
<html>

<head>

<meta http-equiv="Content-Type" content="text/html; charset=iso-2022-jp">

<style type="text/css" style="display:none;"> P {margin-top:0;margin-bottom:0;} </style>

</head>

<body dir="ltr">

<div class="elementToProof" style="font-family: "Yu Gothic", $B^b%4%7%C%/(B, YuGothic, sans-serif; font-size: 11pt; color: rgb(0, 0, 0);">

ARSC$B2q0w$N3'MM(B</div>

<div class="elementToProof" style="font-family: "Yu Gothic", $B^b%4%7%C%/(B, YuGothic, sans-serif; font-size: 11pt; color: rgb(0, 0, 0);">

<br>

</div>

<div class="elementToProof" style="font-family: "Yu Gothic", $B^b%4%7%C%/(B, YuGothic, sans-serif; font-size: 11pt; color: rgb(0, 0, 0);">

$B7P:Q;:6H8&5f=j!&?@8MBg3X$N6aF#$G$9!#(B</div>

<div class="elementToProof" style="font-family: "Yu Gothic", $B^b%4%7%C%/(B, YuGothic, sans-serif; font-size: 11pt; color: rgb(0, 0, 0);">

ARSC$B1?1D0Q0w$K$F(BHP$BC4Ev$r$7$F$$$^$9!#(B</div>

<div class="elementToProof" style="font-family: "Yu Gothic", $B^b%4%7%C%/(B, YuGothic, sans-serif; font-size: 11pt; color: rgb(0, 0, 0);">

<br>

</div>

<div class="elementToProof" style="font-family: "Yu Gothic", $B^b%4%7%C%/(B, YuGothic, sans-serif; font-size: 11pt; color: rgb(0, 0, 0);">

$BK\F|!"(BARSC$B%&%'%V%5%$%H$r%j%K%e!<%"%k$$$?$7$^$7$?$N$G$*CN$i$;$$$?$7$^$9!#(B</div>

<div class="elementToProof" style="font-family: "Yu Gothic", $B^b%4%7%C%/(B, YuGothic, sans-serif; font-size: 11pt; color: rgb(0, 0, 0);">

<a href="https://arsc.org/" id="LPlnk720765" class="OWAAutoLink">https://arsc.org/</a></div>

<div class="elementToProof" style="font-family: "Yu Gothic", $B^b%4%7%C%/(B, YuGothic, sans-serif; font-size: 11pt; color: rgb(0, 0, 0);">

<br>

</div>

<div class="elementToProof" style="font-family: "Yu Gothic", $B^b%4%7%C%/(B, YuGothic, sans-serif; font-size: 11pt; color: rgb(0, 0, 0);">

$B8=:_!"?7$?$J2q0w%7%9%F%`$K$h$k%5!<%S%91?MQ3+;O$K8~$1$F=`Hw$r?J$a$F$$$k$H$3$m$G$9!#(B</div>

<div class="elementToProof" style="font-family: "Yu Gothic", $B^b%4%7%C%/(B, YuGothic, sans-serif; font-size: 11pt; color: rgb(0, 0, 0);">

$B=`Hw$,$G$-<!Bh!"2~$a$F>\:Y$r$40FFb$9$kM=Dj$G$9$N$G!"$b$&$7$P$i$/$*BT$A$$$?$@$1$^$9$H9,$$$G$9!#(B</div>

<div class="elementToProof" style="font-family: "Yu Gothic", $B^b%4%7%C%/(B, YuGothic, sans-serif; font-size: 11pt; color: rgb(0, 0, 0);">

<br>

</div>

<div class="elementToProof" style="font-family: "Yu Gothic", $B^b%4%7%C%/(B, YuGothic, sans-serif; font-size: 11pt; color: rgb(0, 0, 0);">

$B$J$*!"0\9T4|4VCf$H$7$F!"5l2q0w%7%9%F%`$N1\Mw$b0z$-B3$-2DG=$H$J$C$F$*$j$^$9!#(B</div>

<div class="elementToProof" style="font-family: "Yu Gothic", $B^b%4%7%C%/(B, YuGothic, sans-serif; font-size: 11pt; color: rgb(0, 0, 0);">

$BI,MW$J>l9g$O!"!V%m%0%$%s!W%a%K%e!<$h$j!"5l2q0w%7%9%F%`$X%"%/%;%9$$$?$@$1$l$P9,$$$G$9!#(B</div>

<div class="elementToProof" style="font-family: "Yu Gothic", $B^b%4%7%C%/(B, YuGothic, sans-serif; font-size: 11pt; color: rgb(0, 0, 0);">

<br>

</div>

<div class="elementToProof" style="font-family: "Yu Gothic", $B^b%4%7%C%/(B, YuGothic, sans-serif; font-size: 11pt; color: rgb(0, 0, 0);">

$B$^$?F~2q?=9~$r$44uK>$NJ}$,<~$j$K$$$i$C$7$c$$$^$7$?$i!"%7%9%F%`$NET9g>e!"$b$&$7$P$i$/$*BT$A$$$?$@$1$^$9$h$&$*EA$($$$?$@$1$l$P9,$$$G$9!#(B</div>

<div class="elementToProof" style="font-family: "Yu Gothic", $B^b%4%7%C%/(B, YuGothic, sans-serif; font-size: 11pt; color: rgb(0, 0, 0);">

<br>

</div>

<div class="elementToProof" style="font-family: "Yu Gothic", $B^b%4%7%C%/(B, YuGothic, sans-serif; font-size: 11pt; color: rgb(0, 0, 0);">

$B0J>e!"$b$7$4ITL@$JE@Ey$4$6$$$^$7$?$i!"(BARSC$B%&%'%V%5%$%H$N!V$*Ld$$9g$o$;!W$h$j$4O"Mm$$$?$@$1$l$P9,$$$G$9!#(B</div>

<div class="elementToProof" style="font-family: "Yu Gothic", $B^b%4%7%C%/(B, YuGothic, sans-serif; font-size: 11pt; color: rgb(0, 0, 0);">

$B$I$&$>$h$m$7$/$*4j$$$$$?$7$^$9!#(B</div>

<div class="elementToProof" style="font-family: "Yu Gothic", $B^b%4%7%C%/(B, YuGothic, sans-serif; font-size: 11pt; color: rgb(0, 0, 0);">

<br>

</div>

<div class="elementToProof" style="font-family: "Yu Gothic", $B^b%4%7%C%/(B, YuGothic, sans-serif; font-size: 11pt; color: rgb(0, 0, 0);">

$B6aF#7C2p(B</div>

<div class="elementToProof" id="Signature">

<div style="font-family: Calibri, Arial, Helvetica, sans-serif; font-size: 12pt; color: rgb(0, 0, 0);">

<br>

</div>

<div style="font-family: "Yu Gothic", $B^b%4%7%C%/(B, YuGothic, sans-serif; font-size: 11pt; color: rgb(0, 0, 0);">

-- </div>

<div style="font-family: "Yu Gothic", $B^b%4%7%C%/(B, YuGothic, sans-serif; font-size: 11pt; color: rgb(0, 0, 0);">

Keisuke Kondo</div>

<div style="font-family: "Yu Gothic", $B^b%4%7%C%/(B, YuGothic, sans-serif; font-size: 11pt; color: rgb(0, 0, 0);">

Senior Fellow</div>

<div style="font-family: "Yu Gothic", $B^b%4%7%C%/(B, YuGothic, sans-serif; font-size: 11pt; color: rgb(0, 0, 0);">

Research Institute of Economy, Trade and Industry</div>

</div>

</body>

</html>