Microsoft Word - 2020.02.11_FY 2019_MACO_MDA_EN_Final MANAGEMENT DISCUSSION & ANALYSIS 2019 11 Feb 2020 MASTER AD PUBLIC COMPANY LIMITED 1 YEARLY BUSINESS HIGHLIGHTS – 2019  Consolidated revenue

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Clause 2, the derivatives dealer shall ensure efficient prevention of conflicts of interest and access to inside information between operational unit and personnel, risk management in business operation