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ᩣᑼ⺞ᩏㇱ
2011 ᐕ 3 ᦬ 24 ᣣ
ේ⊒ෂᯏ䈫ᖱႎ䊥䊁䊤䉲䊷
㔚ജਇ⿷⺰䉕Ꮌ䉎㚟䈔ᒁ䈐
• ⅣႺ䉣䊈䊦䉩䊷᡽╷⎇ⓥᚲ(એਅ䇮䇸ISEP䇹)䈏 3 ᦬ 23 ᣣ䈮૞ᚑ䈚䈢䊧䊘
䊷䊃䇸䇸ή⸘↹஗㔚䇹䈎䉌䇸ᚢ⇛⊛䉣䊈䊦䉩䊷䉲䊐䊃䇹䈻䇹䈲䇮੹ᓟ䈱㔚ജ㔛
⛎䈮䈧䈇䈩⥝๧ᷓ䈇ಽᨆ䉕ⴕ䈦䈩䈇䉎䇯⍴ᦼ⊛䈭㔚ജ㔛⛎䈮䈧䈇䈩䈱ᓐ
䉌䈱⚿⺰䈲䇮䇸੹ᤐ䈎䉌ᄐ䈱㔛ⷐ䊏䊷䉪ᤨ(1 ᣣᦨᄢ㔚ജ੍ᗐ䋽⊒㔚┵䈪
5,755 ਁ kW)䈮䈎䈔䈩䇮䈫䈒䈮㔛ⷐ஥䈻䈱ㆡಾ䈭ភ⟎䌾․䈮ᄢญ㔛ⷐኅ
䈫䈱㔛⛎⺞ᢛᄾ⚂䈱ᚢ⇛⊛ᵴ↪䌾䉕ⴕ䈋䈳䇮⍴ᦼ⊛䈮䉅ή⸘↹䈭䇸⸘↹
஗㔚䇹䉕ታᣉ䈚䈭䈒䈩䉅䇮චಽ䈮ኻᔕน⢻䇹䈪䈅䈦䈢䇯
ᣣᧄ
ർ㊁ ৻
AC
(81-3) 6736-8655
hajime.x.kitano@jpmorgan.com
JP 䊝䊦䉧䊮⸽೛ᩣᑼળ␠
• ᓐ䉌䈱ಽᨆ෸䈶ឭ⸒䉕◲න䈮⚫੺䈚䉋䈉䇯䉁䈝䇮ଏ⛎஥䈎䉌䇯ᓐ䉌䈲䇮᧲੩
㔚ജ⥄␠Ἣജ䈱ᓳᣥ䈮䈧䈇䈩ਃ䈧䈱䉲䊅䊥䉥䉕↪ᗧ䈚䈩䈇䉎䇯䉬䊷䉴 1䋺⑔
ፉ⋵䈫⨙ၔ⋵䈱⊒㔚ᚲ䈲ో䈩஗ᱛ䇮㐳ᦼ⸘↹஗ᱛ䈱ᮮ㗇⾐⊒㔚ᚲ䉅࿁ᓳ
䈚䈭䈇(ଏ⛎ജ 2,717 ਁ kW)䇯䉬䊷䉴 2䋺⨙ၔ⋵䈱㣮ፉ⊒㔚ᚲ䈏ᓳᣥ䇮ᮮ㗇
⾐⊒㔚ᚲ䈱৻ㇱ(7䇮8 ภ)䈏ㆇォ䉕ౣ㐿䈜䉎(ห 3,227 ਁ kW)䇯䉬䊷䉴 3䋺䉬
䊷䉴 2 䈮ട䈋䈩ᮮ㗇⾐⊒㔚ᚲ䈱 3䌾6 ภ䉅ㆇォ䉕ౣ㐿䈜䉎(ห 3,367 ਁ
kW)䇯䈖䉏䈮ઁ␠ฃ㔚䇮឴᳓⊒㔚╬䉕ട䈋䉎䈫䇮䉬䊷䉴 1 䈪 4,995 ਁ kW䇮
䉬䊷䉴 2 䈪 5,878 ਁ kW䇮䉬䊷䉴 3 䈪 6,018 ਁ kW 䈱ଏ⛎ജ䉕ᦼᓙ䈪䈐䉎䇯
䉬䊷䉴 2䇮3 䈭䉌䇮᧲㔚䈮䉋䉎ᄐ䈱䊏䊷䉪ᤨ䈱ᦨᄢ㔚ജ੍ᗐ(5,755 ਁ kW)䉕
਄࿁䉎䇯
• ᰴ䈮㔛ⷐ஥䈪䈅䉎䇯ᓐ䉌䈲䇮䇸䈖䈱ᤐ䈎䉌ᄐ䈮䈎䈔䈩䇮㕖Ᏹ䈮෩䈚䈇㔚ജ㔛
⛎䈏⛯䈒䈖䈫䈲⏕䈎䈣䈏䇮⃻⁁䈱⥄⊒⊛䈭⋭䉣䊈䊶⋭㔚ജ䈱ലᨐ䈪䇮චಽ
䈮ಾ䉍ᛮ䈔䉎䈖䈫䈏䈪䈐䉎᳓Ḱ䈪䈅䉎䈫⸒䈋䉎䇹䈫⸒䈉䇯䈠䈱਄䈪䇮䉋䉍⏕ታ䈭
㔚ജ㔛⛎䉕ⴕ䈉䈢䉄䈮䇮㔛⛎⺞ᢛᄾ⚂䈱ᵴ↪䉕ឭ⸒䈚䈩䈇䉎䇯㔛⛎⺞ᢛᄾ
⚂䈫䈲䇮䇸ᄢญ㔛ⷐኅ䈫䈱㑆䈪ข䉍੤䉒䈘䉏䈩䈇䉎䇮ㅼㄼᤨ䈮㔚ജળ␠䈏૶
↪೥ᷫ䉕ⷐ⺧䈪䈐䉎ᄾ⚂䈪䈅䉍䇮㵺2007 ᐕ䈱ᨰፒಿ⠀ේ⊒䈏࿾㔡䈪஗ᱛ
䈚䈢䈫䈐䈮䇮17 ᐕ䈹䉍䈮ᵴ↪䈚䈢⚻㛎䈏䈅䉎䇹䇯ᒰᤨ䈲䇮⥄ਥ⊛䈭ᄾ⚂䈣䈔
䈪 310 ਁ kW 䈱㔚ജ⺞ᢛജ䉕⏕଻䈪䈐䈢䇯䈖䉏䈮᡽ᐭ䈏䉟䊮䉶䊮䊁䉞䊑䉕
䈧䈔䉎䈭䈬᡽╷ኻᔕ䉕ⴕ䈉䈫䇮䈖䈱୚એ਄䈱⺞ᢛജ䉕⏕଻䈪䈐䉎䈫ᓐ䉌䈲⠨
䈋䈩䈇䉎䇯
• ᓐ䉌䈱ಽᨆ䈏ᱜ䈚䈇䈭䉌䇮䈖䈱ᄐ䈮䈎䈔䈩ᷓೞ䈭㔚ജਇ⿷䈏ᣣᧄ⚻ᷣ䈱䊗
䊃䊦䊈䉾䉪䈮䈭䉎ෂ㒾ᕈ䈲䈭䈘䈠䈉䈪䈅䉎䇯䈠䉏䈮䈚䈩䉅䇮䈖䈱䊧䊘䊷䊃䈏૞ᚑ
䈘䉏䈢ᣣ䈱ᣣᧄ⚻ᷣᣂ⡞䈱৻㕙䊃䉾䊒䈲䇮3 ᦬ 23 ᣣઃ䈔䊧䊘䊷䊃䇸㔚ജਇ
⿷ᖱႎ䈲㔚ථ ᚻ䈮䇹䈪⚫੺䈚䈢䉋䈉䈮䇮䇸ᄐ䈱㔚ജਇ⿷㩷 ᦨᄢ 1500 ਁ䉨
䊨䊪䉾䊃䇹䈪䈅䈦䈢䇯ห䈛੐⽎䈏䇮䈖䉏䈾䈬⇣䈭䈦䈢ᩰᅢ䈪વ䈋䉌䉏䉎䈱䈲ਇ
ᕁ⼏䈪䈅䉎䇯䈵䉊䈦䈫䈜䉎䈫䇮વ䈋䉎஥䈱ᕁᗐ䊶ା᧦䈏䇮⃻⁁್ᢿ䈮ᓇ㗀䉕
ਈ䈋䈩䈇䉎䈱䈎䉅䈚䉏䈭䈇䇯䈤䈭䉂䈮䇮ISEP 䈱䇸ਛ㐳ᦼ⊛䈭䉣䊈䊦䉩䊷䉲䊐
䊃䇹䉕䉂䉎䈫䇮2050 ᐕ䈱ᣣᧄ䈱䉣䊈䊦䉩䊷䈲䇮⣕ේሶജ䇮⣕ൻ⍹Άᢱ䉕⚻䈩
⥄ὼ䉣䊈䊦䉩䊷䈪⾔䉒䉏䉎䉟䊜䊷䉳䈮䈭䈦䈩䈇䉎䇯䈖䉏䈮ኻ䈚䈩䇮䉮䉴䊃䉕㊀
ⷞ䈜䉎↥ᬺ⇇䈲䇮ේሶജ᡽╷䈱⷗⋥䈚䈮䈲ᘕ㊀䈮䈭䉐䈉䇯
䉝䊅䊥䉴䊃䈮䉋䉎଻⸽䈍䉋䈶☨࿖એᄖ䈱䉝䊅䊥䉴䊃䈱䊂䉞䉴䉪䊨䊷䉳䊞䊷䉕฽䉃㊀ⷐ䈭䊂䉞䉴䉪䊨䊷䉳䊞䊷䈮㑐䈚䈩䈲ᧄ䊥䉰
䊷䉼ᧃየ䉕䈗ⷩ䈒䈣䈘䈇䇯J.P.䊝䊦䉧䊮䈲ᧄ䊥䉰䊷䉼䈪䉦䊋䊷䈚䈢ળ␠䈫ขᒁ㑐ଥ䈮䈅䉎䇮䉅䈚䈒䈲੹ᓟขᒁ䉕䈜䉎ᗧ࿑䈏䈅䉍䉁䈜䇯ᓥ䈦䈩䇮ᛩ⾗
ኅ䈲ᧄ䊧䊘䊷䊃䈱ቴⷰᕈ䈮ᓇ㗀䉕ਈ䈋ᓧ䉎೑ኂ㑐ଥ䈏ሽ࿷䈜䉎น⢻ᕈ䉕䈗ℂ⸃䈒䈣䈘䈇䇯ᛩ⾗ኅ䈲䇮ᧄ䊧䊘䊷䊃䈏䇮ᛩ⾗್ᢿ䈱᧚ᢱ䈱৻䈧䈮䈜䈑䈭
䈇䈖䈫䉕䈗ℂ⸃䈒䈣䈘䈇䇯
ർ㊁ ৻
(81-3) 6736-8655
hajime.x.kitano@jpmorgan.com
JP 䊝䊦䉧䊮⸽೛ᩣᑼળ␠ ᩣᑼ⺞ᩏㇱ
2011 ᐕ 3 ᦬ 24 ᣣ
೨⠪䈱┙႐䈎䉌䈲䇮ේሶജ⊒㔚䈏䈭䈒䈩䉅㔚ജෂᯏ䉕ਸ਼䉍⿧䈋䉌䉏䉎䈫䈇䈉ᣇ
ะ䈮䊋䉟䉝䉴䈏ដ䈎䈦䈩䉅ਇᕁ⼏䈪䈲䈭䈇䈚䇮ᓟ⠪䈲ෂᯏ䉕ᒝ⺞䈜䉎䈖䈫䈮䈭
䉐䈉䇯⺋⸃䈱䈭䈇䉋䈉䈮↳䈚ᷝ䈋䈩䈍䈐䈢䈇䈏䇮ISEP 䉇ᣣᧄ⚻ᷣᣂ⡞䈏䈠䈉䈣
䈫䈇䈉䉒䈔䈪䈲䈭䈇䇯┙႐䈮䉋䈦䈩䇮⊒ା䈘䉏䉎ᖱႎ䈏⇣䈭䉎䈱䈪䈲䈭䈇䈎䈫䈇
䈉৻⥸⺰䉕ㅀ䈼䈩䈇䉎䇯
䈠䈱ᗧ๧䈪䇮⥝๧ᷓ䈇䈱䈲䇮ㅳೀ䉻䉟䊟䊝䊮䊄䈱 2003 ᐕ 5 ᦬ 3䍃10 ᣣว૬ภ
䈮ឝタ䈘䉏䈩䈇䉎䇸㑐᧲ᄢ஗㔚䊌䊆䉾䉪䈲ᐛ䋿䇹䈪䈅䉎䇯ᒰᤨ䈲䇮᧲㔚䈱ේሶ
ജ⊒㔚ᚲ䈱ᬌᩏ䊂䊷䉺䈱ᡷ䈙䉖䊶㓝⭁੐ઙ䉕ฃ䈔䇮17 ၮ䈱ේ⊒䈏ో䈩ㆇォભ
ᱛ䉕૛௾䈭䈒䈘䉏䈩䈇䈢䇯ᄐ䈱㔚ജਇ⿷䈲ਇนㆱ䈫䈇䈉ಾㄼ䈚䈢⁁ᴫ䈪䈅䈦䈢䇯
䈖䈱⸥੐䈮䉋䉎䈫䇮㔚ജਇ⿷䈮䈲 4 䈧䈱ኻᔕ╷䈏䈅䉎䈫⚫੺䈘䉏䈩䈇䈢䇯ᱜ᡹
ᴺ䈏(1)࿾ర䈱ℂ⸃䉕ᓧ䈩ේ⊒ౣ㐿䇮ᰴༀ䈱╷䈲(2)▵㔚䇮ਃ⇟⋡䈮(3)㔛⛎
⺞ᢛᄾ⚂䈱ᵴ↪䇮ᦨᓟ䈲(4)ベ⇟஗㔚䈪䈅䉎䇯⃻࿷䈲䇮⸒䈉䉁䈪䉅䈭䈒(1)䈲ਇ
น⢻䈪䈅䉍䇮(2)䈮ข䉍⚵䉂䈭䈏䉌䇮(3)䉕㘧䈳䈚䈩(4)䉕ⴕ䈦䈩䈇䉎䇯ISEP 䈲䇮
(4)䈲㕖ല₸䈭䈱䈪䇮䉅䈦䈫(3)䉕ᵴ↪䈞䉋䈫ឭ⸒䈚䈩䈇䉎䇯
䈘䈩䇮䈖䈉䈚䈢 4 䈧䈱ኻᔕ╷䈏 2003 ᐕ䈮䉅ข䉍ᴕ᳸䈘䉏䈩䈇䈢䇯䈢䈣䇮᧲㔚䈏䇮
▵㔚䈮䈞䉋ベ⇟஗㔚䈮䈞䉋೑↪⠪䈱ℂ⸃䉕ᓧ䉎䈢䉄䈮⌀೶䈮ദജ䈚䈩䈇䉎䉋
䈉䈮䈲⷗䈋䈭䈎䈦䈢䈫䈇䈉䇯䇸ᓐ䉌䈏ᧄᒰ䈮⼊ᚓ䈜䉎䈱䈲䇮ේ⊒䉕േ䈎䈘䈝䈮ᄐ
႐䈱䊏䊷䉪䉕ਸ਼䉍ಾ䉎䈖䈫䈪䇮䇸ේ⊒䈲䈇䉌䈭䈇䈱䈪䈲䇹䈫䈇䈉⇼ᔨ䈏೑↪⠪䈮
ᐢ䈏䉎䈖䈫䈣䇹䈫䈇䈉䈱䈲ห⸥੐䈱⷗┙䈩䈪䈅䉎䇯䈖䉏䈫ห䈛᭴ㅧ䈏⃻࿷䈮䉅ᒰ
䈩䈲䉁䉎䈱䈪䈲䈭䈇䈎䇯ISEP 䈱ಽᨆ䈱䉋䈉䈮䇮Ἣജ⊒㔚ᚲ䈱ᓳᣥ෸䈶ㆇォౣ
㐿䈣䈔䈪ᄐ䉕ਸ਼䉍ಾ䈦䈩䈚䉁䈉䈫䇮䈠䉏䈖䈠䇸ේ⊒䈲䈇䉌䈭䈇䇹䈫䈇䈉ᗧ⷗䈏൓䈇
䉕ᜬ䈧䈪䈅䉐䈉䇯వᚻ䉕ᛂ䈦䈩䇮㔛ⷐ䉕ᛥ䈋䈢䈎䉌䈖䈠ਸ਼䉍ಾ䉏䈢䈫䈇䈉ᩰᅢ䈮
䈚䈩䈍䈒䈫䇮ේ⊒ਇⷐ⺰䉕䈔䉖೙䈪䈐䉎䇯
੹࿁䈱ේ⊒੐᡿䈮┵䉕⊒䈜䉎㔚ജෂᯏ䈮䈍䈇䈩䈲䇮ᚒ䇱䈱ᖱႎ䊥䊁䊤䉲䊷䉅
⹜䈘䉏䈩䈇䉎䉋䈉䈮ᕁ䉒䉏䉎䇯
2
ർ㊁ ৻
(81-3) 6736-8655
hajime.x.kitano@jpmorgan.com
JP 䊝䊦䉧䊮⸽೛ᩣᑼળ␠ ᩣᑼ⺞ᩏㇱ
2011 ᐕ 3 ᦬ 24 ᣣ
㊄Ⲣ໡ຠขᒁᴺ䈮ၮ䈨䈒⴫␜੐㗄㩷
ᩣᑼขᒁ䈲ᩣଔ䈱ᄌേ╬䈮䉋䉍៊ᄬ䈏↢䈛䉎ᕟ䉏䈏䈅䉍䉁䈜䇯䉁䈢䇮ᄖ࿖ᩣᑼขᒁ䈱႐ว䇮ὑᦧ⋧႐䈱ᄌേ
䈮䉋䈦䈩䉅៊ᄬ䈏↢䈛䉎䈍䈠䉏䈏䈅䉍䉁䈜䇯 ᩣᑼ䉕䈍ขᒁ䈜䉎႐ว䈮䈲䇮⚂ቯઍ㊄䈮੐೨䈮䈍ቴ᭽䈫୘೎䈮วᗧ䈚䈢ᚻᢙᢱ
₸䉕ਸ਼䈛䈩▚಴䈚䈢ᆔ⸤ᚻᢙᢱ෸䈶ᶖ⾌⒢䉕㗂䈒䈖䈫䈮䈭䉍䉁䈜䇯
㊄Ⲣ໡ຠขᒁᬺ⠪㩷 JP 䊝䊦䉧䊮⸽೛ᩣᑼળ␠㩷 㑐᧲⽷ോዪ㐳䋨㊄໡䋩╙ 82 ภ㩷 ട౉දળ/ᣣᧄ⸽೛ᬺදળ䇮䋨␠䋩㊄Ⲣవ‛ขᒁᬺදળ
䉝䊅䊥䉴䊃䈮䉋䉎଻⸽㩷
ᧄ䊥䉰䊷䉼䈱╙৻⽿છ⠪䈪䈅䉍䇮⴫⚕䈱౨㗡䈱᳁ฬ䈮䇸㪘㪚䇹䉕ឝタ䈘䉏䈩䈇䉎䊥䉰䊷䉼䉝䊅䊥䉴䊃䈏䇮ᰴ䈱䈖䈫䉕䈖䈖䈮଻⸽䈜䉎䇯㩿ⶄᢙ
䈱䊥䉰䊷䉼䉝䊅䊥䉴䊃䈏ᧄ䊥䉰䊷䉼䈱౒ห╙৻⽿છ⠪䈪䈅䉎႐ว䈲䇮⴫⚕䈮⸥タ䈘䉏䈩䈇䉎ฦ䉝䊅䊥䉴䊃䉫䊦䊷䊒䈱ਛ䈪᳁ฬ䈮䇸㪘㪚䇹䉕
ឝタ䈘䉏䈢⠪䇮䉅䈚䈒䈲ᧄ䊥䉰䊷䉼ౝ䈮᳁ฬ䉕ឝタ䈘䉏䈢⠪䈏䇮䈠䉏䈡䉏䈮ᒰ⹥᦭ଔ⸽೛䉁䈢䈲⊒ⴕ૕䈮㑐䈜䉎⸥ㅀ䈮䈧䈇䈩䇮୘೎
䈮䇮ᰴ䈱䈖䈫䉕䈖䈖䈮଻⸽䈜䉎䇯㪀㩿㪈㪀ᧄ䊥䉰䊷䉼䈮䈍䈇䈩␜䈘䉏䈢ో䈩䈱ᗧ⷗䈲䇮ᒰ⹥᦭ଔ⸽೛ᚗ䈇䈲ᒰ⹥᦭ଔ⸽೛⊒ⴕ૕䈱䈅䉍䈫䈅䉌
䉉䉎ὐ䈮㑐䈜䉎䊥䉰䊷䉼䉝䊅䊥䉴䊃୘ੱ䈱ᗧ⷗䉕ᱜ⏕䈮෻ᤋ䈜䉎䉅䈱䈪䈅䉎䈖䈫㩷㩿㪉㪀㩷䊥䉰䊷䉼䉝䊅䊥䉴䊃䈻䈱ႎ㈽䈲䇮⃻࿷䇮ㆊ෰䇮ᧂ᧪䈮
䈍䈇䈩䇮⋥ធ㑆ធ䉕໧䉒䈝䇮ᧄ䊥䉰䊷䉼䈮䈍䈇䈩␜䈘䉏䈢․ቯ䈱ផᅑᚗ䈇䈲ᗧ⷗䈫䈲৻ಾ㑐ㅪ䈱䈭䈇䉅䈱䈪䈅䉎䈖䈫䇯㩷
ᩣᑼ⺞ᩏ䊧䊘䊷䊃䈱㊀ⷐ䈭䊂䉞䉴䉪䊨䊷䉳䊞䊷䈍䉋䈶ᩣଔ䉼䊞䊷䊃䋺㩷
㪡㪅㪧㪅䊝䊦䉧䊮䈏ዋ䈭䈒䈫䉅 㪈 ᐕએ਄䉦䊋䊷䈚䈩䈇䉎ో㌏ᨩ䈱㊀ⷐ䈭䊂䉞䉴䉪䊨䊷䉳䊞䊷䈍䉋䈶ᩣଔ䉼䊞䊷䊃䈲 㪡㪅㪧㪅䊝䊦䉧䊮䈱䉡䉢䊑䉰䉟
䊃㩷㩿㪿㫋㫋㫇㫊㪑㪆㪆㫄㫄㪅㫁㫇㫄㫆㫉㪾㪸㫅㪅㪺㫆㫄㪆㪻㫀㫊㪺㫃㫆㫊㫌㫉㪼㫊㪆㪺㫆㫄㫇㪸㫅㫐㪀㩷䈱ᬌ⚝ᯏ⢻䉕૶䈦䈩䈗ⷩ䈮䈭䉏䉁䈜䇯䉅䈚䈒䈲䇮㪤㫆㫉㪾㪸㫅㪤㪸㫉㫂㪼㫋㫊 䈱䊃䊷䊦䊐䊥䊷䊅
䊮䊋䊷㩿㩷㪈㪄㪏㪇㪇㪄㪋㪎㪎㪄㪇㪋㪇㪍㪆☨࿖㪀㩷䈮㔚⹤䈪䈍໧䈇ว䉒䈞䈒䈣䈘䈇䇯㩷
䊧䊷䊁䉞䊮䉫䈱⺑᣿䈫䉝䊅䊥䉴䊃䈱䉦䊋䊧䉾䉳㌏ᨩ䋺㩷
㪡㪅㪧㪅䊝䊦䉧䊮䈲એਅ䈱ቯ⟵䈮ၮ䈨䈇䈩䊧䊷䊁䉞䊮䉫䉕ઃਈ䈚䈩䈇䉁䈜䋺㪦㫍㪼㫉㫎㪼㫀㪾㪿㫋㩷㩿੹ᓟඨᐕ䌾㪈 ᐕએౝ䈮䇮ᜂᒰ䉝䊅䊥䉴䊃䇮䈅䉎䈇䈲
䉝䊅䊥䉴䊃䉼䊷䊛䈱䉦䊋䊧䉾䉳䊶䊡䊆䊋䊷䉴䈮䈍䈔䉎ో㌏ᨩ䈱䊃䊷䉺䊦䊥䉺䊷䊮䈱ᐔဋ䉕䉝䉡䊃䊌䊐䉤䊷䊛䈜䉎䈫ᚒ䇱䈏੍ᗐ䈜䉎㪀㩷㪥㪼㫌㫋㫉㪸㫃㩷
㩿੹ᓟඨᐕ䌾㪈 ᐕએౝ䈮䇮ᜂᒰ䉝䊅䊥䉴䊃䇮䈅䉎䈇䈲䉝䊅䊥䉴䊃䉼䊷䊛䈱䉦䊋䊧䉾䉳䊶䊡䊆䊋䊷䉴䈮䈍䈔䉎ో㌏ᨩ䈱䊃䊷䉺䊦䊥䉺䊷䊮䈱ᐔဋ
䈫ห⒟ᐲ䈱䊥䉺䊷䊮䉕ታ⃻䈜䉎䈫ᚒ䇱䈏੍ᗐ䈜䉎㪀㩷㪬㫅㪻㪼㫉㫎㪼㫀㪾㪿㫋㩷㩿੹ᓟඨᐕ䌾㪈 ᐕએౝ䈮䇮ᜂᒰ䉝䊅䊥䉴䊃䇮䈅䉎䈇䈲䉝䊅䊥䉴䊃䉼䊷䊛䈱
䉦䊋䊧䉾䉳䊶䊡䊆䊋䊷䉴䈮䈍䈔䉎ో㌏ᨩ䈱䊃䊷䉺䊦䊥䉺䊷䊮䈱ᐔဋ䉕䉝䊮䉻䊷䊌䊐䉤䊷䊛䈜䉎䈫ᚒ䇱䈏੍ᗐ䈜䉎㪀㩷䇯㪡㪅㪧㪅㩷㪤㫆㫉㪾㪸㫅㩷
㪚㪸㫑㪼㫅㫆㫍㪼 䈱㩷㪬㪢 ਛዊဳᩣ䊥䉰䊷䉼䉝䊅䊥䉴䊃䈲ห᭽䈱䊧䊷䊁䉞䊮䉫㩷䉦䊁䉯䊥䊷䉕૶↪䈚䈩䈍䉍䉁䈜䈏䇮ฦ㌏ᨩ䈱੍ᗐ䊃䊷䉺䊦䊥䉺䊷䊮䈲
㪝㪫㪪㪜㩷㪘㫃㫃㩷㪪㪿㪸㫉㪼㩷㪠㫅㪻㪼㫏 䈱੍ᗐ䊃䊷䉺䊦䊥䉺䊷䊮䈮ኻ䈜䉎䉅䈱䈪䈅䉍䇮䉝䊅䊥䉴䊃䈱䉦䊋䊧䉾䉳䊶䊡䊆䊋䊷䉴䈮ኻ䈜䉎䉅䈱䈪䈲䈅䉍䉁䈞䉖䇯ᒰ
⹥䉝䊅䊥䉴䊃䈱䊥䉴䊃䈲䈗ⷐᦸ䈮ᔕ䈛䈩䈍ᷰ䈚䈇䈢䈚䉁䈜䇯䉝䊅䊥䉴䊃෸䈶䉝䊅䊥䉴䊃䊶䉼䊷䊛䈱䉦䊋䊧䉾䉳䊶䊡䊆䊋䊷䉴䈫䈲䇮୘䇱䈱䊥䉰䊷
䉼಴ ‛䈱⴫⚕䈮⸥タ䈘䉏䈢䉶䉪䉺䊷෸䈶㪆ᚗ䈇䈲࿖䉕ᗧ๧䈚䉁䈜䇯㩷
J.P.䊝䊦䉧䊮ᩣᑼ⺞ᩏㇱ䊧䊷䊁䉞䊮䉫䈱ౝ⸶(2010 ᐕ 12 ᦬ 31 ᣣᡷ⸓)
Overweight
Neutral
Underweight
㩷
(Buy)㩷
(Hold)㩷
(Sell)㩷
46%㩷
42%㩷
12%㩷
J.P. Morgan 䉫䊨䊷䊋䊦䊶䉣䉪䉟䊁䉞䊶䊥䉰䊷䉼䈱䉦䊋䊧䉾䉳㩷
53%㩷
50%㩷
38%㩷
ᛩ⾗㌁ⴕㇱ㐷䈱㘈ቴ*㩷
43%㩷
49%㩷
8%㩷
JPMS 䉣䉪䉟䊁䉞䍃䊥䉰䊷䉼䈱䉦䊋䊧䉾䉳㩷
71%㩷
63%㩷
59%㩷
ᛩ⾗㌁ⴕㇱ㐷䈱㘈ቴ*㩷
* ฦ䊧䊷䊁䉞䊮䉫䈮䈍䈔䉎ᛩ⾗㌁ⴕㇱ㐷㘈ቴ䈱භ䉄䉎ഀว
ᵈ䋺 㩷FINRA/NYSE 䈱䊧䊷䊁䉞䊮䉫䊶䊂䉞䉴䊃䊥䊎䊠䊷䉲䊢䊮䊶䊂䉞䉴䉪䊨䊷䉳䊞䊷䊦䊷䊦䈮Ḱ᜚䈜䉎䈫䇮Overweight 䈲 buy 䈮䇮Neutral 䈲 hold 䈮䇮
Underweight 䈲 sell 䈮ㆡว䈜䉎䇯㩷
䊋䊥䊠䉣䊷䉲䊢䊮䈍䉋䈶䊥䉴䉪ⷐ࿃䋺㩷
⋡ᮡᩣଔ㩿⸒෸䈘䉏䈩䈇䉎႐ว㪀⸳ቯ䈱ℂ↱䉕฽䉃૶↪䈘䉏䈢䊋䊥䊠䉣䊷䉲䊢䊮䈱⺑᣿䇮䈭䉌䈶䈮⋡ᮡᩣଔ䈮㑐䈜䉎䊥䉴䉪ⷐ࿃䈱⺑᣿䈲䇮
ᒰ⹥㌏ᨩ䈮䈧䈇䈩䈱ᦨᣂ䈱䊧䊘䊷䊃䉕䈗ⷩ䈒䈣䈘䈇䇯䊧䊘䊷䊃䈲 㪿㫋㫋㫇㪑㪆㪆㫎㫎㫎㪅㫄㫆㫉㪾㪸㫅㫄㪸㫉㫂㪼㫋㫊㪅㪺㫆㫄㩷䉋䉍䈗ⷩ䈮䈭䉏䉎䈾䈎䇮୘䇱䈱䊥䉰䊷
䉼಴ ‛䈱⴫⚕䈮⸥タ䈘䉏䈢䉝䊅䊥䉴䊃䇮䈅䉎䈇䈲 㪡㪅㪧㪅䊝䊦䉧䊮䈱ᜂᒰ⠪䈮䈗ㅪ⛊䈒䈣䈘䈇䇯㩷
䉝䊅䊥䉴䊃ႎ㈽䋺㩷
ᧄ䊧䊘䊷䊃䈱Ḱ஻䇮ၫ╩䈮䈢䈝䈘䉒䈦䈢䉝䊅䊥䉴䊃䈱ႎ㈽䈲䇮䊥䉰䊷䉼䈱⾰䉇ᱜ⏕䈘䇮䉪䊤䉟䉝䊮䊃䈱෻ᔕ䇮┹੎ജ䇮ળ␠ో૕䈱ᬺ❣䈭䈬䇮
᭽䇱䈭ⷐ࿃䈮䉋䈦䈩᳿䉁䉍䉁䈜䇯ળ␠ో૕䈱ᬺ❣䈮䈲䇮䉟䊮䉴䊁䉞䊁䊠䊷䉲䊢䊅䊦䊶䉣䉪䉟䊁䉞䊷ㇱ㐷䈍䉋䈶ᛩ⾗㌁ⴕㇱ㐷䈭䈬䉕䈲䈛䉄䈫
䈜䉎䇮᭽䇱䈭ㇱ㐷䈱ᬺ❣䈏฽䉁䉏䉁䈜䇯㩷
☨࿖એᄖ䈱䉝䊅䊥䉴䊃⊓㍳䋺㩷
3
ർ㊁ ৻
(81-3) 6736-8655
hajime.x.kitano@jpmorgan.com
JP 䊝䊦䉧䊮⸽೛ᩣᑼળ␠ ᩣᑼ⺞ᩏㇱ
2011 ᐕ 3 ᦬ 24 ᣣ
․䈮⸥タ䈏ή䈇㒢䉍䇮䊧䊘䊷䊃⴫⚕䈮⸥タ䈘䉏䈢☨࿖એᄖ䈱䉝䊅䊥䉴䊃䈲 㪡㪧㪤㪪 䈱☨࿖㑐ㅪળ␠એᄖ䈱㑐ㅪળ␠䈱ᓥᬺຬ䈪䈅䉍䇮
㪥㪰㪪㪜 䈍䉋䈶 㪝㪠㪥㪩㪘 䈱ⷙቯ䈮䈅䉎䊥䉰䊷䉼䉝䊅䊥䉴䊃䈫䈚䈩䈱⊓㍳䈅䉎䈇䈲⾗ᩰ䉕᦭䈚䈩䈍䉌䈝䇮㪡㪧㪤㪪 䈱․ᱶ㑐ଥੱ䈪䈭䈒䇮㪝㪠㪥㪩㪘㩷
㪩㫌㫃㪼㩷㪉㪎㪈㪈 䈍䉋䈶 㪥㪰㪪㪜㩷㪩㫌㫃㪼㩷㪋㪎㪉 䈱ⷙ೙䈪䈅䉎⺞ᩏኻ⽎ડᬺ䈫䈱䉮䊚䊠䊆䉬䊷䉲䊢䊮䇮䊌䊑䊥䉾䉪䉝䊏䉝䊤䊮䉴䈍䉋䈶䊥䉰䊷䉼䉝䊅䊥䉴䊃
䈱ขᒁญᐳ䈮䈍䈔䉎᦭ଔ⸽೛ขᒁ䈮㑐䈜䉎೙⚂䉕ฃ䈔䈭䈇น⢻ᕈ䈏䈅䉍䉁䈜䇯㩷
䈠䈱ઁ䈱䊂䉞䉴䉪䊨䊷䉳䊞䊷䋺
J.P.䊝䊦䉧䊮 (“JPM”)䈲䇮JP Morgan Securities LLC. ("JPMS")䈍䉋䈶ో਎⇇䈮䈍䈔䉎☨࿖એᄖ䈱㑐ㅪળ␠䈱䊑䊤䊮䊄䊈䊷䊛䈪䈜䇯J.P. Morgan Cazenove 䈲 JPMorgan Chase
& Co 䈍䉋䈶䈠䈱㑐ㅪળ␠䈱⧷࿖䈮䈍䈔䉎䉟䊮䊔䉴䊃䊜䊮䊃䊶䊋䊮䉨䊮䉫䍃䊎䉳䊈䉴䇮EMEA 䈱ᩣᑼ䈍䉋䈶ᩣᑼ⺞ᩏ䊎䉳䊈䉴䈱䊙䊷䉬䊁䉞䊮䉫䊈䊷䊛䈪䈜䇯
䉥䊒䉲䊢䊮䈮㑐䈜䉎⺞ᩏ⾗ᢱ䋺ᧄ⾗ᢱ䈪ឭଏ䈜䉎ᖱႎ䈏䉥䊒䉲䊢䊮䈮㑐䈜䉎⺞ᩏ⾗ᢱ䈪䈅䉎႐ว䇮ᒰ⹥ᖱႎ䈲ㆡಾ䈭䉥䊒䉲䊢䊮䊥䉴䉪䊂䉞䉴䉪䊨䊷䉳䊞䊷⾗ᢱ䉕ฃ㗔䈚䈢႐ว
䈮㒢䉍䇮౉ᚻ䈏น⢻䈫䈭䉍䉁䈜䇯Option Clearing Corporation's Characteristics and Risks of Standardized Options 䈱⾗ᢱ౉ᚻ䈮㑐䈚䈩䈲䇮J.P.䊝䊦䉧䊮䈱ᜂᒰ⠪䈮䈗ㅪ⛊䈇䈢
䈣䈒䈎䇮䉅䈚䈒䈲 Option Clearing Corporation (OCC)䈱䉡䉢䊑䉰䉟䊃 http://www.optionsclearing.com/publications/risks/riskstoc.pdf.䉕䈗ⷩ䈒䈣䈘䈇䇯
ᴺੱ䋺☨࿖: JPMS 䈲 NYSE䇮FINRA 䈭䉌䈶䈮 SIPC 䈱ળຬ䈪䈜䇯J.P. Morgan Futures Inc.䈲 NFA 䈱ળຬ䈪䈜䇯JPMorgan Chase Bank, N.A.䈲 FDIC 䈱ળຬ䈪䈅䉍䇮⧷࿖䈪
䈲 Financial Services Authority 䈱⋙〈ਅ䈮䈅䉍䉁䈜䇯⧷࿖䋺 J.P. Morgan Securities Ltd. (JPMSL) 䈲䊨䊮䊄䊮⸽೛ขᒁᚲ䈱ળຬ䈪䈅䉍䇮FSA 䈱⋙〈ਅ䈮䈅䉍䉁䈜䇯䉟䉩䊥䉴䈍䉋
䈶䉡䉢䊷䊦䉵䈪⊓㍳䈘䉏䈩䈇䉁䈜䋺No. 2711006. Registered Office 125 London Wall, London E C2Y 5AJ䇯ධ䉝䊐䊥䉦䋺 J.P. Morgan Equities Limited 䈲䊣䊊䊈䉴䊑䊦䉫⸽೛ข
ᒁᚲ䈱ળຬ䈪 FSB 䈱⋙〈ਅ䈮䈅䉍䉁䈜䇯㚅᷼䋺J.P. Morgan Securities (Asia Pacific) Limited (CE ⇟ภ䈲 AAJ321)䈲㚅᷼䈱 Hong Kong Monetary Authority 䈍䉋䈶 Securities
and Futures Commission 䈮⊓㍳䈘䉏䈩䈇䉁䈜䇯㖧࿖䋺J.P. Morgan Securities (Far East) Ltd., Seoul Branch 䈲 Korea Financial Supervisory Service 䈱⋙〈ਅ䈮䈅䉍䉁䈜䇯䉥䊷䉴
䊃䊤䊥䉝䋺J.P. Morgan Australia Limited (ABN 52 002 888 011/AFS Licence No:238188)䈲 ASIC 䈱⋙〈ਅ䈮䈅䉍䇮J.P. Morgan Securities Australia Limited (ABN 61 003 245
234/AFS Licence No:238066)䈲 ASX 䈎䉌⸽೛ᬺോ䈱⹺น䉕ฃ䈔䈩䈍䉍䇮ASIC 䈱⋙〈ਅ䈮䈅䉍䉁䈜䇯 บḧ䋺J.P. Morgan Securities (Taiwan) Limited 䈲บḧ⸽೛ขᒁᚲ(ળ␠
ဳ)䈍䉋䈶บḧ㊄Ⲣ⋙〈ᆔຬળ(Taiwan Securities and Futures Bereau)䈱⋙〈ਅ䈮䈅䉍䉁䈜䇯䉟䊮䊄䋺J.P. Morgan India Private Limited ( J.P. Morgan Tower, Off. C.S.T. Road,
Kalina, Santacruz East, Mumbai - 400098) 䈲䇮䉟䊮䊄⸽೛ขᒁᚲ(National Stock Exchange of the India Limited; SEBI Registration Number - INB 230675231/INF
230675231/INE 230675231)䈫䊗䊮䊔䉟⸽೛ขᒁᚲ䈱ળຬ(SEBI Registration Number - INB010675237/INB010675237)䈪䈅䉍䇮Securities and Exchange Board of India 䈱⋙〈
ਅ䈮䈅䉍䉁䈜䇯䉺䉟䋺 JPMorgan Securities (Thailand) Limited 䈲䇮䉺䉟⸽೛ขᒁᚲ䈱ળຬ䈪䇮Ministry of Finance and the Securities and Exchange Commission 䈱⋙〈ਅ䈮䈅䉍
䉁䈜䇯䉟䊮䊄䊈䉲䉝: PT J.P. Morgan Securities Indonesia 䈲䇮䉟䊮䊄䊈䉲䉝⸽೛ขᒁᚲ䈱ળຬ䈪䈅䉍䇮BAPEPAM LK 䈱⋙〈ਅ䈮䈅䉍䉁䈜䇯䊐䉞䊥䊏䊮: J.P. Morgan Securities
Philippines Inc.䈲䊐䉞䊥䊏䊮⸽೛ขᒁᚲ䈱ળຬ䈪䇮䊐䉞䊥䊏䊮⸽೛ขᒁᆔຬળ䋨SEC䋩䈱⋙〈ਅ䈮䈅䉍䉁䈜䇯䊑䊤䉳䊦䋺 Banco J.P. Morgan S.A.䈲䊑䊤䉳䊦⸽೛ขᒁᆔຬળ
(CVM)䈍䉋䈶䊑䊤䉳䊦ਛᄩ㌁ⴕ(BCB)䈱⋙〈ਅ䈮䈅䉍䉁䈜䇯䊜䉨䉲䉮䋺 J.P. Morgan Casa de Bolsa, S.A. de C.V.䇮J.P. Morgan Grupo Financiero 䈲䊜䉨䉲䉮⸽೛ขᒁᚲ䈱ળຬ
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JP 䊝䊦䉧䊮⸽೛ᩣᑼળ␠ ᩣᑼ⺞ᩏㇱ
2011 ᐕ 3 ᦬ 24 ᣣ
৻⥸䋺ㅊടᖱႎ䈲ᓮⷐᦸ䈮ᔕ䈛䈩䈍ᷰ䈚䈇䈢䈚䉁䈜䇯ᧄ⾗ᢱ䈪ឭଏ䈚䈩䈇䉎ᖱႎ䈲ା㗬䈪䈐䉎䈫⠨䈋䉎╭䈎䉌ᓧ䈢䉅䈱䈪䈜䈏䇮JPMorgan Chase & Co.䇮䉅䈚䈒䈲㑐ㅪળ␠䇮䈍
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䉪䊨䊷䉳䊞䊷એᄖ䈮䈧䈇䈩䈲䇮ឝタ䈘䉏䈢ᖱႎ䈱ቢోᕈ䈅䉎䈇䈲ᱜ⏕ᕈ䉕଻⸽䈜䉎䉅䈱䈪䈲䈅䉍䉁䈞䉖䇯ᩣଔ䈲䇮᣿⸥䈏䈭䈇㒢䉍Ꮢ႐ขᒁ⚳ੌᤨὐ䈱䉅䈱䈪䈜䇯⷗⸃䉇⹏
ଔ䈲⸥タᤨὐ䈪䈱್ᢿ䈪䈅䉍䇮੍๔䈭䈚䈮ᄌᦝ䈘䉏䉎䈖䈫䈏䈅䉍䉁䈜䇯ㆊ෰䈱䊌䊐䉤䊷䊙䊮䉴䈲䇮዁᧪䈮䈍䈔䉎⚿ᨐ䉕␜ໂ䈜䉎䉅䈱䈪䈲䈅䉍䉁䈞䉖䇯ᧄ⾗ᢱ䈲䈇䈎䈭䉎㊄Ⲣ໡
ຠ䈮䈧䈇䈩䉅䇮䈠䈱ᄁ⾈䈮㑐䈜䉎↳䈚಴䈅䉎䈇䈲൘⺃䉕ᗧ࿑䈚䈢䉅䈱䈪䈲䈅䉍䉁䈞䉖䇯ᧄ⾗ᢱ䈮ឝタ䈘䉏䈩䈇䉎⸽೛䇮㊄Ⲣ໡ຠ䇮䈅䉎䈇䈲ᛩ⾗ᚢ⇛䈲ో䈩䈱ᛩ⾗ኅ䈮ㆡว
䈜䉎䈫䈲㒢䉍䉁䈞䉖䇯ᧄ⾗ᢱ䈮ឝタ䈘䉏䈩䈇䉎⷗⸃䉇ផᅑ䈲ฦᛩ⾗ኅ䈱⁁ᴫ䇮⋡ᮡ䇮䈅䉎䈇䈲䊆䊷䉵䉕⠨ᘦ䈚䈢䉅䈱䈪䈲䈭䈒䇮․ቯ䈱ᛩ⾗ኅ䈮ኻ䈚䇮․ቯ䈱⸽೛䇮㊄Ⲣ໡ຠ䇮
䈅䉎䈇䈲ᛩ⾗ᚢ⇛䉕⮈䉄䉎䉅䈱䈪䈲䈅䉍䉁䈞䉖䇯ᧄ⾗ᢱ䈱ฃ㗔䈮䈅䈢䉍䇮ᧄ⾗ᢱ䈮ឝタ䈘䉏䈩䈇䉎⸽೛䉁䈢䈲㊄Ⲣ໡ຠ䈮㑐䈜䉎್ᢿ䈲ᛩ⾗ኅ䈗⥄り䈪䈭䈘䉎䉋䈉䈍㗿䈇䈇䈢
䈚䉁䈜䇯☨࿖એᄖ䈱㑐ㅪળ␠䈏⊒ⴕ䈚䈢⺞ᩏ⾗ᢱ䈱☨࿖ౝ䈪䈱㈩Ꮣ䇮䈍䉋䈶ౝኈ䈮㑐䈜䉎⽿છ䈲 JPMS 䈏⽶䈦䈩䈍䉍䉁䈜䇯J.P.䊝䊦䉧䊮䈲ડᬺ䈱㐿⊒䉇⊒⴫੐㗄䇮Ꮢ႐䈱
⁁ᴫ䈅䉎䈇䈲౏⴫䈘䉏䈢ᖱႎ䈮ၮ䈨䈐䇮ડᬺ䈍䉋䈶ᬺ⇇䈮㑐䈚䈩ቯᦼ⊛䈮ᖱႎ䈱䉝䉾䊒䊂䊷䊃䉕ឭଏ䈜䉎䈖䈫䈏䈪䈐䉁䈜䇯Ḱ᜚ᴺ䈮䉋䉍⹺䉄䉌䉏䈩䈇䉎႐ว䉕㒰䈐䇮ᛩ⾗ኅ
䈲䉝䊅䊥䉴䊃䈫䈱ㅪ⛊䈍䉋䈶ขᒁ䈱ၫⴕ䈲⃻࿾䈱 J.P.䊝䊦䉧䊮ሶળ␠䇮䈅䉎䈇䈲㑐ㅪળ␠䉕ㅢ䈛䈩ⴕ䈦䈩䈒䈣䈘䈇䇯
(䇸䈠䈱ઁ䈱䊂䉞䉴䉪䊨䊷䉳䊞䊷䇹2011 ᐕ 1 ᦬ 8 ᣣᡷ⸓)
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