52<$/7,+$.&,37$6(%$*$,2%<(.
-$0,1$1),'86,$
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
.DWD.XQFL5R\DOWL+DN&LSWD)LGXVLD
$ 3HQGDKXOXDQ
/DWDU%HODNDQJ3HUPDVDODKDQ 3HUNHPEDQJDQ HNRQRPL NUHDWLI WHODK PHQGRURQJ VHVHRUDQJ \DQJ PHPSXQ\DL SURGXNWL¿WDVXQWXNPHQJKDVLONDQVXDWXNDU\D FLSWD\DQJPHPEHULNDQPDQIDDWHNRQRPLDWDV FLSWDDQQ\D $WDV KDVLO NUHDVL WHUVHEXW PDV\DUDNDW EHUDGDE PHQJDNXL EDKZD \DQJ PHQFLSWDNDQ EROHK PHQJXDVDL XQWXN WXMXDQ
\DQJPHQJXQWXQJNDQ.KROLV5RLVDK ,GH SLNLUDQ \DQJ GLZXMXGNDQ VDODK VDWXQ\D EHUXSD WXOLVDQ PHPSXQ\DL KDN FLSWD VHFDUD RWRPDWLV ODKLU VDDW GLFLSWDNDQ +DN &LSWD WLGDN PHOLQGXQJL LGH WHWDSL PHOLQGXQJL
HNVSUHVL GDUL LGH 0DV 5DKPDK 6LQDU $\X
:XODQGDULGDQ)L¿-XQLWD
+ D O K D O \ D Q J P H Q F D N X S L O P X SHQJHWDKXDQVHQLGDQVDVWUDDUWDQGOLWHUDU\ \DQJ GLGDODPQ\D PHQFDNXS SXOD SURJUDP FRPSXWHUPHUXSDNDQ+DN&LSWD3DVDOD\DW 8QGDQJ 8QGDQJ 1RPRU 7DKXQ 7HQWDQJ8QGDQJ±8QGDQJ+DN&LSWD
´+DN &LSWD DGDODK KDN HNVNOXVLI SHQFLSWD \DQJ WLPEXO VHFDUD RWRPDWLV EHUGDVDUNDQ SULQVLS GHNODUDWLI VHWHODK VXDWXFLSWDDQGLZXMXGNDQGDODPEHQWXN Q\DWD WDQSD PHQJXUDQJL SHPEDWDVDQ VHVXDL GHQJDQ NHWHQWXDQ SHUDWXUDQ
SHUXQGDQJXQGDQJDQ´
+DVLO FLSWDDQ +DN &LSWD VHEDJDL VXDWX KDN PLOLN SHURUDQJDQ \DQJ WLGDN EHUZXMXG PHQMDGLNDQSHPLOLNQ\DGDSDWPHODNVDQDNDQ KDNQ\D GHQJDQ EDWDV ± EDWDV WHUWHQWX GDQ PHQJHFXDOLNDQ SLKDN ODLQ XQWXN PHQLNPDWL N H F X D O L G H Q J D Q L ] L Q S H P L O L N 0 D V 5 D K P D K $ J X V :L G \ D Q W R U R G D Q 5 D K P L -HQHG +DOLQLVHGDVDU\DQJGLNDWDNDQ 6WURQJ:LOOLDP66WURQJ
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¿GXVLD VHEDJDLPDQD GLDWXUGDODP8QGDQJ8QGDQJ1RWDKXQ WHQWDQJ-DPLQDQ)LGXVLD'DODP3DVDO D\DWGLVHEXWNDQEDKZD
)LGXVLDDGDODKSHQJDOLKDQNHSHPLOLNDQ VXDWX EHQGD DWDV GDVDU NHSHUFD\DDQ GHQJDQ N H W H Q W X D Q E D K Z D E H Q G D \ D Q J K D N NHSHPLOLNDQQ\DGLDOLKNDQWHWDSEHUDGDGDODP SHQJXDVDDQSHPLOLNEHQGD 3DVDOD\DWGLMHODVNDQEDKZD ³-DPLQDQ ¿GXVLD DGDODK KDN MDPLQDQ DWDVEHQGDEHUJHUDNEDLN\DQJEHUZXMXG PDXSXQ\DQJWLGDNEHUZXMXGGDQEHQGD WLGDN EHUJHUDN NKXVXVQ\D EDQJXQDQ \ D Q J W L G D N G D S D W G L E H E D Q L K D N WDQJJXQJDQ VHEDJDLPDQD GLPDNVXG GDODP8QGDQJ±8QGDQJ1RPRUWDKXQ WHQWDQJ +DN 7DQJJXQJDQ \DQJ WHWDSEHUDGDGDODPSHQJXDVDDQSHPEHUL ¿GXVLDVHEDJDLDJXQDQEDJLSHOXQDVDQ XWDQJ WHUWHQWX \DQJ PHPEHULNDQ NHGXGXNDQ \DQJ GLXWDPDNDQ NHSDGD SHQHULPD ¿GXVLD WHUKDGDS NUHGLWRU ODLQQ\D´
%HUGDVDU XUDLDQ GL DWDV PDVDODK GDODP DUWLNHOLQLDGDODK %DJDLPDQD .DUDNWHULVWLN 5R\DOWL +DN&LSWDVHEDJDL-DPLQDQ)LGXVLD (NVHNXVL5R\DOWL+DN&LSWDDSDELOD GHELWRUZDQSUHVWDVL % 3HPEDKDVDQ
.DUDNWHULVWLN 5R\DOW\ +DN &LSWD 6HEDJDL-DPLQDQ)LGXVLD
0DQIDDW HNRQRPL GDUL KDN HNVNOXVLI \DQJ GLPLOLNLQ\D SHPLOLN PHPLOLNL SLOLKDQ XQWXN PHODNVDQDNDQ VHQGLUL KDNQ\D DWDX PHPEHULNDQOLVHQVLNHSDGDSLKDNODLQXQWXN PHODNVDQDNDQ KDN HNVNOXVLI DWDX EDKNDQ PHQJDOLKNDQ PHQMXDO KDN WHUVHEXW 0DV
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
D &KDUDFWHU ZDWDN PHUXSDNDQ IDNWRU GDODP PHQHQWXNDQ NDUDNWHU GHELWRU KDUXVPDPSXPHQXQMXNNDQNHSDGDEDQN EDKZDLDDGDODKRUDQJ\DQJMXMXU2OHK NDUHQDLWXGLEXWXKNDQWUDFNUHFRUGGDUL \DQJEHUVDQJNXWDQ
E &DSDFLW\NDSDVLWDVDGDODKKDONUHGLWRU WHUOHELKGDKXOXKDUXVPHQJHWDKXLSHULKDO NHPDPSXDQ XVDKD GDUL SLKDN FDORQ
GHELWRUQ\D
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
+DN &LSWD PHUXSDNDQ EDJLDQ GDUL EHQGD \DLWX EHQGD WLGDN EHUZXMXG EHQGD LPPDWHULO%HUGDVDU3DVDO%:7LDS± WLDS NHEHQGDDQ DGDODK EHUWXEXK GDQ WLGDN EHUWXEXK 6HODLQ LWX EDWDVDQ EHQGD GDODP 3DVDO %: 0HQXUXW SDKDP 8QGDQJ 8QGDQJ \DQJ GLQDPDNDQ NHEHQGDDQ LDODK WLDSWLDSEDUDQJGDQWLDSWLDSKDN\DQJGDSDW GLNXDVDLROHKKDNPLOLN 3HQGDSDW 0DV 5DKPDK VHFDUD GHWDLO P H Q \ D W D N D Q E D K Z D G D O D P S H U D W X U D Q SHUXQGDQJ ±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
.RQYHQVL %HUQH PHQMDGL SHUMDQMLDQ LQWHUQDVLRQDO KDN FLSWD \DQJ NHPXGLDQ GLUDWL¿NDVL NH GDODP VLVWHP SHUXQGDQJ ± XQGDQJDQ ,QGRQHVLD GHQJDQ SHQHWDSDQ
.HSXWXVDQ 3UHVLGHQ 1R 7DKXQ .HSSUHV 1R 7DKXQ VHGDQJNDQ SHUMDQMLDQ SHPEHQWXNDQ :RUOG 7UDGH 2UJDQL]DWLRQVHODQMXWQ\DGLVLQJNDWVHEDJDL :72 WHODK GLUDWL¿NDVL GHQJDQ 88 1R 7DKXQ WHQWDQJ 3HQJHVDKDQ$JUHHPHQW R Q ( V W D E O L V K L Q J W K H :R U O G 7 U D G H 2UJDQL]DWLRQ /HPEDUDQ 1HJDUD 5HSXEOLN ,QGRQHVLD7DKXQ1RPRU7DPEDKDQ /HPEDUDQ1HJDUD5HSXEOLN,QGRQHVLD1RPRU 6HEDJDL 1HJDUD \DQJ PHUDWL¿NDVL .RQYHQVL%HUQHGDQSHUMDQMLDQSHPEHQWXNDQ :72 ,QGRQHVLD NHPXGLDQ PHODNXNDQ SHPEHQWXNDQ881R7DKXQWHQWDQJ +DN&LSWD 6HODQMXWQ\DWHUGDSDWNRQVLGHUDQ EDKZD 88 1R 7DKXQ WHQWDQJ KDN F L S W D V X G D K W L G D N V H V X D L G H Q J D Q SHUNHPEDQJDQ KXNXP GDQ NHEXWXKDQ PDV\DUDNDW VHKLQJJD SHUOX GLJDQWL GHQJDQ XQGDQJ ± XQGDQJ \DQJ EDUX .HPXGLDQ SHPEHQWXNDQ 8QGDQJ ± 8QGDQJ EDUX \DLWX 88 1R 7DKXQ WHQWDQJ +DN &LSWD \DQJEHUODNXKLQJJDVHNDUDQJ
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
-U
$GDQ\D 3HUMDQMLDQ /LVHQVL SHPLOLN DNDQ PHQGDSDWNDQ SHPED\DUDQ 5R\DOWL
:LOOLDP )R[ -U 3HQJHUWLDQ 5R\DOWL
WHUFDQWXPGDODP3DVDODQJND8QGDQJ 8QGDQJ+DN&LSWDPHQ\HEXWNDQ´5R\DOWL DGDODK LPEDODQ DWDV SHPDQIDDWDQ +DN (NRQRPL VXDWX &LSWDDQ DWDX 3URGXN +DN 7HUNDLW\DQJGLWHULPDSHQFLSWDDWDXSHPLOLN KDNWHUNDLW´ 'DSDWGLNDWHJRULNDQMHQLV±MHQLVUR\DOWL \DLWX D 5R\DOWL+DN&LSWD
6HGDVDU GDODP 3DVDO D\DW 8QGDQJ8QGDQJ+DN&LSWD
E 5R\DOWL+DVLO7DPEDQJ3HUWDPEDQJDQ DGDODK LXUDQ \DQJ GLED\DUNDQ NHSDGD 1HJDUD DWDV KDVLO \DQJ GLSHUROHK GDUL XVDKD SHUWDPEDQJDQ 5R\DOWL LQL GLGDSDWNDQ VHWHODK EHUSURGXNVL GDQ PHQJJDOLEDKDQJDOLDQWDPEDQJ\DQJ WHUMXDO GDQ PHQJKDVLONDQ SHQHULPDDQ EDJL 1HJDUD %HVDUDQ UR\DOWL LWX GLWHQWXNDQ GDUL EHVDUQ\D SURGXNVL E X N D Q G D U L E H V D U Q \ D S H Q M X D O D Q SURGXNVLQ\D F 5R\DOWL+DN3DWHQ 6HGDVDU 3DVDO D\DW 8QGDQJ ± 8QGDQJ3DWHQ\DLWX3HODNVDQDDQOLVHQVL ZDMLEGLVHUWDLSHPED\DUDQUR\DOWLROHK S H Q H U L P D O L V H Q V L Z D M L E N H S D G D SHPHJDQJ3DWHQ G 5R\DOWL+DN0HUHN 8QWXN/LVHQVLGDQUR\DOWLGLDWXUGDODP 3DVDOGDQ3DVDO8QGDQJ±8QGDQJ 0HUN H 5R\DOWL)HH 5R\DOWL)HH PHPSXQ\DL SHQJHUWLDQ VHEDJDL NRQWULEXVL EDJL KDVLO GDUL SHQGDSDWDQIUDQFKLVH GDUL KDVLO SHQMXDODQDWDVSHQJJXQDDQ+.,PLOLN IUDQFKLVRUGDODPPHQMDODQNDQELVQLV .DUDNWHULVWLN 5R\DOWL +DN &LSWD
\DQJ0HPSXQ\DL1LODL(NRQRPLV .DUDNWHULVWLN UR\DOWL KDN FLSWD EXNX \DLWX D %HUODNXVHXPXUKLGXSSHQXOLVGLWDPEDK WDKXQVHWHODK3HQXOLVQ\DPHQLQJJDO WHUKLWXQJPXODLWDQJJDOMDQXDULWDKXQ EHULNXWQ\D 6HGDVDUGHQJDQ881R7DKXQ WHQWDQJ +DN &LSWD 3DVDO D\DW WHUKDGDS SHUOLQGXQJDQ +DN &LSWD DWDV FLSWDDQ EXNX SDPÀHW GDQ VHPXD KDVLO NDU\DWXOLVODLQQ\D
E 9DOXH \DQJ VHODOX EHUWDPEDK DSDELOD FHWDNDQ , EXNX WHUVHEXW KDELV XQWXN F H W D N D Q N H , , E L D V D Q \ D D G D SHQ\HPSXUQDDQ GDUL&RYHU EXNX GDQ KDUJDEXNXSXQGLSDVWLNDQOHELKPDKDO %HVDUQ\DUR\DOWLWHQWXQ\DMXJDVHPDNLQ EHVDU
F 'DSDW PHQJKDVLONDQ EHEHUDSD UR\DOWL ODLQQ\D $SDELOD LVL EXNX WHUVHEXW PHQDULN ELDVDQ\D 1RYHO GDQ DGD SLKDN\DQJLQJLQPHPEXDWVLQHWURQDWDX ¿ O P W H Q W X Q \ D D G D S H U K L W X Q J D Q WHUVHQGLUL MXJD WHQWDQJ UR\DOWL XQWXN OD\DUNDFDPDXSXQOD\DUOHEDU G 3HQGDSDWDQ \DQJ EHUNHODQMXWDQ RQ JRLQJEHQH¿WV0HPSXQ\DLSHQJHUWLDQ EDKZD WHUXV ± PHQHUXV WHWDS DGD PHVNLSXQEHVDUQ\DWLGDNWHWDS$SDELOD SHQMXDODQVHGLNLWUR\DOWL\DQJGLWHULPD VHGLNLW GHPLNLDQ MXJD VHEDOLNQ\D VHPDNLQODULVVHPDNLQEHVDUMXJDQLODL UR\DOWL \DQJ GLGDSDWNDQ 6HSHUWL FRQWRKQ\D GL NRWD 6XUDED\D GLDGDNDQ 7KH%LJ%DG:ROI%RRN6DOH6XUDED\DGL -; -DWLP ([SR ,QWHUQDWLRQDO PXODL WDQJJDO2NWREHUVDPSDLGHQJDQ 2NWREHUEXNDQRQVWRSMDP VHODPDKDULWHODKWHUMXDOMXGXO EXNXGDQ WHUMXDO*XV ,SXO
1RYHPEHU %LVD GLSHUNLUDNDQ
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
0DV 5DKPDK MXJD PHQMHODVNDQQ\D GHQJDQPHPEHULNDQFRQWRK-LND\DQJGLMXDO DGDODKUR\DOWL¿OP\DQJUDZDQGLEDMDNPDND QLODLUR\DOWLQ\DPHQXUXQGDQVXOLWGLSUHGLNVL DNLEDW WLQJJLQ\D SHPEDMDNDQ NDUHQD SHPED\DUDQ UR\DOWL XPXPQ\D GLGDVDUNDQ SDGD MXPODK SURGXN DVOL \DQJ WHUMXDO 0DV
5DKPDK 6HKLQJJD WLGDN GDSDW
GLSUHGLNVL GHQJDQ EDQ\DNQ\D SHPEDMDNDQ DWDX SHODQJJDUDQ QLODLFDVK ÀRZ PHQXUXQ
0DV5DKPDK
%HEHUDSD KDO GLDWDV VHEDJDL SHGRPDQ DWDXDFXDQSHQWLQJXQWXNSLKDN%DQNVHEDJDL NUHGLWRUXQWXNPHQJXFXUNDQPRGDOSLQMDPDQ NHSDGD GHELWRU VHKLQJJD UR\DOWL KDN FLSWD OD\DNXQWXNGLMDGLNDQRE\HNMDPLQDQ
9DOXDVLGDQ8ML7XQWDV+DN&LSWD 9DOXDVLEHUDVDOGDUL9DOXDWLRQ$SDELOD YDOXDVL EHUNDLWDQ GHQJDQ KDN FLSWD \DQJ PHUXSDNDQ LQWDQJLEOH DVVHW YDOXDWLRQ LQ LQWDQJLEOHDVVHW ´7KH SURFHVV RI LGHQWLI\LQJ DQG PHDVXULQJ¿QDQFLDOEHQH¿WDQGULVNRI DQDVVHWLQDSDUWLFXODUFRQWH[W´2OJD 6SDVLFGDQ'HVHPEHU 9DOXDVLWHUKDGDSKDNFLSWD\DQJKDUXV PHQMDGL SHUKDWLDQ XWDPD NDUHQD MXPODK SHQFLSWD KDN FLSWD \DQJ VDQJDW EDQ\DN GDQ KDVLO FLSWDDQ \DQJ VDQJDW EHUDJDP GHQJDQ PHODNVDQDNDQXMLWXQWDV8QWXNXMLWXQWDVKDN FLSWDVHQGLULMXJDWLGDNPHPHUOXNDQOHPEDJD SHQLODL GLVHEDENDQ MXPODK SLQMDPDQ \DQJ GLNXFXUNDQ GDUL %DQN VHEDJDL NUHGLWRU SDGD XPXPQ\D WLGDN WHUODOX EHVDU 6HGDQJNDQ OHPEDJD SHQLODL GLSHUOXNDQ XQWXN SLQMDPDQ P R G D O G D U L % D Q N V H E H V D U 5 S VDWXPLO\DUUXSLDKNHDWDV 'HQJDQ MXPODK SLQMDPDQ \DQJ WLGDN PHPHUOXNDQ OHPEDJD SHQLODL VHKDUXVQ\D SLKDN %DQN WLGDN SHUOX DGD NHUDJXDQ GDODP SHQ\DOXUDQ SLQMDPDQ PRGDO GHQJDQ UR\DOWL KDNFLSWDVHEDJDLMDPLQDQQ\D
vä -DPLQDQ)LGXVLD
6HEHQDUQ\D 5R\DOWL KDN FLSWD EXNX GDSDW GLMDGLNDQ MDPLQDQ PHODOXL MDPLQDQ ¿GXVLD \DQJ GLDWXU GDODP 8QGDQJ8QGDQJ -DPLQDQ )LGXVLD GHQJDQ SHUWLPEDQJDQ SHUWLPEDQJDQVHEDJDLEHULNXW D .RQVHSMDPLQDQ¿GXVLD 3DVDO DQJND 8QGDQJ8QGDQJ -DPLQDQ)LGXVLDPHQ\DWDNDQEDKZD ³ ) L G X V L D D G D O D K S H Q J D O L K D Q NHSHPLOLNDQ VXDWX EHQGD DWDV GDVDU NHSHUFD\DDQ GHQJDQ NHWHQWXDQ EDKZD EHQGD \DQJ KDN NHSHPLOLNDQQ\D G L D O L K N D Q W H W D S E H U D G D G D O D P SHQJXDVDDQSHPLOLNEHQGD . U L W H U L D E H Q G D D S D \ D Q J G D S D W GLMDPLQNDQPHODOXL¿GXVLDGLQ\DWDNDQ GDODP3DVDOD\DWEDKZD -DPLQDQ ¿GXVLD DGDODK KDN MDPLQDQ D W D V E H Q G D E H UJ H U D N E D L N \ D Q J EHUZXMXGPDXSXQ\DQJWLGDNEHUZXMXG GDQ EHQGD WLGDN EHUJHUDN NKXVXVQ\D EDQJXQDQ \DQJ WLGDN GDSDW GLEHEDQL K D N W D Q J J X Q J D Q V H E D J D L P D Q D GLPDNVXG GDODP 8QGDQJ ± 8QGDQJ 1RPRU WDKXQ WHQWDQJ +DN 7DQJJXQJDQ \DQJ WHWDS EHUDGD GDODP SHQJXDVDDQ SHPEHUL ¿GXVLD VHEDJDL DJXQDQ EDJL SHOXQDVDQ XWDQJ WHUWHQWX \DQJ PHPEHULNDQ NHGXGXNDQ \DQJ GLXWDPDNDQ NHSDGD SHQHULPD ¿GXVLD WHUKDGDSNUHGLWRUODLQQ\D E 3HPEHEDQDQ-DPLQDQ)LGXVLD 3DVDO 8QGDQJ8QGDQJ -DPLQDQ )LGXVLD PHUXSDNDQ SHUMDQMLDQ LNXWDQ GDUL VXDWX SHUMDQMLDQ SRNRN \DQJ PHQLPEXONDQ NHZDMLEDQ EDJL SDUD SLKDN XQWXN PHPHQXKL VXDWX SUHVWDVL 3DVDOD\DWPHQ\DWDNDQ ³SHPEHEDQDQ EHQGD GHQJDQ MDPLQDQ ¿GXVLD GLEXDW GHQJDQ DNWD QRWDULV GDODPEDKDVD,QGRQHVLDGDQPHUXSDNDQ DNWDMDPLQDQ¿GXVLD´ 3DVDOPHQ\DWDNDQ $NWD MDPLQDQ ¿GXVLD PHPXDW LGHQWLWDV SHPEHUL GDQ SHQHULPD ¿GXVLD GDWD SHUMDQMLDQSRNRN\DQJGLMDPLQ¿GXVLD XUDLDQ PHQJHQDL EHQGD \DQJ PHQMDGL REMHNMDPLQDQ¿GXVLDQLODLSHQMDPLQDQ GDQ QLODL EHQGD \DQJ PHQMDGL REMHN MDPLQDQ¿GXVLD
F 3 H Q G D I W D U D Q M D P L Q D Q ¿ G X V L D 3HQGDIWDUDQMDPLQDQ¿GXVLD\DQJGLDWXU GDODP 3DVDO D\DW GDQ 3DVDO D\DW3DVDOD\DWPHQ\DWDNDQ EDKZD EHQGD \DQJ GLEHEDQL MDPLQDQ ¿GXVLD ZDMLE GLGDIWDUNDQ 6HGDQJNDQ SDGD 3DVDO D\DW PHQ\DWDNDQ EDKZD SHQGDIWDUDQ MDPLQDQ ¿GXVLD VHEDJDLPDQDGLPDNVXGGDODP3DVDO D\DW GLODNXNDQ SDGD NDQWRU SHQGDIWDUDQ¿GXVLD8QWXNSHQJDOLKDQ MDPLQDQ¿GXVLD\DQJGLDWXUGDODP3DVDO GDQ 6HGDQJNDQ XQWXN HNVHNXVL MDPLQDQ ¿GXVLD \DQJ GLDWXU GDODP3DVDOVG3DVDO
(NVHNXVL 5R\DOWL +DN &LSWD GDODP -DPLQDQ)LGXVLD
%HUGDVDUNDQ NHWHQWXDQ GDODP 8QGDQJ ± 8QGDQJ -DPLQDQ )LGXVLD NUHGLWRU GDSDW PHODNXNDQ XSD\D SHOXQDVDQ HNVHNXVL \DLWX
D 'HQJDQ FDUD PHODNXNDQ SHQMXDODQ REMHN MDPLQDQ DWDV NHNXDVDDQQ\D VHQGLUL DWDX \DQJ NHPXGLDQ GLVHEXW
SDUDWHHNVHNXVL
E 'HQJDQPHQJJXQDNDQWLWHOHNVHNXWRULDO PHODOXL .HWXD 3HQJDGLODQ 1HJHUL 6HGDVDU GHQJDQ 3DVDO 8QGDQJ 8QGDQJ -DPLQDQ )LGXVLD $SDELOD GHELWRU DWDX 3HPEHUL )LGXVLD FLGHUD MDQML HNVHNXVL WHUKDGDS %HQGD \DQJ PHQMDGL REMHN -DPLQDQ )LGXVLD GDSDW GLODNXNDQ GHQJDQ FDUD 3HODNVDQDDQ W L W H O H N V H N X W R U L D O V H E D J D L P D Q D GLPDNVXGGDODP3DVDOD\DWROHK 3HQHULPD )LGXVLD 6HUWL¿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
'DODP PHODNVDQDNDQ HNVHNXVL UR\DOWL KDN FLSWD GDSDW GLODNXNDQ ROHK %DQN GHQJDQ SDUDWH HNVHNXVL \DQJ VHGDVDU GHQJDQHNVHNXVL-DPLQDQ)LGXVLDSDGD 3DVDOD\DWKXUXIE8QGDQJ± 8QGDQJ-DPLQDQ)LGXVLD
³$SDELOD GHELWRU DWDX 3HPEHUL )LGXVLD FLGHUD MDQML HNVHNXVL WHUKDGDS %HQGD \DQJ PHQMDGL REMHN -DPLQDQ )LGXVLD GDSDWGLODNXNDQGHQJDQFDUD
G 3HQMXDODQ %HQGD \DQJ PHQMDGL REMHN -DPLQDQ )LGXVLD DWDV NHNXDVDDQ 3HQHULPD )LGXVLD VHQGLUL PHODOXL SHOHODQJDQ XPXP VHUWD PHQJDPELO SHOXQDVDQ SLXWDQJQ\D GDUL KDVLO
SHQMXDODQ´
0HNDQLVPH SHODNVDQDDQQ\D EDKZD 5R\DOWLKDNFLSWDVHEDJDLLPEDODQGDUL SHQHUELW \DQJ PHUXSDNDQ KDN WDJLKDQ GLPDVD PHQGDWDQJ XQWXN GHELWRU WHUVHEXW GDSDW GLMXDO ROHK %DQN VHEDJDL NUHGLWRU 'HQJDQ DGDQ\D UHNHQLQJ WDEXQJDQ VHEDJDLVDOGRGDUL SHPED\DUDQ UR\DOWL GHELWRU GDUL SHQHUELW WHUVHEXW GDSDW GLFDLUNDQ GLXDQJNDQ DWDX GLMXDO ROHK %DQN DSDELOD GHELWRU ZDQSUHVWDVL WHUKDGDS %DQN GDODP SHUMDQMLDQ DQWDUD NHGXD EHODKSLKDN
& 6LPSXODQ
%HUGDVDUNDQ SHPEDKDVDQ GL DWDV PDND GDSDW GLWDULN VLPSXODQ VHEDJDL EHULNXW
.DUDNWHULVWLN UR\DOWL KDN FLSWD EXNX \DLWX %HUODNX VHXPXU KLGXS SHQXOLV GLWDPEDK WDKXQ VHWHODK SHQXOLVQ\D P H Q L Q J J D O 9D O X H \ D Q J V H O D O X EHUWDPEDK 'DSDW PHQJKDVLONDQ E H E H U D S D U R \ D O W L O D L Q Q \ D G D Q 3HQGDSDWDQ \DQJ EHUNHODQMXWDQ RQ JRLQJEHQH¿WV6HEHQDUQ\DUR\DOWLKDN FLSWD EXNX VXGDK PHPHQXKL V\DUDW VHEDJDLMDPLQDQ\DLWXPHPSXQ\DLQLODL H N R Q R P L V G D Q G D S D W G L S L Q G D K WDQJDQNDQ
'DODP PHODNVDQDNDQ HNVHNXVL UR\DOWL KDN FLSWD GDSDW GLODNXNDQ ROHK %DQN GHQJDQ SDUDWH HNVHNXVL \DQJ VHGDVDU GHQJDQHNVHNXVL-DPLQDQ)LGXVLDSDGD 3DVDOD\DWKXUXIE8QGDQJ± 8QGDQJ-DPLQDQ)LGXVLD '$)7$53867$.$ %XNX $EGXO+D\0DUKDLQLV+XNXP3HUGDWD <D Q J $ N D Q % H U P D Q I D D W % D J L 3HUEDQNDQ&HW.H %DGDQ 3HQHUELW <D\DVDQ 3HPELQDDQ .HOXDUJD 831 9HWHUDQ ) U L H G P D Q :R O I J D Q J / D Z L Q D &KDQJLQJ 6RFLHW\ 3HQJXLQ %RRNV 0LGGOHVH[ -HQHG5DKPL +DN .HND\DDQ ,QWHOHNWXDO 3HQ\DODKJXQDDQ +DN
(NVNOXVLI$LUODQJJD8QLYHUVLW\3UHVV +XNXP+DN&LSWD&RS\ULJKWV /DZ&LWUD$GLW\D%DNWL%DQGXQJ - U :L O O L D P ) R [ , Q W H U Q D W L R Q D O &RPPHUFLDO$JUHHPHQWV%RVWRQ86$ .OXZHU/DZDQG7D[DWLRQ3XEOLVKHU 0DKPXG 0DU]XNL 3HWHU SHQHOLWLDQ
KXNXPHGLVUHYLVL3UHQDGDPHGLD*URXS 5RLVDK .KROLV.RQVHS +XNXP +DN .HND\DDQ ,QWHOHNWXDO +., 6HMDUDK 3HQJHUWLDQGDQ)LORVR¿3HQJDNXDQ+., GDULPDVDNHPDVD6HWDUD3UHVV0DODQJ 6XMDWPLNR$JXQJ 3HUNHPEDQJDQ +XNXP3HUGDWDGL,QGRQHVLD%DJLDQ; 3HQJXDWDQ .HEHEDVDQ %HUNRQWUDN GDQ ,WLNDG%DLNGDODP3HUMDQMLDQ
/LVHQVL 0HUN 7HUNHQDO /DNVEDQJ *UD¿ND 6WURQJ:LOOLDP67KH&RS\ULJKW%RRN $ 3 U D F W L F D O * X L G H 7 K H 1,5&DQEULGJH 6 'RUULV0DOFRP 7KH 6HFXULWL]DWLRQ RI'UXJ5R\DOWLHV$1HZ(OH[LU*OREDO 6HFXULWL]DWLRQ 'LVHUWDVL 5DKPDK0DV6HNXULWLVDVL+.,XQWXN S H Q H U E L W D Q 6 X N X N 8 Q L Y H U V L W D V $LUODQJJD -XUQDO'DQ0DNDODK 5DKPDK0DV6LQDU$\X:XODQGDULGDQ)L¿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´.HMXWNDQ 3 H Q J X Q M X Q J 3 D P H U D Q % X N X ´ 6XU\DNHLQJLQDQSHQHJDNKXNXP 3HUDWXUDQ3HUXQGDQJ±8QGDQJDQ %XUJHUOLMN:HWERHN%: 8QGDQJ±8QGDQJ1R7DKXQWHQWDQJ -DPLQDQ)LGXVLD 8QGDQJ8QGDQJ1R7DKXQWHQWDQJ +DN&LSWD
