the malone complex presentation - 2014.11.19 vpublic

7/21/2019 The Malone Complex Presentation - 2014.11.19 VPublic

1/43

Pbi Hgcoei Aohpcix

G Qtu`y fe Jfegeafgc Lrfccfgeai

B. Divfe Lyue

Eovihlir 70

@IEGCF FEZIQPO\Q, CCA


2/43


Aoetiets

Lgadmroue` 1

Arigtfem Cflirty Hi`fg - 7667 2

Pbi Cflirty Ietftfis 79

Zgcugtfoes 11

Qohi Bfstory 91

\ijirieais :> hfccfoe wortb oj gssits jroh

PAF, roumbcy bgcj tbi vgcui fe aglci systihs ge` tbi otbir bgcj fe

promrghhfem stgdis, hostcy hfeorfty fetirists fe shgcc ge` cgrmi

abgeeics.


12/43


Arigtfem Cflirty Hi`fg - 7667

Qourais; Vou Age li g Qtoad Hgrdit Miefus. Aglci Aowloy. Jfcfems.

Cflirty Hi`fg riturei` 79x tbi feftfgc fevisthietfe two yigrs Qbgriboc`irs riaifvi` rfmbts tbgt ietftci` tbih to ixabgemi sohi oj

tbifr PAF stoad jor sbgris fe tbi eiw aohpgey

Cflirty wgs fssufem g hgxfhuh oj oecy PAF sbgris. Igab rfmbt + 7: sbgris ojPAF (gt $7:) 8 7 sbgri oj Cflirty Hi`fg! 8 $


13/43



Qourais; Vou Age li g Qtoad Hgrdit Miefus. Aglci Aowloy. Jfcfems.

Hgcoei wgs mrgeti` eoetrgesjirglci optfoes to purabgsi 7>>,>>>

sbgris oj Cflirty gt prfai pir sbgri iqugc to $


14/43



Qourai; Aglci Aowloy; Kobe Hgcoei ge` tbi \fsi oj tbi Ho`ire Aglci Lusfeiss

Ly tbi suhhir oj 7661, sbgris tbgt feftfgccy soc` jor $>, sie`fem Hgcoeis fevisthiet oj $0>h

Jor Hgcoei, tbi trgesgatfoe wgs icimget mfvie tbi mgfes aghi wftbout

ieorhous feaohi tgxis, sfeai ft wgs struaturi` vfg stoad swgps,wbfab wiri eot tgxglci


15/43


Pbi Cflirty Ietftfis


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Hgcoeis Gcpbglit Qoup

CHAG / CHAL / CHAD (Cflirty Hi`fg)

CL\@G / CL\@L / CL\@D (Cflirty Lrog`lge`)

WZAG / WZAL (Cflirty Fetirgatfvi)

CZEPG / CZEPL (Cflirty Zieturis)

CP\^G / CP\^L (Cflirty PrfpG`vfsor)

CLPVG / CLPVL / CLPVD (Cflirty Mcolgc)

QP\[G / QP\[L (Qtgrz)

Euhirous otbir aurriet ietftfis (@FQAG / @FQAL, GQAHG / GQAHL,

IR^I G/L, P\F^ G/L)

Euhirous otbir privfous ietftfis (PAF Zieturis, PAF Fetc, CQP[G /

CQP[L, CAG^G / CAG^L, CH@FG / CH@FL)


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Hgcoei Qtrgtimy - Pbi Jcywbiic

Agsb jcow, ILFP@G pfoeiir

Pgx ijjfafieay / tgx `ijirrgc

Eit opirgtfem cossis, tgx sbfic`

Civirgmi, lucdbig`s

Iqufty sbrfed, opportuefstfa

Qyeirmfis / Qagci, borfzoetgc / virtfagc

Aost / Agpix ri`uatfoe

Qpfeojjs / \ivirsi Horrfs Prust / Hirmirs

Prgadfem stoads

Qtoad swgp / ixabgemis

Bgr` / sojt aoetroc, votfem stoad

@iaietrgcfzgtfoe

Kofet Zieturis


18/43


Abroeocomy


19/43


Ietfty Quhhgry

CHAG / CHAL / CHAD (Cflirty Hi`fg) - Boc`s QF\F, CVZ, otbir gssits CL\@G / CL\@L / CL\@D(Cflirty Lrog`lge`) - Boc`s ABP\, P]A,

otbir gssits

WZAG / WZAL (Cflirty Fetirgatfvi, Prgadfem stoad) - Boc`s WZA, BQEF,

otbir gssits

CZEPG / CZEPL (Cflirty Zieturis, Prgadfem stoad) - Boc`s IR^I, P]A,

ixabgemiglci `ilt, otbir gssits, tbi pulcfa bi`mi jue`

CP\^G / CP\^L (Cflirty Prfp G`vfsor Boc`fems) - Boc`s P\F^, Luy

Qigsoes

CLPVG / CLPVL / CLPVD (Cflirty Mcolgc) - Fetiregtfoegc aglciaoesocf`gtfoe

QP\[G / QP\[L (Qtgrz) - Aoetiet ietfty spfeojj jroh CHAG


20/43


CFEPG + CZEPG - 72.7>

CZEPG wgs spue ojj jroh CFEPG Gumust 7>, 7< gt$0> pir sbgri. Fe Eov 71, CZEPG fs $7 pir sbgri

CFEPG sbgris 8 7 CZEPG sbgri

1 CZEPG sbgris 8 7 \fmbt gt g % `fsaouet to `gy Z]G^

Gssits feacuì ûlcfa Boc`fems (P\F^, IRÎ, P]R, P]A, FFCM, P\II, GOC) +Agsb + Pgx g`kusthiets

Cfglfcftfis feacuì tgx-g`vgetgmi` ixabgemiglci ilt

Eo `gtis wiri mfvie fe gey jfcfems (to diip fevistors muissfem)

Oecy gpprovi` spfeojj oe Gumust 2, 7


21/43


CZEPG + CP\^G - 70.>2.


22/43


CFEPG 8 WZAG + \igttrflutfoe 70.7>.

CFEPG liaohis WZAG + \igttrflutfoe

WZAG (WZA Mroup)to boc` WZA ricgti` gssits, BQEF stgdi, AE\ stgdi,

Agsb, Airtgfe Cfglfcftfis

iAohhirai gssits (suab gs ^rovf`i Aohhirai, JP@ stgdi, Lgadaouetry.

aoh, Lo`ylufc`fem.aoh, Ivfti.aoh), Agsb, Airtgfe Cfglfcftfis

7 WZAG Qbgri 8 7 CFEPG Qbgri

iAohhirai gssits ($7.9l) + $7l agsb 8 :2h CZEPG sbgris

Qipgrgtfoe to bfmbcfmbt vgcui oj WZAG ge` iAohhirai gssits

Bfmbcfmbt mrowtb, hgrmfe ixpgesfoe, bf``ie gssits

Aoetfeui` gaaritfvi sbgri luylgads


23/43


WZA Mroup WZA Mroup, g trgadfem stoad (privfouscy CFEPG trgadfem stoad), aoesfsts oj

WZA, 12% oweirsbfp oj BQEF, ge` airtgfe gssits

Bfmbcfmbtfem WZA ieglcis g acigeir aohpgrglci gegcysfs

Qfhpcfjfi` struaturi gccows jor hori tgrmiti` sbgri ripurabgsis ge`

iqufty feaietfvis

WZA fs tbi cgrmist bohi sboppfem eitword fe tbi YQ

WZA bgs ge gttrgatfvi hgrmfe ge` agsb jcow projfci

Gttrgatfvi austohir lgsi tbgt ixbflfts stglci ge` bglftugc iemgmihiet

gatfvfty Quaaissjuc trgesftfoe to holfci ge` oecfei

Qfmefjfaget ripurabgsi gatfvfty

Ixpge`fem ojj-lgcgeai sbiit vgcui

WZAG Quhhgry


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Cflirty Zieturis CZEPG, g trgadfem stoad, fs g aocciatfoe oj `fvirsfjfi` fevisthiets

CZEPG aoesfsts oj IRÎ, FFCM, P\II, P]A, P]R, Qocgr, Agsb, Airtgfe

Cfglfcftfis

\igttrflutfoe trgesgatfoe risucti` fe g huab cgrmir pro jorhg ietfty wftb

sagci ge` g lrog` hge`gti

G``ftfoe oj tbi `fmftgc aohhirai gssits tbgt feacuì Lgadaouetry.aoh,

Lo`ylufc`fem.aoh, AohhiraiBul, Ivfti, ^rovfì Aohhirai (JP@

trgesgatfoe), ge` Pbi \fmbt Qtgrt

ôtietfgc to uecoad vgcui ihli`ì` fe `fmftgc aohhirai gssits ^ro jorhg agsb ixpiati` to li $


25/43


Cflirty PrfpG`vfsor Boc`fems CP\^G wgs arigti` 70.>2.


26/43


CHAG + CL\@G - 70.77.>9

CHAG spfeojj oj CL\@G CHAG (Cflirty Hi`fg) boc`s QF\F, CVZ, otbir gssits

CL\@G (Cflirty Lrog`lge`) boc`s ABP\, P]A, otbir gssits

7 CHAG sbgri 8 >.


27/43


Cflirty Hi`fg CHAG fs g boc`fem aohpgey wbfab owes vgrfous aoetroc ge` eoe-aoetroc

posftfoes

ûlcfacy trgì` gssits feacuì QF\F ge` CVZ gs wicc gs otbir pulcfa

boc`fems

^rfvgti gssits feacuì tbi Gtcgetg Lrgvis HCL tigh ge` Droiedi Grieg

Aurrietcy, post tbi CL\@G spfeojj, strgtimfa fevisthiets QF\F ge` CVZ

gaaouet jor ovir 2>% oj EGZ jor CHAG

CHAG oweirsbfp oj QF\F fs 9=% ge` aoetfeui` luylgad gatfvfty gt QF\F

sbouc` fearigsi CHAG oweirsbfp ôtietfgc juturi trgesgatfoe to bfmbcfmbt vgcui oj QF\F gssits tbroumb

trgesgatfoe litwiie CHAG ge` QF\F

CHAG Quhhgry


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Cflirty Lrog`lge` CL\@G fs g boc`fem aohpgey tbgt limge trg`fem 70.77.>9

CL\@G fs g puri pcgy oe tbi aoesocf`gtfoe oj tbi aglci feùstry

ûlcfacy trgì` gssits feacuì ABP\ ge` P]A

^rfvgti gssits feacuì Pruiôsftfoe

Qfhfcgr to tbi CZEPG rfmbts ojjirfem, CL\@G wfcc aoeùat g rfmbts ojjirfem

gt g % `fsaouet

ABP\ stge`s to lieijft jroh 7) tbi aurriet AHAQG/P]A hirmir

struaturi (gssuhfem tbi hirmir fs aohpciti`) vfg tbi gssit swgp, gssit

purabgsi, spfeojj oj MrigtCge` (aurrietcy Hf`wist) Aglci, or


29/43


Qtgrz QP\[G fs g pgy ticivfsfoe eitword

QP\[G wgs g spfeojj (tiabefagccy tbi rihgfefem pgriet aohpgey) jroh

CHAG fe 71.>7.72

Hgfe simhiet fs Eitwords wbfab ojjirs tbi Qtgrz ge` Ieaori abgeeics

Oemofem trgesftfoe to fearigsi` orfmfegc promrghhfem, joccowfem tbi

suaaissjuc ixghpcis oj BLO, Qbowtfhi, ge` Eitjcfx

Qulstgetfgc luylgad promrgh ge` gttrgatfvi jrii agsb jcow

Hgegmihiet bgs stgti` tbi comfa oj QP\[G gs pgrt oj g cgrmir aohpgey

(g sgci oj QP\[G)

QP\[G Quhhgry


30/43


CLPVG + CFCG - 79.W7

CLPVG spfeojj oj CFCG CLPVG (Cflirty Mcolgc) boc`s Iuropi aglci, YD aglci, otbir gssits

CFCG (Cflirty CgtGh) boc`s Abfci aglci, ^uirto \fao aglci, otbir gssits

CLPVG sbgri 8 7 CFCG sbgri

Qipgrgtfoe to arigti puri pcgy Iuropige ge` Cgtfe Ghirfage iquftfis

Qipgrgtfoe to bfmbcfmbt vgcui oj CFCG gssits wftbfe CLPVG

Lotb Eiw CLPVG ge` CFCG wfcc li struaturi` gs trgadfem stoads

Gccow igab ietfty to pursui gpproprfgti vgcui arigtfoe pgtb


31/43


Cflirty Mcolgc CLPVG fs g boc`fem aohpgey jor fetiregtfoegc aglci gssits

Iuropige aglci provf`ir, oei oj cgrmist fe tbi worc`

Aori hgrdits YD, Mirhgey, Licmfuh, Qwftzircge`, ge` tbi Eitbircge`s

Borfzoetgc ge` virtfagc gaqufsftfoes

Lieijft oj sulstgetfgc EOCs

Civiri` iqufty sbrfed pcgylood

Eo `fvf`ie` vs piirs

Eiw CLPVG wfcc li struaturi` gs g trgadfem stoad

Arigtfoe oj ietfty to ripcfagti strgtimy jor Cgtfe Ghirfage hgrdits

CLPVG Quhhgry


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Cflirty Cgtfe Ghirfag Ypoe sipgrgtfoe, CFCG wfcc li struaturi` gs g trgadfem stoad

CFCG wfcc arigti g puri pcgy rimfoegc ietfty

CFCG wfcc riprisiet opirgtfoes fe Cgtfe Ghirfag ge` tbi Agrfllige (CfCGA

Mroup)

Feftfgccy, CFCG wfcc bgvi gttrfluti` 7>>% fetirists fe ZP\ McolgcAoh ge`

ZP\ ]friciss, ge` :>% fetirist fe Cflirty Aglcivfsfoe oj ^uirto \fao

CFCG Quhhgry


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Qohi Bfstory


34/43


Qohi Bfstory; Aohpoue`fem gt PAF

Qourai; Pbi Outsf`irs

$7 fevisti` gt tbi limfeefem oj tbi Hgcoei irg fe76=1 wgs wortb ovir $6>> ly 7662


35/43


Qohi Bfstory; Qpfes/Qpcfts gt PAF

Qourai; Pbi Outsfìrs

Cflirty Hi`fg wgs tbi jfrst fe g sirfis oj trgadfem stoads tbgt Hgcoei

arigti`, feacu`fem PAF Zieturis (jor Piciport, Qprfet/ÂQ, ge` otbir eoe

aglci gssits) ge` PAF Fetiregtfoegc (jor PAFs oweirsbfp fe hfsaiccgeious

jorifme aglci gssits)

Hgcoei stgrti` wftb tbi spfeojj oj ]istire Pici-Aohhuefagtfoes

hfarowgvi lusfeiss fe 7627

Ly tbi tfhi oj tbi sgci to GP&P, PAF bg` spue ojj g rihgrdglci sivie

`fjjiriet ietftfis to sbgribocìrs


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* Lgsi` oe tbi aurriet sbgri aouet gt fstrflutfoe/ixabgemi, f.i., gjtir stoad spcfts** Oei ixabgemi rfmbt to tieìr 7: PAF sbgris oj iftbir acgss wiri gwgr i` jor iviry > sbgris bic`

Qourai; A\Q^, PAF Geeugc \iports

Qourai; ]fccfgh Pbore`fdi

Cfstfem pirfo`

@fstrflutfoe/ixabgemi tirhs*

@fstrflutfoe oj 7;7 jor PAF Acgss G

@fstrflutfoe oj 7; jor PAF Acgss G

@fstrflutfoe oj 7; jor PAF Acgss L


@fstrflutfoe oj 7;71 jor PAF Acgss L

Pieìr oj 7;7: jor PAF Acgss G**

Pieìr oj 7;7: jor PAF Acgss L**





Ixabgemi oj


37/43


Qohi Bfstory; FGAF & Lgrry @fccir

Qourai; Fevistors ]icaohi FGA Qpfeojj

Pbi aurriet stgdis fe IR^I, P\F^ (IR^I Qpfe), FFCM, P\II, CVZ (PDPH)

aghi jroh oei aohpgey, FGAF, wbfab orfmfegccy aohpciti` g jfvi-wgy

spfeojj fe >2

Cflirty owei` glout 1>% oj FGAF aohhoe ge` glout :


38/43


Eovihlir 0, 70 -CHAG spfe-ojj oj CL\@G.Cflirty Hi`fg aohpciti` tbi spfe-ojj oj Cflirty Lrog`lge`. Igab bocìr oj Cflirty Hi`fg Qirfis

G/L/A Aohhoe Qtoad (CHAG/CHAL/CHAD)riaifvi` oei-jourtb oj g sbgri oj tbi aorrispoe`fem sirfis oj Cflirty Lrog`lge` Aohhoe Qtoad

(CL\@G/CL\@L/CL\@D). Fhhi`fgticy gjtir tbi spfe-ojj, tbi tgx lgsfs oj igab CHAG/CHAL/CHADsbgri bic` prfor to tbi spfe-ojj wfcc li

gccoagti` litwiie tbi orfmfegc sbgri ge` tbi eiw sbgri fssui` gs pgrt oj tbi spfe-ojj. Agsb wgs fssui` fe cfiu oj jrgatfoegc sbgris. Acfad biri

jor lgsfs gccoagtfoe

Oatolir , 70- WZAG rigttrflutfoe wftb CZEPG.Pbi WZA Mroup (jorhircy rijirri` to gs tbi Cflirty Fetirgatfvi Mroup) ge` Cflirty

Zieturis Mroup aohpciti` g rigttrflutfoe trgesgatfoe tbroumb wbfab tbi WZA Mroup sbgribocìrs ("WZAG ge` WZAL") riaifvi` g `fstrflutfoe

oj >.70 hfccfoe fe agsb wiri rigttrfluti` jroh tbi WZA Mroup to tbi Cflirty

Zieturis Mroup. Agsb wgs pgf` fe cfiu oj jrgatfoegc sbgris. Fhhi`fgticy gjtir tbi rigttrflutfoe, tbi tgx lgsfs oj igab WZAG/WZAL sbgris bic`

prfor to tbi rigttrflutfoe wfcc li gccoagti` litwiie tbi orfmfegc sbgris ge` tbi eiw CZEPG/CZEPL sbgris `fstrfluti`. Acfad biri jor LgsfsGccoagtfoe.

Kucy > p.h. [email protected]. tfhi oe Kucy =, 70, tbi riaor`

`gti jor tbi `fvfìe`, riaifvi` g `fvfìe` oj two sbgris oj Qirfis A aohhoe stoad jor igab sbgri oj Qirfis G or Qirfis L aohhoe stoad bic` ly

tbih gs oj tbi riaor` `gti. Acfad biri jor lgsfs gccoagtfoe

Gumust


39/43


Kgeugry 71, 71 - CHAG spfe-ojj oj QP\[G.Ijjiati` ly Oc` CHA, (f) gcc oj tbi lusfeissis, gssits, ge` cfglfcftfis oj Oc` CHA, otbir tbge Qtgrz,

CCA,wiri aoetrfluti` to Cflirty Qpfeao, Fea., g jorhir sulsf`fgry oj Oc` CHA4 (ff) Oc` CHA wgs rieghi` Qtgrz (QP\[)4 (fff) Cflirty Qpfeao, Fea.

wgs rieghi` Cflirty Hi`fg Aorporgtfoe (Eiw CHA)4 ge` (fv) gcc oj tbi stoad oj Eiw CHAG `fstrfluti` oe Kgeugry 77, 71 to tbi boc`irs oj

riaor` oj Oc` CHA stoad oe tbi riaor` `gti. Acfad biri jor Lgsfs Gccoagtfoe.

Gumust 7>, 7


40/43


Kuei 2, >0,Cflirty Hi`fg Fetiregtfoegc Qpfe Ojj jroh Cflirty Hi`fg; >.>9 sbgris oj CLPVG/CLPVL fssui` jor igab 7 sbgri oj C/CHA.L.

Acfad biri jor Lgsfs Gccoagtfoe.

Oatolir 17, >.>0 trgesjirglci sulsarfptfoe rfmbts fssui` jor igab sbgri oj Qirfis G

aohhoe stoad ge` Qirfis L aohhoe stoad bic`. Igab wboci rfmbt ietftci` tbi boc`ir to purabgsi oei sbgri oj Qirfis G aohhoe stoad gt g

sulsarfptfoe prfai oj $:.>> pir sbgri.

Gumust 7>, >7, Cflirty Hi`fg Qpcft Ojj jroh GP&P; Igab sbgri oj CHM.G/L ixabgemi` oe g 7 jor 7 lgsfs jor sbgris oj tbi eiw Cflirty

Hi`fg Qirfis G ge` Qirfis L Aohhoe stoad, trg`fem oe tbi Eiw Vord Qtoad Ixabgemi ue`ir tbi syhlocs CHA.G ge` CHA.L rispiatfvicy.

Kuei 6, >>,7109 sbgri PAOHG jor igab sbgri oj CLPVG bic` oe Gumust 0, 76604 >.>790< sbgri

PAOHL jor igab sbgri oj CLPVL bic` oe Gumust 0, 7660

Kgeugry 71, 766=,1-jor-< Qtoad Qpcft; 7 g``ftfoegc sbgri oj CLPVG jor iviry < sbgris oj CLPVG ge` CLPVL

Gumust 7>, 7669,`fstrflutfoe oj Cflirty trgadfem stoad; >..6=9 sbgris PAOHG/L jor igab sbgri oj CLPVG/L4 7 sbgri PAOH^ jor igab sbgri oj CLPV^

Hgrab 7=, 7661,


41/43


Gs you cood lgad gt your agriir, wfcc you sbgri sohi ixghpcis oj your host suaaissjuc fevisthiets?

Hy host suaaissjuc fevisthiet fevocvi` oei oj tbi ixiautfvis tbgt F bgvi ge ieorhous ghouet oj rispiat jor, Kobe

Hgcoei.Kobe jor yigrs bigì` up Pici-Aohhuefagtfoes (PAF), wbfab wgs tbi lfmmist aglci aohpgey fe tbi lusfeiss. Fe tbi igrcy

766>s, bi ìafì` to spfe ojj Cflirty Hi`fg, wbfab wgs g aocciatfoe oj PAFs promrghhfem ge` aglci eitword gssits, ge` bi `f` ft

fe typfagc Kobe Hgcoei jgsbfoe. Ft wgs g viry aohpcfagti` spcft-ojj, eot g spfeojj. Pbiy sit up ge ixabgemi rgtfo litwiie

Cflirty ge` PAF tbgt piopci `fèt ueìrstge`. Pbi prospiatus wgs `guetfem. Kobe put cow vgcugtfoes oe tbi gssits, liagusi

eoei oj tbih wiri trgì` pulcfacy. F tboumbt ft wgs ge ieorhouscy gttrgatfvi sftugtfoe.

]i ìafì` wi stfcc covi` PAF. ]i `fèt wget to mfvi up our oweirsbfp, so wi wiet out fe tbi opie hgrdit ge` loumbt ieoumb

PAF sbgris to sulhft feto tbfs spcft-ojj so tbgt wi wouc` owe glout 79% oj Cflirty Hi`fg, gs wicc. Ge` tbie wi gatugccy loumbt

sohi rfmbts ge` tboumbt hgyli wi wouc` uctfhgticy owe 72% or 76% oj Cflirty Hi`fg.

Pwo `gys lijori tbi ìgc acosi`, F mot g agcc jroh Kobe Hgcoei liagusi bi deiw wbgt F wgs òfem.Bi sgf`, Mor`y, ciss

tbge bgcj tbi piopci gri mofem to ixirafsi tbifr rfmbts to trgì feto tbi spcft-ojj, so youri mofem to owe 01% oj Cflirty Hi`fg.

F tgcdi` to our cgwyirs ge` wi jfmuri` out tbgt, gctboumb tbi oweirsbfp cfhft wgs %, wi wiri oecy mofem to bgvi glout 7


42/43


\ijirieais


43/43

\ijirieais

Aglci Aowloy; Kobe Hgcoei ge` tbi \fsi oj tbi Ho`ire Aglci Lusfeissly Hgrd \olfabgux

Pbi Lfccfoegfri Qbicc Mghi; Bow Aglci Lgroe Kobe Hgcoei ge` Gssorti`

Aorporgti Pftges Fevieti` g Juturi Eolo`y ]geti`ly C.K. @gvfs

Ie` oj tbi Cfei; Pbi \fsi ge` Jgcc oj GP&P ly Ciscfi Aguciy

Pbi Outsf`irs ly ]fccfgh Pbore`fdi

Vou Age li g Qtoad Hgrdit Miefus ly Koic Mriielcgtt

Grtfacis

^riss \icigsis

Jfcfems

the malone complex presentation - 2014.11.19 vpublic

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