&XUEZDUNLWHNQDWDVKD

&$'$1*$1*$5,63$1'8$15(.$%(178.
,1)5$6758.7857(/(.2081,.$6,%$*,&$'$1*$1
%$58'$1352*5$03(087,+$1',
:,/$<$+3(56(.878$1.8$/$/80385
 &XUEZDUNLWHNQDWDVKD

&$'$1*$1*$5,63$1'8$15(.$%(178.,1)5$6785.7857(/(.2081,.$6,',
:,/$<$+3(56(.878$1.8$/$/80385

7$5,.+ -81(

12)$,/ '%./85%:

',6(',$.$1 81,75(.$%(178.%$1'$5'$1:$5,6$1

 3(1*(1$/$1

3HQ\HGLDDQ JDULVSDQGXDQ UHNDEHQWXN LQIUDVWUXNWXU WHOHNRPXQLNDVL LQL DGDODK VHODUDV GHQJDQ PLVL  REMHNWLI 3HODQ 6WUXNWXU
.XDOD /XPSXU  GL GDODP PHZXMXGNDQ VHEXDK EDQGDU \DQJ EHUNXDOLWL GDUL DVSHN NHVHOHVDDQ SHUVHNLWDUDQ NHPXGDKDQ
GDQNHVHODPDWDQ

'HQJDQ DGDQ\D JDULVSDQGXDQ UHNDEHQWXN LQIUDVWUXNWXU WHOHNRPXQLNDVL LQL LDQ\D DNDQ GLMDGLNDQ VHEDJDL UXMXNDQ GL GDODP
PHPDVWLNDQ UHNDEHQWXN SHPELQDDQ VWUXNWXU WHOHNRPXQLNDVL LQL WHUNDZDO VHUWD PHPEDQWX GL GDODP PHZXMXGNDQ VHEXDK
SHUVHNLWDUDQSHUEDQGDUDQ\DQJEHUNXDOLWLEHULPHMGDQEHULGHQWLWL
 &XUEZDUNLWHNQDWDVKD

 78-8$1

*DULVSDQGXDQ ,QIUDVWUXNWXU 7HOHNRPXQLNDVL GL :LOD\DK 3HUVHNXWXDQ .XDOD /XPSXU LQL EHUWXMXDQ XQWXN PHPDVWLNDQ
SHPDVDQJDQLQIUDVWUXNWXU WHOHNRPXQLNDVLGL%DQGDUD\D.XDOD /XPSXU WHUNDZDO GDUL DVSHN NHVHODPDWDQ YLVXDO GDQ
HVWHWLNDWDQSDPHQJKDODQJSHPEDQJXQDQWHNQRORJLWHOHNRPXQLNDVLEDJLNHSHUOXDQPDV\DUDNDWDZDP .XDOD/XPSXU

 0HZXMXGNDQVHEXDKSHUVHNLWDUDQSHUEDQGDUDQXUEDQHQYLURQPHQW\DQJVHOHVDGDQVHODPDW NHSDGD

SHQGXGXNDZDP

 0HZXMXGNDQVHEXDKSHUVHNLWDUDQSHUEDQGDUDQXUEDQHQYLURQPHQW\DQJPHPSXQ\DLNXDOLWL HVWHWLND GDQ

NXDOLWLYLVXDOVHODUDVGHQJDQ3HODQ6WUXNWXU.XDOD/XPSXU

 0HPDVWLNDQ SHPDVDQJDQ VWXUNWXU WHOHNRPXQLNDVL SDGD PDQD±PDQD EDKDJLDQ EDQJXQDQ DGDODK
GLUDQFDQJGDQGLUHNDEHQWXNGHQJDQEDLNDJDULPSOLNDVLYLVXDOYLVXDOLPSDFW\DQJGLEHULNDQ WLGDN
PHQMHMDVNDQLPHMGDQLGHQWLWLQHJDUD

 0HPDVWLNDQSHPLOLKDQORNDVLVWUXNWXU\DQJVHVXDLDJDULDQ\DWLGDNGLSDVDQJSDGDPDQDPDQDEDQJXQDQ
ZDULVDQ+HULWDJHEXLOGLQJ
 &XUEZDUNLWHNQDWDVKD

 6,78$6,6(',$$'$',.8$/$/80385

3HPDQGDQJDQGDUL-DODQ'HZDQ6XOWDQ6XODLPDQ

0HQDUD=LND\
.DPSXQJ%DUX

7LDGDSHUDQFDQJDQSHUOHWDNNDQ\DQJWHOLWLPHQ\HEDENDQ
LPSOLNDVLNHDWDVNHVDQYLVXDO\DQJWLGDNPHQDULNGDQWLGDN
NHPDV

3HPDQGDQJDQGDUL-DODQ'HZDQ6XOWDQ6XODLPDQ
 &XUEZDUNLWHNQDWDVKD

 6,78$6,6(',$$'$',.8$/$/80385

%DQJXQDQ5XPDK.HGDL
-DODQ7XQNX$EGXO5DKPDQ
3HPDVDQJDQVDL]VWUXNWXUWHOHNRPXQLNDVL\DQJWLGDN
EHUVHVXDLDQPHQFDFDWNDQVFDOHGDQSURSRUWLRQGLDQWDUD
EDQJXQDQGDQVWUXNWXUWHOHNRPXQLNDVL

3HPDQGDQJDQVWUHHWOHYHOGDUL -DODQ7XQNX$EGXO5DKPDQ
 &XUEZDUNLWHNQDWDVKD

 6,78$6,6(',$$'$',.8$/$/80385

3HPDQGDQJDQVWUHHWOHYHOGDUL-DODQ,SRK

3HPDQGDQJDQVWUHHWOHYHOGDUL-DODQ,SRK

%DQJXQDQ3HMDEDW
-DODQ,SRK
3HUOHWDNNDQGLORNDVL\DQJWLGDNVHVXDLDNDQPHPEHULNDQ
NHVDQYLVXDO\DQJWLGDNPHQDULNZDODXSXQ
EDQJXQDQDGDODKVHWLQJJLWLQJNDW

3HPDQGDQJDQVWUHHWOHYHOGDUL-DODQ.XFKLQJ
 &XUEZDUNLWHNQDWDVKD

 6,78$6,6(',$$'$',.8$/$/80385

3HPDQGDQJDQVWUHHWOHYHOGDUL-DODQ7XDQNX$EGXO5DKPDQ

%DQJXQDQ5XPDK.HGDL
'LVHSDQMDQJ-DODQ7XQNX$EGXO5DKPDQ

3HPLOLKDQEDQJXQDQ\DQJPHPSXQ\DLNHWLQJJLDQWLGDN
VHVXDLMXJDPHPEHULNHVDQNHSDGDNXDOLWLYLVXDO
NHSDGDPDV\DUDNDWDZDP%DJLNDZDVDQ\DQJVHULQJ
GLNXQMXQJLROHKSHODQFRQJDVLQJGDQPDV\DUDNDW
DZDPLDQ\DDNDQPHQFHUPLQNDQLGHQWLWLGDQLPHM
QHJDUD
3HPDQGDQJDQVWUHHWOHYHOGDUL-DODQ7XDQNX$EGXO5DKPDQ
 &XUEZDUNLWHNQDWDVKD

 6,78$6,6(',$$'$',.8$/$/80385

3HPDQGDQJDQGDULDWDVEDQJXQDQ6HPXD+RXVH

3HPDQGDQJDQGDULDWDVEDQJXQDQ6HPXD+RXVH

%DQJXQDQ62*2
-DODQ7XQNX$EGXO5DKPDQ

-XPODKVWUXNWXUWHOHNRPXQLNDVL\DQJWHUODOXEDQ\DN
PHURVDNNDQIDVDGGDQVN\OLQHEDQJXQDQ
3HPDQGDQJDQGDULDWDVEDQJXQDQ6HPXD+RXVH
 &XUEZDUNLWHNQDWDVKD

 6,78$6,6(',$$'$',.8$/$/80385

%DQJXQDQ.RPSOHNV3HUWDPD
-DODQ7XQNX$EGXO5DKPDQ

-XPODKVWUXNWXUWHOHNRPXQLNDVL\DQJWHUODOXEDQ\DN
GDQORNDVL\DQJWLGDNVHVXDLPHQ\HEDENDQ
VWUXNWXUWHOHNRPXQLNDVLPDVLKEROHKGLOLKDWGDUL
MDUDNMDXK 3HPDQGDQJDQGDULDWDVEDQJXQDQ6HPXD+RXVH
 &XUEZDUNLWHNQDWDVKD

 &$'$1*$15(.$%(178.,1)5$6758.7857(/(.2081,.$6,

$ $/7(51$7,)6758.78562.21*$1
% /2.$6,3(5/(7$..$13$'$%$1*81$16(',$$'$
& ,17(*5$6,%(56$0$(/(0(1(67(7,.$
' (/(0(1/2895(6'$1),16
( ³&$028)/$*(72:(5´
 &XUEZDUNLWHNQDWDVKD

 &$'$1*$15(.$%(178.,1)5$6758.7857(/(.2081,.$6,

$ $/7(51$7,)6758.78562.21*$1
&RQWRK0HQDUD-DP0HQDUD%HUODPSX7LDQJ
/DPSX)UHH6WDQGLQJ6WUXFWXUH0HQDUD
0DVMLG

0HQJJXQDNDQHOHPHQVHGLDDGDXQWXNGLLQWHUJUDVLNDQ
EHUVDPDGHQJDQ PHQJDPELONLUDIDNWRU³SURSRWLRQ 0HQDUDODPSX 6HOHSDVGLLQWHJUDVL
DQGVFDOH´ZDUQDGDQWHNVWXU

0HQDUD-DP 6HOHSDVGLLQWHJUDVL
)UHHVWDQGLQJVWUXFWXUH
 &XUEZDUNLWHNQDWDVKD

 &$'$1*$15(.$%(178.,1)5$6758.7857(/(.2081,.$6,

$ $/7(51$7,)6758.78562.21*$1
&RQWRK0HQDUD-DP0HQDUD%HUODPSX7LDQJ
/DPSX)UHH6WDQGLQJ6WUXFWXUH0HQDUD 0DVMLG

0HQJJXQDNDQHOHPHQVHGLDDGDXQWXNGLLQWHUJUDVLNDQ
EHUVDPDGHQJDQ PHQJDPELONLUDIDNWRU³SURSRWLRQ
DQGVFDOH´ZDUQDGDQWHNVWXU 6WUXNWXU

7LDQJ/DPSX 0HQDUD0DVMLG
 &XUEZDUNLWHNQDWDVKD

 &$'$1*$15(.$%(178.,1)5$6758.7857(/(.2081,.$6,

% /2.$6,3(5/(7$..$13$'$%$1*81$16(',$$'$
&RQWRK%DQJXQDQUXPDKNHGDLEDQJXQDQSHMDEDW

6HEHOXP
%XPEXQJUDWD

/RNDVL\DQJGLFDGDQJNDQ

3HODQ WLGDNEHUVNDOD

/RNDVLUXDQJWHQJDKGDQMDUDNEDQJXQDQDNDQ
PHQJXUDQJNDQYLVXDOWHUKDGDSLQIUDVWXNWXU
WHOHNRPXQLNDVLGLPDQDLDQ\DWLGDNDNDQNHOLKDWDQ
GDQWHUOLQGXQJGLVHEDENDQIDNWRUNHWLQJJLDQ 6HOHSDV
 &XUEZDUNLWHNQDWDVKD

 &$'$1*$15(.$%(178.,1)5$6758.7857(/(.2081,.$6,

% /2.$6,3(5/(7$..$13$'$%$1*81$16(',$$'$
&RQWRK%DQJXQDQUXPDKNHGDLEDQJXQDQSHMDEDW

%XPEXQJFHUXQ

/RNDVL\DQJGLFDGDQJDNDQ
/RURQJEHODNDQJVHUYLFHURDG

%XPEXQJUDWD

%DJL GHUHWDQ UXPDK NHGDL ORNDVL SHUOHWDNDQ

LQIUDVWUXNWXU WHOHNRPXQLNDVL \DQJ VHVXDL DGDODK GL
ORURQJ EHODNDQJ \DQJ WHUOLQGXQJ GDUL MDODQ GDQ
ODOXDQXWDPD
3HODQGHUHWDQUXPDKNHGDL WLGDNEHUVNDOD
 &XUEZDUNLWHNQDWDVKD

 &$'$1*$15(.$%(178.,1)5$6758.7857(/(.2081,.$6,

% /2.$6,3(5/(7$..$13$'$%$1*81$16(',$$'$
&RQWRK%DQJXQDQUXPDKNHGDLEDQJXQDQSHMDEDW

%DJLGHUHWDQUXPDKNHGDL\DQJPHPSXQ\DLORURQJ
EHODNDQJPHQJKDGDSMDODQXWDPDOHEXKUD\DORNDVL
\DQJGLSLOLKPHVWLODKWHUOHWDNMDXKVHUWDWHUVHOLQGXQJ

/RNDVL\DQJGLFDGDQJDNDQ

/RNDVL\DQJWLGDN
VHVXDL
%XPEXQJFHUXQ %XPEXQJFHUXQ
-DODQ8WDPD/HEXKUD\D

/RURQJEHODNDQJVHUYLFHURDG /RURQJEHODNDQJVHUYLFHURDG

%XPEXQJUDWD %XPEXQJUDWD

3HODQGHUHWDQUXPDKNHGDLORURQJEHODNDQJPHQJKDGDSMDODQXWDPD
WLGDNEHUVNDOD
 &XUEZDUNLWHNQDWDVKD

 &$'$1*$15(.$%(178.,1)5$6758.7857(/(.2081,.$6,

& ,17(*5$6,%(56$0$(/(0(1(67(7,.$
&RQWRK6WUXNWXUHVWHWLNDDUFDSXQFDNEDQJXQDQ

0HUHNDEHQWXN HOHPHQ HVWHWLND VHSHUWL

³SLQQDFOH´ XQWXN GLLQWHJUDVLNDQ EHUVDPD
GHQJDQ SHUDODWDQ WHOHNRPXQLNDVL \DQJ
VHVXDL

6XPHEU %DQN2I&KLQD
KWWSZHEIXQRUJMRUPDEPKWPOSDJHVVFXS $UFD\DQJEROHKGLLQWHJUDVLNDQ 6XPEHUEORJGDYLGWHRKFRPDUFKLYHVKWP
WXUHKWP
 &XUEZDUNLWHNQDWDVKD

 &$'$1*$15(.$%(178.,1)5$6758.7857(/(.2081,.$6,

& ,17(*5$6,%(56$0$(/(0(1(67(7,.$
&RQWRK6WUXNWXUHVWHWLNDDUFDSXQFDNEDQJXQDQ

0HUHNDEHQWXN HOHPHQ HVWHWLND XQWXN 6WUXNWXUHVWHWLND

GLLQWHJUDVLNDQ EHUVDPD GHQJDQ SHUDODWDQ
WHOHNRPXQLNDVL\DQJVHVXDL

$OWHUQDWLID $OWHUQDWLIE
 &XUEZDUNLWHNQDWDVKD

 &$'$1*$15(.$%(178.,1)5$6758.7857(/(.2081,.$6,

' (/(0(1/2895(6'$1),16
&RQWRK6HEDJDLSDSDQWDQGDHOHPHQVHQLELQD

6HEHOXPSHQJJXQDDQHOHPHQORXYHUV

/RXYHUV\DQJEROHKGLJXQDNDQ
VHEDJDLSDSDQWDQGD

(OHPHQ ORXYHUV GDQ ILQV PHPEDQWX PHOLQGXQJL

LQIUDVWUXNWXU WHOHNRPXQLNDVL \DQJ EHUDGD GL DWDV
EDQJXQDQ 5XDQJ \DQJ DGD EROHK GLJXQDNDQ
VHEDJDL SDSDQ WDQGD GDQ MXJD NHPSHQNHPSHQ
NHUDMDDQEHUVHVXDLDQGHQJDQIXQJVLEDQJXQDQ 6HOHSDVSHQJJXQDDQHOHPHQORXYHUV
 &XUEZDUNLWHNQDWDVKD

 &$'$1*$15(.$%(178.,1)5$6758.7857(/(.2081,.$6,

( ³&$028)/$*(72:(5´
&RQWRKPHQDUDPDVMLGSRNRNWLUXDQSDSDQWDQGD

0HUHND EHQWXN PHQDUD EHUGDVDUNDQ VXDVDQD

SHUVHNLWDUDQGHQJDQPHQJDPELONLUDDVSHNDVSHN

 :DUQD
 6NDODGDQSHUNDGDUDQVFDOHDQGSURSRUWLRQ
 7HNVWXU
 &XUEZDUNLWHNQDWDVKD

$*$5,63$1'8$15(.$%(178.,1)5$678.7857(/(.2081,.$6,%$58
',:,/$<$+3(56(.878$1.8$/$/80385

 0HQJJXQDNDQVWUXNWXUDOWHUQDWLI\DQJVHGLDDGDGLWDSDNXQWXNGLLQWHJUDVLNDQGHQJDQVWUXNWXUWHNRPXQLNDVL

 $SDDSDVWUXNWXUWHOHNRPXQLNDVLWLGDNGLEHQDUNDQGLOHWDNNDQGLDWDV EDQJXQDQUXPDKNHGDLDWDXNHGDLSHMDEDW

\DQJPHPSXQ\DLEXPEXQJGDULMHQLVFHUXQ

 $SD ± DSD VWUXNWXU GDQ SHUDODWDQ WHOHNRPXQLNDVL  \DQJ WLQJJL WLGDN GLEHQDUNDQ GLOHWDNNDQ GL DWDV EDQJXQDQ
UXPDKNHGDL\DQJEHUNHWLQJJLDQWLQJNDWDWDXNXUDQJ

 6WUXNWXUWHOHNRPXQLNDVL\DQJGLOHWDNNDQSDGDEDQJXQDQUXPDKNHGDLKHQGDNODKGLOHWDNNDQGLDWDVEXPEXQJUDWD
GLEDKDJLDQEHODNDQJ

 6WUXNWXUWHOHNRPXQLNDVLKHQGDNODKGLOHNDWNDQZDOOPRXQWSDGDGLQGLQJSDUDSHWDWDXIDVDGEDQJXQDQGDQLDQ\D

KHQGDNODKGLNHPDVNDQVHUWDGLOHSDGHQJDQZDUQD\DQJVHODUDVGHQJDQIDVDGEDQJXQDQWHUVHEXW

 $SDDSDVWUXNWXUGDQVLVWHPNDEHODWDXSHQGDZDLDQWHOHNRPXQLNDVL\DQJGLOHWDNNDQGLDWDVEXPEXQJGDQSDGD
SHUPXNDDQIDVDGEDQJXQDQKHQGDNODKGLNHPDVNDQGHQJDQEDLNGDQGLOHSDGHQJDQZDUQD\DQJVHODUDVGHQJDQ
IDVDGEDQJXQDQWHUVHEXW
 &XUEZDUNLWHNQDWDVKD

$*$5,63$1'8$15(.$%(178.,1)5$678.7857(/(.2081,.$6,%$58
',:,/$<$+3(56(.878$1.8$/$/80385

 %DKDQELQDDQEDJLNDELQDWDX³VKHG³¶WLGDNEROHKPHQJJXQDNDQEDKDQELQDDQGDULMHQLVNHSLQJDQNHOXOLPHWDO

GHFNVHEDJDLNHPDVDQGLQGLQJ

 :DUQDEDJLNDELQDWDXVKHGKHQGDNODKVDPDGDQVHODUDVGHQJDQZDUQDEDQJXQDQVHGLDDGD

 0DQD±PDQDEDKDJLDQGLQGLQJGDQEXPEXQJNDELQDWDX ³VKHG´WLGDNGLEHQDUNDQGLJXQDNDQVHEDJDLGLQGLQJ

SDSDUDQLNODQEDJLWXMXDQNRPHUVLO

 7DQJJDGDULMHQLV³FDWODGGHU´WLGDNGLEHQDUNDQGLOHWDNNDQ SDGD IDVDGEDQJXQDQGDQODOXDQPDVXN KHQGDNODK

GDULGDODPEDQJXQDQ

 $SDDSD VWUXNWXU WHOHNRPXQLNDVL WLGDN GLEHQDUNDQ GLOHWDNNDQ GL EDKDJLDQ EHODNDQJ UXPDK NHGDL \DQJ ORURQJ
EHODNDQJQ\DGDSDWGLOLKDWVHFDUDWHUXVGDULMDODQXWDPDDWDXOHEXKUD\D

 6WUXNWXUWHOHNRPXQLNDVL\DQJGLOHWDNNDQSDGDPDQDPDQDEDQJXQDQWLQJJLSHUOXODKGLLQWHUJUDVLGHQJDQHOHPHQ
SXQFDN  DUFD DWDX HOHPHQ NHUDQJND \DQJ VHGLD DGD DJDU WLGDN PHQMHMDVNDQ ODWDU ODQJLW  VN\OLQH  .XDOD
/XPSXU
 &XUEZDUNLWHNQDWDVKD

$*$5,63$1'8$15(.$%(178.,1)5$678.7857(/(.2081,.$6,%$58
',:,/$<$+3(56(.878$1.8$/$/80385

 6WUXNWXU GDQ SHUDODWDQ WHOHNRPXQLNDVL WLGDN EROHK GLOHWDNNDQ GDODP NXDQWLWL \DQJ EDQ\DN SDGD VDWXVDWX ORNDVL
NHFXDOLLDQ\DGLSDVDQJSDGDVDWXVWUXNWXUPHQDUD

 0HQJJXQDNDQ NDHGDKµFDPRXIODJH WRZHU¶ GHQJDQ UHNDEHQWXN \DQJ EHUVHVXDLDQ GHQJDQ SHUVHNLWDUDQ GDQ ORNDVL
SHUOHWDNDQ

 0HQJJXQDNDQVWUXNWXUSHQJKDGDQJYLVXDOVHSHUWLHOHPHQGLQGLQJDWDX³ORXUYHV´XQWXNPHQJXUDQJNDQLPSDNYLVXDO
\DQJWLGDNPHQDULNSDGDIDVDGGDQEXPEXQJEDQJXQDQVHUWD XQWXN PHQJHPDVNDQUXDQJSHUOHWDNDQDODWVLVWHP
SHPDQFDU

 $SD±DSDVWUXNWXUWHOHNRPXQLNDVL\DQJGLOHWDNNDQSDGDPDQD±PDQDEDQJXQDQDWDXVWUXNWXUVRNRQJDQPHVWLODK
GDODPNHDGDDQNHPDVWHUVXVXQGDQWHUDWXU

 0HPDWXKL VHPXD DUDKDQ GDQ *DULVSDQGXDQ .HPHQWHULDQ 3HUXPDKDQ 'DQ .HUDMDDQ 7HPSDWDQ  .3.7  \DQJ
EHUNDLWDQGHQJDQORNDVLSHUOHWDNNDQGDQNHWLQJJLDQVWUXNWXUPHQDUDWHOHNRPXQLNDVL
 &XUEZDUNLWHNQDWDVKD

% *$5,63$1'8$1352*5$03(087,+$1 ',:,/$<$+3(56(.878$1
.8$/$/80385

 $SDDSD VWUXNWXU WHOHNRPXQLNDVL WLGDN GLEHQDUNDQ GLOHWDNNDQ GL DWDV EDQJXQDQ UXPDK NHGDL \DQJ
PHPSXQ\DLEXPEXQJGDULMHQLVFHUXQ

 6WUXNWXUWHOHNRPXQLNDVLKHQGDNODKGLOHNDWNDQZDOOPRXQWSDGDGLQGLQJSDUDSHWDWDXIDVDGEDQJXQDQGDQ

LDQ\DKHQGDNODKGLNHPDVNDQVHUWDGLOHSDGHQJDQZDUQD\DQJVHODUDVGHQJDQIDVDGEDQJXQDQWHUVHEXW

 7DQJJD GDUL MHQLV ³FDW ODGGHU´ WLGDN GLEHQDUNDQ GLOHWDNNDQ SDGD IDVDG EDQJXQDQ GDQ ODOXDQ PDVXN NH
UXDQJEXPEXQJKHQGDNODKGDULGDODPEDQJXQDQ

 $SDDSDVWUXNWXUGDQVLVWHPNDEHODWDXSHQGDZDLDQWHOHNRPXQLNDVL\DQJGLOHWDNNDQGLDWDVEXPEXQJGDQ
SDGD SHUPXNDDQ IDVDG EDQJXQDQ KHQGDNODK GLNHPDVNDQ GHQJDQ EDLN GDQ GLOHSD GHQJDQ ZDUQD \DQJ
VHODUDVGHQJDQIDVDGEDQJXQDQWHUVHEXW

 %DKDQ ELQDDQ EDJL NDELQ DWDX µVKHG¶ WLGDN EROHK PHQJJXQDNDQ EDKDQ ELQDDQ GDUL MHQLV NHSLQJDQ NHOXOL
PHWDOGHFNVHEDJDLNHPDVDQGLQGLQJ

 :DUQDEDJLNDELQDWDXVKHGKHQGDNODKVDPDGDQVHODUDVGHQJDQZDUQDEDQJXQDQVHGLDDGD
 &XUEZDUNLWHNQDWDVKD

% *$5,63$1'8$1352*5$03(087,+$1 ',:,/$<$+3(56(.878$1
.8$/$/80385

 0DQD±PDQDEDKDJLDQGLQGLQJGDQEXPEXQJNDELQDWDX ³VKHG´WLGDNGLEHQDUNDQGLJXQDNDQVHEDJDL

GLQGLQJSDSDUDQLNODQEDJLWXMXDQNRPHUVLO

 6WUXNWXUGDQSHUDODWDQWHOHNRPXQLNDVLWLGDNEROHKGLOHWDNNDQGDODPNXDQWLWL\DQJEDQ\DNSDGDVDWXVDWX
ORNDVLNHFXDOLLDQ\DGLSDVDQJSDGDVDWXVWUXNWXUPHQDUD

 0HQJJXQDNDQVWUXNWXUSHQJKDGDQJGDULMHQLVGLQGLQJSDGXVROLGZDOODWDXORXUYHVXQWXNPHQJHPDVNDQ

UXDQJSHUOHWDNDQDODWVLVWHPSHPDQFDU

 0HPDWXKLVHPXDDUDKDQGDQ*DULVSDQGXDQ.HPHQWHULDQ3HUXPDKDQ'DQ.HUDMDDQ7HPSDWDQ.3.7

\DQJEHUNDLWDQGHQJDQORNDVLSHUOHWDNNDQGDQNHWLQJJLDQVWUXNWXUPHQDUDWHOHNRPXQLNDVL
 &XUEZDUNLWHNQDWDVKD

7(5,0$.$6,+