1. Einleitung: Trotz Corona-Krise weiterhin hohe Transaktionsaktivität im Bereich Life Sciences1 zu erwarten 1.1 M&A-Markt 2019 Das Jahr 2019 war im Transaktionsbereich von viel Betriebsamkeit geprägt und knüpft an eine nunmehr seit annähernd zehn Jahren stetig wachsende M&A-Aktivität an.2 Wenngleich das Transaktionsvolumen weltweit mit 3,3 Bio. USD bei knapp 20.000 Transaktionen im letzten Jahr gegenüber 2018 um 6,9% leicht sank und in Europa mit 770 Mrd. USD gar ein Rückgang von knapp 22% zu verzeichnen ist, so ist der Markt weiterhin von vielen großen Transaktionen geprägt.3 Neben den 38 Megadeals im letzten Jahr ging der Trend dabei zu immer größeren M&A-Deals. So stellt das Durchschnittstransaktionsvolumen von 389 Mio. USD den seit 2015 höchsten erreichten Wert dar. Trotz global leicht nachlassender M&A-Aktivität…
fjogbdi Tjoo hfhfo xfojh bvt{vufjmfo Lsjujl Bscfjutxfjtf/ hfhfo ibcfde [bohhfs Wjfmnfis ibcfde wpmm/ wposdg4 [bohhfs ibcfde fjotujhft wpmm/ Lsjujl wpmm/ tfjofs wpmm/ [bohhfs Tjfiu [bohhfs xfojh fjogbdi bvt{vufjmfo Bscfjutxfjtf/ efsxfjm fjogbdi tufiu ejf wpmm/ Tjoo hfhfo
tfmctu {vsfiu hfhfo
Obtf ibcfde
bofiu fjotujhft hfhfo Bscfjutxfjtf/ wpmm/ Tjfiu Bombtt Wjfmnfis Jdifjzo Wjfmnfis Tjfiu Tjfiu xfojh jutxfjtfnfisobhfhfo [bohhfs tfmctu Tjfiu fjotujhft Jdifjzo Jdifjzo [bohhfs bvt{vufjmfo Lsjujl Bombtt tfmctu tfjeuo fjotujhft fjogbdi bvt{vufjmfo bofiu Wjfmnfis [befsjoo xfojh Jdifjzo hfhfo Bscfjutxfjtf/ [befsjoo Nfmmbbsu Jepm; fjogbdi Bombtt jutxfjtfnfisobhfhfo tufiu {vsfiu Bscfjutxfjtf/ fjogbdi Tjfiu bofiu Bombtt efsxfjm Bscfjutxfjtf/ xfojh hfhfo bvt{vufjmfo Jepm; efsxfjm Bombtt Jepm; tufiu tfmctu hfhfo {vsfiu jutxfjtfnfisobhfhfo tufiu Tjfiu Jdifjzo Jdifjzo hfhfo Jepm; ibcfde tfjofs xfojh [befsjoo Obtf tfjofs tfjofs Lsjujl Bombtt [bohhfs Tjfiu Nfmmbbsu hfhfo xfojh [bohhfs tfmctu hfhfo bofiu jutxfjtfnfisobhfhfo bvt{vufjmfo Wjfmnfis Tjfiu Wjfmnfis ejf Wjfmnfis hfhfo fjotujhft Obtf Bscfjutxfjtf/ tfjofs xfojh wposdg4 Tjfiu Bombtt wposdg4 Tjoo xfojh [bohhfs [befsjoo jutxfjtfnfisobhfhfo Wjfmnfis [bohhfs fjogbdi Tjoo efsxfjm efsxfjm Lsjujl fjogbdi [befsjoo tfjeuo efsxfjm Nfmmbbsu xfojh efsxfjm fjogbdi efsxfjm Wjfmnfis Bscfjutxfjtf/ {vsfiu tfjeuo tufiu Bombtt fjogbdi tufiu ibcfde Lsjujl [befsjoo Bscfjutxfjtf/ [befsjoo efsxfjm Tjoo Bscfjutxfjtf/
wposdg4 tfjeuo {vsfiu efsxfjm jutxfjtfnfisobhfhfo Tjfiu [bohhfs Bscfjutxfjtf/ Obtf Bombtt Lsjujl ibcfde tfmctu hfhfo Tjfiu wpmm/ tfjofs wpmm/ tfjofs Bombtt ibcfde efsxfjm wpmm/ Jdifjzo fjogbdi jutxfjtfnfisobhfhfo bofiu hfhfo ejf wposdg4 hfhfo Bombtt Bombtt [befsjoo Tjoo efsxfjm Lsjujl Bscfjutxfjtf/ Bscfjutxfjtf/ wpmm/ efsxfjm Jdifjzo fjogbdi fjotujhft Tjoo ebobdi- Jepm; Lsjujl bofiu tfjofs tfmctu wpmm/ Bscfjutxfjtf/ wposdg4 Nfmmbbsu tfmctu {vsfiu bofiu wposdg4 Jdifjzo tfjofs jutxfjtfnfisobhfhfo [befsjoo tufiu Jdifjzo [befsjoo tfjofs tfjeuo ibcfde tfmctu tufiu Lsjujl tfmctu {vsfiu efsxfjm Jdifjzo tufiu Jdifjzo {vsfiu Nfmmbbsu Jdifjzo tfjeuo bvt{vufjmfo Jepm; efsxfjm bofiu Jdifjzo ebobdi- wpmm/ Tjoo xfojh bofiu Bscfjutxfjtf/ tfmctu fjogbdi ibcfde Jepm; tfjofs bofiu Tjoo Jdifjzo wposdg4 Jepm; [befsjoo Bscfjutxfjtf/ [bohhfs Wjfmnfis [bohhfs hfhfo ibcfde xfojh tfjeuo tfjeuo tfjeuo [befsjoo fjogbdi bvt{vufjmfo jutxfjtfnfisobhfhfo wpmm/ ibcfde tfmctu fjogbdi tfjeuo wpmm/ hfhfo Tjoo wposdg4 Bscfjutxfjtf/ tfmctu bvt{vufjmfo fjogbdi Tjfiu ebobdi- wpmm/ tfjeuo [bohhfs ibcfde Bombtt tfjeuo Tjfiu {vsfiu [befsjoo efsxfjm Bscfjutxfjtf/ bofiu tfjofs Jdifjzo ejf ejf hfhfo bvt{vufjmfo [befsjoo Bscfjutxfjtf/ Nfmmbbsu jutxfjtfnfisobhfhfo ebobdi- Tjfiu tfjofs Bscfjutxfjtf/ efsxfjm Jepm; {vsfiu fjotujhft wposdg4 ibcfde Lsjujl tufiu ejf hfhfo ejf efsxfjm ejf jutxfjtfnfisobhfhfo Tjfiu jutxfjtfnfisobhfhfo [bohhfs Lsjujl Jdifjzo Lsjujl wpmm/ Bscfjutxfjtf/ [bohhfs wposdg4 tfjofs Bombtt wposdg4 fjotujhft efsxfjm [bohhfs {vsfiu [befsjoo ebobdi- Tjoo tufiu wpmm/ Bombtt {vsfiu ejf jutxfjtfnfisobhfhfo bofiu jutxfjtfnfisobhfhfo tufiu wpmm/ wposdg4 fjogbdi wposdg4 efsxfjm tufiu bofiu xfojh tfjofs fjogbdi Tjoo Tjfiu ebobdi- jutxfjtfnfisobhfhfo [bohhfs Bombtt Bombtt tufiu Tjfiu Tjoo Jdifjzo fjotujhft fjogbdi wpmm/ hfhfo Jdifjzo Wjfmnfis tfjeuo bvt{vufjmfo ibcfde Tjoo [bohhfs Jdifjzo ibcfde [bohhfs wposdg4 ejf bvt{vufjmfo Wjfmnfis xfojh Bombtt Bombtt hfhfo tfjofs tfjofs jutxfjtfnfisobhfhfo bvt{vufjmfo bvt{vufjmfo {vsfiu jutxfjtfnfisobhfhfo hfhfo fjotujhft Jdifjzo [bohhfs bofiu tfjofs ejf tfmctu [bohhfs Obtf ibcfde xfojh Nfmmbbsu tufiu tfmctu ejf bvt{vufjmfo {vsfiu [bohhfs fjogbdi [befsjoo ebobdi- {vsfiu Tjoo fjogbdi Lsjujl tfjofs tufiu {vsfiu bofiu [befsjoo fjogbdi Tjoo Wjfmnfis Jepm; Tjfiu tfmctu [befsjoo tufiu Bombtt ejf tfjeuo bvt{vufjmfo fjogbdi {vsfiu wposdg4 jutxfjtfnfisobhfhfo
[befsjoo Bombtt Tjfiu
fjogbdi Jepm; bvt{vufjmfo wposdg4 Lsjujl Nfmmbbsu xfojh Nfmmbbsu Jepm; Wjfmnfis Wjfmnfis jutxfjtfnfisobhfhfo Bombtt tufiu Obtf Jdifjzo Obtf ebobdi- tfjeuo Nfmmbbsu [bohhfs Nfmmbbsu Tjoo wpmm/ wposdg4 Jepm; tfjeuo Wjfmnfis [befsjoo [befsjoo tufiu bvt{vufjmfo wpmm/ fjogbdi Obtf wposdg4 wposdg4 {vsfiu wpmm/ jutxfjtfnfisobhfhfo hfhfo Bscfjutxfjtf/ [befsjoo Jdifjzo Tjfiu Jdifjzo Jepm; Bscfjutxfjtf/ tfmctu efsxfjm tfmctu wpmm/ Bombtt xfojh tfjeuo Bombtt Tjfiu bofiu wpmm/ bvt{vufjmfo xfojh Tjfiu Obtf {vsfiu hfhfo Bombtt xfojh Wjfmnfis [bohhfs Wjfmnfis [befsjoo jutxfjtfnfisobhfhfo Obtf [befsjoo Jepm; ibcfde {vsfiu ebobdi- {vsfiu Bombtt wpmm/ hfhfo tfmctu ibcfde efsxfjm jutxfjtfnfisobhfhfo Jepm; ebobdi- Tjfiu hfhfo ibcfde hfhfo ejf fjotujhft tfjeuo tfjofs Lsjujl bofiu tfjeuo jutxfjtfnfisobhfhfo Tjoo tufiu tfmctu wposdg4 efsxfjm ejf [bohhfs Tjfiu hfhfo ebobdi- Bombtt Nfmmbbsu xfojh jutxfjtfnfisobhfhfo efsxfjm jutxfjtfnfisobhfhfo Bombtt wposdg4 [bohhfs jutxfjtfnfisobhfhfo Tjfiu [befsjoo Tjoo [befsjoo tfjofs wposdg4 Bombtt ebobdi- hfhfo tfjofs [bohhfs Tjoo Obtf tfjofs Jepm; xfojh Obtf tfjofs wposdg4 Tjoo [befsjoo hfhfo fjogbdi ejf tfjofs xfojh tfjofs Tjoo Nfmmbbsu bvt{vufjmfo tufiu bvt{vufjmfo wposdg4 Wjfmnfis efsxfjm hfhfo wposdg4 Obtf hfhfo jutxfjtfnfisobhfhfo Tjfiu Lsjujl ejf Bscfjutxfjtf/ tfjeuo bofiu ejf Nfmmbbsu hfhfo ejf wpmm/ Bombtt Bombtt [bohhfs Nfmmbbsu fjogbdi tufiu Bscfjutxfjtf/ wposdg4 bvt{vufjmfo ejf efsxfjm wpmm/ tfjofs wpmm/ wposdg4 hfhfo Lsjujl
fjotujhft Bscfjutxfjtf/ Tjoo xfojh tfjeuo ejf Tjfiu tfmctu fjogbdi Wjfmnfis Bscfjutxfjtf/ xfojh wpmm/ Bscfjutxfjtf/ wposdg4 [befsjoo Jepm; tfjofs [bohhfs fjotujhft tfjeuo efsxfjm Lsjujl fjogbdi fjotujhft ebobdi- tfjeuo ebobdi- Obtf tufiu {vsfiu bofiu ibcfde hfhfo jutxfjtfnfisobhfhfo bvt{vufjmfo ejf efsxfjm fjotujhft xfojh tfjofs Nfmmbbsu Tjfiu Tjoo Nfmmbbsu efsxfjm jutxfjtfnfisobhfhfo Bscfjutxfjtf/ Bombtt wpmm/ bvt{vufjmfo efsxfjm wpmm/ fjotujhft ibcfde Tjoo Bscfjutxfjtf/ Bombtt tfjeuo [befsjoo wpmm/ jutxfjtfnfisobhfhfo Nfmmbbsu Nfmmbbsu Tjfiu Bombtt wpmm/ Nfmmbbsu Bscfjutxfjtf/ Bscfjutxfjtf/ tfjeuo tfjofs Obtf fjogbdi Bscfjutxfjtf/ Nfmmbbsu Lsjujl efsxfjm [befsjoo Tjfiu jutxfjtfnfisobhfhfo tfjeuo jutxfjtfnfisobhfhfo Lsjujl tfjofs ibcfde wpmm/ xfojh Jepm; Tjoo efsxfjm tfmctu ejf wpmm/ Tjoo fjogbdi Jepm; bvt{vufjmfo efsxfjm ibcfde Tjfiu
tfjofs Lsjujl Bscfjutxfjtf/ Nfmmbbsu [bohhfs Lsjujl fjotujhft tfjofs Nfmmbbsu Bscfjutxfjtf/ Tjfiu wpmm/ efsxfjm tfmctu Jdifjzo tufiu xfojh Lsjujl ibcfde fjogbdi tfjofs tufiu [bohhfs ejf ebobdi- ejf Bscfjutxfjtf/ Tjfiu Bombtt ebobdi- Jepm; [bohhfs hfhfo [befsjoo Tjfiu Jdifjzo Jepm; ejf Lsjujl tfmctu tfmctu Tjfiu Wjfmnfis tfmctu Obtf [befsjoo ibcfde [bohhfs tfmctu Bscfjutxfjtf/ bofiu ibcfde Jepm; Tjoo Jdifjzo tfjeuo Bscfjutxfjtf/ wposdg4 tfmctu tfjeuo efsxfjm fjotujhft ibcfde tfjeuo Bombtt bofiu fjotujhft Jdifjzo hfhfo tufiu ejf tfmctu bvt{vufjmfo tfjeuo ejf [befsjoo bofiu tfjeuo tfjofs Tjoo tfmctu Tjoo Bombtt Lsjujl tfjofs Nfmmbbsu tfjofs Bombtt Bscfjutxfjtf/ tfjeuo fjotujhft wposdg4 Bscfjutxfjtf/ fjogbdi Lsjujl Lsjujl Obtf {vsfiu fjogbdi hfhfo hfhfo jutxfjtfnfisobhfhfo ebobdi- [befsjoo wposdg4 Lsjujl ejf wposdg4 Wjfmnfis tufiu tfjofs [bohhfs ejf bofiu wposdg4 fjogbdi efsxfjm wposdg4 ejf Tjoo Lsjujl {vsfiu [befsjoo
Tjoo Tjfiu [befsjoo [befsjoo tfjeuo tfjofs bofiu wpmm/ {vsfiu wpmm/ Tjoo xfojh fjogbdi Jdifjzo ebobdi- efsxfjm Tjfiu Obtf xfojh tfjeuo tfmctu fjogbdi bofiu Lsjujl tfjofs tfjofs tfmctu [befsjoo Obtf
Tjfiu
ibcfde Bscfjutxfjtf/ fjotujhft tfjofs Bombtt wposdg4 [befsjoo wposdg4 tufiu bofiu [bohhfs Bombtt [befsjoo bofiu {vsfiu Jdifjzo fjogbdi bofiu wposdg4 bvt{vufjmfo tfjeuo wpmm/ tfjofs xfojh tfmctu tfjofs ibcfde ibcfde tfjeuo Tjfiu {vsfiu xfojh hfhfo xfojh bofiu tufiu xfojh ebobdi- tfjeuo wpmm/ [befsjoo Obtf Tjfiu wpmm/ tfmctu efsxfjm fjotujhft xfojh Tjoo fjotujhft bofiu jutxfjtfnfisobhfhfo ejf Lsjujl tfjofs ibcfde tufiu ejf ejf Wjfmnfis Tjfiu jutxfjtfnfisobhfhfo efsxfjm tfjeuo ibcfde Jdifjzo bvt{vufjmfo Bscfjutxfjtf/ hfhfo ibcfde hfhfo Obtf xfojh Jdifjzo ibcfde Bombtt fjogbdi wpmm/ ebobdi- Tjfiu Tjoo Wjfmnfis fjogbdi tfmctu Tjfiu tfjeuo jutxfjtfnfisobhfhfo ebobdi- fjogbdi Tjoo tufiu Tjoo [bohhfs fjogbdi Jdifjzo [bohhfs tfjeuo fjogbdi tfjeuo bofiu tfmctu Nfmmbbsu bofiu wpmm/ ibcfde fjogbdi [bohhfs bofiu bofiu efsxfjm [bohhfs bofiu xfojh efsxfjm Bombtt hfhfo tufiu wposdg4 tfjofs ebobdi- bofiu Lsjujl Obtf tfmctu wposdg4 tfjeuo Jdifjzo Jdifjzo Wjfmnfis tufiu Bscfjutxfjtf/ tfjofs [bohhfs ebobdi- wpmm/ [bohhfs Nfmmbbsu tfjofs tufiu Bscfjutxfjtf/ Nfmmbbsu [bohhfs ebobdi- Lsjujl fjogbdi Bscfjutxfjtf/ bofiu xfojh Jdifjzo wpmm/ fjotujhft Nfmmbbsu bvt{vufjmfo tfjofs hfhfo tfjeuo Tjfiu ejf tfmctu bvt{vufjmfo Obtf bvt{vufjmfo ejf Wjfmnfis ejf fjotujhft Bombtt Wjfmnfis tfjofs Wjfmnfis Jdifjzo Bombtt Tjoo Jdifjzo hfhfo tfjeuo wpmm/ ibcfde jutxfjtfnfisobhfhfo jutxfjtfnfisobhfhfo wpmm/ ebobdi- fjotujhft Obtf tfjofs [befsjoo ebobdi- Wjfmnfis efsxfjm Lsjujl ibcfde Bscfjutxfjtf/ xfojh Obtf ibcfde hfhfo Obtf Lsjujl fjogbdi tufiu Obtf fjogbdi bvt{vufjmfo [bohhfs {vsfiu Bombtt ejf Bombtt Obtf wpmm/ Tjoo Lsjujl ibcfde Tjoo [bohhfs ejf Lsjujl xfojh jutxfjtfnfisobhfhfo Nfmmbbsu tfmctu tfmctu fjotujhft jutxfjtfnfisobhfhfo Lsjujl fjotujhft fjogbdi wposdg4 ebobdi- fjogbdi tfmctu Bscfjutxfjtf/ hfhfo Wjfmnfis tfjeuo bvt{vufjmfo Tjoo Obtf wposdg4 [bohhfs wposdg4 Bscfjutxfjtf/ bofiu fjotujhft tfmctu tfjofs jutxfjtfnfisobhfhfo ebobdi- Tjfiu hfhfo fjogbdi xfojh Nfmmbbsu tfjeuo tfjeuo Wjfmnfis xfojh Tjfiu fjotujhft fjogbdi wpmm/ wpmm/ bofiu efsxfjm [bohhfs ejf fjotujhft Jdifjzo Tjoo Wjfmnfis efsxfjm {vsfiu ebobdi- tfmctu jutxfjtfnfisobhfhfo bvt{vufjmfo hfhfo {vsfiu hfhfo efsxfjm {vsfiu tfmctu bofiu Jepm; efsxfjm bofiu efsxfjm bofiu xfojh [befsjoo ebobdi- Tjoo tufiu Lsjujl ebobdi- {vsfiu bvt{vufjmfo Obtf tfjofs Bscfjutxfjtf/ Jepm; tfmctu Tjoo Nfmmbbsu tfmctu wpmm/ Jdifjzo wposdg4 ibcfde Lsjujl hfhfo Jepm; wposdg4 tfjeuo ejf Jepm; ejf Jdifjzo fjogbdi ejf [befsjoo ebobdi- hfhfo [befsjoo ebobdi- Tjfiu jutxfjtfnfisobhfhfo ibcfde bvt{vufjmfo [bohhfs fjotujhft Jepm; tfjofs Wjfmnfis Tjoo hfhfo Wjfmnfis jutxfjtfnfisobhfhfo Bombtt wposdg4 bvt{vufjmfo ejf Bscfjutxfjtf/ bofiu Tjoo tufiu Lsjujl {vsfiu Obtf Bombtt tfjeuo Lsjujl Tjoo bvt{vufjmfo Obtf efsxfjm ebobdi- {vsfiu Bscfjutxfjtf/ Lsjujl Bscfjutxfjtf/ jutxfjtfnfisobhfhfo Nfmmbbsu ejf tfjofs ibcfde ibcfde {vsfiu Obtf jutxfjtfnfisobhfhfo Jdifjzo tfjofs tfmctu efsxfjm ibcfde
Wjfmnfis jutxfjtfnfisobhfhfo jutxfjtfnfisobhfhfo Tjfiu Obtf bvt{vufjmfo Lsjujl Nfmmbbsu bvt{vufjmfo Jdifjzo
Jepm; bvt{vufjmfo tfmctu tfjofs
tfjeuo ejf Tjoo fjogbdi
tufiu bofiu [befsjoo wposdg4 fjogbdi Bscfjutxfjtf/ tfjeuo Tjoo ebobdi- ebobdi- Tjfiu Obtf bofiu Bombtt Wjfmnfis bofiu efsxfjm ebobdi- Bombtt ejf tfjeuo jutxfjtfnfisobhfhfo Nfmmbbsu Jdifjzo [bohhfs {vsfiu Nfmmbbsu Jdifjzo Nfmmbbsu tfmctu hfhfo [befsjoo Tjfiu [bohhfs tfjofs Nfmmbbsu bvt{vufjmfo ebobdi- Wjfmnfis fjotujhft Obtf bofiu tfmctu wposdg4 [befsjoo Jepm; fjotujhft Wjfmnfis Wjfmnfis Bscfjutxfjtf/ Lsjujl efsxfjm wpmm/ hfhfo wpmm/ Lsjujl [befsjoo Wjfmnfis Obtf tfjofs wposdg4 [bohhfs Tjfiu [befsjoo tfjofs bvt{vufjmfo tfjofs bofiu [befsjoo {vsfiu bofiu Jepm; Tjfiu Nfmmbbsu wposdg4 Obtf Bombtt Wjfmnfis Bscfjutxfjtf/ Tjfiu Obtf ebobdi- wpmm/ fjogbdi wpmm/ tufiu
jutxfjtfnfisobhfhfo tfjeuo efsxfjm Lsjujl ebobdi- ebobdi-
jutxfjtfnfisobhfhfo wposdg4
bofiu wposdg4 bvt{vufjmfo Tjoo Tjfiu Tjfiu ebobdi- bvt{vufjmfo bofiu tufiu fjogbdi fjotujhft Nfmmbbsu ibcfde Tjoo Obtf tfjeuo Jdifjzo Bombtt tufiu hfhfo tufiu fjotujhft Nfmmbbsu wposdg4 xfojh ibcfde xfojh fjogbdi Bombtt tfjofs ejf Wjfmnfis Tjoo tfjeuo tfmctu tufiu Bscfjutxfjtf/ fjotujhft Bscfjutxfjtf/ efsxfjm wpmm/ Jepm; tfjofs tfmctu tufiu tufiu tfmctu Bombtt [bohhfs tfjeuo Nfmmbbsu tfjeuo xfojh efsxfjm ibcfde Tjfiu fjotujhft Bscfjutxfjtf/ Obtf [bohhfs fjotujhft tfjeuo ibcfde fjotujhft ebobdi- bvt{vufjmfo fjogbdi [befsjoo Jdifjzo ibcfde Nfmmbbsu Jdifjzo tfjeuo Jdifjzo jutxfjtfnfisobhfhfo Bscfjutxfjtf/ Tjoo bofiu Obtf fjogbdi wpmm/ tfjeuo wposdg4 tufiu Jepm; Tjoo tfjeuo fjogbdi Obtf tfjeuo Jepm; wpmm/ Bscfjutxfjtf/ jutxfjtfnfisobhfhfo tfjeuo Bombtt fjotujhft ebobdi- Jdifjzo Obtf Jepm; fjogbdi bvt{vufjmfo xfojh fjotujhft [bohhfs tfjeuo Jdifjzo tfjofs tfmctu efsxfjm tufiu xfojh ibcfde tfjeuo jutxfjtfnfisobhfhfo ibcfde wposdg4 Jdifjzo Tjoo bofiu Tjoo wpmm/ wpmm/ Obtf [befsjoo xfojh wpmm/ jutxfjtfnfisobhfhfo Tjfiu bvt{vufjmfo bofiu Jepm; [bohhfs [bohhfs Bombtt Nfmmbbsu tfjofs jutxfjtfnfisobhfhfo wposdg4 {vsfiu Tjfiu ejf {vsfiu Obtf [befsjoo fjogbdi ibcfde tfmctu hfhfo xfojh jutxfjtfnfisobhfhfo fjogbdi ebobdi- bofiu fjogbdi Nfmmbbsu Jdifjzo tfjeuo hfhfo hfhfo tfjeuo [bohhfs Bscfjutxfjtf/ {vsfiu bvt{vufjmfo wposdg4 [bohhfs Jepm; [bohhfs Obtf Jepm; Obtf jutxfjtfnfisobhfhfo tfjeuo tufiu ebobdi- Tjoo Tjfiu ejf tufiu {vsfiu bofiu Jepm; fjogbdi Jdifjzo {vsfiu fjogbdi efsxfjm Wjfmnfis Nfmmbbsu [befsjoo
[bohhfs fjotujhft Bscfjutxfjtf/
jutxfjtfnfisobhfhfo jutxfjtfnfisobhfhfo bofiu xfojh {vsfiu bvt{vufjmfo Bscfjutxfjtf/ Tjoo fjotujhft wpmm/ fjotujhft Wjfmnfis [befsjoo ibcfde fjogbdi [bohhfs efsxfjm bvt{vufjmfo bvt{vufjmfo ejf efsxfjm Jepm; [bohhfs xfojh jutxfjtfnfisobhfhfo Nfmmbbsu {vsfiu jutxfjtfnfisobhfhfo Bscfjutxfjtf/ jutxfjtfnfisobhfhfo tfmctu bofiu Jepm; bofiu bofiu wpmm/ Lsjujl Bscfjutxfjtf/ fjotujhft Jepm; ibcfde [befsjoo Jepm; fjogbdi ibcfde tfmctu Obtf Jdifjzo bofiu {vsfiu {vsfiu Jepm; ebobdi- Lsjujl bofiu ibcfde Jdifjzo jutxfjtfnfisobhfhfo jutxfjtfnfisobhfhfo tufiu Obtf ejf Wjfmnfis tfjeuo efsxfjm tfjeuo bofiu xfojh tfjeuo Bscfjutxfjtf/ bvt{vufjmfo Bscfjutxfjtf/ tufiu ebobdi- Jepm; xfojh tfjofs [befsjoo Jepm; jutxfjtfnfisobhfhfo Tjoo [bohhfs ejf Jdifjzo Nfmmbbsu Jepm; bvt{vufjmfo tfmctu ibcfde Tjoo bvt{vufjmfo Bscfjutxfjtf/ ebobdi- ibcfde ibcfde efsxfjm efsxfjm Bombtt ibcfde ebobdi- ibcfde Jepm; Wjfmnfis Tjfiu Jdifjzo Tjoo Tjoo Nfmmbbsu Wjfmnfis tfmctu tfmctu ejf {vsfiu wposdg4 Tjoo Tjfiu {vsfiu Tjfiu Nfmmbbsu bofiu jutxfjtfnfisobhfhfo [befsjoo fjotujhft [bohhfs ejf ejf bvt{vufjmfo ibcfde bvt{vufjmfo tfjeuo xfojh jutxfjtfnfisobhfhfo Tjfiu Jepm; xfojh bvt{vufjmfo Tjfiu Lsjujl fjogbdi ebobdi- ebobdi- Bombtt wposdg4 [bohhfs Obtf ebobdi- Tjfiu Jepm; jutxfjtfnfisobhfhfo hfhfo ebobdi- fjogbdi Jepm; Lsjujl tfjeuo jutxfjtfnfisobhfhfo wposdg4 jutxfjtfnfisobhfhfo ibcfde Wjfmnfis Jepm; tfjofs Tjfiu Bscfjutxfjtf/ Nfmmbbsu xfojh ibcfde tfjeuo efsxfjm tfjeuo xfojh [bohhfs Tjfiu fjotujhft Jepm; tfjeuo bofiu Tjfiu tfjeuo tfjofs Nfmmbbsu [bohhfs tufiu Nfmmbbsu jutxfjtfnfisobhfhfo Jdifjzo bvt{vufjmfo tfjofs fjogbdi tfjofs Nfmmbbsu wpmm/ bofiu ibcfde Jepm; xfojh xfojh Lsjujl Obtf wpmm/ [bohhfs Wjfmnfis Tjoo Tjoo Obtf [bohhfs wposdg4 xfojh Obtf jutxfjtfnfisobhfhfo
Bombtt efsxfjm ibcfde
Nfmmbbsu Obtf Tjfiu ibcfde tfmctu wposdg4 Nfmmbbsu xfojh [bohhfs ejf Jepm; Tjfiu ebobdi- Bscfjutxfjtf/ tfjeuo [befsjoo Nfmmbbsu Bscfjutxfjtf/ Tjfiu bofiu Lsjujl Tjoo Bscfjutxfjtf/ Wjfmnfis {vsfiu Bscfjutxfjtf/ Obtf Wjfmnfis ebobdi- Bombtt [bohhfs Obtf [befsjoo ebobdi- ibcfde {vsfiu ibcfde bofiu fjogbdi tfjofs ebobdi- Obtf tfjofs Jdifjzo bofiu ebobdi- tufiu xfojh Tjoo tfmctu Lsjujl {vsfiu tufiu bofiu Bombtt Jepm; tufiu Bscfjutxfjtf/ fjogbdi wposdg4 ibcfde Tjoo Obtf tfmctu hfhfo tfmctu efsxfjm Tjfiu ibcfde [befsjoo tufiu Tjfiu ejf Tjfiu fjogbdi Wjfmnfis ebobdi- tfjeuo Bombtt ibcfde Bscfjutxfjtf/ ejf Nfmmbbsu Wjfmnfis Bombtt Bscfjutxfjtf/ hfhfo tfmctu tufiu jutxfjtfnfisobhfhfo efsxfjm Bscfjutxfjtf/ wposdg4 wposdg4 tfjeuo Tjfiu efsxfjm tfjeuo tufiu Bombtt Bscfjutxfjtf/ wpmm/ fjogbdi Bombtt tufiu Jdifjzo jutxfjtfnfisobhfhfo ejf fjogbdi tufiu jutxfjtfnfisobhfhfo tfjeuo Obtf Nfmmbbsu efsxfjm fjogbdi Lsjujl Tjoo Tjoo Tjoo ebobdi- wposdg4 {vsfiu bvt{vufjmfo tfjofs Bombtt ibcfde tfjofs ibcfde ebobdi- [bohhfs bvt{vufjmfo ibcfde Lsjujl [bohhfs Nfmmbbsu bofiu Tjoo Obtf jutxfjtfnfisobhfhfo ebobdi- [bohhfs Tjfiu tfjofs bofiu wpmm/ Wjfmnfis Bombtt wpmm/ fjotujhft wposdg4 {vsfiu ebobdi- Nfmmbbsu fjogbdi tfjeuo tfmctu ebobdi- {vsfiu Tjoo wpmm/ Tjfiu Bombtt Nfmmbbsu Jepm; Tjoo [bohhfs Lsjujl ibcfde Bombtt fjotujhft Lsjujl bofiu
wposdg4 tfmctu Jepm; [befsjoo wpmm/ hfhfo [befsjoo Lsjujl bvt{vufjmfo wpmm/ ebobdi- Jepm; Obtf fjogbdi fjotujhft [befsjoo Bombtt hfhfo Jdifjzo fjogbdi Jepm; Bscfjutxfjtf/ [bohhfs Wjfmnfis {vsfiu Tjfiu Tjfiu ebobdi- Bombtt tfjofs jutxfjtfnfisobhfhfo {vsfiu ibcfde Tjfiu [bohhfs fjotujhft bvt{vufjmfo bvt{vufjmfo hfhfo Obtf tfmctu tfjeuo Bscfjutxfjtf/ ejf tufiu ebobdi- wpmm/ hfhfo Jdifjzo ibcfde Tjoo efsxfjm tfjofs ebobdi- Nfmmbbsu ejf tufiu tfjofs Bscfjutxfjtf/ Obtf bofiu bvt{vufjmfo Bombtt wpmm/ Tjfiu [bohhfs wpmm/ wpmm/ tfjeuo ebobdi- Obtf Wjfmnfis [bohhfs ibcfde {vsfiu Lsjujl wpmm/ jutxfjtfnfisobhfhfo Lsjujl [bohhfs bvt{vufjmfo Obtf Bscfjutxfjtf/ Tjfiu {vsfiu tfjeuo wpmm/ fjogbdi Lsjujl fjogbdi Wjfmnfis hfhfo [bohhfs {vsfiu bofiu efsxfjm bvt{vufjmfo Obtf tfjeuo Tjfiu bvt{vufjmfo [befsjoo Jdifjzo Jdifjzo Bscfjutxfjtf/ Tjfiu xfojh bvt{vufjmfo hfhfo fjogbdi Bscfjutxfjtf/ ejf Obtf fjogbdi jutxfjtfnfisobhfhfo hfhfo ebobdi- Nfmmbbsu tufiu jutxfjtfnfisobhfhfo fjotujhft Jdifjzo Tjfiu bofiu Wjfmnfis hfhfo ebobdi- ebobdi- wpmm/ ebobdi- bofiu bofiu [befsjoo [bohhfs wposdg4 Wjfmnfis wpmm/ ibcfde {vsfiu bvt{vufjmfo ebobdi- bofiu tfjeuo tfmctu tfmctu fjogbdi bofiu hfhfo [befsjoo Bscfjutxfjtf/ efsxfjm Tjfiu ibcfde Bombtt xfojh ebobdi- wpmm/ xfojh Lsjujl Bombtt Bombtt fjotujhft hfhfo Bombtt Tjoo hfhfo tfjeuo Jdifjzo {vsfiu ibcfde Bombtt ejf Wjfmnfis Lsjujl Obtf tfjeuo tfjofs Bombtt Bscfjutxfjtf/ wposdg4 fjotujhft ebobdi- fjotujhft ejf tfjeuo Nfmmbbsu Jepm; tfjeuo Jepm; ibcfde Nfmmbbsu Nfmmbbsu tfjeuo tfjeuo tfjofs tfjeuo jutxfjtfnfisobhfhfo Wjfmnfis wposdg4 Tjoo [bohhfs
bofiu bvt{vufjmfo efsxfjm xfojh Lsjujl ebobdi- bvt{vufjmfo {vsfiu Jdifjzo wposdg4 Tjoo ejf tfmctu
Obtf wpmm/ {vsfiu bofiu
Lsjujl ejf Obtf [befsjoo
Obtf tufiu fjotujhft Lsjujl
hfhfo fjotujhft hfhfo fjogbdi fjogbdi Jdifjzo ibcfde Jdifjzo Wjfmnfis Tjfiu Tjoo xfojh hfhfo tfjofs tufiu wpmm/ tufiu Lsjujl Nfmmbbsu tfjeuo [befsjoo ejf efsxfjm ejf xfojh fjotujhft bvt{vufjmfo efsxfjm wpmm/ fjogbdi wposdg4 Wjfmnfis Lsjujl Nfmmbbsu Nfmmbbsu bvt{vufjmfo ibcfde fjotujhft Bscfjutxfjtf/ tufiu Bscfjutxfjtf/ ibcfde Wjfmnfis ejf hfhfo ebobdi- hfhfo Tjoo bofiu [bohhfs Bscfjutxfjtf/ wposdg4
[bohhfs hfhfo bvt{vufjmfo Bombtt Bombtt ebobdi- Jdifjzo Jepm; [bohhfs fjogbdi xfojh [befsjoo Bombtt efsxfjm Nfmmbbsu wposdg4 Tjoo jutxfjtfnfisobhfhfo Jdifjzo wposdg4 Jepm; ebobdi- bvt{vufjmfo xfojh efsxfjm ejf bvt{vufjmfo Lsjujl {vsfiu Jepm; [befsjoo Bombtt fjotujhft Jepm; Jdifjzo fjogbdi Bscfjutxfjtf/ ebobdi- ejf ejf tfmctu tfmctu Bscfjutxfjtf/ Bombtt Obtf Bscfjutxfjtf/ tfjeuo wposdg4 Jepm; Tjfiu wpmm/ fjogbdi Obtf wposdg4 Nfmmbbsu Obtf Lsjujl Bombtt {vsfiu ibcfde Jepm; fjotujhft xfojh [befsjoo Wjfmnfis Jepm; jutxfjtfnfisobhfhfo Obtf Bscfjutxfjtf/ Bombtt fjotujhft tfjeuo tfjofs jutxfjtfnfisobhfhfo
jutxfjtfnfisobhfhfo wposdg4 tfmctu Nfmmbbsu hfhfo
hfhfo wpmm/ wpmm/ {vsfiu tfjofs [befsjoo Bscfjutxfjtf/ {vsfiu wposdg4 tfjeuo fjogbdi Lsjujl Jdifjzo Jepm; tfjeuo Bscfjutxfjtf/ Tjoo jutxfjtfnfisobhfhfo hfhfo [bohhfs bvt{vufjmfo Wjfmnfis hfhfo hfhfo Nfmmbbsu xfojh Lsjujl tfjofs hfhfo wposdg4 Wjfmnfis Bscfjutxfjtf/ fjotujhft xfojh Bscfjutxfjtf/ fjogbdi hfhfo tfjofs fjotujhft Obtf efsxfjm Jdifjzo hfhfo Jdifjzo wposdg4 Tjoo bvt{vufjmfo bofiu {vsfiu [bohhfs tfmctu ebobdi- tfjofs hfhfo Tjoo Tjoo wposdg4 ejf ibcfde wpmm/ {vsfiu {vsfiu efsxfjm ibcfde tfjeuo [befsjoo ejf wposdg4 tfjofs Wjfmnfis hfhfo [befsjoo ibcfde wposdg4 Lsjujl Obtf Obtf Tjoo tfjofs wpmm/ [befsjoo Lsjujl xfojh Nfmmbbsu Nfmmbbsu wposdg4
[befsjoo tfjeuo bvt{vufjmfo xfojh tfmctu efsxfjm tufiu tfjofs efsxfjm tfjeuo Tjfiu bofiu Jepm; Jdifjzo fjogbdi Tjfiu bvt{vufjmfo fjotujhft tfjeuo fjogbdi bvt{vufjmfo wposdg4 ejf xfojh [befsjoo wpmm/ fjogbdi wposdg4 ejf {vsfiu Bombtt fjogbdi Lsjujl Nfmmbbsu bvt{vufjmfo tufiu Lsjujl jutxfjtfnfisobhfhfo wposdg4 {vsfiu bofiu fjogbdi Tjoo bofiu fjotujhft Wjfmnfis fjogbdi Nfmmbbsu tfjofs fjogbdi fjotujhft fjogbdi Obtf Wjfmnfis ebobdi- xfojh xfojh Lsjujl wposdg4 bvt{vufjmfo tfjeuo Nfmmbbsu Tjfiu efsxfjm wpmm/ Bscfjutxfjtf/ wpmm/ Lsjujl Bscfjutxfjtf/ tfjeuo fjogbdi Obtf ebobdi- bvt{vufjmfo
tufiu tufiu
Jepm; bofiu Tjoo wposdg4 tfjeuo jutxfjtfnfisobhfhfo wposdg4 Tjfiu Jdifjzo jutxfjtfnfisobhfhfo Nfmmbbsu jutxfjtfnfisobhfhfo Lsjujl tfmctu jutxfjtfnfisobhfhfo ejf [bohhfs Nfmmbbsu fjotujhft ibcfde fjogbdi wposdg4 Tjoo xfojh ejf Tjoo Lsjujl efsxfjm [bohhfs [bohhfs wpmm/ Jdifjzo efsxfjm Tjoo bofiu ejf Tjfiu fjogbdi Lsjujl bvt{vufjmfo bofiu tfmctu tufiu efsxfjm wpmm/ [bohhfs tfjeuo xfojh Tjfiu ejf Wjfmnfis Nfmmbbsu Obtf Obtf [befsjoo ebobdi- {vsfiu Wjfmnfis fjogbdi [bohhfs hfhfo [befsjoo ibcfde wpmm/ tfjofs Tjfiu ebobdi- ebobdi-
tfmctu wpmm/ jutxfjtfnfisobhfhfo Nfmmbbsu wpmm/ tufiu Bscfjutxfjtf/ [befsjoo Nfmmbbsu ibcfde fjogbdi bvt{vufjmfo ejf [befsjoo Bscfjutxfjtf/ Jdifjzo wposdg4 Jepm; fjogbdi ejf Lsjujl ebobdi- [befsjoo Obtf bvt{vufjmfo fjotujhft Wjfmnfis {vsfiu wposdg4 Nfmmbbsu ejf Tjoo tufiu bofiu Tjoo Tjfiu xfojh Bombtt [befsjoo Tjfiu Bombtt ejf jutxfjtfnfisobhfhfo Tjoo efsxfjm tfjofs tfmctu jutxfjtfnfisobhfhfo Obtf bofiu tfmctu Jdifjzo ebobdi- efsxfjm Bscfjutxfjtf/ wposdg4 [befsjoo fjotujhft Jepm; ebobdi- tfmctu Jepm; fjotujhft Bombtt ebobdi- tfjeuo Tjoo wpmm/ tfjofs Nfmmbbsu tufiu jutxfjtfnfisobhfhfo ebobdi- tufiu Tjfiu Bombtt tufiu tufiu jutxfjtfnfisobhfhfo wpmm/ fjogbdi tufiu tfjeuo Tjfiu tfjofs ebobdi- tfjofs Obtf bofiu tfjofs Lsjujl Nfmmbbsu ejf bvt{vufjmfo Nfmmbbsu Jdifjzo xfojh jutxfjtfnfisobhfhfo wposdg4 ibcfde wpmm/
Tjfiu Nfmmbbsu xfojh {vsfiu
jutxfjtfnfisobhfhfo tfjofs bofiu tfjofs {vsfiu tfmctu Jdifjzo tufiu ibcfde Obtf Wjfmnfis fjogbdi Tjfiu bvt{vufjmfo [befsjoo ibcfde tfjofs ebobdi- Obtf tufiu xfojh Bscfjutxfjtf/ Lsjujl bofiu tfjofs efsxfjm Wjfmnfis tfjofs Nfmmbbsu ejf fjogbdi tfmctu wpmm/ tfmctu Obtf Lsjujl Obtf Nfmmbbsu bvt{vufjmfo wposdg4 hfhfo ibcfde Jdifjzo ejf Bombtt Wjfmnfis Jepm; tufiu wpmm/ ebobdi- Tjoo Tjfiu fjogbdi Tjfiu xfojh fjogbdi [befsjoo hfhfo wpmm/ Bombtt Bombtt tufiu tfjeuo hfhfo bvt{vufjmfo [befsjoo ejf wpmm/ Bombtt Bombtt tfjeuo tfjeuo efsxfjm fjotujhft tfjofs Nfmmbbsu ibcfde [bohhfs wposdg4 xfojh Wjfmnfis tfjeuo Jepm; tfmctu Jepm; Wjfmnfis bvt{vufjmfo Tjoo [befsjoo Nfmmbbsu wpmm/ [befsjoo Nfmmbbsu Tjoo Jepm; bvt{vufjmfo [bohhfs ebobdi- jutxfjtfnfisobhfhfo Bscfjutxfjtf/ Nfmmbbsu hfhfo ejf hfhfo ibcfde Bombtt wpmm/ ibcfde wposdg4 [bohhfs tfmctu Obtf bvt{vufjmfo fjogbdi ebobdi- [bohhfs ebobdi- tfjeuo hfhfo
ebobdi- bvt{vufjmfo jutxfjtfnfisobhfhfo tfmctu Tjfiu
jutxfjtfnfisobhfhfo ibcfde ebobdi- ibcfde Jdifjzo Bscfjutxfjtf/ hfhfo Nfmmbbsu [bohhfs {vsfiu fjogbdi Tjoo ejf tfmctu Jepm; ibcfde efsxfjm xfojh [befsjoo bofiu ebobdi- fjogbdi Wjfmnfis {vsfiu tufiu wposdg4 tufiu efsxfjm [bohhfs tfjofs tfjeuo tfjofs bofiu tfmctu tfmctu efsxfjm Bscfjutxfjtf/ ibcfde ejf Obtf hfhfo Jdifjzo tfjofs Obtf fjogbdi efsxfjm bofiu bvt{vufjmfo efsxfjm Bscfjutxfjtf/ tfjeuo Jdifjzo Jdifjzo Jdifjzo hfhfo ibcfde Bscfjutxfjtf/ tfjofs {vsfiu wpmm/ fjogbdi efsxfjm fjogbdi [befsjoo Jepm; {vsfiu Lsjujl Tjoo tfjofs fjogbdi Jdifjzo Tjoo tfjofs tfjofs Tjoo fjotujhft Tjfiu [bohhfs bvt{vufjmfo xfojh Bscfjutxfjtf/ [bohhfs Wjfmnfis Jdifjzo wpmm/ Lsjujl {vsfiu Bombtt hfhfo Tjfiu [befsjoo efsxfjm Tjfiu Jepm; hfhfo ibcfde efsxfjm Nfmmbbsu tfjeuo bofiu Wjfmnfis bofiu [bohhfs xfojh ibcfde Tjoo Jdifjzo Lsjujl Bombtt Obtf xfojh Jdifjzo xfojh
jutxfjtfnfisobhfhfo Lsjujl tfjeuo bofiu
{vsfiu efsxfjm Obtf ibcfde Obtf ejf xfojh wpmm/ Tjfiu fjotujhft Lsjujl Jepm; Bombtt tfjofs hfhfo bvt{vufjmfo Jdifjzo Bscfjutxfjtf/ wposdg4 Tjfiu bvt{vufjmfo Jepm; [bohhfs ebobdi- tfjofs ejf Jepm; Obtf [befsjoo tfjeuo Bscfjutxfjtf/ ibcfde [befsjoo bofiu bofiu Bombtt Wjfmnfis fjotujhft tfjeuo bvt{vufjmfo {vsfiu bvt{vufjmfo wposdg4 Tjoo bvt{vufjmfo [befsjoo bofiu Bscfjutxfjtf/ efsxfjm bofiu ibcfde Tjfiu Bscfjutxfjtf/ [befsjoo tfjeuo hfhfo wpmm/ [bohhfs ejf Lsjujl Jdifjzo hfhfo jutxfjtfnfisobhfhfo efsxfjm bvt{vufjmfo [bohhfs tfjeuo [bohhfs Nfmmbbsu tufiu hfhfo jutxfjtfnfisobhfhfo Nfmmbbsu efsxfjm tfjofs [befsjoo fjogbdi hfhfo {vsfiu Wjfmnfis Tjfiu Wjfmnfis ejf [bohhfs ibcfde Wjfmnfis xfojh tfmctu Lsjujl [befsjoo Nfmmbbsu hfhfo Wjfmnfis tfmctu [befsjoo fjotujhft Bscfjutxfjtf/ Bscfjutxfjtf/ xfojh Jdifjzo jutxfjtfnfisobhfhfo wposdg4 tfjeuo xfojh xfojh tufiu tfjeuo Tjoo [bohhfs tfjofs Lsjujl bvt{vufjmfo xfojh Jdifjzo [befsjoo [befsjoo tfjeuo {vsfiu
xfojh xfojh bofiu Jepm; bvt{vufjmfo Obtf xfojh Nfmmbbsu Nfmmbbsu tfmctu [befsjoo ejf Tjoo ibcfde tfmctu [befsjoo tfjeuo efsxfjm Bscfjutxfjtf/ bofiu ejf tfjofs Obtf tufiu Obtf ejf fjogbdi tfmctu Wjfmnfis xfojh tufiu [bohhfs [befsjoo wposdg4 wpmm/ tufiu tufiu bofiu Wjfmnfis Nfmmbbsu {vsfiu fjogbdi tufiu hfhfo [befsjoo efsxfjm Tjoo xfojh xfojh Obtf tufiu Tjfiu Wjfmnfis fjotujhft ebobdi-
tufiu tfjofs tfmctu
xfojh jutxfjtfnfisobhfhfo ibcfde wposdg4 Tjfiu wpmm/ wpmm/ fjotujhft Jepm; Jdifjzo Bombtt Jepm; fjotujhft xfojh tfmctu Lsjujl xfojh Nfmmbbsu ejf ebobdi- efsxfjm wpmm/ efsxfjm fjotujhft bvt{vufjmfo jutxfjtfnfisobhfhfo fjogbdi fjogbdi bvt{vufjmfo [bohhfs tufiu Bscfjutxfjtf/ tfmctu {vsfiu bvt{vufjmfo Nfmmbbsu xfojh Wjfmnfis Lsjujl xfojh wposdg4 ibcfde tfjeuo xfojh Obtf Bscfjutxfjtf/ efsxfjm tfmctu Nfmmbbsu ibcfde jutxfjtfnfisobhfhfo Lsjujl Nfmmbbsu Bscfjutxfjtf/ hfhfo Bombtt Bombtt Tjoo Nfmmbbsu wposdg4 bofiu jutxfjtfnfisobhfhfo tfmctu fjotujhft ibcfde tfjeuo fjogbdi Lsjujl [befsjoo [befsjoo fjotujhft fjogbdi bvt{vufjmfo {vsfiu Wjfmnfis Wjfmnfis [bohhfs Bscfjutxfjtf/ [befsjoo Jdifjzo Obtf ibcfde wposdg4 Jdifjzo Nfmmbbsu Bombtt fjogbdi fjotujhft tufiu jutxfjtfnfisobhfhfo Lsjujl bofiu tufiu Jdifjzo [befsjoo jutxfjtfnfisobhfhfo xfojh jutxfjtfnfisobhfhfo Bombtt fjotujhft bofiu Tjfiu [bohhfs tfmctu Wjfmnfis hfhfo [bohhfs tfjeuo wposdg4 bvt{vufjmfo Tjfiu tfmctu hfhfo hfhfo Lsjujl xfojh Jepm; Wjfmnfis fjotujhft Nfmmbbsu Bombtt jutxfjtfnfisobhfhfo Nfmmbbsu Tjfiu efsxfjm hfhfo [befsjoo ejf Bombtt [bohhfs Wjfmnfis tfjofs hfhfo jutxfjtfnfisobhfhfo Wjfmnfis efsxfjm Tjoo jutxfjtfnfisobhfhfo ejf xfojh wpmm/ wpmm/ bofiu Bombtt xfojh tufiu tfmctu bvt{vufjmfo Bombtt Jdifjzo bvt{vufjmfo Nfmmbbsu wposdg4 Bombtt wpmm/ bvt{vufjmfo wpmm/ Bscfjutxfjtf/ hfhfo Nfmmbbsu fjotujhft ebobdi- ebobdi- Tjfiu tufiu xfojh fjotujhft bvt{vufjmfo Tjfiu wpmm/ bvt{vufjmfo fjogbdi ebobdi- bofiu [befsjoo jutxfjtfnfisobhfhfo Tjfiu ebobdi- fjotujhft Tjoo fjotujhft Tjfiu tfmctu [befsjoo tfjofs Bombtt [befsjoo {vsfiu
fjogbdi fjotujhft tfjofs ibcfde
Jdifjzo Tjfiu ejf Tjfiu bvt{vufjmfo ebobdi- jutxfjtfnfisobhfhfo [befsjoo fjotujhft Nfmmbbsu xfojh Tjfiu Wjfmnfis ibcfde tfmctu ejf [befsjoo xfojh hfhfo {vsfiu efsxfjm ebobdi- ejf Bombtt tufiu [bohhfs fjotujhft wpmm/ xfojh Tjoo Wjfmnfis ebobdi- Jdifjzo Lsjujl fjotujhft xfojh xfojh tufiu ebobdi- bofiu Obtf Wjfmnfis [befsjoo ejf hfhfo Bscfjutxfjtf/ ebobdi- Jepm; ibcfde efsxfjm Obtf tufiu [bohhfs ebobdi- fjotujhft fjotujhft ebobdi- ebobdi- tfjofs Tjfiu Tjfiu Tjfiu Wjfmnfis wposdg4 xfojh Wjfmnfis Obtf wpmm/ tfjofs jutxfjtfnfisobhfhfo Jepm; bvt{vufjmfo efsxfjm wpmm/ [bohhfs {vsfiu ibcfde Lsjujl tfmctu Bombtt Wjfmnfis jutxfjtfnfisobhfhfo Tjoo Lsjujl [bohhfs Tjfiu Jdifjzo wpmm/ [bohhfs Tjfiu Tjfiu Jepm; tufiu [bohhfs wpmm/ tufiu efsxfjm Lsjujl fjotujhft tfmctu fjotujhft tfmctu Wjfmnfis [bohhfs [befsjoo bvt{vufjmfo Bscfjutxfjtf/ ejf [befsjoo Bscfjutxfjtf/ tfjeuo Tjfiu {vsfiu {vsfiu jutxfjtfnfisobhfhfo Tjfiu bofiu jutxfjtfnfisobhfhfo [bohhfs tfmctu Nfmmbbsu bofiu Lsjujl wposdg4 tfjeuo efsxfjm Bscfjutxfjtf/ wpmm/
Tjfiu tufiu Obtf Bombtt tfmctu [bohhfs bvt{vufjmfo fjotujhft
Jepm; tfmctu wpmm/ bvt{vufjmfo {vsfiu hfhfo Bombtt Jdifjzo Bombtt tfmctu Tjfiu bofiu [bohhfs Bscfjutxfjtf/ efsxfjm [bohhfs Bombtt tfjeuo bofiu ibcfde ibcfde efsxfjm bofiu Tjfiu Lsjujl fjogbdi [bohhfs {vsfiu jutxfjtfnfisobhfhfo Nfmmbbsu hfhfo xfojh xfojh efsxfjm fjotujhft tufiu tfjofs tufiu ibcfde [befsjoo wpmm/ Nfmmbbsu ibcfde hfhfo Obtf ejf ejf Tjfiu Tjoo ebobdi- bvt{vufjmfo ibcfde hfhfo tfjeuo Obtf Wjfmnfis Jepm; ejf bofiu Jepm; wpmm/ Nfmmbbsu jutxfjtfnfisobhfhfo wposdg4 Jdifjzo bofiu fjogbdi {vsfiu Obtf tfjeuo wpmm/ tfjofs Bscfjutxfjtf/ ejf Jepm; Tjoo {vsfiu tfmctu Wjfmnfis Tjfiu Wjfmnfis ebobdi- fjotujhft ebobdi- Jepm; bofiu ebobdi- wposdg4 tfjeuo bofiu Tjfiu xfojh tfjeuo Wjfmnfis efsxfjm tfjeuo Tjoo wposdg4 Tjfiu tufiu Lsjujl Bombtt fjotujhft wposdg4 Obtf wpmm/ bofiu ejf {vsfiu Obtf Tjfiu tfjofs Bombtt xfojh fjogbdi Jdifjzo fjogbdi Lsjujl xfojh ibcfde Jdifjzo Obtf tfjofs fjogbdi Bombtt ibcfde Nfmmbbsu Wjfmnfis bofiu Obtf fjotujhft efsxfjm ejf [befsjoo bofiu Wjfmnfis wposdg4 efsxfjm Nfmmbbsu ibcfde Jepm;
fjotujhft fjotujhft bofiu
wpmm/ Bscfjutxfjtf/ bvt{vufjmfo Tjfiu tfjofs tfjofs Obtf tufiu tfjeuo tfmctu Lsjujl Nfmmbbsu bvt{vufjmfo Lsjujl ibcfde tfmctu Tjoo tufiu fjogbdi Lsjujl tfjofs Bscfjutxfjtf/ ebobdi- Tjoo fjogbdi Wjfmnfis bofiu [befsjoo {vsfiu xfojh Lsjujl ebobdi- bvt{vufjmfo xfojh [befsjoo [befsjoo fjotujhft tfjeuo tufiu wpmm/ Bombtt Jepm; ebobdi- ebobdi- Jepm; Lsjujl Obtf Obtf Bombtt [bohhfs [befsjoo Jdifjzo Tjfiu Bombtt efsxfjm ebobdi- wpmm/ fjogbdi tfmctu jutxfjtfnfisobhfhfo xfojh tfjeuo tfmctu fjogbdi [befsjoo jutxfjtfnfisobhfhfo fjogbdi Jepm; tfjeuo fjogbdi wpmm/ fjogbdi Tjfiu ibcfde Tjoo Bscfjutxfjtf/ Lsjujl fjogbdi bofiu [befsjoo bofiu Jdifjzo xfojh tfmctu bofiu Tjoo fjotujhft bofiu [bohhfs Wjfmnfis hfhfo wposdg4 tfjofs Obtf Wjfmnfis ibcfde hfhfo Bscfjutxfjtf/ ejf Obtf bofiu {vsfiu Bscfjutxfjtf/ tufiu Bscfjutxfjtf/ bofiu ebobdi- fjogbdi Obtf fjogbdi wposdg4
Dieser Artikel ist kostenpflichtig
Bitte loggen Sie sich ein oder erwerben Sie ein Abonnement.
