OurNewWorld2020

BOND

April2020

1

B()ND

April17,2020

Weareinanenvironmentthelikesofwhichwehavenotexperiencedbefore...

Inthisinformalnote,wehavecompiledobservabletrendsthathelpformourviewsofthepresentandshouldprovideinsightsintothefuture.

Relevantreferencepointsfrom

InternetTrends

plus

USA,Inc.

canbefoundat

.

–Mary,Noah,Mood,Juliet,Daegwon,Paul&theBONDteam

OurNewWorld(Outline)

1)Covid-19=Shock+Aftershocks

2)Viruses+Microbes=Consistent+PeriodicAgentsofDisaster

3)CreativeInnovators(Globally+Together)WillRiseAbovetheVirus

4)RapidChangesDriveGrowthinBothDirections…

?Scientists/Engineers/DomainExpertsGetBackMoreSeatsatTheTables

?Work-LifeRe-Balanced

?DigitalTransformationAccelerating

?RiseofOn-DemandServicesasEconomicGrowthDriverContinues(forConsumers+Workers)

?Government’sRoleinStabilizing/StimulatingEconomy(&Jobs)MustBeEnabledbyModernTechnologies

?2020=Step-FunctionYearforTechnology+Healthcare?

?TraditionalSports=PostCovid-19EvolutionProvidesReal-TimeEngagementCluesforOtherBusinesses

5)‘TheWorldJustDoesn’tEndThatOften’=WeWillGetThroughThis…ButLifeWillBeDifferent…

OurNewWorld

1)Covid-19=Shock+Aftershocks

Earthquakesarelikehigh-speedzippersthatripopentheearth–theycanrun138milesinaminute1astheSanFranciscoEarthquakedidin1906.Thebigonestransformthewaypeoplelive.

TheshockfromCovid-19’shigh-speedspread/impacthassimilarities-asof4/16/20,inthe94dayssincethefirst

knowncasesoutsideofChinawerereported,2.1MMpeoplehavetestedpositivegloballyand145Khavedied.93%oftheworld’s193countrieshavereportedcases,andgovernments’onlychoicehasbeentoimposeunprecedented

socialcontrolpolicieswiththehopeof‘flatteningthecurve.’

Covid-19=

RapidGlobalization

NumberofCountriesWithConfirmed

CommunityCases

NumberofCountries

180

160

140

120

100

80

60

40

20

0

1/231/302/62/132/202/273/53/123/193/264/24/9

N=1125512274794123149175

Week(Starting1/23,WeekofChina'sLockdown)

)NDSource:Internalanalysisasof4/13/20,JohnHopkinsUniversity,Worldometer

Thetop20countriesbyGDPhaveallimplementedsomeformofsocialdistancingand/orquarantine–inaggregate,thisrepresents80%ofglobalGDPandalargeportionofthepopulation.Covid-19hasupendedourmodernlivesinwayswe’rejuststartingtounderstand.

Withanabruptshock,manyofus–otherthanthosewhoareinfectedorservingthoseinneedofcare–haveshiftedfromnavigatingthe‘ratrace’tomovingatarelativesnail’space.Wearelivinginahunkereddownworldthatinmanywaysseemsmoreattunedtolifefromanotherera–butin24x7streamingglobalcolor.

Inthefaceofanenemyonourshores,Americahassteppedup.Neighborsarelookingoutforeachother.

Philanthropicinitiatives(oftenlocal)arerollingouttoprovidestopgaphelptothoseinneeduntilmoresustainable

solutionsareoptimized.And,over18MM2healthcareworkersaretirelesslyandheroicallyservingonourfrontlines.

Intheaftershock,theeconomyhasalsogroundtoahalt,andjoblossesarerisingrapidly.Atcurrentcourseand

speed,inafewmonthsunemploymentcouldreachlevelsnotseensincetheGreatDepressionalmostacenturyago.NearlyoneinfourAmericanworkersareemployedinthemostaffectedface-to-facejobslikefoodservice,hospitality,retailandotherservices3.Asofonemonthago,oneinfiveAmericanshadalreadylostworkinghoursorjobs4.

Seventy-threepercentofAmericanshaveindicatedtheirhouseholdincomehasbeenreduced5.

2

1U.S.GeologicalSurvey(USGS)–TheNorthernCaliforniaEarthquake,4/18/1906.8,300milesperhourillustrativelyconvertedtomilesperminute.

2CDC.3PewResearch3/27/20.4NPR/PBSNewsHour/Maristpollon3/17/20.5FT-Petersonpoll,3/24/20–3/27/20.Note:ThroughoutweuseCovid-19torefertoboththedisease,andthevirus(SARS-CoV-2)thatcausesthedisease.

3

ComparingU.S.unemploymentandthestockmarketofthepast43tradingdayswithSeptember1929–December1936(theGreatDepression),onefindsterrifyinglysimilartrendsinstockmarketmovementswhiletoday’s

unemploymentlevelsarespikingatamateriallyfasterclip.Similarshockshavetakenplaceinotheradvancedeconomies,amplifyingtheknock-oneffectstotradethatmayworsentheglobaldownturn.

Unemploymentvs.StockMarketTrends=

2020(2/12–Current)vs.1929–1936

DowJonesIndustrialAverageIndexedReturns

120

100

80

60

40

20

0

USAUnemploymentRatevs.

DowJonesIndustrialAverage(Indexed)

30%

25%

20%

15%

10%

5%

–

USAUnemploymentRate(%)

>10%(Q2:20E)

4.4%

(3/20)

9/1/299/1/309/1/319/1/329/1/339/1/349/1/359/1/36

DJIAReturns(Peak9/3/1929Indexed)

UnemploymentRate(1929-1936)

——DJIAReturns(Peak2/12/2020Indexed)UnemploymentRate(2020)

B)ND)Source:St.LouisFRED,BLS,CBO(includingQ2:20Eunemploymentprojectionfrom4/2/20),CapitalIQasof4/14/20.

Recentgovernment-imposedcontainmentactionshavenecessitatedgovernment-fundedlending/liquidity/stimulus

programsatunprecedentedspeed,scope,scaleandcomplexity.Initsefforttostabilizeandstimulatetheweakeningeconomy,theU.S.governmenthascommittedover$2trillioninaidtoconsumersandtheeconomywhiletheFederalReservehascommittedupto$2.3trilliontoexpandanexistingcorporatelendingprogramforsmallandmedium-sizedbusinessesalongwiththepurchaseofmunicipalbonds.Thesenumberswilllikelycontinuetorise.

USACARESAct(2020)=

Largest&FastestStimulusPackageEver

HistoricalUSAStimulusBills($B)

NominalDollars

HistoricalUSAStimulusBills($B)

%GDP

StimulusDollars($B)

InflationAdjustedDollars

$3,000

$1,788

$2,000$2,000

$826

$1,000

$0

NewDeal

(1933-1940)

RecoveryAct

&TARP

(2009)

CARESAct

(2020)

StimulusDollars($B)

$3,000

$2,000

$1,000

$0

$2,000

$1,500

$42

40%

30%

20%

10%

–

CARESAct

(2020)

RecoveryActNewDeal&TARP(1933-1940)

(2009)

MonthstoImplement1st

StimulusPackageFrom

StockMarketPeak

11042

StimulusDollars($B)%ofGDP

Source:St.LouisFRED.2009–2020assumes1.77%annualinflation.1933–2020assumes3.52%annualinflationbasedonCPI.

4

Wehaveahydra-likecrisis–health/economic/psychological–thatoccurredatatimewhenmanythingswere

humming(economicgrowth/consumerspending/employment/wages…)butthereweren’thugemarginsforerror.

PersonalSavingRate=RisingBut8%vs.12%FiftyYearsAgo…Debt-to-Annual-IncomeRatio=23%vs.15%

USAPublicDebt/GDPLevel=

8thHighestvs.MajorEconomies(2018)

PersonalSavingRate&Debt-to-Annual-Income*Ratio

30%

Debt-to-Annual-Income*Ratio

GovernmentDebt Country%ofGDP2018($B)

1)Japan236%$4,971

2)Sudan18641

3)Greece185218

4)Italy1352,084

5)Portugal122241

6)Singapore110364

7)Mozambique10715

8)USA10620,544

9)Cyprus10125

10)Belgium100543

GovernmentDebt Country%ofGDP2018($B)

16)Angola89%$106

17)Brazil871,869

18)Argentina86520

19)UK862,855

20)SriLanka8489

21)Croatia7561

22)Zambia7527

23)Austria74455

24)Pakistan72315

25)Slovenia7054

Ratio,USA

15%

11)France982,77826)Hungary70158

PersonalSavingRate

0%

196919791989199920092019

12)Spain981,419

13)Egypt93251

14)Congo9011

15)Canada901,713

27)India692,719

28)Morocco65118

29)Ireland64382

30)Yemen6327

Source:St.LouisFederalReserveFREDDatabase,USAFederalReserveBank.*Consumerdebt-to-annual-incomeratio=outstandingcreditextendedtoindividualsfor

household,family&otherpersonalexpenditures,excludingloanssecuredbyrealestatevs.averageannualpersonalincome.Personalsavingrate=percentageof

disposablepersonalincome(DPI),frequentlyreferredtoas“thepersonalsavingrate.”(i.e.theannualshareofdisposableincomededicatedtosaving)

Source:IMF2018Estimate,WorldBankGDPdata.

Forcontext,the$4.3trillioningovernmentmonetaryandfiscalresponsesistheequivalentof124%oftheAmericangovernment’srevenuein2019and20%ofGDP.Simplistically,itwouldtaketotaldebt/GDPlevelto127%vs.107%in2019.Thespeckofrelativegoodnewshereisthatinterestratesarenearrecordlowlevelssothenear-termannualcostofthenewdebtwillberelativelylow.

USAIncomeStatement=Expenses>RevenueforYears…

-19%AverageNetMarginOver30Years

USAIncomeStatement

F1989F1994F1999F2004F2009F2014F2019Comments

Revenue($B)

Y/YGrowth

$991

9%

$1,259

9%

$1,827

6%

$1,880

5%

$2,105

(17%)

$3,021

9%

$3,463

4%

+5%Y/Yaverageover25years

IndividualIncomeTaxes*

$446

$543

$879

$809

$915

$1,395

$1,718

Largestdriverofrevenue

%ofRevenue

45%

43%

48%

43%

43%

46%

50%

SocialInsuranceTaxes

$359

$461

$612

$733

$891

$1,023

$1,243

SocialSecurity&Medicarepayrolltax

%ofRevenue

36%

37%

33%

39%

42%

34%

36%

CorporateIncomeTaxes*

$103

$140

$185

$189

$138

$321

$230

Fluctuateswitheconomicconditions

%ofRevenue

10%

11%

10%

10%

7%

11%

7%

Other

$83

$114

$151

$148

$161

$283

$272

Estate&gifttaxes,duties/fees…

%ofRevenue

8%

9%

8%

8%

8%

9%

8%

Expense($B)

$1,144

$1,462

$1,702

$2,293

$3,518

$3,506

$4,448

Y/YGrowth

7%

4%

3%

6%

18%

1%

8%

Entitlement/Mandatory

$486

$717

$900

$1,238

$2,093

$2,098

$2,735

Risenowingtorisinghealthcarecosts+

%ofExpense

42%

49%

53%

54%

60%

60%

61%

agingpopulation

Non-DefenseDiscretionary

$208

$255

$312

$463

$846

$573

$853

Education/lawenforcement/

%ofExpense

18%

17%

18%

20%

24%

16%

19%

transportation/generalgovernment…

Defense

$304

$282

$275

$456

$661

$603

$686

2009increasedrivenbyWaronTerror

%ofExpense

27%

19%

16%

20%

19%

17%

15%

NetInterestonPublicDebt

$169

$203

$230

$160

$187

$229

$375

Recentbenefitofhistoriclowinterest

%ofExpense

15%

14%

14%

7%

5%

7%

8%

Surplus/Deficit($B)($153)($203)$126($413)($1,413)($485)($985)-19%averagenetmargin,1989-2019

NetMargin(%)(15%)(16%)7%(22%)(67%)(16%)(28%)

B()NDSource:CongressionalBudgetOffice,WhiteHouseOfficeofManagementandBudget.

*Individual&corporateincometaxesincludecapitalgainstaxes.Note:USAfederalfiscalyearendsinSeptember.Non-defensediscretionaryincludesfederal

spendingoneducation,infrastructure,lawenforcement,judiciaryfunctions.

5

USATotalFederalDebtas%ofGDP=

@107%&Rising(2019)

USAInterestRates=

NearHistoricLows…TotalFederalDebtatHistoricHigh

TotalFederalDebt%ofUSGDP

EffectiveFederalFundsRate(%)vs.TotalFederalDebt($B)

TotalFederalDebt%ofUSGDP

140%

EffectiveFederalFundsRate(%)-BlueLine

20%

15%

10%

5%

0%

$25,000

$20,000

$15,000

$10,000

$5,000

$0

TotalFederalDebt($B)-BlackShading

40%

80%

20%

120%WWII

100%

60%

0%

19541959196419691974197919841989199419992004200920142019

194019501960197019791989199920092019

Source:St.LouisFRED,OfficeofManagement&Budget.

Source:St.LouisFRED,OfficeofManagement&Budget.

Theseareallbignumbers.Thebiggest/fastestsuchinterventioneverfromWashingtonDC–byalongshot.For

betterorworse,giventhecircumstances,theboosters–orbazookas(atermusedbyHankPaulson,U.S.TreasurySecretary,duringthefinancialcrisisin2008)areneededfortheattempttostabilizeandrestartourrapidly

deterioratingeconomy.

Theselargenumbersmaynotbelargeenough–afterall,oneperson’slostrevenueisalsoanotherperson’slostrevenueandsoonandsoon…aproblematiccascadeonmultipledimensionsthatisstillinitsearlystages.

Weareallparticipatinginanunproventestforfiscalandmonetarypolicyofamagnitudewehavenotexperienced

before.Canarapidresponseofthisscaleusinglotsofcapitalstabilizerapidlydecliningbusinesstrendsandhelpthemresumegrowthinshortorder?Themoneyisonething;humanconfidenceisanother.Wewillknowsoonenough–wesuspectbusinesstrendsinQ3willbebetterthanQ2butthatwillbealowbar…

Keychallengesofthismulti-sidedsituationinclude:

1)Understandingwhenpeoplecansafelyleavetheirhomes,resumesomeversionoftheirformerlives,andrestarttheeconomy…allwhilebalancingprivacyandcivilliberties

2)Ensuringgovernmentfundingefficientlygetsintherighthandsandhelpstheeconomyweatherthesuddenslowdown

3)Helpingbusinessesgraduallygetupandrunningagain,whilemindfulofthepotentialforperiodicshutdowns

4)Ensuringsufficientandcreativewaysforpeopletogetbacktowork(and/orreceivesupport)thatsustainlong-termeconomicgrowth

5)Managinggovernmentdebt–whichunfortunatelyhasriseningoodtimes–sothatthefinancialoverhangdoesnotoverburdenourfuture

2)Viruses+Microbes=Consistent+PeriodicAgentsofDisaster

Thebattleofhumansvs.infectiousdiseasehasbeengoingonforeverandhumanity’sever-increasingproximityistheprimaryfacilitator.Virusesarecommonplace,epicvirusesarerare–thesearethebigonesthatchangedtheworld…

PandemicType#Deaths#Infected

Mortality

RateDurationYearsOrigin

RegionMost

AffectedStoppingMechanism

BubonicPlague

Bacterial

200MM

~333MM

60%

5years

1347-51

China

Europe

Quarantine/SurvivorImmunity

SmallPox

Viral

56MM

~185MM

30%

431years

1520-1951

Europe

Global

Vaccine

SpanishFlu

Viral

40-50MM

~500MM

8%

2years

1918-19

Unknown

Global

Quarantine/SurvivorImmunity

PlagueofJustinian

Bacterial

30-50MM

~80MM

50%

2years

541-542

MiddleEast

Europe

SurvivorImmunity

HIV/AIDS

Viral

25-35MM

~70MM

35%

39years

1981-Present

Africa

Global

Testing/Antivirals

ThirdPlague

Bacterial

12MM

NA

NA

1year

1885

Asia

Asia

Quarantine/SurvivorImmunity

Sources:VisualCapitalist,CDC,H,TIME

Additionalvirusesoverthelastcenturyhavebeenmaterialkillers,alloriginatingoutsideAmerica:AsianFlukilled

1.1MMpeoplein1957-58primarilyinAsia;HongKongFlukilled1MMin1968-70primarilyinAsia;SwineFlukilled200Kin2009-2010globally,Ebolakilled11.3Kin2014-2016inWestAfrica1andSARSkilled8Kpeoplein2003.

Whileotherregions(primarilyAsia)haveexperiencedeasilyspreadviruseswithhighmortalityratesinrecenthistory,America’slastpandemicexperience(atscale)wastheSpanishFluone-hundredyearsago.Unfortunately,3-4

generationsarelongenoughformanypeopletohaveforgottenthepainandtobeill-preparedforthenextattack.

Ourworldhadbecomeincreasinglyporous,handingacoronavirustheperfectsetupforglobalimpact.

Asdigitalconnectivity,airtravel,cross-bordermovementandtradehaverampedsteadilyupward,ourpopulationhasbecomeuntetheredphysically,dartingfromplacetoplacewithlimitedgeographicconstraints.Furthermore,people

havemigratedfromrural,isolatedregionstomoredenselypopulated,connectedurbanareas.

GlobalInternetUsers(2018)=

3.8Bvs.<15MMTwenty-FiveYearsAgo

GlobalAirTravel(2018)=

>4.2BPassengers,+7%Y/Y

InternetUsersvs.Y/YGrowth

GlobalAirPassengers(Millions)

InternetUsers,Global(BlueBar)

4B

2B

0

20%

10%

0%

Y/YGrowth(RedLine)

GlobalAirPassengers(millions)

5,000

4,000

3,000

2,000

1,000

Global

FinancialCrisis

WTC

Attacks

GulfWarIRecession

OilShockRecession

DotCom

Bubble

AsianFinancial

Crisis

19901994199619982000200220042006200820102012201420162018

–

1970197419781982198619901994199820022006201020142018

Internetuserdataisasofmid-year.Source:UnitedNations/InternationalTelecommunicationsUnion,USACensusBureau.

PewResearch(USA),ChinaInternetNetworkInformationCenter(China),IslamicRepublicNewsAgency/InternetWorldStats/Bondestimates(Iran),Bond

estimatesbasedonIAMAIdata(India),&APJII(Indonesia).

Source:WorldBank,CLEAR.

6

1CDC,VisualCapitalistandEncyclopediaBritannica.

7

GlobalCross-BorderAirTravel(2018)=

1.4MMArrivals,+6%Y/Y

GlobalCross-BorderTrade(2018)=

$25T@29%ofGlobalGDP

InternationalFlightArrivals(Millions)

Tradeas%ofGlobalGDP

TotalInternationalFlightArrivals(millions)

1,500

1,000

500

–

199519982001200420072010201320162018

%ofGlobalGDP

40%

20%

0%

1960196519701975198019851990199520002005201020152018

Source:WorldBank

Source:WorldBank.

Note:‘WorldTrade’referstotheaverageofImports&Exports(toaccountforgoodsin-transitbetweenyears)forallnations.

GlobalRelativeGDP(Current$)=

China+USARising…EuropeFalling(2018)

GlobalPopulation(2018)=

On-GoingMigrationtoUrbanAreas

GlobalGDPContribution(Current$)

UrbanPopulation(%ofTotalPopulation)

100%

80%

60%

40%

20%

UrbanPopulation(%ofTotalPopulation)

USA82%

Europe75%

China59%

World55%

%ofGlobalGDP

40%

40%

24%

22%

26%

20%

16%

7%

3%

6%

4%

3%

0%

2018

196019701980199020002010

USAEuropeChinaIndiaLatinAmerica

–

196019701980199020002010USAChinaWorldEurope

2018

Source:WorldBank(GDPincurrent$).Othercountriesaccountfor~30%ofglobalGDP.

Source:QatalystPartners(March2020)&WorldBank

Allthesetrendssetupavirus’dream–hitchhikeonahumanorsurface,andtravelhundredsofmilesperhouracrosslandandseatogettoawholenewworld.Whenthere,quietlymultiplybeforeanyonecancontainyou.Thevirusis

clever,andithasevolvedperfectlyfortheglobalenvironmentthroughitslongincubationtime,asymptomatictransmissionandsymptomssomildthatmostcarriersjustkeepworkingandmillingabout.

Itsimpactonahumanisatoxiccocktailoftheunpredictable:fromnothing...tosniffles…tocoughing…tobreathingdifficulties…todeath.

Thecapriciousnesssowsfear,notjustoftheinfected,butofeveryhumaninteraction.Itcreatesafeelingofbeinghelplessinawar–withaninvisibleenemy.

Weareallfocusedonthedurationandseverityofourcrisisandwatching/waiting/prayingfortheebbofcoronaviruscasessowecanbegintogooutwithoutfearofinfection.

Thegoodnewsisthatsocialdistancingappearstoworkandgovernmentsaroundtheworldhaveembracedit.Inanunprecedentedandrapidglobalresponse,100%ofthe20largesteconomiesarenowinsomeformoflockdown,with19ofthosecountriestakingactionwithina4-weekwindow.

SocialDistancing=

RapidlyImplementedbyWorld’sLargest20Economies

Countof20LargestEconomieswithSocialDistancing

20

15

10

5

0

TheWorld's20LargestEconomies&Government-MandatedSocialDistance

1/231/302/62/132/202/273/53/123/193/26

N=111112251520

Week(Starting1/23,WeekofChina'sLockdown)

B()NDSource:Internalanalysisasof4/13/20,JohnHopkinsUniversity,Worldometer

Fromtheepidemiologicaldataemergingfromaroundtheworld,wenowknowmoreaboutthisagentofdisaster,muchfasterthaneverbeforeinpandemichistory:

1)Intheabsenceofintervention,Covid-19infectionswillgrowexponentially…

EarlyconsensusisthateachpersoninfectedwithCovid-19willleadto2to3additionalpeoplebecominginfected.Inaworldwheretheaveragepersonphysicallyinteractswith10-15others1perday,therearehundredsof

opportunitiesfortransmissionduringtheinfectiousstageofthedisease.Empirically,thatwasproveninalmosteverycountryaroundtheworld,whereadoublingtimeofeverythreedayswasobservedintheweekspriortosocialdistancing.Thisdoublingtimeiswhatproducedtheearlywarningsofhundredsofmillionsofinfections.

2)Extremesocialdistancemeasureswork...

Afterimplementingcontrolmeasures,countriesconsistentlyseeanimprovementto~6daysofdoublingtimewithintwoweeks,and~11dayswithinthreeweeks.Theearliestcountriestoenterlockdownhavenowhittheirpeak

hospitalizationanddeathrates,approximatelyfourweeksafterimplementingstrictsocialcontrols.Asaresult,

worldwidenewdailycaseslargelystabilizedinAprilandtheworld’scasecountdoublingtimeof~15dayssuggestswemaybenearthepeakofthisoutbreak.

3)Wedon,tknowwhattoexpect6inbetween,...

Weknowthetwoextremes,butwedon’tknowwhatwillhappenwhenwestarttoletdownourguard.Todoso,weneed100%availablediagnostictestingwithmuchfasterturn-around(measuredinminutes,notdays).Weneedthesystemsandthetoolstotakeactiononestepatatime,measuretheimpact,anditeratetofindthemosteffective

waystocontainCovid-19untilwehaveavaccine.

8

1’Mixingpatternsbetweenagegroupsinsocialnetworks’S.Y.DelValleetal./SocialNetworks29(2007)539–554.

9

ImpactofSocialDistancing=

DramaticReductionofExponentialGrowth

DailyNewCases

5-DayTrailingAvg.DailyGrowthRate

DailyNewCases=

LargelyPlateauedinApril

WorldDailyNewCases

100%

80%

120,000

Dailynewcase

growthslowing

100,000

60%

80,000

40%

60,000

20%

40,000

0%

20,000

(20%)

(40%)

0

1/221/292/52/122/192/263/43/113/183/254/14/8

DailyNewCases5-DayTrailingAvg.DailyGrowthRate

Source:Internalanalysisasof4/13/20,JohnHopkinsUniversity,Worldometer

AverageDoublingTimes(Days)DuringVarious

PhasesofLockdown

T0=DateSocialDistancingisImplemented

10.60

5.82

3.74

3.14

T0=LockdownT+7DaysAfterLockdownT+14DaysAfterLockdownT+21DaysAfterLockdown

N=20202017

)NDSource:Internalanalysisasof4/13/20,JohnHopkinsUniversity,Worldometer

DoublingTime=

DramaticImprovementInApril

3-DayTrailingDoublingTime

100

90

80

70

60

50

40

30

20

10

0

WorldDoublingTimes

HigherNumbers=SlowerSpread

JustChina...under

control

Exponentialgrowthoutside

ofChinaasthevirusspr