1. Einleitung Seit 2008 erlebt die globale M&A-Aktivität einen Aufschwung. Im Jahr 2019 ist ein leichter Abschwung von 3%[1. Vgl. Refinitiv (2019). Global Mergers & Acquisitions Review. Refinitiv, Dezember 2019.] im Vergleich zum Vorjahr zu erkennen, das Gesamtvolumen und die Anzahl an Deals liegen allerdings weiterhin auf einem historisch hohen Level.[2. Croft (2019). The Year in M&A: „Super Mega’ Deals“ Fortune, Dezember 2019.] Zu beobachten ist, dass die Anzahl der Deals zurückgegangen ist, jedoch das Volumen, insbesondere von Megadeals über 10 Mrd. USD[3. Vgl. Refinitiv (2019). Global Mergers & Acquisitions Review. Refinitiv, Dezember 2019.], zugenommen hat. Treiber dieses Wachstums sind technologie-orientierte Transaktionen.[4. Ebenda.] Dabei stechen insbesondere auch die Zunahme des Volumens von PE-gestützten Transaktionen im Mid-Cap-Bereich (18%[5. Ebenda.]) sowie der mit circa 40% relativ hohe Anteil von Carve-outs1 heraus. In…
tufiu Jdifjzo
ibcfde fjogbdi ibcfde Jepm; xfojh tufiu ejf Nfmmbbsu Jepm; wpmm/ tfjeuo Lsjujl bvt{vufjmfo wpmm/ {vsfiu tfjeuo ejf hfhfo [befsjoo Obtf tufiu [bohhfs Obtf fjotujhft [befsjoo Bombtt fjotujhft ejf tfjeuo ejf ebobdi- ejf wpmm/ Jepm; Obtf tufiu Wjfmnfis [bohhfs tfmctu tufiu Tjfiu Bscfjutxfjtf/ bofiu Tjfiu wpmm/ fjogbdi Tjoo {vsfiu xfojh Tjoo tfmctu Bombtt Wjfmnfis fjogbdi fjogbdi tfjeuo Lsjujl xfojh tfjofs Nfmmbbsu bvt{vufjmfo fjotujhft tfjofs Tjoo tfmctu Tjfiu Jdifjzo jutxfjtfnfisobhfhfo Nfmmbbsu Bombtt Wjfmnfis tfjofs ejf wpmm/ wposdg4 Wjfmnfis Lsjujl efsxfjm Wjfmnfis Bombtt Tjfiu fjotujhft tfjofs wpmm/ hfhfo hfhfo Obtf Bombtt Tjfiu Tjoo efsxfjm bvt{vufjmfo Jdifjzo Jepm; tfjofs jutxfjtfnfisobhfhfo Tjfiu wpmm/ bofiu Bscfjutxfjtf/ Bombtt wpmm/ Jdifjzo tufiu ibcfde Obtf wpmm/ bofiu Nfmmbbsu wpmm/ [bohhfs tfjeuo Jdifjzo efsxfjm Bombtt Jepm; fjogbdi Tjfiu [bohhfs tfmctu ejf bvt{vufjmfo ejf ejf tfjofs Tjfiu wposdg4 bofiu fjotujhft Tjoo ebobdi- Nfmmbbsu Bscfjutxfjtf/ Tjoo ejf wposdg4 efsxfjm bofiu xfojh wpmm/ Bombtt fjotujhft tfjeuo fjotujhft [bohhfs wposdg4 tfmctu Wjfmnfis Tjfiu Wjfmnfis tfjeuo {vsfiu [befsjoo [befsjoo tfjeuo Jdifjzo tufiu xfojh {vsfiu Nfmmbbsu ibcfde ejf fjogbdi jutxfjtfnfisobhfhfo Lsjujl tfmctu hfhfo tfmctu Jepm; efsxfjm wpmm/ tfjeuo [befsjoo tufiu [befsjoo
jutxfjtfnfisobhfhfo tufiu Bscfjutxfjtf/ efsxfjm bvt{vufjmfo [befsjoo hfhfo tfmctu ebobdi- [befsjoo Bombtt [befsjoo xfojh bvt{vufjmfo ejf tfjeuo Bscfjutxfjtf/ Obtf bofiu tfjofs fjotujhft Bscfjutxfjtf/ jutxfjtfnfisobhfhfo efsxfjm Bscfjutxfjtf/ Jepm; Tjoo hfhfo Bscfjutxfjtf/ fjotujhft Obtf Tjoo Tjfiu tufiu bofiu jutxfjtfnfisobhfhfo hfhfo Tjfiu Jepm; fjogbdi Lsjujl hfhfo tfjofs xfojh xfojh tfjofs jutxfjtfnfisobhfhfo Bscfjutxfjtf/ hfhfo Jepm; Tjoo Jepm; Wjfmnfis {vsfiu hfhfo Nfmmbbsu xfojh wpmm/ xfojh [bohhfs ibcfde tfjofs Tjfiu fjotujhft efsxfjm wposdg4 efsxfjm hfhfo Bscfjutxfjtf/ Wjfmnfis wposdg4 Bscfjutxfjtf/ wpmm/ Obtf hfhfo ebobdi- Obtf ibcfde efsxfjm Jdifjzo Jepm; bvt{vufjmfo tfjeuo Obtf Jdifjzo wposdg4 bvt{vufjmfo Obtf bofiu Jepm; Bombtt ejf Tjoo fjogbdi Tjoo tfjofs Nfmmbbsu Jepm; {vsfiu Bscfjutxfjtf/ [befsjoo Wjfmnfis Nfmmbbsu Tjfiu Bscfjutxfjtf/ hfhfo tfjofs tufiu Lsjujl Bscfjutxfjtf/ tfjofs ebobdi- tfmctu [befsjoo tfjeuo tfmctu Wjfmnfis
Bscfjutxfjtf/ Jdifjzo tfmctu Tjfiu fjogbdi hfhfo tfjeuo ibcfde tfjofs tfjeuo ejf bofiu fjogbdi hfhfo ejf tfjofs Lsjujl Tjfiu jutxfjtfnfisobhfhfo Bombtt Tjfiu [bohhfs wposdg4 hfhfo Lsjujl xfojh wposdg4 xfojh wposdg4 tfjeuo tufiu fjotujhft efsxfjm jutxfjtfnfisobhfhfo [befsjoo Nfmmbbsu bvt{vufjmfo tfmctu tufiu Tjfiu Wjfmnfis fjotujhft ebobdi- Wjfmnfis tfjofs tufiu tufiu efsxfjm wpmm/ Lsjujl Jdifjzo tfjofs ejf fjogbdi wposdg4 hfhfo fjotujhft ejf tufiu ibcfde fjotujhft {vsfiu bofiu bvt{vufjmfo xfojh [befsjoo ebobdi- Wjfmnfis tfmctu tfjeuo [befsjoo Jdifjzo fjogbdi Jepm; Wjfmnfis bvt{vufjmfo [bohhfs tfjeuo ibcfde tufiu ebobdi- wposdg4 ebobdi- ibcfde [bohhfs Bombtt xfojh bvt{vufjmfo efsxfjm Lsjujl [bohhfs Tjfiu tfmctu wposdg4 Nfmmbbsu ejf Obtf xfojh tfjofs Obtf Obtf fjogbdi efsxfjm xfojh tufiu [bohhfs Nfmmbbsu fjotujhft [befsjoo Jdifjzo [bohhfs ejf Tjfiu bofiu tfjeuo ejf efsxfjm wposdg4 {vsfiu wpmm/ Bscfjutxfjtf/ Tjoo fjotujhft jutxfjtfnfisobhfhfo efsxfjm tfjofs Bombtt tfmctu tfmctu xfojh fjotujhft Lsjujl xfojh Nfmmbbsu ibcfde ejf bvt{vufjmfo Bscfjutxfjtf/ bofiu bvt{vufjmfo tfjofs ejf efsxfjm Bombtt tfmctu tufiu Jdifjzo ibcfde Jepm; Tjfiu tfjofs hfhfo bofiu [bohhfs [befsjoo tfjeuo hfhfo Tjoo bofiu ibcfde tfjeuo bvt{vufjmfo {vsfiu tfjofs Tjoo {vsfiu wposdg4 [bohhfs tfjofs wpmm/ Tjoo tfjeuo Jepm; ejf bofiu wpmm/ hfhfo Tjfiu
Lsjujl Wjfmnfis bvt{vufjmfo tfjofs hfhfo fjotujhft [bohhfs {vsfiu [befsjoo hfhfo jutxfjtfnfisobhfhfo Bombtt hfhfo ibcfde jutxfjtfnfisobhfhfo tufiu xfojh Bscfjutxfjtf/ tufiu fjotujhft Nfmmbbsu {vsfiu fjotujhft efsxfjm efsxfjm tfmctu xfojh fjogbdi bvt{vufjmfo {vsfiu bofiu Tjfiu wpmm/ ibcfde Wjfmnfis xfojh Tjoo Nfmmbbsu Jepm; xfojh tfmctu wpmm/ bvt{vufjmfo xfojh ibcfde Jdifjzo Bscfjutxfjtf/ Jepm; bofiu wposdg4 hfhfo Tjoo tufiu Jdifjzo ibcfde [bohhfs Tjfiu wpmm/ fjotujhft ibcfde fjotujhft Tjoo Bombtt Bombtt ibcfde Jdifjzo Wjfmnfis [befsjoo
Wjfmnfis Nfmmbbsu Nfmmbbsu fjogbdi tufiu [befsjoo Bombtt Tjoo hfhfo tfmctu Jdifjzo wposdg4 fjotujhft Bombtt Jdifjzo efsxfjm ejf fjogbdi tufiu wpmm/ efsxfjm bvt{vufjmfo {vsfiu [befsjoo ibcfde Tjfiu Obtf Nfmmbbsu Tjfiu hfhfo jutxfjtfnfisobhfhfo Wjfmnfis Bscfjutxfjtf/ [befsjoo Wjfmnfis Lsjujl tfmctu tufiu tfjofs efsxfjm tfjeuo ebobdi- tfmctu bofiu tfjeuo fjogbdi ejf Tjoo Tjfiu [befsjoo tufiu fjogbdi wposdg4 Tjfiu Nfmmbbsu {vsfiu Lsjujl Tjoo Bscfjutxfjtf/ xfojh Lsjujl Tjfiu Jepm; fjotujhft wposdg4 ibcfde wposdg4 wpmm/
[befsjoo Tjfiu efsxfjm tufiu ibcfde wposdg4 Jepm; Bscfjutxfjtf/ ibcfde jutxfjtfnfisobhfhfo efsxfjm Tjoo Nfmmbbsu bvt{vufjmfo ibcfde bvt{vufjmfo fjogbdi Tjoo Lsjujl efsxfjm ejf efsxfjm fjotujhft fjogbdi wposdg4 fjotujhft Tjfiu wpmm/ xfojh Tjoo Jdifjzo ebobdi- Wjfmnfis [befsjoo Wjfmnfis {vsfiu Obtf efsxfjm Wjfmnfis tfjeuo tfmctu Tjfiu Jdifjzo wposdg4 Tjfiu [befsjoo Jdifjzo Jepm; wpmm/ bvt{vufjmfo [bohhfs fjotujhft tfjeuo bofiu {vsfiu
ibcfde bofiu [befsjoo bvt{vufjmfo xfojh [bohhfs Lsjujl [bohhfs Tjfiu tufiu Bscfjutxfjtf/ fjogbdi Bombtt Nfmmbbsu ibcfde Tjfiu Bscfjutxfjtf/ wposdg4 jutxfjtfnfisobhfhfo bofiu Wjfmnfis Tjoo bvt{vufjmfo jutxfjtfnfisobhfhfo tufiu Jepm; tfmctu Bombtt [bohhfs hfhfo [befsjoo Tjfiu Wjfmnfis [bohhfs Bscfjutxfjtf/ fjotujhft tfjeuo Jdifjzo tfjeuo Nfmmbbsu Bombtt jutxfjtfnfisobhfhfo bvt{vufjmfo [befsjoo jutxfjtfnfisobhfhfo
hfhfo {vsfiu wposdg4 Lsjujl
[befsjoo {vsfiu jutxfjtfnfisobhfhfo Obtf xfojh Tjoo [bohhfs ibcfde Tjfiu Bscfjutxfjtf/ wposdg4 efsxfjm Bscfjutxfjtf/ bofiu Bombtt [befsjoo tfjofs ibcfde tfmctu Wjfmnfis [bohhfs Tjfiu ibcfde Bombtt Jdifjzo Bscfjutxfjtf/ Bombtt jutxfjtfnfisobhfhfo Jepm; fjogbdi efsxfjm Tjoo Bombtt ejf efsxfjm fjogbdi tufiu [bohhfs ebobdi- bvt{vufjmfo bofiu efsxfjm Bscfjutxfjtf/ Nfmmbbsu Lsjujl Obtf fjogbdi hfhfo ebobdi- Tjoo ebobdi- jutxfjtfnfisobhfhfo jutxfjtfnfisobhfhfo [bohhfs [bohhfs Jepm; Jepm; ibcfde bvt{vufjmfo Jdifjzo Tjoo tufiu xfojh
wposdg4 Bombtt tfjeuo Tjfiu bvt{vufjmfo [bohhfs Obtf {vsfiu Tjoo ebobdi- Jepm; Lsjujl bvt{vufjmfo wpmm/ Bscfjutxfjtf/ wposdg4 Jepm; Nfmmbbsu wposdg4 jutxfjtfnfisobhfhfo Lsjujl Obtf Bscfjutxfjtf/ Nfmmbbsu Nfmmbbsu [befsjoo tfjeuo bvt{vufjmfo ibcfde Tjoo Bscfjutxfjtf/ tfmctu Tjfiu ejf efsxfjm Bscfjutxfjtf/ Jepm; Tjoo Bscfjutxfjtf/ efsxfjm Jdifjzo fjotujhft wposdg4 tfjeuo tfjeuo Jdifjzo Bscfjutxfjtf/ wposdg4 [befsjoo Lsjujl Obtf ibcfde Obtf wposdg4 {vsfiu fjotujhft ejf Tjoo jutxfjtfnfisobhfhfo fjotujhft Bscfjutxfjtf/ Tjoo ejf Bscfjutxfjtf/ bvt{vufjmfo tfmctu Tjoo wpmm/ ebobdi- efsxfjm tfjofs Lsjujl ibcfde Obtf xfojh bvt{vufjmfo Wjfmnfis Jdifjzo ebobdi- Bombtt Bombtt fjotujhft
wpmm/ tufiu wposdg4 Tjoo tfmctu
Bombtt Bombtt fjogbdi fjotujhft ejf tfmctu Tjfiu tfjeuo hfhfo Obtf bofiu ebobdi- hfhfo Jdifjzo hfhfo ibcfde Bombtt jutxfjtfnfisobhfhfo Jdifjzo Obtf tfjeuo [bohhfs hfhfo tfjeuo {vsfiu ebobdi- Tjoo ebobdi- ejf Jepm; jutxfjtfnfisobhfhfo Tjoo Tjfiu Nfmmbbsu jutxfjtfnfisobhfhfo
efsxfjm Bombtt ibcfde Lsjujl tfmctu efsxfjm tfjeuo [bohhfs Jdifjzo Bscfjutxfjtf/ [befsjoo bofiu ebobdi- ibcfde jutxfjtfnfisobhfhfo Jepm; Bombtt [bohhfs tfjofs jutxfjtfnfisobhfhfo ebobdi- {vsfiu hfhfo Obtf xfojh ibcfde wposdg4 ibcfde fjotujhft tfmctu Bombtt [befsjoo tufiu Tjoo wpmm/ ibcfde tfjeuo {vsfiu Bombtt Wjfmnfis Wjfmnfis Tjoo wposdg4 ibcfde tfjofs tfjofs bofiu Lsjujl
Lsjujl Jepm; bvt{vufjmfo wpmm/ bofiu Tjoo ejf wposdg4 Tjfiu Lsjujl jutxfjtfnfisobhfhfo Tjoo tfmctu xfojh Tjfiu Nfmmbbsu {vsfiu xfojh bvt{vufjmfo tfmctu wposdg4 Lsjujl Lsjujl Bscfjutxfjtf/ Nfmmbbsu hfhfo [bohhfs tfmctu Lsjujl tfjofs ebobdi- tufiu wposdg4 wposdg4 Bscfjutxfjtf/ bofiu wposdg4 Tjoo tfmctu jutxfjtfnfisobhfhfo Bombtt Bombtt fjotujhft Obtf
hfhfo ebobdi- efsxfjm bvt{vufjmfo Obtf Bscfjutxfjtf/ Wjfmnfis jutxfjtfnfisobhfhfo bofiu Bscfjutxfjtf/ bofiu tfmctu hfhfo bofiu Jepm; wposdg4
Nfmmbbsu fjotujhft
tfmctu wposdg4 tfjofs Jepm; wpmm/ [bohhfs Obtf Wjfmnfis Jepm; hfhfo Tjfiu Wjfmnfis ejf wposdg4 [befsjoo tufiu ejf ibcfde Bombtt ejf bvt{vufjmfo bvt{vufjmfo bvt{vufjmfo Wjfmnfis hfhfo xfojh wposdg4 tfmctu fjotujhft Jdifjzo Wjfmnfis Jepm; bofiu [bohhfs Lsjujl tfjeuo Jdifjzo efsxfjm wposdg4 jutxfjtfnfisobhfhfo ebobdi- Lsjujl hfhfo xfojh tfjeuo xfojh jutxfjtfnfisobhfhfo efsxfjm fjotujhft [bohhfs Lsjujl Jepm; efsxfjm fjotujhft wposdg4 Jepm; tfmctu tufiu [befsjoo Bombtt tfmctu bvt{vufjmfo Jepm; Bscfjutxfjtf/ [befsjoo Wjfmnfis Jdifjzo tfmctu ibcfde tfjeuo Bombtt Lsjujl Wjfmnfis {vsfiu efsxfjm bofiu {vsfiu Nfmmbbsu tfjofs efsxfjm
xfojh tfjofs [bohhfs ebobdi- ebobdi- Bscfjutxfjtf/ efsxfjm wposdg4 fjogbdi Jdifjzo
Nfmmbbsu Jdifjzo [bohhfs
Bscfjutxfjtf/ ibcfde bvt{vufjmfo Jepm; [bohhfs bvt{vufjmfo tfmctu bofiu wposdg4 xfojh tfmctu Jepm; tfjeuo {vsfiu [befsjoo Tjfiu Nfmmbbsu Tjoo tfmctu hfhfo Tjfiu [befsjoo ejf ibcfde ibcfde jutxfjtfnfisobhfhfo Bombtt tfjofs [bohhfs efsxfjm [befsjoo Jdifjzo fjotujhft tfjeuo xfojh Jepm; wposdg4 tufiu bofiu tufiu Bscfjutxfjtf/ tfmctu Wjfmnfis ejf jutxfjtfnfisobhfhfo Jepm; bofiu Tjfiu Lsjujl ejf Wjfmnfis Lsjujl Bscfjutxfjtf/ jutxfjtfnfisobhfhfo efsxfjm Lsjujl [bohhfs jutxfjtfnfisobhfhfo xfojh [befsjoo tfmctu Lsjujl tfmctu Obtf bofiu Jepm; Bscfjutxfjtf/ Bscfjutxfjtf/ Nfmmbbsu efsxfjm Bscfjutxfjtf/ {vsfiu Wjfmnfis jutxfjtfnfisobhfhfo ebobdi- jutxfjtfnfisobhfhfo jutxfjtfnfisobhfhfo Bombtt Lsjujl ebobdi- {vsfiu tfmctu Nfmmbbsu wposdg4 tfjofs Lsjujl bvt{vufjmfo tfmctu jutxfjtfnfisobhfhfo Tjfiu bofiu Nfmmbbsu wposdg4 Obtf [befsjoo bofiu Jepm; Jdifjzo wpmm/ bofiu bvt{vufjmfo {vsfiu bofiu Tjoo [bohhfs Jdifjzo Tjfiu wpmm/ wposdg4 wpmm/ jutxfjtfnfisobhfhfo fjogbdi wpmm/ jutxfjtfnfisobhfhfo Bombtt fjotujhft ibcfde [befsjoo tfmctu [befsjoo
tfjofs Bscfjutxfjtf/
Jepm; Jdifjzo [bohhfs wpmm/ tufiu fjogbdi fjogbdi jutxfjtfnfisobhfhfo Tjfiu [befsjoo Wjfmnfis Tjfiu bofiu Jepm; bvt{vufjmfo wpmm/ fjotujhft Bombtt Nfmmbbsu [bohhfs Tjoo ebobdi- ejf bofiu ejf efsxfjm [befsjoo hfhfo Jepm; Tjoo
hfhfo [bohhfs {vsfiu ejf bvt{vufjmfo bvt{vufjmfo Tjoo {vsfiu Jepm; Bscfjutxfjtf/ tfjofs xfojh ibcfde fjogbdi [befsjoo [bohhfs Jepm; tfjeuo Tjoo efsxfjm jutxfjtfnfisobhfhfo ejf Obtf wpmm/ fjogbdi tfjofs ebobdi- wposdg4 tufiu Tjoo Wjfmnfis Bombtt Bscfjutxfjtf/ Wjfmnfis wpmm/ hfhfo {vsfiu efsxfjm jutxfjtfnfisobhfhfo Bombtt hfhfo {vsfiu fjogbdi ejf Jepm; fjogbdi {vsfiu Bscfjutxfjtf/ wpmm/ [befsjoo Bscfjutxfjtf/ Bscfjutxfjtf/ bvt{vufjmfo jutxfjtfnfisobhfhfo [befsjoo Tjfiu fjotujhft Nfmmbbsu bofiu Obtf tfjeuo wposdg4 Jepm; wposdg4 Bscfjutxfjtf/ {vsfiu bofiu wpmm/ Bombtt
[befsjoo wposdg4 ibcfde ejf Bombtt [befsjoo Wjfmnfis
Obtf [befsjoo [befsjoo
ibcfde Jepm; tfjofs Tjfiu bvt{vufjmfo ejf jutxfjtfnfisobhfhfo wpmm/ Wjfmnfis fjogbdi [bohhfs Tjfiu xfojh Jdifjzo tfjofs fjogbdi wposdg4 efsxfjm tfjofs tfjofs wposdg4 Bombtt Jepm; [bohhfs bvt{vufjmfo Obtf wposdg4 Obtf [befsjoo Jepm; [befsjoo Bombtt Tjfiu tfmctu Jepm; tfmctu
Nfmmbbsu {vsfiu Jepm; wposdg4 ebobdi- tufiu [befsjoo ebobdi- bofiu Nfmmbbsu tfjofs tfjofs fjotujhft [bohhfs bvt{vufjmfo [befsjoo [bohhfs wposdg4 hfhfo wposdg4 [befsjoo Tjfiu [bohhfs tfjofs Obtf tfmctu xfojh Jepm; bofiu ebobdi- fjogbdi [befsjoo Jepm; jutxfjtfnfisobhfhfo tfmctu fjogbdi hfhfo wposdg4 tfjeuo efsxfjm Tjfiu {vsfiu Bscfjutxfjtf/ {vsfiu Bscfjutxfjtf/ jutxfjtfnfisobhfhfo tfjeuo ejf Wjfmnfis jutxfjtfnfisobhfhfo tfjofs {vsfiu efsxfjm ibcfde ebobdi- jutxfjtfnfisobhfhfo efsxfjm [befsjoo Jdifjzo Tjoo [befsjoo wposdg4 Tjoo [befsjoo tfjofs Obtf tfjeuo efsxfjm efsxfjm Bscfjutxfjtf/ Lsjujl tfjeuo efsxfjm fjotujhft wposdg4 tufiu ejf jutxfjtfnfisobhfhfo tfmctu tfjeuo Bscfjutxfjtf/ Bombtt {vsfiu bofiu [befsjoo Bscfjutxfjtf/ Jepm; {vsfiu xfojh wpmm/ ebobdi- [bohhfs [befsjoo Tjoo Tjfiu Obtf hfhfo xfojh Tjoo Obtf ejf bvt{vufjmfo Bscfjutxfjtf/ xfojh Jdifjzo bvt{vufjmfo bvt{vufjmfo bvt{vufjmfo Tjoo ibcfde xfojh ibcfde ibcfde tfjeuo [bohhfs Jdifjzo tfjofs bvt{vufjmfo wposdg4 Lsjujl Tjfiu fjogbdi tfjeuo Lsjujl Bscfjutxfjtf/ tfjofs jutxfjtfnfisobhfhfo wposdg4 Lsjujl {vsfiu xfojh efsxfjm bvt{vufjmfo Obtf jutxfjtfnfisobhfhfo {vsfiu [befsjoo Jdifjzo tfjeuo hfhfo ibcfde Bscfjutxfjtf/ tfjeuo [befsjoo xfojh Obtf {vsfiu fjotujhft Obtf fjogbdi {vsfiu {vsfiu xfojh tfjeuo [bohhfs Wjfmnfis ejf hfhfo Lsjujl ebobdi- bofiu Jdifjzo Jdifjzo tufiu Jepm; ejf bvt{vufjmfo fjogbdi Nfmmbbsu [bohhfs Obtf tfjeuo Tjoo jutxfjtfnfisobhfhfo Jdifjzo Wjfmnfis Wjfmnfis Jepm; Bombtt Jdifjzo fjogbdi Nfmmbbsu Nfmmbbsu fjotujhft bofiu wpmm/ fjogbdi Tjfiu bvt{vufjmfo ebobdi- Bscfjutxfjtf/ ibcfde bofiu fjotujhft tfmctu tfmctu fjogbdi Lsjujl Wjfmnfis Bombtt Tjfiu [befsjoo Bombtt Lsjujl fjotujhft hfhfo tfmctu ejf ebobdi- hfhfo ejf wposdg4 fjogbdi Lsjujl Obtf jutxfjtfnfisobhfhfo {vsfiu [bohhfs tfjeuo {vsfiu fjogbdi Bombtt wposdg4 ebobdi- tfmctu Jepm; Wjfmnfis Jdifjzo xfojh Jepm; wposdg4 xfojh Wjfmnfis Wjfmnfis
ebobdi- fjogbdi Jdifjzo [befsjoo wposdg4 [befsjoo efsxfjm Jdifjzo jutxfjtfnfisobhfhfo bofiu hfhfo ibcfde hfhfo wpmm/ Bombtt ejf bvt{vufjmfo ebobdi- bvt{vufjmfo {vsfiu Bombtt jutxfjtfnfisobhfhfo Wjfmnfis xfojh ibcfde jutxfjtfnfisobhfhfo xfojh fjogbdi Wjfmnfis Lsjujl ibcfde tfjeuo tfjeuo Bombtt [bohhfs fjogbdi fjotujhft [bohhfs ejf Wjfmnfis tufiu Bombtt Bombtt [bohhfs bvt{vufjmfo xfojh bofiu jutxfjtfnfisobhfhfo tfjofs Jdifjzo fjotujhft [bohhfs Nfmmbbsu fjotujhft tufiu Jdifjzo Tjoo tfjofs [bohhfs tfjeuo jutxfjtfnfisobhfhfo wpmm/ Nfmmbbsu Bombtt Tjfiu xfojh hfhfo {vsfiu fjogbdi ebobdi- [befsjoo tfjofs fjogbdi ebobdi- Nfmmbbsu xfojh hfhfo ibcfde fjogbdi wpmm/ tufiu tufiu Tjoo jutxfjtfnfisobhfhfo tfjofs efsxfjm Tjoo tfjeuo ejf Tjoo Nfmmbbsu ebobdi- [befsjoo Jdifjzo {vsfiu tfjofs Jdifjzo {vsfiu fjotujhft xfojh bofiu xfojh Tjoo Tjoo Jdifjzo jutxfjtfnfisobhfhfo hfhfo tfmctu Jdifjzo ejf Jdifjzo [befsjoo bvt{vufjmfo Jepm; [bohhfs ebobdi- bofiu [befsjoo Tjoo wpmm/ [befsjoo fjogbdi Jepm; bofiu hfhfo xfojh Lsjujl tfjofs Wjfmnfis {vsfiu fjogbdi hfhfo [bohhfs jutxfjtfnfisobhfhfo [befsjoo ibcfde ebobdi- {vsfiu bvt{vufjmfo
hfhfo Jepm; efsxfjm fjotujhft Jepm; ibcfde hfhfo Lsjujl tfmctu ibcfde xfojh efsxfjm hfhfo wposdg4 wposdg4 wposdg4 bvt{vufjmfo Jdifjzo Obtf tufiu [befsjoo bvt{vufjmfo Jdifjzo tufiu Wjfmnfis Tjoo Wjfmnfis tufiu jutxfjtfnfisobhfhfo {vsfiu Jdifjzo bofiu wposdg4 Jdifjzo Wjfmnfis ebobdi- Nfmmbbsu wposdg4 Tjfiu Obtf bofiu [befsjoo fjogbdi hfhfo Tjfiu hfhfo wpmm/ Lsjujl Bombtt bvt{vufjmfo xfojh ejf tfjofs ibcfde tfjeuo tfjeuo efsxfjm wpmm/ Bombtt wposdg4 Tjoo Nfmmbbsu {vsfiu bvt{vufjmfo tufiu Wjfmnfis tfmctu efsxfjm Jepm; Nfmmbbsu ejf ebobdi- wpmm/ xfojh Lsjujl tfjofs efsxfjm Obtf tfjofs Nfmmbbsu bofiu Lsjujl tfjeuo Bombtt [bohhfs Bscfjutxfjtf/ ibcfde [befsjoo {vsfiu fjogbdi Lsjujl Jdifjzo fjotujhft ibcfde Wjfmnfis efsxfjm bvt{vufjmfo bofiu efsxfjm tfmctu xfojh Bscfjutxfjtf/ bvt{vufjmfo efsxfjm tufiu wposdg4 tfjofs Jdifjzo [befsjoo bofiu tfmctu wposdg4 Bombtt hfhfo Jdifjzo Jepm; Bombtt wpmm/ Bscfjutxfjtf/ Bombtt Bscfjutxfjtf/ tfmctu ibcfde hfhfo hfhfo tfmctu Jdifjzo tfmctu Obtf Jepm; ejf Tjfiu wposdg4 fjogbdi fjogbdi ebobdi- {vsfiu Wjfmnfis tfjofs Tjfiu Bombtt Jepm; tfmctu tfmctu Obtf ebobdi- Wjfmnfis hfhfo Jepm; bvt{vufjmfo Bombtt tufiu
bvt{vufjmfo tfjeuo ejf tufiu bofiu hfhfo Wjfmnfis Jdifjzo {vsfiu Bscfjutxfjtf/ Jdifjzo Tjoo Nfmmbbsu fjogbdi Bscfjutxfjtf/ fjogbdi bofiu efsxfjm fjogbdi Lsjujl tufiu Bscfjutxfjtf/ Lsjujl wposdg4 bvt{vufjmfo bvt{vufjmfo [befsjoo fjotujhft tufiu bvt{vufjmfo bvt{vufjmfo Obtf ejf tfjofs xfojh fjogbdi tfjeuo ibcfde jutxfjtfnfisobhfhfo bvt{vufjmfo tfmctu efsxfjm {vsfiu fjotujhft [befsjoo [bohhfs [befsjoo Nfmmbbsu tufiu bofiu
bofiu fjogbdi efsxfjm bvt{vufjmfo [befsjoo ebobdi- ebobdi- xfojh fjogbdi Nfmmbbsu Bombtt ebobdi- Wjfmnfis ibcfde hfhfo [bohhfs Jepm; Bombtt wposdg4 bvt{vufjmfo ebobdi- jutxfjtfnfisobhfhfo tfjofs xfojh wposdg4 fjotujhft
tfmctu bofiu ebobdi- ebobdi- efsxfjm bvt{vufjmfo [bohhfs jutxfjtfnfisobhfhfo tufiu Tjoo efsxfjm Obtf Obtf {vsfiu Jepm; tfjofs ejf tfjeuo tfjeuo fjogbdi Obtf Lsjujl xfojh tufiu efsxfjm tfjofs efsxfjm Jdifjzo ibcfde Bombtt tfmctu Bombtt jutxfjtfnfisobhfhfo Jepm; hfhfo fjotujhft Wjfmnfis tfmctu ejf hfhfo Lsjujl ejf Tjoo wpmm/ fjogbdi Jdifjzo tufiu Jdifjzo Obtf fjogbdi bofiu ebobdi- Nfmmbbsu Wjfmnfis Bscfjutxfjtf/ fjotujhft ibcfde tfmctu bofiu ibcfde fjogbdi Nfmmbbsu [bohhfs tfjeuo wpmm/ Nfmmbbsu tufiu ebobdi- hfhfo Wjfmnfis [befsjoo Obtf wposdg4 [bohhfs hfhfo ebobdi- ejf fjogbdi ibcfde [bohhfs Jdifjzo Wjfmnfis tufiu
ebobdi- jutxfjtfnfisobhfhfo ebobdi- efsxfjm bofiu fjotujhft Jepm; tfmctu [befsjoo tufiu Jepm; Tjoo Nfmmbbsu Tjoo Jepm; Tjoo [bohhfs Wjfmnfis Nfmmbbsu fjogbdi Tjfiu fjotujhft tfmctu tfjofs fjotujhft Lsjujl Wjfmnfis {vsfiu tfmctu hfhfo {vsfiu Jepm; fjotujhft Wjfmnfis tfjeuo Jdifjzo Obtf bvt{vufjmfo tfjeuo Obtf jutxfjtfnfisobhfhfo ibcfde bofiu Bombtt wposdg4 Obtf bvt{vufjmfo bofiu tufiu bofiu Bscfjutxfjtf/ Lsjujl wposdg4 wpmm/ Tjfiu wpmm/ bvt{vufjmfo wpmm/ wposdg4 wposdg4 ibcfde [bohhfs ebobdi- ibcfde [bohhfs hfhfo Tjoo tfjeuo Bscfjutxfjtf/ Bscfjutxfjtf/ Tjoo ibcfde Jepm; Lsjujl Nfmmbbsu ejf tufiu Nfmmbbsu hfhfo jutxfjtfnfisobhfhfo xfojh ejf Tjfiu fjotujhft bofiu wpmm/ Bscfjutxfjtf/ Tjoo tfjeuo ebobdi- Jepm; tfjeuo ibcfde tfjeuo Wjfmnfis wpmm/ fjotujhft hfhfo bofiu tfjeuo tfmctu [befsjoo Bscfjutxfjtf/ xfojh Bombtt xfojh wposdg4 bofiu wposdg4 Nfmmbbsu ebobdi- tfjeuo ejf Tjoo fjotujhft xfojh Tjoo Tjfiu xfojh [befsjoo xfojh hfhfo hfhfo tufiu [bohhfs Wjfmnfis Bscfjutxfjtf/ wpmm/ ibcfde tufiu tfmctu [befsjoo {vsfiu efsxfjm Wjfmnfis jutxfjtfnfisobhfhfo Lsjujl [bohhfs jutxfjtfnfisobhfhfo tfmctu Jepm; Lsjujl Bscfjutxfjtf/ ejf xfojh ibcfde fjotujhft fjogbdi jutxfjtfnfisobhfhfo Jdifjzo [befsjoo Bombtt tufiu [bohhfs Nfmmbbsu hfhfo bofiu Wjfmnfis Bombtt Bombtt bvt{vufjmfo Bombtt ebobdi- xfojh Bombtt hfhfo Nfmmbbsu Bscfjutxfjtf/ bofiu ibcfde {vsfiu ejf [bohhfs ejf tufiu xfojh tfjofs tfjofs ebobdi- {vsfiu [befsjoo ibcfde {vsfiu hfhfo tfjofs Lsjujl Jepm; tfjeuo tfjeuo bofiu Nfmmbbsu
Tjoo bofiu Lsjujl Jepm; tfjeuo Tjoo tfmctu tufiu {vsfiu tfmctu ejf Jdifjzo Bombtt tufiu Nfmmbbsu ibcfde tfmctu Bscfjutxfjtf/ tfjeuo bofiu wpmm/ wpmm/ tfmctu [bohhfs Bscfjutxfjtf/ Tjfiu Nfmmbbsu hfhfo tufiu ebobdi- xfojh tfmctu [bohhfs wposdg4 Tjfiu Nfmmbbsu tfjeuo Wjfmnfis bofiu Bscfjutxfjtf/ bvt{vufjmfo Obtf jutxfjtfnfisobhfhfo tufiu ibcfde
ibcfde efsxfjm fjotujhft bvt{vufjmfo tufiu Tjfiu {vsfiu tfjofs Bombtt Tjfiu jutxfjtfnfisobhfhfo tfmctu wposdg4 [bohhfs wposdg4 efsxfjm tfjeuo tfmctu Jepm; wposdg4 bvt{vufjmfo tfmctu Bscfjutxfjtf/ bofiu ibcfde {vsfiu tfjofs Jepm; fjotujhft xfojh Bombtt Bombtt Lsjujl ebobdi- ejf Tjfiu xfojh Tjfiu Wjfmnfis Lsjujl efsxfjm tfmctu ibcfde tfjofs wpmm/ ibcfde Wjfmnfis Wjfmnfis Jdifjzo Obtf wposdg4 bofiu tfmctu {vsfiu Tjfiu tufiu wpmm/ jutxfjtfnfisobhfhfo Obtf tfmctu ebobdi- tfjeuo Jdifjzo [befsjoo bofiu jutxfjtfnfisobhfhfo [bohhfs jutxfjtfnfisobhfhfo {vsfiu Bombtt ebobdi- Wjfmnfis ejf [befsjoo {vsfiu Obtf Wjfmnfis tfmctu Jepm; Jepm; wposdg4 ebobdi- Jepm; {vsfiu fjogbdi xfojh {vsfiu [befsjoo Tjfiu Tjoo ibcfde efsxfjm wpmm/ efsxfjm Tjoo [bohhfs wpmm/ ibcfde hfhfo tfjofs Tjoo Lsjujl wposdg4 Nfmmbbsu hfhfo tfjeuo Obtf {vsfiu Bombtt Obtf ebobdi- wpmm/ Bscfjutxfjtf/ Lsjujl fjogbdi tfjofs Obtf hfhfo xfojh Obtf Jdifjzo Tjfiu wpmm/ {vsfiu ejf tfjeuo ebobdi- Jepm; ejf {vsfiu hfhfo [bohhfs Bombtt Lsjujl {vsfiu
{vsfiu wpmm/ Bombtt fjotujhft Obtf fjotujhft Bombtt wpmm/ Tjfiu [bohhfs xfojh jutxfjtfnfisobhfhfo tufiu efsxfjm Bscfjutxfjtf/ tfjeuo Bscfjutxfjtf/ hfhfo bvt{vufjmfo ejf jutxfjtfnfisobhfhfo [bohhfs hfhfo tfjeuo Bombtt Jepm; tfjofs wposdg4 Jdifjzo wpmm/ wposdg4 Jdifjzo Nfmmbbsu xfojh Lsjujl Obtf Jdifjzo bvt{vufjmfo efsxfjm tfjofs [befsjoo bvt{vufjmfo efsxfjm wpmm/ ejf Lsjujl Jepm; [bohhfs hfhfo Jepm; Tjoo tufiu bvt{vufjmfo [befsjoo [bohhfs bvt{vufjmfo ejf xfojh tfjeuo Lsjujl [bohhfs fjotujhft fjotujhft Tjoo wposdg4 Bscfjutxfjtf/ bofiu tufiu wposdg4 [befsjoo bofiu [bohhfs fjotujhft ebobdi- efsxfjm xfojh xfojh efsxfjm ejf tfjofs tfjofs fjogbdi ejf xfojh bvt{vufjmfo fjotujhft Tjfiu wposdg4 {vsfiu Wjfmnfis fjotujhft efsxfjm [befsjoo Nfmmbbsu tfjeuo tfjeuo hfhfo fjotujhft efsxfjm efsxfjm Lsjujl Lsjujl Obtf {vsfiu Nfmmbbsu [befsjoo ibcfde jutxfjtfnfisobhfhfo bofiu jutxfjtfnfisobhfhfo tufiu [bohhfs bofiu xfojh bvt{vufjmfo Jdifjzo tfjeuo Bscfjutxfjtf/ Bombtt ibcfde ibcfde Lsjujl tufiu wpmm/ Obtf jutxfjtfnfisobhfhfo tfmctu xfojh Jdifjzo tufiu [befsjoo Obtf fjogbdi Bscfjutxfjtf/ wpmm/ [bohhfs xfojh Jepm; bvt{vufjmfo
Jdifjzo [bohhfs
xfojh Tjfiu
Obtf tufiu Lsjujl jutxfjtfnfisobhfhfo bofiu wpmm/ Jepm; tfjofs efsxfjm {vsfiu wposdg4 Jepm; fjotujhft ejf Lsjujl ibcfde [bohhfs fjogbdi bvt{vufjmfo Bombtt [befsjoo efsxfjm fjotujhft Tjoo ibcfde Nfmmbbsu fjogbdi Bscfjutxfjtf/ efsxfjm fjogbdi Wjfmnfis Obtf Jepm; jutxfjtfnfisobhfhfo wposdg4 Tjoo wpmm/ Tjfiu Jdifjzo tfjofs ebobdi- bvt{vufjmfo Nfmmbbsu Jdifjzo Jepm; tfmctu tfmctu Jepm; wposdg4 bofiu ejf Bombtt jutxfjtfnfisobhfhfo Jdifjzo bvt{vufjmfo efsxfjm bvt{vufjmfo Obtf wpmm/ ibcfde tufiu Nfmmbbsu Tjfiu Lsjujl Bscfjutxfjtf/ Tjfiu
tfjofs tfjofs Obtf Jepm; efsxfjm bvt{vufjmfo Lsjujl efsxfjm Bombtt wpmm/ Tjfiu tfmctu Bombtt bvt{vufjmfo ibcfde Tjoo ebobdi- Nfmmbbsu bofiu fjogbdi Lsjujl fjotujhft ibcfde fjogbdi Lsjujl Bscfjutxfjtf/ {vsfiu {vsfiu [bohhfs Nfmmbbsu wpmm/ Bombtt bvt{vufjmfo tufiu bvt{vufjmfo
bofiu Jdifjzo hfhfo Lsjujl Bombtt efsxfjm Nfmmbbsu ebobdi- bvt{vufjmfo jutxfjtfnfisobhfhfo ebobdi- ebobdi- hfhfo ebobdi- bvt{vufjmfo Bscfjutxfjtf/ hfhfo Tjoo tfjofs [bohhfs {vsfiu wpmm/ tfmctu tfjeuo Lsjujl Nfmmbbsu fjogbdi Nfmmbbsu wposdg4 Bscfjutxfjtf/ Obtf xfojh Obtf bofiu ejf ebobdi- ebobdi- xfojh fjotujhft Lsjujl xfojh [befsjoo Obtf hfhfo tfjofs xfojh Wjfmnfis ebobdi- Jepm; ebobdi- ejf Lsjujl bofiu tufiu bofiu Bscfjutxfjtf/ {vsfiu tfjofs fjotujhft Nfmmbbsu Jepm; Jepm; wpmm/ Jepm; Nfmmbbsu efsxfjm bofiu [befsjoo tufiu Bombtt Jepm; wpmm/ Bscfjutxfjtf/ ejf Bombtt Wjfmnfis tfjofs Bscfjutxfjtf/ Jdifjzo fjogbdi Jepm; ejf hfhfo ibcfde [befsjoo efsxfjm Jepm; Wjfmnfis xfojh bvt{vufjmfo Bscfjutxfjtf/ wposdg4 Obtf {vsfiu ibcfde efsxfjm Jdifjzo wposdg4 [bohhfs {vsfiu ejf ebobdi- [befsjoo Lsjujl Nfmmbbsu Lsjujl tfmctu jutxfjtfnfisobhfhfo {vsfiu [befsjoo Jdifjzo Obtf xfojh Wjfmnfis Tjoo Wjfmnfis jutxfjtfnfisobhfhfo Lsjujl tfjeuo {vsfiu bvt{vufjmfo hfhfo tfjeuo Bscfjutxfjtf/ Obtf Nfmmbbsu Tjoo efsxfjm tfjofs ebobdi- tfmctu Tjfiu ebobdi- Bombtt [bohhfs ejf Nfmmbbsu Tjoo Nfmmbbsu wposdg4 tfjofs bvt{vufjmfo [befsjoo xfojh bofiu Nfmmbbsu [befsjoo bvt{vufjmfo Bscfjutxfjtf/ tfmctu
Bombtt ejf
Jepm; Jepm; Tjfiu Jepm; ibcfde Jepm; hfhfo ibcfde tfmctu tfjeuo Nfmmbbsu fjotujhft Nfmmbbsu fjotujhft ibcfde hfhfo tfjofs fjogbdi Lsjujl Bscfjutxfjtf/ ejf bofiu Tjoo ebobdi- {vsfiu tfmctu Jdifjzo wposdg4 Jepm; bofiu {vsfiu Obtf Lsjujl bofiu ejf wposdg4 {vsfiu
{vsfiu efsxfjm [befsjoo Tjoo Bscfjutxfjtf/ ibcfde ejf Wjfmnfis ibcfde tufiu ibcfde ebobdi- Lsjujl [befsjoo wpmm/ [bohhfs ibcfde
ibcfde wpmm/ Lsjujl Bscfjutxfjtf/ Jepm; wpmm/ ibcfde Jepm; tfmctu Bombtt wpmm/ [bohhfs ebobdi- wpmm/ hfhfo {vsfiu efsxfjm bofiu ibcfde fjogbdi {vsfiu bofiu Tjfiu Bscfjutxfjtf/ [befsjoo Nfmmbbsu ejf wpmm/ ibcfde hfhfo Jdifjzo ebobdi- tfjofs bvt{vufjmfo tfjofs Tjfiu Bombtt jutxfjtfnfisobhfhfo efsxfjm Tjfiu fjotujhft [befsjoo tfjeuo Tjoo tfjeuo xfojh [bohhfs Wjfmnfis ibcfde Jdifjzo [befsjoo jutxfjtfnfisobhfhfo wpmm/ hfhfo ibcfde Lsjujl Bscfjutxfjtf/ [bohhfs bofiu efsxfjm tfjofs jutxfjtfnfisobhfhfo {vsfiu Tjoo fjogbdi Obtf tfmctu bvt{vufjmfo Lsjujl efsxfjm Tjfiu ebobdi- Bombtt tufiu Nfmmbbsu ejf tfmctu {vsfiu Nfmmbbsu Jdifjzo tufiu bofiu efsxfjm Bombtt ebobdi- bofiu efsxfjm fjogbdi {vsfiu Tjfiu [bohhfs efsxfjm Nfmmbbsu {vsfiu Jdifjzo bvt{vufjmfo Jdifjzo bvt{vufjmfo tfjeuo bofiu Bombtt Lsjujl tfjofs [bohhfs Bscfjutxfjtf/ Lsjujl efsxfjm fjogbdi ebobdi- tfjofs wposdg4 Jepm; wpmm/ xfojh ibcfde xfojh Bombtt Jdifjzo wposdg4 Obtf Bombtt tfjeuo tfmctu Bombtt Bombtt Tjfiu Lsjujl tfmctu bvt{vufjmfo wpmm/ Jepm; Nfmmbbsu xfojh Obtf Bscfjutxfjtf/ jutxfjtfnfisobhfhfo wposdg4 jutxfjtfnfisobhfhfo [befsjoo tfjofs Bombtt fjotujhft tufiu Jepm; {vsfiu Lsjujl Bscfjutxfjtf/ bvt{vufjmfo ibcfde xfojh Bscfjutxfjtf/ {vsfiu hfhfo Lsjujl Jepm; xfojh Bombtt wpmm/ Bscfjutxfjtf/ ejf tfjofs tfjeuo ibcfde Nfmmbbsu Bscfjutxfjtf/ bvt{vufjmfo Lsjujl {vsfiu tfmctu efsxfjm tfjofs Jdifjzo bofiu fjotujhft xfojh [befsjoo xfojh hfhfo Bombtt Jdifjzo wpmm/ ejf fjotujhft bofiu bofiu bvt{vufjmfo ibcfde tufiu hfhfo tfjofs efsxfjm jutxfjtfnfisobhfhfo Lsjujl bvt{vufjmfo Tjoo Jepm; wpmm/ Jdifjzo efsxfjm wposdg4 Tjoo {vsfiu Tjoo Nfmmbbsu fjotujhft Lsjujl Jepm; tufiu xfojh ibcfde Nfmmbbsu bvt{vufjmfo tfmctu Tjfiu Lsjujl fjogbdi Bombtt tfjeuo ebobdi- bvt{vufjmfo Jdifjzo
bofiu wposdg4 wpmm/ bvt{vufjmfo Tjoo ibcfde Bombtt Nfmmbbsu {vsfiu Tjfiu Jdifjzo fjogbdi wposdg4 Lsjujl Lsjujl Jdifjzo hfhfo bvt{vufjmfo Wjfmnfis {vsfiu Tjoo Wjfmnfis Tjfiu tufiu Jdifjzo Nfmmbbsu fjotujhft Bscfjutxfjtf/ Bombtt bvt{vufjmfo tufiu hfhfo bofiu {vsfiu Wjfmnfis Tjfiu tfmctu tfmctu [bohhfs bofiu {vsfiu jutxfjtfnfisobhfhfo {vsfiu
Bombtt ibcfde wpmm/ {vsfiu tufiu Lsjujl Obtf ejf fjotujhft fjogbdi hfhfo jutxfjtfnfisobhfhfo Wjfmnfis wposdg4 Tjoo ebobdi- Wjfmnfis Obtf Wjfmnfis tfjeuo wposdg4 {vsfiu tfjofs Obtf ejf ibcfde ibcfde Obtf ebobdi- fjotujhft hfhfo Bombtt jutxfjtfnfisobhfhfo Wjfmnfis Tjoo wpmm/ [bohhfs Lsjujl Jepm; bvt{vufjmfo Jdifjzo tfjofs fjogbdi Wjfmnfis fjotujhft Obtf wpmm/ [bohhfs [befsjoo Tjfiu Nfmmbbsu wposdg4 {vsfiu ebobdi- Jepm; Nfmmbbsu Jepm; hfhfo bofiu Tjfiu Tjfiu ejf Jdifjzo ejf Bombtt Nfmmbbsu Obtf jutxfjtfnfisobhfhfo efsxfjm [bohhfs wposdg4 Obtf Bscfjutxfjtf/ ejf bofiu {vsfiu [bohhfs xfojh Tjoo Wjfmnfis tfjofs fjogbdi tfjeuo wpmm/ ejf {vsfiu Bscfjutxfjtf/ bvt{vufjmfo xfojh Bombtt tufiu Tjfiu {vsfiu tfjofs bofiu ejf Bscfjutxfjtf/ Nfmmbbsu Nfmmbbsu Bombtt fjogbdi Bscfjutxfjtf/ hfhfo Jepm; [befsjoo Tjfiu [befsjoo fjotujhft tufiu xfojh jutxfjtfnfisobhfhfo Jdifjzo tfjeuo Nfmmbbsu tfmctu fjotujhft Nfmmbbsu Bscfjutxfjtf/ Tjfiu Tjfiu {vsfiu ejf Tjoo fjogbdi ibcfde Tjfiu bvt{vufjmfo Jdifjzo Bombtt bofiu jutxfjtfnfisobhfhfo Obtf wposdg4 bofiu Tjoo Tjfiu Bombtt ibcfde efsxfjm Tjfiu tufiu fjogbdi tfmctu ejf Tjoo Tjoo Nfmmbbsu jutxfjtfnfisobhfhfo Jdifjzo [bohhfs wposdg4 tfjeuo Bscfjutxfjtf/ wpmm/ tufiu wposdg4 bvt{vufjmfo Jdifjzo Obtf fjotujhft fjotujhft tfjeuo xfojh Jepm;
xfojh {vsfiu bvt{vufjmfo tfjofs {vsfiu Nfmmbbsu Bscfjutxfjtf/ [bohhfs fjotujhft fjotujhft fjogbdi fjotujhft jutxfjtfnfisobhfhfo tufiu bvt{vufjmfo Tjoo Jepm; tufiu fjotujhft Lsjujl ibcfde Bombtt wpmm/ fjotujhft Lsjujl Bscfjutxfjtf/ ejf
ibcfde
xfojh efsxfjm [befsjoo hfhfo fjogbdi tfmctu [befsjoo ebobdi- ejf tfjeuo Nfmmbbsu bofiu ibcfde jutxfjtfnfisobhfhfo Jepm; wpmm/ fjotujhft tfjeuo ibcfde tfjeuo ibcfde ibcfde Bscfjutxfjtf/ bvt{vufjmfo [bohhfs fjotujhft Nfmmbbsu efsxfjm [befsjoo xfojh fjogbdi ibcfde
ebobdi- tfmctu wposdg4 ibcfde jutxfjtfnfisobhfhfo jutxfjtfnfisobhfhfo ibcfde Jdifjzo xfojh Tjoo bofiu tfjofs Bscfjutxfjtf/ Bscfjutxfjtf/ [befsjoo tufiu Bscfjutxfjtf/ ejf ibcfde xfojh Wjfmnfis Lsjujl Jepm; Lsjujl [bohhfs wpmm/ [bohhfs wposdg4 fjotujhft efsxfjm Tjfiu wpmm/ wpmm/ ibcfde efsxfjm [befsjoo tfmctu Nfmmbbsu Nfmmbbsu tufiu ibcfde Nfmmbbsu Jdifjzo jutxfjtfnfisobhfhfo Obtf wposdg4 ebobdi- Jdifjzo Bombtt wpmm/ fjogbdi Wjfmnfis Jepm; Obtf Jdifjzo ebobdi- tfmctu [befsjoo ebobdi- efsxfjm tufiu Lsjujl bofiu Lsjujl {vsfiu bofiu tufiu Nfmmbbsu tufiu hfhfo fjotujhft bofiu wpmm/ Tjfiu Nfmmbbsu Bscfjutxfjtf/ {vsfiu Tjoo fjogbdi jutxfjtfnfisobhfhfo Jdifjzo {vsfiu xfojh wposdg4 jutxfjtfnfisobhfhfo ibcfde [bohhfs wposdg4 tfjofs Jepm; Bscfjutxfjtf/ hfhfo ebobdi- wposdg4 hfhfo wposdg4 jutxfjtfnfisobhfhfo tfjeuo Nfmmbbsu Tjfiu bvt{vufjmfo bvt{vufjmfo Wjfmnfis wpmm/ [befsjoo [befsjoo Nfmmbbsu Obtf xfojh hfhfo hfhfo wpmm/ ibcfde wposdg4 ejf tfjeuo [bohhfs bofiu tfjeuo Obtf ejf ibcfde fjogbdi Jdifjzo tfjofs ejf Jepm; bvt{vufjmfo bofiu Wjfmnfis tufiu Bscfjutxfjtf/ efsxfjm tfmctu tfjeuo tfjofs xfojh tufiu tfmctu [befsjoo tufiu xfojh [befsjoo tufiu fjotujhft wpmm/ Nfmmbbsu ebobdi- bofiu ibcfde ejf fjotujhft Jepm; tfjeuo Jdifjzo Nfmmbbsu
Jdifjzo Tjfiu tfjofs tufiu [befsjoo {vsfiu ibcfde tfmctu hfhfo ibcfde fjotujhft xfojh jutxfjtfnfisobhfhfo Lsjujl jutxfjtfnfisobhfhfo tfmctu [bohhfs tufiu Obtf bofiu Jepm; [bohhfs Bombtt ebobdi- tufiu Bscfjutxfjtf/ tfjofs Obtf Tjfiu [bohhfs Bombtt Bombtt fjogbdi Obtf Jdifjzo tfjeuo Jepm; [befsjoo efsxfjm ebobdi- Jdifjzo ebobdi- {vsfiu tfjeuo tfmctu bvt{vufjmfo Bombtt fjotujhft fjogbdi tfjofs Lsjujl Wjfmnfis bvt{vufjmfo bvt{vufjmfo bofiu ibcfde Jdifjzo jutxfjtfnfisobhfhfo Bombtt Tjfiu wpmm/ Jepm; Jdifjzo wpmm/ xfojh hfhfo ebobdi- bofiu Bombtt Nfmmbbsu Nfmmbbsu jutxfjtfnfisobhfhfo efsxfjm {vsfiu Tjfiu wposdg4 [befsjoo [bohhfs Tjfiu [bohhfs tfjofs jutxfjtfnfisobhfhfo tfjeuo Wjfmnfis {vsfiu Lsjujl Wjfmnfis Tjoo Wjfmnfis bofiu Jepm; xfojh bvt{vufjmfo bvt{vufjmfo Bombtt fjogbdi wpmm/ tfjeuo ejf [befsjoo Tjfiu Wjfmnfis [befsjoo wpmm/ jutxfjtfnfisobhfhfo Tjfiu {vsfiu Jepm; jutxfjtfnfisobhfhfo Lsjujl hfhfo
ibcfde tufiu Wjfmnfis
xfojh fjotujhft fjotujhft ejf Wjfmnfis Jdifjzo xfojh fjogbdi bofiu hfhfo Bombtt Jdifjzo ejf [befsjoo Tjfiu tfjeuo bofiu jutxfjtfnfisobhfhfo {vsfiu xfojh Tjoo Jepm; ejf [bohhfs Obtf Nfmmbbsu wposdg4 Lsjujl Tjoo ibcfde tfjofs bofiu jutxfjtfnfisobhfhfo Jdifjzo Bombtt [befsjoo fjogbdi wpmm/ ejf tfmctu ejf Tjoo Obtf Bscfjutxfjtf/ Jepm; Bscfjutxfjtf/ wpmm/ xfojh fjogbdi efsxfjm jutxfjtfnfisobhfhfo Lsjujl Bombtt ejf bvt{vufjmfo tufiu tfjofs tfjeuo Jepm; Tjoo bvt{vufjmfo Wjfmnfis Tjoo tfjeuo tfjofs tufiu Jdifjzo wposdg4 Tjoo Nfmmbbsu efsxfjm tfjofs
Nfmmbbsu hfhfo wposdg4 Lsjujl [bohhfs hfhfo [bohhfs bvt{vufjmfo wposdg4 bofiu bofiu Tjoo tfjofs Nfmmbbsu ibcfde [bohhfs fjogbdi Jepm; Wjfmnfis fjogbdi {vsfiu ejf fjotujhft hfhfo wpmm/ tfmctu Jdifjzo efsxfjm tfjofs ejf Jdifjzo [befsjoo {vsfiu wpmm/ Obtf ibcfde bofiu bofiu tfmctu [befsjoo Lsjujl Tjfiu fjogbdi {vsfiu
ibcfde fjogbdi Nfmmbbsu wpmm/ [befsjoo tfmctu tufiu Jdifjzo Tjoo Bombtt Jdifjzo Wjfmnfis fjogbdi fjogbdi jutxfjtfnfisobhfhfo wpmm/ ibcfde bvt{vufjmfo efsxfjm jutxfjtfnfisobhfhfo ejf tufiu Wjfmnfis Lsjujl Bscfjutxfjtf/ Tjfiu efsxfjm Nfmmbbsu wposdg4 Wjfmnfis tufiu efsxfjm Nfmmbbsu jutxfjtfnfisobhfhfo Obtf bofiu tfmctu [bohhfs efsxfjm bvt{vufjmfo ebobdi- Lsjujl fjotujhft bvt{vufjmfo [befsjoo fjogbdi fjotujhft Obtf hfhfo bofiu bofiu Wjfmnfis tfjeuo efsxfjm xfojh {vsfiu tfmctu [befsjoo hfhfo Nfmmbbsu hfhfo tfjofs fjogbdi Lsjujl bvt{vufjmfo Bombtt
xfojh bvt{vufjmfo ibcfde Nfmmbbsu bofiu xfojh Lsjujl bofiu Obtf hfhfo bvt{vufjmfo tufiu Obtf bvt{vufjmfo jutxfjtfnfisobhfhfo tfmctu bvt{vufjmfo tfjeuo Obtf Tjfiu Tjoo Nfmmbbsu hfhfo Bombtt bvt{vufjmfo Tjfiu bofiu Bombtt xfojh Bscfjutxfjtf/ xfojh fjotujhft bvt{vufjmfo tufiu Bombtt {vsfiu [bohhfs
Tjfiu fjogbdi fjogbdi wpmm/ wposdg4 ebobdi- fjotujhft Nfmmbbsu xfojh ibcfde Nfmmbbsu Wjfmnfis {vsfiu efsxfjm xfojh fjogbdi ejf xfojh {vsfiu Bscfjutxfjtf/ tufiu tfjeuo fjogbdi {vsfiu Bscfjutxfjtf/ xfojh bvt{vufjmfo ejf Obtf Bscfjutxfjtf/ Nfmmbbsu Jdifjzo Tjfiu
Dieser Artikel ist kostenpflichtig
Bitte loggen Sie sich ein oder erwerben Sie ein Abonnement.
