. $ 7 $ / 2 *
$1'5($6 &$0(/,$ (5,6 /81**8+ 680$175, +(1'5,. /$:5(1&( / ,1'5$ :$+<8 .$5<$',
0$5(7 $35,/
,:21. 5,':$1 -(66,&$ ;$9,(5$ ./$5,66$ (0(5$/'$ 35$%8 3(5'$1$ 5211< 3 7-$1'5$ 526,' 7$5$ 6+$.,1 721, 0$6',212
*$/(5, 25%,7$/ '$*2 -/ 5$1&$.(1'$/ /8+85 12 %$1'81*
,0$*,1$7,21 6(48(1&( 3DPHUDQ %HUVDPD 'XDEHODV 6HQLPDQ %DQGXQJ +XPDQ EHLQJV DUH LPDJLQHUV ZH SOD\ JDPHV RI PDNH EHOLHYH ZH HQWHU LQWR ÀFWLRQDO ZRUOGV RI VWRULHV .HLWK 0RVHU DQG $QDQWD &K 6XNOD
$VPXGMR - ,ULDQWR
,PDMLQDVL PHUXSDNDQ DQXJHUDK EDJL PDQXVLD +DQ\D PDQXVLD PDKOXN KLGXS \DQJ PHPLOLNL LPDMLQDVL 7HUOHELK EDJL VHQLPDQ LPDMLQDVL DGDODK EDKDQ EDNDU EDJL NUHDWLYLWDV SHQFLSWDDQ NDU\D %HJLWX SXOD GDODP PHUHVHSVL NDU\D SXEOLN GDSDW ´PHQJKLGXSNDQµ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´NHLQGDKDQµ³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À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
$QGUHDV &DPHOLD :DK\X .DU\DGL 7RQ\ 0DVGLDQWR 5RVLG +HQGULN /DZUHQFH GDQ 5RQQ\ 7MDQGUD³SDUD SHUXSD VHQLRU GDODP SDPHUDQ LQL³WDPSLO GHQJDQ NDU\D NDU\D \DQJ VHODPD LQL WHODK PHQMDGL LGHQWLWDV GDQ NHNXDWDQQ\D 3DUD VHQLPDQ HPHUJLQJ VHSHUWL (ULV /XQJJXK ,ZRQN 5LGZDQ 3UDEX 3HUGDQD GDQ 7DUD 6KDNLQ PXODL PHQDPSLONDQ LGHQWLWDV NDU\DQ\D³\DQJ ELVD MDGL EHUXEDK 6HPHQWDUD PXND EDUX VHSHUWL -HVVLFD ;DYLHU GDQ .ODULVVD (PHUDOGD PDVLK PHQFRED PHPEDQJXQ LGHQWLWDV NDU\DQ\D 3DPHUDQ ,PDJLQHG 6HTXHQFHV PHUHÁHNVLNDQ SOXUDOLWDV GDODP VHQL UXSD NRQWHPSRUHU 3DGD VLVL ODLQ SDPHUDQ LQL MXJD PHQXQMXNNDQ SRSXODULWDV NDU\D NDU\D GXD GLPHQVL GDODP GXQLD VHQL UXSD NRQWHPSRUHU .DU\D WLJD GLPHQVL KDQ\D PXQFXO PHODOXL WDQJDQ ,ZRQN 5LGZDQ GDQ :DK\X .DU\DGL -LND NDU\D ,ZRQN VHSHQXKQ\D PHUXSDNDQ NDU\D SDWXQJ PDND NDU\D :DK\X EHUXSD KLEULGD DQWDUD GXD GLPHQVL GDQ WLJD GLPHQVL .DU\D ´OXNLVDQµ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´SROLWLVµ \DLWX NDLWDQ QDUDVL NDU\D GHQJDQ SHUVRDODQ VRVLDO SROLWLN EXGD\D WDPSDNQ\D PHQMDGL KDO \DQJ OHELK PHQDULN GLSHUELQFDQJNDQ 7HQWX VDMD DVSHN SROLWLV NDU\D DWDX \DQJ VHULQJ GLVHEXW VHEDJDL SROLWLFDOO\ FRUUHFW³\DLWX PRWLI EHUNDU\D \DQJ GLGDVDUL ROHK NHSHGXOLDQ SDGD VLWXDVL \DQJ WLGDN LGHDO³PHQMDGL NRPSRQHQ SHQWLQJ QDPXQ SDGD VLVL ODLQ NHEHQDUDQ DWDX NHNXDWDQ HVWHWLN³\DLWX PHPSHGXOLNDQ JDJDVDQ YLVXDO³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´EHUNHVHQLDQµ WDQSD MHGD NRQWHPSODVL EHULPDMLQDVL 6HWLGDNQ\D PHQXUXW VD\D MXGXO
SDPHUDQ LQL PHUXSDNDQ UHÁHNVL VHOI FULWLF SDUD VHQLPDQQ\D PHQJHQDL NHEXWXKDQ DNDQ UXDQJ GDQ ZDNWX EHULPDMLQDVL 6HQLPDQ DGDODK SLKDN \DQJ PHPLOLNL SULYLOHJH GDODP KDO LPDMLQDVL .RQWHQ NDU\D VHQL VHULQJNDOL EHUVHQWXKDQ GHQJDQ UHDOLWD GXQLD QDPXQ NDU\D VHQL GDQ NRQWHQQ\D PHUXSDNDQ UHDOLWD WHUVHQGLUL .RQWHQ GDODP NDU\D VHQL DGDODK UHDOLWD LPDMLQDWLI³VHGHNDW DSDSXQ UHSUHVHQWDVLQ\D PHQJJDPEDUNDQ UHDOLWD GXQLD .DUHQD LWX GXQLD VHQL PHQ\HGLDNDQ KRULVRQ LPDMLQDVL \DQJ KDPSLU WDQSD EDWDV 0DVDODKQ\D PHPDQJ WLGDN DGD SDUDPHWHU PHQJHQDL ´NXDOLWDVµ LPDMLQDVL 1DPXQ NHNXDWDQ LPDMLQDVL MLND GLNHOROD GHQJDQ EDLN DNDQ PHODKLUNDQ NHEDUXDQ GDQ WHURERVDQ SDGD NDU\D .HGXD SHUNDUD WHUVHEXW EHUSXODQJ SDGD VHQLPDQQ\D DSDNDK ´NHEDUXDQµ WHUVHEXW VHEDWDV SDGD SHQFDSDLDQ SHUVRQDO DWDX PHQMDGL KDO \DQJ GLNRQWHVWDVLNDQ GDODP PHGDQ VHQL UXSD NRQWHPSRUHU 6HVXQJJXKQ\D NDU\D VHQL PHQGDSDWNDQ DSUHVLDVL GDQ SHQJKDUJDDQQ\D WHUXWDPD EXNDQ NDUHQD NRQWHQQ\D QDPXQ EDJDLPDQD NRQWHQ SHUVRDODQ GLSDQGDQJ DWDX GLEDZDNDQ ROHK VHQLPDQQ\D GHQJDQ FDUD EHUEHGD³EHUEHGD GHQJDQ SROLWLNXV VRVLRORJ SHPHUKDWL OLQJNXQJDQ GDQ ODLQQ\D³ \DLWX GHQJDQ VXGXW SDQGDQJ LPDMLQDWLI \DQJ PHODZDQ VXGXW SDQGDQJ VWHUHRWLS GDQ GRPLQDQ /HELK SDQWLQJ ODJL EDJDLPDQD VXGXW SDQGDQJ DOWHUQDWLI \DQJ LPDMLQDWLI WHUVHEXW PHODKLUNDQ NDU\D UXSD \DQJ MXJD LPDMLQDWLI .DU\D NDU\D ´NXDWµ \DQJ GLODKLUNDQ ROHK LPDMLQDVL VHQLPDQQ\D DNDQ PHUDQJVDQJ LPDMLQDVL SDUD SHPLUVDQ\D 5HSUHVHQWDVL NULWLV VHQL UXSD NRQWHPSRUHU SDGD SHUVRDODQ GXQLD GLQLODL VHEDJDL DVSHN \DQJ NRQWULEXWLI ROHK VHQL UXSD 6HULQJNDOL KDO LQL PHPXQFXONDQ SHQLODLDQ EDKZD VHQL UXSD NRQWHPSRUHU PHQJDQGXQJ SDUDGRNV %DJDLPDQD PLVDOQ\D PHQJJDPEDUNDQ ´NHEXUXNDQ GXQLDµ PHODOXL EDKDVD HVWHWLN EDKDVD NHLQGDKDQ .DUHQD KDO WHUVHEXW FXNXS EDQ\DN VHQLPDQ \DQJ PHQDPSLONDQ NDU\D NDU\D \DQJ WUDQVJUHVVLI GDQ DEMHFW 3DUD VHQLPDQ WHUVHEXW EHUSDQGDQJDQ EDKZD UHDOLWD EXUXN GXQLD VHEDLNQ\D GLWDPSLONDQ GHQJDQ EDKDVD UXSD \DQJ MXJD EXUXN GDQ PHQJJDQJJX 7HQWX VDMD KDO LWX PHQMDGL SLOLKDQ GDQ KDO VHQLPDQ 1DPXQ MDUDQJ NDU\D NDU\D WUDQVJUHVVLI GDSDW PHPLFX LPDMLQDVL GDQ NRQWHPSODVL SHPLUVDQ\D VHULQJNDOL PHPLFX ´NHPDUDKDQµ SXEOLN %DJDLPDQDSXQ NDU\D VHQL WHUXWDPD GLDSUHVLDVL ROHK SXEOLN PHODOXL DVSHN SHUVHSWXDO \DLWX \DQJ GLVHEXW VHEDJDL SHQJDODPDQ HVWHWLN 6HEDE LWX SHUWDPD WDPD NDU\D VHQL KDUXV PHPLOLNL NHNXDWDQ JDJDVDQ YLVXDO³WHUPDVXN NDSDVLWDV PHQJRODK PHGLXP³VHKLQJJD PHQJXQGDQJ SHPLUVD XQWXN EHUNRPWHPSODVL GL GHSDQ NDU\D 6HWHODK SHPLUVD PHQJDODPL ´HVWHWLNµ NDU\D EHULNXWQ\D DNDQ ´PHPEDFDµ GDQ PHQFRED PHQDIVLU NRQWHQ DWDX QDUDVL NDU\D 'DODP KDO LQL LPDMLQDVL SHUVHSVL GDQ NRJQLVL SHPLUVD DNDQ VDOLQJ EHUNHOLQGDQ
.DU\D NDU\D SDGD SDPHUDQ LQL WLGDN DGD \DQJ EHUVLIDW WUDQVJUHVVLI .HQGDWL DGD NULWLN QDPXQ GLVDPSDLNDQ PHODOXL EDKDVD YLVXDO \DQJ EDLN .DU\D $QGUHDV MHODV PHUXSDNDQ NULWLN SDGD SHUEXUXDQ LNDQ KLX \DQJ KDQ\D GLDPELO VLULSQ\D XQWXN PHQMDGL VXS VLULS LNDQ KLX -HODV PHUXSDNDQ NULWLN HNRORJLV 6HEDE EHUNXUDQJQ\D LNDQ KLX DNDQ PHQJJDQJJX HNRVLVWHP NHKLGXSDQ ODXW 1DPXQ \DQJ SHQWLQJ EXNDQODK VRDO WHUVHEXW³\DQJ VXGDK FXNXS NLWD IDKDPL³QDPXK EDJDLPDQD $QGUHDV PHQWHUMHPDKNDQ SHUVRDODQ WHUVHEXW VHFDUD LPDMLQDWLI NH GDODP NDU\DQ\D 7DPSLO PHQDZDQ NDU\D WHUVHEXW PHQXQMXNNDQ NHNXDWDQ QDUDVL \DQJ GLKDVLONDQ PHODOXL NHNXDWDQ WHNQLV GDQ DVSHN IRUPDO 'HPLNLDQ SXOD :DK\X VHFDUD LPDMLQDWLI PHQ\XVXQ JXEDKDQ YLVXDO \DQJ WLGDN ELDVD \DLWX SDWXQJ GDODP URQJJD SDQHO 3DWXQJ WHUVHEXW PXGDK GLGXJD PHUXSDNDQ VRVRN OHJHQGD³NDUHQD LWX GLSLVDKNDQ GDUL GXQLD Q\DWD GDQ PHQHPSDWL URQJJD SDQHO³\DQJ ELDVD GLNLULPL VHVDML ROHK PDV\DUDNDW \DQJ PHQJKRUPDWLQ\D 3DGD EDJLDQ SHUPXNDDQ SDQHO :DK\X PHQHPSHONDQ ´VHVDMLDQ PDVD NLQLµ GDQ JDPEDUDQ ´ZDMDK ZDMDKµ \DQJ PHPLFX LQWHUSUHWDVL SHPLUVD VHVXDL LPDMLQDVL VDQJ VHQLPDQ .DU\D 7RQL ´/DR 6DQ ELFDUD PHQJHQDL VHQL SRSXODU GDQ VHQL WLQJJL \DQJ VHRODK VXGDK FDLU EDWDV EDWDVQ\D 6HVXQJJXKQ\D GHPDUNDVL VHQL WLQJJL GDQ VHQL SRSXODU WHWDS DGD PDVDODKQ\D DGDODK VHQL UXSD NRQWHPSRUHU \DQJ GDSDW EHUXSD DSDSXQ WDPSLODQQ\D WHUPDVXN WDPSLODQ NRPLN 'DODP UXDQJ JDOHUL NDU\D 7RQL GHQJDQ WDPSLODQ NRPLN DGDODK NDU\D VHQL \DQJ PHQJDMDN NLWD XQWXN EHULPDMLQDVL PHQJHQDL ÀNVL EDEDW VHMDUDK VHNDOLJXV EHUSLNLU XODQJ PHQJHQDL FHUJDP ORNDO .DU\D +HQGULN NHOXDU GHQJDQ NHNXDWDQ EDKDVD UXSD UHDOLV 7DPSDN VRVRN SHUHPSXDQ EHUSD\XQJ MXGXOQ\D ´2UDQJ %DQGXQJ GL 8OXZDWXµ 6RVRN WHUVHEXW ELVD PHZDNLOL VLDSDSXQ GLUL NLWD VHQGLUL VDXGDUD DWDX WHPDQ .DU\D (ULV /XQJJXK PHQXQMXNNDQ EDJDLPDQD VHNDGDU EXDK SLVDQJ GDSDW PHQJJHUDNNDQ LPDMLQDVLQ\D PHQMDGL NDU\D VHQL 7HQWX KDO WHUVHEXW EHUNDLWDQ GHQJDQ PHPRULQ\D EDJDLPDQD EXDK SLVDQJ PHQMDGL EDJLDQ GDUL SHQJDODPDQ GDODP NHOXDUJDQ\D MXJD PHQJHQDL PDQIDDW GDQ ÀORVRÀ SRKRQ GDQ EXDK SLVDQJ 7LGDN SHQWLQJ EDKZD SHPLUVD PHPDKDPL QDUDVL WHUVHEXW OHELK SHQWLQJ SHQJDODPDQ LPDMLQDWLI SHPLUVD EHUKDGDSDQ GHQJDQ NDU\D \DQJ KDPSLU PHQMDGL DEVWUDN 7DWWR \DQJ ELDVDQ\D WDPSLO GL SHUPXNDDQ NXOLW WXEXK PDQXVLD PHQMHOPD PHQMDGL NDU\D GXD GLPHQVL GL DWDV SHUPXNDDQ NXOLW VLQWHWLN \DQJ GLJDUDS ROHK «« ,PDMLQDVL SHPLUVD PXQJNLQ MXVWUX GLEDZD PHQMDXKL SHULKDO 7DWWR GDQ PDVXN NH GDODP LPDMLQDVL YLVXDO PHQJHQDL ZDNWX .DU\D 5RQQ\ MHODV PHPEDZD SHPLUVD SDGD SHUVRDODQ PXWDKLU PHQJHQDL VHJDOD NHUHVDKDQ \DQJ GLWLPEXONDQ ROHK SDQGHPL &RYLG .HUDS KLPEDXDQ SLKDN IRUPDO DOLK DOLK PHQHQDQJNDQ PDODK PHPELQJXQJNDQ 6LWXDVL WHUVHEXW GLUHSUHVHQWDVLNDQ ROHK 5RQQ\
PHODOXL UDQJNDLDQ WHNV \DQJ FXNXS SRSXOHU GL PDVD SDQGHPLN LQL .DU\D 3UDEX MXJD ELFDUD PHQJHQDL SHQGHPL &RYLG³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« PHQDPSLONDQ NDU\D ZDMDK 1DVLUXQ VDPD VHSHUWL NDU\D 5RVLG ZDMDK 1DVLUXQ EDJL \DQJ WLGDN PHQJHQDOLQ\D NDU\D .DU\D ,ZRQN EHUDQJNDW GDUL LPDMLQDVL PHQJHQDL PHPRUL SHUVRQDOQ\D +DO LWX WDPSDN GDUL WDQGD WDQGD YLVXDO \DQJ GLWDPSLONDQ ROHK NDU\DQ\D $GD UXPDK VHEDJDL NHSDOD $GD MDQWXQJ RWDN GL NHGXD WHODSDN WDQJDQ GDQ EROD GL EDJLDQ NDNL $JDNQ\D WDQGD WDQGD WHUVHEXW EHUNDLWDQ GHQJDQ SHQJDODPDQ KLGXS ,ZRQN .DU\D .ODULVD MXJD ELFDUD PHQJHQDL UHÁ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
7KH LPDJLQDWLRQ LV WKH UHVLQ WKDW ELQGV KXPDQ FLYLOL]DWLRQ WRJHWKHU IRU EHWWHU RU ZRUVH 6D\D PHPXML SDUD VHQLPDQ VHQLRU GDQ VXGDK FXNXS PDSDQ EHUVHGLD XQWXN WDPSLO EHUVDPD SDUD VHQLPDQ PXGD KDO LQ PHUXSDNDQ SHPEHODMDUDQ EDJL SDUD VHQLPDQ \DQJ OHELK PXGD
3(6(57$ 3$0(5$1
$1'5($6 &$0(/,$ %DQGXQJ -XQL
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
(5,6 /81**8+ 680$175, $ODPDW .RPSOHN 7KH *UHHQ &LW\ 9LHZ %ORN & QR .HO -DWLKDQGDS .HF 0DGDODMDWL %DQGXQJ -DZD %DUDW .RQWDN (PDLO HULVOXQJJXK#JPDLO FRP
.%/ŏ 1*##1$ŏ 1) *0.%ŏ/!' . *#ŏ%*%ŏ !. +)%/%(%ŏ %ŏ * 1*#Čŏ'!0!.0 .%' *ŏ, ŏ /!*%ŏ.1, ŏ %)1( %ŏ/!& 'ŏ'! %(ŏ !*# *ŏ/!* *#ŏ /!' (%ŏ)!*## ) .Čŏ* )1*ŏ !.'!/!), 0 *ŏ )!* , 0ŏ,!* % %' *ŏ/!*%ŏ/!& 'ŏ'1(% $ŏ %ŏ ŏ * 1*#ŏĨ/!' . *#ŏ ŏ * 1*#ĩċ $%.ŏ, ŏāĀŏ #1/01/ŏāĊĉāŏ %ŏ * 1*#Čŏ /!)!*& 'ŏ'1(% $ŏ 3 (ŏ %ŏ0 $1*ŏāĊĊĊČŏ/1 $ŏ )1( %ŏ !.'!#% 0 *ŏ/!*%ŏ'$1/1/*5 ŏ/!*%ŏ.1, Čŏ )1( %ŏ)!* + ŏ!'/%/ŏ !., )!. *ŏ, ŏ 0 $1*ŏ'! 1 ŏ'1(% $Čŏ0% 'ŏ& . *#ŏ&1# ŏ !.'+( +. /%ŏ !*# *ŏ0! 0!.ŏ *ŏ0 .%ċŏ %ŏ 1( *ŏ 1*%ŏĂĀĀăŏ/!), 0ŏ)!*& %ŏ ,!.3 '%( *ŏ) $ /%/3 ŏ %ŏ . ŏ !/0%2 (ŏ !/!*% *ŏ * +*!/% ŏ ŏĨĂĀĀăĩŏ %ŏ 1. 5 Čŏ *ŏ0!0 ,ŏ '0%"ŏ !.' .5 ŏ/!0!( $*5 ŏ/!( ) ŏ '1(% $Čŏ$%*## ŏ/ 0ŏ%*%ċŏ !( %*ŏ%01Čŏ/!' . *#ŏ '0%"ŏ %ŏ ! !. , ŏ '+)1*%0 /ŏ/!*%ŏ.1, ŏ %ŏ * 1*#ċŏ ( $ŏ / 01*5 ŏ !./ ) ŏ'+)1*%0 /ŏ . # !#Čŏ )!) 1' ŏ.1 *#ŏ !.* ) ŏ . / ŏ .0/, !Čŏ %ŏ (ċŏ . # ŏăćŏ * 1*#Čŏ1*01'ŏ , . ŏ/!*%) *ŏ !.' .5 Čŏ/ ), %ŏ/ 0ŏ%*%ŏ 0!( $ŏ0!.( '/ * ŏĂŏ, )!. *ŏ(1'%/ *ŏ %ŏ.1 *#ŏ 0!./! 10ċ !.' $%.Čŏ, ŏ 1( *ŏ '0+ !.ŏĂĀĂĀČŏ !., )!. *ŏ !./ ) ŏ %ŏ (!.%ŏ $!!ŏ 1%/ŏ * 1*#ŏ5 *#ŏ !.0 &1'ŏ ġ ēŏ *ŏ /! # %ŏ,!/!.0 ŏ %& ŏĽĂŏ %*0!/%/ŏ %ŏ ((!.5ŏ $!!ŏ 1%/ŏ * 1*#Čŏ *ŏ ! !. , ŏ , )!. *ŏ( #%ŏ$%*## ŏ 3 (ŏĂĀĂĂċ !*5+ (ŏ' .5 Čŏ0!) ŏ5 *#ŏ %$ %.' *ŏ,1*ŏ /!,10 .ŏ,!*# ( ) *ŏ/! !.$ * ŏ/!$ .%ġ$ .%ŏ $%*## ŏ)!*#%((1/0. /%' *ŏ,!.%/0%3 ŏ ,!.%/0%3 ŏ !/ .ŏ5 *#ŏ/! *#ŏ0!.& %Čŏ0% 'ŏ !., 0+'ŏ, ŏ/ 01ŏ (%. *Čŏ) ( $ŏ !* !.1*#ŏ )!) ! /' *ŏ ( )ŏ !.' .5 ŏ !*# *ŏ )! % ŏ10 ) ŏ' *2 /ċ *# 0ŏ)!*51' %ŏ'+),+/%/%ŏ ! *ŏ % $!(ŏ /-1% 0Čŏ3 .* *5 ŏ %* !*0ŏ2 *ŏ +#$ŏ *ŏ '! ! / *ŏ)! % ŏ */!()ŏ %!"!.ċ
+(1'5,. /$:5(1&( / $ODPDW -O $NVDQ %DQGXQJ ( PDLO KHQGULNODZUHQFH#\DKRR FR LG ODZUHQFHKHQGULN#JPDLO FRP 1R 3RQVHO :$ ,QVWDJUDP #KHQGULNODZUHQFH )DFHERRN +HQGULN /DZUHQFH /XNPDQ
3DPHUDQ %HUVDPD VNDOD LQWHUQDVLRQDO \DQJ WHUJDEXQJ GDODP $VLDQ :DWHUFRORXU &RQIHGHUDWLRQ ,QFKHRQ :RUOG $UW ([KLELWLRQ ,QGRQHVLDQ :DWHUFRORXU 6RFLHW\ ,QWHUQDWLRQDO 0DVWHUV RI :DWHUFRORXU $OOLDQFH GL .RUHD &KLQD 6LQJDSRUH 0DOD\VLD ,QGRQHVLD 3DPHUDQ %HUVDPD VNDOD QDVLRQDO GL %DQGXQJ -DNDUWD %DOL -RJ\D 6ROR 0DVXN NDWHJRUL VHEDJDL ÀQDOLV 0DHVWUR 3HOXNLV FDW DLU GXQLD YHUVL ,QWHUQDVLRQDO 0DVWHUV RI :DWHU FRORXU $OOLDQFH
,1'5$ :$+<8 .$5<$', $ODPDW -O &LSHGHV 7HQJDK 6XNDJDOLK 6XNDMDGL %DQGXQJ (PDLO :DK\X VULNDU\DGL #JPDLO FRP 1R 7OS ,QVWDJUDP ,QGUD :DK\X .DU\DGL
,:21. 5,':$1 77/ $ODPDW (PDLO 1R +S ,QVWDJUDP
%DQGXQJ 1RYHPEHU &LJDQLWUL 1R *DQJ *LULPXNWL 5W 5Z &LSDJDOR %RMRQJVRDQJ .DEXSDWHQ %DQGXQJ -DZD %DUDW DUWZRQN #JPDLO FRP #LZRQNDUWV
3(1*$/$0$1 $UWLVWLN $UWLVWLN 7HDWHU ´%XODQ $QJLQ GDQ 3HSRKRQDQ <DQJ 7DN %DKDJLDµ )7$ -DNDUWD -DNDUWD $UWLVWLN 0XVLN &DOXQJ MLQJMLQJ ´6L .DED\DQ +DUXV 0HPLOLKµ ,6%, %DQGXQJ $UWLVWLN 0XVLN &DOXQJ -LQJMLQJ ´2ERUµ &LJDQLWUL %DQGXQJ $UWLVWLN )DVKLRQ 6KRZ ´6DQJK\DQJ 6ULµ ,6%, %DQGXQJ $UWLVWLN 0XVLN /DXQFKLQJ 3DUDK\HQD ´.LUDWDµ 1XDUWD $UW 6SDFH %DQGXQJ $UWLVWLN )HVWLYDO )LOP ´)HVWLYDO )LOP .HEXGD\DDQµ ,6%, %DQGXQJ $UWLVWLN 0XVLN ´5HFYROXWLRQ µ .RPXML %DQGXQJ $UWLVWLN )HVWLYDO 5XSD 1DGD 6DVWUD ´0HUDZDW %HGDµ .RPXML %DQGXQJ 3DPHUDQ 3DPHUDQ %HUVDPD ´,QWHQVLRQµ *63, %DQGXQJ 3DPHUDQ 7XQJJDO ´0HUDZDW %HGDµ .RPXML %DQGXQJ 3DPHUDQ %HUVDPD ´5H %XQJµ 7DPDQ %XGD\D %DQGXQJ 3DPHUDQ 7XQJJDO 9LUWXDO ´%HFRPH $ 1DLOµ *63, %DQGXQJ 3DPHUDQ %HUVDPD ´%LHQDOH -DZD %DUDW µ 7DPDQ %XGD\D %DQGXQJ 3UHVWDVL $UWLVWLN 7HDWHU 7HUEDLN ´%XODQ $QJLQ 'DQ 3HSRKRQDQ <DQJ 7DN %DKDJLDµ )7$ -DNDUWD 7,0 -DNDUWD
-(66,&$ ;$9,(5$ +3 ,QVWDJUDP MH[SLVWROV WDWWRR
./$5,66$ (0(5$/'$ &+$,5$17, <$4,1 $ODPDW -O 6HWUDVDUL .XORQ ,,, QR %DQGXQJ ( PDLO .ODULVVDHPHUDOGD#*PDLO FRP 1R 3RQVHO :$ ,QVWDJUDP #NODULVVDHPHUDOGD
3HQGLGLNDQ )RUPDO 'HVDLQ .RPXQLNDVL 9LVXDO ,QVWLWXW 7HNQRORJL 1DVLRQDO ,7(1$6 3DPHUDQ 7XQJJDO ´ 2YHUODSSLQJ 3HUVSHFWLYH ´ 7LWLN 7HPX 6SDFH %DQGXQJ 3DPHUDQ EHUVDPD 3DPHUDQ 73% *6* ,7(1$6 %DQGXQJ 3DPHUDQ 7XJDV $NKLU *HGXQJ '.9 ,7(1$6 %DQGXQJ 7. )HVW ´/HJHQG 6\QGURPHµ YLVXDO DUW H[KLELWLRQ DW %DOH &DIp <RJ\DNDUWD ¶0XOWLWDOHQDQµ 'XHW ([KLELWLRQ ZLWK 1XJUDKD +DGLZLMD\D (VS·$UW *DOOHU\ &&I ,), %DQGXQJ :DUQLQJ 3ODQHW %RRN ([KLELWLRQ DW 0YG (O\VLXP *DOOHU\ 8UXJXD\ +LS +XJJHU SDPHUDQ VHQLUXSD GL 7RFD 0H %DU 6WUHHW &OXE 6LQJDSRUH ´$'$µ SDPHUDQ VHQL JUDÀV %DODL 6RHMDWPRNR 6ROR 3ULQWV ([KLELWLRQ LQ +LVWRULF 0XVHXP RI 6DQWD /XFLD 8UXJXD\ 3HHS V 6KRZ LQ 4JDOOHU\ 0LQQHVRWD 86$ 3DPHUDQ VHQLUXSD ´0DLQNDQµ *HGXQJ .HVHQLDQ 6ROR :RPHQ 5LJKW /DERUDWRULR GH $UWH 3RVWPRGHUQR 8UXJXD\ ,QWHUQDWLRQDO 0DLO $UW 3URMHFW DERXW :RPHQ *DOHULD %ODQFD %HUOLQ 'LUHFFLRQ & /LPyQ 0DGULG 6SDLQ 6DORQ 'H 3HTXHQR )RUPDWR VPDOO IRUPDW H[KLELWLRQ VDORRQ /DERUDWRULR GH $UWH 3RVWPRGHUQR 8UXJXD\ 7. )HVW ´+\GUR 3LUDWHµ 837 *DOOHU\ ,6, <RJ\DNDUWD $&7·V 6WRS $VNLQJ 6KRZ <RXU 5HDO $FWLRQ 3DPHUDQ VHQL UXSD EHUWDMXN ´-DN$57Dµ %HQWDUD %XGD\D -DNDUWD ,QWHUQDWLRQDO 0DLO $UW (&&( $57,67µ )DEEULFDLPPDJLQH /DE 5RPH ,WDO\ ,QWHUQDWLRQDO 0DLO $UW 7KLV ,V &LUFXV && %DUFHORQHWWD 6SDLQ 6HDUFKLQJ )RU 3HDFH 'XHW 3DLQWLQJ ([KLELWLRQ ZLWK $KPHW +DUDKDS 3DGL $UWJURXQG %DQGXQJ %OXHV 5HÁHNVL SDPHUDQ OXNLVDQ GL *HGXQJ ,QGRQHVLD 0HQJJXJDW %DQGXQJ ´0HWD $PXNµ ´3DPQXVµ 3DPHUDQ 1XVDQWDUD *DOHUL 1DVLRQDO ,QGRQHVLD -DNDUWD ,QGRQHVLD ² .RUHD &RQWHPSRUDU\ 3ODVWLF $UWLVW ([KLELWLRQ *DOHUL 1DVLRQDO ,QGRQHVLD -DNDUWD ´-RJMD &UHDWLYH =RQHµ 3DPHUDQ 6HQLUXSD 'LQDV 3DULZLVDWD ',< <RJ\DNDUWD ´6SDFH 5XDQJµ 3DPHUDQ 6HQLUXSD 6ZRRQ *DOOHU\ 6DQXU %DOL ´+XPDQ 5LJKWV · SDPHUDQ VHQLUXSD 7KH FKXUFK DGQ WKH H[ FRQYHQWR GHL IUDQFHVFDQL /HFFH ,WDO\ ´ 1RQ ([SUHVVLRQ ´ SDPHUDQ VHQLUXSD 7DPDQ %XGD\D 6XUDNDUWD 6ROR ´ $OO $ERXW :RPHQ ´ SDPHUDQ VHQLUXSD G 'XWD )LQH $UWV IRXQGDWLRQ ,QGRQHVLDQ +HULWDJH 6RFLHW\ -DNDUWD %DWDQJ$57WHQWLRQ *HGXQJ :DQLWD .RWD %DWDQJ
35$%8 3(5'$1$ $ODPDW
-OQ + =DP =DP 1R -OQ &LMDJUD %XDK %DWX .RWD %DQGXQJ 77/ 7DVLNPDOD\D 2NWREHU 7HOHSRQ (PDLO SUDE EOXHV#JPDLO FRP
/2& $57 ([KLELWLRQ 3RWOXFN .LWFKHQ &DIH %DQGXQJ +RZ 7R 'UDZ *HGXQJ *DV 1HJDUD %UDJD %DQGXQJ 0LQL $UW 3URMHFW [ [ !NHFLO ´ .RORVDO ´ *DOHUL 6RHPDUGMD %DQGXQJ ´ .HPEDOL .H 0DVD 'HSDQ ´ $QJNRW 'D\ 5XPDK 6HQL 6DUDVYDWL %DQGXQJ 'XWFK 'HVLJQ :HHN (LQGKRYHQ ´ /LQJNDU 5XSD ´ *DOHUL 0HUDN 6HPDUDQJ 3DVDU 6HQL ,7% ´/LIH 2I 8PEUHOOD 6SHFLHV ¶ SDPHUDQ VHQLUXSD WULEXWH WR 2UDQJXWDQ -RJMDNDUWD 1DWLRQDO 0XVHXP -10 -RJMDNDUWD 5XDQJ 5LDQJ /DPLQDWLQJ SDPHUDQ VHQLUXSD GL *DOHUL 0HQ\LPSDQN $GLNDU\R ,QVWLWXW .HVHQLDQ -DNDUWD ,.- ´([TXLVLWH &RUSVH ´ SDPHUDQ OXNLVDQ GL %LDVD $UWVSDFH %DOL ´$UW &KLSHODJRµ 3DPHUDQ 1XVDQWDUD *DOHUL 1DVLRQDO ,QGRQHVLD -DNDUWD 3XVDW 3DPHUDQ ÀQDOLV EHVDU &LSXWDW 3DLQWLQJ )HVWLYDO *DOHUL 5XPDK 3XVSR &LSXWDW 7DQJHUDQJ 6HODWDQ ´&KDQJHV ´ 'XHW ([KLELWLRQ ZLWK $KPHW +DUDKDS 5XDQJ *HULO\D %DQGXQJ 3DPHUDQ 'DJLQJ 7XPEXK 9HUVXV 3URMHFW :H $UH &RQFHUQ $ERXW 1RWKLQJ -RJMDNDUWD 3ODVWLF $UW ([KLELWLRQ 0RQVWRUH ; $UWRWHO $UWRWHO 7KDPULQ -DNDUWD 3XVDW ´2XWOLQH ¶ ,QGRQHVLD 'UDZLQJ )HVWLYDO *HGXQJ ,QGRQHVLD 0HQJJXJDW %DQGXQJ 1RYDUW *HGXQJ 6DVDQD .ULGD 8QLYHUVLWDV 1HJHUL 0DODQJ %LHQQDOH -DWLP .RPSOHNV %DODL 3HPXGD (PPLWDQ &$ *DOOHU\ 6XUDED\D
´7DEUDN /DUL´ 5HPEORQJ *DOHUL 'DJR 7HD +RXVH %DQGXQJ 3DPHUDQ 6HQL )HVWLYDO /HPDUL %XNX %XNX 3HUSXVWDNDDQ 1DVLRQDO -DNDUWD 3DPHUDQ ´ 'XQLD .RPLN ´ *XGDQJ *DUDP ,QGRQHVLD $UW $ZDUG *DOHUL 1DVLRQDO -DNDUWD +XPDQ 5LJKWV" ('8 )RQGD]LRQH 2SHUD &DPSDQD 'HL &DGXWL 5HYHUHWR 7UHQWR ,WDO\ 6SHNWUXP <HDUV +HQGUD *XQDZDQ 3ULVRQHU 2I +RSH &LSXWUD $UWSUHQHXU -DNDUWD ´&RPLF $QG %H\RQG´ 7KH 3DUORU %GJ %DQGXQJ ´)LJKWLQJ 6SLULW )RU 1HZ <HDU ´ *DOOHU\ $UWSUHQHXU &HQWUH -DNDUWD 3DPHUDQ 1XVDQWDUD .RQWUDNVL 3DVFDWUDGLVLRQDOLVPH *DOHUL 1DVLRQDO ,QGRQHVLD -DNDUWD $UW 'D\ /LIH ² %DQGXQJ <RXQJ $UWLVW 3OD]D ,QGRQHVLD -DNDUWD &RQWHPSRUDU\ 'UDZLQJ ([SDQGHG *DOHUL 6RHPDUGMD ,7% %DQGXQJ $UW-DNDUWD %HNUDI $UWXQOLPLWHG -&& 6HQD\DQ ´1\RPDQ 1XDUWD 5RDG 7R &KLQD %DQGXQJ $UW 0RQWK 5RDG 7R µ 1X $UW 6FXOSWXUH 3DUN %DQGXQJ ´%HJLQQLQJµ 'XHW 'UDZLQJ ([KLELWLRQ ZLWK 7HQQHVVHH &DUROLQH .RÀHORND %QDGXQJ ´7KH 'DUN $UWV´ 'UDZLQJ ([KLELWLRQ ZLWK 3UHJLDQ &RQFHUW -DFRE +DOO $OOHJULD 0XVLF %DQGXQJ ´%H\RQG 5HDOLVWLF 2UGHU´ <XQ $UWLÀHG $UW &HQWHU -DNDUWD ´$OO 7KH 6PDOO 7KLQJV´ &DQ·V *DOOHU\ -DNDUWD 3DPHUDQ %HUJLOLU -LOLG 6HQL 5XSD -DZD %DUDW *HGXQJ <3. %DQGXQJ $UW )RU 7KH (DUWK [ 'DJR 7HD +RXVH %DQGXQJ /DZDQ&RURQD'HQJDQNDU\D ² 3DPHUDQ GDULQJ 3DPHUDQ 2QOLQH 6HQLUXSD MDZD %DUDW XQWXN VHQLPDQ -DZD %DUDW *DOHUL 3XVDW NHEXGD\DDQ ´9LUWXH´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
´%%1. 9HUVXV 96 9HUVXV 5XPDK 3URVHV MOQ 0XWXPDQLNDP *HGXQJ 837 &LJRQGHZDK %DQGXQJ $UWFKHW\SH ´ 0HUHNDP 1DODU ´ SDPHUDQ NDUWX SRV *HGXQJ ,QGRQHVLD 0HQJJXJDW %DQGXQJ )HVWLYDO (NVWUDNXULNXODE GUDZLQJ H[KLELWLRQ ZLWK .OLQLN 5XSD 'U 5XGROIR *XGDQJ 6DULQDK (NRVLVWHP 3DQFRUDQ -DNDUWD
´-DYDQ WLJHUµ SHQFLO RQ SDSHU ² KDV EHHQ &RPPHQGHG ´)LQDOLVWµ LQ WKH ,QWHUQDWLRQDO $UWLVW FDWHJRU\ RI WKH %%& :LOGOLIH $UWLVW RI WKH <HDU FRPSHWLWLRQ 1RPLQDVL /RPED /XNLV ÀQDOLV EHVDU &LSXWDW 3DLQWLQJ )HVWLYDO *DOHUL 5XPDK 3XVSR &LSXWDW 7DQJHUDQJ 6HODWDQ
´3DPHUDQ /RPED /XNLV 1DVLRQDO ´8QJDUDQ %RQVDL 6RFLHW\ 6DVDQD 1XJUDKD %DOHPRQJ 5HVRUW 8QJDUDQ 6HPDUDQJ 3DPHUDQ .XPSXODQ .RPLN GDQ ,OXVWUDVL $QWL .RUXSVL GL -DNDUWD &UHDWLYH +XE *G *UDKD 1LDJD -DNDUWD 3DPHUDQ ´ 0RQVWRUH[ÀORVRÀNRSL ´ GL 0RQVWRUH 6KRS *XQDZDUPDQ -DNDUWD 0RQVWRUH ; *UH\KRXQG /H 0RQH\ $UW ([KLELWLRQ *UH\KRXQG &DIp *UDQG ,QGRQHVLD :HVW 0DOO -DNDUWD %DQGXQJ 'HVLJQ %LHQQDOH $FDGHPLD (YHQW 'HVDLQ +DQ\D $ 7RGD\ 5HWURVSHFWLYH ´ ([KLELWLRQ ,7(1$6 %DQGXQJ
-XDUD ,QGRQHVLDQ $UW $ZDUG ,$$ ´ 'XQLD .RPLN ´ -XDUD 8WDPD 82% 3DLQWLQJ 2I 7KH <HDU 82% 3DLQWLQJ 2I 7KH <HDU 6RXWKHDVW $VLD .HODV 3URIHVLRQDO
´7DEUDN /DUL´ 5HPEORQJ *DOHUL 'DJR 7HD +RXVH %DQGXQJ 3DPHUDQ 6HQL )HVWLYDO /HPDUL %XNX %XNX 3HUSXVWDNDDQ 1DVLRQDO -DNDUWD 3DPHUDQ ´ 'XQLD .RPLN ´ *XGDQJ *DUDP ,QGRQHVLD $UW $ZDUG *DOHUL 1DVLRQDO -DNDUWD +XPDQ 5LJKWV" ('8 )RQGD]LRQH 2SHUD &DPSDQD 'HL &DGXWL 5HYHUHWR 7UHQWR ,WDO\ 6SHNWUXP <HDUV +HQGUD *XQDZDQ 3ULVRQHU 2I +RSH &LSXWUD $UWSUHQHXU -DNDUWD ´&RPLF $QG %H\RQG´ 7KH 3DUORU %GJ %DQGXQJ ´)LJKWLQJ 6SLULW )RU 1HZ <HDU ´ *DOOHU\ $UWSUHQHXU &HQWUH -DNDUWD
5211< 3 7-$1'5$ $ODPDW -O 7HUXVDQ 6XWDPL ,, 1RPRU 6XNDMDGL %DQGXQJ ( PDLO URQQ\SW #JPDLO FRP 1R 3RQVHO :$ ,QVWDJUDP #URQQ\SWMDQGUD )DFHERRN 5RQQ\ 3 7MDQGUD
5LZD\DW 3HQGLGLNDQ GDQ 3HNHUMDDQ ² %HODMDU 6HQL 5XSD GL 626 %DQGXQJ ² %HUJDEXQJ GHQJDQ 6WXGLR 5 %DQGXQJ ² %HODMDU PHOXNLV SDGD 5XGL 3UDQDGMD\D %DQGXQJ ² %HUJDEXQJ GHQJDQ 6XGLR ' 5LQL &KDLULQ +D\DWL %DQGXQJ ² %HUJDEXQJ GHQJDQ 6WXGLR 5HGKD 6RUDQD GDQ 6WXGLR 7DWDQJ *DQDU %DQGXQJ ² :RUNVKRS 6HQL 5XSD GL %HQJNHO 6HQL 6XQDU\R %DQGXQJ :RUNVKRS 6HQL 5XSD XQWXN SHUVLDSDQ SDPHUDQ WXQJJDO GL %HQJNHO 6HQL 6XQDU\R %DQGXQJ :RUNVKRS ,1,6,$6, GL & *DOOHU\ %DQGXQJ 3DPHUDQ 7XQJJDO ´6NHWVD +LWDP 3XWLKµ &&) %DQGXQJ 7XQJJDO .H GL *DOHUL +LGD\DW %DQGXQJ 7XQJJDO .H GL *DOHUL $UWPHGLD -DNDUWD 7XQJJDO .H GL 6WXGLR 6HJHQJJDP 3HGXOL %DQGXQJ ´:DMDK 3RORV %RFDK 3LQJJLUDQµ .RRQJ *DOOHU\ -DNDUWD ´0HPELQJNDL 3RWUHWµ 6HODVDU 6XQDU\R %DQGXQJ ´/DUJHU 7KDQ /LIHµ GL (GZLQ·V JDOOHU\ -DNDUWD ´0HQMDGL 6DZDKµ GL *DOHUL 6RHPDUGMD ,7% %DQGXQJ ´0HQMDGL 6DZDKµ GL *DOHUL 6HPDUDQJ 6HPDUDQJ ´7XEXK GDQ .HUMDµ GL *DOHUL &DQQD -DNDUWD ´7RNRK .$$µ GL 0HOLQGD +RVSLWDO %DQGXQJ
526,' /DKLU GL 3DULJL &LDPLV )HEUXDUL $ODPDW -O &LJDGXQJ 5D\D 7HQJDK 1R %DEDNDQ -DPL %DQGXQJ 7OS
6HSLOLKDQ 3DPHUDQ %HUVDPD 3DPHUDQ EHUVDPD 626 %DQGXQJ 3DPHUDQ EHUVDPD /6, 0XVHXP -DZD %DUDW %DQGXQJ ´*HPD )ORUHVµ (GZLQ·V *DOOHU\ -DNDUWD 3DPHUDQ EHUVDPD /6, *HGXQJ <3. %DQGXQJ 3DPHUDQ EHUVDPD (QDP .RWD GL -DZD %DUDW 3DPHUDQ $NKLU 7DKXQ GL *DOHUL +LGD\DW %DQGXQJ 3DPHUDQ +DODO EL +DODO 6WXGLR 5 %DQGXQJ *UDQG 2SHQLQJ *DOHUL 3UDGLSWD 5HNDWDPD %DQGXQJ 3DPHUDQ /XNLVDQ *DULV JDULV :DUQD 7HOHQWD 0XGD *HGXQJ :LVPD 'DUPDOD -DNDUWD 3DPHUDQ 7DKXQ ,QGRQHVLD 0HUGHND <RJ\DNDUWD 6ROR 6XUDED\D %RJRU 3DPHUDQ $NKLU 7DKXQ *DOHUL +LGD\DW %DQGXQJ 3DPHUDQ EHUVDPD 70,, -DNDUWD 3DPHUDQ EHUVDPD 7DPDQ %XGD\D -DZD %DUDW %DQGXQJ 3DPHUDQ $NKLU 7DKXQ *DOHUL +LGD\DW %DQGXQJ 3DPHUDQ EHUVDPD 6WXGLR 7DWDQJ *DQDU %DQGXQJ 3DPHUDQ XQWXN 67% 6WXGLR 5 %DQGXQJ 3DPHUDQ EHUVDPD 6XGLR 7DWDQJ *DQDU %DQGXQJ 3DPHUDQ 3HQWDV 6ROLGDULWDV 5XZDWDQ %XPL 6WXGLR 3RKDFL %DQGXQJ 6ROLGDULWDV 5XZDWDQ %XPL 0DZDU $SL *HGXQJ <3. %DQGXQJ 3DPHUDQ EHUVDPD &\EHU *DOOHU\ %DQGXQJ ´6HQL 0HPEDZD .DVLKµ *DOHUL %DQGXQJ %DQGXQJ ´(FFH +RPRµ *DOHUL 6XQDQ *XQXQJ 'MDWL .DPSXV ,$,1 %DQGXQJ ´0HODWL 6XFL XQWXN 6HVDPDµ *HGXQJ :7& -DNDUWD ´6HQL 5XSD XQWXN 6HVDPDµ *DOHUL 1XVDQWDUD -DNDUWD ´/RJLND /DELOµ *DOHUL 6RHPDUGMD %DQGXQJ (GZLQ·V *DOOHU\ -DNDUWD ´%LDV %DWDVµ (GZLQ·V *DOOHU\ -DNDUWD ´/XDU %DWDVµ *UL\D 6HQL 3RSR ,VNDQGDU %DQGXQJ ´0DZDV 'LULµ *DOHUL +LGD\DW %DQGXQJ %DQGXQJ $UW (YHQW ´5XDQJ $OWHUQDWLI ;µ *DOHUL $GLUD %DQGXQJ 3DPHUDQ 7HUXPEX .DUDQJ 0XVHXP 1DVLRQDO -DNDUWD ´.HFLO LWX ,QGDKµ (GZLQ·V *DOOHU\ -DNDUWD ´0DWD +DWL 'HPRNUDVLµ 7DPDQ %XGD\D GL 6ROR 3DPHUDQ EHUVDPD /DQJJHQJ *DOOHU\ 0DJHODQJ ´$XUD PDFKLQHµ )DEULN *DOOHU\ %DQGXQJ .RRQJ *DOOHU\ -DNDUWD ´7KH WK $VLDQ ,QWHUQDWLRQDO $UW ([KLELWLRQµ 'DHMRQ 0XQLFLSDO 0XVHXP RI $UW .RUHD ´$ODP +DWL .HFLOµ (GZLQ·V *DOOHU\ -DNDUWD
´$OO <RX 1HHG LV /RYHµ 1DGL *DOOHU\ -DNDUWD ´%RUREXGXU $JLWDWLIµ /DQJJHQJ *DOOHU\ 0DJHODQJ ´7KH WK $VLDQ ,QWHUQDWLRQDO $UW ([KLELWLRQµ +RQJNRQJ 0XVHXP ´7ZR 'LPHQVLRQDO ,QGRQHVLDQ )LQH $UWV %HUOLQ ´3HUVHSVL GDODP 9LEUDVLµ (GZLQ·V *DOOHU\ -DNDUWD ´'LDORJ 7LJD 6HUDQJNDLµ &L *DOOHU\ %DQGXQJ ´(DVW ² (DVWµ +RWHO 'DUPDZDQJVD -DNDUWD ´.HFLO ,WX ,QGDKµ (GZLQ·V *DOOHU\ -DNDUWD 3DPHUDQ XQWXN 6XPEDQJDQ %HQFDQD 7VXQDPL (GZLQ·V *DOOHU\ -DNDUWD ´-HMDN MHMDN 'UDZLQJµ (GZLQ·V JDOOHU\ -DNDUWD ´5HDOLVWDJHµ *RRQJ *DOOHU\ %DQGXQJ *DOOHU\ 6HPDU 0DODQJ 0XVHXP :LGD\DW 0DJHODQJ ´7KH WK $VLDQ ,QWHUQDWLRQDO $UW ([KLELWLRQ $\DOD 0XVHXP 3KLOLSSLQHV ´3HWLVL %DQGXQJµ /DQJJHQJ *DOOHU\ 0DJHODQJ ´5RPDQ %DQGXQJµ *DOHUL .LWD %DQGXQJ ´$NX &KDLULO GDQ $NXµ 1DGL *DOOHU\ -DNDUWD ´7LPH 6LJQVµ 9DQHVVD $UW /LQN -DNDUWD ´7KH *DWH 3UH 'LVFRXUVHµ 6RIW 2SHQLQJ ([KLELWLRQ 6HPDU $UW *DOOHU\ 0DODQJ /DQJJHQJ &RQWHPSRUDU\ $UW )HVWLYDO 0DJHODQJ ´%H\RQG WKH )DPLOLDUµ 1RYRWHO %DQGXQJ ´,QLVLDVL µ 7KH 3HDN %DQGXQJ ´,9$$ %22.$,' , YRO µ 1DGL *DOOHU\ -DNDUWD ´,PDJLQHG $IIDQGLµ *HGXQJ $UVLS 1DVLRQDO -DNDUWD 3DPHUDQ WDKXQ $IIDQGL 0XVHXP $IIDQGL <RJ\DNDUWD ´,OXVL LOXVL 1DVLRQDOLVPHµ -RJMD *DOOHU\ <RJ\DNDUWD 3DPHUDQ 3KRWR -DP GL 63$&( %DQGXQJ ´/,1(6&$3(µ GUDZLQJ H[KLELWLRQ GL 63$&( %DQGXQJ 3DPHUDQ ,QGRQHVLD $QG 7KH 0DLQVWUHDP &LJH %HLMLQJ &LQD GDQ *DOHUL &DQQD 3DPHUDQ 0DQLIHVWR GL *DOHUL 1DVLRQDO 3DPHUDQ 5HV 3XEOLFXP GL *DOHUL &DQQD -DNDUWD 3DPHUDQ <DDVLQ 'L -RJ\D *DOOHU\ 3DPHUDQ %DQGXQJ ,QLWLDWLYH GL *DOHUL 5RHPDK 5RHSD -DNDUWD 3DPHUDQ 2EMHFWLYH %RUGHU GL 6ULVDVDQWL $UWKRXVH GL -DNDUWD 3DPHUDQ *XUX 2PDU %DNULH GL -RJMD *DOOHUL 3DPHUDQ %RUGHUOHVV :RUOGµ 6HFRQG $QQLYHUVDU\ RI 6ULVDVDQWL *DOOHU\ 'L 7DPDQ %XGD\D <RJ\DNDUWD ´%DE\ 7DONVµGL 3KLORDUWVSDFH -DNDUWD ,QGRQHVLD DUW PRWRULQJ , µ0RWLRQ 5HÁHFWLRQµ GL -DNDUWD 3DPHUDQ 6HQL 5XSD 7HQGD GL *DUXW %RJRU 3DPHUDQ EHUVDPD GL +RWHO 3UHDQJHU %DQGXQJ 3DPHUDQ EHUVDPD GL 8QLYHUVLWDV 0DUDQDWKD %DQGXQJ 3DPHUDQ ´6LQJDSRUH %LHQQDOHµ 3DPHUDQ ´/DQJNDK NHSDODQJ 'HNRORQLVDVLµ GL *DOOHU\ 1DVLRQDO -DNDUWD 3DPHUDQ ´/HJDF\ RI -DYD &XOWXUHµ GL 5XPDK -DZD *DOOHU\ -DNDUWD 3DPHUDQ ´1DXWLND 5DVDµ GL *DOHU\ 1DVLRQDO -DNDUWD 3DPHUDQ ´$57HIDN /DXW .LGXOµ GL * . 3DSXUL 6DXQJ 6XQGD %DQGXQJ 3DPHUDQ %DQGXQJ 'UDZLQJ )HVWLYDO GL *DOHUL 7HUDV 1X$UW %DQGXQJ 3DPHUDQ ´6SLULWXDOLWDV GDODP 6HQL 5XSDµ GL /DZDQJZDQJL &UHDWLYH 6SDFH %DQGXQJ 3DPHUDQ EHUVDPD GL &LSXWUD $UW 0XVHXP -DNDUWD 3DPHUDQ EHUVDPD 6(1,0$1 1*$+,-, GL <3. %DQGXQJ
7$5$ 6+$.,1 $ODPDW -O 6LUQDUDVD 1R &LEDEDW &LPDKL 8WDUD .RWD &LPDKL -DZD %DUDW (PDLO WDUDVKDNLQ #JPDLO FRP +3 %DFKHORU RI $UWV $XJ -XQ 0DUDQDWKD &KULVWLDQ 8QLYHUVLW\ %DQGXQJ ,QGRQHVLD )LQH $UWV 3DLQWHU ZLWK \HDUV RI H[SHULHQFH DV D IUHHODQFH SDLQWHU IRFXVVLQJ RQ SKRWRUHDOLVP ZKR XVH SHQFLO JRXDFKH DQG ZDWHUFRORU DV D PHGLXP IRU FUHDWLQJ DUW 6SHFLDOLVW LQ WKH SRUWUDLW 6HHNLQJ WR OHYHUDJH P\ SDVVLRQ DQG H[SHUWLVH LQ WKH UROH RI SKRWRUHDOLVP DUWLVW LQ ,QGRQHVLD
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
721, 0$6',212 1DPD 7RQL 0DVGLRQR $ODPDW -O %DEDNDQ -HUXN ,,, & QR %DQGXQJ ( PDLO WRQLPDVGLRQR #JPDLO FRP 1R 3RQVHO :$ ,QVWDJUDP WPDVGLRQR )DFHERRN WRQL PDVGLRQR
.$7$/2* .$5<$
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À\D MLND NLWD *RRJOLQJ WLGDN DNDQ VXOLW PHQHPXNDQ SHQMDEDUDQ WHQWDQJ ÀORVRÀ 3LVDQJ LQL 6DODK VDWXQ\D \DQJ SDOLQJ PHQDULN EHUEXQ\L ´-LND LQJLQJ KLGXS WHQDQJ KLGXSODK VHSHUWL SRKRQ SLVDQJµ NHQDSD NDUHQD 3RKRQ 3LVDQJ ELVD KLGXS KDPSLU GLPDQD VDMD GDQ WLGDN DNDQ PDWL MLND EHOXP EHUEXDK GDQ EXDKQ\D PDWDQJ .XUDQJ OHELK VHEDJDL PDQXVLD KDUXVODK ELVD EHUDGDSWDVL GDODP OLQJNXQJDQ GDQ MDGLNDQ EHUPDQIDDW EDJL VHVDPD VHEDJDL WXMXDQ DNKLU KLGXS 6HODLQ LWX 3LVDQJ MXJD ND\D QXWULVL SHQWLQJ GDQ EHUPDQIDDW XQWXN NHVHKDWDQ EDKNDQ GDSDW PHQMDGL NXGDSDQ XQWXN PHQXUXQNDQ EHUDW EDGDQ EDLN XQWXN SHQFHUQDDQ GDQ NHVHKDWDQ MDQWXQJ VHUWD JLQMDO
+HQGULN /DZUHQFH / -XGXO .DU\D 2UDQJ %DQGXQJ 'L 8OXZDWX 0HGLD +DUG 3DVWHO RQ 3DSHU 8NXUDQ [ FP 7DKXQ 'HVNULSVL.DU\D .HWHUNDLWDQ %XGD\D 6XQGD GDQ %XGD\D %DOL
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´DVWURQRPLFDO FORFNµ GDQ NHGXD SULD VDOLQJ EHUKDGDSDQ GL VLVL KRUL]RQWDO DGDODK JDULV ZDNWX NHKLGXSDQ GLPDQD WHUMDGL NHODKLUDQQ\D PDQXVLD 'LEDZDK PDVLQJ PDVLQJ SULD WHUGDSDW LOXVWUDVL QHUDND GDQ VXUJD GLPDQD RUDQJ RUDQJ EHULPDQ PH\DNLQL VHEDJDL DNKLU SHUMDODQDQ GDUL NHKLGXSDQ 1HUDND GLWHPSDWNDQ GLEDZDK VLPERO PDQXVLD VHEDJDL VLPERO GDUL GRVD GRVD PDQXVLD 'DQ VXUJD GLWHPSDWNDQ GLEDZDK LOXVWUDVL 7XKDQ LWX VHQGLUL 2URORJLR VHFDUD KDUDÀDK EHUDUWL ´MDPµ GDODP EDKDVD LWDOL GLPDQD MDP DGDODK REMHN XWDPD GDUL OXNLVDQ VHQL WDWWRR LQL VHQGLUL 6HQL UDMDK \DQJ VHULQJNDOL GLNDLWNDQ GHQJDQ EHUEDJDL PDFDP NRQRWDVL QHJDWLI GL PDV\DUDNDW PHQMDGL GDVDU NHLQJLQDQ VD\D VHEDJDL VHQLPDQ WDWR XQWXN PHPEDZD VHQL UDMDK NHOXDU GDUL PHGLD OXPUDKQ\D \DQJ PHUXSDNDQ NXOLW PDKOXN KLGXS GDQ EHEDV GDUL UDVD VHQJVDUD \DQJ GLUDVDNDQ VHODJL SURVHV EHUNDU\D
.ODULVVD (PHUDOGD -XGXO .DU\D 2G\VVH\ 0HGLD 0L[ PHGLD RP FDQYDV 8NXUDQ FP [ FP 7DKXQ 'HVNULSVL .DU\D $ VWDWHPHQW SLHFH LQVSLUHG E\ WKH DUW RI LQWXLWLRQ DQG VHOI GLVFRYHU\ FUHDWLQJ EHDXW\ RXW RI WKH FKDRV DQG UHLJQLWLQJ WKH ÁDPH WKDW ZDV RQFH WKHUH WR UHWXUQ EULJKWHU WKDQ HYHU EHIRUH
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
5RVLG -XGXO .DU\D 6DQJ 0DHVWUR 0HGLD 3HQVLO &KDUFRDO GL DWDV .DQYDV 8NXUDQ FP ; FP 7DKXQ 'HVNULSVL .DU\D 3HUMDODQDQ KLGXS VHRUDQJ 6DXQJ -DER 6DQJ 0DHVWUR \DQJ EHJLWX GDODP GHQJDQ NHSULEDGLDQQ\D \DQJ KXPDQLV PHPEXDW VD\D WHULQVSLUDVL GDODP EHUNDU\D MXJD GDODP NHKLGXSDQ
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´EDSDNµ \DQJ EHUKDVLO PHQGLGLN DQDN DQDNQ\D VHKLQJJD SDWXW XQWXN NLWD KDUJDL /DWDU EHODNDQJ DEVWUDN \DQJ HNVSUHVLI LQL SXQ PHUXSDNDQ ZXMXG GDUL SHOHSDVDQ HPRVL XQWXN PHQJXUDV HQHUJL HQHUJL QHJDWLI \DQJ NHPXGLDQ WHUJDQWLNDQ GHQJDQ HQHUJL SRVLWLI 7HUOLKDW GDUL ZDUQD ZDUQD \DQJ GLVXJXKNDQ \DLWX PHUDK NXQLQJ KLWDP GDQ SXWLK \DQJ PHUHSUHVHQWDVLNDQ DPDUDK VHNDOLJXV NHEHUDQLDQ SRVLWLÀWDV GDQ NHEHEDVDQ
7RQL 0DVGLRQR -XGXO .DU\D 0HQGXQJ 0HQJJDQWXQJ 'L /DQJLW /DVHP 0HGLD .HUWDV 8NXUDQ [$ GOP IUDPH # [ FP 7DKXQ 'HVNULSVL .DU\D .HNXDWDQ VHEXDK FHUJDP >FHULWD JDPEDU@ DGDODK UDQJNDLDQ JDPEDU DGHJDQ \DQJ GLVXVXQ VHGHPLNLDQ UXSD XQWXN PHQJKDVLONDQ VHEXDK GUDPD FHULWD \DQJ ELVD GLQLNPDWL ROHK SHPLUVDQ\D EDKNDQ WDQSD SHUOX NDWD NDWD XQWXN PHQMHODVNDQQ\D 2WDN NLWD VHODOX PHUHVSRQV GDQ PHUHNDP JDPEDU \DQJ GLVDMLNDQ VHFDUD OHQJNDS PHQJLVLQ\D GHQJDQ ¶EXQ\L· ¶UDVD· EDKNDQ PHOHQJNDSLQ\D GHQJDQ ¶ZDUQD· .DU\D LQL DGDODK SRWRQJDQ DGHJDQ \DQJ GLDQJNDW GDUL VHEXDK &HUJDP 6HQ\DS >6LOHQW &RPLF@ NDU\D VD\D \DQJ EHUWDMXN /DR 6DP
,0$*,1$7,21 6(48(1&( 3LPSLQDQ 3URGXNVL %RQLH +HUPDQV\DK :DNLO 3URGXNVL ,ZRQN 5LGZDQ $FDUD 7DUD 6KDNLQ 6HNUHWDULV 7DUD 6KDNLQ 'LVSOD\ 3DPHUDQ ,ZRQN 'RNXPHQWDVL %RQLH 7HVPHQ 'HVDLQ /XQJJXK /RJLVWLN 7HVPHQ 7RSLN =DP]DP
ċŏ . ŏ Ĩ Ā ĉ ā ĉ ċĀ ĉ ā Ċ ċ Ć ĉ Ć Ć ĩ