e structures with varying degrees of civil war. As Zalmay Khalilzad, former ambassador to Afghanistan, Iraq and the United Nations, and president of Gryphon Partners, wrote recently, “the national borders devised by Western powers for Iraq and Syria, in particular, are not standing up well to the test of

imate Brands"), which consisted of the Company's Vi=toria's Secret Stores, Victoria's Secret Catalogue, Bath & Body Works, Caci=ue, Penhaligon's and Gryphon businesses, resulting in a gain of approximately $649 million. After this offering, the Company retained approximately 83% of the economic interest