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CLIENTEXAMPLE:HYPOTHESIS/ANALYTICALPLANHypothesisAnalysisInfo.RequiredInfo.SourceEndProductsOverallHypothesisOrganizationalphilosophyneedstobemodifiedSupportingHypothesisExistingorganizationdoesnotadequatelysupportthebusinessstrategyDefinebusinesssystem,operatingenvironmentDefineCSFs,organizationalrequirementsalongbusinesssystemDefinehowexistingorganizationsupportsbusinesssystem,CSFsKeyactivities,processesbyLOBCSFsalongbusinesssystembyLOBExistingorganizationalelementsimpactingbusinesssystemManagementinterviewsSecondaryresearchHRdocumentsBusinessSystemDiagramsActivityCSF~~~~

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~~~~Evenafteradjustingforassetwrite-up,financialperformancehasnotmetcorporateexpectationsorcompetitivestandardsduetoaninappropriateorganization(andcost)structureFinancialperformancevs.competitors,budget/plansOverviewofcoststructure(e.g.,fixedvs.variablecosts)ROA,NIadjustedforassetwrite-upsHistoricandprojectedfinancialdataAssetwrite-upinformationSummarycost,volumeinfoforproductionunitsAnnualreports,10Ks,10Qs,etc.CompanyfinancialreportsFinancialdepartmentinterviewsFinancialMetricsTheincreasingcomplexityofbusinessandtheevolvingimportanceof,andcoordinationrequiredbetweenspecializedexpertiserequireschangesinthedecision-makingprocessandinformationflowsDefineactualvs.perceivedvs.“real”organizationchart,decision-makingprocess/responsibilities;identifygapsDefineexpertise,inforequiredtomakedecision,organizationalrequirementsDefineevolvingnatureoforganizationandinformationflowsKeydecisionsKeyindividualsinvolvedindecision-makingprocessInformationflowsManagementinterviewsOrganizationchartsMemos/documentsonmanagementprocessesSystemflowchartsData/InfoFlowsOrgChartsa怜a朽“只”胁”a断:疼a称“晒”刘“版”“捷”(救)-&M燃.猛,婆“脾”锡,含3.’件s,协,,1234.a职,山::-::•艘:•抓:•套:.,磨“皱:现”a寸,西.笑,亡a记’更s连’翠.:MonthsHomeGoodsPerishablesApparelAverage=6.7=Maximum#=AverageorMostCommon=Minimum02468101214161820ABCDEFGIJKLMNNEWPRODUCTDEVELOPMENTCYCLETIMEBestPractices~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~3.55.04.56.513.55.06.09.07.06.010.56.04.5a菌,诸a怖’期s芝.浪-斗’陆s王.降;剪.’域s逆,咏,(地’达s),臂;参(除’叔s跃)侄,(恼,尝,客,帜,,马,允.记)-&,遥“头:”,物M期.喜,李“”M蔽.骑,秧“度”除,循3,霜,谦,“梦:”a:LowMediumHighMarketStrength.漠.STEPDATAREQUIREDSOURCE(S)1. Chooseaxesthatarerelevanttocustomerdecision-making(first)andthosewhichdifferentiatesuppliers(second)2. Illustratewherecompetitorslieonmap(s)3. Interpretmapforstrategicimplications(e.g.,clustersoropenspaces)InformationonindustryasawholeInformationoncompetingcompanies’strategiesandpositioningTradeassociationsTradeperiodicalsandpublicationsInformationservicesAnalystreportsVariouscompanies’annualreportsandotherpublicinformationInterviewswithcompetitormanagementIndustryexperts-(首)&&B舍’&,恰“谨:数”M支.起,按“路”,贸,急,谜“算”,牙,土“铃:,疑,撕”a巩a削’稼s没.:MarketingExample:McDonald’sCustomerRefillSupportSales/DistributionOtherCustomerServiceCriticalStrategicCapabilities(SC)-Thecapabilitiesinwhichacompanyisaleader.Thesecapabilitiesarethesourceofcompetitiveadvantage.CriticalEnablingCapabilities(EC)-Thecapabilitiesinwhichacompanyiscompetitivelyequivalenttoothermarketleaders.Thesecapabilitiesareoftenthesourceofabarriertoentry.Strategic/FinancialPlanningTechnologyDevelopmentProductDevelopmentMfg/JointVentureCoreCompetence(CC)-Acompetencewhichdeliversasustainablecompetitiveadvantageincurrentmarkets,providesaccesstoawidevarietyofmarkets,andmakesasignificantcontributiontotheperceivedcustomerbenefitsoftheendproduct.PrimaryCapabilities(PC)-Minimumfunctionalandtechnicalrequirementsnecessarytoparticipate.COMPETENCIESMODEL-FRAMEWORKFast,affordable,fun,familydiningexperienceMarketingandbrandmgmt.TrainingFranchisemgmt.ProductinnovationBigMacrecipeHighquality,lowpriceproductsourcingEfficientoperationHamburgerpreparationMenuselectiona喊’委s诵a签.饺a慨,声a接.兵a店.a剃-腰:’殿s在-,耻:“杂”滤?“关”尊?a榜,胡a积,娃a驳,青a,,a-&&&A订.列,具“牌”表,愚5M约.尊,掘“嗽”蒸,衣3,煎,丽,“缓:”,虫,腰,岸“:绍A”,缝,纵,“菊”,寻,臂“暂:,波,EstablishSegmentationObjectivesDataAssessmentModelConstructionBuildClosedLoopPerformanceTool?决,裳,陡???堡??a右??a秒(库)朱..a治..aa规a义.:HoldinventoryCreditproblemBasicfabrics“Opportunistic”StrategySpecialtyproductsNarrowcustomerbaseNicheStrategy(specializedproducttonarrowcustomerbase)SelltomanufacturersbeforefabricpurchaseEstablishedcreditBroadcustomerbaseBasicfabricsLow-CostStrategySelltomanufacturersbeforefabricpurchaseEstablishedcreditFocusedcustomerbaseNovelfabrics(“fashionforward”)DifferentiationStrategy(specializedproducttobroadcustomerbase)STEPDATAREQUIREDSOURCE(S)1. Identifysegmentationvariablesandsegmentthemarketa) SurveyStage:Conductinterviews/focusgroupswithconsumerstogaininsightintomotivations,attitudes,andbehaviorb) AnalysisStage:Applyfactoranalysistodatatoremovehighlycorrelatedvariables;applyclusteranalysistocreateanumberofmaximallydifferentsegments2. Formsegmentsbylookingatconsumercharacteristicsaswellasconsumerresponsesa) GeographicSegmentationb) DemographicSegmentationc) PsychographicSegmentationd) BehavioralSegmentationResultsfromfocusgroups,interviews,andsurveysCustomercharacteristics:demographics,statistics,etc.Focusgroups,interviews,surveysCompanydata,邻,凡.-&&,戴“刮:织”M笨.庆,番“窝”,您,维,气“取”.净,纳a业.-5040302010200400600800100020004000UnitVolume(Thousands)UnitCost($)19741975197619771978197919801981198219831984Slope20%,茶(破.掌)怨,绞,给.1择a植(新a爽,嚷.许)2细a慕.:.纪,梯,弹,泛.(咐.标,兰,温,寒)脆a吸.飞,,森.,州.庆;京.问,享.-A赵.常,仆“联”散,国5,径“吉”M需.乱,恋“堡”桌,茅3,墨,拼,公“:差A.a而’旱s苗,砌,洲.击a碰"哈"踢.a1托.2下.畜a(膜.贷a旅)345膀"令”6查"出"-(仓)&B畏’M畜.到,朝“鞠”耐,伯3.甲a馋.刚a养a概’雷s信...BakedGoodsBulbsCheeseFruitKitchenwareMeat/SeafoodNurseryStockSnacks/CandyStationeryDecorativeAccessoriesIndoorPlantsNutsSeedsTrees/ShrubsGourmetFoodBed/BathPool/Patio/GardeningCraftsPersonalCare/GroomingSpecialtyApparelCampingEquipmentChildren’sApparelDrug/Vitamins/HealthFoodHardware/ToolsHosiery/LingerieWomen’sApparelMen’sApparelWomen’sLargeSizeApparelAthleticEquipmentFishingEquipmentHuntingEquipmentSportingGoodApparelCategoryFitWithCompanyHighMediumLowLowMediumHighCategoryAttractivenessCATEGORYEVALUATION-SPECIALTY/SPIN-OFFCategoriesincludedinexistingorplannedspecialtybooksRecommendedadditionalspecialtybookventureEXAMPLE.1班,帝,狸,砖.晒.2翼,灿,堂,蹈.骄.3与;涝,朵,粒..晋a滨’巧s熊a雹,微.兔;往.-.&,棕“津:耕”,博,亚,旺“柄”.::,贼,胳"兴"::aa:a萄'鸣s,'验saa车’蜂s墙a钱’刮s砖.茧a付a园.铅,据.a忽a里a膜’碍s践:1间:2咽:爷,互:烘(白?医)3肉:什a靠,4俯:-&&&,P愤,弃“开”偶,,宗1季9梁9懒5,始M独.佛,全“”M蚕.伙,阴“践”颤,数3A化’防s航.IDNameScheduledFinish3/143/213/284/44/114/184/25MarApr1234567891011123/26/933/26/934/23/934/12/933/30/934/1/934/5/934/7/934/8/934/9/934/12/934/19/93MobilizationPwCMobilizationSCMMobilizationDesigncustomerserviceprocessMapcommunicationModeleconomicdecisionsIdentifycostdriversIdentifyvaluedriversSpecifyCSactivitiesSpecifyCSinformationneedsSpecifyCSresourcePreparetrainingmaterialsa装..'允s鸡.a万,,犹a弟'嫌s月"械"滴,--友&植,&&,返,倦,滩“肿”a延’错s衣a被.(洞.脊7贝x邮2秀4慰)(贷.途;围)(伯):称,:.STEPDATAREQUIREDSOURCE(S)1. Determinethetrademarkaxesforthematrix2. Determinethecompany’sexistingstrategyagainsttheindustry3. GeneratealternativestrategicoptionsforthecompanyandplotthemonthematrixAnunderstandingoftheclient’scurrentpositioning,vis-a-viscompetitorsUnderstandingofstrategicoptionsavailableInterviewswithseniormanagementAnalystreportsIndustryexpertsInterviewswithcompetitorsTradepublications?另?库?凝?诞?油?威?酸?还?冈?涂?-(鼠)&A址.虾,蹲“埋”角,桂5M节.湖,宫“乞”蔬3,纺,境,“旧:”

STARSQUESTIONMARKSCASHCOWSDOGSNOMAN’SLAND30%0%MarketGrowthRateExpectedGrowthifAvailable;Otherwise3-YearHistoricalGrowthRates4x2x1.5x1x.5x.25xCompany’sSalesorShareLargestCompetitorsSalesorShare?a屑’唯s挪,盲’迟s’挡.a废.堤:’锤l5沃.揪03贵.妇02使.脂01失.元51初.振00谊.革70更.猪50少.盯30笋.琴2aDataneededforeachbusinessunit:1. Sales2. Marketgrowth3. Salesoflargestcompetitor

(ormarketsharedata)

4活.肝0.忘a坚,象.危.浩;刑.如,散,真.,藏.:达,却,.年a痒:12,案33窗(通)核a-&A亿.挑,泉“嫌”止,赵5M厦.挠,巨“芒”顽,春3&脸,宁“听:”LosingMarketShareHoldingMarketShareGainingMarketShareMarketGrowthRateBusinessGrowthRate30%0%30%Use3-yearhistoricalgrowthrates(use5-yearifbusinessishighlycyclical)Dataneededforeachbusinessunit:1. Sales2. MarketGrowth3. Salesoflargestcompetitor (ormarketsharedata)EachcirclerepresentsadifferentbusinessCirclesizerepresentsproportionalsalesa冒,饿.坚,偷.:冠a蓝a蕉.:呈(妈)橡,猛.负,董,123璃'拐s45'丛a俘.-&,纺“松:”,授M牲.辱,犬“”,依“自”,姐,反,“提”,颂,胁,“买:泳A”a虏(溉)这a饶.企A端,错.A蛮a余.兵,主a债.(叮)?.选A拦,乐.族(案)惭..吃5唉:12樱(躲.唯?类)345-&??????AA213456’焦s虫.,铺.竭,1傲4粗“拥”1晶0惊S倒37坦,地a连a塌?6融a恭“汉”耗?5兼“狮”钩?2慕a碗?1究1畜2仓-掌1凉8溉,坟?1冷3森“博”1敢2露“粉”1浩1饰“蚀”1加5谷“黄”1魂6丢“磨”1类7厌“彼”1香8鼠“所”a;绕S早3丑;;a康“堪”9沟“并”固(涨.疾,范?帜)8躺?4敞?3剥?EXAMPLEa扔.忌a翁“忧”碧“赞”搜-福a节.垫,神.:沫,税,弃,屠(笔)芒.a黑,讽a怖.泽a获.孔a做.-…?…远?…?…葵?-择.蛙.还..膛a丝式.遥“千”举.寸,始,钟.-“a”a茎.厌’辟s步.1律’俊s奔;.:(固%裳)(裤%疑)(导$扶)(规)(夹)(标:烘)(脂)2焰a3盆,-(们),国“犁:”M琴.遥,凝“乘”花,仁3.(士$秆).STEPDATAREQUIREDSOURCE(S)1. Collectmargindataindollarsforindustrycompetitorsforthecurrentyearandaggregate2. Predictthesamemarginsforadeterminedfutureyearandaggregate3. GraphcurrentandfutureaggregatemarginsCompetitormargindataCompanyfinancialstatementsMoody’scompanydataBloombergIndustryAssociations/

Publications-A嚷.略,饶“趣”慕,察5M告.善,旱“爷”改,营3;饿:雨.a社’汤s锈.,煮:,燥%蒸,行’饲s:.-妹,坚,雄--A廉.嘱,目“途”萝,写5,喊“燃”.,午,匹(摘)帐,揪a颗,悦.我,眠.积a忘,丘a寨.a贯;离a咐“面”唱a玩.“之”1真.算00暖.诸06荐:没.贞,1滚:豆.霉,5氏:成.4半:,3载:2练:框.(洁)逮,看.STEPDATAREQUIREDSOURCE(S)1. Determinethetrademarkaxesforthematrix2. Determinethecompany’sexistingstrategyagainsttheindustry3. GeneratealternativestrategicoptionsforthecompanyandplotthemonthematrixAnunderstandingoftheclient’scurrentpositioning,vis-a-viscompetitorsUnderstandingofstrategicoptionsavailableInterviewswithseniormanagementAnalystreportsIndustryexpertsInterviewswithcompetitorsTradepublications-&.保-M仰.削,找“抗”,六“”葱,再,1袋9兼9什8,间“绢a”杨,鬼,宅1旗9池9雕8.1钉0浑.槽05递.浩01镇.冒00辱.禁50慰.够11234567891魔01慎A1寇A1辽A1敬A1尘A1村A1经A1骂A1捏A1像A1辫A1A1A1AClientAClientBCompetitorCCompetitorB-(忧0认0枯0恶)=个6适7贪%a讯.a差a-,欲“阅”,满“常”葵.夕.屠,谢,唤.’福.分.贯,傻,醋.翻’熄t徒,至’粗s装..驱,傲a牵’业s镇.恭,债.a呆–钻.兴a谨.…瓜,嫂,御”扑.搁A副,蛋“岂,莲”温a予.爪A仆“司,反”已a吸.街.编.,煮:.,袋,,稿,,,a汇.’释,碍a毙.,初.挺-骡-纺a死.1命.锯,,倾.2能.蝴,产,,猴,像?a悲?回?3散-胞-安.白,,淘?4傍.,阳a弓,?5芒a氧a家.a喝,颠a.跟a座...线,坑a场.8欣.亚.9探’趣s.南’贯s迹.1意0苦,屠,右a女,协..7舒.笋,.脚,祥a针“洒”,份,概,湾.6历.,召’懒s挪,?-a欠,张.岁.&,扎..?J草.认,黎“:谅A乞”:1填:2北:3饶:4智:5裕:6磁:a57敞:8诞:9诱:1饼0赴:,’舒s’病s.境a岔.葛(跨,泪,龄.扑)AnnualProjectCashFlowa旱.a混,嘴.1告:要a2蒙:3唉:待,-&&,钓“漫:”S7(跟)A饥aa绒;,,7斜a.’匹s幸.S7???????????????(时)????a味7固,舍a仔’墓s议..7(至S欢)1膛.2圈.3突.4置.物,蜡,锋,.区.渣a涛;接.-7方-幅S&,阅“福:”,悠M旷.耕,插“”,谦,端,穴“:宋A”,猾,辅,零..滋,寒.:,帜,原,秃.(全.鞠,汤)-(凑),矿“痰:”,考M轿.飘,戏“”,浸,矮,“股:”,巧,迟,斑“:怖Aa桥,烤,休,重.原a桃a嘴,灰’欧s皂.没,律a否.2笨0尸0丘0,,(净.般,帮,摩).“桐”a辨4份,京,毕,狸,仰,廉.1234,犯a考,肺,递.课.-,窜“足:”,朋M傅.奋,查“”M拿.陕,锈“屈”大,聚3,竿,睁,撞“:经A&&a裁.译.顷.搞a豆,菊,莲,绕.,绞.杆,稀(能)炮,故.2015105005101520ValueCreationValueDestructionReturnonEquityCostofEquityFRAMEWORKFORSBUANALYSISEXAMPLEa茫’姑s扣.耻a傻.,糊**BusinessValuation5耗.4坏.3乐.2倦.1这.-(梅),苗,湾“河:M床.赠,抗“续”踏,殿3,阔,恼,“疮:”:次a坐a拴.a家.莫a盛.a棋:’轮s’盾s-(由)&&(民)(文)A本.妙,便“翠”竹,增5P手,怕“样”与,,驴1债9笋9昆5,叼M部.渗,键“”M帝.话,让“秧”也,秩3,宇,糠,丸“:绕Aaaa喘,己,"齿,增"轨.枪,劳,统'助s(布.双,忆,)“今”-1忧9霜9吓6,-"",.,,纱,(贴)7轰.甲27疲.属76疑.役78探.除187捉.好57储.衣37卫.扫87樱.裁47吐.房诚9(催)耽).主(跪)(轰C殊)(刮C等).把(类G唉)567897欠.速67缎.诉78箩.狮377丈.匀87阅.晨68日.乎17皆.新58被.欠37铸.交67哭.送86抄.肉9.注(立).协(斥).绳(优C法).盐.资(畅C妨)(台G黎).松(体G扶)567897犯.失87葬.丸87鹅.车37案.劝57乓.浩47注.瓜96俗.译87般.啄987开.腹57到.障47倒.池47陈.咸68砍.刘17油.犬67华.储8.茄(没)(胳C返).鸭(车C择)(狐C闲)(协G姥).号(呢G奴)(叶G艰).青(缺G化)56789a妙'拔..琴,秋"疗"壮.建A助a从:,,览,崇.且aa卡a创.眯,a首.碰a.1a伶(蛙a)2阳.趁::羡,记,:异,之,:特a保1发53彼.煌:4兄.C凝i旧t俭a锤t椒i控o灭n盏s怕-毒C买l膊i啦e煌n晒t森a霸n弃d浇I诊n松d拜u碌s准t金r且y止E况x坡p伍e羞r良i蹄e霞n咏c逗eV订o巡寿i答c施e铺o悲f鲁t筒h柏e钩C扔u批s雷t命o谊m赛e谷rB万a宜x赴t杯e届r躲/勉P谈h胳a晋r秧m币a喉c挡e味u督t互i堆c远a培l动s押/热K车I恐T阁d脂a宾t膀a严b义a秀s由eC卖o株a拜c鸣h立L映e障a鼓t商h岩e皱r残/想R讨e仁t斯a桐i相l或/笔K痛I馒T羽d柿a品t冷a挺b闪a筋s置eH斗o企r姐m垃e烤l棍/指C腔I朽P掉/角J嘉o宰h羡a处n炉S吓a捏u束e很rP诞o催l丽a黑r果o参i险d伟/辈C槽I效P腔/汗K子I撒T柔d宿a情t滴a每b锤a霉s创eJ面o偿n神A秆n棋t质o下n兽,据D归e虏b扒r跃a徒P浴e被r化k演i羞n更s艇,灵“吃L挪i耍s舒t减e语n秆i抬n芝g胖t筛o挽t僚h捐e垄V垄o犬i歌c王e坦o潮f撒t腥h殿e化C检u肾s征t盗o锈m列e崖r目:会1损6包S滩t靠e旅p栏s侨t呢o蔬a裕S岗u存c梢c由e拘s梅s境f领u贡l叙C取u她s贺t垒o棒m毛e寻r翼S础a坦t侦i宁s保f绳a霸c男t赵i扔o系n给M嫩a氧n瓣a欠g浪e嫌m士e龟n认t币P廉r泻o修g都r溉a凭m客”W葬i蛙l红l霸i悬a勉m侧B接a泡r简n伸a萝r勤d降,什T缠h下o齿m成a沃s湿F应.慈W盏a压l络l眠a锤c贷e矿,躬T舟h拔e埋I许n续n搞o减v滥a寺t笼i钟v帅e亚E糕d席g串e途:请C萄r钳e尘a拍t昼i扇n信g溜S高t雷r曲a缠t选e许g扔i彻c令B货r没e丽a床k火t龟h荐r刃o赶u到g欢h援s核U复s青i融n坟g赌t康h咬e属V搭o殿i萌c墓e志o槐f逮t抚h花e诊C夕u蒸s鼠t住o靠m备e股r效”P之r杨i踪蝶c围e扫W顿a胁t识e绝r匙h倘o壶u感s鸦e羽,海“恳B皆e碎t冲t慨e捎r抽C倚h遣a标n搭g清e考”V筐o悠i热c躁e宽s门i部n络t琴o返C齐h文o规i棕c哲e押s察:皱A钥c携t渡i栗n案g抢o哑n煎t么h畜e惨V室o活i蒙c虽e肯o薯f太t船h漂e仿C妥u呀s得t底o丑m烘e尺rS芽o瓦u带r雅c议e墓L料i梢s电t通冶过励辛敲勤歇的饺工贸作忌获桶得遮财育富贸才棚是移人音生捆的纱大恨快倡事费。一盲个使人创一具生巴可悟能弃爱派上松很答多秆人瞒,讲等辅你范获喝得粘真即正穴属概于挑你李的爽幸续福晨后贤,习你页就娇会钢明牧白忆以涨前悲的划伤杜痛滩其肃实休是举一孩种踢财粪富耀,浸它尺让凝你搏学裕会关更饲好筹地娘去扁把搬握舟和屑珍沿惜烧你悬爱唐的屿人凝。7详月伟-绸2微30运3栗:导5揭10聋3她:锦5养1忆:挤1顶5人妙只痰有贪为霉自违己董同损时呆代图人至的讽完捡善忠,押为谁他争们斩的约幸俗福掉而释工骆作悬,想他搁才浪能悦达都到储自束身嫂的俩完到善旋。每窑项红事倦业贼成戴功唱都派离趴不碍开票选忽择肠,浊而伴只跑有解不送同仁寻喇常正的扬选般择咱才董会脾获终取柱不之同给寻兽常春的捆成禁功确。0螺3话:仓5侄1充:渔1僵50明3涉:垒5朴17夹月振-布2倡3论殿命极运努如真何忠,驻人童生完来少就闯不组是牢野矮蛮旷人早,洪也勉不烫是凭乞秩讨葡者电。面人赵的麦四区周较充叼满弟真恰正煮而苗高那贵兄的扭财铺富—身教体袋与苏心费灵贵的睛财植富底。人幻玉生缩慧没陵有声彩爽排骗,没每缓一菜个扒细俗节葛都祸是书现没场余直蓝播息。对神产妻品辨质籍量垦来途说述,星不垄是1短0填0分约就阀是0分芳。成县功砖的书经寇理杂人曲员涛在研确漠定镇组席织核和平个喘人百的棚目锁标揉时京,孤一葬般凶是估现砍实租主显义贡的剥。政他捡们加不控是谎害颤怕稼提书出乡丰高买目陕标耀,昨而控是温不集让肿目府标彻超游出句他漂们认的颂能胸力具。管蜻理怎就娃是法决疤策赔。0降3雪:点5凉10漫3葡:仪5滥1划:否1蚀57溪月撞-怠2汽3经扒营驶管均理诊,共成挣本沾分服析傅,知要疗追爆根蒙究句底度,警分砖析断到盾最向后姨一蜻点乌。再加实据践捏。2倒0畏2西3拥/厅7怖/秘1稀9羊3游:丑5老1宰:沉1惰5世特上故并踏没彻有不用肌来寨鼓灾励睬工计作匪努叠力规的陈赏誓赐猛,监所辩有江的妹赏抱赐窗都小只方是拿被素用冻来拜奖弄励己工野作仰成雪果唐的杆。除拍了叼心竭存齿感死激贝还旱不叶够嘱,雁还松必肥须行双抹手厚合匪十吴,阿以碗拜多佛悠般蔑的滥虔停诚词之判心摇来稼领贸导窄员栽工悠。2董0认2培3蛙/拴7疯/欧1硬9曾3跃:疗5盯10疏3剂:怀5伤1丹:焰1状5预朋防膨是川解捷决刃危划机跃的库最弹好州方朱法异。我辈们领不午一顽定带知居道肆正愉确甜的犹道元路卖在怒哪疮里哑,炒但因却灶不浴要浸在制错尽误棚的活道束路泳上响走拢得轮太代远猪。不驾要险把子所沃有疮的础鸡恰蛋陡放抖在致同甘一畏个权篮按子乐里朽。用颠他鼻,学就罗要辜信班任寸他;不帜信燃任捞他躬,躲就鼓不部要墙用佣他橡。沟岩通概再帐沟革通浙。1绝9掉七核月柿2泛0犹2逃3多炮挣糠钱饰的砍方氧法况只筝有巾两滑个抵:销不董是霞多害卖怜,炮就依是混降雪低僵管做理携费终。我沃所圾做昆的暮,陵就绑是塔创拌办联一相家哭由组我时管具理童业主务时并纪把材我咐们传的提钱疤放重在故一汤起者的赔合钳伙士人舰企宪业嘴。仪我堆将携保招证阔你棒们舱有5皱%的知回识报股,挡并齐在孟此触后锁我所将疗抽代取刃所悟有充利赶润渡的5饶0只%。请烧示坑问挖题杆不姿要班带患着良问桨题引请梦示屡,海要酬带校着君方到案灰请拾示值。欺汇个报蜓工殿作衬不铁要岗评约论具性太地邪汇死报票,沙而绵要灿陈饮述电性类的骆汇勉报护。2扫0赖2康3妥年秧7串月寸1忘9愉日在愉漫委长微的预人农生叹旅惕途跨中反,匆有渗时辨要毒苦沈苦士撑壤持恋暗礼无饮天售日穿的六境倘遇链;朴有猪时爬却瞎风柔光欺绝将项狡,爪无伤人韵能塑比盘。沟致通莫是讲管尺理世的展浓叼缩通。7殊月愚-晶2喇30震3错:疮5望1岗:毙1保50粗3记:下5悬1员沃工解培扔训览是慰企娇业盘风兽险涝最祥小事,顾收饶益寒最株大蠢的寻战合略服性资投极资老。人胶类窑被惨赋振予赴了洲一行种每工对作启,谣那卡就垃是欺精闪神艺的斤成庙长耀。企并业搅发患展严需唇要繁的视是倍机敏会锦,听而弦机铃会毛对纪于熟有虎眼剥光夸的以

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