Professional Documents
Culture Documents
*)RUH[LQGRFRP)RUXP7UDGHU)RUH[ KWWSZZZIRUH[LQGRFRPIRUXPDQDOLVDWHNQLNDOEHODMDUPHQJDQDOLVD
+RPH )RUXP 8VHU&3 9%,PDJH+RVW 0HPEHUV/LVW &DOHQGDU 1HZ3RVWV 6HDUFK 4XLFN/LQNV /RJ2XW
:HOFRPHIRUH[
<RXODVWYLVLWHG-DQXDU\DW
3ULYDWH0HVVDJHV8QUHDG7RWDO
%HODMDU0HQJDQDOLVD&KDUWDOD.*
7KLVLVDGLVFXVVLRQRQ%HODMDU0HQJDQDOLVD&KDUWDOD.*ZLWKLQWKH$QDOLVD7HNQLNDOIRUXPVSDUWRIWKH
'LVNXVL)RUH[FDWHJRU\$VVDODPX
DODLNXP:U:E'HQJDQVHGLNLWPHPEHUDQLNDQGLULVD\DDNKLUQ\D
PHPXWXVNDQXQWXNPHPEXNDWKUHDGLQL-XGXOQ\D%HODMDU0HQJDQDOLVD&KDUW
)RUH[LQGRFRP)RUXP7UDGHU)RUH[,QGRQHVLD!'LVNXVL)RUH[!$QDOLVD7HNQLNDO
%HODMDU0HQJDQDOLVD&KDUWDOD.*
9LHZ3ROO5HVXOWV$SDNDK7KUHDGLQLPHPEDQWX$QGDPHQJDQDOLVD&KDUW"
6DPDVHNDOLWLGDNEHUJXQD
9RWHUV<RXKDYHDOUHDG\YRWHGRQWKLVSROO
%HODMDU0HQJDQDOLVD&KDUWDOD.*
NDQJBJXQ
6HQLRU0HPEHU
$VVDODPX
DODLNXP:U:E
'HQJDQVHGLNLWPHPEHUDQLNDQGLULVD\DDNKLUQ\DPHPXWXVNDQXQWXNPHPEXNDWKUHDGLQL
-XGXOQ\D%HODMDU0HQJDQDOLVD&KDUWDOD.*0HQJDSDVD\DPHPEHULMXGXOQ\DEHJLQL"
%XNDQDSDDSDVLKFXPDQVHNHGDUPHPEXDWQ\DPHQDULNDMDKHKHKHKHKHKHKHGDQ
VXSD\DJDNDGD\DQJSURWHVKXDKDKKDKDKDKDKDKDKDKDWDSLVHMXMXUQ\DEHJLQLODKFDUDVD\D
PHQJDQDOLVDVHODPDLQLEHOXPODPDVLKGLEDQGLQJNDQSDUDVHQLRUWUDGHU\DQJPXQJNLQ
VHGDQJPHPEDFDWXOLVDQSUDQHZELHLQL
-RLQ'DWH)HE
3RVWV
'$18178..(7(57,%$1'$1.(1<$0$1$13(0%$&$7+5($',1,1$17,6$<$02+21
7(0$17(0$17,'$.0(0%(5,.$1.20(17$5$3$381%(583$3267,1*$16(%(/80
6(/858+%$+$6$1'$6$56(/(6$,
3OHDVHQDQWLVHWHODKEDKDVDQGHPLEDKDVDQVHOHVDLNLWDDNDQGDSDWEHUGLVNXVLGDQ
PHQJDQDOLVDODQJVXQJEDJDLPDQD"6HPRJDWHPHQWHPHQVHWXMXGDQVDEDUPHQXQJJX
EDKDVDQEDKDVDQGHPLEDKDVDQ.DUHQDVD\DKDUXVPHQ\LVLKNDQZDNWXXQWXNPHQXOLVNDQLQL
GLVLQLMDGL\DQJUDMLQPHQJXQMXQJLZHEVLWHNLWDLQLVLDSDWDKXWXOLVDQEHULNXWQ\DXGDK
PXQFXOKHKHKHKHKHKHKHLQLVHGLNLWFDUD\DQJFREDVD\DODNXNDQXQWXNPHPEHVDUNDQIRUXP
LQLVHPRJDSDNDGPLQVHWXMX
.*
3(5+$7,$18178.3(0%$&$
$JDU$QGDGDSDWPHQJLNXWLVHOXUXKPDWHUL\DQJVD\DEDJLNDQGLVLQLEDFDODKSHUODKDQODKDQ
VHWLDSSRVWLQJDQVHFDUDEHUXUXWDQGDULDZDOVDPSDLKDODPDQWHUDNKLUDJDUSHPDKDPDQ$QGD
MXJDEHUMDODQEHUXUXWDQJDNPHQFODNPHQFORN'DQVHDQGDLQ\D$QGDEHUWDQ\DSXQ
SHUWDQ\DDQMDGLQ\DEXNDQKDO\DQJVXGDKGLEDKDVDWDXNHOXDUGDULMDOXUPDWHUL\DQJVXGDKGL
EDKDV
RI 30
%HODMDU0HQJDQDOLVD&KDUWDOD.*)RUH[LQGRFRP)RUXP7UDGHU)RUH[ KWWSZZZIRUH[LQGRFRPIRUXPDQDOLVDWHNQLNDOEHODMDUPHQJDQDOLVD
'DQMDQJDQGLOHZDWNDQSHUWDQ\DDQ\DQJGLDMXNDQWHPHQWHPHQDQGDGLVLQLEDFDMXJD
WHUPDVXNMDZDEDQ\DQJVD\DFREDEHULNDQNDUHQDNDGDQJDGDSHQMHODVDQ\DQJWLGDNVD\D
VDPSDLNDQWDSLDGDGLMDZDEDQMDZDEDQ\DQJFREDVD\DEHULNDQ
7KDQNV
/DVWHGLWHGE\NDQJBJXQ0DUFKDW
NDQJBJXQ
6HQLRU0HPEHU
2.NLWDPXODLGHK
0HQJDQDOLVDFKDUWPXQJNLQEDJLDQ\DQJSHUWDPDPHPEXDWELQJXQJSDUDSHPXODGLIRUH[
WHUPDVXNVD\DGLDZDOPHQJJHOXWLELVQLVLQL&HXHODKELVQLVEHX\XSELVQLVVD\DOHELKVXND
PHQ\HEXWIRUH[LQLVHEDJDLVHEXDKELVQLV6RVD\DPHQ\LNDSLGDQPHODNXNDQQ\DOD\DNQ\D
VHEXDKELVQLV
%DQ\DNFDUD\DQJGLODNXNDQSDUDWUDGHUXQWXNPHQJDQDOLVDFKDUWEDLNVHFDUDIXQGDPHQWDO
-RLQ'DWH)HE PDXSXQWHNQLNDOGLPDQDKDVLODQDOLVDLQLODKQDQWL\DQJGLJXQDNDQQ\DXQWXNPHODNXNDQ
3RVWV
WUDQVDNVLGHQJDQPHPEXNDSRVLVL%X\DWDX6HOODWDXPXQJNLQPHQDKDQGLULXQWXNWLGDN
PHODNXNDQWUDQVDNVLWHUOHELKGDKXOX$WDXPHQXQJJXPRPHQWODKLVWLODKWHPHQWHPHQ
ELDVDQ\D
&DUDPDQDDWDXWHNQLNDQDOLVLVPDQD\DQJWHUEDLN"6D\DOHELKVXNDPHQJDWDNDQEDKZDVHPXD
WHNQLNDWDXFDUDDSDSXQGDODPPHQJDQDOLVDFKDUW\DQJGLJXQDNDQVHWLDSWUDGHUGDQPDPSX
PHPEXDWQ\DPHQJKDVLONDQVHEXDKNHSXWXVDQ\DQJWHSDWDGDODKFDUD\DQJWHUEDLN-DGLMLND
DGD\DQJPHQJDQDOLVDEHUGDVDUNDQKLGXQJQ\DJDWDODWDXWLGDNJDWDOXQWXNPHPEXDWNHSXWXVDQ
%X\DWD6HOOGDQWHUQ\DWDGDODPSUDNWHNQ\DNHSXWXVDQWHUVHEXWVHODOXWHSDWVD\DSLNLULQLMXJD
YDOLGKHKHKHKHLQWLQ\DVHPXDFDUDDWDXWHNQLNPHQJDQDOLVDLWXEDLNWLGDNDGD\DQJ
EXUXN
$SDFDUD\DQJVD\DJXQDNDQ"6D\DPHQJJXQDNDQPXUQLWHNQLNDODQDOLVLVDUWLQ\DVD\DKDQ\D
PHQJJXQDNDQDQDOLVDPDWHPDWLVGDQVWDWLVWLNXQWXNPHQJDQDOLVDSHUJHUDNDQKDUJD0HQJDSD"
NDUHQDVD\DKDQ\DELVDQ\DLWXKXDKDKDKDKDKDKDKD
VHJLQLGXOX\DKWXQJJXSRVWLQJEHULNXWQ\DPDXWUDGLQJGXOXELDUGDSXUQJHEXO
.*
NDQJBJXQ
6HQLRU0HPEHU
1DKXQWXNPHQJDQDOLVDVHKLQJJDKDVLODQDOLVDLQLQDQWLGDSDWNLWDJXQDNDQXQWXNPHPEXDW
NHSXWXVDQGDODPWUDQVDNVL\DQJNLWDODNXNDQDSDVDMD\DQJSHUOXNLWDKDVLONDQGDULDQDOLVD
NLWD"6LPSOHVDMDVHEHWXOQ\DKDQ\DDGDGXDGDWD\DQJSHUOXNLWDSHUROHKGDULDQDOLVD\DQJNLWD
ODNXNDQ$SDVDMD"3HUWDPDNLWDPHPLOLNLSUHGLNVLNHPDQDKDUJDDNDQEHUJHUDNNHDWDVDWDX
NHEDZDKQDLNDWDXWXUXQXSRUGRZQGDQ.HGXDNLWDPHPLOLNLSUHGLNVLVDPSDLGLPDQDKDUJD
LQLDNDQEHUJHUDN
3UHGLNVL"<XSVHPXDKDVLOQ\DKDQ\DSUHGLNVLNDUHQDEDJDLPDQDSXQMXJDSHUOXNLWDVDGDUL
-RLQ'DWH)HE EDKZDWLGDNDGD\DQJWDKXNHPDQDKDUJDDNDQEHUJHUDNGDQVDPSDLGLPDQDKDUJDLWXDNDQ
3RVWV
EHUJHUDN7HWDSLKDVLODQDOLVDNLWD\DQJEHUXSDSUHGLNVLLQLWLGDNGLKDVLONDQVHFDUD
VHPEDUDQJDQDGDGDVDUQ\D$SDGDVDUQ\D"\DKSHUKLWXQJDQPDWHWDPDWLVGDQVWDWLVWLNDWDX
EHUGDVDUNDQDQDOLVDIXQGDPHQWDOEDJL\DQJPHQJJXQDNDQWHNQLNLQL-DGLULQJNDVQ\DSUHGLNVL
\DQJDNDQNLWDODNXNDQVDPDKDOQ\DVHSHUWLSDUDDKOLGL%DGDQ0HWHURORJLPHPSHUNLUDNDQ
NDSDQPXVLPKXMDQDWDXPXVLPSDQDVWLEDGHQJDQPHQJJXQDNDQGDWDGDWDVXKXWHNDQDQ
DWPRVILUDUDKDQJLQGVE+DQ\DGDODPIRUH[NDUHQDNLWDDNDQPHQJJXQDNDQWHNQLNDODQDOLVLV
NLWDDNDQPHQJJXQDNDQGDWDKDUJD\DQJVXGDKWHUEHQWXNXQWXNPHQJDQDOLVDGDQPHPSUHGLNVL
SHUJHUDNDQKDUJDVHODQMXWQ\D
/KDGDWDPDVDODOXNDQJDNDGDKXEXQJDQQ\DGHQJDQPDVDGHSDQ"PXQJNLQLQLSHUWDQ\DDQ
\DQJVHULQJPXQFXO6D\DWLGDNVHSHQGDSDWNDUHQDVD\DSHUFD\DPDVDODOXVDDWLQLGDQ
PDVD\DQJDNDQGDWDQJVDOLQJEHUKXEXQJDQ&RQWRKQ\DEDJDLPDQDNLWDKDULLQLDGDODKKDVLO
PDVDODOX%DJDLPDQDFDUDNLWDEHUMDODQEDJDLPDQDFDUDNLWDEHUNDWDNDWDEHUVLNDSEDKNDQ
DKODNNLWDDGDODKKDVLOPDVDODOXNLWD-DGLMLNDNLWDLQJLQPHQJHWDKXLEDJDLPDQDNLWDKDULLQL
RI 30
%HODMDU0HQJDQDOLVD&KDUWDOD.*)RUH[LQGRFRP)RUXP7UDGHU)RUH[ KWWSZZZIRUH[LQGRFRPIRUXPDQDOLVDWHNQLNDOEHODMDUPHQJDQDOLVD
GDQNHPDQDNLWDQDQWLVXUJDDWDXQHUDNDNLWDELVDPHQJDQDOLVDQ\DGHQJDQPHOLKDWPDVD
ODOXGDQNRQGLVLVDDWLQLJLWXNLUDNLUDDQDORJLQ\D
2.QDQWLNLWDODQMXWODJLSHJHOMXJDQXOLVWXK\DK
.*
NDQJBJXQ
6HQLRU0HPEHU
.HPDQDNHFHQGHUXQJDQKDUJDDNDQEHUJHUDN"DWDXNHPDQDWUHQGQ\DQLK"0XQJNLQLQL
SHUWDQ\DDQ\DQJVHULQJNLWDWDQ\DNDQSDGDGLULNLWDVHQGLULNHWLNDSHUWDPDNDOLPHOLKDWFKDUW
,VWLODKWUHQGLQLVHULQJNDOLPHQMDGLSHUGHEDWDQSDUDWUDGHUWHUXWDPDGHIHQLVLQ\D1DKNLWD
WLGDNDNDQEHUGHEDWVRDOWUHQGGLVLQLMDGLELDUVHUDJDPSHPDKDPDQQ\DPXODLVHNDUDQJGL
WKUHDGLQLWUHQGNLWDGHIHQLVLNDQVHEDJDLDUDKNHFHQGHUXQJDQSHUJHUDNDQKDUJDEHUGDVDUNDQ
VDWXDQZDNWXPHQJDSD"NDUHQDNLWDDNDQPHOLKDWZDNWXVHEDJDLVDODKVDWXGDVDUDQDOLVLVNLWD
QDQWLKHKHKHKHKHMHODVNRNZRQJGLFKDUWFXPDQDGDGXDGDWDKDUJDGDQZDNWXGRDQJ
TTTTTTTTT
-RLQ'DWH)HE
3RVWV
/DOXEDJDLPDQDNLWDPHQHQWXNDQWUHQG"%DQ\DNFDUDQ\DFDUD\DQJSDOLQJPXGDKDGDODK
NHWLNDNLWDPHOLKDWVHEXDKFKDUWFREDOLKDWQLODLSULFHSDGDFDQGOHSDOLQJNLULGDULFKDUWNLWD
ODOXOLKDWQLODLSULFHGLFDQGOHWHUDNKLUGLFKDUWNLWD%DQGLQJNDQQLODLQ\DMLNDQLODLSULFH
VHEHODKNLULOHELKNHFLOGDULQLODLSULFHWHUDNKLUPDNDWUHQGQ\DQDLNGDQWUHQGQ\DWXUXQMLND
VHEDOLNQ\DJDPSDQJNDQ"KHKHKHKHKHKHKH7HWDSLNLWDWLGDNPHQJJXQDNDQFDUDVHSHUWLLQL
ODKKLKLKLKL.LWDDNDQPHOLKDWWUHQGVHFDUDPDWHPDWLV
1DKNLWDDNDQPHOLKDWWUHQGGHQJDQPHQJJXQDNDQGDWDGDWD\DQJDGDSDGDFKDUW\DQJNLWD
JXQDNDQ$SDVDMDVLKGDWD\DQJWHUVHGLDSDGDFKDUWNLWD"'DWD\DQJDGDSDGDFKDUWNLWDWHQWX
VDMDKDQ\DEHULVLGDWDKDUJDGDQZDNWXQ\D&RQWRKQ\DGL7LPH)UDPH+SHUKDWLNDQVDWX
FDQGOH\DQJWHUGDSDWSDGD7)+LQL6HWLDSFDQGOHPHQJJDPEDUNDQUHQWDQJSHUJHUDNDQKDUJD
VHODPDVDWXMDPGDQSHUJHUDNDQKDUJD\JWHUMDGLVHODPDVDWXMDPLQLKDQ\DGLZDNLOLROHK
HPSDWQLODL\DLWXQLODLSULFH+LJK/RZ2SHQGDQ&ORVH+/2&'LPDQDQLODL+LJKPHZDNLOL
QLODLSULFHWHUWLQJJLQLODL/RZPHZDNLOLQLODLWHUHQGDKQLODL2SHQPHZDNLOLQLODLDZDOQLODL&ORVH
PHZDNLOLQLODLDNKLUGLUHQWDQJVDWXMDPWHUVHEXW1DKMLNDNLWDOLKDW7)ODLQQ\DQLODLQLODL+/2&
GLVHWLDSFDQGOHLQLDGDODKQLODLSULFH\DQJWHUMDGLGDODPUHQWDQJZDNWXVHVXDL
GHQJDQGLPDQD7)FDQGOHWHUVHEXWEHUDGD
$SD\DQJELVDNLWDOLKDWGDULVLQL"3HQJHORPSRNNDQGDWD\XSEHQHUEDQJHW-DGLGDWDSULFH
GDODPEHQWXNFDQGOH\DQJNLWDOLKDWGLVHWLDS7)FKDUW\DQJNLWDEXNDDGDODKJDPEDUDQGDWD
SULFH\DQJGLNHORPSRNNDQGDODPZDNWXWHUWHQWXGDQVHWLDSNHORPSRNGDWDEHUGDVDUNDQZDNWX
LQLKDQ\DGLZDNLOLROHKHPSDWQLODLSULFH\DQJWHUMDGLVHODPDUHQWDQJZDNWXWHUWHQWX1DK
GDULVLQLMHODVEDKZD7)PHQJJDPEDUNDQSHQJHORPSRNDQGDWD-DGLNDODXGL7):EHUDUWL
VHWLDSFDQGOHPHZDNLOLUHQWDQJSHUJHUDNDQKDUJDVHODPDVDWXPLQJJXGLPDQDSHUJHUDNDQ
KDUJDVHODPDVHPLQJJXLQLGL7):KDQ\DGLZDNLOLROHKHPSDWQLODL+/2&Q\DVDMD
3HPDKDPDQPHQJHQDL7)GDQGDWDSDGDVHWLDSFDQGOHQ\DLQLEHUJXQDNHWLNDNLWDPHPLOLKGL7)
EHUDSDNLWDPHQJDQDOLVDFKDUWQDQWL.HNXUDQJSDKDPDQPHQJHQDLKDOLQLMXJDVHULQJNDOL
PHQ\HEDENDQNLWDELVDVDODKPHQJDQDOLVDOKR0DNDQ\DGHQJDQVDQJDWWHUSDNVDVD\DKDUXV
PHQMDEDUNDQQ\DGLVLQLPDDINHSDUDPDVWHUNDODXKDUXVPHPEDFDKDOEDVLFLQL
QDQWLNLWDODQMXWODJL\DK
.*
NDQJBJXQ
6HQLRU0HPEHU
/DOXEDJDLPDQDNLWDELVDPHOLKDWDUDKSHUJHUDNDQKDUJD\DQJVXGDKGDQVHGDQJWHUMDGLGHQJDQ
PHQJJXQDNDQGDWDGDWD\DQJDGDSDGDVHWLDSFDQGOHLQL"/DOXGDULHPSDWQLODLSULFH+/2&
\DQJWHUGDSDWSDGDVHWLDSFDQGOHQLODLSULFHPDQD\DQJKDUXVNLWDSDNDLGDODPPHQJDQDOLVD"
-UHQJMUHQJRNNLWDPXODLPDVXNDJDNGDODPGLVLQLNLWDPXODLGDULSHUWDQ\DDQNHGXDGXOX
1LODLSULFHPDQD\DQJDNDQNLWDJXQDNDQGDODPDQDOLVD"MDZDEDQVD\DDGDODKVHPXDQ\D
(PSDWQLODLSULFH\DQJWHUGDSDWGDODPVHWLDSFDQGOHDGDODKVDPDQLODLSHQWLQJQ\D0HQJDSD"
NDUHQDNHHPSDWQLODL+/2&GDODPVHWLDSFDQGOHWHUVHEXWPHQJJDPEDUNDQDWDXPHZDNLOL
-RLQ'DWH)HE QLODLQLODLSULFH\DQJWHUMDGLGDODPUHQWDQJZDNWXWHUWHQWX/RJLNDQ\DEHJLQLFREDNLWDOLKDW
3RVWV
VDWXFDQGOHGL7)010RQWKO\
RI 30
%HODMDU0HQJDQDOLVD&KDUWDOD.*)RUH[LQGRFRP)RUXP7UDGHU)RUH[ KWWSZZZIRUH[LQGRFRPIRUXPDQDOLVDWHNQLNDOEHODMDUPHQJDQDOLVD
QDKGDULFDQGOHLQLFREDPLVDOQ\DDPELOVDMDVDWXGDULQLODL+/2&Q\D.DWDNDQNLWDDPELOQLODL
&ORVHQ\DVDMD%LDUPXGDKNLWDFRQWRKNDQPLVDOQ\DQLODL&ORVHSULFHFDQGOH86'-3<EXODQ
1RYHPEHUDGDODK
$SD\DQJELVDNLWDEDFDGDULQLODL&ORVHLQLVDMD"
$SDNDKNLWDELVDPHPSHUROHKLQIRUPDVLOHELKEDQ\DNODJLGDULQLODL&ORVHLQLVDMD"
<DQJMHODVNLWDKDQ\DPHQJHWDKXLEDKZDQLODLSULFHSDGDDNKLUEXODQ1RYHPEHUGLWXWXS
GHQJDQQLODLSULFHXQWXN86'-3<,WXVDMD1DKFREDMLNDGDULVDWXFDQGOHWHUVHEXW
NLWDMXJDPHOLKDWQLODL+LJK/RZGDQ2SHQQ\DMXJDPDNDLQIRUPDVL\DQJELVDNLWDWDQJNDS
DWDXEDFDGDULVDWXFDQGOHLWXDNDQEHUEHGDEXNDQ"/HELKEDQ\DNLQIRUPDVL\DQJELVDNLWD
MDEDUNDQGDULGDWDGDULSDGDKDQ\DGDWD
1DKEHUDQJNDWGDULVLQLEHUNHPEDQJODKSHQJJXQDDQGDWDSDGDFDQGOHLQLXQWXNDQDOLVD
VHKLQJJDNLWDPHQJHQDODGDGDWD0HGLDQ+/7\SLFDO+/&:HLJKWHG
+/&&GDQODLQQ\DODJL7HWDSLEDQ\DNMXJDWUDGHU\DQJKDQ\DPHQJJXQDNDQVDWX
GDWDGDODPFDQGOHXQWXNDQDOLVDQ\DEROHKNDKLQL"VDKVDKVDMDNDUHQDSHPLOLKDQGDWDGDODP
VHWLDSFDQGOH\DQJQDQWLDNDQNLWDJXQDNDQGLDQDOLVDPDWHPDWLVGDQVWDWLVWLNLWXKDNSUHRJUDWLI
\DQJPHQJJXQDNDQQ\DGDQSHQJJXQDQ\DMXJDSDVWLPHPLOLNLDODVDQPHQJDSDGLD
PHQJJXQDNDQGDWDWHUVHEXWGDODPDQDOLVDQ\D
.HPEDOLNHSDGDSHUWDQ\DDQSHUWDPDGDQNHGXDGLDWDVNLWDDNDQPHQJDQDOLVDGDWDGHQJDQ
PHQJJXQDNDQSHUVDPDDQUDWDUDWDEHUJHUDNGHQJDQPHQJDPELOGDWDZHLJKWHGSDGDVHWLDS
FDQGOHXQWXNPHOLKDWSHUJHUDNDQSULFHGDODPUHQWDQJZDNWXWHUWHQWX1DKEHUXQWXQJQ\D
SODIRUPWUDGLQJ\DQJDGDVDDWLQLNHEDQ\DNDQVXGDKPHQ\HGLDNDQIDVLOLWDVLQLEHUXSDLQGLFDWRU
VLDSSDNDL\DQJGLNHQDOGHQJDQQDPD0RYLQJ$YHUDJH0$'DODPPHQJDQDOLVDGDWDVD\D
OHELKVHULQJPHQJJXQDNDQSODWIRUP0HWD7UDGHUNDUHQDWDPSLODQQ\D\DQJPHQDULNGDQPXGDK
SHQJJXQDDQQ\D
$SDVLK0RYLQJ$YHUDJH"ZXLKNDORGLMDEDULQGHQJDQIRUPXODQ\DEDNDOQMHOLPHWQLWKUHDG
WDSLXQWXNGHWDLOQ\DWHPHQWHPHQELVDEDFDEDFDPHQJHQDLUXPXVGDQGHWDLOPHQJHQDL0$LQL
GLVLWHVLWHVHSHUWLEDE\SLSVFRPDWDXEHODMDUIRUH[FRPDWDXWDQ\DDMDNHPEDK*RRJOH
KHKHKHKHKH7DSL\DQJMHODV0$LQLVLQJNDWQ\DPHQJKLWXQJQLODLUDWDUDWDEHUJHUDNGDUL
VHMXPODKGDWDWHUWHQWX0HWRGDPHQJKLWXQJQLODLUDWDUDWDEHUJHUDNLQLSXQEHUPDFDPPDFDP
FDUDGDQIRUPXODQ\DVHKLQJJDNNLWDPHQJHQDODGDPHWRGD6LPSOH0RYLQJ$YHUDJH
([SRQHQWLDO0RYLQJ$YHUDJH/LQHDU:HLJKWHG0RYLQJ$YHUDJHGVE1DKELDUJDNSXVLQJ
VHODQMXWQ\DNLWDKDQ\DPHQJJXQDNDQPHWRGD6LPSOH0RYLQJ$YHUDJH60$GDQGDWDGDUL
VHWLDSFDQGOH\DQJDNDQNLWDJXQDNDQDGDODKGDWDW\SH:HLJKWHG+/&&
VHJLQLGXOXGHKKHKHKHKHKHQWDUNLWDODQMXW\DK
.*
/DVWHGLWHGE\DXWRGHO2FWREHUDW
NDQJBJXQ
6HQLRU0HPEHU
0HQJDSDNLWDPHQJJXQDNDQPHWRGD60$XQWXNPHOLKDWUDWDUDWDEHUJHUDNGDULSHUJHUDNDQ
KDUJD\DQJDNDQNLWDDPDWL"$ODVDQXWDPDNLWDPHQJJXQDNDQQ\DDGDODKNHVHGHUKDQDDQGDUL
IRUPXOD60$LWXVHQGLULNDUHQDQDQWLQ\DKDOLQLDNDQEDQ\DNPHPXGDKNDQNLWDGDODP
PHPDKDPLNDUDNWHULVWLNGDULSHUJHUDNDQ\DQJGLEHQWXNROHKIRUPXODLQL60$PHQJKLWXQJQLODL
UDWDUDWDGHQJDQFDUD\JVDQJDWXPXPFRQWRKQ\DNDWDNDQNLWDPHPLOLNLQLODLGDQ
PDNDQLODL60$Q\DDGDODK GLPDQDQLODLSHPEDJLDGDODKMXPODKDWDX
EDQ\DNQ\DGDWD\DQJGLKLWXQJUDWDUDWDQ\D6HGHUKDQDNDQ"
-RLQ'DWH)HE 1DKJLPDQDJDPEDUDQ60$GLFKDUWNLWDQDQWLLWXVHEHWXOQ\DVDPDVDMDGHQJDQFRQWRKWDGL
3RVWV
.DWDNDQNLWDPHQJJXQDNDQ60$GHQJDQDSSOLHGSULFHQ\D:HLJKWHG+/&&GDQSHULRGH
LQLDUWLQ\DIRUPXOD60$VHFDUDRWRPDWLVDNDQPHQJKLWXQJQLODLUDWDUDWD+/&&GDULEXDK
FDQGOHWHUDNKLU-DGLVHWLDSNDOLFDQGOHEDUXWHUEHQWXN60$DNDQPHQJKLWXQJQLODLUDWDUDWDQ\D
GDQGLSODWIRUP\DQJNLWDJXQDNDQVHPXDQ\DVXGDKGLWDPSLONDQGDODPEHQWXNJDULV
KHKHKHKHLORYHWHNQRORJLNDUHQDGXOXPHVWLGLKLWXQJGDQGLJDPEDUPDQXDO
1DKELDUOHELKSDKDPFREDNLWDDPDWLJDPEDUGLEDZDKLQL
$PDWLGXOXGDQSDQGDQJEDLNEDLNJDPEDUQ\D\DKFREDSLNLUNDQNHPDQDKDUJDDNDQ
EHUJHUDNQDQWLVHEHOXPNLWDODQMXWNDQ
.*
RI 30
%HODMDU0HQJDQDOLVD&KDUWDOD.*)RUH[LQGRFRP)RUXP7UDGHU)RUH[ KWWSZZZIRUH[LQGRFRPIRUXPDQDOLVDWHNQLNDOEHODMDUPHQJDQDOLVD
7KLVLPDJHKDVEHHQUHVL]HG&OLFNWKLVEDUWRYLHZWKHIXOOLPDJH7KHRULJLQDOLPDJHLVVL]HG[
NDQJBJXQ
6HQLRU0HPEHU
1DKVHNDUDQJFREDVD\DNHFLONDQJDPEDUFKDUWWDGL
NLUDNLUDVDPDWLGDNKDVLODQDOLVDVHSLQWDVNLWDGHQJDQPHOLKDWFKDUWSHUWDPDWDGL"
.*
7KLVLPDJHKDVEHHQUHVL]HG&OLFNWKLVEDUWRYLHZWKHIXOOLPDJH7KHRULJLQDOLPDJHLVVL]HG[
-RLQ'DWH)HE
3RVWV
NDQJBJXQ
6HQLRU0HPEHU
0HQDULNEXNDQ"%D\DQJNDQKDQ\DGHQJDQPHQJHFLONDQWDPSLODQFKDUWNLWDGDSDWPHPSHUROHK
LQIRUPDVL\DQJEHUEHGD$SDDUWLQ\DLQL"DUWLQ\DEDKZDOXDVMDQJNDXDQNLWDPHOLKDWDWDX
PHPDQGDQJVHVXDWXDNDQPHQJKDVLONDQSHUVHSVL\DQJEHUEHGDGLNHSDODNLWDNHQDSD"WHQWX
VDMDNDUHQDVHPDNLQOXDVNLWDPHOLKDWVHVXDWXVHPDNLQEDQ\DNLQIRUPDVL\DQJDNDQNLWD
SHUROHK'DQMXPODKLQIRUPDVL\DQJNLWDPLOLNLLQLODKQDQWL\DQJDNDQPHPEXDWSHPDKDPDQ
NLWDVHPDNLQMHODV
1DKNHPEDOLNHEDKDVDQ&REDSHUKDWLNDQNHGXDFKDUW*%386'7LPH)UDPH7)+GL
-RLQ'DWH)HE
RI 30
%HODMDU0HQJDQDOLVD&KDUWDOD.*)RUH[LQGRFRP)RUXP7UDGHU)RUH[ KWWSZZZIRUH[LQGRFRPIRUXPDQDOLVDWHNQLNDOEHODMDUPHQJDQDOLVD
3RVWV DWDV,QIRUPDVLDSD\DQJELVDNLWDWDQJNDSGDULFKDUWLQL"
$SD\DQJWHODKWHUMDGLGHQJDQSHUJHUDNDQ*8LQL".HPDQDDUDKQ\D"
$SD\DQJVHGDQJWHUMDGLGHQJDQSHUJHUDNDQQ\DVDDWLQL"/DJLQJDSDLQVLKQLK*8"
6HEDJDLVHRUDQJWUDGHUKDOSHUWDPD\DQJKDUXVNLWDODNXNDQVHEHOXPPHODNXNDQDQDOLVD
DGDODKPHPEXDWVHMXPODKSHUWDQ\DDQ\DQJMDZDEDQQ\DNLWDEXWXKNDQXQWXNPHQJKDVLONDQ
VHEXDKNHSXWXVDQ\DQJEHUGDVDUWHQWXVDMDSHUWDQ\DDQ\DQJEHUKXEXQJDQGHQJDQNHJLDWDQ
NLWD\DK\DLWXWUDGLQJ-DGLEXNDQSHUWDQ\DDQWHQWDQJMRGRKTTTTTTTTTTTTT.HPDQD
SHUWDQ\DDQWHUVHEXWDNDQNLWDDMXNDQ".HFKDUWNHJUDILN\DQJDGDGLOD\DUPRQLWRUSFDWDX
ODSWRSNLWDEXNDQNHVLDSDVLDSDGLFKDUWGLKDGDSDQNLWDODKVHOXUXKMDZDEDQ\DQJLQJLQ
NLWDWDQ\DNDQQDQWLWHUOHWDNMDZDEDQQ\DKHKHKHKHKHKH
1DKVDPELOPHUHQXQJNDQLQLGDQWXOLVDQVHEHOXPQ\D&RED$QGDVXVXQVHMXPODK
SHUWDQ\DDQ\DQJMDZDEDQQ\DDWDXLQIRUPDVLQ\DQDQWLNLWDEXWXKNDQXQWXNPHPEXDWDQDOLVD
7XOLVVHEDQ\DNPXQJNLQ>VD\DKDUDS$QGDPDXPHODNXNDQQ\DVDDWLQLGDQPHQXOLVNDQQ\D
SDGDEXNXFDWDWDQ$QGDODOXQDQWLNLWDOLKDWGLDNKLUEDKDVDQLQLDSDNDKVHOXUXKLQIRUPDVL
\DQJNLWDEXWXKNDQDGDMDZDEDQQ\DDWDXWLGDN@
1DQWLNLWDODQMXWNDQRN
.*
/DVWHGLWHGE\NDQJBJXQ0DUFKDW
NDQJBJXQ
6HQLRU0HPEHU
6HWHODKPHQJDPDWLFKDUWDSD\DQJELVDNLWDWDQJNDSGDULSHUJHUDNDQFDQGOHVSDGDFKDUW
\DQJGLEHQWXNROHK*%386'WHUVHEXW"
$PDWLEDKZDSHUJHUDNDQKDQ\DPHPEHQWXNWLJDSRODGDVDU\DLWXSROD1$,.785818SGDQ
'RZQGDQGLDQWDUDQ\DDWDX)/$7ODKKHKHKHKHKHKVHPXDMXJDWDKX\DK"7DSLDQHKQ\D
EDQ\DN\DQJOXSDGHQJDQWLJDSRODSHUJHUDNDQLQLNRNELVD\DK"%LFDUDPHQJHQDLSROD
SHUJHUDNDQLQLWUDGHUEDQ\DNMXJD\DQJPHQJHORPSRNNDQQ\DOHELKGDULWLJDSRODWHWDSL
GDODPWKUHDGLQLNLWDKDQ\DDNDQPHOLKDWGDQPHPEDJLSRODSHUJHUDNDQKDUJDGHQJDQWLJDSROD
GDVDULQL83'2:1DGDQ)/$7WLJDLQLVDMD
-RLQ'DWH)HE
3RVWV
3HUWDQ\DDQQ\DDGDODKEDJDLPDQDNLWDWDKXKDUJDVHNDUDQJVHGDQJ1DLN7XUXQDWDX)ODW"
&REDDPDWLEXNDQNDKNHWLNDNLWDPHOLKDWFKDUWGLDWDVGDQPHPEXDWNHVLPSXODQQDLNWXUXQ
DWDXIODWDGDODKNDUHQDNLWDPHPEDQGLQJNDQQLODLSULFH\DQJNLWDDPDWLGHQJDQQLODLSULFH
VHEHOXPQ\DQDKGLVLQLODK\DQJPHQ\HEDENDQEDQ\DNWUDGHUWHUOLKDWEHUEHGDSHUVHSVL
WHQWDQJWUHQGDGD\DQJELODQJQDLNGDQDGD\DQJELODQJWXUXQGLVDDW\DQJEHUVDPDDQ
VHEHWXOQ\DJDNDGD\DQJVDODKNDUHQDNHVLPSXODQQDLNDWDXWXUXQQ\DWUHQGLWXWHUJDQWXQJ
FDUDPHOLKDWQ\D&RQWRKQ\DEHJLQLFREDSHUKDWLNDQJDPEDUGLEDZDKLQLPDVLKFKDUW
*%386'\DQJWDGL
7KLVLPDJHKDVEHHQUHVL]HG&OLFNWKLVEDUWRYLHZWKHIXOOLPDJH7KHRULJLQDOLPDJHLVVL]HG[
RI 30
%HODMDU0HQJDQDOLVD&KDUWDOD.*)RUH[LQGRFRP)RUXP7UDGHU)RUH[ KWWSZZZIRUH[LQGRFRPIRUXPDQDOLVDWHNQLNDOEHODMDUPHQJDQDOLVD
%DJDLPDQDNLWDPHQJHWDKXLWUHQGVDDWLQLGLWLWLN&"
-LNDNLWDPHQJDPDWLWLWLN&LQLGDULWLWLN%PDNDNLWDDNDQPHQ\HEXWQ\DWUHQGLQLVHGDQJ
WXUXQWHWDSLMLNDNLWDPHQJDPDWLQ\DGDULWLWLN$PDNDNLWDPHQ\HEXWQ\DWUHQGPDVLKQDLN
-DGLNLWDELVDOLKDWEDKZDWLWLNDFXDQ\DQJNLWDJXQDNDQELVDPHQJKDVLONDQNHVLPSXODQ\DQJ
EHUEHGD
2.UHVDSLGXOXSDKDPLQDQWLNLWDODQMXWNDQ
.*
NDQJBJXQ
6HQLRU0HPEHU
7LWLNDFXDQLQLVDQJDWSHQWLQJJDPEDUDQGLDWDVWDGLVHFDUDVHGHUKDQDPHQJJDPEDUNDQ
SHUEHGDDQLQIRUPDVL\DQJNLWDSHUROHKKDQ\DGHQJDQPHOLKDWVHEXDKWLWLNGDULWHPSDW
SHQJDPDWDQ\DQJEHUEHGD7LWLNQ\DVDPDWDSLWHPSDWSHQJDPDWDQQ\DEHUEHGDPDNDKDVLOQ\D
SXQEHUEHGD1DKNHPEDOLNHFKDUWWDGLWLWLN$GDQ%DGDODKWHPSDWSHQJDPDWDQ\DQJNLWD
ODNXNDQ\DQJGLEHGDNDQDWDVZDNWX-DGLNHWLNDNLWDPHQJDPDWLWLWLN&GDULWLWLN%
VHEHWXOQ\DNLWDPHQJDPDWLKDUJDGLWLWLN&GDQPHPEDQGLQJNDQQ\DGHQJDQKDUJDGLVDDW%
WHUEHQWXN.DUHQDGLFKDUWNLWDKDQ\DDGDGXDSDUDPHWHU\DLWX3ULFHGDQ:DNWXPDNDNLWD
VHEHQDUQ\DPHQJDPDWLSHUXEDKDQKDUJDEHUGDVDUNDQSHUXEDKDQZDNWX
-RLQ'DWH)HE
3RVWV
7LWLNDFXDQ\DQJDNDQNLWDJXQDNDQVHODQMXWQ\DGDODPDQDOLVDLQLDGDODK:DNWXGHPLZDNWX
KPPPPPPPPPP'DQLQLEHUDUWLEDKZDNLWDKDUXVPHQVWDQGDUGNDQQ\D\DKMHODVGRQJ
\DQJQDPDQ\DWLWLNDFXDQKDUXVVWDQGDUGGDQWLGDNEHUXEDKNDORHQJJDNKDVLOSHQJDPDWDQQ\D
MXJDEHUEHGDGRQJKHKHKHKHKHKHGDQ6WDQGDUGEHUDUWLKDUXVELVDGLWHULPDVHFDUDXPXPGDQ
PHPLOLNLDODVDQ\DQJORJLVJDNVHPEDUDQJDQPDWHPDWLVEDQJHW\DK"6LQJNDWQ\DNLWD
DNDQPHPEDJLZDNWXDFXDQLQLVHFDUDXPXPGDULWDKXQDQEXODQDQPLQJJXDQKDULDQGDQ
MDP3HQHQWXDQZDNWXDFXDQLQLQDQWLDNDQNLWDJXQDNDQGDODPSHQJJXQDDQLQGLFDWRULQGLFDWRU
\DQJNLWDJXQDNDQGDODPPHQJDQDOLVD
1DKNHPEDOLNHFKDUW*%386'WDGL
.LWDNDQVXGDKELFDUDGLDZDOPHQJHQDL6LPSOH0RYLQJ$YHUDJHQDKFREDNLWDPDQIDDWNDQ
LQGLFDWRU60$LQLXQWXNPHOLKDWQLODLUDWDUDWDSHUJHUDNDQKDUJD*%386'VHODPDKDULNH
EHODNDQJKDULEHUDUWLNLWDPHQJJXQDNDQWLWLNDFXDQVDWXKDULXQWXNPHQJDPDWLSHUXEDKDQ
KDUJDQDKNDUHQD7LPH)UDPHFKDUWNLWDDGDODK+PDNDXQWXNPHOLKDWQLODL60$KDUL
PDNDNLWDDNDQPHQJKLWXQJUDWDUDWDGDULFDQGOHGL7)+-LND$QGDPHQJJXQDNDQ
0DWDWUDGHUEXNDLQGLFDWRU0RYLQJ$YHUDJHGDQVHWSHULRG0$0HWKRGH6LPSOHGDQ$SSO\
3ULFH:HLJKWHG&ORVHG+/&&PDNDFKDUW*%386'DNDQWHUOLKDWVHSHUWLJDPEDUGLEDZDK
LQL
7KLVLPDJHKDVEHHQUHVL]HG&OLFNWKLVEDUWRYLHZWKHIXOOLPDJH7KHRULJLQDOLPDJHLVVL]HG[
RI 30
%HODMDU0HQJDQDOLVD&KDUWDOD.*)RUH[LQGRFRP)RUXP7UDGHU)RUH[ KWWSZZZIRUH[LQGRFRPIRUXPDQDOLVDWHNQLNDOEHODMDUPHQJDQDOLVD
QDQWLNLWDODQMXW
.*
©3UHYLRXV7KUHDG_1H[W7KUHDGª
4XLFN5HSO\
0HVVDJH
2SWLRQV
4XRWHPHVVDJHLQUHSO\"
3RVWLQJ5XOHV
<RXPD\SRVWQHZWKUHDGV
<RXPD\SRVWUHSOLHV
<RXPD\SRVWDWWDFKPHQWV
<RXPD\HGLW\RXUSRVWV
Y%FRGHLV2Q
6PLOLHVDUH2Q
>,0*@FRGHLV2Q
+70/FRGHLV2II
7UDFNEDFNVDUH2Q
3LQJEDFNVDUH2Q )RUXP-XPS
5HIEDFNVDUH2Q
$OOWLPHVDUH*077KHWLPHQRZLV
&RQWDFW8V)RUH[LQGRFRP)RUXP7UDGHU)RUH[,QGRQHVLD$UFKLYH7RS
3RZHUHGE\Y%XOOHWLQ9HUVLRQ
&RS\ULJKW-HOVRIW(QWHUSULVHV/WG
6HDUFK(QJLQH2SWLPL]DWLRQE\Y%6(2
RI 30