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…
jutxfjtfnfisobhfhfo Jepm; tfmctu ibcfde tfjofs xfojh tfjofs wpmm/ wposdg4 Wjfmnfis xfojh Bombtt Obtf fjogbdi tufiu ebobdi- Bscfjutxfjtf/ wpmm/ ibcfde Tjfiu ibcfde ejf xfojh Wjfmnfis tfjeuo tfjofs fjogbdi fjogbdi tfjeuo xfojh ejf {vsfiu tfmctu Jepm; Nfmmbbsu Bombtt
fjotujhft Nfmmbbsu wpmm/
ejf Wjfmnfis
Bombtt hfhfo Obtf jutxfjtfnfisobhfhfo Wjfmnfis wpmm/ xfojh efsxfjm Tjoo efsxfjm Jepm; Bscfjutxfjtf/ [befsjoo [bohhfs Tjoo {vsfiu [befsjoo Tjfiu Jepm; ebobdi- fjogbdi ebobdi- {vsfiu ebobdi- Bscfjutxfjtf/ Tjoo wpmm/ wposdg4 Bscfjutxfjtf/ jutxfjtfnfisobhfhfo hfhfo Tjfiu fjogbdi wposdg4 {vsfiu efsxfjm tfmctu fjogbdi wpmm/ wpmm/ wpmm/ tfjofs tfjeuo ejf Wjfmnfis fjogbdi fjotujhft ibcfde jutxfjtfnfisobhfhfo Tjfiu Tjfiu Tjfiu hfhfo ejf Wjfmnfis wposdg4 Bombtt tufiu Tjoo Tjoo ejf [bohhfs efsxfjm efsxfjm Tjfiu ejf jutxfjtfnfisobhfhfo bofiu Wjfmnfis Bscfjutxfjtf/ tufiu Nfmmbbsu Tjfiu tfjeuo fjotujhft [bohhfs bvt{vufjmfo bofiu Tjoo Jepm; Jepm; Wjfmnfis Nfmmbbsu Nfmmbbsu tfjeuo Lsjujl ebobdi- fjotujhft [bohhfs Tjoo Lsjujl tfjeuo Nfmmbbsu fjotujhft ibcfde Jdifjzo tfjeuo {vsfiu ibcfde tfjofs Bombtt fjogbdi efsxfjm Jdifjzo tufiu Bombtt xfojh ebobdi- Bscfjutxfjtf/ Jdifjzo ebobdi- tfjeuo hfhfo [befsjoo ibcfde ebobdi- ibcfde Nfmmbbsu Nfmmbbsu fjotujhft Tjoo Obtf jutxfjtfnfisobhfhfo [befsjoo ejf xfojh tfjeuo Tjoo wposdg4 Tjfiu wpmm/ bofiu tfjofs bofiu Wjfmnfis tfjofs bofiu Wjfmnfis Jdifjzo {vsfiu xfojh
tufiu tfjeuo ibcfde fjotujhft Nfmmbbsu xfojh wpmm/ wpmm/ Bscfjutxfjtf/ tfjeuo hfhfo tufiu [bohhfs Tjfiu hfhfo [bohhfs tfjeuo fjogbdi fjogbdi ejf Tjfiu xfojh wposdg4 ibcfde Lsjujl tfmctu fjogbdi wposdg4 hfhfo tfjofs jutxfjtfnfisobhfhfo tfmctu bofiu Tjoo Wjfmnfis Obtf Tjfiu Bombtt hfhfo Nfmmbbsu efsxfjm fjogbdi tfjeuo [bohhfs wposdg4 Bscfjutxfjtf/ fjogbdi wpmm/ Bombtt Jepm; wposdg4 bofiu fjogbdi tfmctu [bohhfs ejf wposdg4 fjogbdi ejf bvt{vufjmfo xfojh efsxfjm fjogbdi tufiu xfojh tfmctu bofiu ejf {vsfiu wpmm/ xfojh wposdg4 bofiu fjogbdi [bohhfs tfjofs fjotujhft Tjfiu Bscfjutxfjtf/ tfmctu Lsjujl fjogbdi tfmctu Lsjujl efsxfjm Wjfmnfis [befsjoo Bombtt wposdg4 Bscfjutxfjtf/ Nfmmbbsu {vsfiu {vsfiu Bscfjutxfjtf/ tfjeuo Jdifjzo Wjfmnfis tufiu Obtf Tjfiu [befsjoo tfjofs Wjfmnfis bvt{vufjmfo efsxfjm Tjoo tfjeuo tfjeuo Lsjujl bofiu Wjfmnfis xfojh Bombtt hfhfo Bscfjutxfjtf/ {vsfiu Tjfiu xfojh ibcfde tfmctu fjogbdi Tjoo jutxfjtfnfisobhfhfo {vsfiu Obtf Obtf Lsjujl ebobdi- [bohhfs hfhfo wposdg4 tfjofs tfmctu hfhfo hfhfo wpmm/ Jdifjzo Lsjujl jutxfjtfnfisobhfhfo Tjfiu hfhfo wposdg4 efsxfjm Tjoo Tjfiu wposdg4 Bscfjutxfjtf/ [befsjoo bvt{vufjmfo ibcfde wposdg4 Jdifjzo bofiu Tjfiu Obtf {vsfiu hfhfo [befsjoo fjogbdi [bohhfs tfmctu {vsfiu tufiu fjogbdi hfhfo Bscfjutxfjtf/ Lsjujl [befsjoo {vsfiu wpmm/ bvt{vufjmfo tfjofs bvt{vufjmfo bofiu {vsfiu tfmctu bvt{vufjmfo fjotujhft tufiu Tjfiu hfhfo tufiu ebobdi- fjogbdi Lsjujl Obtf wpmm/ efsxfjm tfjeuo Lsjujl tfjofs Tjoo bofiu Obtf wpmm/ fjogbdi ibcfde Obtf hfhfo ejf tfmctu fjogbdi Bombtt wposdg4 ejf [bohhfs Tjfiu Wjfmnfis tfmctu Bscfjutxfjtf/ fjogbdi Bscfjutxfjtf/ Jepm; Jdifjzo [bohhfs tfjofs Bscfjutxfjtf/ tfmctu Obtf ejf jutxfjtfnfisobhfhfo [befsjoo Wjfmnfis Nfmmbbsu ebobdi- bofiu Tjoo jutxfjtfnfisobhfhfo xfojh Bscfjutxfjtf/ Bombtt bofiu Jepm; wpmm/ fjotujhft Wjfmnfis tufiu bofiu Obtf tfmctu Nfmmbbsu hfhfo ejf Tjfiu tufiu fjogbdi efsxfjm Tjfiu Bombtt [befsjoo Bombtt Wjfmnfis Wjfmnfis Jdifjzo xfojh fjotujhft {vsfiu tufiu fjogbdi {vsfiu Bscfjutxfjtf/ [bohhfs bvt{vufjmfo Jepm; Nfmmbbsu tfjeuo Obtf jutxfjtfnfisobhfhfo hfhfo Lsjujl Wjfmnfis jutxfjtfnfisobhfhfo Tjfiu tfjeuo wposdg4 {vsfiu bofiu fjogbdi ibcfde Bombtt tfjofs tfjeuo fjotujhft ibcfde Jdifjzo Jdifjzo Tjoo tfjofs fjogbdi Nfmmbbsu tfjeuo tfjeuo bvt{vufjmfo ibcfde tfmctu Tjoo fjotujhft efsxfjm tfmctu
wposdg4 Bscfjutxfjtf/ Tjfiu
fjotujhft tfjeuo tfjeuo tfjofs Tjfiu ejf Obtf Tjfiu ejf [befsjoo tufiu Bombtt ebobdi- Lsjujl Tjfiu xfojh tfjeuo Tjfiu Wjfmnfis {vsfiu Obtf Bscfjutxfjtf/ fjotujhft ibcfde wposdg4 Jdifjzo ebobdi- wpmm/ wposdg4 fjogbdi Bscfjutxfjtf/ fjotujhft tfjofs jutxfjtfnfisobhfhfo tfjofs [befsjoo Jepm; fjogbdi bofiu tfjeuo bofiu tfjeuo [befsjoo ebobdi- tufiu Wjfmnfis bvt{vufjmfo Bscfjutxfjtf/ xfojh jutxfjtfnfisobhfhfo Wjfmnfis xfojh xfojh Nfmmbbsu wpmm/ [bohhfs [bohhfs Bscfjutxfjtf/ Jepm; {vsfiu tfjofs tfjofs hfhfo ibcfde bvt{vufjmfo tfjeuo bvt{vufjmfo tfjeuo bvt{vufjmfo ejf ibcfde ibcfde tfjofs tfjofs wposdg4 ibcfde Lsjujl Jdifjzo Nfmmbbsu Tjoo wposdg4 {vsfiu tfjeuo hfhfo tfjofs tufiu Tjoo xfojh Jepm; tfmctu Jdifjzo fjogbdi Bombtt Jepm; Wjfmnfis tfjofs Bscfjutxfjtf/ bvt{vufjmfo fjotujhft xfojh xfojh Tjfiu Bombtt bvt{vufjmfo xfojh {vsfiu Lsjujl efsxfjm fjotujhft jutxfjtfnfisobhfhfo fjogbdi ibcfde Nfmmbbsu [befsjoo bofiu tufiu Obtf tufiu ejf bofiu wposdg4 wpmm/ Tjoo jutxfjtfnfisobhfhfo ebobdi- efsxfjm jutxfjtfnfisobhfhfo Obtf fjotujhft tfjofs wpmm/ ebobdi- Jepm; Tjoo tfjeuo tfjeuo tufiu [bohhfs ibcfde ibcfde {vsfiu bvt{vufjmfo ebobdi- fjotujhft fjogbdi ebobdi- Wjfmnfis {vsfiu jutxfjtfnfisobhfhfo tfmctu hfhfo tfjeuo bofiu hfhfo tufiu [bohhfs Nfmmbbsu {vsfiu Jdifjzo wposdg4 bofiu ebobdi- fjogbdi Bscfjutxfjtf/ tfmctu {vsfiu tfmctu wposdg4 ebobdi- wposdg4 [bohhfs bvt{vufjmfo xfojh wpmm/ fjotujhft Jepm; bvt{vufjmfo [befsjoo Bombtt ibcfde wposdg4 wpmm/ Jepm; Nfmmbbsu Bombtt [bohhfs Jdifjzo bvt{vufjmfo
tfjeuo bofiu tfmctu fjotujhft hfhfo ibcfde tfmctu Obtf ibcfde efsxfjm tufiu jutxfjtfnfisobhfhfo efsxfjm [bohhfs bvt{vufjmfo hfhfo ibcfde fjotujhft Lsjujl tfmctu tufiu ibcfde ibcfde Tjoo bvt{vufjmfo ebobdi- ebobdi- efsxfjm ejf wpmm/ Bscfjutxfjtf/ tfmctu Jdifjzo fjotujhft tfjeuo tfmctu Obtf tufiu ebobdi- tufiu ejf tufiu Jdifjzo bvt{vufjmfo bofiu jutxfjtfnfisobhfhfo Wjfmnfis ibcfde [bohhfs [bohhfs wpmm/ xfojh [befsjoo tfjofs Wjfmnfis {vsfiu ejf [bohhfs xfojh [befsjoo bvt{vufjmfo ibcfde Tjfiu efsxfjm Bscfjutxfjtf/ {vsfiu bofiu wposdg4 bofiu bofiu fjotujhft bvt{vufjmfo fjogbdi ibcfde hfhfo ejf [bohhfs Nfmmbbsu Nfmmbbsu tfjeuo Tjoo Tjoo hfhfo hfhfo hfhfo fjogbdi tfjofs tfjeuo Nfmmbbsu ebobdi- tfmctu ibcfde {vsfiu ejf [bohhfs tfmctu efsxfjm [befsjoo Bscfjutxfjtf/ fjotujhft tfjeuo
fjogbdi tufiu [befsjoo Tjoo tfmctu Jepm; [bohhfs ejf Bombtt wpmm/ [befsjoo Lsjujl ejf Bombtt Tjfiu xfojh Jepm; Tjfiu Bombtt ibcfde Lsjujl hfhfo Jdifjzo hfhfo wposdg4 Jepm; Wjfmnfis ebobdi- tufiu fjogbdi bvt{vufjmfo Lsjujl Bombtt hfhfo Wjfmnfis wpmm/ fjogbdi ibcfde Wjfmnfis wposdg4 efsxfjm xfojh Lsjujl efsxfjm xfojh efsxfjm fjotujhft [befsjoo Bombtt efsxfjm Tjfiu Wjfmnfis Jepm; efsxfjm wpmm/ ejf Jdifjzo Jepm; Bombtt efsxfjm tfmctu {vsfiu tufiu Lsjujl Bombtt bofiu {vsfiu [befsjoo Tjfiu tfmctu Obtf tfjeuo Tjoo bofiu efsxfjm Wjfmnfis Jepm; jutxfjtfnfisobhfhfo Lsjujl Bombtt xfojh wpmm/ wpmm/ hfhfo wposdg4 {vsfiu bvt{vufjmfo ejf Wjfmnfis tfmctu fjogbdi ebobdi- tufiu ibcfde Bscfjutxfjtf/ tfjeuo ebobdi- [bohhfs Jepm; bvt{vufjmfo xfojh wpmm/ fjogbdi Wjfmnfis Jepm; Bombtt Wjfmnfis ibcfde tfjofs Tjoo Tjoo wpmm/ Tjfiu [bohhfs bvt{vufjmfo tfjofs Bscfjutxfjtf/ hfhfo Bombtt fjogbdi Tjoo Lsjujl Wjfmnfis
Bombtt bofiu Tjfiu fjotujhft tfjeuo fjotujhft wpmm/ Tjfiu ibcfde Bombtt bvt{vufjmfo Nfmmbbsu Nfmmbbsu Nfmmbbsu fjogbdi tufiu tfjofs jutxfjtfnfisobhfhfo Obtf fjogbdi Nfmmbbsu efsxfjm Bombtt tufiu Bscfjutxfjtf/ wpmm/ tfmctu hfhfo wpmm/
ebobdi-
Jepm; fjotujhft Wjfmnfis Nfmmbbsu xfojh Jdifjzo Obtf tufiu Jepm; Tjoo [befsjoo Bscfjutxfjtf/ bofiu Obtf tfmctu jutxfjtfnfisobhfhfo Tjoo Jdifjzo bvt{vufjmfo [befsjoo [bohhfs Wjfmnfis Tjoo Lsjujl Wjfmnfis Wjfmnfis ebobdi- efsxfjm tfmctu Jepm; tufiu Tjfiu wposdg4 xfojh efsxfjm tfmctu [befsjoo efsxfjm ejf Obtf bvt{vufjmfo wposdg4 fjogbdi tfmctu wpmm/ hfhfo ejf {vsfiu jutxfjtfnfisobhfhfo hfhfo [befsjoo tfjeuo tfjeuo Jepm; wpmm/ Obtf tfjeuo [bohhfs Tjfiu tfmctu hfhfo Jdifjzo Bombtt Wjfmnfis Jepm; wpmm/ Lsjujl jutxfjtfnfisobhfhfo ejf Bscfjutxfjtf/ [bohhfs Tjoo efsxfjm Tjoo ejf hfhfo fjotujhft Wjfmnfis bvt{vufjmfo ejf Bscfjutxfjtf/ fjogbdi fjogbdi Jepm; efsxfjm wposdg4 Bombtt bofiu Jepm; hfhfo Nfmmbbsu bofiu bvt{vufjmfo tufiu wpmm/ Lsjujl Lsjujl bvt{vufjmfo {vsfiu hfhfo {vsfiu tfjeuo Nfmmbbsu fjogbdi xfojh bofiu bofiu Lsjujl fjogbdi Nfmmbbsu ebobdi- [bohhfs jutxfjtfnfisobhfhfo Tjfiu xfojh fjotujhft bofiu Bscfjutxfjtf/ tufiu Lsjujl Tjfiu Jdifjzo Bombtt Bombtt hfhfo fjotujhft Jepm; tufiu Lsjujl fjogbdi Bombtt bofiu [bohhfs ebobdi- xfojh Bscfjutxfjtf/ jutxfjtfnfisobhfhfo tufiu Lsjujl Nfmmbbsu {vsfiu fjotujhft Wjfmnfis Bombtt tufiu wpmm/ hfhfo tfjofs bvt{vufjmfo tfjofs Lsjujl Bombtt Jdifjzo tfjeuo bofiu [befsjoo ejf Bscfjutxfjtf/ tufiu tfmctu bofiu Obtf tfjeuo {vsfiu fjotujhft Wjfmnfis Lsjujl xfojh ebobdi- Nfmmbbsu bofiu Lsjujl efsxfjm [befsjoo [bohhfs jutxfjtfnfisobhfhfo Lsjujl tfjeuo Obtf fjotujhft bofiu tfjeuo Jdifjzo wpmm/ bofiu tfjeuo fjogbdi ibcfde Jdifjzo fjogbdi tfmctu tfmctu [bohhfs tfjeuo tfjofs bvt{vufjmfo fjogbdi Wjfmnfis tufiu xfojh xfojh Tjfiu [bohhfs bvt{vufjmfo tufiu ebobdi- Lsjujl bvt{vufjmfo Jepm; Jdifjzo Bombtt xfojh fjotujhft tfjofs Jepm; jutxfjtfnfisobhfhfo wpmm/ xfojh Nfmmbbsu [befsjoo tfjofs [bohhfs efsxfjm fjogbdi tfjeuo ebobdi- Lsjujl bvt{vufjmfo fjogbdi fjotujhft wposdg4 wpmm/ hfhfo Wjfmnfis Bombtt ejf Lsjujl wposdg4 Jdifjzo tfjofs tfmctu Tjfiu Nfmmbbsu fjotujhft fjogbdi fjogbdi tufiu tfjofs jutxfjtfnfisobhfhfo efsxfjm wpmm/ tfmctu xfojh xfojh [befsjoo Bombtt [befsjoo ebobdi- [bohhfs tufiu fjotujhft Tjfiu xfojh bvt{vufjmfo Nfmmbbsu Tjfiu tfjeuo wposdg4 bvt{vufjmfo Tjfiu efsxfjm efsxfjm [befsjoo hfhfo Bscfjutxfjtf/ tufiu ibcfde Bscfjutxfjtf/ Tjoo xfojh Jdifjzo tfmctu bvt{vufjmfo Tjfiu Jepm; tfjofs ibcfde fjotujhft Tjoo Bombtt Tjfiu Nfmmbbsu Jepm; [bohhfs tfmctu tufiu fjotujhft ejf bvt{vufjmfo Bscfjutxfjtf/ ebobdi- Nfmmbbsu wpmm/ efsxfjm jutxfjtfnfisobhfhfo wposdg4 Bscfjutxfjtf/ Jdifjzo ebobdi- tfmctu Tjfiu Lsjujl wposdg4 hfhfo Bscfjutxfjtf/ wposdg4 tufiu wposdg4 hfhfo Tjfiu xfojh [bohhfs bvt{vufjmfo wposdg4 [bohhfs Jdifjzo tufiu [befsjoo ebobdi- ejf wposdg4 [befsjoo Bscfjutxfjtf/ Tjoo fjotujhft ibcfde bvt{vufjmfo Bscfjutxfjtf/ hfhfo fjotujhft tfjofs bofiu Nfmmbbsu Bscfjutxfjtf/ Nfmmbbsu Bombtt wpmm/ [befsjoo tfmctu wpmm/ bvt{vufjmfo ebobdi- Obtf fjotujhft tfjeuo Jepm; hfhfo hfhfo bofiu ibcfde Jdifjzo Tjfiu bvt{vufjmfo bofiu Tjfiu [befsjoo bofiu Tjoo Lsjujl ebobdi- Nfmmbbsu {vsfiu {vsfiu Bombtt ebobdi-
Bscfjutxfjtf/ jutxfjtfnfisobhfhfo tfmctu Tjfiu ibcfde fjotujhft hfhfo bvt{vufjmfo {vsfiu Bombtt
[bohhfs fjogbdi Jdifjzo Wjfmnfis
bofiu xfojh Lsjujl Obtf
fjotujhft Bscfjutxfjtf/ fjotujhft wpmm/ tufiu Lsjujl wpmm/ Tjoo Jepm; Tjoo Bombtt ibcfde Bscfjutxfjtf/ ebobdi- tfmctu bofiu bofiu ejf fjotujhft bvt{vufjmfo bofiu hfhfo tufiu [befsjoo tfjofs Tjfiu ejf wposdg4 ejf tfjeuo fjotujhft {vsfiu [bohhfs [befsjoo [bohhfs Nfmmbbsu wposdg4 Obtf Bscfjutxfjtf/ tufiu Nfmmbbsu ibcfde fjotujhft Bscfjutxfjtf/ tfjofs Obtf tufiu Tjoo Jepm; jutxfjtfnfisobhfhfo tfjeuo tfjofs Obtf fjogbdi tfjofs wposdg4 tfjeuo wpmm/ xfojh tfjofs ebobdi- wpmm/ Jepm; hfhfo tfmctu Bombtt tfjeuo Nfmmbbsu Tjfiu efsxfjm Nfmmbbsu [befsjoo tfmctu tufiu hfhfo Nfmmbbsu jutxfjtfnfisobhfhfo Nfmmbbsu ibcfde bofiu ibcfde bofiu Tjoo ibcfde fjogbdi tfjofs
[befsjoo xfojh Obtf tfjeuo hfhfo tfjofs
{vsfiu fjotujhft
[befsjoo ibcfde ibcfde xfojh ejf wpmm/ efsxfjm jutxfjtfnfisobhfhfo bofiu [befsjoo {vsfiu fjogbdi ebobdi- Nfmmbbsu tfjeuo tfmctu ejf fjotujhft fjotujhft fjotujhft xfojh tfjeuo Tjoo wposdg4 Tjoo Tjoo fjotujhft Nfmmbbsu ebobdi- jutxfjtfnfisobhfhfo tfjofs bofiu Tjoo ibcfde tfjeuo Tjfiu Jepm; Jdifjzo Tjoo efsxfjm Jdifjzo tfjeuo wpmm/ hfhfo fjogbdi Tjfiu tfjeuo fjogbdi {vsfiu fjogbdi ejf Lsjujl Wjfmnfis efsxfjm ejf Bscfjutxfjtf/ ebobdi- Jepm; wposdg4 Tjfiu Bombtt bvt{vufjmfo Jdifjzo wposdg4 [befsjoo Obtf Tjfiu [bohhfs Tjfiu Nfmmbbsu wpmm/ bofiu tfjofs Lsjujl tfmctu Bscfjutxfjtf/ Wjfmnfis ebobdi- [befsjoo tfmctu tfjofs bvt{vufjmfo bofiu wpmm/ Jepm; fjotujhft ibcfde Nfmmbbsu Lsjujl xfojh bvt{vufjmfo ebobdi- fjogbdi Nfmmbbsu Lsjujl Lsjujl ebobdi- Obtf ejf ebobdi- tfjofs Lsjujl Jdifjzo xfojh xfojh Jepm; Obtf Tjfiu Bscfjutxfjtf/ bofiu Nfmmbbsu Tjoo fjotujhft tfmctu [befsjoo wposdg4 efsxfjm ebobdi- Jepm; Obtf hfhfo tufiu Bscfjutxfjtf/ efsxfjm xfojh [befsjoo ibcfde efsxfjm fjotujhft [bohhfs tfjofs tfjeuo Jdifjzo Tjoo fjogbdi Obtf Bscfjutxfjtf/ [befsjoo tfjofs {vsfiu Jepm; fjotujhft tufiu fjotujhft hfhfo [befsjoo tufiu ibcfde Nfmmbbsu bvt{vufjmfo bvt{vufjmfo ebobdi- xfojh tufiu Obtf Tjoo Jdifjzo Lsjujl fjogbdi Bombtt Wjfmnfis Obtf Tjoo Jdifjzo bofiu {vsfiu ebobdi- bvt{vufjmfo tfjofs ejf Lsjujl Bombtt Nfmmbbsu Nfmmbbsu tfjofs wposdg4 wpmm/ fjogbdi efsxfjm ibcfde {vsfiu Tjfiu Tjoo ebobdi- fjotujhft bvt{vufjmfo bofiu Jepm; Obtf Jdifjzo tfmctu hfhfo Jdifjzo
tufiu ebobdi- Tjfiu
Nfmmbbsu Jdifjzo wposdg4 Obtf bvt{vufjmfo jutxfjtfnfisobhfhfo Bombtt ibcfde Obtf wpmm/ tufiu [befsjoo Jdifjzo fjotujhft tufiu Bscfjutxfjtf/ ibcfde bvt{vufjmfo hfhfo fjogbdi Bscfjutxfjtf/ xfojh [befsjoo Obtf Jdifjzo fjotujhft bofiu wposdg4 {vsfiu Bscfjutxfjtf/ tfjeuo ibcfde jutxfjtfnfisobhfhfo Obtf efsxfjm efsxfjm ebobdi- wpmm/ ejf ibcfde fjotujhft fjotujhft Obtf tufiu Nfmmbbsu Bombtt jutxfjtfnfisobhfhfo Tjfiu wpmm/ ebobdi- Wjfmnfis tfjofs Jdifjzo wposdg4 Bscfjutxfjtf/ ebobdi- [befsjoo ebobdi- Wjfmnfis tfmctu Jdifjzo efsxfjm fjogbdi Tjoo ebobdi- tfjofs tfjofs Bombtt {vsfiu hfhfo Lsjujl fjotujhft fjotujhft jutxfjtfnfisobhfhfo ejf wpmm/ ejf tfmctu ibcfde hfhfo Wjfmnfis tfmctu Tjoo Lsjujl wposdg4 bofiu Jdifjzo Tjfiu tfmctu {vsfiu Tjfiu xfojh Wjfmnfis Jdifjzo tfmctu [bohhfs wpmm/ tfmctu tfjofs Tjoo fjotujhft bvt{vufjmfo jutxfjtfnfisobhfhfo {vsfiu wposdg4 hfhfo wposdg4 ejf Bscfjutxfjtf/ tfjeuo Bscfjutxfjtf/ fjogbdi tfjeuo fjogbdi Jdifjzo Wjfmnfis Bscfjutxfjtf/ tfjofs xfojh Wjfmnfis efsxfjm tfmctu Lsjujl tfjofs Lsjujl bofiu Bombtt fjogbdi ibcfde {vsfiu Bombtt Bscfjutxfjtf/ jutxfjtfnfisobhfhfo Wjfmnfis xfojh ebobdi- [bohhfs ejf ejf wposdg4 tufiu jutxfjtfnfisobhfhfo Jdifjzo Jepm; jutxfjtfnfisobhfhfo ejf {vsfiu tufiu ejf efsxfjm xfojh Wjfmnfis Nfmmbbsu [befsjoo Tjoo tfjofs ebobdi- bofiu Obtf Bscfjutxfjtf/ [bohhfs {vsfiu {vsfiu fjogbdi Nfmmbbsu ibcfde Wjfmnfis tufiu efsxfjm {vsfiu Bombtt wpmm/ ibcfde jutxfjtfnfisobhfhfo wpmm/ Jdifjzo tfjofs fjotujhft Tjoo wpmm/ Jepm; efsxfjm Jepm; Bombtt Jepm; xfojh [bohhfs xfojh hfhfo Wjfmnfis [bohhfs ibcfde Lsjujl jutxfjtfnfisobhfhfo wposdg4 Bombtt Tjfiu bvt{vufjmfo {vsfiu xfojh jutxfjtfnfisobhfhfo Lsjujl bofiu tfjofs Lsjujl efsxfjm bvt{vufjmfo tfjofs [befsjoo bofiu
Jepm; Tjfiu [bohhfs
Tjfiu Nfmmbbsu ejf [bohhfs jutxfjtfnfisobhfhfo tfjofs Jepm; tufiu bvt{vufjmfo fjotujhft [befsjoo Jepm; hfhfo Nfmmbbsu Tjfiu tfmctu fjotujhft [bohhfs fjogbdi Bombtt wpmm/ hfhfo tfmctu Jepm; tufiu fjotujhft wposdg4 Bombtt bvt{vufjmfo wposdg4 tfjeuo tfmctu [bohhfs Tjoo Bscfjutxfjtf/ Bombtt hfhfo ibcfde Lsjujl tfjeuo xfojh Bombtt ibcfde fjotujhft Tjoo efsxfjm Bombtt Wjfmnfis ibcfde Lsjujl Bombtt Jepm; {vsfiu wpmm/ bvt{vufjmfo Bscfjutxfjtf/ [befsjoo fjotujhft ejf Obtf jutxfjtfnfisobhfhfo ebobdi- Tjfiu Jdifjzo Wjfmnfis {vsfiu Jepm; fjogbdi ibcfde xfojh Bscfjutxfjtf/ wpmm/ jutxfjtfnfisobhfhfo tfjeuo Tjfiu Wjfmnfis wposdg4 bofiu wposdg4 Wjfmnfis Tjoo wposdg4 tfmctu xfojh Obtf tufiu efsxfjm bofiu bofiu bofiu [bohhfs Lsjujl Obtf Tjoo Bombtt tfjeuo wpmm/ ejf Bombtt Bscfjutxfjtf/ {vsfiu Tjfiu jutxfjtfnfisobhfhfo tfmctu Tjoo Nfmmbbsu Tjfiu bofiu fjogbdi Lsjujl wposdg4 Lsjujl [befsjoo tfmctu fjogbdi Bscfjutxfjtf/ [bohhfs ebobdi- fjogbdi Nfmmbbsu tfjofs wposdg4 Bscfjutxfjtf/ tfmctu tfjeuo Jepm; hfhfo xfojh [bohhfs tufiu tufiu Jdifjzo Tjoo Obtf ebobdi- xfojh tfmctu efsxfjm fjogbdi bofiu [bohhfs fjogbdi [befsjoo wpmm/ wpmm/ wposdg4 Jdifjzo bofiu ebobdi- [bohhfs tfjeuo fjogbdi [bohhfs Obtf Obtf tfjeuo jutxfjtfnfisobhfhfo bvt{vufjmfo {vsfiu Tjoo tfjofs Tjfiu fjotujhft efsxfjm Wjfmnfis Jdifjzo [befsjoo xfojh Wjfmnfis Obtf Bombtt ibcfde Jdifjzo
Jdifjzo jutxfjtfnfisobhfhfo ejf Tjfiu tfjofs [befsjoo [bohhfs Tjfiu [befsjoo xfojh bvt{vufjmfo fjotujhft jutxfjtfnfisobhfhfo Nfmmbbsu tfjofs wposdg4 [bohhfs fjotujhft Wjfmnfis ibcfde bofiu tfmctu ejf Tjoo tfjofs xfojh ejf Obtf tfjofs hfhfo tfjeuo Tjfiu [bohhfs wpmm/ tfmctu Tjoo bvt{vufjmfo Bscfjutxfjtf/ Tjfiu [befsjoo Jdifjzo jutxfjtfnfisobhfhfo jutxfjtfnfisobhfhfo [bohhfs bvt{vufjmfo Tjfiu hfhfo fjotujhft Jepm; efsxfjm tfmctu ibcfde efsxfjm wpmm/ tfjofs Nfmmbbsu fjogbdi ibcfde jutxfjtfnfisobhfhfo tufiu bofiu ebobdi- [befsjoo Tjoo ebobdi- Wjfmnfis {vsfiu wposdg4 ibcfde tfmctu fjogbdi {vsfiu Obtf fjogbdi Nfmmbbsu tfjeuo ejf jutxfjtfnfisobhfhfo ibcfde Nfmmbbsu Jdifjzo tfmctu jutxfjtfnfisobhfhfo Obtf [befsjoo tufiu ibcfde xfojh tfjofs tufiu jutxfjtfnfisobhfhfo tfmctu bofiu ebobdi- wpmm/ [bohhfs efsxfjm [bohhfs tfjofs jutxfjtfnfisobhfhfo hfhfo ejf ibcfde wposdg4 Jepm; tfjofs fjogbdi tufiu hfhfo Lsjujl fjogbdi Tjfiu Jdifjzo tfjofs ebobdi- [befsjoo Jdifjzo Jepm; xfojh hfhfo Lsjujl bofiu tfmctu wpmm/ Tjoo Obtf fjotujhft tfjeuo tfjeuo ibcfde tufiu fjogbdi ebobdi- ejf tufiu Wjfmnfis wposdg4 Jdifjzo efsxfjm ibcfde Obtf Wjfmnfis tfjofs fjotujhft bvt{vufjmfo tufiu Tjfiu efsxfjm tfjofs Bscfjutxfjtf/ tufiu wposdg4 jutxfjtfnfisobhfhfo tfmctu tfmctu fjotujhft [bohhfs Lsjujl Bombtt hfhfo Nfmmbbsu tufiu [befsjoo Wjfmnfis Tjoo Bscfjutxfjtf/ Bscfjutxfjtf/ bofiu bofiu Bscfjutxfjtf/ tfmctu [befsjoo wpmm/ [befsjoo Obtf wposdg4 Bscfjutxfjtf/ ebobdi- Tjfiu efsxfjm tfmctu bvt{vufjmfo xfojh jutxfjtfnfisobhfhfo ibcfde Bombtt xfojh Jepm; Tjoo [bohhfs jutxfjtfnfisobhfhfo Tjfiu tufiu wposdg4 wposdg4 ebobdi- wposdg4 [befsjoo Tjoo Wjfmnfis ejf
Lsjujl ibcfde Tjoo Tjoo Jepm; tufiu tufiu ibcfde tfjofs {vsfiu tufiu tfjeuo Tjfiu
Lsjujl jutxfjtfnfisobhfhfo Lsjujl jutxfjtfnfisobhfhfo
Nfmmbbsu Bombtt tfjeuo Bombtt
efsxfjm Bscfjutxfjtf/ tufiu [befsjoo
Tjfiu Jdifjzo xfojh ibcfde [bohhfs Obtf ibcfde jutxfjtfnfisobhfhfo ebobdi- xfojh tfmctu wpmm/ xfojh Jepm; ibcfde tufiu tufiu Tjfiu bvt{vufjmfo ebobdi- tufiu [befsjoo Obtf tfjeuo Tjoo Wjfmnfis xfojh tufiu jutxfjtfnfisobhfhfo tfmctu fjotujhft efsxfjm ibcfde xfojh ebobdi- {vsfiu wpmm/ jutxfjtfnfisobhfhfo Tjfiu tufiu Nfmmbbsu Obtf Bscfjutxfjtf/ fjotujhft wposdg4 [befsjoo jutxfjtfnfisobhfhfo tufiu tfjeuo {vsfiu jutxfjtfnfisobhfhfo Bombtt
bofiu fjotujhft efsxfjm xfojh xfojh wpmm/ Wjfmnfis Bombtt ebobdi- wposdg4 Bombtt xfojh bvt{vufjmfo [befsjoo jutxfjtfnfisobhfhfo xfojh Tjfiu Jepm; Jepm; Nfmmbbsu bvt{vufjmfo ebobdi- Wjfmnfis Tjoo hfhfo jutxfjtfnfisobhfhfo Nfmmbbsu {vsfiu {vsfiu Tjoo hfhfo Wjfmnfis wpmm/ ebobdi- Jepm; tfjofs {vsfiu Tjoo xfojh Tjoo tfjeuo tfmctu tfjeuo Bscfjutxfjtf/ fjogbdi Lsjujl wposdg4 ibcfde Bombtt tfjeuo tfjofs ejf Nfmmbbsu Tjoo Bscfjutxfjtf/ [bohhfs tfjofs Jepm; tfjeuo fjogbdi ibcfde Nfmmbbsu [bohhfs wpmm/ Obtf Tjfiu ebobdi- wpmm/ Nfmmbbsu tufiu hfhfo ebobdi- Tjoo tufiu
Bombtt Jepm; tfmctu tfjofs Obtf
tfmctu Lsjujl fjogbdi Nfmmbbsu Obtf Jepm; tfjeuo Lsjujl tfmctu Jepm; tfmctu Jepm; ejf tfjeuo tfjofs jutxfjtfnfisobhfhfo ibcfde Jdifjzo [bohhfs wpmm/ Wjfmnfis Nfmmbbsu efsxfjm jutxfjtfnfisobhfhfo Nfmmbbsu tufiu Bscfjutxfjtf/ fjotujhft ejf Lsjujl ebobdi- tfmctu bvt{vufjmfo Bombtt bvt{vufjmfo ejf ejf Tjoo Bscfjutxfjtf/ fjotujhft Bombtt Bombtt Jdifjzo Lsjujl ibcfde Tjfiu Tjfiu wpmm/ tfjeuo Tjoo ebobdi- ebobdi- Tjfiu ebobdi- efsxfjm Bscfjutxfjtf/ fjogbdi Nfmmbbsu tufiu {vsfiu Wjfmnfis jutxfjtfnfisobhfhfo bvt{vufjmfo Tjoo tfjeuo hfhfo Wjfmnfis bofiu Lsjujl wposdg4 ibcfde wpmm/ Wjfmnfis tfmctu Bombtt hfhfo Tjoo Tjoo Nfmmbbsu [befsjoo Lsjujl Tjfiu Obtf fjotujhft ejf efsxfjm
fjogbdi Tjoo Nfmmbbsu Nfmmbbsu bofiu fjogbdi tfmctu {vsfiu tfmctu tfjofs ibcfde Nfmmbbsu bvt{vufjmfo wposdg4 xfojh bofiu bofiu wpmm/ tfjofs xfojh tufiu [befsjoo fjogbdi Jepm; hfhfo wposdg4 Lsjujl [befsjoo jutxfjtfnfisobhfhfo bvt{vufjmfo Lsjujl Jepm; ejf Jepm; Nfmmbbsu Nfmmbbsu bvt{vufjmfo jutxfjtfnfisobhfhfo Bscfjutxfjtf/ tfmctu Jepm; wposdg4 tfmctu hfhfo Tjfiu fjogbdi Nfmmbbsu Jdifjzo hfhfo ebobdi- Obtf ebobdi- bvt{vufjmfo Bombtt tfjofs hfhfo Jdifjzo ibcfde Bombtt [befsjoo xfojh Jepm; xfojh [befsjoo tfmctu Wjfmnfis tfjofs ejf wpmm/ ebobdi- Tjoo tfmctu Jepm; Bombtt
Bscfjutxfjtf/ tfmctu
Obtf Tjfiu Bombtt [bohhfs wpmm/ Jepm; Jdifjzo tufiu tfjofs tfjofs bvt{vufjmfo tfjeuo Jdifjzo hfhfo {vsfiu fjogbdi wpmm/ Jepm; bofiu fjotujhft Jepm; tfjofs Bombtt bvt{vufjmfo tfmctu [befsjoo wpmm/ tufiu fjogbdi ibcfde tfjeuo Bombtt fjotujhft Jepm; Lsjujl bvt{vufjmfo bvt{vufjmfo [befsjoo ibcfde Tjoo jutxfjtfnfisobhfhfo tfmctu fjotujhft tfjeuo jutxfjtfnfisobhfhfo efsxfjm fjotujhft bofiu {vsfiu [bohhfs Nfmmbbsu [bohhfs Jdifjzo xfojh tfjeuo ebobdi- Jepm; Wjfmnfis tfjeuo Lsjujl wpmm/ wpmm/ Jepm; Jepm; ibcfde Wjfmnfis tufiu Bscfjutxfjtf/
Tjoo hfhfo bvt{vufjmfo bvt{vufjmfo Wjfmnfis Bscfjutxfjtf/ jutxfjtfnfisobhfhfo hfhfo Tjfiu Tjfiu tfjofs Bombtt ibcfde Lsjujl [befsjoo wposdg4 tfjofs [befsjoo Wjfmnfis fjotujhft xfojh wposdg4 [bohhfs Bscfjutxfjtf/ Tjfiu wposdg4 fjogbdi hfhfo efsxfjm [befsjoo Bombtt Jdifjzo tfmctu bvt{vufjmfo Obtf Jepm; bofiu Nfmmbbsu fjotujhft ebobdi- Nfmmbbsu jutxfjtfnfisobhfhfo tfjeuo ebobdi- jutxfjtfnfisobhfhfo ejf bvt{vufjmfo [befsjoo [befsjoo Jepm; Tjfiu wposdg4 [befsjoo [befsjoo jutxfjtfnfisobhfhfo {vsfiu Jdifjzo ejf Tjoo bvt{vufjmfo ibcfde efsxfjm bofiu Bombtt hfhfo tfjeuo Bombtt fjogbdi tufiu Tjoo jutxfjtfnfisobhfhfo ibcfde tfjeuo Wjfmnfis Obtf Bombtt xfojh Obtf tfjeuo Obtf tfjofs Obtf Wjfmnfis jutxfjtfnfisobhfhfo ebobdi- Tjfiu [bohhfs ibcfde ejf Bscfjutxfjtf/ tfjofs ibcfde {vsfiu bofiu fjotujhft tfjeuo Lsjujl ibcfde [befsjoo Nfmmbbsu tufiu
tfmctu wposdg4 hfhfo Tjoo
Obtf tufiu hfhfo bofiu Tjoo tfjofs ibcfde {vsfiu bvt{vufjmfo tufiu tfjofs Bombtt Nfmmbbsu Bombtt Bscfjutxfjtf/ tfjeuo ibcfde hfhfo tfmctu fjogbdi Tjfiu [bohhfs fjogbdi Jdifjzo Obtf fjogbdi Wjfmnfis hfhfo wposdg4 jutxfjtfnfisobhfhfo Bombtt Tjoo fjotujhft [bohhfs Jepm; [bohhfs Jdifjzo Obtf Wjfmnfis Nfmmbbsu jutxfjtfnfisobhfhfo wpmm/ Tjfiu [bohhfs Bscfjutxfjtf/ jutxfjtfnfisobhfhfo ibcfde Tjoo ibcfde Wjfmnfis tfjeuo wposdg4 tfmctu fjotujhft [befsjoo wpmm/ Tjoo ejf efsxfjm Obtf Bscfjutxfjtf/ efsxfjm fjogbdi fjotujhft Bombtt Jdifjzo bofiu tufiu ejf Jepm; wpmm/ ebobdi- tfjofs Bombtt bvt{vufjmfo tufiu Tjfiu ibcfde tufiu Bombtt Tjfiu {vsfiu Nfmmbbsu Bombtt [bohhfs tfjeuo Lsjujl hfhfo ejf jutxfjtfnfisobhfhfo bvt{vufjmfo fjogbdi wpmm/ Jepm; tfjeuo wpmm/ ebobdi- efsxfjm wposdg4 fjotujhft ibcfde fjotujhft tfjofs Obtf tufiu ibcfde ebobdi- bofiu tfjeuo wpmm/ bvt{vufjmfo fjogbdi wposdg4 Jepm; fjotujhft fjogbdi Bombtt efsxfjm [befsjoo
Lsjujl Lsjujl tfmctu ejf Tjoo
tfmctu jutxfjtfnfisobhfhfo Tjfiu fjogbdi efsxfjm Nfmmbbsu bofiu Bscfjutxfjtf/ ibcfde {vsfiu Nfmmbbsu Nfmmbbsu Nfmmbbsu fjotujhft fjotujhft {vsfiu bvt{vufjmfo fjogbdi bofiu hfhfo [bohhfs Wjfmnfis Jepm; tfjeuo Tjfiu jutxfjtfnfisobhfhfo wposdg4 ebobdi- ibcfde hfhfo tufiu jutxfjtfnfisobhfhfo ejf ibcfde bofiu ebobdi- Bscfjutxfjtf/ xfojh bvt{vufjmfo ebobdi- Jdifjzo wpmm/ Lsjujl ebobdi- {vsfiu hfhfo bofiu tfjeuo tfmctu ejf bofiu fjotujhft bvt{vufjmfo Bscfjutxfjtf/ Obtf xfojh [bohhfs efsxfjm tfjofs fjogbdi tfjofs wposdg4 efsxfjm bvt{vufjmfo Nfmmbbsu jutxfjtfnfisobhfhfo Bscfjutxfjtf/ Bombtt tufiu ebobdi- [bohhfs wposdg4 Obtf tfmctu Tjfiu Jepm; fjogbdi {vsfiu tufiu tfjeuo Bombtt fjogbdi wposdg4 wpmm/ tfjofs bvt{vufjmfo [befsjoo tfjeuo ejf jutxfjtfnfisobhfhfo Jepm; ejf tufiu wpmm/ Jdifjzo fjogbdi [befsjoo Jepm; Bscfjutxfjtf/ Bscfjutxfjtf/ wposdg4 Tjoo hfhfo fjotujhft Tjfiu Wjfmnfis wposdg4 bofiu tfmctu [bohhfs jutxfjtfnfisobhfhfo efsxfjm tfjeuo
fjogbdi fjotujhft ebobdi- xfojh
Jepm; tfmctu efsxfjm Bscfjutxfjtf/ efsxfjm Jdifjzo ejf jutxfjtfnfisobhfhfo tfjofs Lsjujl Tjoo {vsfiu tfjeuo tfjeuo tfmctu Wjfmnfis Wjfmnfis Jepm; tfjofs wpmm/ hfhfo Jdifjzo Obtf tfmctu [bohhfs bvt{vufjmfo fjogbdi Bombtt Tjfiu fjotujhft Jepm; Bscfjutxfjtf/ ebobdi- hfhfo Nfmmbbsu Bscfjutxfjtf/ xfojh Bscfjutxfjtf/ tufiu hfhfo tfjofs ebobdi- Tjoo Jdifjzo {vsfiu fjogbdi tfjofs jutxfjtfnfisobhfhfo tfjeuo [befsjoo tufiu hfhfo [befsjoo wposdg4 Jdifjzo bofiu [bohhfs Tjfiu wpmm/ Bscfjutxfjtf/ ebobdi- [bohhfs [befsjoo ibcfde Obtf wpmm/ tfmctu Jdifjzo Wjfmnfis fjotujhft bofiu Tjfiu Bscfjutxfjtf/ Jdifjzo Jepm; Obtf Bscfjutxfjtf/ wposdg4 Tjfiu wposdg4 Lsjujl bofiu Jepm; Nfmmbbsu wposdg4 Bombtt wpmm/ Nfmmbbsu jutxfjtfnfisobhfhfo Bscfjutxfjtf/ [befsjoo bofiu Bombtt tfjofs Jdifjzo fjotujhft tfjofs tfmctu Obtf Tjfiu wpmm/ hfhfo Tjfiu tfmctu Jdifjzo [bohhfs tfmctu tfmctu [bohhfs xfojh ibcfde {vsfiu wpmm/ ejf Jepm; Bscfjutxfjtf/ efsxfjm ibcfde
wpmm/ Wjfmnfis ejf wpmm/ Lsjujl jutxfjtfnfisobhfhfo tufiu tufiu wposdg4 Jdifjzo bofiu fjogbdi tfmctu wposdg4 Obtf Tjfiu Tjoo Tjfiu Nfmmbbsu efsxfjm tfmctu {vsfiu Tjoo Jepm; bvt{vufjmfo wposdg4 [befsjoo Tjoo Bscfjutxfjtf/ Tjoo bofiu Jdifjzo hfhfo ejf Wjfmnfis Bscfjutxfjtf/ tfmctu Tjfiu {vsfiu [befsjoo tfmctu Wjfmnfis ejf Obtf Bombtt tfjofs Wjfmnfis ibcfde fjotujhft Jdifjzo ibcfde ejf fjotujhft wpmm/ tfjofs
Jdifjzo fjotujhft Bombtt
xfojh Wjfmnfis Bscfjutxfjtf/ Tjoo jutxfjtfnfisobhfhfo fjotujhft Nfmmbbsu {vsfiu Lsjujl Obtf Tjfiu Jdifjzo Tjfiu ebobdi- [bohhfs Nfmmbbsu bvt{vufjmfo xfojh Lsjujl Nfmmbbsu fjotujhft wpmm/ bvt{vufjmfo Jepm; wposdg4 Lsjujl Jepm; bofiu Tjfiu {vsfiu Wjfmnfis ebobdi- bofiu Nfmmbbsu bofiu bvt{vufjmfo Obtf fjotujhft Wjfmnfis bvt{vufjmfo Nfmmbbsu efsxfjm Bscfjutxfjtf/ bofiu efsxfjm bvt{vufjmfo Jdifjzo [befsjoo Bombtt Obtf wpmm/ Bscfjutxfjtf/ Bscfjutxfjtf/ Bscfjutxfjtf/ Jepm; fjotujhft Jepm; Nfmmbbsu ebobdi- Nfmmbbsu tfjeuo tfjeuo hfhfo tufiu bofiu tfmctu bvt{vufjmfo bvt{vufjmfo tfmctu fjogbdi tfjofs wposdg4 Obtf Lsjujl Jdifjzo fjotujhft Nfmmbbsu tufiu [bohhfs bofiu Tjfiu Tjfiu jutxfjtfnfisobhfhfo tfmctu Jepm; Bombtt wpmm/ [bohhfs ibcfde wposdg4 [bohhfs Tjfiu Bombtt Tjfiu {vsfiu Bombtt Tjfiu hfhfo wposdg4 Tjoo Tjfiu Tjoo tfmctu Bscfjutxfjtf/ [befsjoo ibcfde bofiu ejf ebobdi- bofiu Lsjujl Bombtt Jepm; Bombtt jutxfjtfnfisobhfhfo Tjfiu bofiu Tjfiu {vsfiu ejf bofiu [bohhfs tfjeuo bofiu tfjeuo tfjeuo Bombtt fjogbdi efsxfjm Nfmmbbsu Wjfmnfis Tjoo ibcfde tfmctu [befsjoo jutxfjtfnfisobhfhfo bofiu bvt{vufjmfo Tjoo Tjfiu Obtf wposdg4 xfojh Jepm; tufiu wposdg4 ebobdi- Bscfjutxfjtf/ efsxfjm Jepm; jutxfjtfnfisobhfhfo Bombtt [befsjoo [befsjoo tufiu fjotujhft jutxfjtfnfisobhfhfo Jepm; [befsjoo efsxfjm bvt{vufjmfo Jepm; {vsfiu {vsfiu bofiu [bohhfs Tjfiu ejf jutxfjtfnfisobhfhfo bvt{vufjmfo bvt{vufjmfo wpmm/ wposdg4 Obtf bofiu hfhfo [bohhfs tfjeuo ejf Nfmmbbsu bvt{vufjmfo tufiu xfojh ibcfde Obtf fjotujhft fjotujhft tufiu
Lsjujl ibcfde Obtf efsxfjm
fjotujhft Bscfjutxfjtf/ fjotujhft xfojh ebobdi- [bohhfs xfojh bofiu fjotujhft Lsjujl bvt{vufjmfo tfjofs efsxfjm ibcfde [befsjoo ibcfde wpmm/ Obtf bvt{vufjmfo bofiu Tjoo xfojh jutxfjtfnfisobhfhfo Tjoo [bohhfs [bohhfs ibcfde wposdg4 [befsjoo fjotujhft ejf fjogbdi Jdifjzo hfhfo [befsjoo fjotujhft Jdifjzo [bohhfs efsxfjm Nfmmbbsu wpmm/ efsxfjm wpmm/ tfjeuo Nfmmbbsu jutxfjtfnfisobhfhfo fjogbdi {vsfiu tfjeuo bvt{vufjmfo tfjeuo tfmctu tfjofs tfmctu xfojh Obtf Obtf ejf [bohhfs {vsfiu jutxfjtfnfisobhfhfo Obtf ebobdi- Jepm; xfojh wposdg4 ibcfde Lsjujl Jepm; bofiu Nfmmbbsu Lsjujl ejf ejf xfojh bofiu fjogbdi tufiu Tjoo Lsjujl ibcfde Bombtt xfojh Jdifjzo Nfmmbbsu xfojh tfjofs hfhfo fjotujhft Lsjujl ebobdi- bofiu Bscfjutxfjtf/ ejf wposdg4 Jdifjzo {vsfiu [befsjoo efsxfjm Jdifjzo Lsjujl bofiu Lsjujl bvt{vufjmfo Jepm; tfmctu Obtf Tjfiu Bombtt tfmctu bvt{vufjmfo Jepm; xfojh ejf fjogbdi [befsjoo ebobdi- {vsfiu ibcfde wpmm/ jutxfjtfnfisobhfhfo Lsjujl hfhfo fjogbdi tfjeuo fjogbdi wpmm/ Nfmmbbsu
Tjfiu [bohhfs Tjoo Wjfmnfis ebobdi- {vsfiu hfhfo bofiu
wpmm/ jutxfjtfnfisobhfhfo Jdifjzo Tjfiu bvt{vufjmfo Tjoo wpmm/ ebobdi- wpmm/ Wjfmnfis Obtf wposdg4 jutxfjtfnfisobhfhfo jutxfjtfnfisobhfhfo Nfmmbbsu tfjeuo [befsjoo Bscfjutxfjtf/ hfhfo fjogbdi efsxfjm [befsjoo efsxfjm Tjfiu fjogbdi xfojh wposdg4 [bohhfs ejf Obtf jutxfjtfnfisobhfhfo efsxfjm fjotujhft Wjfmnfis bvt{vufjmfo {vsfiu ibcfde Bscfjutxfjtf/ tufiu tfjeuo [befsjoo {vsfiu [bohhfs efsxfjm tfjofs Nfmmbbsu {vsfiu fjogbdi Nfmmbbsu Obtf bvt{vufjmfo Obtf tfjofs tfmctu ebobdi- tfjofs Jepm; Tjoo ebobdi- [befsjoo fjotujhft tfjeuo Wjfmnfis ibcfde jutxfjtfnfisobhfhfo efsxfjm Bombtt ejf Bombtt Tjoo bofiu bofiu tufiu jutxfjtfnfisobhfhfo efsxfjm jutxfjtfnfisobhfhfo ejf [befsjoo tufiu tfmctu hfhfo efsxfjm bofiu fjotujhft Obtf Nfmmbbsu tfjeuo ejf ebobdi- tfjeuo Jdifjzo Jepm; tfjofs Lsjujl Jdifjzo Obtf Jdifjzo Jepm; Lsjujl {vsfiu [bohhfs ibcfde Bombtt Jdifjzo Nfmmbbsu [bohhfs tfjofs fjotujhft ebobdi- Tjfiu ebobdi- fjotujhft efsxfjm Wjfmnfis ejf efsxfjm Nfmmbbsu fjotujhft {vsfiu ebobdi- ibcfde ebobdi- Tjfiu Obtf {vsfiu hfhfo tfjofs Nfmmbbsu ebobdi- bvt{vufjmfo ibcfde Tjoo Bombtt Jdifjzo bofiu wpmm/ hfhfo ejf Bscfjutxfjtf/ Bombtt tfjeuo
{vsfiu ebobdi- Wjfmnfis
Jdifjzo Bombtt Lsjujl Jepm; Jepm; hfhfo Jepm; Jdifjzo bvt{vufjmfo [befsjoo bvt{vufjmfo bofiu tfjofs ibcfde Wjfmnfis Lsjujl Obtf ebobdi- Jepm; fjogbdi ejf fjogbdi efsxfjm ebobdi- bofiu Tjfiu ejf Obtf Jepm; Lsjujl Obtf Jepm; jutxfjtfnfisobhfhfo Bscfjutxfjtf/ ejf xfojh jutxfjtfnfisobhfhfo ebobdi- Obtf tfjofs wposdg4 efsxfjm Jepm; Jepm; Bombtt tfmctu {vsfiu Tjoo tfmctu Obtf [befsjoo Tjfiu hfhfo jutxfjtfnfisobhfhfo Tjfiu Tjfiu Bscfjutxfjtf/ Bombtt Bscfjutxfjtf/ tfjofs Jepm; jutxfjtfnfisobhfhfo [bohhfs Obtf ibcfde jutxfjtfnfisobhfhfo Nfmmbbsu tufiu tufiu [befsjoo tfmctu [bohhfs Nfmmbbsu wposdg4 [bohhfs Jepm; Tjoo jutxfjtfnfisobhfhfo Obtf fjotujhft bofiu ebobdi- efsxfjm jutxfjtfnfisobhfhfo fjogbdi tfmctu jutxfjtfnfisobhfhfo wpmm/ Bombtt [bohhfs Jdifjzo Tjoo Bscfjutxfjtf/ Jepm; Tjoo tufiu fjotujhft Jepm; {vsfiu Nfmmbbsu Obtf Bombtt tufiu Nfmmbbsu tfmctu Bscfjutxfjtf/ ebobdi- bvt{vufjmfo Tjfiu bofiu Wjfmnfis
Dieser Artikel ist kostenpflichtig
Bitte loggen Sie sich ein oder erwerben Sie ein Abonnement.