%,0%,1*$1,6/$08QWXN3ULEDGL0DV\DUDNDW2OHK$V\HLNK0XKDPDG-DPLO=DLQX

'LWHUMHPDKNDQROHK'5$EGGXO0XKLWK$EGXO)DWWDK$OL0XVWKRID

%LPELQJDQ,VODP 'DIWDULVL

'DIWDULVL.DWD3HQJDQWDU3HQGDKXOXDQ&LULFLUL\DQJGRPLQDQGDODP,VODP,VODPDGDODKSHUDWXUDQKLGXS\DQJVHPSXUQD5XNXQ,VODPGDQ,PDQ'RDDGDODKLEDGDK'LPDQD$OODK$OODKGLDWDV$UV\+DOKDO\DQJPHPEDWDONDQ,VODP-DQJDQSHUFD\D.HSDGDSHUDPDO-DQJDQEHUVXPSDKGHQJDQVHODLQ$OODK-DQJDQEHUDODVDQGHQJDQWDNGLU.HXWDPDDQVKDODWGDQSHULQJDWDQDJDUWLGDNPHQLQJJDONDQQ\D%HODMDUODKZXGKXGDQVKDODW'DIWDUELODQJDQUDNDDWVKDODW+DGLWVKDGLWVWHQWDQJVKDODW:DMLEQ\DVKDODWMXPDDWGDQEHUMDPDDK.HXWDPDDQVKDODW-XPDWGDQEHUMDPDDK$GDEGDQWDWDFDUDVKDODW-XPDW7DWDFDUDVKDODWPD\LW1DVLKDWWHQWDQJNHPDWLDQ6KDODW,HG GLPXVKDOOD%HUNXUEDQSDGDZDNWXLGXODGKD6KDODW,VWLVTDPHPLQWDKXMDQ6KDODWJHUKDQD0DWDKDULGDQ%XODQ$ZDVMDQJDQOHZDWGLGHSDQRUDQJVHGDQJVKDODW3XDVDGDQEHEHUDSDIDHGDKQ\D.HZDMLEDQDQGDSDGDEXODQ5DPDGKDQ.HXWDPDDQ+DMLGDQ8PUDK3HNHUMDDQGDODPXPUDK3HNHUMDDQGDODPKDML7DWDNUDPDKDMLGDQ8PUDK

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

%LPELQJDQ,VODP Vg>g>>kF.$7$3(1*$17$5

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

%LPELQJDQ,VODP

3(1'$+8/8$16HJDOD SXML EDJL $OODK NHSDGDQ1\D NLWD PHPXMLPHPRKRQ SHUWRORQJDQ GDQ DPSXQDQ .HSDGD1\D NLWDPHPRKRQ SHUOLQGXQJDQ DJDU GLMDJD GDUL NHEXUXNDQ MLZD GDQSHUEXDWDQ2UDQJ\DQJPHPSHUROHKKLGD\DK$OODKWLGDNDNDQWHUVHVDWGDQRUDQJ\DQJGLVHVDWNDQ$OODKWLGDNDGDRUDQJ\DQJGDSDWPHPEHULSHWXQMXNNHSDGDQ\D6D\D EHUVDNVL EDKZD WLGDN DGD ,ODK \DQJ EHUKDNGLVHPEDK VHODLQ $OODK

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

3HPEXNDDQNKXWEDKLQLVHODOXGLXFDSNDQROHK1DELU GDQSDUDVDKDEDWQ\D

%LPELQJDQ,VODP

&,5,&,5,

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

%LPELQJDQ,VODP PXQFXO WRNRKWRNRK LOPX PRGHUQ GDQ LOPX DJDPD GDULNDODQJDQ,VODPVHSHUWL$O+DLWDPL$O%DLUXQLGDQODLQODLQ,VODP PHQJKDONDQ KDUWD \DQJ GLSHUROHK GHQJDQ FDUD\DQJ KDODO \DLWX \DQJ WLGDN DGD SHQLQGDVDQ SHQLSXDQ VHUWDPHQJXWDPDNDQ KDUWD \DQJ KDODO LWX KHQGDNQ\D GLPLOLNL ROHKRUDQJRUDQJ VKDOHK \DQJPDXPHPEHULNDQ KDUWDQ\D NHSDGDRUDQJ NDILU GDQ XQWXN SHUMXDQJDQ DJDU WHUHDOLVLU NHDGLODQVRVLDOGLNDODQJDQXPDW,VODP5DVXOXOORKU EHUVDEGD AAmg VHEDLNEDLNKDUWD LDODKKDUWD\DQJKDODO QWXN RUDQJ\DQJVKDOHKULZD\DW$KPDG$GD RUDQJ \DQJPHQJDWDNDQ EDKZD WLGDNPXQJNLQ KDUWDLWX GLFDUL GHQJDQ FDUD \DQJ KDODO VDMD 3HQGDSDW LQL WLGDNEHQDUGDQWLGDNPHPSXQ\DLGDVDUVDPDVHNDOL,VODPDJDPDSHUMXDQJDQGDQPHQFDULNHWHQDQJDQKLGXS.DUHQDQ\D LD PHZDMLENDQ VHRUDQJ PXVOLP XQWXNPHQJRUEDQNDQ KDUWD GDQ MLZD XQWXN PHQHJDNNDQQ\D ,DPHQJKHQGDNL DJDU PDQXVLD KLGXS WHQDQJ GDODP QDXQJDQ,VODPGDQOHELKPHPHQWLQJNDQXUXVDQDNKLUDWGDULSDGDGXQLDPHQJKLGXSNDQ ILNLUDQ ,VODP \DQJ EHEDV GDODP EDWDVEDWDV \DQJ WLGDN EHUWHQWDQJDQ GHQJDQ QRUPDQRUPD ,VODPVHSHUWL PHQJKLODQJNDQ NHEHNXDQ EHUILNLU GDQ PHPEXDQJVLVLSDQ ILNLUDQ \DQJ PHQRGDL ILNLUDQ ,VODP \DQJ PXUQL GDQPHQJKDODQJL NHPDMXDQ XPDW ,VODP VHSHUWL PDVDODKPDVDODKELGDKWDNKD\XOGDQKDGLWVSDOVX

58.81,6/$05DVXOXOORK U EHUVDEGD ,VODP LWX GLGLULNDQ GL DWDVOLPDVHQGL\DLWX%HUVDNVL EDKZD WLDGD 7XKDQ \DQJKDN VHODLQ$OODK GDQ0XKDPPDGDGDODKXWXVDQ$OODK0HQGLULNDQ VKDODW PHQJHUMDNDQQ\D GHQJDQ PHPHQXKLUXNXQGDQNHZDMLEDQQ\DVHUWDGHQJDQWHQDQJGDQNKXV\X

%LPELQJDQ,VODP 0HPED\DU ]DNDW ZDMLE PHPED\DU ]DNDW ELOD VHRUDQJPXVOLP PHPLOLNL JUDP HPDV DWDX XDQJ \DQJ VHQLODLGHQJDQQ\D \DLWX PHPED\DU ELOD VXGDK VDPSDL VDWXWDKXQ $GDSXQ KDUWD NHND\DDQ VHODLQ XDQJ PDVLQJPDVLQJPHPSXQ\DLNHWHQWXDQVHQGLUL0HODNXNDQKDMLNH%DLWXOODK EDJL\DQJPDPSXSHUJLNHVDQD3XDVDSDGDEXODQ5RPDGKDQPHQFHJDKPDNDQPLQXPGDQ EHUFDPSXU VXDPL LVWHUL PXODL IDMDU VDPSDL WHUEHQDPPDWDKDULGHQJDQQLDW

%LPELQJDQ,VODP

58.81,0$1%HULPDQ NHSDGD $OODK

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

%LPELQJDQ,VODP WLGDNPHPEHULNDQSHWXQMXNNHSGDRUDQJRUDQJ\DQJGXVWDGDQVDQJDWLQJNDU$]=XPDU$OODK LWX GHNDW GDQ PHQGHQJDU WLGDN SHUOX SHUDQWDUD)LUPDQQ\D @H>$SDELOD KDPED.X EHUWDQ\D NHSDGDPX WHQWDQJ GLUL.XPDNDVHVXQJJXKQ\D$NXGHNDW$O%DTDUDKDQJRUDQJPXV\ULNDSDELODEHUDGDGDODPEDKD\DEHUGRDKDQ\D NHSDGD $OODK VDMD WHWDSL VHWHODK VHODPDW GDUL EDKD\DPHUHND EHUGRD NHSDGD SHOLQGXQJSHOLQGXQJQ\D EHUXSDSDWXQJSDWXQJ VHKLQJJD $OODK PHQ\HEXW PHUHND VHEDJDLRUDQJNDILU)LUPDQQ\D @ O s [ > 'DQDSDELODJHORPEDQJGDULVHJHQDSSHQMXUXPHQLPSDQ\DGDQ PHUHND \DNLQ EDKZD PHUHND GDODP NHSXQJDQ EDKD\DPHUHND EHUGRD NHSDGD $OODK GHQJDQ LNKODV VHPDWDPDWDNHSDGDQ\D 0HUHND EHUNDWD VHVXQJJXKQ\D MLND (QJNDXPHQ\HODPDWNDQ NDPL GDUL EDKD\D LQL SDVWLODK NDPL DNDQWHUPDVXNRUDQJRUDQJ\DQJEHUV\XNXU

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

$GDRUDQJ\DQJPHQ\DQJNDEDKZDPLQWDWRORQJLVWLJKDWVDKNHSDGD VHODLQ $OODK LWX EROHK GHQJDQ DODVDQ EDKZD \DQJPHPEHUL SHUWRORQJDQ VHEDQDUQ\D DGDODK $OODK VHSHUWLLVWLJKDWVDK NHSDGD 5DVXO GDQ ZDOLZDOL ,QL GLNDWDNDQ EROHKVHSHUWLDGDRUDQJ\DQJEHUNDWDVD\DGLVHPEXKNDQROHKREDWGDQGRNWHU3HQGDSDWLQLVDODKGDQGLEDQWDKROHKILUPDQ$OODK\DQJPHQJLVDKNDQGRD1DEL,EUDKLPX @ Y[Y [ > $OODK ODK \DQJ PHQFLSWDNDQ DNX PDND 'LDODK \DQJPHPEHULNDQ SHWXQMXN NHSDGDNX 'LDODK \DQJPHPEHULPDNDQGDQ PLQXP DNX GDQ DSDELOD DNX VDNLW 'LDODK \DQJPHQ\HPEXKNDQNX$V\V\XDUDD

%LPELQJDQ,VODP $\DW LQLPHQHUDQJNDQEDKZDSHPEHULSHWXQMXNUH]NLGDQNHVHPEXKDQ DGDODK $OODK VDMD EXNDQ \DQJ ODLQ VHGDQJNDQREDWKDQ\DODKVHEDJDLVHEDEVDMDGDQWLGDNPHQ\HPEXKNDQ%DQ\DN RUDQJ \DQJ WLGDN GDSDW PHPEHGDNDQ DQWDUDLVWLJKDWVDKNHSDGDRUDQJKLGXSGDQLVWLJKDWVDKNHSDGDRUDQJPDWL)LUPDQ$OODK @ >7LGDNODKVDPDRUDQJ\DQJKLGXSGHQJDQRUDQJ\DQJPDWL)DWKLU @ >1DEL 0XVD GLPLQWDLWRORQJ ROHK VHRUDQJ GDUL JRORQJDQQ\DXQWXNPHQJDODKNDQPXVXKRUDQJLWX$O4DVKDK

$\DW LQL PHQFHULWDNDQWHQWDQJVHRUDQJ\DQJPLQWDWRORQJNHSDGD 0XVD DJDU PHOLQGXQJLQ\D GDUL PXVXKQ\D GDQ 0XVDSXQPHQRORQJQ\D @ >'DQ 0XVD PHQLQMXQ\D VHKLQJJD PDWLODK PXVXK LWX $O4DVKDVK$GDSXQ RUDQJ PDWL WLGDN EROHK NLWD PHPLQWD WRORQJNHSDGDQ\D NDUHQD LD WLGDN GDSDW PHQGHQJDU GRD NLWD$QGDLNDWD PHQGHQJDU SXQ LD WLGDN DNDQ GDSDW PHPHQXKLSHUPLQWDDQNLWDNDUHQDLDWLGDNGDSDWPHODNXNDQQ\D)LUPDQ$OODK @ Z >$SDELODNDPXEHUGRDNHSDGDPHUHNDPHUHNDWLGDNGDSDWPHQGHQJDU GRD NDPX GDQ VHDQGDLQ\D PHUHND GDSDWPHQGHQJDUPHUHNDWLGDNGDSDW PHPHQXKLSHUPLQWDDQPX'DQSDGD KDUL NLDPDWPHUHND DNDQPHQJLQJNDUL NHPXV\ULNDQPX)DWKLU

%LPELQJDQ,VODP @z z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

%LPELQJDQ,VODP @ [m>'DQ MDQJDQODK NDPX EHUGRD NHSDGD VHODLQ $OODK \DQJWLGDN PHPEHUL PDQIDDW GDQ WLGDN SXOD PHPEHUL PDGKDUDWNHSDGDPXVHEDEMLNDNDPXEHUEXDW\DQJGHPLNLDQLWXPDNDVHVXQJJXKQ\D NDPX NDODX EHJLWX WHUPDVXN RUDQJRUDQJ ]DOLPPXV\ULN7LGDN DGD VHVXDWXSXQ \DQJ VHUXSD GHQJDQ 'LD GDQ'LDODK

%LPELQJDQ,VODP 6LIDWVLIDW$OODKLQLDQWDUDODLQ0DKDWLQJJLGDQEDKZD'LDEHUDGD GL DWDV PDNKOXN DGDODK VHVXDL GHQJDQ NHDJXQJDQ$OODK 2OHK NDUHQD LWX LPDQ NHSDGD VLIDWVLIDW $OODK WHUVHEXWZDMLEVHEDJDLPDQDMXJDLPDQNHSDGDG]DW$OODK,PDP0DOLNNHWLNDGLWDQ\DWHQWDQJILUPDQ$OODK @ g>$OODK

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m$SDNDK NDPX PHUDVD DPDQ WUHKDGDS 0HUHND WDNXW NHSDGD 7XKDQPHUHND \DQJ EHUDGD GL DWDVPHUHND$Q1DKDO )LUPDQ$OODKWHQWDQJ1DEL,VDX

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

%LPELQJDQ,VODP $OODK EHUDGD GL VHJDOD WHPSDW DGDODK EDWLO 0DND WHQWXODK$OODK LWX GL ODQJLW GL DWDV $UV\1\D GDQ GLD EHUVDPD NLWD PHQJHWDKXL PHQGHQJDU GDQ PHOLKDW NLWD GL PDQDSXQ NLWDEHUDGD +$/+$/

%LPELQJDQ,VODP GDQ DSDELOD QDPD VHPEDKDQVHPEDKDQ VHODLQ $OODK \DQJGLVHEXWWLEDWLEDPHUHNDEHUJLUDQJKDWL$]=XPDU$\DW LQL MXJD EHUODNX WHUKDGDS PHUHND \DQJ PHPXVXKLRUDQJ \DQJ KDQ\D PHPLQWD WRORQJ NHSDGD $OODK VDMD \DQJPHUHNDVHEXW:$+$%,MLNDPHUHNDWDKXEDKZD:$+$%,LWXPHQJDMDNNHSDGDWDXKLG0HQ\HPEHOLKELQDWDQJXQWXNNDUHQDVHRUDQJ5DVXODWDXZDOL%HUGDVDUNDQILUPDQ$OODK @t >0DNDGLULNDQODKVKDODWNDUHQD7XKDQPXGDQVHPEHOLKODKELQDWDQJ$O.DXWVDU%HUQDG]DU XQWXN PDNKOXN VHEDJDL SHQGHNDWDQ GDQSHQJKDPEDDQ NHSDGDQ\D 3DGDKDO VHPHVWLQ\D KDQ\D XQWXN$OODKVDMD)LUPDQ$OODK @HY pY? >

%LPELQJDQ,VODP @[ >PDNDEHUWDZDNNDOODKNHSDGD1\DVDMDMLNDNDPXEHQDUEHQDURUDQJ\DQJEHUVHUDKGLUL .DWDNDQODK DSDNDK GHQJDQ $OODK D\DWD\DW1\D GDQ5DVXO1\D" .DPX VHODOX EHURORNRORN 7LGDN XVDK NDPX PLQWDPDDINDUHQDNDPXWHODKNDILUVHVXGDKEHULPDQ$W7DXEDK0HQJLQJNDUL $O4XUDQ PHVNLSXQ VHGLNLW VDMD DWDXKDGLWV VKDKLK ,QL GDSDW PHQ\HEDENDQ ULGGDK NHOXDU GDUL,VODPDSDELODGLODNXNDQGHQJDQVDGDUGDQVHQJDMD

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y C `>%DUDQJVLDSD \DQJ WLGDN PHPXWXVNDQ SHUNDUD PHQXUXWDSD \DQJ GLWXUXQNDQ $OODK PDND PHUHND LWX DGDODK RUDQJRUDQJ\DQJNDILU$O0DLGDK0HQMDGLNDQ VHODLQ ,VODP VHEDJDL KDNLP SHPXWXVSHUNDUD WLGDN UHODDWDXPHQRODNKXNXP ,VODPDWDXPHUDVDNHEHUDWDQGHQJDQKXNXP,VODP)LUPDQ$OODK @? x = yU r>0DND GHPL 7XKDQPX PHUHND SDGD KDNLNDWQ\D WLGDNEHULPDQ VHKLQJJD PHQMDGLNDQ NDPX KDNLP WHUKDGDS SHUNDUD\DQJ PHUHND SHUVHOLVLKNDQ NHPXGLDQ PHUHND WLGDN PHUDVDNHEHUDWDQ WHUKDGDS SXWXVDQ \DQJ NDPX EHULNDQ GDQ PHUHNDPHQHULPDGHQJDQVHSHQXKKDWL$Q1LVDD

%LPELQJDQ,VODP 0HPEHULNDQKDNPHPEXDWXQGDQJXQGDQJGDQKXNXPNHSDGD VHODLQ $OODK VHSHUWL VLVWLP NHGLNDWDWRUDQ DWDX VLVWLP\DQJ ODLQ GLPDQD PHUHND PHPEROHKNDQ XQWXN PHQHQWXNDQKXNXP\DQJEHUWHQWDQJDQGHQJDQKXNXP$OODK)LUPDQ$OODK @ C nn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l>%DUDQJVLDSDPHQFDULDJDPDVHODLQ,VODPPDNDWLGDNDNDQGLWHULPDVDPDVHNDOLDJDPDQ\DLWXGDQGLDGLDNKLUDWWHUPDVXNRUDQJ\DQJUXJL$OL,PUDQ0HUXEDKDJDPDGDQSLQGDKGDUL,VODPNHDJDPDODLQ)LUPDQ$OODK @ n ?>

%LPELQJDQ,VODP %DUDQJVLDSD\DQJPXUWDGGLDQWDUDNDPXGDULDJDPDQ\DGDQ PDWL GDODP NHDGDDQ NDILU PHUHND LWXODK \DQJ VLDVLDDPDOQ\DGLGXQLDGDQDNKLUDW$O%DTDUDK6DEGD1DELU %DUDQJVLDSD\DQJPHUXEDKDJDPDQ\DPDNDLDKDUXVGLEXQXK5LZD\DW%XNKDUL0HPEDQWX RUDQJ \DKXGL QDVUDQL DWDX NRPXQLV VHUWDEDKXPHPEDKX GHQJDQPHUHND GDODPPHODZDQ RUDQJ ,VODP)LUPDQ$OODK @ n >:DKDL RUDQJRUDQJ \DQJ EHULPDQ MDQJDQODK NDPXPHQJDPELORUDQJ\DKXGLGDQQDVUDQLPHQMDGLZDOLPX0HUHNDLWXVDWXVDPD ODLQVDOLQJPHQMDGLZDOL%DUDQJVLDSDGLDQWDUDNDPX PHQJDPELO PHUHND PHQMDGL ZDOLQ\D PDNDVHVXQJJXKQ\D RUDQJ LWWX WHUPDVXN JRORQJDQ PHUHND $O0DLGDK7LGDN PDX PHQJNDILUNDQ RUDQJ NRPXQLV \DQJ WLGDNSHUFD\D NHSDGD 7XKDQ DWDX RUDQJ \DKXGL GDQ QDVUDQL \DQJWLGDN SHUFD\D NHSDGD 1DEL 0XKDPPDG U 3DGDKDO $OODKVHQGLULWHODKPHQJNDILUNDQPHUHND)LUPDQ1\D @ ? [m P >6HVXQJJXKQ\DRUDQJRUDQJNDILUGDULDKOL.LWDEGDQRUDQJPXV\ULN DNDQ PDVXN QHUDND -DKDQQDP PHUHND NHNDO GLGDODPQ\D 0HUDND LWX DGDODK VHEXUXNEXUXN PDNKOXN $O%D\\LQDK3HQGDSDW VHNHORPSRN RUDQJ VXIL WHQWDQJ ZLKGDWXOZXMXG XQLRQPLVWLN \DLWX EDKZD DSD \DQJ DGD GL EXPL LQLDGDODK$OODK6DPSDLDGDSHPLPSLQPHUHND\DQJPHQJDWDNDQ$QMLQJGDQEDELLWXWLDGDODLQ.HFXDOLWXKDQNLWD

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l >-LND NDPX PHPSHUVHNXWXNDQ $OODK QLVFD\D DNDQKDSXVODK DPDOPX GDQ WHQWXODK NDPX WHUPDVXN RUDQJRUDQJ\DQJPHUXJL$]=XPDU5DVXOXOORK U SXQ WHODK PHQJDMDUNDQ NHSDGD NLWD DJDUEUGRD m g

%LPELQJDQ,VODP 'DQ'LD0DKD0HQHWDKXLDSD\DQJWHUVLPSDQGDODPKDWL$O+DGLG'DQILUPDQ1\DSXOD @ ? >.DWDNDQODK WLGDN DGD VHRUDQJSXQ GL ODQJLW GDQ GL EXPL\DQJPHQJHWDKXLSHUNDUD\DQJJKDLENHFXDOL$OODK $Q1DPO5DVXOXOORKU EHUVDEGD%DUDQJVLDSD PHQGDWDQJL VHRUDQJ SHUDPDO GDQPHQDQ\DNDQVHVXDWXNHSDGDQ\DPDNDWLGDNGLWHULPDEDJLQ\DVKDODWVHODPDHPSDWSXOXKKDUL ULZD\DW0XVOLP$SD\DQJGLNDWDNDQROHKSDUDSHUDPDO LWX VHEHQDUQ\DKDQ\DODK GXJDDQ GDQ NHEHWXODQ VDMD 8PXPQ\D WLGDN OHELKGDUL GXVWD .DUHQD ELVLNDQ VHWDQ GDQ WLGDN DGD RUDQJ \DQJWHUEXMXN NHFXDOL RUDQJ \DQJ NXUDQJ DNDOQ\D VDMD $QGDLNDWD

%LPELQJDQ,VODP PHUHNDPHQJHWDKXLKDOKDO\DQJJKDLEQLVFD\DPHUHNDDNDQPHQJDPELO KDUWD \DQJ WHUVLPSDQ GDODP SHUXW EXPL LQLVHKLQJJDPHUHNDWLGDNODJLPHQMDGLRUDQJIDNLU\DQJNHUMDQ\DPHQJHODEXLRUDQJODLQKDQ\DPHQFDULVHVXDSQDVLGHQJDQFDD\DQJEDWLO.DODXPHUHNDEHQDUEHQDUPHQJHWDKXLKDOKDO\DQJJKDLE PDND EHULWDKXODK NDPL DSD UDKDVLDUDKDVLD \DKXGLVHKLQJJDGDSDWGLWXPEDQJNDQ-$1*$1%(56803$+'(1*$16(/$,1$//$+

VDEGD5DVXOXOORKU -DQJDQODK NDPX EHUVXPSDK GHQJDQ QDPD EDSDNPX%DUDQJVLDSD EHUVXPSDK GHQJDQ QDPD $OODK PDND VXSD\DEHUNDWDEHQDUEDUDQJVLDSDGLEHULVXPSDKGHQJDQQDPD$OODKPDNDVXSD\DPHQHULPDGDQEDUDQJVLDSD\DQJWLGDNPHQHULPDPDND WHUOHSDVGDUL$OODK 6KDKLK ULZD\DW ,EQX0DMDK/LKDW6KDKLKDO-DPL1R6DEGD5DVXOXOORKU -DQJDQODKNDPXEHUVXPSDKGHQJDQQDPDEDSDNPXDWDXLEXPXDWDXVHNXWXVHNXWX-DQJDQODKNDPXEHUVXPSDKNHFXDOLGHQJDQ QDPD $OODK 'DQ MDQJDQODK NDPX EHUVXPSDK NHFXDOLGHQJDQ EHUNDWD EHQDU 6KDKLK ULZD\DW $EX 'DXG /LKDW6KDKLKDO-DPL1R6DEGD5DVXOXOORKU %DUDQJVLDSDEHUVXPSDKGHQJDQVHODLQ$OODKPDNDLDWHODKEHUEXDW V\LULN +DGLWV VKDKLK ULZD\DW ,PDP $KPDG GDQSHULZD\DWODLQQ\D6DEGD5DVXOXODKU %DUDQJVLDSD PHODNXNDQ VXPSDK \DQJ GLKDUXVNDQNHSDGDQ\D ROHK SHQJXDVD XQWXNPHQJDPELO KDUWD NHND\DDQVHRUDQJ0XVOLP WHWDSLGLDGXVWDPDNDNHWLNDEHUMXPSD$OODKSDGD KDUL NLDPDW 'LD DNDQ PXUND NHSDGDQ\D 0XWWDIDT$ODLK6DEGD5DVXOXODKU

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m$OODK WLGDN PHQJKXNXP NDPX GLVHEDENDQ VXPSDKVXPSDKPX\DQJWLGDNGLPDNVXGXQWXNEHUVXPSDKWHWDSL'LDPHQJKXNXP NDPX GLVHEDENDQ VXPSDKVXPSDK \DQJ NDPXVHQJDMD PDND NDIIDUDW PHODJJDU VXPSDK LWX LDODK PHPEHULPDNDQ VHSXOXK RUDQJPLVNLQ \DLWX GDULPDNDQDQ \DQJ ELDVDNDPX EHULNDQ NHSDGD NHOXDUJDPX DWDX PHPEHUL SDNDLDQNHSDGD PHUHND DWDX PHPHUGHNDNDQ VHRUDQJ EXGDN

%LPELQJDQ,VODP %DUDQJVLDSD \DQJ WLGDN VDQJJXS PHODNXNDQ \DQJ GHPLNLDQPDND NDIIDUDWQ\D SXDVD VHODPD WLJD KDUL

%LPELQJDQ,VODP

.(87$0$$16+$/$7'$13(5,1*$7$1$*$57,'$.0(1,1**$/.$11m'DQ RUDQJRUDQJ \DQJ PHPHOLKDUD VKDODWQ\D PHUHNDLWXODK RUDQJRUDQJ \DQJ DNDQ PHZDULVL \DNQL \DQJ DNDQPHZDULVL VXUJD ILUGDXV PHUHND NHNDO GL GDODPQ\D $O0XPLQXQ$OODKEHUILUPDQ @m >'DQ NHUMDNDQODK VKDODW VHVXQJJXKQ\D VKDODW LWXPHQFHJDKGDULSHUEXDWDQNHMLGDQPXQJNDU $O$QNDEXW$OOODKEHUILUPDQ @[ >&HODNDODKRUDQJRUDQJ\DQJVKDODW\DLWXRUDQJ\DQJ ODODLGDODP VKDODWQ\D PHQXQGDQXQGD VHKLQJJD NHOXDU GDULZDNWXQ\D $O0DXQ$OODKEHUILUPDQ @ ? m>

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

%LPELQJDQ,VODP

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i ^ 0DKD VXFL (QJNDX

%LPELQJDQ,VODP 5DNDDW\DQJSHUWDPD%DFDODKSHODQSHODQ$X]XELOODKLPLQDVV\DLWKDQLUUDMLPGDQ%LVPLOODKLUUDKPDQLUUDKLP NHPXGLDQPHPEDFD$OIDWLKDKGHQJDQVXDUDNHUDV g [ k m [Z [m6HJDODSXMLEDJL$OODK\DQJPHQJXDVDLVHOXUXKDODP

%LPELQJDQ,VODP kgmi$OODK PHQGHQJDU RUDQJ \DQJ PHPXML1\D ZDKDL 7XKDQNDPLSXMLSXMLDQKDQ\DXQWXN0X%DFDODKWDNELUGDQVXMXGOHWDNNDQNHGXDWDSDNWDQJDQGDKLKLGXQJGDQMDULMDULNDNLGLWDQDKPHQJKDGDSNLEODWODOXPHPEDFD :0DKDVXFL7XKDQNX

%LPELQJDQ,VODP g S [k p p p p po g m P Hm6HJDODSHQJDJXQJDQDGDODKEDJL$OODKEHJLWXSXODVHJDODGRD GDQ SXMD VHUWD NHEDLNDQ .HGDPDLDQ VHPRJD VHODOXGLOLPSDKNDQ NHSDGDPX ZDKDL 1DEL EHJLWX SXOD UDKPDW GDQEHUNDW$OODK6HPRJDNHGDPDLDQGLOLPSDKNDKNHSDGDNLWDGDQKDPEDKDPED $OODK \DQJ VKDOLK $NX EHUVDNVL EDKZD WLDGDLODK \DQJ EHUKDN GLVHPEDK VHODLQ $OODK GDQ DNX EHUVDNVLEDKZD 0XKDPPDG LWX KDPED GDQ XWXVDQ1\D

%LPELQJDQ,VODP '$)7$5%,/$1*$15$.$$76+$/$71DPDVKDODW 6XQQDKTDEOL\DK )DUGKX 6XQQDK%DGL\DK6KXEXK 'KXKXU $VKDU 0DJKULE ,V\D ZLWLU-XPDW WDKL\DWXOPDVMLG GLUXPDKDWDXGLPDVMLG

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

%LPELQJDQ,VODP 6D\D GLSHULQWDKNDQ XQWXN WLGDN PHQ\LQJVLQJNDQOHQJDQEDMXGDODPVKDODW5LZD\DW0XVOLP /XUXVNDQ VKDI GDQ KLPSLWNDQ EDULVDQ GDODP VKDODW'DODPVDWXULZD\DWDGD\DQJPHQJDWDNDQGLDQWDUDNDPLDGD\DQJPHQHPSHONDQEDKXGDQWHODSDNNDNLNDQDQQ\DNHEDKXGDQWHODSDNNDNLVDKDEDWQ\D5LZD\DW%XNKDUL $SDELODVXGDKLTDPDWPDNDGDWDQJODKGHQJDQEHUMDODQWHQDQJ WLGDN EHUODUL $SD \DQJ NDPX SHUROHK GDUL VKRODWEHUVDPD LPDP NHUMDNDQODK GDQ DSD \DQJ NHWLQJJDODQ GDULUDNDDWOHQJNDSLODK0XWWDIDT$ODLK 5XNXODK VDPSDL WXPDQLQDK WHQDQJ VHVXGDKEHUJHUDN ODOXDQJNDWNHSDODPXVDPSDLWHJDNEHUGLULVHVXGDKLWXVXMXGODKVDPSDLWKXPDQLQDKULZD\DW%XNKDUL $SDELOD NDPX VXMXG OHWDNNDQODK NHGXD WHODSDNWDQJDQPXGDQDQJNDWODKVLNXPXULZD\DW0XVOLP 6HVXQJJXKQ\DVD\DDGDODKLPDPPXMDQJDQODKNDPXPHQGDKXOXLDNXGDODPUXNXGDQVXMXGULZD\DW0XVOLP 3DGD KDUL NLDPDW QDQWL SHUWDPD NDOL DNDQ GLKLVDEDGDODK PHQJHQDL VKDODWQ\D $SDELOD VKDODWQ\D EDLN PDNDEDLNODK VHOXUXK DPDOQ\D GDQ DSDELOD MHOHN PDND MHOHNODKVHOXUXKDPDOQ\D+DGLWVVKDKLKULZD\DW7KDEUDQL:$-,%1

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

%LPELQJDQ,VODP

7$7$&$5$6+$/$70$

%LPELQJDQ,VODP 6HVXGDK WDNELU NH HPSDW EHUGRDODK VHVXND KDWLPXNHPXGLDQPHQJXFDSNDQVDODPVDPELOPHQROHKNHNDQDQ

1$6,+$77(17$1*0$7, @ v m k j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

%LPELQJDQ,VODP 6DKDEDWPX\DQJVHQ\XPFHULD.DUHQDEHNDO\DQJFXNXSWHUVHGLDVHGDQJGLULPXKDXVGDKDJD

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

%LPELQJDQ,VODP 6KDODWLHGGLODNVDQDNDQGLPXVKDOODODSDQJDQXQWXNVKDODW\DLWXWHPSDWGHNDWNRWDPDGLQDKGLPDQD5DVXOXOORKUNHOXDU NH VDQD XQWXN VKDODW LHGXO ILWUL GDK LHGXO $GKD 'DQNHOXDU EHUVDPD EHOLDX DQDNDQDN NHFLO JDGLVJDGLV UHPDMDVDPSDL SDUD ZDQLWD \DQJ EHUKDODQJDQ NDUHQD KDLG .DWD $O+DILGK ,EQX +DMDU GDODP NLWDE )DWKXO %DUL KDGLWV LQLPHQXQMXNNDQ VXSD\D NHOXDU NH PXVKDOOD GDQ EXNDQ GLPDVMLGNDFXDOLNDUHQDGDUXUDW

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

6+$/$7,67,64$0(0,17$+8-$1

%LPELQJDQ,VODP 5DVXOXOORK .HOXDU U NH PXVKDOOD ODSDQJDQ XQWXNVKDODW LVWLVTD 0DND EHOLDX EHUGRD GDQ PHPLQWD KXMDQNHPXGLDQ PHQJKDGDS NLEODW GDQ VKDODW GXD UDNDDW EHOLDXPHPXWDU PHPEDOLN VHOHQGDQJQ\D GDQ PHQMDGLNDQ \DQJ GLVHEHODKNDQDQEHUDGDGLVHEHODKNLUL5LZD\DW$O%XNKDUL 'DUL DQDV ELQ 0DOLN 5$ EDKZD 8PDU ELQ .KDWWDEDSDELOD PHQGDSDW RUDQJRUDQJ WHUWLPSD NHPDUDX SDQMDQJPHPRKRQWXUXQKXMDQPHODOXLGRD$EEDV.DWD8PDU

%LPELQJDQ,VODP

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

%LPELQJDQ,VODP PHQ\HOXUXK GDQ PHUDVDNDQ ODSDU VHKLQJJD GDSDW LNXWSULKDWLQ WHUKDGDS VDXGDUDVDXGDUDQ\D \DQJ PHQJDODPLNHODSDUDQGDQPHPSXQ\DLNHEXWXKDQ 5DVXOXOORKU EHUVDEGDD %DUDQJVLDSD \DQJ EHUSXDVD 5DPDGKDQ GHQJDQSHQXK LPDQGDQPHQFDUL ULGKD $OODKPDND LD DNDQ GLDPSXQLGRVDGRVDQ\D\DQJWHODKODOX0XWWDIDTDODLKE %DUDQJVLDSD \DQJ EHUSXDVD 5DPDGKDQNHPXGLDQGLLNXWLGHQJDQHQDPKDULSDGDEXODQV\DZDOPDNDSXDVDQ\DVHSHUWLSXDVDVHWDKXQ5LZD\DW0XVOLPF %DUDQJVLDSD \DQJ EDQJXQ SDGD EXODQ5DPDGKDQXQWXNVKDODWWDUDZLKGHQJDQSHQXKNHLPDQDQGDQPHQFDUL ULGKD $OODK PDND LD DNDQ GLDPSXQL GRVDGRVDQ\D\DQJWHODKODOX0XWWDIDT$ODLK.(:$-,%$1$1'$3$'$%8/$15$0$'+$1.HWDKXLODK ZDKDL VDXGDUDNX VHDJDPD EDKZD $OODKPHZDMLENDQ NHSDGD NLWD EHUSXDVD XQWXN EHULEDGDK NHSDGD1\D$JDU SXDVDPXGLWHULPD ROHK $OODKGDQ EHUPDQIDDWPDNDNHUMDNDQNDKKDOKDOEHULNXWLQL -DJD VKDODWPX NDUHQD EDQ\DN RUDQJ \DQJ EHUSXDVDPHUHPHKNDQVKDODWSDGDKDOVKDODWDGDODKWLDQJDJDPD %HUDNKODNODK \DQJ EDLN MDXKLODK NHNXIXUDQ PHQFHODDJDPD GDQ EHUVLNDS WLGDN EDLN GHQJDQ VHVDPD PDQXVLDNDUHQD SXDVD PHODWLK MLZD GDQ PHPSHUEDLNL PRUDO VHGDQJNHNXIXUDQPHQ\HEDENDQNHPXUWDGDQ -DQJDQODK EHUELFDUD \DQJ WLGDN EDLN PHVNLSXQEHUJXUDX NDUHQD GDSDW PHQJKDSXVNDQ SXDVD DQGD GDQGHQJDUODKVDEGD5DVXOXODKU -LND VHVHRUDQJ GL DQWDUD NDPX VXDWX KDUL EHUSXDVDKHQGDNQ\D MDQJDQ EHUEXDW NHML DWDX EHUWHULDNWHULDN SDGDZDNWX LWX -LNDGLFDFL DWDXGLDMDNEHUDQWHPPDNDKHQGDNQ\DLDEHUNDWDVD\DVHGDQJEHUSXDVD 0XWWDIDT$ODLK $PELOODK PDQIDDW GDUL SXDVD XQWXN PHQLQJJDONDQURNRN \DQJ PHQ\HEDENDQ NDQJNHU GDQ SHQ\DNLW SDUXSDUXGDQ XVDKDNDQ DJDU DQGD PHPSXQ\DL NHPDXDQ NXDW XQWXN

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g

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

.DIIDUDWQ\D\DLWXPHPHUGHNDNDQVHRUDQJKDPED VDKD\DELOD WLGDNPHQGDSDWNDQPDNDEHUSXDVDGXDEXODQEHUWXUXWWXUXWGDQELODWLGDNPDPSXPDNDPHPEHULPDNDQNHSGDHQDPSXOXKRUDQJPLVNLQ

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

%LPELQJDQ,VODP U8PUDK SDGD EXODQ 5DPDGKDQ VHLPEDQJ QLODLQ\D GHQJDQKDML 0XWWDIDTDODLK6KDODW GL PDVMLG .DEDK OHELK EDLN GDUL VHUDWXV ULEXVKDODWGLWHPSDWODLQVHEDJDLPDQDVDEGD5DVXOXOORKU ? m 6KDODW GL PDVMLGNX OHELK XWDPD GDUL VHULEX VKDODW GLPDVMLGODLQNHFXDOLPDVMLG.DEDK 5LZD\DW0XVOLP6DEGDEHOLDXMXJD`? km? g 6KDODWGLPDVMLGKDUDPOHELKXWDPDVHHUDWXVNDOLGDULSDGDVKDODWGLPDVMLGNX 5LZD\DW$KPDGMDGL[VKDODW VKDODW+HQGDNODK DQGD PHQJHUMDNDQ KDML WDPDWWX \DLWXXPUDK ODOXWDKDOOXONHPXGLDQKDML%HUGDVDUNDQVDEGD1DELU :DKDLSHQJLNXW0XKDPPDGEDUDQJVLDSDGL DQWDUD NDPX\DQJPHQJHUMDNDQ KDMLPDNDVXSD\DPHPXODL GHQJDQXPUDKGDODP KDMLQ\D LWX ULZD\DW LEQX +LEEDQ GDQ GLQ\DWDNDQVKDKLKROHK$O$OEDEDQL

%LPELQJDQ,VODP

3(.(5-$$1'$/$0805$+ ,KUDP SDNDLODK SDNDLDQ LKUDP GL PLTDW VDPELOPHQJXFDSNDQ 'DQNHUDVNDQVXDUDPXGHQJDQPHPEDFDWDOEL\DK 7DZDIMLNDDQGDVXGDKVDPSDLGL0DNNDKSHUJLODKNHPDVMLG +DUDP GDQ ODNXNDQ WDZDI NHOLOLQJ .DEDK WXMXK NDOLGLPXODLGDUL+DMDU$VZDGVDPELOPHQJXFDSNDQ

0LTDW EDJL RUDQJ 6\DP -XKIDK 5DELJK EDJL RUDQJ 1HMHG 4DUQXO PDQD]LO EDJL RUDQJ \DPDQ

%LPELQJDQ,VODP P &LXPODK+DMDU$VZDG MLNDGDSDWNDODX WLGDNGDSDWPDNDWXQMXNODK GHQJDQ MDULMDUL NDQDQPX XVDSODK UXNXQ

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

DQWDUD NDOLDQ \DQJ WLGDN PHPEDZD ELQDWDQJ NXUEDQ PDND VXSD\DEHUWDKDOOXOGDQPHQMDGLNDQQ\DVHEDJDLXPUDKULZD\DW0XOVOLP GHQJDQPHQLQJJDONDQ0X]GDOLIDKVHWHODKSHUWHQJDKDQPDODP

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

,NKODVNDQ KDMLPX KDQ\D XQWXN $OODK VHPDWD VDPELOPHQJXFDSNDQ i .DZDQLODKSDUDDKOL NHEDLNDQGDQEHUEDNWLODK NHSDGDPHUHNDVHUWDVDEDUODKWHUKDGDSJDQJJXDQWHWDQJJDPX :DVSDGDODK GDODPPHQJLVDS GDQPHPEHOL URNRN +DOLWXDGDODKKDUDPPHPEDKD\DNDQEDGDQWHWDQJJDKDUWDGDQPHUXSDNDQPDNVLDWNHSDGD$OODK

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gE p

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

%LPELQJDQ,VODP

',$17$5$$.+/$.5$68/8//2+UU$NKODN5DVXOXOORKU DGDODK $O4XUDQPHPEHQFL DSD\DQJGLEHQFL$O4XUDQGDQ PHUDVDVHQDQJGHQJDQDSD\DQJGLVHQDQJLQ\D 7LGDN GHQGDP GDQ PDUDK NHSDGD VHRUDQJNHFXDOL MLND PHODNXNDQ KDOKDO \DQJ GLKDUDPNDQ $OODKVHKLQJJDNHPDUDKDQQ\DNDUHQD$OODK5DVXOXOORK U PHUXSDNDQ RUDQJ \DQJ SDOLQJ MXMXUXFDSDQQ\D SDOLQJ PHPHQXKL WDQJJXQJMDZDEQ\D SDOLQJOHPEXWSHUDQJDLQ\DSDOLQJPXOLDSHUJDXODQQ\DOHELKSHPDOXGDULSHUDZDQGDODPSLQJLWDQUHQGDKKDWLGDQVHODOXEHUSLNLUWLGDN NHML GDQ SHQJXWXN WLGDN PHPEDODV NHMDKDWDQ GHQJDQNHMDKDWDQWDSLPHPEDODVQ\DGHQJDQPHPEHULPDDIGDQMDEDWWDQJDQ WLGDN SHUQDK PHQRODN VLDSD \DQJ PHPLQWD VHVXDWXNHEXWXKDQNHFXDOLGLSHQXKLNHEXWXKDQQ\DDWDXGHQJDQNDWDNDWD\DQJKDOXVGDQWLGDNGHQJDQKDWLNDVDUGDQVLNDSNHUDVWLGDN SHUQDK PHPRWRQJ SHPELFDUDDQ RUDQJ ODLQ NHFXDOL MLNDEHUWHQWDQJDQ GHQJDQ NHEHQDUDQ VHKLQJJD PHPRWRQJSHPELFDUDDQQ\D GHQJDQ ODUDQJDQ DWDX EHUGLUL WLGDNPHQJDQJJDS ERKRQJ NHSDGD VHVHRUDQJ WLGDN GHQJNLNHSDGDQ\DGDQWLGDNPHPLQWDQ\DXQWXNEHUVXPSDK

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i m

%LPELQJDQ,VODP OHELKDQ GDODPPDNDQDQ DWDXSDNDLDQPHPDNDL SHFL VHUEDQGDQ FLQFLQ SHUDN SDGD MDUL NHOLQJNLQJ NDQDQQ\D VHUWDPHPSXQ\DLMHQJJRWEHVDU

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

%LPELQJDQ,VODP 5DVXOXOORK U EHQDUEHQDU VDEDU PHQJKDGDSL VLNVDDQNDXPQ\DKDOLWXVHEDJDLSHQJDPDODQSHULQWDK$OODK, @ ekP>0DND VDEDUODK NDPX XQWXN PHODNVQDNDQ NHWHWDSDQ5REEPX GDQ MDQJDQODK NDPX LNXWL RUDQJ \DQJ EHUGRVD GDQRUDQJRUDQJ\DQJNDILUGLDQWDUDPHUHND $O,QVDQ6HODPDWDKXQ5DVXOXOORKGL0DNNDKPHQJDMDN PDQXVLDNHSDGD 7DXKLG GDQ PHQDQJJXQJ VLNVDDQ NDXPQ\D EHUVDPDVDKDEDWQ\DNHPXGLDQKLMUDKEHUVDPDVDKDEDWQ\DNH0DGLQDKXQWXN PHQGLULNDQ PDV\DUDNDW ,VODP \DQJ EDUX EHUGDVDUNDQNHDGLODQ NHFLQWDDQ GDQ SHUVDPDDQ 'DQ $OODK WHODKPHPSHUNXDW 5DVXOXOODK GHQJDQ EHEHUDSD PXNML]DW \DQJWHUSHQWLQJDGDODK$O4XUDQ$O.DULP\DQJ PHQJDMDNNHSDGDWDXKLGLOPXMLKDGNHPDMXDQGDQDNKODN\DQJPXOLD5DVXOXOORK SHUQDK PHQJLULP VXUDW NHSDGD EHEHUDSDUDMD GL GXQLD PHQJDMDN PHUHND XQWXN PDVXN ,VODP VDPELOEHUNDWDNHSDGD.DLVDU0DVXNODKNHSDGD,VODPHQJNDXDNDQVHODPDWGDQ$OODKDNDQPHPEHULPXSDKDODGXDNDOLZDKDLSDUDDKOLNLWDEPDULODKNHSDGDVDWXNDOLPDWNHWHWDSDQ\DQJWLGDN DGD SHUVHOLVLKDQ DQWDUD NDPL GDQ NDPX EDKZD WLGDNNLWD VHPEDK NHFXDOL $OODK GDQ WLGDN NLWD SHUVHNXWXNDQ 'LDGHQJDQVHVXDWXSXQGDQWLGDNSXODVHEDJLDQNLWDPHQMDGLNDQVHEDJLDQ\DQJODLQVHEDJDLWXKDQVHODLQGDULSDGD$OODK5DVXOXOORK U PHPHUDQJL RUDQJRUDQJ PXV\ULN VHUWD\DKXGL GDQ PHQGDSDW NHPHQDQJDQ5DVXOXOORK VHQGLUL WHODKPHODNXNDQSHUDQJ ODQVXQJ VHNLWDU GXDSXOXKNDOL GDQ WHODKPHQJLULP WHQWDUDQ\D GDUL NDODQJDQ VDKDEDWVDKDEDWQ\DEHUSXOXK NDOL XQWXN EHUMLKDG GDQ EHUGDNZDK NHSDGD ,VODPGDQPHPEHEDVNDQ EHEHUDSD EDQJVD GDUL SHQJDQL\D\DDQ GDQSHUEXGDNDQ 5DVXOXODK U PHQJDMDUNDQ SDUD VDKDEDWQ\DXQWXNPHPXODLGHQJDQWDXKLG&,17$'$10(1*,.87,5$68/8//2+UU$OODK, EHUILUPDQ

%LPELQJDQ,VODP @ yH b>.DWDNDQODK MLND NDPX EHQDUEHQDU PHQFLQWDL $OODKLNXWLODK DNX QLVFD\D $OODK PHQJDVLKL GDQPHQJDPSXQL GRVDGRVDPX $OODK 0DKD 3HQJDPSXQ ODJL 0DKD 3HQ\D\DQJ $OL,PUDQ5DVXOXOORKU EHUVDEGD U V [f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d >

%LPELQJDQ,VODP 3DGDKDULLQLWHODKNXVHPSXUQDNDQXQWXNNDPXDJDPDPXGDQWHODK.XFXNXSNDQNHSDGDPXQLPDW.XGDQWHODK.XULGKDL,VODPLWXMDGLDJDPDPX $OPDLGDK5DVXOXOORKU EHUVEGD Uv d g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i>+DL RUDQJRUDQJ \DQJ EHULPDQ MDQJDQODK NDPXPHQGDKXOXL $OODK GDQ 5DVXO1\D GDQ EHUWDTZDODK NHSDGD$OODK 6HVXQJJXKQ\D $OODK 0DKD 0HQGHQJDU ODJL 0DKD0HQJHWDKXL $O+XMXUDW

%LPELQJDQ,VODP VHODPDQ\D\DLWXNLWDE$OODKGDQVXQQDK5DVXOQ\DULZD\DW$O+DNLP %HUSHQJDQJODK NHSDGD VXQQDKNX GDQ VXQQDK SDUD.KXODIDXUUDV\LGLQ\DQJPHQGDSDWSHWXQMXNULZD\DW$KPDG :DKDL )DWKLPDK ELQWL 0XKDPPDG PLQWDODK KDUWDNHSDGDNX DSD VDMD \DQJ NDX NHKHQGDNL NDUHQD GLULNX WLGDNELVD PHQ\HODPDWNDQ NDPX VHGLNLWSXQ GL VLVL $OODK ULZD\DW%XNKDUL %DUDQJVLDSD\DQJWDDWNHSDGDNXEHUDUWLLDWDDWNHSDGD$OODK GDQ EDUDQJVLDSD \DQJ GXUKDND NHSDGDNX EHUDUWL LDGXUKDNDNHSDGD$OODKULZD\DW%XNKDUL -DQJDQODK NDPX PHQJDJXQJNDQNX VHSHUWL \DQJGLSHUEXDW ROHK RUDQJRUDQJ 1DVUDQL WHUKDGDS ,VD ELQ0DU\DPNDUHQDVHEHQDUQ\DDNX LQL WLGDN OHELKGDULKDPED$ODK6HEXWVDMDDNXLQLKDPED$OODKGDQ5DVXO1\DULZD\DW%XNKDUL $OODK PHODNQDW RUDQJRUDQJ

%LPELQJDQ,VODP

%$*$,0$1$0(1',',.$1$.$1$..,7$"$OODK, EHUILUPDQ @ >+DL RUDQJRUDQJ \DQJ EHULPDQ SHOLKDUDODK GLULPX GDQNHOXDUJDPXGDULDSLQHUDND $W7DKULP,EX%DSDNGDQ*XUXEHUWDQJJXQJMDZDEGLGHSDQ$OODKWHUKDGDSSHQGLGLNDQJHQHUDVLPXGD-LNDSHQGLGLNDQPHUHNDEDLN PDND EHUEDKDJLDODK JHQHUDVL WHUVHEXW GL GXQLD GDQDNKLUDW 7DSL MLND PHUHND PHQJDEDLNDQ SHQGLGLNDQQ\D PDNDVHQJVDUDODK JHQHUDVL WHUVHEXW GDQ EHEDQ GRVDQ\D EHUDGDSDGDOHKHUPHUHND8QWXNLWXGLVHEXWNDQGDODPVXDWXKDGLWV5DVXOXOORKU

%LPELQJDQ,VODP 6HWLDS RUDQJ GL DQWDUD NDPX DGDODK SHPLPSLQ GDQPDVLQJPDVLQJ EHUWDQJJXQJ MDZDE DWDV \DQJ GLSLPSLQQ\DPXWWDIDTDODLK0DND DGDODK PHUXSDNDQ NDEDU JHPELUD EDJL VHRUDQJJXUXVDEGD5DVXOXOORKU EHULNXWLQL g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p GDQ PHQMHODVNDQ PDNQDQ\DNHWLNDPHUHNDVXGDKEHVDU 0HQDQDPNDQUDVDFLQWDGDQLPDQNHSDGD$OODKGDODPKDWLPHUHNDNDUHQD$OODKDGDODKSHQFLSWDSHPEHUL UL]NLGDQSHQRORQJVDWXVDWX\DWDQSDDGDVHNWXEDJL1\D

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m? g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

%LPELQJDQ,VODP NHSDGD PHUHND KDQGDNQ\D NLWD SHQXKL 'DODP KDGLWV VDKLKGLVHEXWNDQ S C = g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m>'DQMDQJDQODKNDPXPHQ\HPEDKNHSDGDVHODLQ$OODKDSDDSD \DQJ WLGDN PHPEHUL PDQIDDW GDQ WLGDN SXOD PHPEHULPDGKDUDW VHEDE MLND NDPX EHUEXDW \DQJ GHPLNLDQ LWX PDNDVHVXQJJXKQ\D NDPX WHUPDVXN RUDQJRUDQJ \DQJ G]DOLPPXV\ULN

%LPELQJDQ,VODP PHPEHULNDQ FHODQD GDQEDMX VDMD NDUHQDKDO LWXPHQ\HUXSDLNDXP OHODNL GDQ RUDQJRUDQJ NDILU GDQPHQ\HEDENDQ ILWQDK0HQ\XUXK NHSDGDQ\D XQWXN PHQJJXQDNDQ VDSX WDQJDQ GLDWDV NHSDOD VHMDNXPXU WXMXK WDKXQPHQXWXS ZDMDKNHWLNDVXGDK GHZDVD GDQ PHPDNDL SDNDLDQ KLWDP SDQMDQJ \DQJPHQXWXSLVHOXUXKDXUDW\DQJGDSDWPHQMDJDNHKRUPDWDQQ\D'DQ $O4XUDQ PHQJDMDN NHSDGD VHOXUXK SHUHPSXDQ NDXPPXNPLQXQWXNEHUKLMDEVHEDJDLPDQDGHVHEXWNDQ @[ [m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m [m m [m 1DEL 0XKDPPDG U PHODNQDW NDXP OHODNL \DQJ PHPDNDLSDNDLDQVHSHUWLNDXPZDQLWDGDQNDXPZDQLWD\DQJPHPDNDL

%LPELQJDQ,VODP SDNDLDQ VHSHUWL NDXP OHODNL VHUWD NDXP ZDULD EDLN ODNLODNLPDXSXQSHUHPSXDQ ULZD\DW%XNKDUL %DUDQJVLDSD PHQ\HUXSDL VXDWX NDXP EHUDUWL LD WHODKWHUPDVXNGLGDODPNDXPWHUVHEXW ULZD\DW$EX'DXG$.+/$.'$1623$16$1781

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p p 0HPEHULNDVXUSDGDVHWLDSDQDNMLNDPHPXQJNLQNDQMLNDWLGDNPDNDVHWLDSDQDNGLEHULNDQVHOLPXWVHQGLULVHQGLUL$NDQ OHELK XWDPD MLND DQDN SHUHPSXDQ PHPSXQ\DL NDPDUVHQGLUL GDQ DQDN ODNLODNL PHPSXQ\DL NDPDU VHQGLUL JXQDPHQMDJDDNKODNGDQNHVHKDWDQPHUHND

%LPELQJDQ,VODP 0HPELDVDNDQPHUHNDXQWXNWLGDNPHPEXDQJVDPSDKGDQ NRWRUDQ GL WHQJDK MDODQ GDQ PHQJKLODQJNDQ KDO \DQJPHQ\HEDENDQPHUHNDVDNLW :DVSDGD WHUKDGDS SHUVDKDEDWDQ PHUHND GHQJDQNDZDQNDZDQ \DQJ QDNDO PHQJDZDVL PHUHND GDQ PHODUDQJPHUHNDXQWXNGXGXNGXGXNGLSLQJJLUMDODQ 0HPEHUL VDODP NHSDGD DQDNDQDNGL UXPDK GL MDODQGDQGLNHODVGHQJDQODIDG] g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

%LPELQJDQ,VODP D $V\V\DPDDLO$O0XKDPDGL\DK:DODNKODDT$Q1DEDZL\DK:DO$GDDE$O,VODPL\DKE $O$TLGDK $O,VODPL\DK 0LQ $O.LWDE :DV6XQQDK$VK6KDKLKDK

%(5%$.7,.(3$'$.('8$25$1*78$-LND NDPX LQJLQ EHUKDVLO GL GXQLD GDQ DNKLUDWPDNDNHUMDNDQODKEHEHUDSDSHVDQVHEDJDLEHULNXW %HUELFDUDODKNHSDGDNHGXDRUDQJWXDPXGHQJDQVRSDQVDQWXQ MDQJDQ PHQJXFDNDQ DK NHSDGD PHUHND MDQJDQKDUGLNPHUHNDGDQEHUNDWDODKNHSDGDPHUHNDGHQJDQXFDSDQ\DQJEDLN 7DDWL VHODOX NHGXD RUDQJ WXDPX VHODPD WLGDN GDODPPDNVLDW NDUHQD WLGDN DGD NHWDDWDQ SDGD PDNKOXN \DQJEHUPDNVLDWNHSDGD$OODK

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g E -$8+,$/+'26$'26$%(6$5

$OODKEHUILUPDQ @ a {>-LNDNDPXPHQMDXKLGRVDGRVDEHVDUGLDQWDUDGRVDGRVD\DQJ GLODUDQJ NDPX PHQJHUMDNDQQ\D QLVFD\D .DPL DNDQKDSXV NHVDODKDQNHVDODKDQPX GRVDGRVDPX \DQJ NHFLO GDQ.DPLPDVXNNDQNDPXNHWHPSDWPXOLDVXUJD $Q1LVD 5DVXOXOORKU EHUVDEGD

%LPELQJDQ,VODP g-DXKLODKSHUEXDWDQ\DQJGLODUDQJ$OODKWHQWXHQJNDXDNDQPHQMDGL RUDQJ \DQJ SDOLQJ EDQ\DN LEDGDKQ\D ULZD\DW$KPDG 'RVD EHVDU DGDODK VHWLDS PDNVLDW \DQJ PHPSXQ\DLKXNXPDQKDGGLGXQLDDWDXDQFDPDQGLDNKLUDW -XPODKGRVDGRVDEHVDUGLVHEXWNDQROHK,EQX$EEDVEDKZD MXPODKQ\D VDPSDL WXMXK UDWXV PDFDP OHELK GHNDWGDULSDGDWXMXKPDFDP+DQ\DWLGDNDGD\DQJGLQDPDNDQGRVDEHVDU MLND GLLNXWL GHQJDQ LVWLJKIDU GDQ WLGDN DGD \DQJGLQDPDNDQGRVDNHFLOMLNDGLODNXNDQWHUXVPHQHUXV0$&$00$&$0'26$%(6$5

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

%LPELQJDQ,VODP PLQXPDQ \DQJ PHPDEXNNDQ GHQJDQ VHJDOD EHQWXNQ\DVHSHUWL NKDPDU SHUDVDQ DQJJXU ZLVN\ ELU GDQ ODLQVHEDJDLQ\D PLQXP UDFXQ PDNDQ GDJLQJ EDEL GDQ EDQJNDLWDQSD VHEDE \DQJ PHQGHVDN PLQXP PLQXPDQ \DQJEHUEDKD\D VHSHUWL URNRN JDQMD GDQ ODLQ VHEDJDLQ\D EXQXKGLUL PHVNL GHQJDQ SDODQSHODQ VHSHUWL PHURNRN EHUNHODKLPHPSHUWDKDQNDQ\DQJEDWLOPHQJDQLD\DGDQPHODZDQRUDQJPHQRODN NHEHQDUDQ GDQ PDUDK NDUHQDQ\D VRPERQJEHUSHUDVDQJND EXUXN NHSDGD RUDQJ ,VODP PHQJNDILUNDQQ\DWDQSDDODVDQDWDXPHPFHUFDQ\DDWDXPHQFHUFDVDODKVHHRUDQJGL DQWDUD VDKDEDW 5DVXOXOORK VRPERQJ GDQ EDQJJD VHODOXPHQFDULUDKDVLDRUDQJPHQMDWXKNDQQDPDEDLNKDNLPXQWXNPHQ\DNLWLQ\D GDQ EHUERKRQJ SDGD KDPSLU VHOXUXKXFDSDQQ\D 'RVD EHVDU GDODP KDUWD PDNDQ KDUWD DQDN \DWLPPDLQ MXGL GDQ EXQWXW PHQFXUL PDODNXNDQ SHQRGRQJDQSHUDPSDVDQ VRJRN SHQJXUDQJDQ WLPEDQJDQ VXPSDK SDOVXSHQLSXDQ GDODP MXDO EHOL WLGDN PHPHQXKL MDQML PHPEHULNHVDNVLDQ SDOVX PRQRSROL ZDVLDW SDOVX PHQ\HPEX\LNDQNHVDNVLDQWLGDNUHODGHQJDQSHPEDJLDQ$OODKGDQSHPDNDLDQSHUKLDVDQHPDVEDJLNDXPOHODNL 'RVD EHVDU GDODP LEDGDK PHQLQJJDONDQ VKDODW DWDXPHODNVDQDNDQ GL OXDU ZDNWXQ\D WDQSD X]XU WLGDNPHQJHOXDUNDQ ]DNDW EHUEXND SXDVD SDGD EXODQ 5DPDGKDQWDQSDX]XUWLGDNKDMLSDGDKDOPDPSXPDODNVDQDNDQQ\DODULGDUL MLKDG GL MDODQ $OODK PHQLQJJDONDQ MLKDG GHQJDQ MLZDKDUWD DWDX OLGDK EDJL \DQJ GLZDMLENDQ PHQLQJJDONDQ VKDODWMXPDW DWDX MDPDDK WDQSD X]XU PHQLQJJDONDQ PHQ\HUXEHUEXDWEDLNGDQPHQFHJDKNHPXQJNDUDQEDJL\DQJPDPSXWLGDN PHPEHUVLKNDQ NHQFLQJQ\D GDQ WLGDN PHQJDPDONDQLOPXQ\D 'RVD EHVDU GDODP NHOXDUJD GDQ NHWXUXQDQ ]LQDKRPRVHNVXDO PHQMDWXKNDQ NHKRUPDWDQ RUDQJRUDQJPXNPLQDW \DQJ WHUMDJD EDLN GHQJDQ WXGXKDQWXGXKDQ \DQJWLGDN EHQDU EHUKLDV \DQJ EHUOHELKDQ EDJL ZDQLWDPHQDPSDNNDQUDPEXWQ\DZDQLWDPHQ\HUXSDLOHODNLGDQODNLODNL PHQ\HUXSDL ZDQLWD PHQ\DNLWL NHGXD RUDQJ WXDPHQMDXKLK NHOXDUJD WDQSD DODVDQ V\DUD ZDQLWD PHQRODNDMDNDQ VXDPLQ\D WDQSD DODVDQ VHSHUWL KDLG DWDX QLIDV

%LPELQJDQ,VODP SHUEXDWDQ RUDQJ \DQJ PHQJDZLQL ZDQLWD VHWHODK WDODN WLJDZDQLWD EHSHUJLDQ VHQGLULDQ PHQJJXQDNDQ QDVDE VHODLQD\DKQ\D SDGDKDO WDKX QDVDE D\DKQ\D UHOD WHUKDGDSNHOXDUJDQ\D \DQJ PHODNXNDQ ]LQD PHQ\DNLWL WHWDQJJDPHQFDEXWUDPEXWGLZDMDKDWDXDOLV 7DXEDW GDUL SHUEXDWDQ GRVD EHVDU ZDKDL VDXGDUDNXVHDJDPD MLND DQGD EHUEXDW GRVD EHVDU PDND WLQJJDONDQODKVHJHUD EHUWDXEDW GDQ PLQWD DPSXQODK NHSDGD $OODK VHUWDMDQJDQGLXODQJLODJLVHEDJDLPDQDILUPDQ$OODK @ = ] v >6HVXQJJXQKQ\D WDXEDW GL VLVL $OODK KDQ\DODK WDXEDW EDJLRUDQJRUDQJ\DQJPHQJHUMDNDQNHMDKDWDQ ODQWDUDQNHERGRKDQ\DQJNHPXGLDQPHUHNDEHUWDXEDWGHQJDQVHJHUDPDNDPHUHNDLWXODK \DQJ GLWHULPD $OODK WDXEDWQ\D 'DQ $OODK 0DKD0HQJHWDKXLGDQ0DKD%LMDNVDQD $Q1LVD%HUNDWD 0XMDKLG GDQ \DQJ ODLQQ\D 6HWLDS RUDQJ \DQJEHUPDNVLDW NHSDGD $OODK EDLN WLGDN VHQJDMDPDXSXQ VHQJDMDPDNDLDDGDODKERGRKMDKLO7DIVLU,EQX.DWVLUMX]KDOSHQHUELW

6

%LPELQJDQ,VODP 0HPHQXKL KDN EDJL RUDQJ \DQJ EHUKDN DWDX PHUHNDPHOHSDVNDQKDNQ\DWHUVHEXW :DNWX GLWHULPDQ\D WDXEDW LWX GLODNXNDQ GL VDDWKLGXSQ\DVHEHOXPWLEDDMDOQ\D6DEGD1DELU 6HVXQJJXKQ\D $OODK DNDQ PHQHULPD WDXEDW VHVHRUDQJKDPEDQ\D VHODPD EHOXP WHUFDEXW Q\DZDQ\D KDGLWV KDVDQULZD\DW7XUPXG]L

,.87,/$+6811$+5$68/'$1-$1*$10(/$.8.$1%,'$+%LGDKDGDGXDPDFDPGXQLDZLGDQNHDJDPDDQ %LGDK GXQLDZL DGD GXDPDFDP ELGDK \DQJ QHJDWLIVHSHUWLELRVNRS799HGHRGDQVHMHQLVQ\D\DQJGDSDWPHUXVDNDNKODN GDQ PHPEDKD\DNDQ PDV\DUDNDW %DKD\D WHUVHEXWWHUMDGL DNLEDW ILOPILOP \DQJ GLWDPSLONDQQ\D 7DSL DGD ELGDK\DQJ SRVLWLI VHSHUWL NDSDO WHUEDQJ PRELO WHOHSRQ GDQ ODLQODLQQ\D\DQJEHUPDQIDDWEDJLPDV\DUDNDWGDQPHPSHUPXGDKXUXVDQQ\D

%LPELQJDQ,VODP %LGDK NHDJDPDDQ \DLWX \DQJ WLGDN SHUQDK DGD SDGD]DPDQ 5DVXOXOORK GDQ SDUD VDKDEDW VHVXGDKQ\D %LGDK LQLGLODNXNDQ GDODP LEDGDK GDQ DJDPD %HQWXN ELGDK LQLPHUXSDNDQ EHQWXN ELGDK \DQJ GLWRODN ROHK ,VODP GDQGLKXNXPGHQJDQVHVDWD $OODKEHUILUPDQ @ C nn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d >3DGDKDULLQLWHODK.XVHPSXUQDNDQXQWXNNDPXDJDPDPXGDQ WHODKNXFXNXSNDQNHSDGDPXQLPDW.XGDQ WHODK.XULGKRL,VODPLWXMDGLDJDPDEDJLPX $O0DLGDKJ ,PDP 6\DILL EHUNDWD EDUDQJVLDSD \DQJPHODNXNDQ LVWLKVDQ EHUDUWL WHODK PHPEXDW V\DULDW MLNDLVWLKVDQ GLSHUEROHKNDQ GDODP DJDPD WHQWX KDO LWXGLSHUEROHKNDQ MXJD EDJL NDXP LQWHOHNWXDO \DQJ WDN EHULPDQGDQ GLSHUEROHKNDQ SXOD GLODNXNDQ GDODP VHWLDS PDVDODK

%LPELQJDQ,VODP DJDPD VHUWD VHWLDS RUDQJ GDSDW PHPEXDW V\DULDW EDUX EDJLGLULQ\DK *KDGOLI EHUNDWD VXDWX ELGDK WLGDN DNDQPXQFXONHFXDOLGLWLQJJDONDQ\DVXQQDKL +DVDQ %DVUL PHQJDWDNDQ MDQJDQODK NDPXEHUVDKDEDWGHQJDQDKOLELGDKVHKLQJJDKDWLPXVDNLWM +X]DLIDK EHUNDWD VHWLDS LEDGDK \DQJ WLGDNGLODNXNDQ ROHK SDUD VDKDEDW 5DVXOXOORK U MDQJDQ NDPXODNNXNDQ0$&$00$&$0%,'$+

%LGDK DGDODK VHWLDSKDO \DQJ WLGDNPHPSXQ\DL GDVDUGDODPDJDPDVHSHUWL 8SDFDUD PDXOLG 1DEL ,VUD PLUDM GDQ PDODP QLVIXV\DEDQ %HUG]LNLU GHQJDQ WDULDQ WHSXN WDQJDQ GDQ SXNXODQWHUEDQJEHJLWXMXJDPHQLQJJLNDQVXDUDGDQPHQJJDQWLQDPDQDPD$OODKVHSHUWLGHQJDQDKLKDDKKXDKLD 0HQJDGDNDQ DFDUD VHODPDWDQ GDQ PHQJXQGDQJ SDUDN\DL XQWXN PHPEDFD $O4XUDQ VHWHODK ZDIDWQ\D VHVHRUDQJGDQODLQVHEDJDLQ\D

8&$3$16+$'$4$//$+8/$=+,(0 3DUD 4XUUD ELDVD PHQJXFDSNDQQ\D VHWHODK PHPEDFD$O4XUDQSDGDKDOLQLWLGDNEHUDVDOGDUL5DVXOXOORKU 0HPEDFD $O4XUDQ DGDODK LEDGDK PDND WLGDN EROHKGLWDPEDKL6DEGD1DELU %DUDQJVLDSD PHQJDGDDGDNDQ GDODP DJDPD NLWD VXDWXDPDODQ\DQJEXNDQEHUDVDOGDULQ\DPDNDGLWRODNDPDODQQ\DLWX 0XWWDIDTDODLK $SD\DQJPHUHND ODNXNDQ LWX WLGDNDGD GDOLOQ\DEDLNGDUL $O4XUDQ VXQQDK5DVXOPDXSXQ DPDODQ SDUD VDKDEDW

%LPELQJDQ,VODP $NDQ WHWDSL WHUPDVXN ELGDK RUDQJRUDQJ \DQJ GDWDQJNHPXGLDQ 5DVXOXOORK U PHQGHQJDUNDQ EDFDDQ $O4XUDQ GDUL,EQX0DVXGWDWNDODVDPSDLNHILUPDQ$OODK `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

%LPELQJDQ,VODP DPDOVKDOHK\DQJPHQMDGLVHEDEGLNDEXONDQQ\DGRDGDQ\DQJWHSDWDGDODKPHPEDFDGRDEHULNXWLQL? V H? i ? ? w H Sa

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{ %DUDQJVLDSDPHOLKDWNHPXQJNDUDQPDNDUXEDKODKGHQJDQWDQJDQ MLND WLGDN PXQJNLQ PDND GHQJDQ OLVDQ MLND WLGDNPXQJNLQPDND GHQJDQ KDWL GDQ LWXODK VHOHPDKOHPDK LPDQULZD\DW0XVOLP

0$&$00$&$0$-$.$1.(3$'$.(%$,.$1 .KXWEDKSDGDKDUL-