某咨询中国网通：战略咨询报告完整4

CONTENTKeystrategicprinciplesRegulatoryoverviewMarketoverviewCompetitionoverviewBusinessmodelsNextstepsAGENDABusinessModelsDomesticandinternationallong-distancevoiceWholesale/carrierEnterprisesolutionsIssuesgoingforwardEconomicmodelingChoiceofbusinessmodelstopursueandtimingRoadmapforpursuingbusinessmodelsandexpectedfinancialperformanceIntegratedapproachtoCNCbusinessplanMajor

issuesExpected

outputHowdothemarketsizingandshareassumptionstranslateintooveralltoplinerevenueforCNC?Whatcapitalinvestmentswillbenecessarytobuildoutmetroandlonghaulfibernetworks?PredictedcashflowprofilebybusinessmodelandselectedscenariosAssessmentofmarketopportunitiesHowwillChinadatacommarketdevelop?Howlargeistheoverallopportunityforanewentrant?OverallmarketsizingandrevenueforecastbyproductareaRegulatoryandcompetitiveanalysisWhattypeofregulatoryenvironmentwillevolveinChina?Willequalaccessforvoiceanddatabegrantedandwhen?WhateffectwillWTOhave?RegulatorymappingandCNCsharepredictionsacrossscenariosStrategicimplicationsandcapabilitiesassessmentMETHODOLOGYBEINGUSEDTODEVELOPBUSINESSMODELSANDOVERALLSTRATEGY-CurrentareasoffocusCNCATACRITICALSTRATEGICCROSSROADSPreliminaryConclusionsRecommendations/DecisionstobeMadeOffnetVOIPpredictedtogeneratetoprovidebreakeveneconomicsforbuildingbackbone1

WholesalerevenueprovidessignificantupsidepotentialMajorityofwholesalerevenuereliesonaccesstomobilecarriersEnterprisesolutionseconomicsveryattractive,butsubstantialcomplexityandresourcesinvolvedHigh-bandwidthinternationalgatewaycriticaltosuccessinbothwholesaleandenterpriseEconomicpredictionshighlysensitivetoasetofkeyassumptionsAcceleratevendorselectionandbackboneconstruction;timetomarketcriticalCommitmenttoutilizingIP/DWDMinvlolvesrisktomobilecarrierbusinessRFPtovendorsshouldbebasedonproductrequirementsvs.technologyStagingofinvestmentsandservicelaunchmustconsidertradeoffbetweenqualityofserviceandcoveragePreliminarytalkswithinternationalcarriersshouldbeginASAPScenariomodelingwillhelpusdecidewheretofocusOverarchingquestion:CanCNCsuccessfullypursueallopportunitiesoutlinedintheshort/mediumterm?(1)Assumingsettlementfeesof10%ofrevenueOverallapproachWhereHowBUSINESSMODELSSUMMARY:THREECOREELEMENTSEnterpriseSolutionsCapturedatacomgrowthinkeybusinesscenterswithleading-edgeproductsandsuperiorcustomerserviceTopbusinessdistrictsinmajorurbanareas;onlythemostdenseareasinshorttermFocusedDeploymentLeverageexistingconduitstolayinmajorurbanareasSuperiorserviceandbandwidthTargetCT’sweaknessinserviceandbandwidthUtilizeLMDSinintermediatecitiesandareaswheretimetomarketiscriticalWholesale/CarrierTargetmobilecarriersandISPswithbackbonetransport;considersupplyingfixed-lineincumbentsCoverPOPsinallmajorcallingzones;developlocalleasedlinesnetworkinkeylocationsAggressivedeploymentofbackboneinfrastructuretoprovideunparalleledbandwidthEstablishhighbandwidthinternationalgatewaytodifferentiateinternetaccessSuperiorservicewithclearpositioning“TheclearalternativetoCT”ISPLongdistancevoiceCaptureearlyrevenuefromtofunddevelopmentofsubsequentbusinessmodelsTop60POPsbyendofyear2000utilizingmixofleasedlinesfromCTandCNCnetworkPositionoffnetvoiceasfirstproductfrom“China’sfirstdatacomcarrier”DonotoverextendresourcesinVOIPasitdoesnotfitCNC’slongtermstrategyCreate“dial-around”solutionsforbusinessandinterconnectterms-17930-EnterprisesolutionsPOTENTIALBUSINESSMODELSCOVERWIDERANGEOFPRODUCT/MARKETALTERNATIVESOpportunityforgrowthCurrentmarketsizeWholesale/carrierConsumerISP?DomesticandInternationalLongDistanceVoiceResidentialMed/largeenterprisecustomersCarriersPotentialtrafficperconsumerProductsEmergingdatacomDataVoiceEmergingdatanicheAGENDABusinessModelsDomesticandinternationallong-distancevoiceWholesale/carrierEnterprisesolutionsIssuesgoingforwardAPPROACHTODOMESTICANDINTERNATIONALVOICEBUSINESSMODELObjectivesHypothesizedApproachCaptureearlyrevenuefromlaunchofprepaidIPcallingcards“Cashcow”forfundingotherbusinessmodeldevelopmentPursueprefixandequalaccesslongdistanceforbusinesscustomersassoonaspossibletobeginestablishingrelationshipsManagepricingandproductlifecycleeffectivelytomaximizetotalmarginandavoidinvestingindecliningproductsDonotoverextendourselvesnorblurour“datacom”imageFighttheregulatorybattletoensurefavorableapproachestoequalaccessandinterconnectMarketcallingcardstobusinesscustomersintheshorttermfortravellingpersonnelEmphasizequalityimage/brandtodistinguishfromCTandUnicom--positioncallingcardasfirststepinbecominganextgenerationfullservicesproviderEstablishmechanismstolinkmarketingexpenditureswithrevenueandmargingrowthbyproducttoensureeffectiveinvestmentEmphasizelowcosttargetedmarketingandloyaltyprogramsDonotoverextendAlwaysemphasizeadvancedtechnologyandevolutiontofullservicesprovisionDOMESTICANDINTERNATIONALVOICESUMMARYPreliminaryEconomicsPhaseICapEx(2000,2001):~3.8BRMBFiber/construction:~2.4BRMBIP/DWDMequipment:~720MRMBPOP/VOIP:~530MRMBOSS/Networkmanagementsystem:~100MRMBOpExexpectedtobe~30%ofrevenueby2002Marketshareandrevenueestimates-2002OffnetDLD:30%OffnetILD:30% ~$2BRMBIPIntl.termination:27%5yearNPV:Essentiallybreakevenconsideringoffnetvoicealone1KeyIssuestobeAddressedInterconnectagreementswithlocalPTA’s;attempttoobtainblanketpolicyfromMIIInternationalgatewaylicenseandconnectivitySettlementchargescommensuratewithVOIPpricingDevelopmentofbusinessoffnetstrategyScalable“dial-around”solutionsinshorttermEqualaccesslongertermQualityofserviceforvoice,mustapproachswitchedqualityrapidlyPointofdiminishingreturnsforaddingVOIPgatewaysvs.strategicvalueofprovidingcoverage(1)HighlysensitivetosettlementfeesLARGEMARKETWITHPOTENTIALTOGAINSHAREQUICKLYNewentrantstypicallygainsharequicklyExample:IDDandDLDservicesMarketsizeable-off-nettrafficaccountsfor~15%oftotalDLD/ILDrevenueby2004Source:ChinaTelecomannualreports;CNC’steaminputs;BCGsurveys,analysis&benchmarkingYearafterentryOptus(DLD)Tele2(DLD)Mercury(DLD)HongKong(IDD)Japan(IDD)US(IDD)(RMBBN)DLDOn-NetDLDOff-NetILDOn-NetILDOff-Net(%)CAREFULMANAGEMENTOFPRE-PAIDCALLINGCARDBUSINESSNECESSARYTOALIGNWITHLONGTERMSTRATEGYPrepaidcallingcardscallfordifferentcapabilitysetandtargetcustomersthanlongertermbusinessmodelsFocusonconsumerswillnotcomplementlongtermvisionofprovidingenterprisesolutionsMassadvertisingandmarketingaroundalow-costpositionmaynotfitimagerequiredforfutureneedsThreefactorsimportanttoconsiderinmanagingprepaidcallingcardbusinessAttempttopositioncardsinmarketingmessagesasthefirstproductfromacompanythatisbuildingthemostadvancednetworkinPRCConsidersellingcardstobusinessesfortheirtravelingpersonneltobeginestablishingenterpriserelationshipsCarefullymanageproductlifecycletobeginpullingbackmarketinginvestmentaswholesaleandenterprisebusinessmodelsgrowCNCVOIPREVENUEANDMARKETSHAREEXPECTATIONSSource:CNC’steaminputs;variousbenchmarks;BCGanalysisVoicerevenueShareassumptionsCNCRevenue(RMBBN)Off-NetDLD%oftotalCNCrevenue100%76%37%30%23%16%Off-NetILDInternationalTermination19993%80%1%3%80%1%5%80%0%Off-NetDLDOff-netshareoftotalDLDGeographiccoverageofCNCCNCsharewithincoverageOff-NetILDOff-netshareoftotalILDGeographiccoverageofCNCCNCsharewithincoverageInternationalTerminationIPshareoftotalGeographiccoverageofCNCCNCsharewithincoverage200010%60%25%11%60%25%11%60%20%200117%75%29%18%75%29%18%75%25%200223%90%33%26%90%33%24%90%30%200330%100%30%33%100%30%30%100%30%200432%100%28%35%100%28%35%100%31%PRELIMINARYECONOMICSFORLONGDISTANCEVOICEMODEL(PHASEIBUILDOUT)

VOIPRevenueAloneJustifiesBuildingBackbone5yearPV(1)(MRMB)CapEXOpExRevenue5yearNPV@15%:~-500MRMB5yearIRR:~12%EssentiallybreakeveneconomicsforoperatingbackboneforVOIPonlyVOIP(2)BackboneconstructionBackboneInternationalterminationIDDDLDIPPOP/AccessplatformOSSPresentvalueofcashflows(1)Assuming15%costofcapital(2)Includingsettlementchargesestimatedat10%ofVOIPrevenue,andmarketing/salesat10%ofrevenue(3)BackboneOpExchargesallocated1/3eachtoVOIP,wholesale,andenterprisebusinessmodeleconomicsSource:BCGbenchmarkdatabase;industryinterviews;BCGanalysisAGENDABusinessModelsDomesticandinternationallong-distancevoiceWholesale/carrierEnterprisesolutionsIssuesgoingforwardAPPROACHTOWHOLESALE/CARRIERBUSINESSMODELObjectivesHypothesizedApproachDevelopwholesalebusinessastrafficgeneratortoimproveeconomicsofbackbonethroughhigherutilizationBecomethewholesalecarrierofchoicewithtechnologicallysuperiorserviceofferingsincludinghighbandwidthinternationalgatewayconnectivityConsiderwholesalingaccesstoCT,Unicom,andJitongdependingoncompetitiveimplicationsSuperiorcustomerservicewithclearpositioning“TheclearalternativetoCT”AggressivedeploymentofbackboneinfrastructureConnectingtop15citiesbyendof2000andexpandingtotop50citiesby2002Seekpartnershipstoestablishhighbandwidthinternationalgatewayconnectivity--absolutelyessentialfordifferentiatingCNCofferingDevelopinterconnectioncapabilitiesinallmajorPOPsandmobilebasestationsinkeygeographicallocationsWholesaleaccesstoincumbentproviderswherefeasible,butdonotwholesalesourcesofcompetitiveadvantage(e.g.,enhanceddataservicessuchasIPVPNs)RolloutproductofferinginstagedmannertoensurequalityofserviceInternetconnectivityMobileinterconnectAccessportstobackboneWHOLESALE/CARRIERSUMMARYPreliminaryEconomicsPhaseICapEx(2000,2001):~100MRMBISPaccessplatform:~50MRMBOSS/Provisioningsystems:~50MRMBOpExexpectedtobe~10%ofrevenueby20021Marketshareandrevenueestimates-2002Mobile(backbone):15%ISPs:9% ~1.1BRMBAccessports:100%2Darkfiber:100%25yearNPV:~$2.1BRMBAssumeslaunchdateof3Q2000forleasedlinesandrelativelyaggressivemobilesharesPotentiallytoooptimisticKeyIssuestobeAddressedBackbonetechnologyplatform-QOSforvoicevs.lowercostdeployment?High-bandwidthinternationalgatewayparamounttodifferentiatingISPaccessFavorableregulatorybackingforcourtingregionalCTmobilecarriersEnsuringexistingVOIPgatewayscanservewholesaleneedsRevenueopportunityofwholesalingdarkfibervs.enablingcompetitionOrganizationalchallenges(1)IncludingallocationofbackboneOpEx(2)MarketestimatesbasedonrevenuegenerationbyCNCalonePOTENTIALWHOLESALECUSTOMERSINCLUDEISPs,MOBILEOPERATORS,ANDFIXEDLINECARRIERSISPsoffersignificantpotentialifCNCcanprovidesuperiorbandwidthaccessandtointernationalgatewayCurrentsatisfactionamongregionalISPsverylowInternationalgatewaylicenseinconjunctionwithhighbandwidthtrans-oceaniccarrieralliancecouldprovidevastlysuperiorserviceMobilecarrierswillbesearchingforlowercostalternativestocarrylongdistancetrafficduetointensifyingcompetitionCNC’snewhighcapacityVoIPnetworkandinternationalgatewaylikelytoyieldlowercostsFixedlinecarrierspotentiallylookingforalternativesExistinglong-haultransportinfrastructurelimitedChinaTelecomcouldevenbeapossiblecustomergivencurrentfocusonincreasingresidentialteledensityOVERALLWHOLESALEMARKETSIZEISSUBSTANTIAL

ANDGROWINGATAMODESTRATE

AnticipatedPriceDecreaseinLeasedLinesLimitsOverallRevenueGrowthLeasedLines-ISPMarketSize(RMBB)15TotalLeasedLines-Mobile99’-04’CAGRAccessPortsLeasedLines-Paging1818202226284%41%1%152%(1)9%(1)01’-04’CAGRSource:CNCteaminputs;foreignbenchmarks;BCGanalysisDarkFiber68%(1)CARRIERSSEEKINGALTERNATIVES...ISPsdefinitelyseekingalternativestoCTMobilecarrierslikelytofollow“Weneedatelecomserviceproviderthatisnotourcompetitor.”- Founder,Eastnet“ChinaTelecom,withtheirownnetworkdevelopmentplans,tendstostarveusoncapacityortoforceustopayinadvanceforexcesscapacity.”- Manager,Infohighway“ThefactthatittakesChinaTelecomtwomonthseverytimeweneedanextralinemakesitverydifficulttohaveourowncustomers.Wewantanotheroperatorwhocangetusleasedlinesfast.”- Manager,InfohighwayMobilecarriersmightconsiderdivertingpartoftheirtraffictoalternativeserviceproviderswith:moreattractivepricinghigherqualityservicehigherbandwidthInterviewswithregionalmobilecarriersandUnicomneedtobeconductedtoverifypotential…BU议TT难ECH林NOL倘OGI挪CAL界LI廊MIT躺ATI协ONS快AN慢DC凝OMP貌ETI尤TIV悠EC碰HAL州LEN悄GE孙ARE垮IM惕POR帖TAN伶TF德ACE扬TS田TO墓MAN盲AGECom欢pet稍iti沈ve巡寿Cha斗lle欺ngeTech脉nolo奸gica吓lLi群mita验tion殊sMob陷ile孝ca撑rri干ers影ma酷yb跃eh眠esi狂tan不tt党ou珍se框VOI叙Pt构ech鞭nol匆ogy载fo松rp淡rim新ary写ap吴pli樱cat柿ion伐sCarr矿iers宇cur主rent库lya掠ddre兵ssin史gso锻und拍qual惭ity拌asa居maj波ori剥mpro妻veme旷nti摘niti板ativ把eVOIP压has锯yet听to胖deli仰ver溜toll纹-qua畅lity阻voi萍cet旋rans唯miss霜ion,矮eve油non恨lan器dlin免eMob它ile敏ca贸rri教ers挑ma闲yt垦ake怖vi匙ew塌tha乡丰tV智OIP怜co傲uld状fu槐rth项er用deg欧rad般ev挪oic榜eq扶ual斩ityChin核aTe表leco示mli矛kely砌to鸟have机adv抛anta织gei聪nco罢mpet欲ing蛛shar征eof耐CT拒Mobi费le’s幻玉bus允ines胸sStr访ong苍fo券rme糠ri饿ntr映a-C捡Tc唐onn乘ect宝ion奶ev着en刷aft叙er仓spl蹈itExte陡nsiv僵eba真ckbo爷nec扰over忘age区and粥larg挣eTD窑Mba撑sed道capa刷cityUnic励omM糊obil炸eSe稀rvic翠es’著busi豪ness付as姜toug劝hta绪rgetBuil总dpr远esen书ceb耐yof雨feri榴ngl神ow-c稠osttri专als趟an级db稼ack爷up险cap塞aci瓦tyLobb嘴yfo兽rcl痒ear体regu情lati易onf涨rom卖MII受onfree掉dom绣ofc婶hoic览efo武rca掩rrie厘rsPRED隔ICTE晶DWH邻OLES抢ALE李ECON目OMIC裹SAD壤DSI赔GNIF龄ICAN躬TVA裕LUE姓TOV爷OIP督BUSI民NESS学MOD拆ELAdd顾iti果ona近lC顺apE吃xa么nd麦OpE焦xM奴ini及mal5year鬼PV(1)(MR平MB)Cap嫌EXOpExReve多nue5year管NPV筒@15%识:~2.蛋1BR耍MB5yea洋rI炎RR:~40蔑%Whol带esal金ecr鼻itic蚊alt得oen推hanc晨ing掀prof坡itab驰ilit压yof础bac蓬kbon宽eVOI脊PBack督bone果all炊ocat私ionDar抵kF医ibe妹rAcc袋ess鄙po仆rtsISP捷sMob姓ile粥op蝇era寨tor蚊sVOI受PVOI开PISP烈ac尘ces判sOSS(1)Assu叨ming溪15%担cos底tof口cap卖italSou吸rce求:口BCG蜜be秀nch洗mar跑kd害ata际bas丙e;钩ind安ust源ry遵int蜘erv领iew邮s;菊BCG各an咐aly语sisOSS净/pr木ovi橡sio展nin港gPre厌sen握tv演alu组eo暂fc超ash寻fl戴ows8,0逆007,00闸05,00赔01,00继06,0妙00-3,争000-4,信000AGEN梯DABusi水ness傅Mod戒elsDome扰stic装and今int散erna欠tion河all缠ong-诱dist唱ance脂voi兼ceWhol饥esal芬e/ca事rrie珠rEnt衔erp绣ris翁es求olu黎tio用nsIssu良esg什oing伶for排wardAPPR锐OACH有TO块ENTE渴RPRI详SES乌OLUT裕IONS踩BUS影INES糊SMO锯DELObj鄙ect诞ive储sHyp存oth名esi讯zed唉Ap剧pro殿achCapt视ure断stro假ngs匀hare告amo留ngm立ediu豆m/la谨rge银busi吼ness期by辟offe贩ring悟enh练ance乳dda香taco包mso言luti左onsGoa丸lt丘oe蛇sta贝bli埋sh缸cle梅ar相pos采iti伞on杨as味bes喇ts呜erv疑ice亏/qu陡ali蔑ty于pro裙vid谨er等in断maj艰or恰mar索ket沙sUtil卸ize首most桑cos窝tef任fect域ive野depl预oyme题ntt们echn呜olog初ies鄙toc黎over静maj顾orm牺etro演are落asMin钢imi爽ze卵hea督d-t誉o-h钻ead召co毯mpe们tit皮ion口by记of绢fer型ing耗di滑ffe匀ren寸tia肝ted召,d寺ata仁-ce男ntr支ic颈pro富duc雹ts-转-at桥tem次pt漂to烦dri虑ve饰dat舟aco筑mm哑ark票etDev尼elo刺pi爸mag名ea结sf恰ast私,r久esp蹦ons我ive腐so挡lut补ion赚sp勉rov篮ide孔rEnab论lec严ompe服titi诵vea锦dvan殃tage乌for魂bus饮ines鉴scu爆stom略ers舌thro算ugh存data贪comFor枪bu酬ild甚ing轿ma均nag女ers至:脚mak困et换hei阀rb醋uil大din望gs颜mor缘瑞ea熊ttr削act茫ive佣to洲te唤nan治tsDep亮loy鞠men赤tt斜ot迟arg到et砍key爬bu科ild符ing暂si身nm碌ajo田rm铸etr仰opo粗lit雹an稠are凶asFour络cit孕ies受byy牵ear彻2000循/01Top谨15c卖itie兴sby成200狱1Fibe陪rin杆mos劝tde未nse闯urba敢nhi米-ris绿ear棚eas顾and紫LMDS拐to串comp俱leme际nta巴nds悔erve生les争sde合nse想area也sIni央tia晒ll您ead卵pr昨odu定cts卡wi狭ll逼be配low堪co域st陪voi赞ce阵ove装rI辽Pa阅nd犹hig刷hb星and趟wid之th筒int惨ern萍et蔑acc才essMig随rat邮ion缺to配fu事ll嗽dat始aco垂ms钳olu钟tio宇ns抓as塞cus答tom螺er蛋bas喇ea静nd旗cap悬abi伍lit驰ies捆gr副owQual寇ity妥cust刚omer爸ser柱vice湾mor石eim煮port今ant嫁shor喜tte怪rmt宗han肌full耀pro介duct捆off码erin拿gEmph膜asis丽on距ease吼of介use点and雅fast恼pro殿visi绞onin府gve忠rsus走com呢peti哥tors霜--ex包ploi臭tCT崇’sw州eakn办esse锋sEduc忧atio撤nof繁cus撕tome摆rso佩nus糕eof困dat骑acom府pro冤duct钥sas语com欺peti狡tive触wea嫁ponsMar杜ket若ing娘pa鉴rtn渔er弊wit监hk颗ey垫bui着ldi少ng乡丰man估age盲rsENT算ERP纸RIS起ES凯OLU牧TIO典NS愚SUM究MAR芝YPre振lim喂ina纲ry养Eco负nom历icsPha披se科IC茄api痛tal廊In茂ves乒tme煌nt痒(20厚00,盈200懂1):所~1毙.1男BR佳MBFir铲st幻玉fou撞rc扔iti根es树(as膛sum旬ing去fi脂ber郑):支~65德0M尽RM辫BAdd销iti其ona许l1默1c勉iti补es1:~4毯00M谱RMBOpEx溉exp哭ecte本dto邮be悔~40怕%of蹈rev书enue何by里2002Mar错ket隶sh汤are波an刑dr帆eve锡nue弓es准tim日ate龙s-渣20汁02Off婆net碑Vo穷ice2:~闲20%Exis夏ting柿dat触a:~描10%毯~1.首1B黄RMBEme拦rgi病ng着dat勿a:冤~5厚%5ye鹊arN诉PV:蒙Roug向hly灿1.2记BRM射BAss堪ume蕉sl避aun爬ch挤dat绩eo着f3与Q2题000舍fo混rd旁ata割se等rvi京cesLik库ely强to脖oo羡pti抵mis小ticKey江Is顷sue节st检ob甩eA晶ddr比ess依edRig垦ht宪of扬way侍fo挖re捷xis糠tin裤gd醉uct算sa候nd潮dig尾gin孔gPart绣ners免hip抗stra彻tegy肾for房诚hig送hba稍ndwi出dth圈IGWRig瞎hts泼to摧LM翠DS祥fre嚼que奖ncy啄sp五ect逢rumAre艰the甘15c已itie暮sde迟sign员ated买for纤Pha软seI勾bui合ldou拘tth钻eri骑ght宽15c以itie呼sfo待rlo压cal驱acce唱ss?Tra妙deo迹ff惰bet述wee研np铺ure佳ec约ono白mic钱sb坛yc祖ity乐vs伍.s致tra警teg喉ic瞎val久ue彩of称pro嘱vid晨ing风en留d-t躲o-e危nd唤con宽nec踢tiv肤ityWha逮ti揪sa赶re梨ali级sti如ct来ime乒fr满ame密fo须rl剩aun贵ch?Mag送nit鸭ude鱼of馒or蛙gan岗iza慎tio片nal华an旨dh舍uma赞nr渣eso住urc菊er拦equ啊ire犯men掀ts(1)Assu腰ming妨LMD贪Sca昨pita烘lan会dre绸venu尖e2场time粗sFu琴zhou午est司imat葡efo层rci郊ties达11-肠15;收3ti染mes概Fuzh勇oue斗stim沾ate绝for焦citi仗es5口-10(2)所As应sum却es封no顷loc浸al羡voi姨ce蓄rev风enu蚂et城hro部ugh陶20筛04ENT究ERP凳RIS轿ES溪OLU怨TIO仇NS伙BUS鲁INE桶SS脆MOD置EL昂MOS惜TC兼OMP扣LEX待WI须TH岂HIG润HC诊APE跨XA搅ND轧OPE棒XR丹EQU敬IRE户MEN虽TS.旦..Buil坦ding兄met茧ropo揉lita婆nfi取ber见ring文sto猜off单era披cces伶sto腊med父ium屑and枯larg雁ebu暴sine及sses销pos息ess抚igni清fica版ntc明hall劈燕engeOper松atin乱gex债pens俭esr泳equi笼red昨dwar棉fsl装ong缓haul议net载work简cos爱tso漂na疏per赴city酸bas爆isCom夫ple饭xit毕yi凡no机bta皆ini并ng赠nig狭ht-才of-罗way拴va呢rie渠sb秧yd死ist摩ric昆ts猎wit危hin黄ea锯ch寇cit愧yDesi购gnin垒gfi钢ber券rout堤ean拳dne载twor辨kco葵nfig驰urat槐ion绍requ采ires宵sig伟nifi罪ca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