the Independent Financial Advisor’s Opinion is the definitive and official document and shall prevail in all aspects in the event of any inconsistency with this English Translation. Attachment no. 16
traction, buoyed by both domestic and international factors. However, the business sector faced rising challenges, namely various forms of competition, a borderless marketplace within the ASEAN Economic
in order to stabilize the financial system. Nevertheless, as the COVID-19 situation has shown no clear sign of improvement and may persist throughout the first half of this year or beyond, pending the
consumption to decline. Especially, from the tourism sector and airlines had to suspend services. With the culmination of events being the declaration of the state of emergency and social distancing policies
arrivals for the first 8 months of 2017 totaling 23.5 million, an increase of 5.4%. Nevertheless, several domestic factors pending recovery still remain 1) Agricultural sector - with farm income showing
area and also from the decline in construction material sales in line with the slowed down in the real estate sector. Additionally, investment in machinery and equipment also contracted as exhibited by
from the decline in construction material sales in line with the slowed down in the real estate sector. Additionally, investment in machinery and equipment also contracted as exhibited by the decline in
expansion due to ongoing recovery in private consumption and the tourism sector during the festive season, despite delayed government budget disbursement. Overall, AIS reported core service revenue of