\u3060\u3051\u308c\u3070\u3068\u601d\u3044\u307e\u3059\u3002<\/p>\n

\u30de\u30fc\u30af\u30fb\u30e1\u30a4\u30bd\u30f3 — \u6700\u9ad8\u8ca1\u52d9\u8cac\u4efb\u8005<\/p>\n

\u306f\u3044\u3001\u3042\u306e\u306d\u3002\u3053\u308c\u4ee5\u4e0a\u306e\u30ac\u30a4\u30c0\u30f3\u30b9\u3092\u304a\u4f1d\u3048\u3059\u308b\u3053\u3068\u306f\u3067\u304d\u307e\u305b\u3093\u3002\u3064\u307e\u308a\u30012022\u5e74\u306b\u91cd\u8981\u306a\u8981\u7d20\u3068\u306a\u308b\u30012021\u5e74\u307e\u3067\u306e\u3044\u304f\u3064\u304b\u306e\u4e8b\u67c4\u304c\u3042\u308b\u3068\u3044\u3046\u3053\u3068\u3067\u3059\u30021\u3064\u306f\u30012022\u5e74\u306b\u3001\u5c11\u306a\u304f\u3068\u3082\u305d\u306e\u4e00\u90e8\u306b\u3064\u3044\u3066\u3001\u901a\u5e74\u3067\u5f71\u97ff\u3092\u53d7\u3051\u308b\u3053\u3068\u306b\u306a\u308b\u96c7\u7528\u3067\u3059\u3002<\/p>\n

\u3053\u308c\u306f\u30012022\u5e74\u307e\u3067\u7d9a\u304f\u3067\u3057\u3087\u3046\u3002\u30c8\u30e9\u30f3\u30b9\u30d5\u30a9\u30fc\u30e1\u30fc\u30b7\u30e7\u30f3\u306b\u304b\u304b\u308b\u8cbb\u7528\u306e\u5185\u8a33\u3092\u8003\u3048\u3066\u307f\u308b\u3068\u3001\u96c7\u7528\u3001\u30b5\u30fc\u30c9\u30d1\u30fc\u30c6\u30a3\u30fc\u306e\u8cbb\u7528\u3001\u305d\u3057\u3066\u30c6\u30af\u30ce\u30ed\u30b8\u30fc\u306e\u8cbb\u7528\u304c\u6df7\u5728\u3057\u3066\u3044\u307e\u3059\u304c\u3001\u6642\u9593\u306e\u7d4c\u904e\u3068\u3068\u3082\u306b\u3001\u30b5\u30fc\u30c9\u30d1\u30fc\u30c6\u30a3\u30fc\u304b\u3089\u305d\u306e\u4ed6\u306e\u8cbb\u7528\u306b\u79fb\u884c\u3057\u3066\u3044\u304f\u3067\u3057\u3087\u3046\u30022022\u5e74\u306b\u306f\u3001\u305d\u306e\u3088\u3046\u306a\u52d5\u304d\u304c\u51fa\u3066\u304f\u308b\u3067\u3057\u3087\u3046\u3002\u30b3\u30f3\u30d7\u306b\u95a2\u3057\u3066\u306f\u3001\u7279\u306b\u7b2c4\u56db\u534a\u671f\u306f\u3001\u901a\u671f\u306e\u30b3\u30f3\u30d7\u5b9f\u7e3e\u306f\u58f2\u4e0a\u9ad8\u3068\u9023\u52d5\u3057\u3066\u3044\u307e\u3059\u3002<\/p>\n

\u3067\u3059\u304b\u3089\u3001\u5148\u307b\u3069\u7533\u3057\u4e0a\u3052\u305f\u3088\u3046\u306a\u30c9\u30e9\u30a4\u30d0\u30fc\u306b\u57fa\u3065\u304f\u524d\u5411\u304d\u306e\u6210\u9577\u304c\u671f\u5f85\u3055\u308c\u308b\u305f\u3081\u3001\u305d\u308c\u306b\u95a2\u9023\u3057\u305f\u30b3\u30f3\u30d7\u304c2022\u5e74\u306e\u9593\u306b\u51fa\u3066\u304f\u308b\u3082\u306e\u3068\u601d\u308f\u308c\u307e\u3059\u3002\u3057\u304b\u3057\u30013\u6708\u4e0a\u65ec\u306b\u306f\u3088\u308a\u826f\u3044\u611f\u89e6\u3092\u5f97\u308b\u3053\u3068\u304c\u3067\u304d\u308b\u3068\u601d\u3044\u307e\u3059\u306e\u3067\u3001\u3053\u3053\u3067\u306f\u5177\u4f53\u7684\u306a\u5185\u5bb9\u306b\u306f\u89e6\u308c\u306a\u3044\u3067\u304a\u304d\u307e\u3059\u3002<\/p>\n

Jim Mitchell — Seaport Global Securities — \u30a2\u30ca\u30ea\u30b9\u30c8<\/p>\n

\u308f\u304b\u308a\u307e\u3057\u305f\u3002\u305d\u306e\u30d5\u30a9\u30ed\u30fc\u30a2\u30c3\u30d7\u3068\u3057\u3066\u3001\u30b7\u30fc\u30b1\u30f3\u30b7\u30e3\u30eb\u306e\u30c9\u30e9\u30a4\u30d0\u30fc\u3092\u7406\u89e3\u3059\u308b\u305f\u3081\u306b\u304a\u805e\u304d\u3057\u305f\u3044\u306e\u3067\u3059\u304c\u3001\u307b\u3068\u3093\u3069\u30a4\u30f3\u30bb\u30f3\u30c6\u30a3\u30d6\u30fb\u30b3\u30f3\u30d7\u3060\u3068\u304a\u3063\u3057\u3083\u3044\u307e\u3059\u306d\u3002\u305d\u308c\u3068\u3082\u65b0\u898f\u63a1\u7528\u304c\u5897\u3048\u305f\u306e\u3067\u3057\u3087\u3046\u304b\u3001\u3042\u308b\u3044\u306f\u305d\u306e\u4e21\u65b9\u3067\u3057\u3087\u3046\u304b\u3002<\/p>\n

\u30de\u30fc\u30af\u30fb\u30e1\u30a4\u30bd\u30f3 — \u6700\u9ad8\u8ca1\u52d9\u8cac\u4efb\u8005<\/p>\n

\u305d\u3046\u3067\u3059\u306d\u30013Q\u304b\u30894Q\u306b\u304b\u3051\u3066\u306f\u3001\u96c7\u7528\u3068\u30a4\u30f3\u30bb\u30f3\u30c6\u30a3\u30d6\u5831\u916c\u306e\u4e21\u65b9\u304c\u3042\u308a\u307e\u3059\u306d\u3002<\/p>\n

Jim Mitchell — Seaport Global Securities — \u30a2\u30ca\u30ea\u30b9\u30c8<\/p>\n

\u308f\u304b\u308a\u307e\u3057\u305f\u3002\u308f\u304b\u308a\u307e\u3057\u305f\u3002\u3042\u308a\u304c\u3068\u3046\u3054\u3056\u3044\u307e\u3059\u3002<\/p>\n

\u30aa\u30da\u30ec\u30fc\u30bf\u30fc<\/p>\n

\u6b21\u306e\u8cea\u554f\u306f\u3001\u30c9\u30a4\u30c4\u9280\u884c\u306e\u30de\u30c3\u30c8\u30fb\u30aa\u30b3\u30ca\u30fc\u3055\u3093\u304b\u3089\u3067\u3059\u3002<\/p>\n

Matt O’Connor — Deutsche Bank — \u30a2\u30ca\u30ea\u30b9\u30c8<\/p>\n

\u3053\u3093\u306b\u3061\u306f\u3001\u30d5\u30a9\u30ed\u30fc\u30a2\u30c3\u30d7\u3092\u3055\u305b\u3066\u304f\u3060\u3055\u3044\u3002\u3042\u306a\u305f\u306f\u3001\u30e1\u30ad\u30b7\u30b3\u306e\u58f2\u5374\u306f\u7c21\u5358\u306a\u53d6\u5f15\u3067\u306f\u306a\u3044\u3068\u8a00\u3063\u3066\u3044\u307e\u3057\u305f\u306d\u3002\u305d\u308c\u306b\u3064\u3044\u3066\u8a73\u3057\u304f\u6559\u3048\u3066\u304f\u3060\u3055\u3044\u3002<\/p>\n

\u307e\u305f\u3001\u305d\u308c\u306b\u95a2\u9023\u3057\u3066\u3001\u8cc7\u672c\u304c\u4e8b\u696d\u306b\u5272\u308a\u5f53\u3066\u3089\u308c\u3001\u89e3\u653e\u3055\u308c\u308b\u3068\u3044\u3046\u304a\u8a71\u304c\u3042\u308a\u307e\u3057\u305f\u3002\u3053\u306e\u53d6\u5f15\u3001\u3064\u307e\u308a\u4e8b\u696d\u306e\u64a4\u9000\u304c\u3001\u8cc7\u672c\u306e\u8907\u5408\u7684\u3042\u308b\u3044\u306f\u7dcf\u5408\u7684\u306a\u5f71\u97ff\u3068\u3057\u3066\u3001\u5229\u76ca\u307e\u305f\u306f\u640d\u5931\u3092\u751f\u3080\u304b\u3069\u3046\u304b\u306b\u3064\u3044\u3066\u3001\u4f55\u304b\u6700\u521d\u306e\u8003\u3048\u306f\u3042\u308a\u307e\u3059\u304b\uff1f\u3042\u308a\u304c\u3068\u3046\u3054\u3056\u3044\u307e\u3059\u3002<\/p>\n

\u30b8\u30a7\u30fc\u30f3\u30fb\u30d5\u30ec\u30a4\u30b6\u30fc — \u6700\u9ad8\u7d4c\u55b6\u8cac\u4efb\u8005<\/p>\n

\u3067\u306f\u3001\u79c1\u304b\u3089\u304a\u8a71\u3057\u3057\u307e\u3057\u3087\u3046\u304b\u3002\u305d\u3057\u3066\u3001\u30de\u30fc\u30af\u3001\u98db\u3073\u5165\u308a\u53c2\u52a0\u3057\u3066\u304f\u3060\u3055\u3044\u3002\u5148\u307b\u3069\u3001\u5358\u7d14\u306a\u53d6\u5f15\u3067\u306f\u306a\u3044\u3068\u7533\u3057\u4e0a\u3052\u307e\u3057\u305f\u304c\u3001\u9280\u884c\u3092\u6a5f\u95a2\u6295\u8cc7\u5bb6\u5411\u3051\u4e8b\u696d\u3068\u64a4\u9000\u3059\u308b\u4e8b\u696d\u306b\u5206\u96e2\u3059\u308b\u305f\u3081\u3067\u3059\u3002\u305d\u3057\u3066\u3001\u6625\u306b\u306f\u5e02\u5834\u306b\u51fa\u3066\u3001\u6570\u30ab\u6708\u5f8c\u306b\u306f\u8cb7\u3044\u624b\u3001\u3064\u307e\u308a\u6f5c\u5728\u7684\u306a\u8cb7\u3044\u624b\u3068\u306e\u53d6\u5f15\u3092\u7a4d\u6975\u7684\u306b\u884c\u3046\u4e88\u5b9a\u3067\u3059\u3002\u3064\u307e\u308a\u3001\u9280\u884c\u3092\u5207\u308a\u96e2\u3059\u3068\u3044\u3046\u3053\u3068\u306f\u3001\u3088\u308a\u8907\u96d1\u306a\u3053\u3068\u306a\u306e\u3067\u3059\u3002<\/p>\n

\u3053\u306e\u80cc\u666f\u306b\u306f\u3001\u826f\u3044\u8a08\u753b\u304c\u3042\u308b\u306e\u3067\u3059\u3002\u5148\u307b\u3069\u3082\u7533\u3057\u4e0a\u3052\u307e\u3057\u305f\u304c\u3001\u3053\u308c\u3089\u306f\u7d20\u6674\u3089\u3057\u3044\u3001\u898f\u6a21\u306e\u5927\u304d\u306a\u3001\u7d20\u6674\u3089\u3057\u3044\u30d5\u30e9\u30f3\u30c1\u30e3\u30a4\u30ba\u3067\u3059\u3002\u5831\u9053\u3067\u306f\u660e\u3089\u304b\u306b\u591a\u304f\u306e\u61b6\u6e2c\u304c\u98db\u3073\u4ea4\u3044\u307e\u3057\u305f\u304c\u3001\u305d\u308c\u306b\u3064\u3044\u3066\u30b3\u30e1\u30f3\u30c8\u3059\u308b\u306e\u306f\u6642\u671f\u5c1a\u65e9\u3067\u3059\u3002\u3057\u304b\u3057\u3001\u79c1\u305f\u3061\u306f\u3001\u3053\u308c\u306f\u8ab0\u304b\u306b\u3068\u3063\u3066\u306e\u5b9d\u77f3\u3060\u3068\u8003\u3048\u3066\u3044\u307e\u3059\u3002<\/p>\n

\u305f\u3060\u3001\u79c1\u305f\u3061\u306b\u3068\u3063\u3066\u306f\u305d\u3046\u3067\u306f\u3042\u308a\u307e\u305b\u3093\u3002<\/p>\n

\u30de\u30fc\u30af\u30fb\u30e1\u30a4\u30bd\u30f3 — \u6700\u9ad8\u8ca1\u52d9\u8cac\u4efb\u8005<\/p>\n

\u305d\u3046\u3067\u3059\u306d\u3001\u79c1\u3082\u305d\u3046\u601d\u3044\u307e\u3059\u3002\u305d\u3057\u3066\u3001\u53d6\u5f15\u306e\u69cb\u9020\u3084\u305d\u306e\u3088\u3046\u306a\u3082\u306e\u306b\u3064\u3044\u3066\u63a8\u6e2c\u3059\u308b\u306e\u306f\u6642\u671f\u5c1a\u65e9\u3060\u3068\u601d\u3044\u307e\u3059\u3002\u304a\u3063\u3057\u3083\u308b\u3068\u304a\u308a\u3001\u3053\u306e\u4e8b\u696d\u306b\u306f\u7d0440\u5104\u30c9\u30eb\u306eTCE\u304c\u5272\u308a\u5f53\u3066\u3089\u308c\u3066\u3044\u307e\u3059\u3002\u3082\u30461\u3064\u306e\u8907\u96d1\u306a\u8981\u7d20\u306fCTA\u306e\u554f\u984c\u3067\u3001\u30aa\u30fc\u30b9\u30c8\u30e9\u30ea\u30a2\u306e\u58f2\u5374\u306b\u3064\u3044\u3066\u304a\u8a71\u3057\u305f\u969b\u306b\u3082\u3001\u3053\u306e\u554f\u984c\u306b\u6642\u9593\u3092\u8cbb\u3084\u3057\u307e\u3057\u305f\u3002<\/p>\n

\u3053\u308c\u306f\u3001\u5951\u7d04\u6642\u306b\u767a\u751f\u3059\u308bCTA\u306b\u95a2\u9023\u3059\u308b\u4f1a\u8a08\u51e6\u7406\u3067\u3001\u6c7a\u7b97\u6642\u306b\u767a\u751f\u3059\u308b\u8cc7\u672c\u7684\u5f71\u97ff\u3068\u306f\u5225\u306e\u3082\u306e\u3060\u304b\u3089\u3067\u3059\u3002\u3064\u307e\u308a\u3001CTA\u306e\u5834\u5408\u3001\u8cc7\u672c\u306e\u5f71\u97ff\u306fAOCI\u3092\u901a\u3058\u3066\u6d41\u308c\u307e\u3059\u304c\u3001\u53d6\u5f15\u304c\u5b8c\u4e86\u3059\u308c\u3070\u4e2d\u7acb\u3068\u306a\u308a\u307e\u3059\u3002\u307e\u305f\u3001\u30e1\u30ad\u30b7\u30b3\u306e\u6d88\u8cbb\u8005\u95a2\u9023\u4e8b\u696d\u306eDTA\u306f30\u5104\u30c9\u30eb\u5f31\u3068\u306a\u308a\u307e\u3059\u3002\u3053\u306e\u3053\u3068\u3082\u3001\u3053\u306e\u53d6\u5f15\u306b\u95a2\u4fc2\u3059\u308b\u8981\u56e0\u306e\u3072\u3068\u3064\u3067\u3059\u3002<\/p>\n

\u30b8\u30a7\u30fc\u30f3\u30fb\u30d5\u30ec\u30a4\u30b6\u30fc — \u6700\u9ad8\u7d4c\u55b6\u8cac\u4efb\u8005<\/p>\n

DTA\u3067\u306f\u306a\u304f\u3001CTA\u3067\u3059\u3002<\/p>\n

\u30de\u30fc\u30af\u30fb\u30e1\u30a4\u30bd\u30f3 — \u6700\u9ad8\u8ca1\u52d9\u8cac\u4efb\u8005<\/p>\n

DTA\u3063\u3066\u8a00\u3063\u305f\u3063\u3051\uff1f\u3059\u307f\u307e\u305b\u3093\u3001CTA\u3001\u901a\u8ca8\u63db\u7b97\u8abf\u6574\u52d8\u5b9a\u3067\u3059\u3002\u3042\u308a\u304c\u3068\u3046\u3054\u3056\u3044\u307e\u3059\u3002CTA\u3067\u3059\u3002\u30b8\u30a7\u30fc\u30f3\u3055\u3093\u3001\u3069\u3046\u3082\u3042\u308a\u304c\u3068\u3046\u3054\u3056\u3044\u307e\u3057\u305f\u3002<\/p>\n

Matt O’Connor — Deutsche Bank — \u30a2\u30ca\u30ea\u30b9\u30c8<\/p>\n

\u3042\u308a\u304c\u3068\u3046\u3054\u3056\u3044\u307e\u3059\u3002<\/p>\n

\u30aa\u30da\u30ec\u30fc\u30bf\u30fc<\/p>\n

\u6b21\u306e\u8cea\u554f\u306f\u3001\u30a6\u30a9\u30eb\u30d5\u30fb\u30ea\u30b5\u30fc\u30c1\u306e\u30b9\u30c6\u30a3\u30fc\u30d6\u30f3\u30fb\u30c1\u30e5\u30fc\u30d0\u30c3\u30af\u304b\u3089\u3067\u3059\u3002<\/p>\n

Steven Chubak — Wolfe Research — \u30a2\u30ca\u30ea\u30b9\u30c8<\/p>\n

\u3053\u3093\u306b\u3061\u306f\u3001\u3053\u3093\u306b\u3061\u306f\u3002<\/p>\n

\u30b8\u30a7\u30fc\u30f3\u30fb\u30d5\u30ec\u30a4\u30b6\u30fc — \u6700\u9ad8\u7d4c\u55b6\u8cac\u4efb\u8005<\/p>\n

\u3084\u3042\u3001\u30b9\u30c6\u30a3\u30fc\u30d6\u30f3\u3002<\/p>\n

Steven Chubak — Wolfe Research — \u30a2\u30ca\u30ea\u30b9\u30c8<\/p>\n

\u3055\u3066\u3001\u5b9f\u306f\u8cea\u554f\u3092\u3059\u308b\u524d\u306b\u3001\u5148\u307b\u3069\u306e\u767a\u8a00\u3068\u540c\u3058\u3053\u3068\u3092\u7533\u3057\u4e0a\u3052\u305f\u3044\u306e\u3067\u3059\u3002\u65b0\u3057\u3044\u30d7\u30ec\u30bc\u30f3\u30c6\u30fc\u30b7\u30e7\u30f3\u3001\u8ffd\u52a0\u3055\u308c\u305f\u8a73\u7d30\u306a\u60c5\u5831\u3001\u672c\u5f53\u306b\u52a9\u304b\u308a\u307e\u3059\u3002\u3060\u304b\u3089\u3001\u65b0\u3057\u3044\u60c5\u5831\u958b\u793a\u306b\u611f\u8b1d\u3057\u307e\u3059\u3002\u30de\u30fc\u30af\u3001\u79c1\u306f……\u53b3\u5bc6\u306b\u306f1\u3064\u306e\u8cea\u554f\u306a\u306e\u3067\u3057\u3087\u3046\u304c\u3001\u5b9f\u969b\u306b\u306f3\u3064\u306e\u30d1\u30fc\u30c8\u306b\u5206\u304b\u308c\u3066\u3044\u307e\u3059\u3002<\/p>\n

\u7d19\u3068\u30da\u30f3\u3092\u6301\u3063\u3066\u304d\u3066\u304f\u3060\u3055\u3044\u3002\u3057\u304b\u3057\u3001NII\u306e\u611f\u5ea6\u3068\u540c\u696d\u4ed6\u793e\u3068\u306e\u5831\u544a\u306e\u9055\u3044\u306b\u3064\u3044\u3066\u3001\u3044\u304f\u3064\u304b\u30b3\u30e1\u30f3\u30c8\u3055\u305b\u3066\u3044\u305f\u3060\u304d\u305f\u3044\u3068\u601d\u3044\u307e\u3059\u3002\u30d0\u30e9\u30f3\u30b9\u30b7\u30fc\u30c8\u3092\u56fa\u5b9a\u3057\u305f\u5834\u5408\u3001NII\u306f3\u500d\u4ee5\u4e0a\u306b\u5897\u52a0\u3059\u308b\u3068\u304a\u3063\u3057\u3083\u3044\u307e\u3057\u305f\u304c\u3001\u524d\u671f\u306eNII\u306e\u4f38\u3073\u304c\u304b\u306a\u308a\u7de9\u3084\u304b\u3060\u3063\u305f\u3053\u3068\u3092\u8003\u3048\u308b\u3068\u3001\u91d1\u5229\u611f\u5fdc\u5ea6\u306e\u30d7\u30ed\u30d5\u30a1\u30a4\u30eb\u306b\u7591\u554f\u3092\u6301\u3064\u6295\u8cc7\u5bb6\u306f\u307e\u3060\u591a\u3044\u3088\u3046\u3067\u3059\u3002\u6700\u521d\u306e\u8cea\u554f\u3067\u3059\u304c\u3001\u6a5f\u95a2\u6295\u8cc7\u5bb6\u5411\u3051\u9810\u91d1\u306e\u30ae\u30a2\u304c\u91cd\u3044\u3053\u3068\u304b\u3089\u3001\u9810\u91d1\u306e\u6d41\u51fa\u304c\u540c\u696d\u4ed6\u793e\u3088\u308a\u5927\u304d\u3044\u3068\u4e88\u60f3\u3059\u308b\u306e\u306f\u59a5\u5f53\u3067\u3057\u3087\u3046\u304b\uff1f2\u3064\u76ee\u306f\u3001NII\u30ac\u30a4\u30c0\u30f3\u30b9\u306f\u5e02\u5834\u30d3\u30b8\u30cd\u30b9\u306b\u304a\u3051\u308b\u8ca0\u50b5\u611f\u5fdc\u5ea6\u3092\u60f3\u5b9a\u3057\u3066\u3044\u307e\u3059\u304b\uff1f\u307e\u305f\u3001\u305d\u306e\u6f5c\u5728\u7684\u306a\u5f71\u97ff\u306b\u3064\u3044\u3066\u6559\u3048\u3066\u304f\u3060\u3055\u3044\u3002\u6700\u5f8c\u306b\u3001\u3088\u308a\u5305\u62ec\u7684\u306a\u8cea\u554f\u3067\u3059\u3002<\/p>\n

\u524d\u5468\u671f\u3068\u6bd4\u8f03\u3057\u3066\u3001\u3088\u308a\u826f\u3044NII\u306e\u7d50\u679c\u3001\u307e\u305f\u306f\u3088\u308a\u9ad8\u3044\u91d1\u5229\u306e\u6069\u6075\u3092\u652f\u3048\u308b\u3088\u3046\u306a\u7279\u7570\u7684\u306a\u8981\u56e0\u304c\u3042\u308c\u3070\u6559\u3048\u3066\u304f\u3060\u3055\u3044\u3002<\/p>\n

\u30de\u30fc\u30af\u30fb\u30e1\u30a4\u30bd\u30f3 — \u6700\u9ad8\u8ca1\u52d9\u8cac\u4efb\u8005<\/p>\n

\u306f\u3044\u3001\u3082\u3061\u308d\u3093\u3067\u3059\u3002\u611f\u5fdc\u5ea6\u3092\u793a\u3057\u305f\u306e\u306f\u3001\u3053\u3053\u3067\u306f\u6bd4\u8f03\u53ef\u80fd\u6027\u304c\u91cd\u8981\u3060\u3068\u8003\u3048\u3066\u3044\u308b\u304b\u3089\u3067\u3059\u3002\u3053\u306e\u5dee\u306e\u5927\u304d\u3055\u306f\u3001\u304b\u306a\u308a\u5927\u304d\u3044\u3053\u3068\u304c\u304a\u308f\u304b\u308a\u3044\u305f\u3060\u3051\u308b\u3068\u601d\u3044\u307e\u3059\u3002\u540c\u696d\u4ed6\u793e\u3068\u306e\u5dee\u306f\u307e\u3060\u3042\u308a\u307e\u3059\u304c\u3001\u6bd4\u8f03\u53ef\u80fd\u306a\u57fa\u6e96\u306b\u7f6e\u304d\u63db\u3048\u308b\u3068\u3001\u305d\u306e\u5dee\u306f\u5c0f\u3055\u304f\u306a\u308a\u307e\u3059\u3002<\/p>\n

\u5f53\u793e\u306f\u6a5f\u95a2\u6295\u8cc7\u5bb6\u306b\u504f\u3063\u3066\u304a\u308a\u3001\u6a5f\u95a2\u6295\u8cc7\u5bb6\u306f\u3088\u308a\u9ad8\u3044\u30d9\u30fc\u30bf\u5024\u3092\u6301\u3061\u307e\u3059\u3002\u3057\u304b\u3057\u3001\u56fd\u969b\u901a\u8ca8\u306b\u3082\u504f\u308a\u304c\u3042\u308a\u3001\u305d\u3053\u3067\u3082\u826f\u597d\u306a\u30b9\u30d7\u30ec\u30c3\u30c9\u304c\u78ba\u4fdd\u3055\u308c\u3066\u3044\u307e\u3059\u3002\u5e02\u5834\u3092\u901a\u3058\u3066\u306e\u5f71\u97ff\u3068\u3044\u3046\u70b9\u3067\u306f\u3001\u5e02\u5834\u306e\u5f71\u97ff\u306f\u3055\u307e\u3056\u307e\u306a\u5f62\u3067\u73fe\u308c\u308b\u3068\u601d\u3044\u307e\u3059\u3002\u91d1\u5229\u306e\u5909\u52d5\u3084\u305d\u306e\u4ed6\u306e\u4e0d\u78ba\u5b9f\u6027\u3001\u5e02\u5834\u306e\u30dc\u30e9\u30c6\u30a3\u30ea\u30c6\u30a3\u306f\u3001\u30d6\u30ed\u30fc\u30ab\u30fc\u5e02\u5834\u306e\u53ce\u76ca\u3092\u62bc\u3057\u4e0a\u3052\u308b\u53ef\u80fd\u6027\u304c\u3042\u308a\u3001\u6295\u8cc7\u5bb6\u304c\u3069\u306e\u3088\u3046\u306b\u5e33\u7c3f\u3092\u898b\u76f4\u3059\u304b\u306b\u3088\u3063\u3066\u3001\u3053\u306e\u3088\u3046\u306a\u53ce\u76ca\u304c\u767a\u751f\u3059\u308b\u53ef\u80fd\u6027\u306f\u3042\u308a\u307e\u3059\u3002<\/p>\n

\u3054\u8cea\u554f\u306e\u6700\u5f8c\u306e\u90e8\u5206\u306b\u95a2\u3057\u3066\u3001\u4ed6\u306b\u6307\u6458\u3059\u3079\u304d\u3053\u3068\u306f\u306a\u3044\u3068\u601d\u3044\u307e\u3059\u3002\u3068\u3044\u3046\u306e\u3082\u3001\u79c1\u305f\u3061\u306f\u5e02\u5834\u3067\u904e\u5270\u6d41\u52d5\u6027\u3092\u898b\u3066\u3001\u305d\u308c\u3092\u6295\u8cc7\u306b\u56de\u3057\u3066\u3044\u307e\u3059\u3002\u6295\u8cc7\u30dd\u30fc\u30c8\u30d5\u30a9\u30ea\u30aa\u306f700\u5104\u30c9\u30eb\u307b\u3069\u5897\u52a0\u3057\u307e\u3057\u305f\u3002\u30c7\u30e5\u30ec\u30fc\u30b7\u30e7\u30f3\u3082\u7d042.85\u500d\u306b\u62e1\u5927\u3057\u3001\u307e\u3060\u304b\u306a\u308a\u306e\u30c9\u30e9\u30a4\u30d1\u30a6\u30c0\u30fc\u3092\u4fdd\u6709\u3057\u3066\u304a\u308a\u3001\u9867\u5ba2\u306e\u9700\u8981\u3084\u91d1\u5229\u4e0a\u6607\u306e\u74b0\u5883\u4e0b\u3067\u306e\u904b\u7528\u304c\u671f\u5f85\u3067\u304d\u307e\u3059\u3002<\/p>\n

Steven Chubak — Wolfe Research — \u30a2\u30ca\u30ea\u30b9\u30c8<\/p>\n

\u30de\u30fc\u30af\u3001\u7d20\u6674\u3089\u3057\u3044\u8272\u5f69\u3067\u3059\u306d\u3002\u8907\u6570\u306e\u8cea\u554f\u306b\u5bfe\u5fdc\u3057\u3066\u3044\u305f\u3060\u304d\u3001\u672c\u5f53\u306b\u3042\u308a\u304c\u3068\u3046\u3054\u3056\u3044\u307e\u3057\u305f\u3002<\/p>\n

\u30de\u30fc\u30af\u30fb\u30e1\u30a4\u30bd\u30f3 — \u6700\u9ad8\u8ca1\u52d9\u8cac\u4efb\u8005<\/p>\n

\u306f\u3044\u3002<\/p>\n

\u30aa\u30da\u30ec\u30fc\u30bf\u30fc<\/p>\n

\u6b21\u306e\u8cea\u554f\u306f\u3001\u30d1\u30a4\u30d1\u30fc\u30fb\u30b5\u30f3\u30c9\u30e9\u30fc\u306e\u30b8\u30a7\u30d5\u30fb\u30cf\u30fc\u30c8\u3055\u3093\u304b\u3089\u3067\u3059\u3002<\/p>\n

Jeff Harte — Piper Sandler — \u30a2\u30ca\u30ea\u30b9\u30c8<\/p>\n

\u7533\u3057\u8a33\u3042\u308a\u307e\u305b\u3093\u304c\u3001\u79c1\u306f\u5217\u304b\u3089\u5916\u308c\u305f\u3064\u3082\u308a\u3067\u3059\u3002\u79c1\u306e\u8cea\u554f\u306b\u306f\u3082\u3046\u7b54\u3048\u307e\u3057\u305f\u3057\u3001\u7686\u3055\u3093\u3082\u75b2\u308c\u3066\u3044\u308b\u3053\u3068\u3067\u3057\u3087\u3046\u3002\u3060\u304b\u3089\u3001\u3082\u3046\u3044\u3044\u3093\u3060\u3002\u3042\u308a\u304c\u3068\u3046\u3054\u3056\u3044\u307e\u3057\u305f\u3002<\/p>\n

\u30b8\u30a7\u30fc\u30f3\u30fb\u30d5\u30ec\u30a4\u30b6\u30fc — \u6700\u9ad8\u7d4c\u55b6\u8cac\u4efb\u8005<\/p>\n

\u3042\u308a\u304c\u3068\u3046\u3001\u30b8\u30a7\u30d5\u3002<\/p>\n

\u30aa\u30da\u30ec\u30fc\u30bf\u30fc<\/p>\n

\u6700\u5f8c\u306e\u8cea\u554f\u306f\u3001\u30a6\u30a7\u30eb\u30ba\u30fb\u30d5\u30a1\u30fc\u30b4\u8a3c\u5238\u306e\u30de\u30a4\u30af\u30fb\u30e1\u30a4\u30e8\u30fc\u3055\u3093\u304b\u3089\u3067\u3059\u3002<\/p>\n

\u30b8\u30a7\u30fc\u30f3\u30fb\u30d5\u30ec\u30a4\u30b6\u30fc — \u6700\u9ad8\u7d4c\u55b6\u8cac\u4efb\u8005<\/p>\n

\u30e1\u30a4\u30e8\u30fc\u3055\u3093\uff1f<\/p>\n

Mike Mayo — \u30a6\u30a7\u30eb\u30ba\u30fb\u30d5\u30a1\u30fc\u30b4\u8a3c\u5238 — \u30a2\u30ca\u30ea\u30b9\u30c8<\/p>\n

\u3053\u3093\u306b\u3061\u306f\u3001\u3082\u30461\u3064\u8cea\u554f\u3067\u3059\u3002\u6587\u5316\u306e\u5909\u5316\u3067\u4e00\u756a\u5927\u5909\u306a\u3053\u3068\u306f\u4f55\u3067\u3057\u3087\u3046\u304b\uff1f<\/p>\n

Jane Fraser — CEO\uff08\u6700\u9ad8\u7d4c\u55b6\u8cac\u4efb\u8005<\/p>\n

\u304a\u305d\u3089\u304f\u3001\u30b5\u30a4\u30ed\u306e\u4e00\u90e8\u3092\u7834\u58ca\u3059\u308b\u3053\u3068\u3067\u3057\u3087\u3046\u3002\u305d\u3057\u3066\u3001\u79c1\u305f\u3061\u304c\u6253\u3061\u51fa\u3057\u305f\u539f\u5247\u3001Mike, have connected\u304c\u3001\u305d\u306e\u91cd\u8981\u306a\u8981\u7d20\u3068\u306a\u3063\u3066\u3044\u307e\u3059\u3002\u6628\u5e74\u3001\u65b0\u3057\u3044\u30ea\u30fc\u30c0\u30fc\u30b7\u30c3\u30d7\u306e\u539f\u5247\u3092\u5c0e\u5165\u3057\u307e\u3057\u305f\u304c\u3001\u3053\u308c\u306f\u3001\u3044\u304b\u306b\u3057\u3066\u4f1a\u793e\u3092\u3046\u307e\u304f\u3064\u306a\u3052\u3066\u3001\u30b7\u30ca\u30b8\u30fc\u3092\u6700\u5927\u9650\u306b\u767a\u63ee\u3055\u305b\u308b\u304b\u3068\u3044\u3046\u3053\u3068\u306b\u4e3b\u773c\u3092\u7f6e\u3044\u3066\u3044\u307e\u3059\u3002\u3067\u3059\u304b\u3089\u3001\u53e4\u3044\u7fd2\u6163\u3092\u65ad\u3061\u5207\u308b\u3053\u3068\u3067\u3001\u65b0\u3057\u3044\u4f53\u5236\u306f\u79c1\u305f\u3061\u304c\u884c\u3063\u3066\u3044\u308b\u3055\u307e\u3056\u307e\u306a\u53d6\u308a\u7d44\u307f\u306b\u5f79\u7acb\u3063\u3066\u3044\u308b\u3068\u8a00\u3048\u308b\u3067\u3057\u3087\u3046\u3002<\/p>\n

Mike Mayo — \u30a6\u30a7\u30eb\u30ba\u30fb\u30d5\u30a1\u30fc\u30b4\u8a3c\u5238 — \u30a2\u30ca\u30ea\u30b9\u30c8<\/p>\n

\u305d\u3057\u3066\u3001\u305d\u308c\u306b\u306f\u3069\u308c\u304f\u3089\u3044\u306e\u6642\u9593\u304c\u304b\u304b\u308b\u3068\u304a\u8003\u3048\u3067\u3059\u304b\uff1f\u306a\u305c\u306a\u3089\u3001\u9577\u3044\u9593\u6839\u4ed8\u3044\u3066\u3044\u305f\u6587\u5316\u3092\u58ca\u3059\u3053\u3068\u306b\u306a\u308b\u304b\u3089\u3067\u3059\u3002<\/p>\n

\u30b8\u30a7\u30fc\u30f3\u30fb\u30d5\u30ec\u30a4\u30b6\u30fc — \u6700\u9ad8\u7d4c\u55b6\u8cac\u4efb\u8005<\/p>\n

\u305d\u3046\u3067\u3059\u306d\u3001\u3053\u306e\u9032\u6b69\u306b\u306f\u672c\u5f53\u306b\u6e80\u8db3\u3057\u3066\u3044\u307e\u3059\u3002\u79c1\u304c\u5c31\u4efb\u3057\u3066\u6700\u521d\u306b\u3057\u305f\u3053\u3068\u306e\u3072\u3068\u3064\u306f\u3001\u4f01\u696d\u6587\u5316\u306b\u95a2\u3059\u308b\u30d5\u30ed\u30f3\u30c82\u3092\u6253\u3061\u51fa\u3059\u3053\u3068\u3067\u3057\u305f\u3002\u3060\u304b\u3089\u3001\u79c1\u306f\u3053\u306e\u9032\u6357\u306b\u3068\u3066\u3082\u6e80\u8db3\u3057\u3066\u3044\u307e\u3059\u3002<\/p>\n

\u8ab0\u3082\u304c\u660e\u78ba\u3060\u3068\u601d\u3044\u307e\u3059\u3002\u79c1\u305f\u3061\u306f\u3001\u8aac\u660e\u8cac\u4efb\u3068\u5353\u8d8a\u6027\u3001\u305d\u3057\u3066\u7dca\u6025\u6027\u3092\u3082\u3063\u3066\u884c\u52d5\u3059\u308b\u6587\u5316\u3092\u6c42\u3081\u3066\u304a\u308a\u3001\u305d\u306e\u4e00\u7aef\u306f\u9806\u8abf\u306b\u9032\u3093\u3067\u3044\u307e\u3059\u3002\u3057\u304b\u3057\u3001\u3082\u3046\u5c11\u3057\u6642\u9593\u304c\u304b\u304b\u308b\u3067\u3057\u3087\u3046\u3002<\/p>\n

\u30aa\u30da\u30ec\u30fc\u30bf\u30fc<\/p>\n

\u3054\u8cea\u554f\u306f\u3054\u3056\u3044\u307e\u305b\u3093\u3002\u3067\u306f\u3001\u6700\u5f8c\u306b\u30b8\u30a7\u30f3\u30fb\u30e9\u30f3\u30c7\u30a3\u30b9\u304b\u3089\u3054\u6328\u62f6\u3092\u3055\u305b\u3066\u3044\u305f\u3060\u304d\u307e\u3059\u3002<\/p>\n

\u30b8\u30a7\u30f3\u30fb\u30e9\u30f3\u30c7\u30a3\u30b9 — \u30a4\u30f3\u30d9\u30b9\u30bf\u30fc\u30fb\u30ea\u30ec\u30fc\u30b7\u30e7\u30f3\u30ba\u90e8\u9580\u8cac\u4efb\u8005<\/p>\n

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