WebinarULI China Mainland Investment Forum IIDate: May 26, 2020

00:00:00 --> 00:00:04: Attached is surely attacker. How was one page?00:00:04 --> 00:00:09: Betty Wang. The machine should call ecology Junkyard St 700:00:09 --> 00:00:09: Shootout,00:00:09 --> 00:00:12: Fukuda Jacob.00:00:12 --> 00:00:15: Hung Goshin going 10 charging can you?00:00:15 --> 00:00:18: I was shipping them to wait the magenta it holds00:00:18 --> 00:00:20: it for me in that route.00:00:20 --> 00:00:23: Either went hand gesture woman singing do.00:00:23 --> 00:00:26: Here's to the hotel menu.00:00:26 --> 00:00:30: I don't have any told you eating when she should00:00:30 --> 00:00:34: union dollar where then she official game share so the00:00:34 --> 00:00:37: whole engine failure in that and you know my son00:00:37 --> 00:00:39: to art.00:00:39 --> 00:00:42: Deposit rookie went hand feed hunger.00:00:42 --> 00:00:46: How you draw? Draw them woman gender it is she00:00:46 --> 00:00:48: quote she said trigger,00:00:48 --> 00:00:53: trunk or treat that holds the sector lenient Yotuel Yoda00:00:53 --> 00:00:56: Alcola Shanta Shan here.00:00:56 --> 00:01:00: Queen, she should I take such an quietly and eat00:01:00 --> 00:01:03: each dollar shopping so young?00:01:03 --> 00:01:07: How much Angel woman she wanted?00:01:07 --> 00:01:12: Santa can hypersexual dash eating your fish and other tools00:01:12 --> 00:01:14: then went to Egypt.00:01:14 --> 00:01:20: Holds the volume control thing so why not massage inside00:01:20 --> 00:01:21: Jake?00:01:21 --> 00:01:24: Such a meal benefit to you out there.00:01:24 --> 00:01:30: He could trigger in reaching hand fashioned chinqua them do00:01:30 --> 00:01:30: you?00:01:32 --> 00:01:36: Today she may get holds in downtown Chicago and Judah,00:01:36 --> 00:01:40: so Myung Garcia.00:01:40 --> 00:01:43: Gentlemen, do woman that figure out there which is today

1

00:01:43 --> 00:01:46: will control how shampoo that drinker I sent.00:01:46 --> 00:01:48: You know the quality. I saw his shop in shop,00:01:48 --> 00:01:51: the mouthwash Wolowicz handwriting Shirley.00:01:51 --> 00:01:55: Catch it. She catches her jincheon Jungleland hansche

salad.00:01:58 --> 00:02:01: How that number? Just in case yeah.00:02:01 --> 00:02:06: Now Shanghai the year Trojan full Horan got intention we00:02:06 --> 00:02:10: woman to dig before the end of the shoelace is00:02:10 --> 00:02:13: on the sensing sensing you're quietly.00:02:13 --> 00:02:14: He shot them.00:02:17 --> 00:02:23: Tim Nickelodeon JP Morgan Hog key contributor PPT.00:02:23 --> 00:02:25: Sorry, tension.00:02:25 --> 00:02:26: Ha.00:02:28 --> 00:02:31: An official machine half a sunken share.00:02:31 --> 00:02:34: You are just the yachting.00:02:34 --> 00:02:37: What is that you are worshipping went off way,00:02:37 --> 00:02:40: which intended to Tina switches on the change in your00:02:40 --> 00:02:41: body was sentient,00:02:41 --> 00:02:43: and that's what she says,00:02:43 --> 00:02:45: yeah.00:02:45 --> 00:02:49: What is supply and our son had certain full coverage00:02:49 --> 00:02:52: and not a 20 inform you ask for anything you00:02:52 --> 00:02:55: want to outsource on utility.00:02:55 --> 00:02:57: Quiet putting on. Take a transit.00:02:57 --> 00:03:01: Yeah yeah just a machine so that comes with your00:03:01 --> 00:03:03: way so it's at a commotion.00:03:03 --> 00:03:08: Take changes cashing that check each each.00:03:08 --> 00:03:11: That Amiga someday your Queen and secure our Michelle to00:03:11 --> 00:03:13: eat some Yonder ticketing quality.00:03:13 --> 00:03:16: They were charging and congratulation financial.00:03:16 --> 00:03:20: Now open your tangela and order tickets onto engine.00:03:20 --> 00:03:22: You can do search it off and it's hard to00:03:22 --> 00:03:24: take in Coca translator.00:03:24 --> 00:03:27: No opinion yet. City which is I suppose I'm going00:03:28 --> 00:03:29: to see whether it is so.00:03:29 --> 00:03:33: You have quite a mature woman that sent that single00:03:33 --> 00:03:38: sense that you take a sensing quality channel changer.00:03:38 --> 00:03:39: Runs00:03:39 --> 00:03:43: Santander USA. Proven to support him down at sea.00:03:43 --> 00:03:48: Two arcega who teach you the bar between the CFO00:03:48 --> 00:03:53: teaching Avenger Delta or Metallica survey that she's owner.00:03:53 --> 00:03:56: Sapindus Undertaker so fans are so so you see that

2

00:03:56 --> 00:03:57: surrender.00:03:57 --> 00:04:00: Take a eating quickly.00:04:00 --> 00:04:04: Attention don't undertaken in sharp cheese and salmon

Giants.00:04:04 --> 00:04:06: Undertaker, CFO.00:04:06 --> 00:04:09: In which cell telling the truth Jihua Jia scenting?00:04:09 --> 00:04:10: So if we can now,00:04:10 --> 00:04:13: do you know what? You don't take high secret sync00:04:13 --> 00:04:16: wanted to make it went in with soil that need00:04:16 --> 00:04:17: to don't show this thing.00:04:17 --> 00:04:19: Don't find that share the ticker.00:04:22 --> 00:04:24: I do wanna change Indio and go to eat certain.00:04:24 --> 00:04:28: Wanna do what it's which no one here that's exactly00:04:28 --> 00:04:29: fits on how this year.00:04:29 --> 00:04:31: Now CFO, to take a survey.00:04:31 --> 00:04:36: Nahiri should quit leaving at least.00:04:36 --> 00:04:39: You take a time yet or do I take a00:04:39 --> 00:04:41: big port issue job empire?00:04:41 --> 00:04:44: Not totally sure.00:04:44 --> 00:04:49: Handle I usually use your cell phone.00:04:49 --> 00:04:52: Eating ago, she interacts with what?00:04:52 --> 00:04:54: Jungle Nancy Joshua tanker business case.00:04:54 --> 00:04:57: I thank you in equipment and send that woman said00:04:57 --> 00:05:01: like Honda investigators that changed the second menu so

you00:05:01 --> 00:05:03: can actually support with tag.00:05:03 --> 00:05:07: Now how is she not the digital to its function?00:05:07 --> 00:05:11: The tickets. Hopefully she attempted to go quickly,00:05:11 --> 00:05:14: so the official plan how you see it again,00:05:14 --> 00:05:16: she did not. She sent it.00:05:16 --> 00:05:19: If you're being goes home to find me another major00:05:19 --> 00:05:20: kind of under the CFO,00:05:20 --> 00:05:23: then way Sandwich.00:05:23 --> 00:05:25: And she supposed to be Mila.00:05:25 --> 00:05:29: He probably assumed which you shall decide that they will00:05:29 --> 00:05:30: hire you anyway,00:05:30 --> 00:05:31: but we didn't catch it.00:05:37 --> 00:05:42: Diablo final Washington Chapter 2600 figure.00:05:42 --> 00:05:48: Tickets to the woman that I'm guessing by eating at00:05:48 --> 00:05:48: 1:20.00:05:48 --> 00:05:51: Only sedated.00:05:51 --> 00:05:53: Which is how the insurance on it,00:05:53 --> 00:05:55: so should have ones that quantifying that.

3

00:05:55 --> 00:05:59: The other side with city and just add water to00:05:59 --> 00:06:04: basic which year you so dollar graphic function the initial00:06:04 --> 00:06:08: year it's been in sagina about changing to 2:15.00:06:08 --> 00:06:12: Sounds wrong time. Not mention hired Sellswords to shut

down00:06:13 --> 00:06:14: to be shedding,00:06:14 --> 00:06:18: so that's yeah. I want myaccount.com and shortcomings in

the00:06:18 --> 00:06:22: last half so it's easy to understand why this year.00:06:22 --> 00:06:24: Is it possible that you are true?00:06:24 --> 00:06:27: To be about quote Shannon shooting data.00:06:27 --> 00:06:30: You're not quite seeing hundreds jump today,00:06:30 --> 00:06:33: which is the trigger surge in Yardley.00:06:33 --> 00:06:35: This is Doctor Samuel Morse Horner.00:06:35 --> 00:06:39: Yeah, I don't wanna quit eating changing quick attention.00:06:39 --> 00:06:42: Penguin China and the change will come down to find00:06:43 --> 00:06:46: when it hasn't been giant in the initial so successful00:06:46 --> 00:06:47: tuition is just fine.00:06:47 --> 00:06:51: What is your realize that one day that you know00:06:51 --> 00:06:52: how to dance that?00:06:52 --> 00:06:55: Alright sweetheart?00:06:55 --> 00:06:57: Don't look at him to see any share it in00:06:57 --> 00:06:58: the corner.00:06:58 --> 00:07:01: Nothing is Sahana just sat down with the ticketing definition00:07:01 --> 00:07:02: Chico for the ship one.00:07:02 --> 00:07:06: Either take a public share your tongue glaciated your teeth00:07:06 --> 00:07:07: out civilly.00:07:07 --> 00:07:09: He comes here quoting that cigarette smoke.00:07:09 --> 00:07:10: One pack was quite interesting,00:07:10 --> 00:07:14: so the empire. Chance to talk without offensive or defensive,00:07:14 --> 00:07:15: but I would suggest.00:07:19 --> 00:07:24: Cindy eating at center put on the hunger higher take,00:07:24 --> 00:07:27: quite injured or maybe kinda actually.00:07:30 --> 00:07:33: Did Joshua die eating the whole Norma kinda teammates?00:07:33 --> 00:07:36: Yeah, I think African income has some time back.00:07:36 --> 00:07:40: Contact sheet. Epinions authentication talking about fun with

a chance00:07:40 --> 00:07:41: I decided,00:07:41 --> 00:07:44: I wonder where you would sit on the account under00:07:44 --> 00:07:47: the House translator fitting for the ticket section should have00:07:47 --> 00:07:49: washing the dishes and waiting for.00:07:49 --> 00:07:52: No woman cheers who doesn't want to get Seattle this

4

00:07:52 --> 00:07:53: year?00:07:53 --> 00:07:57: We would see a difference between hard at alternative

development,00:07:57 --> 00:07:59: rancidity unpack.00:07:59 --> 00:08:02: So he took what Shantina in Wisconsin 14.00:08:04 --> 00:08:09: Helping climate change on the table when I kind of00:08:09 --> 00:08:11: simple teaching HP.00:08:11 --> 00:08:13: Woman on woman. The Algiers.00:08:13 --> 00:08:17: I eating above us Horner teaches something goes through,00:08:17 --> 00:08:23: Charmander portfolio consider turning shorthold spaces here

team leader.00:08:23 --> 00:08:28: , eating eating chicken dish inside the tool.00:08:28 --> 00:08:32: Check down the Passover. The take that line to draw00:08:32 --> 00:08:35: it out with the teacher salary.00:08:35 --> 00:08:40: Employee Construction NT an angle on your natural sorting

so00:08:40 --> 00:08:41: healthy people.00:08:41 --> 00:08:45: Jack Hanna case soda eating 23.1 year Sheila I will00:08:45 --> 00:08:50: make a candle handling so again upon tests without going00:08:50 --> 00:08:51: to the crazy ****00:08:51 --> 00:08:54: too, so don't bother.00:08:54 --> 00:08:58: Can I show you that you get Apple from the00:08:58 --> 00:09:01: ticket so so so so the top flight to Mail?00:09:01 --> 00:09:02: So it's a quality take.00:09:02 --> 00:09:06: Highways is handled. You cannot teach into like to watch00:09:06 --> 00:09:09: it on the things that we can control the sea,00:09:09 --> 00:09:12: take a charge out with our defensive,00:09:12 --> 00:09:16: potentially yoga training shooting trophy.00:09:16 --> 00:09:20: Sounds simple and put a Hunter ticketing so children Siwa00:09:20 --> 00:09:22: County teaching to somebody.00:09:22 --> 00:09:25: Either way more functional like.00:09:25 --> 00:09:27: Anne.00:09:27 --> 00:09:30: Light at all to take.00:09:30 --> 00:09:32: The insults yeah to make a multi?00:09:34 --> 00:09:37: At some good **** haha.00:09:37 --> 00:09:41: Near Warmia Candle yet I take each other in Shell00:09:41 --> 00:09:46: Cheetah Hunt year 20 shells over the DG to normal.00:09:46 --> 00:09:49: Kinda just to buy French sushi.00:09:49 --> 00:09:51: Final ticket until you take.00:09:51 --> 00:09:54: Do you take it into account in Shanghai?00:09:54 --> 00:09:57: Is getting a gender coming something translators?00:09:59 --> 00:10:02: Take a woman countdown anyway to us if we need00:10:02 --> 00:10:03: it into others,

5

00:10:03 --> 00:10:07: we would see something without working.00:10:07 --> 00:10:09: Hi, requiring John that you just change your phone in00:10:09 --> 00:10:10: the ending song.00:10:14 --> 00:10:17: Countries like OECD to file petition.00:10:17 --> 00:10:22: She eating apples. Such an 100 and Ishita says that00:10:22 --> 00:10:24: some words are the tickets.00:10:24 --> 00:10:28: Camping toggle back into.00:10:28 --> 00:10:30: It's hump you.00:10:30 --> 00:10:32: Thinking that you saw it yesterday,00:10:32 --> 00:10:37: she changed the convenience. It's also another Electro you.00:10:37 --> 00:10:39: So it's a chicken here throughout the scene.00:10:39 --> 00:10:43: Where are they eating version downloaded to change

genders hope.00:10:47 --> 00:10:50: It just changes gender.00:10:50 --> 00:10:53: To be a Japan, your fabulicious Shashi Japan.00:10:53 --> 00:10:56: Share your car. Read article.00:10:56 --> 00:10:59: Tranchell tiny Linda. Eli so you can always try to00:10:59 --> 00:11:01: take some time dawg.00:11:01 --> 00:11:04: Why take a certain bits incentive to put on honey?00:11:07 --> 00:11:09: Not evil woman take you.00:11:09 --> 00:11:13: I was watching the second woman fantasizes how she

wonder00:11:13 --> 00:11:18: Beijing Kennewick could be deleted from detention drunk

once a00:11:18 --> 00:11:18: year.00:11:18 --> 00:11:23: To do that, she needs logic Canada.00:11:23 --> 00:11:25: Through the 15th through the one you found it,00:11:25 --> 00:11:26: honey come.00:11:26 --> 00:11:29: So you tried to.00:11:29 --> 00:11:33: Charter change should attend to eating late on war Fun,00:11:33 --> 00:11:35: which also.00:11:35 --> 00:11:39: Actually kind of Jake. He said that you can change00:11:39 --> 00:11:41: the ginia adding Artinian each judicial.00:11:41 --> 00:11:45: So don't be changing and what kind of identity social00:11:45 --> 00:11:49: shut down the top to bottom to sense it should00:11:49 --> 00:11:50: take a day woman.00:11:50 --> 00:11:52: Show show your picture data initial.00:11:54 --> 00:11:59: I don't want to necessarily will need to take care00:11:59 --> 00:12:00: of our son,00:12:00 --> 00:12:06: which is common to conquer logically candle.00:12:06 --> 00:12:09: Wouldn't count on Twitter to shooter.00:12:09 --> 00:12:13: Take advantage healthcare for sometime and Account Bill

Dotson,

6

00:12:13 --> 00:12:16: Jellaby, Fence Sciences or your shipping.00:12:19 --> 00:12:22: She is on that you're justifying the woman.00:12:22 --> 00:12:25: Take your fondest cabochon, determined searching the

wizard on so00:12:25 --> 00:12:28: that'll make it shoot out like he converses fit on00:12:28 --> 00:12:29: your Eastex acquisition,00:12:29 --> 00:12:34: shining down towards order pizza so you're seeing someone

she00:12:34 --> 00:12:35: don't shoot down.00:12:35 --> 00:12:40: I'm going shopping with Julia Holcomb sooner you saw

sampling00:12:40 --> 00:12:40: the units,00:12:40 --> 00:12:43: hogwash it hard to take a shame.00:12:43 --> 00:12:46: Shame on the shelf so they just sort this out00:12:46 --> 00:12:48: to work and order.00:12:48 --> 00:12:52: See taker so let you so like that.00:12:52 --> 00:12:55: Not you. So it's also sooner so it's it's the00:12:55 --> 00:12:56: eating vigina.00:12:56 --> 00:12:59: Today, Tinker found his head has gone through the primary.00:12:59 --> 00:13:01: Oh, 10 past circumstances Nautica.00:13:01 --> 00:13:05: She also note excellent brother in charge.00:13:05 --> 00:13:10: National woman to see the tiny shower when it's searching00:13:10 --> 00:13:11: Yardley.00:13:11 --> 00:13:14: Yardena, Washington.00:13:14 --> 00:13:18: And black people, woman shushing throughout its ear.00:13:18 --> 00:13:21: That's how switching your Buna woman so tight jeans over00:13:21 --> 00:13:23: the change in the way,00:13:23 --> 00:13:26: so sensing example a certain work when it's enabled her00:13:27 --> 00:13:27: web,00:13:27 --> 00:13:31: but at least something funky Pinkham.00:13:31 --> 00:13:34: Debouches without it.00:13:34 --> 00:13:37: Tic tac toe, and I know you're going to yell00:13:37 --> 00:13:40: to support its yeah just translating your dad went to00:13:40 --> 00:13:43: woman cannot handle that on two ends to Dodge anyway.00:13:43 --> 00:13:45: Was true that I've got set up.00:13:45 --> 00:13:51: Windows Key should ship with the circuit and jealous inside.00:13:51 --> 00:13:54: She is that you can sell to genetic variants,00:13:54 --> 00:13:59: can challenge with Trish and you don't know which.00:13:59 --> 00:14:02: Well, you kinda hand off on this and she returned00:14:02 --> 00:14:03: to sender control.00:14:03 --> 00:14:06: The only thing that went to the opposite side was00:14:06 --> 00:14:12: assuming it's a changing inside Massachusetts Honda trigger

pensionen linearly

7

00:14:12 --> 00:14:15: with attention to visual Assistant in Cortana.00:14:15 --> 00:14:17: Check with great Seattle take changing.00:14:20 --> 00:14:23: Now take a soak and then see how it called00:14:23 --> 00:14:23: it.00:14:23 --> 00:14:26: A function I just saw you go out West and00:14:26 --> 00:14:30: then go through this year weather tickets.00:14:30 --> 00:14:34: It's changing it sitting there hope.00:14:34 --> 00:14:38: You heard she should have seen that Backpage.00:14:38 --> 00:14:41: Yeah, I don't answer copy this whole you hire team00:14:41 --> 00:14:44: with college changing eating that owns.00:14:44 --> 00:14:47: Tactical button on MailChimp changing.00:14:47 --> 00:14:50: It's cool. I'll just pay someone Jenny Canadian,00:14:50 --> 00:14:54: not sit sending returned to us Yuliya.00:14:54 --> 00:14:56: Country you get your ****00:14:56 --> 00:14:59: done. Here's a woman, so you want some outcomes.00:14:59 --> 00:15:00: You quit young Yoshi awesome.00:15:00 --> 00:15:02: Yeah, that's a good point.00:15:02 --> 00:15:05: Relax or not, just sending you to under so much00:15:05 --> 00:15:06: it continues into the future.00:15:06 --> 00:15:08: Let's see you go by sending you.00:15:08 --> 00:15:11: This wasn't actually actually good gender difference,00:15:11 --> 00:15:13: so it's Internet sort of changing the past two.00:15:13 --> 00:15:16: You could see it.00:15:16 --> 00:15:20: Centennial Shiatsu true that I put on the year wishing00:15:20 --> 00:15:23: quiet at your send with the reality that hold put00:15:23 --> 00:15:27: Undertaker year wishing quite hard with him since signing the00:15:27 --> 00:15:31: Tigger. Changing the audio video through digital synthetic

tissue someone00:15:32 --> 00:15:37: searches and so gentle cheater legend home invention

substantial substantial00:15:37 --> 00:15:39: ashampoo actually you can see Total Gym.00:15:39 --> 00:15:43: Was humbled one sound with actual picture how you sent00:15:43 --> 00:15:43: it.00:15:43 --> 00:15:44: Take a mutual gym.00:15:47 --> 00:15:51: Changing Newtown, Jenna warranty issues or monkey

candle and what00:15:51 --> 00:15:54: she sending you after watching Japan diet.00:15:54 --> 00:15:56: She just retirement secrets it.00:15:56 --> 00:15:59: Once you associate Mail.00:15:59 --> 00:16:04: Does it seem that Syntyche translating your budget as true00:16:04 --> 00:16:07: shantytowns which is titled shampoo?00:16:07 --> 00:16:12: She make qingquan? See now coming to it's interesting

schedule.

8

00:16:12 --> 00:16:15: May change it again.00:16:15 --> 00:16:17: The woman that teacher say yes,00:16:17 --> 00:16:19: I was young, I could you could you are you00:16:20 --> 00:16:22: and she is shining the ticker.00:16:22 --> 00:16:25: You paid harder issued designer suit with the tickets.00:16:25 --> 00:16:28: Associate also sent in.00:16:28 --> 00:16:31: Genesis Chapter 20.00:16:31 --> 00:16:35: Teacher at the Apple nature window.00:16:35 --> 00:16:39: Could change changing your true secretion team is that

woman00:16:39 --> 00:16:42: sense that our motion yielded changing to true.00:16:42 --> 00:16:45: Now got Wonder Woman didn't want one isn't wanting to00:16:45 --> 00:16:46: get hatching soon.00:16:46 --> 00:16:51: Bots them which ended translating that changed since it

seems00:16:51 --> 00:16:55: like you anytime soon so popular web would think about00:16:55 --> 00:16:56: color war machine.00:16:56 --> 00:16:58: Sorry, I said so that you may or web or00:16:58 --> 00:17:01: the web will share that she watch ICONOMI it shut00:17:01 --> 00:17:04: and what price would sit woman they question since you00:17:04 --> 00:17:06: can change both in the taker,00:17:06 --> 00:17:08: that's how we source anti dumping.00:17:08 --> 00:17:12: Her woman is. You don't seem to shoot you.00:17:12 --> 00:17:15: So I took a quarter downtown that you got something00:17:15 --> 00:17:17: that we operate on,00:17:17 --> 00:17:20: gotten it stop bandied to deal with two,00:17:20 --> 00:17:24: one angler saying quite hard to take affirmative point.00:17:24 --> 00:17:29: Women's agency tends to Wagga Cinquanti 20 quitting

shampoo.00:17:29 --> 00:17:33: He requested to show any point you think they mailed.00:17:33 --> 00:17:35: It would take a concentrated ice,00:17:35 --> 00:17:38: pushing the label consistent with existing validation.00:17:38 --> 00:17:42: So that's how the tickets in here I use MP300:17:42 --> 00:17:44: woman sitting Shiva.00:17:44 --> 00:17:48: And should be fastened who sits in the Chico.00:17:48 --> 00:17:50: Virgin see why it's where they take her down.00:17:50 --> 00:17:53: She eats her teacher, shoots Toy that will be tired00:17:53 --> 00:17:57: and not yet SA High changing French teacher shown in00:17:57 --> 00:17:57: the wind.00:18:00 --> 00:18:03: Show me you know, throughout the town that you're sending00:18:04 --> 00:18:04: the old swine,00:18:04 --> 00:18:08: sensing the alternate movement. It'll work on sequential

order,

9

00:18:08 --> 00:18:12: Woman said, say yes and see the ticker.00:18:12 --> 00:18:14: Initial Info Chunk watch out.00:18:14 --> 00:18:18: She can see on confined it's yeah wants to take00:18:18 --> 00:18:22: on the tax year so it's at this angle.00:18:22 --> 00:18:27: It's American hot, Wendy with Angel quiet info for tranquil.00:18:27 --> 00:18:30: Just thought what? Even searching Titian,00:18:30 --> 00:18:33: origination, water take a change in that America Moody.00:18:38 --> 00:18:42: See, you know watch out womans young China too short00:18:42 --> 00:18:45: sighted changing 1 = 10,000 woman.00:18:45 --> 00:18:48: Take a search in Connie's face lights,00:18:48 --> 00:18:50: your web web web would harm a candle.00:18:50 --> 00:18:53: You should determine the dance country.00:18:53 --> 00:18:58: Who is accountable to December quarter enhancing that

sound like00:18:58 --> 00:19:00: should be there December?00:19:00 --> 00:19:05: And who was father seemed I don't know how else00:19:05 --> 00:19:07: how to leaders to Sydney.00:19:07 --> 00:19:10: This happened is also going to show called him in00:19:10 --> 00:19:11: the 1200 tickets.00:19:11 --> 00:19:14: You can paddle, meaning that jump out at yardi.00:19:14 --> 00:19:17: So each answer, this joke what we like that too.00:19:17 --> 00:19:21: So you can search in quality but you continue to00:19:21 --> 00:19:21: use.00:19:21 --> 00:19:25: Consumer Now Netherlands shortly from Wichita.00:19:25 --> 00:19:30: Need substantial to Spence through higher potency so late

now00:19:30 --> 00:19:34: question that you saw my young 1 champion.00:19:34 --> 00:19:36: This city by walk right onto temper your hand was00:19:36 --> 00:19:39: see at $1 how much you don't yet support session.00:19:39 --> 00:19:42: Also taken money, Qingquan shower so you should do

sufficient00:19:43 --> 00:19:43: room,00:19:43 --> 00:19:43: yeah?00:19:46 --> 00:19:50: December needs a high performance or quality and

neighborhood.00:19:50 --> 00:19:53: At least someone found outside Cebu for now,00:19:53 --> 00:19:57: which is anchored with moments or table from Nubia's

woman00:19:57 --> 00:19:59: see attrition are surging.00:19:59 --> 00:20:01: Sync on this whole not take us to hold on00:20:01 --> 00:20:03: the neighbor got on her web.00:20:05 --> 00:20:07: Unable to creepy Mia Naples,00:20:07 --> 00:20:11: citrus antigha sushi and take a poo and think that's

10

00:20:11 --> 00:20:13: what I've been going through chantik.00:20:13 --> 00:20:20: One thing was a woman that is showing that she00:20:20 --> 00:20:22: passed away Buddha.00:20:22 --> 00:20:26: On the whiteboard are coming out in the cold,00:20:26 --> 00:20:30: and that's the one with the young converts.00:20:30 --> 00:20:33: The ticket. You sure you can go with me.00:20:35 --> 00:20:39: Can you attach attach the file you torture yourself on00:20:39 --> 00:20:40: the beach?00:20:40 --> 00:20:44: There's a higher required only chance you're ticklish on

Grand00:20:44 --> 00:20:44: Funk.00:20:44 --> 00:20:47: You also wouldn't see if incident and there's a whole00:20:47 --> 00:20:48: mess.00:20:48 --> 00:20:51: Someone disagrees on top waiting to be found along the00:20:51 --> 00:20:51: curve.00:20:51 --> 00:20:54: Who showed up teaching for change the insurance.00:20:54 --> 00:20:56: So Thomas Jefferson wanted to,00:20:56 --> 00:21:00: which kind of woman in shorts on what time does00:21:00 --> 00:21:01: Union Station 20?00:21:01 --> 00:21:05: China don't work and take a woman that cycle and00:21:05 --> 00:21:07: everyone there since no attention.00:21:07 --> 00:21:11: So it's important to share copy.00:21:11 --> 00:21:14: OK credentials or what would you go?00:21:14 --> 00:21:16: Water show you this OK?00:21:16 --> 00:21:21: So it should be quicker to function like changing take00:21:21 --> 00:21:22: a full yesterday.00:21:22 --> 00:21:25: Eating was a change to do function sounds and so00:21:25 --> 00:21:28: some Celtic Woman to Charlotte.00:21:31 --> 00:21:34: Cheapest out watch out.00:21:34 --> 00:21:37: Not exchanging the order to make sure kind of presenting,00:21:37 --> 00:21:42: searching, Yariv, Juanita, Tamisha function in reaching his

surgeon,00:21:42 --> 00:21:47: ocean network, woman support handle year 13 two.00:21:47 --> 00:21:50: Refunded sense, yeah, listen to it.00:21:50 --> 00:21:54: Take suit. It's changing Jari who treated so much so00:21:54 --> 00:21:55: it's good.00:21:55 --> 00:22:00: So I do work your way to overtime it.00:22:00 --> 00:22:04: Team with since she was better known senior championships

Adele00:22:04 --> 00:22:06: offend Chunky Batya,00:22:06 --> 00:22:07: gunship touch up painting.00:22:10 --> 00:22:11: Shelly silver tea.00:22:19 --> 00:22:20: To share with you.

11

00:22:32 --> 00:22:35: I know one way.00:22:35 --> 00:22:39: Are you sure woman audio should turn away like changing00:22:39 --> 00:22:40: normal woman?00:22:40 --> 00:22:43: Your team just hold on the Jaeger panel the children.00:22:45 --> 00:22:50: So far Ascension, so don't need that money OK?00:22:50 --> 00:22:50: Shelter.00:22:55 --> 00:22:55: Talk.00:23:00 --> 00:23:00: Other.00:23:04 --> 00:23:08: Day ha no?00:23:08 --> 00:23:11: But playing going at home and take a shower audio00:23:11 --> 00:23:14: system that we like changing Django panel.00:23:14 --> 00:23:16: Let me if you don't change is an even better00:23:16 --> 00:23:17: for calendar today.00:23:17 --> 00:23:19: Ocean or little Sissy Capello.00:23:19 --> 00:23:21: She's not allowed to lay down.00:23:21 --> 00:23:22: So you got 3 Daniel.00:23:22 --> 00:23:27: Usually the crotchety warfare in natural search answer.00:23:27 --> 00:23:34: Penguins abundances Hunter dedication. Eugene Yelp.00:23:34 --> 00:23:37: Yes, and also wait another shopping mall and I figured00:23:37 --> 00:23:38: this out yet.00:23:38 --> 00:23:42: So Jane Eugene being soon closed.00:23:42 --> 00:23:45: We need Sydney, yes, so do Sir.00:23:45 --> 00:23:47: I don't see your daughter.00:23:49 --> 00:23:54: Number how you and your Golden yeah so funny.00:23:54 --> 00:23:55: Into young00:23:57 --> 00:23:59: I.00:23:59 --> 00:24:00: Taj Mahal.00:24:03 --> 00:24:05: How is that panning closer?00:24:05 --> 00:24:08: Yeah, so funny time to see you soon,00:24:08 --> 00:24:10: Jen share.00:24:10 --> 00:24:12: Nowadays, how Seattle?00:24:16 --> 00:24:19: You got to learn.00:24:19 --> 00:24:22: Pensioner was his day.00:24:22 --> 00:24:25: Kind of motion with the audio design so you can00:24:25 --> 00:24:28: search in your face on whether you got your father.00:24:28 --> 00:24:32: Also know you were just using the Internet connection.00:24:32 --> 00:24:34: Will type.00:24:34 --> 00:24:36: My intuition is the card number,00:24:36 --> 00:24:40: which I'm pretty awake chocolate and then also change your00:24:40 --> 00:24:42: jeans and either so services.00:24:42 --> 00:24:44: And also we share more chain could Yongzheng good.00:24:44 --> 00:24:49: I bought it in June at home that's so sweet.

12

00:24:49 --> 00:24:51: I cannot get up in Tenerife and then once and00:24:51 --> 00:24:51: now they will.00:24:53 --> 00:24:57: Genesis on the Times are changing for the children

equidistant00:24:57 --> 00:25:00: within any Lutheran employment with a further addition.00:25:00 --> 00:25:01: There you go.00:25:04 --> 00:25:07: Hi sister daughter better how slowly not niggling Saint John00:25:07 --> 00:25:10: Gordon simple that don't sit on TV and so it's00:25:10 --> 00:25:11: incident.00:25:11 --> 00:25:14: Shankar Hollywood detective is jungle detented soup in the

Lords00:25:14 --> 00:25:18: yesterday jungle take a $2 southeast Utah now of course00:25:18 --> 00:25:19: used in Caesar Tonga.00:25:19 --> 00:25:21: Then she should have support.00:25:21 --> 00:25:24: Then acquire that. Either you can either be installed.00:25:24 --> 00:25:27: The fantasy gotico should see there you go Ginger now00:25:27 --> 00:25:30: hold earlier this week so you can shoot fish handle.00:25:30 --> 00:25:34: She told the code I've written request.00:25:34 --> 00:25:36: Under fire giant Bellalago fishing hot.00:25:36 --> 00:25:40: It's easy now. So until onion Canadian Sheldon Egerton

down00:25:40 --> 00:25:41: through so I'm an idiot,00:25:41 --> 00:25:45: then she sent it and eager to determine the gender00:25:45 --> 00:25:47: which Uncle Glenda.00:25:47 --> 00:25:49: It's not like I'm not sleeping.00:25:49 --> 00:25:52: She turns out that they will design the coaches **00:25:52 --> 00:25:55: ***. She thought it should say eating she's dying Gaia.00:25:55 --> 00:25:57: Which ones you wanna gun shop?00:25:57 --> 00:26:00: This is John Gourley Organdy and Shawna Digger Digger

one.00:26:00 --> 00:26:03: Let's get Dad dating John wait so you don't wanna00:26:03 --> 00:26:05: show for you then I love which I'm gonna found00:26:05 --> 00:26:06: true now.00:26:06 --> 00:26:09: Can you kinda eating to hold easier shoes you citations00:26:09 --> 00:26:10: Indian shampoo this year,00:26:10 --> 00:26:13: and arnica easy doors in Duncan and should I buy.00:26:15 --> 00:26:19: Saying and say eating Johanna big oil hung yeah the00:26:19 --> 00:26:22: insurance on daylight untouchable don't send pregnant,00:26:22 --> 00:26:27: they will hire more easier and injunctions Indian sound into00:26:27 --> 00:26:31: your bank account in December will show you is inside.00:26:31 --> 00:26:34: Wow woman relationship.00:26:34 --> 00:26:35: You should say quite well.00:26:35 --> 00:26:37: It's event way back, pages out loud.

13

00:26:37 --> 00:26:41: Eat until now Tanglewood did all the distances in the00:26:41 --> 00:26:42: Google GPS.00:26:42 --> 00:26:45: Where does she see how is your pink IC solutions00:26:45 --> 00:26:45: that we offer?00:26:45 --> 00:26:49: You're eating their cereal. You shouldn't judge now in actual00:26:49 --> 00:26:51: goodbye or good other town.00:26:51 --> 00:26:53: True now without a woman city Grant,00:26:53 --> 00:26:56: Odisha can either choose like toys at 10.00:26:56 --> 00:26:59: However, we couldn't do it.00:26:59 --> 00:27:01: Show me other data from here.00:27:01 --> 00:27:05: The universal design position and your Eagle Fish 100 yard.00:27:05 --> 00:27:08: Which Indonesian ID not then other daddy not hard did00:27:08 --> 00:27:12: not transition without short 2D diggers drones,00:27:12 --> 00:27:18: drone even otherwise Hardy equation Holder controlling

function candy Dodge00:27:18 --> 00:27:19: the negotiation.00:27:19 --> 00:27:22: I'm not sure the Dean and sound relies on phones00:27:22 --> 00:27:23: here.00:27:23 --> 00:27:25: Just wanted to know how young is it will be00:27:25 --> 00:27:26: turned pageant rooty,00:27:26 --> 00:27:27: there's hope.00:27:32 --> 00:27:34: Syrian.00:27:34 --> 00:27:36: Should I go to be on sale on your neck00:27:36 --> 00:27:37: and chin?00:27:37 --> 00:27:40: Why? You easier my man faster.00:27:40 --> 00:27:45: Yeah, your father now since you told me contingency and00:27:45 --> 00:27:48: then going today since we someday be as well.00:27:51 --> 00:27:55: Tom Jones without the time and do not go in00:27:55 --> 00:27:56: for the day.00:27:56 --> 00:27:58: Yahoo.00:27:58 --> 00:27:59: Aqua easy identity.00:28:02 --> 00:28:06: Memo. The man said, releasing the legal gentle panties.00:28:06 --> 00:28:09: Yeah, then go nada how they did when they were00:28:09 --> 00:28:13: not designed to the Eagle ping her more dealership.00:28:13 --> 00:28:17: Nothing I could have done it so she requested some00:28:17 --> 00:28:19: grammar even couldn't Badger.00:28:19 --> 00:28:22: His hands, his anger you.00:28:22 --> 00:28:27: We are designing a banquet sampled hadn't seen early on00:28:27 --> 00:28:28: Sunday.00:28:28 --> 00:28:32: It's easier than it is about.00:28:32 --> 00:28:35: It was a social attentionally rent sounding right now should00:28:35 --> 00:28:39: be there on either Wednesday or details this year colleges

14

00:28:39 --> 00:28:41: or decision to near daylight.00:28:41 --> 00:28:44: Yeah them young Grimoire father to see your champion.00:28:44 --> 00:28:49: Someone got triggered easily rent dilatations on the job

neidiger00:28:49 --> 00:28:50: pudding should bokwa.00:28:50 --> 00:28:53: To see your face holding that who did Negan,00:28:53 --> 00:28:56: Syria and lion thing why you got hired to shorten00:28:56 --> 00:28:58: way more than you could cover Granny.00:29:00 --> 00:29:03: Not until adulthood.00:29:03 --> 00:29:04: Should not answer your PC.00:29:04 --> 00:29:08: Put on that offer good time to back your cameras00:29:08 --> 00:29:12: on way to the easier it will be centered around00:29:12 --> 00:29:14: Hammond should be altered.00:29:14 --> 00:29:17: You can do it. Maybe the Tigerfish on town adjacent00:29:17 --> 00:29:20: under which is in turn that the dark iPod dot00:29:20 --> 00:29:21: sanghani digger,00:29:21 --> 00:29:22: John Gotti gluten Night Time.00:29:22 --> 00:29:26: Is it cheating way to deja codes under control so00:29:26 --> 00:29:27: we can do that?00:29:27 --> 00:29:28: Why is it so? Yeah.00:29:30 --> 00:29:31: You're back again.00:29:34 --> 00:29:35: That is a good you're good.00:29:35 --> 00:29:38: You're sure you're good, you're good at town.00:29:38 --> 00:29:40: To answer, gently lay down woman.00:29:40 --> 00:29:42: No way to Schwarzenegger. Jenga shoot down,00:29:42 --> 00:29:44: panting.00:29:44 --> 00:29:47: Ask the ticketing points out you are not in the00:29:47 --> 00:29:50: lead on her ankle pain and half not be hurling00:29:50 --> 00:29:52: another half the dishes,00:29:52 --> 00:29:55: gender, Tigger onesie on hold.00:29:55 --> 00:29:56: I'd only go to shoot,00:29:56 --> 00:29:59: not the code, so she will probably that take up00:29:59 --> 00:30:01: in high in guys running OK to sit in that00:30:01 --> 00:30:03: IPS are waiting for these are hard.00:30:03 --> 00:30:04: Are you showing?00:30:08 --> 00:30:13: Shut up stop. How much is enough memory to watch00:30:13 --> 00:30:17: young college acquaintance each mega in shower?00:30:17 --> 00:30:19: Channel is how you say to season matches.00:30:19 --> 00:30:24: If they change. Also, you do some water interchangeably.00:30:24 --> 00:30:26: Jackcooley.org00:30:26 --> 00:30:29: under orders.00:30:29 --> 00:30:30: And Mr Wait shut up.

15

00:30:33 --> 00:30:37: I. This is not to zone,00:30:37 --> 00:30:39: not the quiet.00:30:39 --> 00:30:41: ITunes into Chester not a?00:30:41 --> 00:30:43: How do you not get into that?00:30:43 --> 00:30:47: You encounter that you mentioned previously zone.00:30:47 --> 00:30:51: You guys are so tight.00:30:51 --> 00:30:55: Another encounter all cases extended health.00:30:55 --> 00:30:58: Cortana, why Buddha show it is what I do or00:30:58 --> 00:31:00: Gordon like supervisor talking?00:31:00 --> 00:31:02: Thomas entered into the Sun.00:31:02 --> 00:31:06: Jameson imagine she's jealous.00:31:06 --> 00:31:10: Cortana is that Josh County not a.00:31:10 --> 00:31:14: Ohio, do you hear that you offered to present a00:31:14 --> 00:31:17: sweet little good heat in the teams which is a00:31:17 --> 00:31:19: woman female candle shelf?00:31:19 --> 00:31:25: Legal freedom changing legal? Sometimes it can find you

without00:31:25 --> 00:31:28: putting him here basic tyendinaga.00:31:28 --> 00:31:29: Just to shoot a hot,00:31:29 --> 00:31:33: she's a handle and say something funny as it sounds00:31:33 --> 00:31:35: like you are about shoulder.00:31:35 --> 00:31:38: Yeah, I saw that you said I said I said00:31:38 --> 00:31:41: any man as soon as you eat his hunting this00:31:41 --> 00:31:41: year.00:31:41 --> 00:31:44: Simple is 100 years old.00:31:44 --> 00:31:48: You can eat out here since the quiet,00:31:48 --> 00:31:53: quiet, quiet and the likelihood ratio.00:31:53 --> 00:32:01: Yeah sounded not challenging personal try here honey any

manpower.00:32:01 --> 00:32:05: Super late here, highly here like a child so yeah00:32:05 --> 00:32:08: Sunday would you like to join?00:32:08 --> 00:32:11: Daughter, don't he don't hear you know how that went00:32:11 --> 00:32:12: in.00:32:12 --> 00:32:15: Email services on which we can you can tie it00:32:15 --> 00:32:17: should not be changed.00:32:17 --> 00:32:20: I don't think I'd tell you move into the city00:32:20 --> 00:32:20: manager,00:32:20 --> 00:32:24: which we cannot use. This uses actually say eating this00:32:24 --> 00:32:28: Kandahar assistant are using your your existence and longer

to00:32:28 --> 00:32:31: send to them without 30 looking harder,00:32:31 --> 00:32:33: not easier.00:32:33 --> 00:32:35: But it doesn't censor that way either.

16

00:32:35 --> 00:32:39: You don't see any malware cut out coaching and this00:32:39 --> 00:32:40: weekend.00:32:40 --> 00:32:46: Jason Suenaga concluding, said the way to hear shutout is00:32:46 --> 00:32:47: Yanni.00:32:47 --> 00:32:49: Not much. I told you one time.00:32:49 --> 00:32:56: Manohar, not our holiday. Another holiday with the team

Wikipedia.00:32:56 --> 00:33:00: Mother tongue pseudo Holiday weekend are you achieve its

own00:33:00 --> 00:33:03: yadda woman sees that holds this whole you watch it.00:33:03 --> 00:33:05: So it's official a number.00:33:05 --> 00:33:08: Go to go to the soonest.00:33:08 --> 00:33:10: Install Adobe Charter controller here.00:33:10 --> 00:33:13: Transform the Asia design, power Penguin,00:33:13 --> 00:33:16: or Hanukkah.00:33:16 --> 00:33:18: I can hold it, then I go.00:33:18 --> 00:33:25: Yeah hi, we hear more children cases hormilla do she00:33:25 --> 00:33:28: should just totally cow moo moo.00:33:28 --> 00:33:31: Now we can sit here as you can see,00:33:31 --> 00:33:33: you and these are kind of our goal.00:33:33 --> 00:33:35: She has a child with the job,00:33:35 --> 00:33:39: European and. Siena College of Cardinals tongue and I can00:33:39 --> 00:33:43: call it a motion to single shelf illegal questions on00:33:43 --> 00:33:43: the whole.00:33:46 --> 00:33:48: We also signed up you don't?00:33:48 --> 00:33:50: I just talked about Peter.00:33:50 --> 00:33:53: There you go now hold well.00:33:53 --> 00:33:57: They got older, yeah, and she's either you agree more.00:33:57 --> 00:34:03: Condenser County jail with your console and another those

other00:34:03 --> 00:34:05: hobby farm in Eureka.00:34:05 --> 00:34:10: You got your shoulder. You got to shoot alongside all00:34:10 --> 00:34:10: function.00:34:14 --> 00:34:17: OK Jason cheese and you have to be alcohol,00:34:17 --> 00:34:19: so you're getting here. Actually,00:34:19 --> 00:34:22: this is a much and I can't sit outside and00:34:22 --> 00:34:26: see if there still open questions so you can shut00:34:26 --> 00:34:27: the door so it.00:34:27 --> 00:34:30: So we're going to show which Alex gnomes are funny.00:34:30 --> 00:34:33: Nurse practitioner.00:34:33 --> 00:34:36: So I see how it also is a moment without00:34:36 --> 00:34:38: seeing each other.00:34:38 --> 00:34:40: I would do this.

17

00:34:40 --> 00:34:43: Yeah, and it will kind a customer we like was00:34:44 --> 00:34:47: there with me with your shins on shampoo.00:34:47 --> 00:34:49: I'll say it's also just horses,00:34:49 --> 00:34:52: drawings, young.00:34:52 --> 00:34:54: Is it by the Giants Oz sermons?00:34:54 --> 00:34:57: I just got paid to found me and you found00:34:57 --> 00:34:58: Dolly there,00:34:58 --> 00:35:01: Jordan, Trudy tax there. How do I decide on a00:35:01 --> 00:35:04: woman yeah Georgie since I do it don't get internship00:35:04 --> 00:35:07: your sound on your little hang out the house I00:35:07 --> 00:35:10: told you in the house it issued.00:35:10 --> 00:35:14: The two years ago would you discount card Holder GC00:35:14 --> 00:35:15: again,00:35:15 --> 00:35:20: gently Serena, even the camper seats.00:35:20 --> 00:35:23: Going in for me and should she do so,00:35:23 --> 00:35:27: you might have gone to the tickling you the icon.00:35:27 --> 00:35:32: You sound she's here, you said on just for Python,00:35:32 --> 00:35:36: string the third entrance is that sushi with salmon juice00:35:36 --> 00:35:40: on issues using only account in just the Ibanez,00:35:40 --> 00:35:45: shortly eating each other switch would Buddy Boy has the00:35:45 --> 00:35:46: switch.00:35:46 --> 00:35:50: Jungle pushes young woman.00:35:50 --> 00:35:51: By going to our hearts.00:35:53 --> 00:35:58: Trying to do an agile shopping model doesn't matter.00:35:58 --> 00:36:01: This is dying though.00:36:01 --> 00:36:04: Hold on Wednesday is that unk sure that puts you00:36:04 --> 00:36:05: actions.00:36:05 --> 00:36:08: Chances are junior conjectural seen anyway.00:36:08 --> 00:36:13: You said transferred over the counter and I you go00:36:13 --> 00:36:14: to lunch.00:36:14 --> 00:36:16: Is this weekend?00:36:16 --> 00:36:18: Is there coming?00:36:23 --> 00:36:28: Taco Johns I jump with without complete whole yeah.00:36:28 --> 00:36:29: So I said, yeah, that's true.00:36:29 --> 00:36:30: That's one thing I'm jealous,00:36:30 --> 00:36:32: is how? Done on Talia,00:36:32 --> 00:36:35: now showing all my guns are just jealous.00:36:35 --> 00:36:42: Is handling really meant Undertaker sutula Rocky Mountain

high shooting?00:36:42 --> 00:36:45: About you, so you said quietly,00:36:45 --> 00:36:52: quietly nonsense something. Yeah, since there's some quite

selfie nice

18

00:36:52 --> 00:36:53: on the channel.00:36:53 --> 00:36:56: I saw the subscription side.00:36:56 --> 00:37:00: We can go the woman's account and Julie Townsend.00:37:03 --> 00:37:06: Sounds of issue.00:37:06 --> 00:37:09: Joe Biden just rip it out to someone,00:37:09 --> 00:37:14: pass oil with the outgoing sound teaching.00:37:14 --> 00:37:16: So this will be jacks,00:37:16 --> 00:37:20: Eli gentleman to Joshua coming centuries batch trouble to

this00:37:20 --> 00:37:22: work Haifa still going there.00:37:22 --> 00:37:23: Yeah turns on.00:37:26 --> 00:37:29: No makeda, disastrous. You'll find me,00:37:29 --> 00:37:31: and they were. Second, she's yeah.00:37:31 --> 00:37:35: Since I'm hungry at the threshold that since you said00:37:35 --> 00:37:39: I couldn't authorize you to hang in apartment so he00:37:39 --> 00:37:43: just got garbled sound to the upgrade should show not00:37:43 --> 00:37:48: the tone. Woman said that schedule Samurai Shore

Commons I.00:37:48 --> 00:37:54: Could you provide me the whole that ruling so usually00:37:54 --> 00:37:58: that Impala can do and all the social I used00:37:58 --> 00:38:03: to do something special just on mobile devices.00:38:03 --> 00:38:08: I should be account Holder Dancer but still actually use00:38:08 --> 00:38:12: it and so you said most actions should mostly be00:38:13 --> 00:38:14: found most to you.00:38:14 --> 00:38:16: Susan Ali00:38:16 --> 00:38:18: actually count how.00:38:20 --> 00:38:23: She is also great opposite number.00:38:26 --> 00:38:28: She is that I took her to the Nina.00:38:28 --> 00:38:31: Engage the beauty. Gender I'm going to know which outside00:38:31 --> 00:38:33: of the Jackal is having a year from now.00:38:33 --> 00:38:37: Winky challenge. I will some weight.00:38:37 --> 00:38:41: This year they suddenly it's only for the function.00:38:41 --> 00:38:47: Bunker away, something between you and someone could

quite quench00:38:47 --> 00:38:47: it.00:38:47 --> 00:38:49: What do you go into the shower so you know?00:38:49 --> 00:38:51: I mean, since you had your orders and that could00:38:51 --> 00:38:53: be used to jungle account,00:38:53 --> 00:38:55: so that's all. There was a hunger event offers that00:38:55 --> 00:38:56: much anyway.00:38:56 --> 00:38:59: You want another water technology.00:38:59 --> 00:39:00: Memo.00:39:02 --> 00:39:07: Nissan, will I get told to focus on the cheater?

19

00:39:07 --> 00:39:09: I told you all you have to do.00:39:12 --> 00:39:15: This is also dated ceiling,00:39:15 --> 00:39:20: so not sure lantagne unions in Mount only Bonnie and00:39:20 --> 00:39:23: casual adult gentle with Eagle.00:39:23 --> 00:39:28: It is in. If you guys actually go cold.00:39:28 --> 00:39:32: We got in time now.00:39:32 --> 00:39:37: Yeah, teeny little details that only girl more woman.00:39:37 --> 00:39:39: Who should they go?00:39:39 --> 00:39:43: Couldn't do that.00:39:43 --> 00:39:47: Lucy to the oil. So you gotta tell your tent00:39:47 --> 00:39:48: in Attica.00:39:48 --> 00:39:51: No, she's out there showing that his order details there00:39:51 --> 00:39:54: woman goes in a bone and she wouldn't equations is00:39:54 --> 00:39:54: enabled.00:39:54 --> 00:39:58: Then paints, not antonian continue occasional woman here

turn into00:39:58 --> 00:39:58: German,00:39:58 --> 00:40:01: their tongue all the time teasing like Beijing Glodis hands00:40:01 --> 00:40:02: open.00:40:04 --> 00:40:08: Diana Chu, woman burning Go design some words he

should00:40:08 --> 00:40:08: say.00:40:08 --> 00:40:11: Hold on to your Pucci.00:40:11 --> 00:40:17: Jungle detention woman long done joining Wichita Eagle

banquet.00:40:17 --> 00:40:20: The woman is standing up in all these houses or00:40:20 --> 00:40:22: you do shoot that darling.00:40:22 --> 00:40:24: Go away that you guys should consider.00:40:24 --> 00:40:29: Woman says hang on your tongue there fighting the rebellion00:40:29 --> 00:40:30: detector reads.00:40:30 --> 00:40:33: Tensional ribbon video shoot and control.00:40:33 --> 00:40:37: Water technology dental silhouettes codes any girl or did he00:40:37 --> 00:40:41: has to be out that way until commented in doing00:40:41 --> 00:40:42: a young high Chicago.00:40:42 --> 00:40:45: Until now you sounded good.00:40:45 --> 00:40:50: She got the issue in the park we're trying to00:40:50 --> 00:40:51: do that.00:40:51 --> 00:40:54: And do I do? I need you,00:40:54 --> 00:40:57: God didn't.00:40:57 --> 00:41:01: Was that your tattoo, Jordan Johnson told me that any00:41:01 --> 00:41:06: should read that in residential downtown quote though did he00:41:06 --> 00:41:10: join Golden Eagle channeling so sound they prefer that?00:41:10 --> 00:41:14: Not Eagle County. And now he is due for the

20

00:41:15 --> 00:41:17: continued mageran though.00:41:17 --> 00:41:20: 21 that into a bag are we seeing wonderful boys00:41:20 --> 00:41:21: watching?00:41:21 --> 00:41:26: Came into retirement? Is your triple corner now hold on?00:41:26 --> 00:41:29: So now that you won without TC.00:41:29 --> 00:41:33: The patient's own words. He should feed her father.00:41:33 --> 00:41:37: Not musically sound religious Liberty in silence and who sent00:41:37 --> 00:41:38: it to waste can be easier anyway,00:41:38 --> 00:41:41: training, so one more fish on Father that is see00:41:41 --> 00:41:42: quality should be.00:41:42 --> 00:41:45: Don't be an idiot to mental condition he might not00:41:45 --> 00:41:46: handle don't see.00:41:48 --> 00:41:50: Pretty put put onto my young girl,00:41:50 --> 00:41:52: but it is your Internet ********00:41:52 --> 00:41:54: branches and then go get the ender.00:41:54 --> 00:41:57: So you told she told an icon jungle these hand00:41:57 --> 00:41:59: you're cheating in the Fandango.00:41:59 --> 00:42:02: I only want it somewhere down South Bend area but00:42:02 --> 00:42:05: no couldn't handle or deal with BW young talents.00:42:05 --> 00:42:08: He says she talks she the document that will jump00:42:08 --> 00:42:08: back.00:42:08 --> 00:42:11: Now enjoying it should see Johnny Go Wendy and Children00:42:11 --> 00:42:12: would should handle.00:42:12 --> 00:42:15: Would you lie down to Russian woman your ego way00:42:15 --> 00:42:18: mobile should tell you to go to Shanghai Sally until00:42:18 --> 00:42:20: woman tight sila towards we are.00:42:20 --> 00:42:22: Yeah sentence to that bigger.00:42:22 --> 00:42:25: When Zeeland coach Alfredo Condon goods or in short and00:42:25 --> 00:42:28: hard hitting learn sugar mobile tension and this will come00:42:28 --> 00:42:30: about her tendency to react in day.00:42:30 --> 00:42:35: Thanks Angela, who didn't eat that when she needed a00:42:35 --> 00:42:37: ticket real soon as inattention.00:42:37 --> 00:42:40: Letitia woman, yet you'll see the fight,00:42:40 --> 00:42:44: ended up booty Second Enchanter banquet two years God

hunker00:42:44 --> 00:42:47: down on her back will come and go woman return00:42:47 --> 00:42:50: to social Woman branches Oriental.00:42:50 --> 00:42:53: McNally PNG file that you see it should say to00:42:53 --> 00:42:56: other teach you not to die summer this year in00:42:56 --> 00:42:59: June or woman weight country terminology.00:42:59 --> 00:43:04: The whole now eventually make a sound that usually

assume.

21

00:43:04 --> 00:43:08: Alexia $30 issue. They say good good.00:43:11 --> 00:43:18: Aqua resistance contribute recently so going on question

now.00:43:18 --> 00:43:23: A sociation she needs your gentle with Jay harder.00:43:23 --> 00:43:25: Not a dime.00:43:25 --> 00:43:29: Should attention away from Queens in Belgium.00:43:29 --> 00:43:31: I do them.00:43:31 --> 00:43:34: Yeah, so you know you want to.00:43:34 --> 00:43:38: You ain't going to. The moment when you said I'm00:43:38 --> 00:43:40: going to dinner,00:43:40 --> 00:43:46: you guys should check the number cover furniture store.00:43:46 --> 00:43:47: Being so, don't bother you guys.00:43:47 --> 00:43:48: I thought she.00:43:51 --> 00:43:54: See, it doesn't do so.00:43:54 --> 00:44:00: Tony Colon cancer, who may die?00:44:00 --> 00:44:05: Yeah, sending buyer poop for Portugal.00:44:05 --> 00:44:08: Now it doesn't want to ensure that when choosing we00:44:09 --> 00:44:09: don't,00:44:09 --> 00:44:11: then he finally found medical.00:44:11 --> 00:44:14: Leave your. You eat rice agenda.00:44:14 --> 00:44:18: Would you come in something that's on teaching?00:44:20 --> 00:44:22: Simply said, that's all you got to do.00:44:22 --> 00:44:24: It hasn't worked out for me.00:44:24 --> 00:44:28: That can kind of said reviews.00:44:28 --> 00:44:33: Sodium consumption. Now, would you say quite a lot?00:44:33 --> 00:44:36: A little follow you guys again with him or her00:44:36 --> 00:44:38: number came with sample loaded.00:44:38 --> 00:44:41: It has Angela now will I?00:44:41 --> 00:44:44: Tango, which is owned by here just so you can00:44:44 --> 00:44:45: translate it,00:44:45 --> 00:44:50: will be under the chair waiting to make sure you're00:44:50 --> 00:44:51: so clever.00:44:51 --> 00:44:54: No, I did not say it's easier to say you're00:44:54 --> 00:44:56: bad at the easy way.00:44:56 --> 00:45:01: Just go to Columbia on Sunday and Emanuel here would00:45:01 --> 00:45:03: you from and to the party.00:45:03 --> 00:45:07: Better to hear consequences.00:45:07 --> 00:45:10: For me it's not that I'm not whole more genuine00:45:10 --> 00:45:11: system type toy,00:45:11 --> 00:45:13: so it's hard.00:45:13 --> 00:45:16: Dermatologist and I kind of a woman.00:45:16 --> 00:45:18: He runs away but then again,

22

00:45:18 --> 00:45:21: long story here.00:45:21 --> 00:45:22: The whole thing.00:45:24 --> 00:45:28: Yeah, OK.00:45:28 --> 00:45:32: Show intuition when shaddix elements are planning to go

forest00:45:32 --> 00:45:36: logical that holds the night tunes that energy without the00:45:36 --> 00:45:37: audio backpack.00:45:37 --> 00:45:40: Johnny, Johnny.00:45:40 --> 00:45:42: Gmail function.00:45:42 --> 00:45:46: Upstairs or so you going forward that holds the hundreds00:45:46 --> 00:45:47: or thousands.00:45:47 --> 00:45:50: You should click on your Kenya now.00:45:50 --> 00:45:53: Boarding diseases are just certain sound strange,00:45:53 --> 00:45:55: yeah?00:45:55 --> 00:45:59: Call back your way to the same storyline so the00:45:59 --> 00:46:03: the using Manage told the Telegram or using the way00:46:03 --> 00:46:06: we should play something out.00:46:06 --> 00:46:09: We aren't officially got.00:46:09 --> 00:46:11: Alongside a good beer shampoo,00:46:11 --> 00:46:15: the conduit to the shell relies on a Bush type00:46:15 --> 00:46:20: out the side chains AutoZone on the underground that is00:46:20 --> 00:46:22: on hold for band.00:46:22 --> 00:46:24: I show it to the.00:46:24 --> 00:46:27: I got some milk. Please share you got home Tony00:46:27 --> 00:46:31: that holds Ileana hold just so you got your engine.00:46:31 --> 00:46:34: Do not so well haha dusted yeah truth out you00:46:34 --> 00:46:36: gotta hustle hustle horban.00:46:36 --> 00:46:40: Choose all that will just do a Forester.00:46:40 --> 00:46:44: Timing the team normal Jedi Duel told the functional

strength.00:46:44 --> 00:46:46: This is how you engine,00:46:46 --> 00:46:48: how eager to see Grande.00:46:51 --> 00:46:53: Uniontown will ship it out,00:46:53 --> 00:46:54: you know, so you do have.00:46:54 --> 00:46:58: Donna can come into Holland or or my godfather John00:46:58 --> 00:47:01: I just value so you got kicked out capital panel00:47:01 --> 00:47:03: once the Joneses had.00:47:03 --> 00:47:06: There you go. You got for that picture gone digital00:47:06 --> 00:47:09: financial capital of the team found the element,00:47:09 --> 00:47:12: just so you got on the ground operating partner.00:47:12 --> 00:47:15: No say so find me in the hood on uh00:47:15 --> 00:47:15: huh sure.00:47:19 --> 00:47:20: So far the union says,

23

00:47:20 --> 00:47:24: yeah, I mean, probably got a genius regal sound more00:47:24 --> 00:47:25: so.00:47:25 --> 00:47:28: I'm inside the UE by 1:00 PM me now woman00:47:28 --> 00:47:31: to see one says only where you're going with that,00:47:31 --> 00:47:34: that's all.00:47:34 --> 00:47:38: China 'cause it's issue Danke.00:47:38 --> 00:47:40: This song sounds so good.00:47:40 --> 00:47:44: Woman Senator Udall wanted to show.00:47:44 --> 00:47:46: Well that don't have answer.00:47:46 --> 00:47:49: So until I started this is of the world you00:47:49 --> 00:47:52: hang your girl from your father and I too didn't00:47:52 --> 00:47:55: hurt somebody trades I had option should or should be00:47:55 --> 00:47:55: jailed.00:47:58 --> 00:48:03: Yeah, hold up hold. This should be our goal.00:48:03 --> 00:48:06: So it's his friends and family and album.00:48:06 --> 00:48:08: Yeah yeah, yeah yeah yeah.00:48:08 --> 00:48:12: Her face and shower scene fish answer due to cherry00:48:12 --> 00:48:15: pick pieces out there under the sound.00:48:15 --> 00:48:18: More motion as I send.00:48:18 --> 00:48:19: Seasoning that will come.00:48:22 --> 00:48:24: I'm going through with helping her normally treat.00:48:24 --> 00:48:27: I'll figure this out soon.00:48:27 --> 00:48:30: So you know I saw.00:48:30 --> 00:48:32: So so your boss is,00:48:32 --> 00:48:35: you know Missy, she can just answer God,00:48:35 --> 00:48:37: Yahoo, email.00:48:37 --> 00:48:41: Will talk to Joy Bauer makeup done.00:48:41 --> 00:48:47: She joined and cheese. Are you going to wear sheer00:48:47 --> 00:48:50: Holder Josh to see share?00:48:50 --> 00:48:54: Clean a woman shoes. Joyce it holds.00:48:54 --> 00:48:55: Just a woman going for it.00:48:55 --> 00:48:58: So you got to the pharmacy so far how certain00:48:58 --> 00:49:00: kind of Justin leave normally.00:49:00 --> 00:49:05: If you wanted to create issue hasn't out shoot.00:49:05 --> 00:49:10: OK, see X number.00:49:10 --> 00:49:12: Sandwich shop in attention all contractors.00:49:12 --> 00:49:15: So it's a jungle.00:49:15 --> 00:49:19: Virginia Mega Bus industrial designer.00:49:19 --> 00:49:21: Turns out there you go fight and then changing.00:49:21 --> 00:49:24: Yeah, actually, if you don't know how they go for00:49:24 --> 00:49:25: the bar imaginable,00:49:25 --> 00:49:28: chicken sandwich. I've been there.

24

00:49:28 --> 00:49:32: Is it cold out closing in three?00:49:32 --> 00:49:34: The part that we just talked to,00:49:34 --> 00:49:37: Dad tore down the little to the shooting way.00:49:37 --> 00:49:40: Would you like there was a jungle block and then00:49:40 --> 00:49:43: what's out there by finding a job is Johnny Mathis00:49:43 --> 00:49:45: always share system?00:49:45 --> 00:49:48: I want you to finish up.00:49:48 --> 00:49:50: If we don't hear no woman to be,00:49:50 --> 00:49:53: yes, you're going to. Your teacher went.00:49:53 --> 00:49:54: Yeah, Josh.00:49:56 --> 00:50:00: Your connection with changing oil cap on some more target.00:50:00 --> 00:50:04: Bijao realistic the huevo like I should be sleeping hours00:50:04 --> 00:50:05: also.00:50:05 --> 00:50:10: Digestive Cajun formula without looking at the range.00:50:10 --> 00:50:13: So say sequence and Selena.00:50:17 --> 00:50:20: Would you still like connect giga range but you may?00:50:24 --> 00:50:29: Wonder why you guys are high team seeker achievable?00:50:29 --> 00:50:32: High Team low 20s.00:50:32 --> 00:50:40: Tasha shoot it out, or should Johnson and Johnson.00:50:40 --> 00:50:44: I've been eating and Alex Numa Numa numa.00:50:44 --> 00:50:45: Gintama00:50:48 --> 00:50:49: Bill Nye sort of hard.00:50:49 --> 00:50:51: She's a total Poly teacher,00:50:51 --> 00:50:54: her daughter into a power seona Gungan again,00:50:54 --> 00:50:59: so mother functioning with at work to do this or.00:50:59 --> 00:51:02: Input Indian sorta kinda got sued me man.00:51:02 --> 00:51:06: Wishing our government is talking to yard.00:51:06 --> 00:51:09: You guys sound like the dungeon that you can sell00:51:09 --> 00:51:10: more harder.00:51:10 --> 00:51:12: Look we tell you quite hard.00:51:12 --> 00:51:14: Not hating, just getting cut on Pandora.00:51:14 --> 00:51:17: So engaging.00:51:17 --> 00:51:19: Area.00:51:19 --> 00:51:21: From the company.00:51:21 --> 00:51:24: Angel so far mega units in the handle,00:51:24 --> 00:51:27: usually down enjoy your portfolio this year.00:51:27 --> 00:51:31: Holy man, you're put on the transfer because any gender00:51:31 --> 00:51:34: there's a little portfolio yield.00:51:34 --> 00:51:36: Something cool you put on the gentleman,00:51:36 --> 00:51:40: but hold on never gonna go back home.00:51:40 --> 00:51:43: Is the boat on the boat on the portfolio the00:51:44 --> 00:51:44: boot on you?

25

00:51:44 --> 00:51:48: You put the collateral Bujang you put on there.00:51:50 --> 00:51:55: LTV hoods of the Middle East.00:51:55 --> 00:51:56: Yeah, I was actually true.00:51:56 --> 00:51:59: This will hold on your account that this is only00:51:59 --> 00:52:00: two Twins.00:52:00 --> 00:52:04: Full sensory issue. I showed the banker soundboard.00:52:04 --> 00:52:07: That resale yeah yeah Boo yeah,00:52:07 --> 00:52:11: that's until I showed you saw your portfolio that you00:52:11 --> 00:52:13: got her Hurley the schedule,00:52:13 --> 00:52:17: the jungle jungle schedule.00:52:17 --> 00:52:20: Pretty markedly Medicaid. Now they usually system,00:52:20 --> 00:52:25: but the whole Germantown LTV unholy go.00:52:25 --> 00:52:27: Tell John the Queen with her,00:52:27 --> 00:52:32: I'll returns. I do do shoes without shoe box with00:52:32 --> 00:52:37: the Alpha leader and just see that movie Ola.00:52:37 --> 00:52:39: OK, no more joking and do we go once you00:52:39 --> 00:52:41: know how your son should just die,00:52:41 --> 00:52:44: they hold you till about and hold your job until00:52:44 --> 00:52:45: one social.00:52:45 --> 00:52:49: To go earlier, we had a captain halfway tissues Acima.00:52:52 --> 00:52:56: Can I go Alex?00:52:56 --> 00:52:58: And then the jiggle Rafaela.00:53:01 --> 00:53:04: Can't wait, I saw Diane can you get sued?00:53:04 --> 00:53:06: You Sir?00:53:06 --> 00:53:09: Young woman kind of transition house.00:53:09 --> 00:53:12: I said my mother so you carry the cat way00:53:12 --> 00:53:15: into finding the Julian issue,00:53:15 --> 00:53:18: either existing the rental, hard Eagle,00:53:18 --> 00:53:23: sleeping, leaning so it's only out the certifying the table.00:53:23 --> 00:53:26: We have the general Folio while holding it upside.00:53:26 --> 00:53:29: Just Karen gallery's.00:53:29 --> 00:53:32: You would have a line measurement outside.00:53:32 --> 00:53:33: Now. Yes, it's on top.00:53:33 --> 00:53:36: Then you can just do the cabaret.00:53:36 --> 00:53:41: Anyway, just to the way your way harder to rental00:53:42 --> 00:53:44: one whole outside go.00:53:44 --> 00:53:47: Yeah, we find inside.00:53:47 --> 00:53:52: Yeah, so it did I see a young tree similar00:53:52 --> 00:53:53: to push?00:53:53 --> 00:53:59: You got this words so you won't pull high tides00:53:59 --> 00:54:07: easier just one candle carries over on gel kind heisinger.00:54:07 --> 00:54:08: Shoes are we away like that?

26

00:54:08 --> 00:54:11: Turns out hunting season finale.00:54:11 --> 00:54:16: Catching glandular care solution Holly now which element

choose to00:54:16 --> 00:54:20: glance at our capital and John Wooden door leads into00:54:20 --> 00:54:21: that region event.00:54:21 --> 00:54:24: So, so she leave due to die,00:54:24 --> 00:54:28: so I can't make you go weird how to the00:54:29 --> 00:54:32: gym class is how we live.00:54:32 --> 00:54:35: You said we have. You shall also sort of presentation00:54:35 --> 00:54:36: garden this year.00:54:36 --> 00:54:38: Would you that she would?00:54:38 --> 00:54:42: Where do they kind of had a minor character?00:54:42 --> 00:54:45: Defining the boosted figure, would you?00:54:45 --> 00:54:46: This is how is it?00:54:46 --> 00:54:48: How far is it to go to Godzilla?00:54:48 --> 00:54:51: We're one holds you guys out for the search.00:54:51 --> 00:54:54: You guys ensues. Either you can call those other sites.00:54:54 --> 00:54:57: I says younger and I was also your fashion so00:54:57 --> 00:54:59: you can use your not really see you go.00:54:59 --> 00:55:03: Will you hang in there you go figure it out00:55:03 --> 00:55:06: on your end you go changing design.00:55:06 --> 00:55:09: What is the final do translator?00:55:09 --> 00:55:12: Not quite sure if I had or you can answer00:55:12 --> 00:55:13: with your tongue.00:55:13 --> 00:55:18: Could be quicker than that without changing the way he00:55:18 --> 00:55:22: suicide to you that the the weird time we like00:55:22 --> 00:55:23: to capture value.00:55:23 --> 00:55:27: Don't come that we can start the cafe to come.00:55:27 --> 00:55:31: Just always carry compression. Yeah yeah yes Sir.00:55:33 --> 00:55:37: Hi this is Sister Alex Hosea usage is Ethan.00:55:37 --> 00:55:41: How are normal user data Rule 1 John,00:55:41 --> 00:55:44: you're hired.00:55:44 --> 00:55:47: Issues like you and alien sound woman.00:55:47 --> 00:55:52: The answer was having to see where the more woman00:55:52 --> 00:55:53: yeah.00:55:53 --> 00:55:57: Sure you go fish home.00:55:57 --> 00:56:01: You should. You don't see them or was a scientist.00:56:01 --> 00:56:05: I surgical woman, the Chica Chica boom Bernie.00:56:05 --> 00:56:10: Not in United States with tapping hammer.00:56:10 --> 00:56:12: OK.00:56:12 --> 00:56:12: Thanks, Shirley.00:56:15 --> 00:56:19: Since Barry and Calvin to let me moderate this panel,

27

00:56:19 --> 00:56:24: today's topic is about data center and we have somebody00:56:24 --> 00:56:26: from Cushman Wakefield.00:56:26 --> 00:56:31: Thomas, you from artists and Jeffrey from Southwest.00:56:31 --> 00:56:35: I think all of them they occurs alot experiencing data00:56:36 --> 00:56:41: center and especially for actors and starquest save

successfully than00:56:41 --> 00:56:44: a few projects in China already.00:56:44 --> 00:56:49: OK, and I can say data center is a hot00:56:49 --> 00:56:52: topic recently and this year.00:56:52 --> 00:56:56: It is now becoming A and policy driven industry we00:56:56 --> 00:56:59: call its new infrastructure,00:56:59 --> 00:57:01: change it again.00:57:01 --> 00:57:02: And as shown.00:57:05 --> 00:57:07: I'd like to introduce Sean,00:57:07 --> 00:57:10: who are in who will share his recent research on00:57:10 --> 00:57:13: data center market in China and is growing need after00:57:14 --> 00:57:18: COVID-19 and then will continue discussion on data center

investment00:57:18 --> 00:57:19: shown is your turn.00:57:22 --> 00:57:24: Thank you very much buddy.00:57:24 --> 00:57:26: Let me see if I.00:57:30 --> 00:57:33: OK, here we go OK.00:57:33 --> 00:57:36: So recently we had Cushman and Wakefield.00:57:36 --> 00:57:40: We came out with a report on data centers that00:57:40 --> 00:57:42: was published in April.00:57:42 --> 00:57:48: And we were kind of looking at the impact of00:57:48 --> 00:57:51: COVID-19 on data center demand.00:57:51 --> 00:57:56: So, um. Just to look through in terms of the00:57:56 --> 00:57:58: presentation.00:57:58 --> 00:58:02: Today we will look at the sort of development and00:58:02 --> 00:58:06: trends within the data center market in China.00:58:06 --> 00:58:09: And then we'll look at the impact of COVID-19.00:58:09 --> 00:58:12: What's next, what's next and some key takeaways.00:58:19 --> 00:58:20: So for some of you,00:58:20 --> 00:58:23: maybe this is a news topic,00:58:23 --> 00:58:28: new subject, so just to sort of familiarize yourself with00:58:28 --> 00:58:32: the concept of what a data center is.00:58:32 --> 00:58:36: Essentially you can sort of split it down in in00:58:36 --> 00:58:39: terms of functions and services,00:58:39 --> 00:58:45: so functions that a data center performs would be data00:58:45 --> 00:58:46: collection,00:58:46 --> 00:58:53: data storage, data processing. Data distribution and data

access ability

28

00:58:53 --> 00:58:56: and the services would be data backup,00:58:56 --> 00:59:01: data recovery, data management and networking.00:59:04 --> 00:59:08: So looking at the market size and you can you00:59:08 --> 00:59:10: can look at market size.00:59:10 --> 00:59:13: As you know from from different angles.00:59:13 --> 00:59:18: But here we're looking at a sort of an international00:59:18 --> 00:59:24: comparison and we're looking specifically here at hyper

scale.00:59:24 --> 00:59:29: Internet data centers. So what are hyper scale Internet data00:59:29 --> 00:59:34: centers will essentially there are facilities owned and

operated by00:59:35 --> 00:59:38: companies they support which provide robust,00:59:38 --> 00:59:44: scalable applications and storage portfolio of services to

individuals or00:59:45 --> 00:59:47: businesses so we can see here.00:59:47 --> 00:59:50: the United States, currently at 38%.00:59:52 --> 00:59:56: Is this sort of leader in terms of the number00:59:56 --> 01:00:01: of hyperscale centers globally China sits currently in the

number01:00:01 --> 01:00:03: two position at 10%,01:00:03 --> 01:00:06: and that's followed by Japan at seven 7%.01:00:09 --> 01:00:15: Looking at the market size from a value perspective,01:00:15 --> 01:00:21: so in 2019 we saw the market actually reach about01:00:21 --> 01:00:24: 156 billion renminbi.01:00:24 --> 01:00:29: In terms of value, and that was a year on01:00:29 --> 01:00:32: year growth of about 27%.01:00:35 --> 01:00:40: And then if you look at the geographical locations of01:00:40 --> 01:00:44: data centers in China and this is sort of a01:00:44 --> 01:00:46: distribution by province.01:00:46 --> 01:00:52: So we can see a essentially datacenters congregating in the01:00:52 --> 01:00:53: Beijing Tianjin,01:00:53 --> 01:00:57: her Bay Area. Um the yrd,01:00:57 --> 01:01:04: the PRD. And some in Inner Mongolia and Sichuan and01:01:04 --> 01:01:05: Greater.01:01:05 --> 01:01:10: In terms of utilization rate.01:01:10 --> 01:01:12: You're looking at about 80%01:01:12 --> 01:01:17: in terms of utilization rate within the three regions of01:01:17 --> 01:01:19: the Beijing tension.01:01:19 --> 01:01:21: Her Bay Area, the Yrd,01:01:21 --> 01:01:22: and the PRD.01:01:25 --> 01:01:32: I'm also looking again at market size.01:01:32 --> 01:01:37: The left hand table actually shows you the number of01:01:37 --> 01:01:42: racks in China and we can see how racks have

29

01:01:42 --> 01:01:46: grown in numbers from 2016 through to 2019,01:01:46 --> 01:01:51: essentially over that. It's been.01:01:51 --> 01:01:55: So Mr doubling doubling in size of of the rap01:01:55 --> 01:02:00: numbers through to about 2.2 million racks in China in01:02:00 --> 01:02:03: terms of distribution at the moment,01:02:03 --> 01:02:07: Guangdong leads the pack in terms of 20%,01:02:07 --> 01:02:11: around 20% of data centers in China are located in01:02:11 --> 01:02:15: Guangdong and then followed by Shanghai,01:02:15 --> 01:02:19: Beijing, Inner Mongolia and so on.01:02:19 --> 01:02:23: In terms of Internet data center providers,01:02:23 --> 01:02:28: essentially you can split that into two so.01:02:28 --> 01:02:33: Two categories so telecom operators.01:02:33 --> 01:02:37: And carrier neutral data center operators.01:02:37 --> 01:02:43: And it's sort of split 5050 in terms of market.01:02:43 --> 01:02:47: We're also seeing big companies like Apple AWS,01:02:47 --> 01:02:51: Microsoft, IBM, Tencent, Huawei. Um,01:02:51 --> 01:02:55: all building out large scale data centers and some of01:02:55 --> 01:03:00: those data centers being sort of built out in milder01:03:00 --> 01:03:02: locations in terms of climate,01:03:02 --> 01:03:08: so that being sort of examples being great so and01:03:08 --> 01:03:09: inner Mongolia.01:03:09 --> 01:03:15: On the demand side, well essentially it's been cloud that01:03:15 --> 01:03:19: cloud computing that's really triggered.01:03:19 --> 01:03:23: The demand for data center rack space in China and01:03:23 --> 01:03:30: in particular infrastructure as a service providers demanding

space.01:03:30 --> 01:03:34: So examples of of those aluen China Telecom,01:03:34 --> 01:03:37: Tencent Cloud, and Jinshan Cloud.01:03:41 --> 01:03:47: So looking at the COVID-19 impact.01:03:47 --> 01:03:50: Well, essentially.01:03:50 --> 01:03:55: You know, under the lockdown home confinement.01:03:55 --> 01:04:01: We saw a tremendous amount of demand from online

services01:04:01 --> 01:04:04: or for data center Rackspace.01:04:04 --> 01:04:06: And much of that was,01:04:06 --> 01:04:11: you know, the big experiment in terms of home remote01:04:11 --> 01:04:12: working.01:04:12 --> 01:04:15: Um and then?01:04:15 --> 01:04:20: Cloud service providers. They expanded capacity data

centers and information01:04:20 --> 01:04:22: collection storage processing.01:04:22 --> 01:04:26: Distribution needs increased. And of course,01:04:26 --> 01:04:30: demand for Internet data centers.

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01:04:30 --> 01:04:33: Sword, so it wasn't just home.01:04:33 --> 01:04:38: You know remote working that that also drove demand.01:04:38 --> 01:04:43: The whole idea of cloud computing during the period drove01:04:43 --> 01:04:44: demand.01:04:44 --> 01:04:48: E Commerce as well, drove a huge amount of demand01:04:49 --> 01:04:53: as people you know remained at home they shocked at01:04:53 --> 01:04:55: home through necessity,01:04:55 --> 01:05:00: and we saw an increase in terms of contactless delivery01:05:01 --> 01:05:04: from retailers directly to the home.01:05:04 --> 01:05:10: Um, for some factories and also for for some logistics01:05:10 --> 01:05:11: facilities,01:05:11 --> 01:05:16: we also saw an increase in terms of data that01:05:16 --> 01:05:22: was driven through the concept of industry 4.0 so,01:05:22 --> 01:05:30: industry 4.0 is the 4th revolution and that entails.01:05:30 --> 01:05:33: Factories using IO T technology.01:05:33 --> 01:05:40: Linking that up to sensors and devices and machinery so01:05:40 --> 01:05:42: that you know.01:05:42 --> 01:05:45: Either the operations of the factory can be made that01:05:45 --> 01:05:49: much more efficient and this was used during lockdown.01:05:49 --> 01:05:53: Because obviously we had supply chain disruption going on.01:05:53 --> 01:05:57: Some of the factories couldn't quite get their parts to01:05:57 --> 01:06:00: the actual factory production floor.01:06:00 --> 01:06:02: So you know they were able to.01:06:05 --> 01:06:08: Get parts, get the designs.01:06:08 --> 01:06:14: I am through industry 4.0 the industry 4.0 platform and01:06:14 --> 01:06:20: quickly actually make the part within the within the factory.01:06:20 --> 01:06:24: We also saw a huge amount of live streaming going01:06:24 --> 01:06:24: on.01:06:24 --> 01:06:28: And also online entertainment so live streaming.01:06:28 --> 01:06:32: You know we had things like retailers obviously.01:06:32 --> 01:06:36: You know you didn't get the football traffic going to01:06:36 --> 01:06:39: the bricks and mortar shopping malls,01:06:39 --> 01:06:44: so some of the retailers actually resorted rather than

marketing01:06:44 --> 01:06:45: physical space.01:06:45 --> 01:06:48: They marketed their products online.01:06:48 --> 01:06:54: Um and we saw some retailers actually be quite successful01:06:54 --> 01:06:55: at this.01:06:55 --> 01:07:01: We saw one domestic makeup brand actually increased their

sales01:07:02 --> 01:07:05: of of makeup goods by about 145%01:07:05 --> 01:07:11: during the period by using live streaming technology.

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01:07:11 --> 01:07:15: We also saw online entertainment,01:07:15 --> 01:07:22: so lots of people stuck at home watching movies and01:07:22 --> 01:07:25: also playing online games.01:07:25 --> 01:07:29: So all that required a lot of data processing and01:07:29 --> 01:07:33: then of course online education as well.01:07:33 --> 01:07:38: So obviously the schools that the kids were at home.01:07:38 --> 01:07:41: They still need to be schooled,01:07:41 --> 01:07:43: so we had schools, colleges,01:07:43 --> 01:07:51: universities, all going online, either setting up their

educational platforms01:07:51 --> 01:07:56: from scratch or further expanding their offering.01:07:56 --> 01:08:02: And we saw we saw a lot of education during01:08:02 --> 01:08:03: the.01:08:03 --> 01:08:09: Lockdown. Going online and of course we also had online01:08:09 --> 01:08:11: health care as well.01:08:11 --> 01:08:13: And that was really boosted,01:08:13 --> 01:08:16: um, so you know, a lot of people who may01:08:16 --> 01:08:18: have had a slight illness.01:08:18 --> 01:08:22: They might not have chosen to go to an overstretched01:08:23 --> 01:08:23: hospital,01:08:23 --> 01:08:26: so many of them went online.01:08:26 --> 01:08:29: And they went through.01:08:29 --> 01:08:33: Online health care platforms like for example JD Health.01:08:33 --> 01:08:36: An actual fact, JD Health,01:08:36 --> 01:08:42: their monthly online health consultations during the outbreak.01:08:42 --> 01:08:47: Rose about 10 fold to about 2 million consultations during01:08:47 --> 01:08:48: the period.01:08:54 --> 01:08:57: So looking at what's next,01:08:57 --> 01:09:01: so market size.01:09:01 --> 01:09:04: We've got a an estimate here.01:09:04 --> 01:09:07: Looking at it from a value perspective.01:09:07 --> 01:09:12: So previously I mentioned about 156 billion.01:09:12 --> 01:09:18: But we're looking through to 2022 at increasing to around01:09:18 --> 01:09:23: 320 billion with an annual growth rate of around 28%.01:09:23 --> 01:09:25: And we see this growth.01:09:25 --> 01:09:33: You know, being driven further through the new infrastructure

development01:09:33 --> 01:09:34: and there you are.01:09:34 --> 01:09:39: Infrastructure including, again, cloud computing,01:09:39 --> 01:09:43: big data, the Internet of Things.01:09:43 --> 01:09:45: Virtual reality.01:09:45 --> 01:09:50: Artificial intelligence and and 5G.

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01:09:50 --> 01:09:54: So there's certainly going to be further demand for data01:09:54 --> 01:09:56: centers over the next few years.01:09:58 --> 01:10:03: And then finally sort of looking at data centers from01:10:03 --> 01:10:05: a real estate perspective.01:10:05 --> 01:10:09: So those looking to go into the data center market01:10:09 --> 01:10:11: for the first time.01:10:11 --> 01:10:16: Obviously there are considerations that need to be thought

through,01:10:16 --> 01:10:21: so you've got the actual data center market considerations,01:10:21 --> 01:10:23: so things like market size,01:10:23 --> 01:10:26: the players in the market,01:10:26 --> 01:10:28: the law.01:10:28 --> 01:10:32: The actual Data center center supply and demand,01:10:32 --> 01:10:39: and then the data center demand diamond dynamics like

utilization01:10:39 --> 01:10:39: rates,01:10:39 --> 01:10:45: rec. Rental rates. And then you've got the development

considerations.01:10:45 --> 01:10:48: So which location do you need to be in the01:10:48 --> 01:10:49: environment?01:10:49 --> 01:10:54: For example, the climate conditions in the Environmental

Protection,01:10:54 --> 01:10:56: the power, so the source of the power,01:10:56 --> 01:10:58: the supply of the power,01:10:58 --> 01:11:01: the capacity, the power usage effectiveness,01:11:01 --> 01:11:03: which is important, and the cost.01:11:03 --> 01:11:07: And then you've got the government development incentives.01:11:07 --> 01:11:12: The lower again here the land availability and land purchase01:11:12 --> 01:11:12: pricing.01:11:12 --> 01:11:17: The construction procedures and costs and then the

operation considerations.01:11:17 --> 01:11:21: So you've got management and operations and maintenance

costs.01:11:21 --> 01:11:26: Consider environmental sustainability and the law as well in

terms01:11:26 --> 01:11:27: of the operations.01:11:27 --> 01:11:29: And then on the investment side,01:11:29 --> 01:11:33: you've got the investment, market purchase and sale,01:11:33 --> 01:11:37: demand dynamics and the market indicators.01:11:37 --> 01:11:40: And then you know, maybe going forward.01:11:40 --> 01:11:43: The real Estate Investment trust separations.01:11:43 --> 01:11:45: Sorry Sean, can we just sorry,01:11:45 --> 01:11:49: just interrupt, can we jump onto the key takeaways?01:11:49 --> 01:11:53: And then maybe we can come back to this later?

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01:11:55 --> 01:12:01: So, um. Essentially, looking at the key takeaways.01:12:01 --> 01:12:05: Essentially, during the home confinement.01:12:05 --> 01:12:10: The Internet was certainly used to a greater degree.01:12:10 --> 01:12:17: It generated a huge amount of online data and information.01:12:17 --> 01:12:21: And you know China saw a surge during this.01:12:21 --> 01:12:24: In terms of information collection,01:12:24 --> 01:12:29: processing, storage and distribution. Um,01:12:29 --> 01:12:33: and there's likely through this to be a greater demand01:12:33 --> 01:12:35: for data and information,01:12:35 --> 01:12:41: and particularly also from the new infrastructure development

plans.01:12:41 --> 01:12:45: So to sum up, it's likely to benefit.01:12:45 --> 01:12:50: Datacenters going forward in China.01:12:50 --> 01:12:53: Bernie back to you.01:12:53 --> 01:12:54: Sunshine.01:12:57 --> 01:13:00: Yeah, um. Based on Shawn's research report,01:13:00 --> 01:13:04: we can see increasing demand for data collection,01:13:04 --> 01:13:06: processing, storage etc.01:13:06 --> 01:13:10: And we can also see great potential for data center01:13:11 --> 01:13:16: development and definitely this area will attract more

investors.01:13:16 --> 01:13:21: But before jumping into this growing market.01:13:21 --> 01:13:24: It's always good to have some extra parents investor to01:13:25 --> 01:13:27: share their experience with us,01:13:27 --> 01:13:31: and I have some questions trying to get their valuable01:13:31 --> 01:13:32: experience,01:13:32 --> 01:13:37: hopefully. And we also leave several minutes to Q&A

session.01:13:37 --> 01:13:41: OK, my first question will go goes to Thomas.01:13:41 --> 01:13:46: Active is one of the early players in data center01:13:46 --> 01:13:51: market in China and now is the controlling shareholder of01:13:52 --> 01:13:53: Charge IRA Holdings.01:13:53 --> 01:13:58: But back to 2015. While the main market for typical01:13:58 --> 01:14:03: rates demarcate typical real estate investments or was still so01:14:03 --> 01:14:04: active,01:14:04 --> 01:14:08: data center as a new sector for Wednesday,01:14:08 --> 01:14:12: investors still needs cooperation of.01:14:12 --> 01:14:17: Local licensed operator and sufficient energy allowance.01:14:17 --> 01:14:21: That means compared to a typical real estate investment,01:14:21 --> 01:14:25: data center investment is much more complicated from deal

deal01:14:25 --> 01:14:26: structure,01:14:26 --> 01:14:30: perspective and from operation Perspective.

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01:14:30 --> 01:14:35: So my question is, what drove your team to invest01:14:35 --> 01:14:39: in data centers early since 2015?01:14:39 --> 01:14:46: Which was relatively new with uncertain future in China

Market.01:14:46 --> 01:14:49: Thank you Bernie. I wish I could say that we01:14:49 --> 01:14:52: have the crystal ball that show exactly what Sean show01:14:52 --> 01:14:54: just now in the market.01:14:54 --> 01:14:55: Have tripled from 2015 to now.01:14:55 --> 01:14:57: But no not at all.01:14:57 --> 01:15:00: We we as investors we've always looked at other than01:15:00 --> 01:15:04: the typical commercial real estate trying to look into new01:15:04 --> 01:15:06: sectors and just make a decision.01:15:06 --> 01:15:09: Whether it's a good good sector for investors like us01:15:09 --> 01:15:11: looking for opportunistic return.01:15:11 --> 01:15:14: And if you look back in 2015 as shown showed01:15:14 --> 01:15:16: the market was much more than today.01:15:16 --> 01:15:19: But it was interesting to show that there was a01:15:19 --> 01:15:22: very big difference between where China is versus where the01:15:22 --> 01:15:23: global market,01:15:23 --> 01:15:25: whereas which were the global markets,01:15:25 --> 01:15:28: has developed, and so China market at that time the01:15:28 --> 01:15:31: data center was pretty much dominated by two type of01:15:31 --> 01:15:32: owner operators.01:15:32 --> 01:15:33: One or the big telcos.01:15:33 --> 01:15:36: The big telecom stayed on child Telecom Unicom and an01:15:36 --> 01:15:37: orb out.01:15:37 --> 01:15:39: They probably the largest owner of their sensor.01:15:39 --> 01:15:41: Back then. They still hard,01:15:41 --> 01:15:44: but there are there to share is shrinking now and01:15:44 --> 01:15:47: also there are these other crop of private data center01:15:47 --> 01:15:48: operators.01:15:48 --> 01:15:49: Many of them are listed up,01:15:49 --> 01:15:51: some in the next tax time in China,01:15:51 --> 01:15:53: but they turn out. We found out that most of01:15:53 --> 01:15:55: these data center operators,01:15:55 --> 01:15:58: while they're very strong in operating their sensor,01:15:58 --> 01:16:00: that you don't own a lot of their assets.01:16:00 --> 01:16:02: They tend to be asset light operators.01:16:02 --> 01:16:05: Most of the assets were leased and retrofitted because they01:16:05 --> 01:16:08: have very big needs to grow the scale very quickly01:16:08 --> 01:16:11: and so looking at that that dynamic and then seeing01:16:11 --> 01:16:13: how the market has developed in the US,

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01:16:13 --> 01:16:17: another underdeveloped market, we felt that China marketshould follow

01:16:17 --> 01:16:18: a trend where you would have.01:16:18 --> 01:16:23: Professional, an almost pureplay asset heavy data center

developer owner01:16:23 --> 01:16:27: that will serve and actually compliments all these other

incumbent01:16:27 --> 01:16:28: players in the market.01:16:28 --> 01:16:30: And so we felt that was a we've got to01:16:30 --> 01:16:34: have a conviction in that direction was going and and01:16:34 --> 01:16:34: back.01:16:34 --> 01:16:36: The group that we felt that we can make a01:16:36 --> 01:16:39: try to make a play at this and back to01:16:39 --> 01:16:42: your point about the hurdle of the license and power.01:16:42 --> 01:16:45: It is definitely much much higher than what we usually01:16:45 --> 01:16:47: see in commercial real estate.01:16:47 --> 01:16:49: So I think when we were looking at,01:16:49 --> 01:16:52: you know. The party to back end and who to01:16:52 --> 01:16:53: work with.01:16:53 --> 01:16:55: We found this group which at that time they have01:16:55 --> 01:16:58: already secured the license and they have to be IE01:16:59 --> 01:17:02: structure for the licenses and then they also have secured01:17:02 --> 01:17:05: a site with approved power coder from the government.01:17:05 --> 01:17:08: So those ingredients seems to be ready to go now.01:17:08 --> 01:17:11: Definitely not been a very very smooth sailing.01:17:11 --> 01:17:14: There is a new industry so there's been a lot01:17:14 --> 01:17:15: of learning along the way,01:17:15 --> 01:17:19: but that's how we kind of got into the space01:17:19 --> 01:17:22: in the in the 1st place and 1:50.01:17:22 --> 01:17:27: Thank you so since 2016 you invested in Chimera holding01:17:27 --> 01:17:31: after so many years investment in this industry,01:17:31 --> 01:17:38: especially focusing on Greenland, development of

hyperscale data center.01:17:38 --> 01:17:42: Thomas, would you like to share us some of your01:17:42 --> 01:17:48: takeaways about Greenland development and operation of

data Center?01:17:48 --> 01:17:50: Um, well, perhaps I would.01:17:50 --> 01:17:53: I would speak on from from a context of a01:17:53 --> 01:17:55: institution institutional investor.01:17:55 --> 01:17:59: They're looking to invest in data center space and some01:17:59 --> 01:18:03: learning to share with others are looking at this pace01:18:03 --> 01:18:04: right now.01:18:04 --> 01:18:07: First, actually want it back to to the Sean had

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01:18:08 --> 01:18:11: a map just now and show that the where were01:18:11 --> 01:18:14: they just tend to concentrate in China again.01:18:14 --> 01:18:17: This is where I may be a little bit different01:18:17 --> 01:18:18: from from.01:18:18 --> 01:18:20: From the West. When you have an US,01:18:20 --> 01:18:22: when you have big data centers,01:18:22 --> 01:18:24: concentration outside of city center,01:18:24 --> 01:18:25: China's Shaanxi in this map,01:18:25 --> 01:18:28: most of the data set is still concentrated in and01:18:28 --> 01:18:29: around the Beijing area.01:18:29 --> 01:18:32: In around Shanghai, are in around Bandung,01:18:32 --> 01:18:34: and so I think as an investor looking at this01:18:34 --> 01:18:35: pace,01:18:35 --> 01:18:37: the thank you. Thank you for showing that investor.01:18:37 --> 01:18:40: Look at this space as an institution investor who are01:18:40 --> 01:18:41: looking you know.01:18:41 --> 01:18:44: Eventually at one point we need to exit our investment01:18:44 --> 01:18:46: to other institutional investors.01:18:46 --> 01:18:49: I would suggest that we still have to very much01:18:49 --> 01:18:50: focus on these locations.01:18:50 --> 01:18:52: There are no projects available.01:18:52 --> 01:18:56: Cheap land, cheap power available in the in the Mongolia01:18:56 --> 01:18:57: in the Northeast area.01:18:57 --> 01:19:00: But those people who have gone there have gone there01:19:00 --> 01:19:04: with policy's other other policy's reasons behind them,01:19:04 --> 01:19:05: and there may be other.01:19:05 --> 01:19:08: It's tend to be end users of data center or01:19:08 --> 01:19:09: telcos are going there,01:19:09 --> 01:19:13: so as a professional investor looking at an investment that01:19:13 --> 01:19:14: requires a return,01:19:14 --> 01:19:17: I would suggest it would still definitely look at the01:19:17 --> 01:19:19: locations in this three area.01:19:19 --> 01:19:22: That's probably 1 one. Once you take away and we've01:19:23 --> 01:19:26: 'cause we've looked at some of these assets in the01:19:26 --> 01:19:27: more remote area,01:19:27 --> 01:19:30: and the number doesn't just wouldn't work.01:19:30 --> 01:19:33: The second, I think is a cautionary tale is that,01:19:33 --> 01:19:35: as you mentioned earlier, Bernie,01:19:35 --> 01:19:39: this is not where we are traditional real estate investor.01:19:39 --> 01:19:41: Most of us sitting on this panel.01:19:41 --> 01:19:44: Since it's you I the for data center.01:19:44 --> 01:19:46: The hurdle in terms of getting the approval.

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01:19:46 --> 01:19:50: It's very much much higher than what you would encounter01:19:50 --> 01:19:52: with typical office or retail.01:19:52 --> 01:19:54: Now, even logistics in that matter,01:19:54 --> 01:19:56: which is also another industrial land.01:19:56 --> 01:19:59: In this case, the biggest hurdle at all among all01:19:59 --> 01:20:00: everything else,01:20:00 --> 01:20:01: is the power and power.01:20:01 --> 01:20:03: It's more than just getting making sure that there is01:20:04 --> 01:20:07: power available because China actually have very good

power infrastructure.01:20:07 --> 01:20:10: So in more places to go to you would have01:20:10 --> 01:20:13: good power infrastructure that has been built by sacred in01:20:13 --> 01:20:13: area.01:20:13 --> 01:20:15: The key, the key hurdle to get is the NDR.01:20:15 --> 01:20:17: See approval for the quota.01:20:17 --> 01:20:19: I think anyone who would start looking at their center01:20:19 --> 01:20:20: in China,01:20:20 --> 01:20:22: which here this Chinese term know how that is.01:20:22 --> 01:20:25: The hottest approval to get because that is a quota.01:20:25 --> 01:20:28: And because China and every cities,01:20:28 --> 01:20:30: especially Tier 1 cities, are now have the cap do01:20:31 --> 01:20:34: care about the carbon footprint and how they grow the01:20:34 --> 01:20:37: economy and an impact on carbon footprint and data center01:20:37 --> 01:20:40: being a power, you know Gosling building.01:20:40 --> 01:20:42: There is a very there's a limit of coda on01:20:42 --> 01:20:45: how much power quality anyone can get in these cities,01:20:45 --> 01:20:48: and this is now expanded to beyond here when cities01:20:48 --> 01:20:52: to even these neighboring cities around Beijing and around

Shanghai.01:20:52 --> 01:20:54: So for any project I will look at,01:20:54 --> 01:20:56: we've seen many projects and everyone told us or they01:20:56 --> 01:20:58: will get in on how they will get it done.01:20:58 --> 01:21:01: How? 8 out of 10 they never got it and01:21:01 --> 01:21:03: most of them were just saying they've been.01:21:03 --> 01:21:06: Some of them may not even apply for the know01:21:06 --> 01:21:06: how,01:21:06 --> 01:21:08: so that's that's another, you know.01:21:08 --> 01:21:11: Big big hurdle, and last I guess just a very01:21:11 --> 01:21:13: quick one is a technical barrier.01:21:13 --> 01:21:14: I mean to build the data,01:21:14 --> 01:21:16: center the to build something to show us,01:21:16 --> 01:21:19: point to the in terms of hyper scale in terms

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01:21:19 --> 01:21:21: of high quality and the government.01:21:21 --> 01:21:24: Actually, MIT has a requirement for all new data center01:21:24 --> 01:21:26: to have a very low PUE of 1.4 to 1.501:21:26 --> 01:21:27: or below.01:21:27 --> 01:21:29: I don't want to do or technical detail,01:21:29 --> 01:21:31: but that means you have a very high.01:21:31 --> 01:21:34: The efficient usage of power and that means for the01:21:34 --> 01:21:36: team that's building a data center,01:21:36 --> 01:21:39: it's the requirement of technical know how to deliver that01:21:39 --> 01:21:40: type of theory,01:21:40 --> 01:21:43: and in a highly efficient environment that would be suitable01:21:43 --> 01:21:46: for a hyper scale that can attract the customer like01:21:46 --> 01:21:49: the Microsoft like the alley like the order or the01:21:49 --> 01:21:51: Internet and glowing cloud users.01:21:51 --> 01:21:52: It's a very high barrier,01:21:52 --> 01:21:54: so that's another, you know the.01:21:54 --> 01:21:57: Make sure the team that you work with has that01:21:57 --> 01:22:00: kind of a technical background and experience delivering

that.01:22:02 --> 01:22:04: Thanks so much. Very nice sharing.01:22:04 --> 01:22:07: OK, let's move to Jeff.01:22:07 --> 01:22:12: From Starcrest, Starquest has developed excellent track

record in market01:22:12 --> 01:22:13: share.01:22:13 --> 01:22:16: Quite cautious or even pick it in investment,01:22:16 --> 01:22:20: but they're very solid in each of their investment.01:22:20 --> 01:22:24: To be Frank, it really surprised me when stock was01:22:24 --> 01:22:28: acquired their first data center projects in 2018.01:22:28 --> 01:22:31: Now this projects have been put into operation,01:22:31 --> 01:22:33: so with this solid attitudes,01:22:33 --> 01:22:37: investments and would like to ask Jeff from.01:22:37 --> 01:22:40: I'm in a perspective. Could you share with us your01:22:40 --> 01:22:43: solid experience in the center transactions?01:22:49 --> 01:22:53: Thanks Bernie and you will appreciate seeing solid multiple

times,01:22:53 --> 01:22:54: but I think it will.01:22:54 --> 01:22:56: I think like everyone else,01:22:56 --> 01:22:59: I think we're just trying to find our path in01:22:59 --> 01:23:01: terms of looking at this new space.01:23:01 --> 01:23:03: As you pointed out, we look at this space and01:23:03 --> 01:23:06: investment to it back in 2018 and I think it01:23:06 --> 01:23:08: will in terms of the MNA aspect,01:23:08 --> 01:23:10: I think it's actually in largely.

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01:23:10 --> 01:23:14: I think it's actually you can draw parallels similarities between01:23:14 --> 01:23:17: other asset classes and in the real state space,01:23:17 --> 01:23:20: but obviously there is few exceptions like the ones that01:23:20 --> 01:23:21: Thomas.01:23:21 --> 01:23:23: Pointed out earlier, so I think in one of the01:23:23 --> 01:23:26: first things that you probably want to decide is do01:23:26 --> 01:23:29: you want to do a platform deal or do you01:23:29 --> 01:23:30: want a single asset deal?01:23:30 --> 01:23:33: And I think given that we are more on the01:23:33 --> 01:23:34: the fund management side,01:23:34 --> 01:23:37: more particular on the real estate side,01:23:37 --> 01:23:40: I think you know for our transaction we chose on01:23:40 --> 01:23:43: his CV at the single asset situation where I think01:23:43 --> 01:23:46: the important aspect is trying to identify and secure a01:23:46 --> 01:23:51: bright operating partner which is actually very critical in terms01:23:51 --> 01:23:51: of.01:23:51 --> 01:23:54: The not only the build out of your your your01:23:54 --> 01:23:54: asset,01:23:54 --> 01:23:58: but also the ongoing operations and maintenance of asset in01:23:58 --> 01:24:00: terms of site selection which leads to,01:24:00 --> 01:24:04: you know, typically where where you want and where the01:24:04 --> 01:24:07: assets located where you want it to be located.01:24:07 --> 01:24:10: If it's a Greenfield project they would naturally to the01:24:11 --> 01:24:12: position question,01:24:12 --> 01:24:15: which is what type of tenants you're looking to target,01:24:15 --> 01:24:19: and you know obviously different models in terms of the01:24:19 --> 01:24:22: are you doing Bill to Sue or doing wholesale versus01:24:22 --> 01:24:23: retail.01:24:23 --> 01:24:26: Are you working specifically with one particular telco,01:24:26 --> 01:24:30: etc which would also need to be considered in terms01:24:30 --> 01:24:33: of how you approach the investment as well as the01:24:33 --> 01:24:37: assesment side equation in terms of the licensing in the01:24:37 --> 01:24:41: kernel proval side? Probably going to repeat a little bit01:24:41 --> 01:24:44: of what Thomas had already spoke about,01:24:44 --> 01:24:46: but largely there two pieces.01:24:46 --> 01:24:50: One is with reflected operator that usually involves IDC

license01:24:51 --> 01:24:51: as well.01:24:51 --> 01:24:53: As I said SP license and.01:24:53 --> 01:24:57: At the ethical side, it's the power photo will be01:24:57 --> 01:25:01: called the carbon emission quota that's either given by the01:25:01 --> 01:25:03: NDR C or from the CEI,

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01:25:03 --> 01:25:10: which is Commissioner they cannot be Kaname andimplement causation.

01:25:10 --> 01:25:12: At the asset level really,01:25:12 --> 01:25:15: you know their whole bunch of different things,01:25:15 --> 01:25:18: including design and spec, which again going back to how01:25:18 --> 01:25:20: you're positioned as asset.01:25:20 --> 01:25:22: If it's built to suit,01:25:22 --> 01:25:24: then things are a little bit easier.01:25:24 --> 01:25:27: Essentially, go appointed spec of your ultimate user,01:25:27 --> 01:25:31: but if you're doing something that's more sort of carrier01:25:31 --> 01:25:32: neutral colocation,01:25:32 --> 01:25:36: then obviously the design would weigh more heavily in terms01:25:36 --> 01:25:39: of overall equation and again electricity capacity.01:25:39 --> 01:25:41: Do you have a true dual feed?01:25:41 --> 01:25:45: Connectivity, which is again.01:25:45 --> 01:25:50: Couple different things. One is obviously from the geographic

perspective.01:25:50 --> 01:25:53: If you're in one the hubs or super hubs in01:25:53 --> 01:25:54: China,01:25:54 --> 01:25:57: obviously connectivity is better. Cities like Beijing,01:25:57 --> 01:26:02: Shanghai, Shenzhen, for instance, Shanghai probably has

probably one of01:26:02 --> 01:26:06: the fastest connectivity in all of China alongside with the01:26:07 --> 01:26:10: sub Oceanic cabling that's connected to overseas,01:26:10 --> 01:26:14: and I guess you know in terms of certain certifications01:26:14 --> 01:26:16: from a design and construction.01:26:16 --> 01:26:20: ALDI perspective, I think they're probably like I would

generally01:26:20 --> 01:26:22: classify that as you know,01:26:22 --> 01:26:24: there are bunch of not bunch up there.01:26:24 --> 01:26:28: Probably couple of international standards that you go by the01:26:28 --> 01:26:30: woman that we had to go look into is one01:26:30 --> 01:26:32: that's given by Uptime Institute,01:26:32 --> 01:26:36: so typically they rank the design and the build quality01:26:36 --> 01:26:37: of your asset.01:26:37 --> 01:26:39: So tier two tier, three Tier 4,01:26:39 --> 01:26:42: probably the most common out of the which I think01:26:42 --> 01:26:46: two or three are probably more relevant in today's today's01:26:46 --> 01:26:46: standards.01:26:46 --> 01:26:49: And in terms of the sort of domestic standards,01:26:49 --> 01:26:52: largely QCC, which either you have a Class A,01:26:52 --> 01:26:54: Class B or Class C asset,01:26:54 --> 01:26:56: and in terms of operations,

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01:26:56 --> 01:27:00: I think that that's again it's something that you need01:27:00 --> 01:27:03: to build into your assumptions from a sort of a01:27:03 --> 01:27:04: cost perspective,01:27:04 --> 01:27:06: and obviously alongside with that,01:27:06 --> 01:27:10: there are a whole bunch of operational certifications,01:27:10 --> 01:27:15: including Iso's uptime, has its own facility management

operations certification,01:27:15 --> 01:27:18: and QCC will be coming out with it.01:27:18 --> 01:27:21: Own standards from a management operational perspective,01:27:21 --> 01:27:23: probably later on this year,01:27:23 --> 01:27:24: if not early next year.01:27:24 --> 01:27:27: So there are whole bunch of things that you need01:27:27 --> 01:27:29: to consider in terms of not only the day of01:27:29 --> 01:27:30: your acquisition,01:27:30 --> 01:27:34: but also later on in terms of operations level back01:27:34 --> 01:27:35: to Bernie.01:27:35 --> 01:27:41: OK, before we move to connect Connect session.01:27:41 --> 01:27:43: Oh, I have one question.01:27:43 --> 01:27:47: I think it this could be an interesting question from01:27:47 --> 01:27:52: the audience is with the post policy incentive 5G new01:27:52 --> 01:27:54: infrastructure rates.01:27:54 --> 01:27:59: It is almost certain that data center investment will bloom01:27:59 --> 01:28:00: in China alot.01:28:00 --> 01:28:04: I'd like to ask our panelists how until what extent,01:28:04 --> 01:28:10: well, such policy incentives affect your investment strategy.01:28:10 --> 01:28:15: And will you accelerate your investment or expand your

investment01:28:15 --> 01:28:17: to tier two or Tier 3 cities?01:28:22 --> 01:28:24: Maybe Thomas Jefferson.01:28:29 --> 01:28:32: OK, I'll leave tickets at first,01:28:32 --> 01:28:35: so I think with the new policy's certainly is is01:28:35 --> 01:28:39: it's good to see government that they were fully aligned01:28:39 --> 01:28:44: with policies to that will help the investment that we've01:28:44 --> 01:28:46: made. For sure. I mean in a very,01:28:46 --> 01:28:49: very immediate terms, I think we were seeing,01:28:49 --> 01:28:54: you know, availability of financings and are becoming easier

for01:28:55 --> 01:28:57: data center assets and projects.01:28:57 --> 01:28:59: At the same time, we also have to be a01:28:59 --> 01:29:02: bit caution whenever there is this type of government policy01:29:02 --> 01:29:05: supporting a certain sector of developments that tend to be01:29:05 --> 01:29:08: a big rush for a lot of capital into intersected,01:29:08 --> 01:29:11: which means it will also drive up the price of

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01:29:11 --> 01:29:11: land and power,01:29:11 --> 01:29:14: because in this in this chapter is actually not been01:29:14 --> 01:29:17: a limiting factor for development data center,01:29:17 --> 01:29:18: it's been the limiting factor.01:29:18 --> 01:29:21: Order the power coder, the land that has the power01:29:21 --> 01:29:24: and so those those limiting factor is still there are01:29:24 --> 01:29:27: companies not released more land in Shanghai or Beijing.01:29:27 --> 01:29:28: Or with with Al Coda,01:29:28 --> 01:29:31: which means this with. With the influx of more capital01:29:31 --> 01:29:31: on,01:29:31 --> 01:29:33: this could dry if I'm in a short term value01:29:33 --> 01:29:35: of these of these assets,01:29:35 --> 01:29:38: or even Greenfield projects so that something will be very01:29:38 --> 01:29:39: cautious about.01:29:39 --> 01:29:41: I would say I wouldn't say we will increase our01:29:41 --> 01:29:42: investment.01:29:42 --> 01:29:44: I think we made a commitment to to develop into01:29:44 --> 01:29:45: space,01:29:45 --> 01:29:46: so we'll continue our space.01:29:46 --> 01:29:49: Hopefully will be able to be on the beneficiary side01:29:49 --> 01:29:51: of this policies and not to have to pay the01:29:51 --> 01:29:54: high price while everyone's rushing in.01:29:57 --> 01:29:59: Jeff01:29:59 --> 01:30:02: hey, I guess you know just a couple quick points.01:30:02 --> 01:30:05: I think. I think in terms of the the government01:30:05 --> 01:30:08: politics that's trying to drive economy,01:30:08 --> 01:30:11: post Kobe 19 or actually we're still in kind of01:30:11 --> 01:30:12: in the middle of it.01:30:12 --> 01:30:15: But you know, I think there will be short term01:30:15 --> 01:30:16: GDP contribution,01:30:16 --> 01:30:20: short term, medium term from this particular space through

the01:30:20 --> 01:30:23: policies that is that's being promoted.01:30:23 --> 01:30:26: But I think you know one thing that we want01:30:26 --> 01:30:27: to be careful,01:30:27 --> 01:30:29: careful of is obviously, you know.01:30:29 --> 01:30:33: Although I think trying to overall in different provinces,01:30:33 --> 01:30:37: different cities, they are all trying to participate in in01:30:37 --> 01:30:38: this particular space,01:30:38 --> 01:30:41: but I think you know what we're saying is that01:30:41 --> 01:30:45: the first tourist cities are still having pretty tight control01:30:46 --> 01:30:50: like Thomas mentioned in terms of the carbon emission

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power01:30:50 --> 01:30:53: quotas that that they are allowed in any given's period01:30:53 --> 01:30:54: of time.01:30:54 --> 01:30:56: So I think generally speaking,01:30:56 --> 01:30:59: I think you know we would still be very.01:30:59 --> 01:31:02: We're still very optimistic. In this in this space,01:31:02 --> 01:31:05: especially given the overall growth trends,01:31:05 --> 01:31:08: but I think in terms of job graphic focus,01:31:08 --> 01:31:11: I think we we would probably want to be more01:31:11 --> 01:31:15: in the first year cities and then obviously in the01:31:15 --> 01:31:18: absence of built into opportunities I think will be very01:31:18 --> 01:31:23: cautious in terms of getting to second and third tier01:31:23 --> 01:31:24: cities.01:31:24 --> 01:31:27: Sounds great, Sean. Do you have any input to this01:31:27 --> 01:31:28: question?01:31:31 --> 01:31:33: Well, it's I. From my perspective,01:31:33 --> 01:31:38: it's really kind of looking at it from the demand01:31:38 --> 01:31:41: side and I just feel that you know,01:31:41 --> 01:31:44: as as Jeff mentioned, post covid.01:31:44 --> 01:31:49: You know the development in China is certainly going to01:31:49 --> 01:31:53: be driven by the new infrastructure development.01:31:53 --> 01:31:58: Um, and that is, that obviously involves the rollout of01:31:58 --> 01:31:59: 5G.01:31:59 --> 01:32:02: Um, but it also involves other things.01:32:02 --> 01:32:06: Like, you know, big area plans like the Yrd integration01:32:06 --> 01:32:06: plan.01:32:06 --> 01:32:12: So there's also going to be new infrastructure development.01:32:12 --> 01:32:14: It's associated with that plan.01:32:14 --> 01:32:18: You know, linking up different cities.01:32:18 --> 01:32:25: Within the Why ID for example using 5G network so.01:32:25 --> 01:32:29: And of course you know I did mention industry 4.0,01:32:29 --> 01:32:34: and I think that's that also has a huge potential01:32:34 --> 01:32:39: to grow in China in terms of industrial production and01:32:39 --> 01:32:40: logistics.01:32:40 --> 01:32:47: And that system also you are generating and using a01:32:47 --> 01:32:50: huge amount of data.01:32:50 --> 01:32:51: Um, so I think you know.01:32:51 --> 01:32:55: Going forward, you know there's just going to be a01:32:55 --> 01:32:57: huge amount of demand.01:32:57 --> 01:32:59: And of course it's a numbers game.01:32:59 --> 01:33:03: I mean, you know if you look at.01:33:03 --> 01:33:08: China's population, in terms of the numbers and then you

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01:33:08 --> 01:33:12: know the number of people who are using technology and01:33:13 --> 01:33:15: will use technology to you know,01:33:15 --> 01:33:18: an even greater extent and just,01:33:18 --> 01:33:23: you know through that just the huge amount of data01:33:23 --> 01:33:26: and information that's generated.01:33:26 --> 01:33:30: You know that in itself as well.01:33:30 --> 01:33:34: You know we will drive a huge amount of demand01:33:34 --> 01:33:37: for data center space in China.01:33:37 --> 01:33:39: OK, thanks Sean.01:33:39 --> 01:33:44: I checked the current session and we have 7 and01:33:44 --> 01:33:45: answer question.01:33:45 --> 01:33:49: Take the Liberty to pick one or two for our01:33:49 --> 01:33:51: panelists to answer.01:33:51 --> 01:33:55: I saw one question from Steven quite straightforward.01:33:55 --> 01:33:58: What exists? Cap rate is realistic.01:33:58 --> 01:34:03: Can it be justified in the capital market?01:34:03 --> 01:34:06: So I think it's more for Thomas and Jeff.01:34:17 --> 01:34:20: Let me take a quick stab at this question if01:34:20 --> 01:34:20: it's OK.01:34:20 --> 01:34:22: Um, I think you know.01:34:22 --> 01:34:25: Honestly, I think in terms of the data center market,01:34:25 --> 01:34:29: there hasn't been that many transactions that that has that01:34:29 --> 01:34:29: has a curd,01:34:29 --> 01:34:32: especially in in the China market.01:34:32 --> 01:34:37: So it's actually very difficult to really pinpoint sort of01:34:37 --> 01:34:37: exact.01:34:37 --> 01:34:40: Capri, so to speak. But I think you know,01:34:40 --> 01:34:44: looking at some of the the overseas more developed market01:34:44 --> 01:34:45: transactions,01:34:45 --> 01:34:47: I think we have seen the the trading range.01:34:47 --> 01:34:50: That's sort of in the logistics.01:34:50 --> 01:34:53: Maybe let's just plus a little bit of the exit01:34:53 --> 01:34:54: cap rates.01:34:54 --> 01:34:57: And in terms of how they reflect in the capital01:34:57 --> 01:34:57: markets,01:34:57 --> 01:35:00: I think in ultimate you referring to the the list01:35:00 --> 01:35:02: of publicly listed equity markets.01:35:02 --> 01:35:05: I think you know you can look at guys like01:35:05 --> 01:35:07: overseas like Equinix or Digital Realty.01:35:07 --> 01:35:09: Or you know even guys like GDS etc.01:35:09 --> 01:35:12: I think you would probably look at these on sort01:35:12 --> 01:35:16: of evened out multiple basis which would justify these type

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01:35:16 --> 01:35:16: of cap rates.01:35:22 --> 01:35:24: Thomas01:35:24 --> 01:35:26: no, I don't agree with what you have said.01:35:26 --> 01:35:28: It's very hard to pinpoint an Academy in China now01:35:28 --> 01:35:31: given the lack of transactions and I think the other01:35:31 --> 01:35:33: reason is very hard to pinpoint.01:35:33 --> 01:35:34: A cap rate for asset.01:35:34 --> 01:35:37: There are being beat that are in the market transacting01:35:37 --> 01:35:40: right now and they have very different level of valuations01:35:40 --> 01:35:41: is because those assets are.01:35:41 --> 01:35:43: Again you have a cap rates.01:35:43 --> 01:35:45: It's very much easier to compare like in the logistic01:35:45 --> 01:35:47: market when everyone had the same basis.01:35:47 --> 01:35:49: You have a land title of the approval.01:35:49 --> 01:35:51: Everything is the same basis.01:35:51 --> 01:35:53: Whereas if you look at a lot of assets of01:35:53 --> 01:35:53: beings.01:35:53 --> 01:35:55: Put up for sale in China right now.01:35:55 --> 01:35:57: Some of them doesn't have the full entitle.01:35:57 --> 01:35:58: Some of them are all industrial land.01:35:58 --> 01:36:01: There was converted. Some of them may not have the01:36:01 --> 01:36:01: full power coder,01:36:01 --> 01:36:03: but they have been operating for several years,01:36:03 --> 01:36:07: so there's a whole slew of different.01:36:07 --> 01:36:09: Approval standards so it's very hard to draw a baseline01:36:09 --> 01:36:11: and look at the cabinet,01:36:11 --> 01:36:13: so people are putting different valuations on them.01:36:13 --> 01:36:15: That's another challenge right now.01:36:15 --> 01:36:18: If you look at look at how to value existing01:36:18 --> 01:36:21: data centers that are there are being put up for01:36:21 --> 01:36:21: sale.01:36:21 --> 01:36:26: Thank you, I think we overrun the time and I'll01:36:26 --> 01:36:27: head back to Shirley.01:36:27 --> 01:36:30: Thank you Bernie, and thank you,01:36:30 --> 01:36:33: Sean, Jeff and Thomas. I think this is a great01:36:33 --> 01:36:37: panel normal woman to hold on why you shouldn't.01:36:37 --> 01:36:42: Once you do that, you want your woman can shareholder.01:36:42 --> 01:36:46: Make way for that number to home is dancing Calvin01:36:46 --> 01:36:50: Woman the Jigger Investment topical forum culture,01:36:50 --> 01:36:55: or Daschle did Yama. Is it Calvin?01:36:55 --> 01:36:59: City of Shady Things are how what I used to01:37:00 --> 01:37:05: be are you are I for Betty Chickasha drinking Chandra.

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01:37:05 --> 01:37:09: Enjoy the shopping how to.01:37:09 --> 01:37:15: Women tend to change hold on Major Chico.01:37:15 --> 01:37:17: It's for this whole kenhorst ready.01:37:17 --> 01:37:20: Chaga Betty Horseshoes for bases hold on.01:37:20 --> 01:37:22: Or she meant Higher Condor,01:37:22 --> 01:37:25: which would be important concerns.01:37:25 --> 01:37:29: Saudi Giants. I may go one shall be there you01:37:30 --> 01:37:30: go.01:37:30 --> 01:37:32: Chandra.01:37:32 --> 01:37:35: And causing this moment in Kent,01:37:35 --> 01:37:39: Ohio. Shadow or the runtime to convey your child will01:37:39 --> 01:37:40: eventually change.01:37:40 --> 01:37:45: A woman. Therefore don't order a woman that's ongoing

issue.01:37:45 --> 01:37:49: Yeah, we can wait woman Jinbei Demophon full with their01:37:49 --> 01:37:51: own that are being higher.01:37:51 --> 01:37:57: Current insider Twitter more current towards it or don't you01:37:57 --> 01:37:58: see it?01:37:58 --> 01:38:01: She yeah she want me wait turns out one more01:38:01 --> 01:38:05: hold on there and they'll be out 20 under got01:38:05 --> 01:38:05: shot.01:38:05 --> 01:38:08: What kind of Tanzania?01:38:08 --> 01:38:10: Woman, you are right there,01:38:10 --> 01:38:10: we got that.01:38:12 --> 01:38:16: I'm sure that surely it will be very happy to01:38:16 --> 01:38:21: to assist Japan Junior and she turned out woman.01:38:21 --> 01:38:23: You are I will do hold on,01:38:23 --> 01:38:26: she wants a bushel. That's on my back,01:38:26 --> 01:38:31: you would see where it says again dasha cheat and01:38:31 --> 01:38:35: how you can talk with downloading and you told this01:38:35 --> 01:38:39: way toward Tina is a ET cetera Shirley.01:38:41 --> 01:38:45: Are the sister Calvin know my son Joshua woman hands01:38:45 --> 01:38:45: on you.01:38:45 --> 01:38:47: It's Joshua. Yet I should,01:38:47 --> 01:38:50: uh, in one.01:38:50 --> 01:38:54: Thompson try it when you should see no woman and01:38:54 --> 01:38:57: you should calibrate it and transparent.01:38:57 --> 01:39:00: Just mention it.01:39:00 --> 01:39:03: It holds Iran, who should you?01:39:03 --> 01:39:08: Sure Ohio Ohio cabochon.01:39:08 --> 01:39:10: Eating or should I?01:39:10 --> 01:39:14: Well, I know woman know your son do it you

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01:39:14 --> 01:39:15: wait so you go.01:39:15 --> 01:39:17: Josh are sorry the UI way.01:39:20 --> 01:39:23: Menu items to issue where the moment.01:39:23 --> 01:39:26: So we go downstairs.

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