7HUDNUHGLWDVL'LUMHQ'LNWL6.1R',.7,.HS GL,QGRQHVLD $%675$&7

Препис

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³PHQFXUL SHUVHQXQWXNSURGXNILOPKLEXUDQPRWLRQSLFWXUHV GDQ SHUDQJNDW OXQDN DSOLNDVL ELVQLV EXVVLQHVV DSSOLFDWLRQGHQJDQQLODLKDPSLUMXWDGRODU $66HFDUDNHVHOXUXKDQ,QGRQHVLDWHODK³PHQFXUL SHQGDSDWDQ$6OHELKGDULMXWDGRODU$6GDUL SHPEDMDNDQSURGXNILOPVRIWZDUHDSOLNDVLELVQLV UHNDPDQPXVLNVRIWZDUHKRPHHQWHUWDLQWPHQWGDQ EXNX 1DPXQ WLGDN ELVD GLSXQJNLUL NHEHUDGDDQ )HUU\'DUPDZDQ GDQ 6DHIXGGLQ'HVDLQ GDQ.DVXV 3HPEDMDNDQ.DU\D,QWHOHNWXDO

2 EDUDQJEDMDNDQPHPEHULNDQQLODLOHELKWHUVHQGLUL EDJLPDV\DUDNDW%HUNDWEDUDQJEDMDNDQWHUVHEXW VHEXDKNDU\DEDUX\DQJEHUNXDOLWDVGDSDWGLQLNPDWL ROHKVHOXUXKODSLVDQPDV\DUDNDW+DOLQLNDUHQD KDUJDYHUVLEDMDNDQMDXKGLEDZDKKDUJDDVOLQ\D 'DSDWNLWDOLKDWPLVDOQ\DMLNDVHEXDKKDUJD9&' RULVLQDO VHKDUJD UXSLDK GHQJDQ YHUVL EDMDNDQQ\D KDQ\D GLKDUJDL UXSLDK VDMD $WDXVHEXDKSURJUDPNRPSXWHUVRIWZDUH\DQJ GLNHOXDUNDQROHKSURGXVHQGHQJDQKDUJDUDWXVDQ ULEXUXSLDKGLSDVDUEDMDNDQGDSDWNLWDEHOLGHQJDQ KDUJDKLQJJDUXSLDKVDMD &RQWRK ODLQ XQWXN PHQMDODQNDQ NRPSXWHU UDNLWDQVHKDUJDMXWDDQKDUXVPHQJHOXDUNDQGDQD WDPEDKDQKLQJJDMXWDUXSLDKOHELKELODNLWD PHQJJXQDNDQVRIWZDUHDVOLGHQJDQJDPEDUDQ26 :LQGRZV;3VHKDUJD$6SOXV062IILFHVHKDUJD $60HODOXLLOXVWUDVLWHUVHEXWPDNDZDMDUVDMD SURGXN KDVLO EDMDNDQ PHUXSDNDQ SULPDGRQD GL PDV\DUDNDWGHQJDQDODVDQNODVLNNDUHQDKDUJD \DQJDVOLMDXKOHELKPDKDO 0HQXUXW VHMDUDK VHEHQDUQ\D PDVDODK SHPEDMDNDQEXNDQKDOEDUX0HQMHODQJWDKXQ WHUMDGLNDVXVSODJLDW\DQJVDQJDWPHQJKHERKNDQ 6HRUDQJXODPDWHUPDVKXU+DPNDGLDQJJDSROHK ODZDQ SROLWLNQ\D WHODK PHODNXNDQ SHQMLSODNDQ NDU\DGLPDQDURPDQ7HQJJHODPQ\D.DSDO9DQ GHU:LMNPHUXSDNDQVDGXUDQGDULNDU\D $OSKRQVH.DUU6RXVOHV7LOOHXOV 6HVXQJJXKQ\D SDGD DNKLU DEDG NH EHUDWXV URPDQEDKDVD%HODQGDDWDX&LQDWHODKGLVDGXUNH GDODPEDKDVD0HOD\XWDQSDDGDFHODDQDSDSXQ SDGD SHQ\DGXUQ\D +DO\DQJVHGLNLWEHUEHGDGLNDWDNDQROHK$EG 0RTVLWK*KD]DOL0HQXUXWQ\DNDODXNLWDPHQJLNXWL SHUNHPEDQJDQWUDGLVL,VODPNODVLNSDUDXODPD\DQJ PHQXOLV EHULEXULEX MXGXO EXNX WLGDN SHUQDK PHPLOLNLKDNFLSWD6HEDJDLFRQWRKNLWDELVDPHOLKDW $O*KD]DOL5DWXVDQEXNXNDU\DQ\DEHUHGDUGLSDVDU WDSLDKOLZDULVQ\DWLGDNSHUQDKPHQGDSDWNDQUR\DOWL DWDVNDU\DWHUVHEXW%DKNDQWLGDNDGDKDNFLSWD EDJL $O*KD]DOL VHKLQJJD PDV\DUDNDW EHEDV PHQJRSLQ\D 'LNDODQJDQLQWHOHNWXDO0XVOLPMXJDWHUGDSDW WUDGLVLXQWXNWLGDNPHQJRPHUVLDONDQLOPXNDUHQD KDOWHUVHEXWGDSDWPHQJXUDQJLNDGDUNHLNKODVDQ 0HVNL GHPLNLDQ VHFDUD VHGHUKDQD SHPEDMDNDQ GDODP,VODPLWXLGHQWLNGHQJDQJKDVDEPHQJDPELO EDUDQJ WDQSD VHSHQJHWDKXDQ SHPLOLNQ\D DWDX VDULTDK SHQFXULDQ KWWSZZZLVODP HPDQVLSDWRULVFRPDUWLNHOSKS"LG GLDNVHV 6HSWHPEHU.LWD MXJD KDUXV MXMXU EDKZD NLWD KDUXV PHPEHULNDQ DSUHVLDVL WHUKDGDS NDU\DNDU\D LQWHOHNWXDOWHUVHEXW3HQJKDUJDDQ\DQJOD\DNSDWXW GLEHULNDQNHSDGDSDUDSHPHJDQJKDNFLSWDWHUVHEXW JXQDPHQXPEXKNDQSURGXNWLYLWDVGDODPQHJHUL %LVDGLED\DQJNDQMLNDVHEXDKNDU\DFLSWDGLKDUJDL UHQGDKWHQWXSDUDPXVLVLDWDXVHQLPDQPXQJNLQ PHQMDGLWLGDNSURGXNWLI.DVXVODLQDGDODKVHEXDKNDU\DGHVDLQJUDILV GDUL GHVDLQHU 7KDOLD.DPDUJD SDGD DYRFDGROLWHFRP\DQJWDNOXSXWGDULSHPEDMDNDQ.DVXVLQLWHUXQJNDSNHWLNDGHVDLQHUWHUVHEXWGDODP VHEXDKVLWXVLQWHUQHWPHQJHOXKNDUHQDNDU\DQ\D GLMLSODN.DU\DGHVDLQJUDILVQ\DVHSHUWLGDSDWNLWD OLKDWSDGDJDPEDUJDPEDUGLEDZDKLQL 3HUKDWLNDQSDGD*DPEDUDGDODKJDPEDUDVOL VHGDQJNDQJDPEDUGDQDGDODKSURGXNGHVDLQ EDMDNDQ GDUL JDPEDU KWWSEORJJRGRWHFRP SHPEDMDNDQNDU\DKWPO GLDNVHV $JXVWXV 3HPEDMDNDQ GHVDLQ PHPDQJ WDN MDUDQJ GLDQJJDSVHSL7DNKHUDQMLNDNDVXVSHPEDMDNDQ LQL\DQJPXQFXONHSHUPXNDDQQ\DULVWLGDNDGD 3DGDKDO VHEXDK GHVDLQ VDQJDW PXGDK GLWLUX 0LVDOQ\D GDODP SDPHUDQ NKXVXVQ\D 8.0 XPXPQ\D DNDQ PHPDPHUNDQ SURGXN EHOXP GLGDIWDUNDQ6HVHRUDQJGHQJDQKDQ\DPHPRWUHW SURGXNLWXNHPXGLDQPHPEXDWQ\DGHQJDQGHVDLQ \DQJVDPDGDQPHQGDIWDUNDQDWDVQDPDGLULQ\D PDND GLD PHQGDSDWNDQKDN DWDV GHVDLQ SURGXN WHUVHEXW 6HFDUD WLGDN ODQJVXQJ VLDSD SXQ ELVD PHQGDSDWNDQKDNGHVDLQLQGXVWUL\DQJVHKDUXVQ\D PLOLNRUDQJODLQVHFDUDOHJDO %HUNDLWDQ GHQJDQ IHQRPHQD WHUVHEXW EHUEDJDLFDUDWHODKGLODNXNDQROHKSHPHULQWDKGDQ SLKDNSLKDN\DQJ WHUNDLW XQWXN PHPEHUDQWDV SHPEDMDNDQ+DNDWDV.HND\DDQ,QWHOHNWXDO+D., LQL\DLWXPXODLGDULVZHHSLQJWHUKDGDSEDUDQJ EDUDQJEDMDNDQ\DQJEHUHGDUGLSDVDUKLQJJDPHQ VDKNDQ 88+DN&LSWD1R WDKXQ\DQJ 0(',$7259RO1R'HVHPEHU

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³%DUDQJ VLDSD GHQJDQ VHQJDMD PHQ\LDUNDQ PHQJHGDUNDQDWDXPHQMXDONHSDGDXPXPVXDWX FLSWDDQDWDXEDUDQJKDVLOSHODQJJDUDQ+DN&LSWD DWDX+DN7HUNDLWVHEDJDLPDQDGLPDNVXGGDODPD\DW GLSLGDQDGHQJDQSLGDQDSHQMDUDSDOLQJODPD WDKXQ GDQ DWDX GHQGD SDOLQJ EDQ\DN 5S OLPDUDWXVMXWDUXSLDK 6HGDQJNDQ GDODPD\DW88+&GLVHEXWNDQEDKZDEDUDQJ *DPEDU*DPEDU\DQJVDPDXQWXNGHVDLQ ³QHRQER[ SDSDQUHNODPHVHEXDKWRNR )HUU\'DUPDZDQ GDQ 6DHIXGGLQ'HVDLQ GDQ.DVXV 3HPEDMDNDQ.DU\D,QWHOHNWXDO

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³PHODNXNDQSUDNWLN GDJDQJ\DQJWLGDNIDLU &DUORV&RUULHDVHRUDQJSHQHOLWL7KLUG:RUOG 1HWZRUN PHQJDWDNDQ EDKZD SHUMDQMLDQ\DQJ EHUNDLWDQGHQJDQPDVDODK+D.,VHEHWXOQ\DEXNDQ KDQ\DEHUPDNVXGPHQJXUDQJLSHPEDMDNDQVHSHUWL \DQJ GLVHEXWNDQ GDODP ODSRUDQ 8675 WDSL VHNDOLJXVPHUXSDNDQNHELMDNDQ\DQJPHODNXNDQ SURWHNVL DWDV WHNQRORJL GDQ PHPSHUNXDW SHPEDJLDQNHUMDLQWHUQDVLRQDOEDUX1HJHULLQGXVWUL PDMXPHQMDGLSHQJKDVLOWHPXDQVHPHQWDUDQHJHUL EHUNHPEDQJPHQMDGLSDVDUGDULSURGXNGDQMDVD \DQJGLKDVLONDQ6HPHQWDUDVXOLWPHQXQMXNNDQ VHEHUDSD MDXK PDV\DUDNDW PHQLNPDWL ³WUDQVIHU WHNQRORJL \DQJNRQRQPHQJLULQJLLQYHVWDVLDVLQJ NHVLQLNHOHPDKDQGDQNHNXUDQJDQGDULDWXUDQPDLQ LWXVXGDKPXODLWDPSDN 6HMXPODK DNWLYLV/60 VHSHUWL,QGDK 6XNVPDQLQJVLKGDUL</.,GDQ+LUD-KDPWDQLGDUL.RQSKDOLQGREHUXODQJNDOLPHQJJXJDWNHVDGDUDQ QHJDUDSHVHUWD:72\DQJVHPDNLQGLLNDWGDODP SRVLVLWLGDNVHWDUDVHFDUDHNRQRPLWHNQRORJLGDQ 0(',$7259RO1R'HVHPEHU

5 7HUDNUHGLWDVL'LUMHQ'LNWL6.1R',.7,.HS NHVHMDKWHUDDQ 0HUHND PHQXQMXNNDQ EDKZD NHDQHNDUDJDPDQ KD\DWL ELRGLYHUVLW\ DNDQ WHUDQFDPGHQJDQNHOXDUQ\DDWXUDQWHQWDQJSDWHQ 'HQJDQ PRGDO NXDW GDQ WHNQRORJL SHQHOLWLDQ FDQJJLK QHJDUD PDMX ELVD PHQFDSORN KDELWDW ELQDWDQJ DWDX WXPEXKDQ NKXVXV PHODOXL SDWHQ 3HQMDUDKDQVXGDKEHUODQJVXQJFXNXSODPD7DKXQ PLVDOQ\D SHUXVDKDDQ 5LFH 7HF GDUL $6 PHQJDMXNDQKDNPLOLNLQWHOHNWXDODWDVSDGLDVDO,Q GLD\DQJ VHODPD EHUWDKXQWDKXQ PHQMDGL PLOLN EHUVDPD5XPDKPRGH<\HV6W/DXUHQWPHQJNODLP SDWHQDWDVLODQJLODQJVHMHQLVEXQJDGDUL)LOLSLQD /HELK MDXK GLNDWDNDQ EDKZD UH]LP +D., LQWHUQDVLRQDO WHODK PHQFLSWDNDQ MXUDQJ DQWDUD QHJHULPDMXGDQQHJHULEHUNHPEDQJVHSHUWL,QGR QHVLD 3HQJHUWLDQGDQ5XDQJ/LQJNXS+D., +D.,DZDOQ\DPHQFDNXSGXDNRQVHSEHVDU \DNQLKDNFLSWDFRS\ULJKWGDQKDNSDWHQ\DQJ GLDWXUVHFDUDWHUSLVDK,VWLODK³LQWHOHNWXDO GDODP +D.,EHUDUWLKDNFLSWDPHOLQGXQJLKDVLONHFHUGDVDQ SLNLUDQ GDQ XQJNDSDQ DWDX UHQXQJDQ PDQXVLD \DQJPHQMHOPDGDODPEHQWXNEXNXODJXDWDXILOP 6HPHQWDUD KDN SDWHQ PHQFDNXS WHPXDQ GDQ WHNQRORJLNHUMD\DQJGLNHUDKNDQXQWXNPHPEXDW EDUDQJEDUXPXODLGDULWUDNWRUREDWREDWDQVDPSDL DODWSHPEXNDNDOHQJ\DQJPHQJJXQDNDQOLVWULN $VXPVLQ\D KDN FLSWD VHODOX EHUNHQDDQ GHQJDQXDQJNDUHQDXQWXNPHUDQFDQJPHPEXDW PHPSHUEDQ\DNGDQ PHPDVDUNDQVHEXDK NDU\D FLSWDGLSHUOXNDQXDQJGDQSDUDSHPHJDQJKDNFLSWD WHQWXPHQJKDUDSNDQXDQJ\DQJGLWDQDPNDQDNDQ NHPEDOL 6HGDQJNDQ PHQXUXW 5RQDOG 9%HWWLJ NRQVHS+D.,EDUXPXODLGLELFDUDNDQVHWHODK GLWHPXNDQQ\D PHVLQ FHWDN GDQ PHUHEDNQ\D NDSLWDOLVPHGDODPGXQLDWXOLVPHQXOLV6HEHOXPQ\D SHQJHWDKXDQ DWDXFHULWD PLOLN XPXPGDQ WLGDN GLNHWDKXLVLDSD\DQJSHUWDPD PHQJXQJNDSNDQ $UWLQ\DNRQVHSKDNFLSWDOHNDWGHQJDQNHNXDVDDQ PRGDOGDQGDODPNRQWHNVSHQHUELWDQPLVDOQ\D PHQMDGLMHODVEDKZD\DQJOHELKEHUNHSHQWLQJDQ DNDQ KDN LWX DGDODK SHQHUELW\DQJ PHQJHUXN NHXQWXQJDQGDULSDGDSHQJDUDQJ\DQJPHQFLSWD 0HQXUXW/LQGVH\SHQJHUWLDQ+D., SDGDXPXPQ\DEHUKXEXQJDQGHQJDQSHUOLQGXQJDQ SHQHUDSDQLGHGDQLQIRUPDVL\DQJPHPLOLNLQLODL NRPHUVLDO +D., DGDODK NHND\DDQ SULEDGL\DQJ GDSDW GLPLOLNL GDQ GLSHUODNXNDQ VDPD GHQJDQ EHQWXNEHQWXNNHND\DDQODLQQ\D 6HEDJLDQ EHVDU NHND\DDQ LQWHOHNWXDO GDSDW GDQ ELVD GLSHUMXDOEHOLNDQ VHSHUWL VHEXDK EXNX +D.,MXJDGDSDWGLVHZDNDQVHODPDNXUXQZDNWX WHUWHQWX GL PDQD SLKDN SHQ\HZD PHPED\DU VHMXPODKXDQJNHSDGDSLKDN\DQJPHQ\HZDNDQ KDN WHUVHEXW XQWXN PHQJJXQDNDQ NHND\DDQ LQWHOHNWXDO WHUVHEXW 3HUMDQMDQ WHUVHEXW GLVHEXW OLVHQVL %HUNDLWDQGHQJDQUXDQJOLQJNXSSHUOLQGXQJDQ +D.,DGDEDQ\DNKDO\DQJGDSDWGLOLQGXQJLROHK +D.,\DLWXWHUPDVXNQRYHONDU\DVHQLIRWRJUDIL OHPEDUDQPXVLNUHNDPDQVXDUDILOPVRIWZDUHGDQ KDUGZDUHNRPSXWHUVLWXVLQWHUQHWGHVDLQXQWXN EDUDQJEDUDQJ\DQJ GLSURGXNVL VHFDUD PDVDO PDNKOXN KLGXS KDVLO UHND\DVD JHQHWLND REDW REDWDQEDUXUDKDVLDGDJDQJSHQJHWDKXDQWHNQLN NDUDNWHUVHUWDPHUHN 5XDQJ/LQJNXS +XNXP +D., 'LMHODVNDQ/LQGVH\EDKZDKXNXP+D., WLGDN GLSHUOXDV WHUKDGDS VHWLDS VLWXDVL GLPDQD VHVHRUDQJ\DQJ PHODNXNDQ XVDKD DWDX VXPEHU GD\DNHGDODPVXDWX\DQJPHOLEDWNDQSHQJHOXDUDQ EXGL SHQJHWDKXDQ NHDKOLDQ DWDX WHQDJD %HUGDVDUNDQKXNXPGL,QGRQHVLDGDQ88GLEDQ\DN QHJDUDFLSWDDQGDQLQYHQVLKDQ\DDNDQGLOLQGXQJL MLNDFLSWDDQGDQLQYHQVLWHUVHEXWPHPHQXKLV\DUDW V\DUDW WHUWHQWX\DQJ WHODK GLDWXU 88 6HEDJDL FRQWRKLQYHQVLGLELGDQJLOPLDKVFLHQWLILNGLVFRY HULHV WLGDNODK GLOLQGXQJL 3DWHQ KDQ\D EHUODNX WHUKDGDS VHEXDK SURVHV GDQ SURGXN VHUWD SHQJHPEDQJDQ SURVHV DWDX SURGXN GDQ EXNDQ SDGDWHRULLOPXSHQJHWDKXDQDWDXSHQHPXDQGLV FRYHU\GDULEHEHUDSDPDNKOXNKLGXSDWDXXQVXU NLPLDWHUWHQWX\DQJVXGDKDGDVHEHOXPQ\DVHFDUD DODPL&RQWRKODLQGLVHEXWNDQVHEXDKWHRUL\DQJ UXPLWGDQEHWXOEHWXOLOPLDKGDSDWGLSDNDLXQWXN PHPEDQWX SHPEXDWDQ SHVDZDW WHUEDQJ DJDU EHUVLIDWOHELKDHURGLQDPLVWLGDNGDSDWGLSDWHQNDQ PHVNLSXQSHUNHPEDQJDQWHRULWHUVHEXWPHPDNDQ ZDNWX\DQJODPDVHUWDELD\D\DQJWLGDNVHGLNLW )HUU\'DUPDZDQ GDQ 6DHIXGGLQ'HVDLQ GDQ.DVXV 3HPEDMDNDQ.DU\D,QWHOHNWXDO

6 3HUPDVDODKDQ%HQGD%HUZXMXG GDQ7LGDN%HUZXMXGGDODP +D., 'LWLQMDX GDUL FDUD SHUZXMXGDQQ\D +D., VHEHQDUQ\DEHUEHGDGHQJDQREMHN\DQJEHUZXMXG ODLQQ\D6HEDJDLFRQWRKKDNFLSWDGDODPVHEXDK OXNLVDQ DGDODK NHND\DDQ\DQJ WHUSLVDK GDUL NHSHPLOLNDQNDQYDVOXNLVDQQ\D-LND$QGDPHPEHOL VHEXDKEXNX$QGDPHPLOLNLEXNXWHUVHEXWVHFDUD ILVLNWHWDSLEXNDQ+DN&LSWD\DQJDGDGLGDODP EXNX\DQJ$QGDEHOLWHUVHEXW.HEDQ\DNDQUH]LP +D.L PRGHUQ WLGDN VHVXDL XQWXN PHPEHULNDQ SHUOLQGXQJDQ WHUKDGDS EHQWXNEHQWXN ZDULVDQ EXGD\D\DQJ WLGDN EHUZXMXG\DQJ VXGDK WLGDN UDKDVLDODJL 0LVDOQ\DKDN FLSWDPHQV\DUDWNDQ LGHQWLILNDVLGDULSHQJDUDQJWHUWHQWXSHOHVWDULDQ NDU\D NH GDODP EHQWXN Q\DWD GDQ KDQ\D PHQ\HGLDNDQSHUOLQGXQJDQEDJLNODLPLQGLYLGXGDUL SDGD NROHNWLI 2OHK NDUHQD LWX NDU\DNDU\D SHGHVDDQ\DQJ EHUVLIDW WUDGLVLRQDO\DQJ WLGDN PHPLOLNLNDUDNWHULVWLNVHSHUWLWHUVHEXWGLDWDVWLGDN GDSDWGLOLQGXQJL &DEDQJ8WDPD +D., &DEDQJXWDPD +D.,WHUGLULGDUL KDNFLSWD SDWHQGHVDLQPHUHNUDKDVLDGDJDQJWDWDOHWDN VLUNXLW WHUSDGX GDQ YDULHWDV WDQDPDQ UHND\DVD JHQHWLNDLQWHUQHWGDQGRPDLQQDPHVSHQGDIWDUDQ GDQHNSORLWDVLSHPDQIDDWDQ 'HVDLQGDODP.RQWHNV+D., 6HSHUWL GLVHEXWNDQ GL DWDV GHVDLQ VHEDJDL VDODKVDWXGDULVHNLDQEDQ\DNGDULFDEDQJXWDPD +D.,'DODPZLOD\DK+D.,GHVDLQEHUKXEXQJDQ GHQJDQSHQDPSDNDQ VHFDUDYLVXDO GDULSURGXN SURGXN NRPHUVLDO'HVDLQ ELDVDQ\D WLGDN PHOLQGXQJLIXQJVLGDULVXDWXSURGXNPHODLQNDQ VHPDWDPDWD PHOLQGXQJL SHQDPSLODQ OXDUQ\D 'HVDLQ RULVLQDO GDUL SURGXNSURGXN NRPHUVLDO GLOLQGXQJLVHWHODKGHVDLQWHUVHEXWGLGDIWDUNDQ $GDSHUPDVDODKDQ\DQJWHODKPHQJDFDXNDQ EDQ\DN SHPEHQWXN XQGDQJXQGDQJ GL VHOXUXK GXQLDDGDODKEHUNDLWDQGHQJDQWXPSDQJWLQGLKQ\D DQWDUDKDNFLSWDGHQJDQGHVDLQNDUHQDNHGXDUH]LP WHUVHEXWPHOLQGXQJLNDU\DNDU\DDUWLVWLN 'HVDLQDGDODKVXDWXNUHDVLWHQWDQJEHQWXN NRQILJXUDVLDWDXNRPSRVLVLJDULVDWDXZDUQDDWDX JDEXQJDQGDULSDGDQ\D\DQJEHUEHQWXN'DWDX SXQ'\DQJPHPEHULNDQNHVDQHVWHWLVGDQGDSDW GLZXMXGNDQGDODPSROD'DWDX'VHUWDGDSDW GLSDNDLXQWXNPHQJKDVLONDQVXDWXSURGXNEDUDQJ NRPRGLWDVLQGXVWULDWDXNHUDMLQDQWDQJDQ +DNGHVDLQGLEHULNDQXQWXNGHVDLQ\DQJEDUX 'HVDLQ\DQJ GLDQJJDS EDUX DSDELOD WDQJJDO SHQHULPDDQ GHVDLQ WHUVHEXW WLGDN VDPD GHQJDQ SHQJXQJNDSDQ\DQJWHODKDGDVHEHOXPQ\D -DQJND:DNWX 3HUOLQGXQJDQ -DQJNDZDNWXWHUKDGDSKDNGHVDLQGLEHULNDQ XQWXN MDQJND ZDNWX WDKXQ WHUKLWXQJ VHMDN WDQJJDOSHQHULPDDQ 3HQGDIWDUDQ 6HSHUWLFDEDQJFDEDQJ+D.,ODLQQ\DNHFXDOL +DN&LSWDGDQ5DKDVLDGDJDQJ88PHQV\DUDWNDQ DGDQ\D SHQGDIWDUDQ VHEHOXP GHVDLQ WHUVHEXW PHPSHUROHK SHUOLQGXQJDQ KXNXP 3HQGDIWDUDQ GLODNXNDQGLNDQWRU+D.,GDQXQWXNPHPSURVHV SHUPRKRQDQ SHQGDIWDUDQ WHUVHEXW GLDGDNDQ SHPHULNVDDQWHUOHELKGDKXOXROHKSDUDSHWXJDVGL NDQWRU+D., +XEXQJDQ7XPSDQJ7LQGLK DQWDUD+DN&LSWDGDQ'HVDLQ 0HQXUXW/LQGVH\ PDVDODK\DQJ PHPELQJXQJNDQSDUDDKOL+D.,GDQSHUDQFDQJ88 GL VHOXUXK GXQLD DGDODK EHUNDLWDQ GHQJDQ KXEXQJDQVDOLQJWXPSDQJWLQGLKDQWDUKDNFLSWD GHQJDQ GHVDLQ +XEXQJDQ LQL PXQFXO NDUHQD GHVDLQVXDWXFHWDNELUXGDULSHQDPSLODQSURGXN WHUWHQWXELDVDQ\DMXJDPHUXSDNDQNDU\DVHQL\DQJ GDSDWGLOLQGXQJLKDNFLSWD%HUGDVDUNDQNHWHQWXDQ 88 +DN&LSWD MLNDNDU\D VHQL WHUVHEXW GLSDNDL VHEDJDLFHWDNELUXXQWXNSHPEXDWDQVXDWXSURGXN PDNDSHPHJDQJKDNFLSWDMXJDPHPSXQ\DLKDN FLSWDDWDVSURGXNWHUVHEXW %DUDQJNDOLKDOLQLOHELKPXGDKGLMHODVNDQ GHQJDQPHQJDPELOFRQWRKVHGHUKDQDEHULNXWLQL 6HRUDQJ PHQGHVDLQ VHEXDK NXUVL SDGD VHKHODL NHUWDV-LNDGHVDLQWHUVHEXWEHUVLIDWEDUXSHQGHVDLQ WHUVHEXWEHUKDNPHQGDIWDUNDQNDU\DQ\DVHEDJDL 0(',$7259RO1R'HVHPEHU

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±EDLNNDQWRUSHPHULQWDK PDXSXQ VZDVWD ±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³'HQJDQ+DUL0XVLN,QGRQHVLD%XGD\DNDQ5DVD0DOX0HPEHOL3URGXN %DMDNDQ ³3HFLQWD0XVLN,QGRQHVLD0HQ\DWDNDQ 3HUDQJWHUKDGDS3HPEDMDNDQ.DU\D&LSWD6HQLPDQ 0XVLN,QGSQHVLD GDQ ³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³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³%HUQH&RQYHQWLRQ 7XMXDQ NHOXDU GDUL NRQYHQVLLQLDGDODKEHUVLIDWVWUDWHJLV\DNQLDJDU GDSDWPXGDKPHODNXNDQWUDQVIHULOPXSHQJHWDKXDQ GDQWHNQRORJLGDULOXDUNHGDODPQHJHULGHQJDQ 0(',$7259RO1R'HVHPEHU

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

10 KWWSPNENHUMDEXGD\DRUJPNEPNE UXEULNHVDLKWP KWWSZZZUHSXEOLNDFRLGNRUDQBGHWDLODVS"LG NDWBLG NDWBLG NDWBLG KWWSZZZLSWHNQHWLGLQGSDWHQW LQGH[SKS"LG KWWSEORJJRGRWHFRPSHPEDMDNDQ NDU\DKWPO KWWSZZZUHSXEOLNDFRLGNRUDQBGHWDLODVS"LG NDWBLG NDWBLG NDWBLG KWWSZZZSHPDQWDXSHUDGLODQFRPGHWLO GHWLOSKS"LG WLSH NRORP KWWSZZZVLQDUKDUDSDQFRLGHNRQRPLLQGXVWUL LQGKWPO KWWSHQF\FORSHGLDODERUODZWDONFRP3LUDWH 0(',$7259RO1R'HVHPEHU