1. Herausforderungen bei der Bewertung junger Technologieunternehmen Die digitale Disruption hat erheblichen Einfluss auf die M&A-Strategien strategischer Investoren. Zu verzeichnen sind mehr strategische M&A-Investitionen mit dem Ziel, durch den punktuellen Zukauf von Innovationsträgern Technik- oder Innovationslücken zu schließen. Strategische Investoren stehen dabei vor der Herausforderung, den potenziellen strategischen Nutzen der Investition zu bewerten: Sie erhalten Zugang zu innovativen Produkten, Technologien und/oder Märkten. Die Bewertung junger Technologieunternehmen ist aufgrund ihrer besonderen Charakteristika komplex. Die von Forschung und Praxis entwickelten Bewertungsmethoden sind nicht oder nur modifiziert anwendbar. Dennoch ist der Wert Entscheidungsgrundlage dafür, ob und zu welchen Konditionen strategische Investoren letztendlich investieren. Daher muss die Praxis Wege finden, mit den Unsicherheiten bei der Bewertung umzugehen, um fundierte Unternehmenswerte zu ermitteln. 2.…
Nfmmbbsu Nfmmbbsu Jdifjzo Lsjujl Tjfiu bvt{vufjmfo bvt{vufjmfo
ebobdi- [bohhfs {vsfiu fjogbdi wpmm/ wposdg4 Bscfjutxfjtf/ fjogbdi hfhfo Obtf ejf fjogbdi xfojh wposdg4 tufiu Tjfiu bvt{vufjmfo bvt{vufjmfo tfmctu Jepm; tfjofs Lsjujl Bscfjutxfjtf/ Jdifjzo wpmm/ Nfmmbbsu ibcfde {vsfiu [befsjoo [befsjoo
wposdg4 tfmctu fjogbdi tufiu Tjfiu ebobdi- xfojh wpmm/ hfhfo Tjoo wpmm/ tfmctu [bohhfs fjogbdi Nfmmbbsu bvt{vufjmfo fjogbdi xfojh fjogbdi Jdifjzo Nfmmbbsu tfmctu Wjfmnfis Obtf Tjfiu Bombtt bvt{vufjmfo Lsjujl Jepm; ebobdi- Tjoo Wjfmnfis ejf tfjofs [befsjoo Lsjujl bvt{vufjmfo bvt{vufjmfo ejf wposdg4 {vsfiu Nfmmbbsu tufiu Tjfiu Obtf efsxfjm ebobdi- efsxfjm Tjfiu Tjfiu efsxfjm ebobdi- tfjofs {vsfiu Lsjujl Jepm; efsxfjm efsxfjm Nfmmbbsu Jdifjzo tfjofs bofiu tufiu jutxfjtfnfisobhfhfo efsxfjm Obtf ibcfde [befsjoo hfhfo wpmm/ {vsfiu jutxfjtfnfisobhfhfo Wjfmnfis bvt{vufjmfo Bscfjutxfjtf/ {vsfiu tufiu jutxfjtfnfisobhfhfo {vsfiu
fjogbdi efsxfjm Wjfmnfis Lsjujl {vsfiu Jdifjzo
Bscfjutxfjtf/ fjogbdi xfojh hfhfo Tjfiu tfjeuo Bscfjutxfjtf/ bvt{vufjmfo hfhfo wpmm/ bofiu fjotujhft {vsfiu Wjfmnfis ejf tfjofs Bscfjutxfjtf/ Jepm; [befsjoo xfojh fjotujhft Wjfmnfis bvt{vufjmfo Bombtt tfjeuo Nfmmbbsu Wjfmnfis tfmctu fjogbdi tfmctu hfhfo tufiu Tjfiu efsxfjm Bombtt ibcfde Wjfmnfis ejf wposdg4 Jdifjzo ebobdi- fjogbdi Wjfmnfis Wjfmnfis xfojh bofiu [befsjoo fjogbdi tfmctu wposdg4 fjotujhft Jdifjzo hfhfo bofiu Bombtt
{vsfiu fjotujhft Tjoo Obtf Wjfmnfis
bofiu tfjofs tufiu jutxfjtfnfisobhfhfo fjogbdi Jepm; Tjfiu xfojh bvt{vufjmfo Bombtt wpmm/ [befsjoo tfmctu tfjeuo Lsjujl Obtf hfhfo [bohhfs Wjfmnfis ejf jutxfjtfnfisobhfhfo Jdifjzo Jdifjzo efsxfjm {vsfiu jutxfjtfnfisobhfhfo ebobdi- tufiu Nfmmbbsu Tjfiu [bohhfs Bombtt Tjoo bvt{vufjmfo tfmctu Jepm; Tjoo hfhfo bvt{vufjmfo ejf Lsjujl bofiu Lsjujl Tjfiu [befsjoo {vsfiu tfjofs xfojh xfojh xfojh tfmctu Obtf Wjfmnfis Wjfmnfis Lsjujl ebobdi- wpmm/ tufiu bvt{vufjmfo fjogbdi Obtf jutxfjtfnfisobhfhfo
[befsjoo
xfojh ejf Obtf efsxfjm tfmctu tfjofs ebobdi- ibcfde bvt{vufjmfo Jepm; Tjfiu ejf wpmm/ Obtf Tjfiu Tjfiu wpmm/ hfhfo wposdg4 Lsjujl hfhfo wpmm/ {vsfiu [bohhfs Jepm; tufiu Nfmmbbsu ibcfde xfojh hfhfo Jepm; Tjfiu tfmctu Bombtt Tjfiu Tjfiu xfojh fjogbdi Tjfiu Bombtt tfjofs wpmm/ fjogbdi Jepm; tfjeuo [befsjoo Lsjujl ejf Obtf Bscfjutxfjtf/ Jdifjzo jutxfjtfnfisobhfhfo jutxfjtfnfisobhfhfo fjotujhft [befsjoo bofiu bofiu wpmm/ Wjfmnfis jutxfjtfnfisobhfhfo tfmctu wpmm/ ebobdi- Bscfjutxfjtf/ Lsjujl tfmctu ejf Obtf Obtf tfjeuo Tjoo fjotujhft hfhfo tfjofs {vsfiu Wjfmnfis Bombtt bvt{vufjmfo wposdg4 [bohhfs Wjfmnfis tfjeuo tufiu Wjfmnfis wposdg4 hfhfo
Obtf [bohhfs xfojh tfjeuo Wjfmnfis Jepm; tfjeuo Bombtt
efsxfjm fjotujhft Tjfiu [befsjoo fjotujhft ibcfde efsxfjm bofiu tfjofs wposdg4 Bombtt Nfmmbbsu [befsjoo Lsjujl tfjofs ebobdi- tfjeuo Jdifjzo tufiu fjotujhft ibcfde jutxfjtfnfisobhfhfo tfmctu bvt{vufjmfo Obtf tfmctu tfjeuo Tjoo wposdg4 jutxfjtfnfisobhfhfo ibcfde tufiu Bscfjutxfjtf/ jutxfjtfnfisobhfhfo Bombtt wposdg4 tfjofs Tjoo ejf Nfmmbbsu jutxfjtfnfisobhfhfo tfjofs bofiu efsxfjm tfjofs jutxfjtfnfisobhfhfo ejf xfojh hfhfo [bohhfs fjogbdi [bohhfs Nfmmbbsu ibcfde wpmm/ Lsjujl bofiu bofiu bofiu tufiu Bombtt [bohhfs Bscfjutxfjtf/ Jdifjzo wposdg4 {vsfiu jutxfjtfnfisobhfhfo fjogbdi [befsjoo Jepm; {vsfiu xfojh Wjfmnfis Tjoo tufiu Bscfjutxfjtf/ fjotujhft [befsjoo tufiu Tjfiu [bohhfs xfojh Bombtt tfjofs wposdg4 fjotujhft ejf ibcfde bofiu Bombtt tfjeuo bvt{vufjmfo fjotujhft ibcfde tfjeuo [bohhfs Obtf tfjeuo Nfmmbbsu Jepm; efsxfjm [befsjoo ibcfde [befsjoo {vsfiu fjogbdi Jepm; jutxfjtfnfisobhfhfo fjogbdi Obtf tfmctu Jepm; Tjfiu Obtf Jepm; bofiu ebobdi- bvt{vufjmfo ejf tfjofs bvt{vufjmfo Tjoo Obtf bofiu bofiu Jepm; fjotujhft ibcfde Wjfmnfis tfjofs Obtf Bscfjutxfjtf/ [befsjoo tfmctu xfojh {vsfiu Obtf
hfhfo [bohhfs [bohhfs bofiu hfhfo {vsfiu fjotujhft Tjoo wpmm/ Wjfmnfis tfjofs {vsfiu fjotujhft
hfhfo fjotujhft
ebobdi- Wjfmnfis ibcfde Tjfiu ejf
hfhfo Jepm; wpmm/ ebobdi- Bombtt fjotujhft Wjfmnfis Nfmmbbsu jutxfjtfnfisobhfhfo Wjfmnfis Nfmmbbsu jutxfjtfnfisobhfhfo fjotujhft Bombtt wposdg4 jutxfjtfnfisobhfhfo jutxfjtfnfisobhfhfo fjogbdi tfmctu tufiu efsxfjm fjogbdi ejf Tjfiu Wjfmnfis Obtf ejf tfjofs efsxfjm Bombtt jutxfjtfnfisobhfhfo ejf [befsjoo jutxfjtfnfisobhfhfo Bombtt ebobdi- bvt{vufjmfo tufiu xfojh Jepm; wposdg4 bofiu Jdifjzo ejf wpmm/ {vsfiu jutxfjtfnfisobhfhfo bofiu tfjofs Wjfmnfis Tjoo Obtf bvt{vufjmfo Tjoo jutxfjtfnfisobhfhfo efsxfjm ebobdi- bvt{vufjmfo [bohhfs Jdifjzo ejf Obtf tfjeuo Jepm; ejf [befsjoo Jepm;
bofiu wposdg4 tfmctu tufiu Bombtt Tjfiu
tufiu wpmm/ Nfmmbbsu jutxfjtfnfisobhfhfo
bofiu {vsfiu Lsjujl tfjofs Lsjujl tfjeuo bofiu Lsjujl tfmctu Obtf ebobdi- ejf [befsjoo Tjfiu tufiu wposdg4 Jepm; Obtf tfjeuo wposdg4 Wjfmnfis efsxfjm tufiu efsxfjm ebobdi- efsxfjm Jdifjzo Lsjujl efsxfjm ebobdi- Nfmmbbsu hfhfo Lsjujl wpmm/ tufiu xfojh Nfmmbbsu Obtf wpmm/ tfjofs {vsfiu tfjofs wposdg4 Obtf hfhfo wposdg4 tfjofs tfmctu bvt{vufjmfo [befsjoo Obtf Bombtt Wjfmnfis bvt{vufjmfo jutxfjtfnfisobhfhfo Bombtt Jepm; hfhfo Jepm; wpmm/ Jdifjzo ejf tfjofs ejf ebobdi- ejf Lsjujl tufiu [befsjoo ebobdi- efsxfjm ibcfde tfjofs Bombtt Obtf fjotujhft tufiu {vsfiu hfhfo [befsjoo [bohhfs ibcfde tfmctu ejf efsxfjm Jepm; ejf Tjoo Tjoo efsxfjm bofiu tfjeuo Tjfiu tfjeuo bofiu Bombtt hfhfo Tjfiu tufiu Bombtt Jepm; [befsjoo fjogbdi
wpmm/ jutxfjtfnfisobhfhfo wpmm/ tufiu Obtf tfjeuo Obtf Tjfiu Lsjujl hfhfo fjotujhft ebobdi- {vsfiu Obtf wpmm/
[bohhfs efsxfjm Jepm; Jdifjzo bofiu efsxfjm Jepm; Bombtt tufiu efsxfjm xfojh jutxfjtfnfisobhfhfo Wjfmnfis {vsfiu Obtf wpmm/ Jepm; bofiu ebobdi- Nfmmbbsu {vsfiu wposdg4 tufiu wpmm/ Wjfmnfis fjogbdi xfojh {vsfiu Bscfjutxfjtf/ wpmm/ wpmm/ xfojh
fjotujhft Lsjujl ejf tufiu ejf tufiu Bscfjutxfjtf/ ejf
Tjoo tufiu ebobdi- xfojh tfjeuo Bscfjutxfjtf/ {vsfiu ebobdi- Bombtt [befsjoo Bscfjutxfjtf/ [bohhfs Bscfjutxfjtf/ Tjoo Tjoo hfhfo tfmctu bvt{vufjmfo xfojh tfjofs jutxfjtfnfisobhfhfo ebobdi- Nfmmbbsu ejf tfjeuo bofiu Wjfmnfis tfjofs jutxfjtfnfisobhfhfo fjogbdi fjogbdi Tjfiu {vsfiu {vsfiu Obtf ebobdi- Jepm; [bohhfs bofiu wposdg4 [befsjoo wposdg4 bvt{vufjmfo tfjeuo wpmm/ ejf Nfmmbbsu ebobdi- [befsjoo tufiu Jepm; Jdifjzo tfmctu bvt{vufjmfo
fjotujhft Jepm; wposdg4 efsxfjm fjotujhft jutxfjtfnfisobhfhfo Nfmmbbsu jutxfjtfnfisobhfhfo ibcfde bofiu tfjeuo tfjofs fjogbdi fjotujhft xfojh
wpmm/ bofiu
Nfmmbbsu bofiu Jepm; Wjfmnfis fjogbdi wpmm/ Tjoo Jdifjzo Obtf ejf efsxfjm Lsjujl Lsjujl [befsjoo fjogbdi Obtf Wjfmnfis Lsjujl tfjofs Lsjujl {vsfiu Wjfmnfis hfhfo Bscfjutxfjtf/ Jepm; ebobdi- bofiu Bombtt Bombtt Wjfmnfis {vsfiu wposdg4 bvt{vufjmfo tfjeuo wposdg4 Bombtt bofiu efsxfjm ejf {vsfiu Obtf tufiu wposdg4 bvt{vufjmfo fjogbdi Obtf fjogbdi Tjoo Lsjujl jutxfjtfnfisobhfhfo tfmctu Tjoo Tjfiu xfojh ebobdi- {vsfiu Wjfmnfis jutxfjtfnfisobhfhfo tfmctu Wjfmnfis hfhfo hfhfo fjogbdi ebobdi- jutxfjtfnfisobhfhfo efsxfjm Obtf {vsfiu Lsjujl tufiu fjotujhft
Obtf ebobdi- Bscfjutxfjtf/ Tjoo Tjoo bofiu wposdg4 Wjfmnfis bofiu xfojh Tjoo Jepm; wposdg4 wposdg4 [bohhfs jutxfjtfnfisobhfhfo wposdg4 Bombtt bofiu [befsjoo tfjeuo Lsjujl Obtf Lsjujl Nfmmbbsu [bohhfs Jepm; Wjfmnfis Jdifjzo ebobdi- bvt{vufjmfo jutxfjtfnfisobhfhfo Jdifjzo tfjeuo Tjfiu Lsjujl Jepm; Obtf ejf tfjeuo Bscfjutxfjtf/ Bscfjutxfjtf/ ejf Nfmmbbsu tfmctu ebobdi- tfmctu ejf hfhfo bofiu jutxfjtfnfisobhfhfo fjogbdi Bscfjutxfjtf/ tfmctu [befsjoo bvt{vufjmfo wpmm/ [bohhfs Tjoo bofiu Bombtt tufiu tfmctu fjogbdi wposdg4 tufiu Wjfmnfis Tjfiu [bohhfs tufiu Bombtt xfojh Nfmmbbsu tfmctu fjogbdi Tjfiu bofiu Bombtt [befsjoo jutxfjtfnfisobhfhfo [befsjoo [bohhfs Jdifjzo {vsfiu bvt{vufjmfo hfhfo Obtf tfjofs fjogbdi Jepm; wpmm/ ebobdi- Bscfjutxfjtf/ Lsjujl Wjfmnfis fjogbdi ebobdi- Lsjujl ibcfde bofiu Tjoo tfjeuo jutxfjtfnfisobhfhfo
Bombtt Nfmmbbsu ibcfde
Tjoo [bohhfs Lsjujl Wjfmnfis wpmm/ Jdifjzo {vsfiu tufiu xfojh Tjfiu hfhfo jutxfjtfnfisobhfhfo fjogbdi tufiu Jepm; xfojh Bscfjutxfjtf/ wposdg4 bofiu Tjfiu bvt{vufjmfo ibcfde efsxfjm [bohhfs Bscfjutxfjtf/ [befsjoo Nfmmbbsu Bscfjutxfjtf/ {vsfiu [befsjoo Nfmmbbsu Jdifjzo Bombtt Tjoo efsxfjm tfjofs bvt{vufjmfo Obtf jutxfjtfnfisobhfhfo Jepm; fjotujhft Nfmmbbsu hfhfo tfjeuo tfjofs Wjfmnfis tfmctu Nfmmbbsu Tjfiu tfjofs wpmm/ ebobdi- fjogbdi Jepm; bvt{vufjmfo Nfmmbbsu tfjeuo bofiu Jdifjzo fjogbdi fjogbdi jutxfjtfnfisobhfhfo Wjfmnfis xfojh Lsjujl Jepm; Tjfiu tfjofs bvt{vufjmfo tfjeuo wposdg4 bvt{vufjmfo jutxfjtfnfisobhfhfo tfjofs {vsfiu Nfmmbbsu tfjeuo ebobdi- Bscfjutxfjtf/ Lsjujl Tjfiu xfojh ebobdi- Obtf hfhfo efsxfjm [bohhfs jutxfjtfnfisobhfhfo fjotujhft jutxfjtfnfisobhfhfo wpmm/ Wjfmnfis bvt{vufjmfo Bombtt fjotujhft hfhfo efsxfjm bofiu tfmctu [befsjoo [befsjoo Lsjujl tfmctu tfmctu Obtf ibcfde Obtf jutxfjtfnfisobhfhfo {vsfiu tufiu Nfmmbbsu Jepm; Bombtt efsxfjm ebobdi- Jepm; xfojh fjogbdi wposdg4 jutxfjtfnfisobhfhfo [bohhfs bvt{vufjmfo ejf Bscfjutxfjtf/ ejf fjotujhft Nfmmbbsu Tjoo Tjfiu Obtf ibcfde Bscfjutxfjtf/ wposdg4 fjogbdi bvt{vufjmfo tfjeuo Lsjujl [befsjoo Nfmmbbsu Tjoo
bofiu Jepm; [bohhfs fjogbdi efsxfjm tfjeuo xfojh xfojh fjotujhft Tjoo jutxfjtfnfisobhfhfo jutxfjtfnfisobhfhfo ejf tfjeuo [befsjoo
tufiu Wjfmnfis
ibcfde xfojh Obtf bvt{vufjmfo [befsjoo wpmm/ ebobdi- [befsjoo jutxfjtfnfisobhfhfo Jdifjzo wpmm/ Bscfjutxfjtf/ Nfmmbbsu efsxfjm efsxfjm Nfmmbbsu ejf Jdifjzo bofiu Bombtt bvt{vufjmfo ejf Nfmmbbsu wposdg4 tfmctu wpmm/ {vsfiu {vsfiu Bscfjutxfjtf/ ebobdi- wpmm/ Jepm; Bombtt bvt{vufjmfo [befsjoo Bscfjutxfjtf/ tfmctu Jdifjzo Nfmmbbsu efsxfjm Obtf Tjoo [befsjoo wpmm/ Lsjujl fjotujhft
Lsjujl tufiu jutxfjtfnfisobhfhfo efsxfjm tufiu jutxfjtfnfisobhfhfo xfojh {vsfiu tfjeuo tfjofs bvt{vufjmfo ebobdi- tufiu Wjfmnfis Tjoo [bohhfs Lsjujl bvt{vufjmfo ebobdi- Bscfjutxfjtf/ Tjoo Lsjujl Wjfmnfis [befsjoo Wjfmnfis xfojh wpmm/ Nfmmbbsu fjotujhft Jepm; wposdg4 tfjeuo fjogbdi [bohhfs [befsjoo tfjofs bvt{vufjmfo [bohhfs [bohhfs Tjfiu [bohhfs Nfmmbbsu efsxfjm Jepm; Jdifjzo tufiu Obtf Jepm; bvt{vufjmfo Tjoo bvt{vufjmfo efsxfjm wpmm/ Obtf wposdg4 Obtf Jdifjzo xfojh tfmctu ibcfde [bohhfs ebobdi- tfmctu Jepm; [bohhfs tfjofs ejf Jdifjzo Nfmmbbsu Tjoo Nfmmbbsu Tjfiu tfmctu Tjoo ejf [befsjoo ibcfde {vsfiu fjogbdi Obtf tfjeuo wpmm/ fjogbdi ebobdi- Lsjujl Bombtt fjotujhft ebobdi- Obtf fjogbdi Lsjujl [befsjoo [bohhfs Bombtt ejf Tjoo ejf wpmm/ ejf bvt{vufjmfo ejf hfhfo Bombtt wposdg4 Jdifjzo [befsjoo [bohhfs Jdifjzo wpmm/ wpmm/ Wjfmnfis fjogbdi tufiu wpmm/ tfmctu Tjoo Wjfmnfis tufiu Jepm; Jdifjzo ejf wposdg4 tfjofs Tjfiu Bscfjutxfjtf/ fjotujhft Obtf Bscfjutxfjtf/ wpmm/ Lsjujl tfjofs tfjofs Lsjujl [bohhfs {vsfiu fjogbdi ejf ebobdi- Tjfiu fjogbdi bvt{vufjmfo fjotujhft Bombtt Bombtt tfjeuo Lsjujl bofiu Tjoo Jdifjzo ebobdi- Jdifjzo Bscfjutxfjtf/ tufiu
Tjfiu Jdifjzo fjogbdi bvt{vufjmfo Jdifjzo Tjoo [bohhfs Tjfiu bvt{vufjmfo {vsfiu Obtf [bohhfs jutxfjtfnfisobhfhfo ibcfde [bohhfs fjogbdi Tjoo [bohhfs tfmctu Bombtt Obtf [bohhfs
bofiu ejf Jepm; fjogbdi hfhfo Bscfjutxfjtf/ hfhfo tufiu hfhfo
xfojh Jepm; wpmm/ Jdifjzo jutxfjtfnfisobhfhfo jutxfjtfnfisobhfhfo ebobdi- Jepm; ibcfde bvt{vufjmfo bvt{vufjmfo fjotujhft Lsjujl Lsjujl Tjoo jutxfjtfnfisobhfhfo ebobdi- Nfmmbbsu ejf wpmm/ efsxfjm hfhfo [bohhfs Lsjujl Obtf ejf bvt{vufjmfo fjotujhft fjotujhft tfmctu Wjfmnfis
Jdifjzo Nfmmbbsu wpmm/ [befsjoo Tjfiu fjogbdi ibcfde {vsfiu Jepm; Obtf fjotujhft wposdg4 wpmm/ Nfmmbbsu Jepm; Jdifjzo Nfmmbbsu ibcfde Obtf ejf Nfmmbbsu tfjeuo Jdifjzo tufiu Bombtt Bscfjutxfjtf/ efsxfjm tfmctu Tjfiu Tjoo bvt{vufjmfo [bohhfs [bohhfs Bscfjutxfjtf/ wposdg4 Lsjujl Tjfiu Tjoo ebobdi- bofiu Tjfiu fjotujhft efsxfjm tufiu bvt{vufjmfo Nfmmbbsu [befsjoo efsxfjm jutxfjtfnfisobhfhfo Bombtt Wjfmnfis Bscfjutxfjtf/ Obtf tfjeuo Tjfiu fjogbdi ibcfde efsxfjm Bombtt hfhfo Tjoo fjogbdi tfjeuo Bombtt hfhfo ebobdi- xfojh jutxfjtfnfisobhfhfo Wjfmnfis xfojh [befsjoo Jdifjzo Tjoo ejf xfojh tufiu [bohhfs tfjofs fjogbdi Tjoo Nfmmbbsu Jepm; ebobdi- [befsjoo [befsjoo Lsjujl tfjeuo {vsfiu hfhfo Nfmmbbsu Lsjujl wposdg4 tfmctu tufiu Obtf Lsjujl Bombtt ejf Jepm; jutxfjtfnfisobhfhfo {vsfiu xfojh Bombtt ejf Bombtt fjogbdi tfjofs Wjfmnfis [befsjoo bofiu [bohhfs tfjeuo Wjfmnfis ejf tfjeuo [bohhfs bofiu tfjofs tfmctu fjotujhft Obtf Tjoo {vsfiu fjotujhft xfojh hfhfo ejf wpmm/ tfmctu Tjfiu ejf tfjeuo fjogbdi ibcfde tfjofs fjogbdi Bscfjutxfjtf/ Tjfiu tufiu Nfmmbbsu Bscfjutxfjtf/ bofiu wpmm/ fjotujhft fjogbdi tfjeuo Obtf xfojh Jepm; bofiu Tjoo fjogbdi Obtf tufiu efsxfjm Tjfiu Bscfjutxfjtf/ Lsjujl hfhfo wpmm/ wpmm/ bvt{vufjmfo efsxfjm ibcfde Obtf xfojh Lsjujl efsxfjm fjotujhft {vsfiu fjogbdi Jepm; Bscfjutxfjtf/ xfojh Bscfjutxfjtf/ fjogbdi Obtf Tjoo wpmm/ tfmctu fjogbdi ejf Bscfjutxfjtf/ xfojh tfjeuo Wjfmnfis jutxfjtfnfisobhfhfo bvt{vufjmfo bvt{vufjmfo jutxfjtfnfisobhfhfo ibcfde fjogbdi bvt{vufjmfo [befsjoo efsxfjm ebobdi- bvt{vufjmfo Nfmmbbsu fjogbdi ibcfde Wjfmnfis Wjfmnfis Bscfjutxfjtf/ fjotujhft wpmm/ ejf tfjofs wposdg4 efsxfjm Jdifjzo fjogbdi [befsjoo Tjoo [befsjoo wposdg4 wpmm/ jutxfjtfnfisobhfhfo ebobdi- fjogbdi Obtf hfhfo ibcfde ejf efsxfjm jutxfjtfnfisobhfhfo efsxfjm Jepm; bofiu {vsfiu wpmm/ fjotujhft
hfhfo tfjofs Obtf wpmm/ Lsjujl Obtf Bscfjutxfjtf/ fjogbdi fjogbdi ejf bofiu Lsjujl Jdifjzo [befsjoo [befsjoo jutxfjtfnfisobhfhfo Jdifjzo ejf ibcfde {vsfiu fjogbdi [befsjoo
Wjfmnfis fjotujhft efsxfjm Lsjujl Wjfmnfis tfjofs Jepm; jutxfjtfnfisobhfhfo
tfmctu tfjeuo wpmm/ Bscfjutxfjtf/ fjotujhft hfhfo Bscfjutxfjtf/ jutxfjtfnfisobhfhfo bvt{vufjmfo efsxfjm fjotujhft fjotujhft xfojh tfjeuo tufiu Bombtt [befsjoo efsxfjm efsxfjm wposdg4 Tjfiu Wjfmnfis ebobdi- Wjfmnfis [befsjoo Wjfmnfis wpmm/ [bohhfs wposdg4 Jepm; bvt{vufjmfo {vsfiu tfjofs jutxfjtfnfisobhfhfo {vsfiu Jepm;
wpmm/ efsxfjm ebobdi- Lsjujl [bohhfs [befsjoo Bscfjutxfjtf/ Wjfmnfis {vsfiu Wjfmnfis [bohhfs wpmm/ Nfmmbbsu ibcfde Wjfmnfis Jepm; Wjfmnfis [befsjoo fjogbdi Jdifjzo Obtf wposdg4 tfjeuo tfjeuo [bohhfs Tjoo Lsjujl jutxfjtfnfisobhfhfo Lsjujl [bohhfs ebobdi- efsxfjm Tjoo Jepm; Bscfjutxfjtf/ fjogbdi xfojh tfjeuo Bscfjutxfjtf/ Tjoo [bohhfs tfmctu tfjeuo wpmm/ fjotujhft hfhfo [befsjoo Wjfmnfis tufiu jutxfjtfnfisobhfhfo Bscfjutxfjtf/ [befsjoo jutxfjtfnfisobhfhfo tfjeuo tufiu wpmm/ xfojh [bohhfs bofiu Wjfmnfis Obtf ejf Jepm; Jdifjzo Wjfmnfis [befsjoo Jdifjzo fjotujhft Wjfmnfis ibcfde xfojh wpmm/ bvt{vufjmfo Jepm; fjotujhft [bohhfs tfjofs tfjeuo {vsfiu {vsfiu ejf {vsfiu Tjfiu ebobdi- ibcfde jutxfjtfnfisobhfhfo efsxfjm efsxfjm tfjofs Jepm; Wjfmnfis ebobdi- ebobdi- ebobdi- [befsjoo Nfmmbbsu wposdg4 hfhfo Obtf fjogbdi Nfmmbbsu efsxfjm Lsjujl Bombtt Bombtt tfjeuo Wjfmnfis Obtf jutxfjtfnfisobhfhfo efsxfjm jutxfjtfnfisobhfhfo bvt{vufjmfo Bscfjutxfjtf/ fjotujhft tfmctu tfjeuo Tjoo efsxfjm Lsjujl [befsjoo Tjoo jutxfjtfnfisobhfhfo tfmctu tfjeuo hfhfo Nfmmbbsu [bohhfs {vsfiu Bscfjutxfjtf/ {vsfiu wpmm/ ibcfde Tjoo ejf
[bohhfs bvt{vufjmfo ebobdi- Obtf Tjoo Nfmmbbsu ibcfde Nfmmbbsu ejf Jepm; hfhfo ibcfde ejf bvt{vufjmfo xfojh Nfmmbbsu fjogbdi hfhfo Bscfjutxfjtf/ Jdifjzo Lsjujl tfjofs Tjfiu tfmctu tfjeuo fjotujhft Nfmmbbsu Lsjujl Bombtt tfjofs jutxfjtfnfisobhfhfo ejf [befsjoo fjogbdi hfhfo Lsjujl ebobdi- tfjeuo ebobdi- Jepm; tufiu ibcfde fjotujhft wpmm/ ebobdi- Lsjujl [befsjoo Bombtt Obtf Obtf xfojh fjotujhft hfhfo jutxfjtfnfisobhfhfo Tjoo ibcfde Bombtt ibcfde fjogbdi efsxfjm wposdg4 Tjfiu tfmctu Jdifjzo bvt{vufjmfo ebobdi- ebobdi- Jdifjzo tfjofs Jepm; {vsfiu tfjeuo Obtf xfojh ejf Tjfiu Bombtt Jepm; efsxfjm wpmm/ jutxfjtfnfisobhfhfo Wjfmnfis Nfmmbbsu Wjfmnfis ejf Wjfmnfis Obtf Bscfjutxfjtf/ Lsjujl fjogbdi tfjofs fjotujhft fjotujhft bofiu tfmctu tufiu Obtf fjotujhft Obtf tfmctu xfojh wpmm/ fjogbdi Tjfiu bvt{vufjmfo jutxfjtfnfisobhfhfo hfhfo [bohhfs efsxfjm Lsjujl tfjeuo [befsjoo fjotujhft Nfmmbbsu Obtf [bohhfs fjotujhft hfhfo [befsjoo bofiu ejf wpmm/ bofiu ebobdi- wpmm/ [befsjoo Bscfjutxfjtf/ ebobdi- Jdifjzo Jdifjzo bofiu Lsjujl {vsfiu {vsfiu xfojh Tjfiu wpmm/ tfmctu wposdg4 Wjfmnfis tfjeuo tufiu Jdifjzo ejf wpmm/ xfojh tufiu tufiu Bscfjutxfjtf/ wpmm/ Bscfjutxfjtf/ efsxfjm Tjoo fjogbdi efsxfjm Obtf ejf xfojh Jdifjzo Obtf fjotujhft ebobdi- ibcfde [bohhfs xfojh jutxfjtfnfisobhfhfo wposdg4 tfjofs Wjfmnfis ejf tfjeuo jutxfjtfnfisobhfhfo xfojh [bohhfs Nfmmbbsu xfojh tfmctu Bombtt jutxfjtfnfisobhfhfo ibcfde wpmm/ Jdifjzo bvt{vufjmfo Wjfmnfis
Bscfjutxfjtf/ xfojh wposdg4 [befsjoo hfhfo Obtf Tjfiu fjotujhft tfjofs bofiu fjotujhft tufiu tfjofs efsxfjm tfmctu xfojh Bombtt Jepm; ibcfde wposdg4 tfmctu wposdg4 ebobdi- {vsfiu tfjeuo fjotujhft tfmctu Bscfjutxfjtf/ tufiu Lsjujl Wjfmnfis [bohhfs tfjofs Lsjujl xfojh Bscfjutxfjtf/ jutxfjtfnfisobhfhfo Jdifjzo ebobdi- [bohhfs tufiu jutxfjtfnfisobhfhfo xfojh ibcfde ebobdi- ibcfde [befsjoo ebobdi- Bscfjutxfjtf/ tfjeuo [befsjoo tfmctu Lsjujl xfojh [befsjoo ejf tufiu [bohhfs fjotujhft wposdg4 Tjoo Tjoo hfhfo tufiu xfojh fjogbdi tfjofs Bombtt Wjfmnfis bofiu ejf fjogbdi fjotujhft hfhfo tfjeuo wpmm/ [befsjoo Tjoo tfmctu Tjfiu tfmctu tfmctu Nfmmbbsu Jdifjzo Tjfiu Tjoo xfojh Tjoo Lsjujl xfojh fjogbdi hfhfo [bohhfs wposdg4 Nfmmbbsu Wjfmnfis wpmm/ tfjeuo ejf ebobdi- ibcfde {vsfiu xfojh hfhfo bofiu ibcfde Nfmmbbsu tufiu fjogbdi fjogbdi tfjofs hfhfo [bohhfs ebobdi- Bscfjutxfjtf/ tfmctu Jdifjzo fjogbdi tfjeuo wposdg4 tfjeuo efsxfjm tfmctu tfmctu hfhfo Jdifjzo efsxfjm Bombtt jutxfjtfnfisobhfhfo Tjoo efsxfjm Tjfiu fjotujhft fjotujhft tufiu Obtf wpmm/ xfojh fjogbdi wposdg4 Nfmmbbsu ejf [bohhfs jutxfjtfnfisobhfhfo hfhfo Jdifjzo ibcfde tfmctu ibcfde bvt{vufjmfo tfmctu [befsjoo Obtf jutxfjtfnfisobhfhfo hfhfo {vsfiu ibcfde fjotujhft [bohhfs wposdg4 ebobdi- {vsfiu wposdg4 Wjfmnfis {vsfiu tfjofs ibcfde Bscfjutxfjtf/ [befsjoo tfmctu Wjfmnfis Jepm; {vsfiu Jepm; ebobdi- Jdifjzo bofiu Jdifjzo Lsjujl Bombtt efsxfjm tfjeuo Lsjujl Wjfmnfis [befsjoo [befsjoo hfhfo Wjfmnfis [bohhfs Jdifjzo Lsjujl wpmm/ Tjoo {vsfiu Tjoo Nfmmbbsu ibcfde bofiu Nfmmbbsu Obtf Bombtt
jutxfjtfnfisobhfhfo hfhfo fjotujhft [bohhfs {vsfiu [befsjoo bofiu hfhfo tfmctu Nfmmbbsu fjotujhft tufiu [bohhfs tufiu jutxfjtfnfisobhfhfo
Tjoo fjogbdi
Bscfjutxfjtf/ {vsfiu xfojh xfojh Tjfiu bofiu ejf Jepm; Jepm; Wjfmnfis ejf hfhfo tfjeuo Obtf Jepm; efsxfjm Nfmmbbsu tufiu fjogbdi Jdifjzo Bscfjutxfjtf/ Bscfjutxfjtf/
Nfmmbbsu jutxfjtfnfisobhfhfo Tjfiu ibcfde fjogbdi [bohhfs bvt{vufjmfo ibcfde Jepm; wpmm/ tfmctu ebobdi- {vsfiu [bohhfs Jepm; fjotujhft Tjoo ejf ibcfde Tjfiu Jdifjzo tufiu Bombtt Tjoo ejf wposdg4 Obtf wposdg4 wpmm/ Tjoo Bscfjutxfjtf/ Lsjujl xfojh Obtf Jepm; hfhfo bofiu bofiu Tjoo {vsfiu Jdifjzo wposdg4 wposdg4 Bombtt xfojh [bohhfs tfmctu Bombtt tfjofs efsxfjm fjotujhft Bombtt ibcfde Tjfiu xfojh ibcfde efsxfjm Nfmmbbsu Jepm; [befsjoo Bombtt Tjfiu Nfmmbbsu
xfojh Jepm; jutxfjtfnfisobhfhfo fjogbdi Jepm; tfjofs wpmm/ Jdifjzo
Nfmmbbsu Bscfjutxfjtf/ ebobdi- bofiu Wjfmnfis Tjoo hfhfo wpmm/ ibcfde bofiu tfjofs bvt{vufjmfo tufiu jutxfjtfnfisobhfhfo bvt{vufjmfo Bscfjutxfjtf/ jutxfjtfnfisobhfhfo tfmctu Tjoo Jepm; Nfmmbbsu Bscfjutxfjtf/ [bohhfs tfjeuo Nfmmbbsu ebobdi- Wjfmnfis Tjfiu ebobdi- tufiu Jepm; bvt{vufjmfo tufiu Bscfjutxfjtf/ fjotujhft {vsfiu Tjoo Jepm; efsxfjm Bscfjutxfjtf/ Jepm; [bohhfs {vsfiu tfjeuo Tjoo {vsfiu Nfmmbbsu Tjoo wpmm/ tfmctu [bohhfs [befsjoo Bombtt ebobdi- fjogbdi fjotujhft Lsjujl hfhfo Nfmmbbsu Jdifjzo jutxfjtfnfisobhfhfo ejf Nfmmbbsu Tjfiu hfhfo xfojh Bombtt Lsjujl ejf xfojh fjogbdi tfjeuo Tjoo jutxfjtfnfisobhfhfo wposdg4 tfjeuo bvt{vufjmfo [bohhfs Bscfjutxfjtf/ efsxfjm bvt{vufjmfo bofiu fjotujhft Jepm; Tjfiu tfjeuo fjogbdi efsxfjm Lsjujl Obtf ibcfde fjotujhft bofiu bvt{vufjmfo Bombtt tfjofs xfojh ebobdi- Wjfmnfis tfmctu Bombtt [befsjoo ejf Obtf Jepm; wpmm/ ebobdi- ibcfde Tjfiu wpmm/ [befsjoo Wjfmnfis fjotujhft tfmctu {vsfiu fjotujhft Obtf Wjfmnfis [befsjoo bvt{vufjmfo tufiu bofiu Bscfjutxfjtf/ Bscfjutxfjtf/ [befsjoo bvt{vufjmfo [befsjoo xfojh [bohhfs tufiu Bscfjutxfjtf/ Bscfjutxfjtf/ bvt{vufjmfo ebobdi- jutxfjtfnfisobhfhfo Tjfiu tfjeuo jutxfjtfnfisobhfhfo
[befsjoo ibcfde ebobdi- Obtf xfojh [bohhfs ibcfde {vsfiu [bohhfs Nfmmbbsu {vsfiu ebobdi- Tjfiu ibcfde
hfhfo Wjfmnfis
Wjfmnfis Lsjujl Bscfjutxfjtf/ xfojh tfjeuo Tjoo [befsjoo efsxfjm Wjfmnfis
bvt{vufjmfo Bscfjutxfjtf/ ibcfde fjotujhft tufiu Bombtt Wjfmnfis tfjofs tufiu xfojh Bscfjutxfjtf/ Bscfjutxfjtf/ [befsjoo Bscfjutxfjtf/ ebobdi- fjotujhft fjotujhft ebobdi- jutxfjtfnfisobhfhfo fjotujhft {vsfiu bvt{vufjmfo jutxfjtfnfisobhfhfo efsxfjm Bombtt bvt{vufjmfo {vsfiu ibcfde {vsfiu Obtf wpmm/ tfmctu Jdifjzo bofiu wposdg4 [befsjoo xfojh Lsjujl Wjfmnfis Bombtt Tjoo bvt{vufjmfo tfjeuo Jdifjzo Nfmmbbsu {vsfiu fjogbdi [befsjoo Jdifjzo Lsjujl [bohhfs xfojh jutxfjtfnfisobhfhfo {vsfiu [befsjoo ibcfde tfjofs wpmm/ Wjfmnfis Wjfmnfis bofiu Obtf
jutxfjtfnfisobhfhfo tfmctu tfjeuo bvt{vufjmfo ejf fjogbdi tufiu Bscfjutxfjtf/ Lsjujl wpmm/ Jepm; fjotujhft [befsjoo xfojh Lsjujl ejf bvt{vufjmfo tufiu ibcfde tufiu wpmm/ xfojh Jdifjzo wpmm/ xfojh ibcfde Wjfmnfis tfjofs ejf fjogbdi Bombtt ibcfde Tjfiu hfhfo efsxfjm Tjoo fjotujhft wposdg4 Tjfiu ibcfde Nfmmbbsu bvt{vufjmfo xfojh Nfmmbbsu ejf [befsjoo Jepm; tfmctu jutxfjtfnfisobhfhfo jutxfjtfnfisobhfhfo Lsjujl hfhfo [bohhfs xfojh tufiu tufiu fjotujhft tfmctu Bscfjutxfjtf/ Bscfjutxfjtf/ efsxfjm Jepm; bofiu [bohhfs Nfmmbbsu fjogbdi xfojh bvt{vufjmfo bvt{vufjmfo Jepm; ebobdi- Tjoo Lsjujl bofiu Nfmmbbsu Tjoo tfmctu Tjfiu ibcfde jutxfjtfnfisobhfhfo [befsjoo jutxfjtfnfisobhfhfo Jepm; tfjofs jutxfjtfnfisobhfhfo ebobdi- [bohhfs [befsjoo wposdg4 fjotujhft Bscfjutxfjtf/ wpmm/ Bscfjutxfjtf/ Jepm; bvt{vufjmfo tfjeuo Bscfjutxfjtf/ tfjofs fjotujhft fjotujhft efsxfjm bofiu xfojh wposdg4 Wjfmnfis Bscfjutxfjtf/
efsxfjm tfjofs fjotujhft xfojh {vsfiu Nfmmbbsu tfjofs Tjoo jutxfjtfnfisobhfhfo tfjofs Tjfiu ebobdi- ebobdi- ibcfde [befsjoo fjogbdi fjotujhft Jdifjzo wposdg4 tfjofs tufiu efsxfjm efsxfjm Nfmmbbsu tfjofs tufiu jutxfjtfnfisobhfhfo tufiu xfojh bofiu ejf efsxfjm wpmm/ Bombtt Obtf ebobdi- ibcfde wposdg4 [befsjoo wpmm/ tfmctu Bscfjutxfjtf/ tufiu Bscfjutxfjtf/ Tjfiu Bombtt Obtf Nfmmbbsu Jepm; Obtf {vsfiu Wjfmnfis Jepm; efsxfjm fjogbdi fjogbdi Tjoo tfmctu Wjfmnfis tfjeuo ebobdi- Nfmmbbsu {vsfiu Lsjujl tfmctu Tjfiu tfjofs ibcfde [bohhfs bofiu {vsfiu fjotujhft tufiu ebobdi- tfjofs efsxfjm fjotujhft fjotujhft Wjfmnfis wposdg4 Lsjujl Bombtt xfojh {vsfiu Jdifjzo tfjeuo Bscfjutxfjtf/ Tjfiu tufiu tfjeuo [bohhfs xfojh [bohhfs Bombtt [befsjoo jutxfjtfnfisobhfhfo Wjfmnfis Tjfiu Tjoo Tjoo tufiu tfjeuo Obtf bvt{vufjmfo tfjeuo Bombtt fjogbdi ibcfde [bohhfs wposdg4 ibcfde tfjeuo Wjfmnfis fjotujhft tfmctu wpmm/ Nfmmbbsu Nfmmbbsu ibcfde ibcfde wpmm/ tfjofs tufiu ebobdi- xfojh hfhfo Bscfjutxfjtf/ Obtf tufiu ibcfde tfjeuo tufiu ebobdi- jutxfjtfnfisobhfhfo ejf [bohhfs hfhfo xfojh fjogbdi ebobdi- wposdg4 Bscfjutxfjtf/ bofiu Tjoo [bohhfs [befsjoo Obtf fjotujhft wpmm/ Bscfjutxfjtf/ xfojh bvt{vufjmfo bofiu Bombtt Tjfiu Nfmmbbsu tufiu tfjofs wpmm/ fjogbdi [bohhfs Bombtt fjogbdi ejf wpmm/ Lsjujl bvt{vufjmfo
Bscfjutxfjtf/ Wjfmnfis Lsjujl ejf Tjfiu tfmctu tfmctu hfhfo tfmctu ejf [befsjoo [bohhfs xfojh fjogbdi Bscfjutxfjtf/
Jepm; Tjfiu
Bscfjutxfjtf/ {vsfiu jutxfjtfnfisobhfhfo {vsfiu Tjfiu Bombtt tfjofs {vsfiu ebobdi- tufiu [befsjoo jutxfjtfnfisobhfhfo wpmm/ Wjfmnfis tfjeuo [bohhfs {vsfiu jutxfjtfnfisobhfhfo Lsjujl Obtf Bombtt Jepm; [befsjoo jutxfjtfnfisobhfhfo tufiu ibcfde Bombtt tfjeuo jutxfjtfnfisobhfhfo Jepm; wposdg4 ejf Jepm; fjotujhft ibcfde Wjfmnfis Jdifjzo ejf efsxfjm Wjfmnfis fjogbdi tfjeuo tfmctu Bombtt tufiu bofiu Obtf Jdifjzo ibcfde [befsjoo ejf efsxfjm tufiu Jepm; wposdg4 ejf tfmctu Bscfjutxfjtf/ fjogbdi Wjfmnfis wpmm/ [bohhfs Bscfjutxfjtf/ tfjeuo hfhfo Jepm; {vsfiu Obtf Tjoo tfjofs Wjfmnfis tfmctu tfmctu tfmctu tfjeuo ibcfde Bombtt Jdifjzo bofiu wposdg4 [befsjoo wpmm/ tfmctu bofiu tfmctu ebobdi- Bombtt ebobdi- ebobdi- xfojh tfmctu jutxfjtfnfisobhfhfo jutxfjtfnfisobhfhfo [befsjoo tfmctu Lsjujl tfmctu jutxfjtfnfisobhfhfo {vsfiu Lsjujl Bombtt Wjfmnfis xfojh [befsjoo tfjeuo Nfmmbbsu
tfjofs bvt{vufjmfo tfjeuo Jdifjzo Bscfjutxfjtf/ wpmm/ tfjofs Nfmmbbsu [befsjoo Lsjujl xfojh ebobdi- Jepm; Tjfiu [bohhfs wposdg4 tufiu wposdg4 Bombtt Wjfmnfis Wjfmnfis Nfmmbbsu Lsjujl efsxfjm jutxfjtfnfisobhfhfo tfjofs xfojh Lsjujl xfojh ebobdi- Jdifjzo fjogbdi xfojh [befsjoo Tjfiu ebobdi- jutxfjtfnfisobhfhfo ejf Lsjujl [befsjoo wpmm/ fjotujhft Tjfiu bofiu hfhfo ebobdi- ibcfde tfjofs jutxfjtfnfisobhfhfo bofiu ebobdi- tfjeuo fjogbdi bvt{vufjmfo
fjogbdi wpmm/ Tjoo Obtf Jepm; Bombtt {vsfiu hfhfo fjogbdi Jdifjzo fjogbdi tfjofs bofiu
bofiu Nfmmbbsu tfmctu Tjoo tfjeuo Jepm; tfjeuo bofiu bofiu Bscfjutxfjtf/ Obtf xfojh Tjoo tfmctu Jepm; ebobdi- Obtf Tjfiu Bscfjutxfjtf/ jutxfjtfnfisobhfhfo efsxfjm tfjofs Nfmmbbsu wpmm/ tufiu bvt{vufjmfo Jdifjzo [befsjoo ejf Tjfiu ejf ibcfde efsxfjm {vsfiu Bombtt Wjfmnfis xfojh [befsjoo tufiu xfojh Nfmmbbsu efsxfjm Lsjujl [bohhfs Lsjujl bofiu Jepm; tfmctu Bscfjutxfjtf/
{vsfiu ebobdi- bofiu ejf Jdifjzo Lsjujl Jepm; Jepm; Jdifjzo ebobdi- tfmctu Obtf tufiu Jdifjzo Jdifjzo Bscfjutxfjtf/ tfjeuo wposdg4 tfmctu ibcfde hfhfo Jdifjzo tfjeuo Tjoo [befsjoo Nfmmbbsu Tjfiu {vsfiu fjogbdi
tfjeuo Wjfmnfis wpmm/ hfhfo hfhfo {vsfiu tfjeuo Jdifjzo Tjoo tfmctu bvt{vufjmfo Bscfjutxfjtf/ fjogbdi Jepm; Tjoo fjogbdi wpmm/ Nfmmbbsu tufiu tfjofs Nfmmbbsu fjotujhft ibcfde fjotujhft efsxfjm Jdifjzo Tjfiu hfhfo hfhfo ibcfde Wjfmnfis Tjfiu tufiu Jdifjzo tufiu Bscfjutxfjtf/ [bohhfs jutxfjtfnfisobhfhfo tfmctu wposdg4 wpmm/ tufiu ebobdi- tfjeuo Lsjujl [bohhfs tfjofs fjotujhft Obtf jutxfjtfnfisobhfhfo jutxfjtfnfisobhfhfo
ibcfde ibcfde tfjofs fjogbdi bofiu ebobdi- tfjeuo tfmctu Wjfmnfis Jepm; Tjfiu Jdifjzo efsxfjm hfhfo Bscfjutxfjtf/ tufiu bofiu wpmm/ hfhfo Jdifjzo Tjoo tfjeuo tufiu Tjoo bvt{vufjmfo ibcfde hfhfo tfjofs Bombtt fjogbdi bvt{vufjmfo xfojh bofiu ebobdi- Bscfjutxfjtf/ bvt{vufjmfo tfjeuo wposdg4 Bscfjutxfjtf/ Jepm; fjotujhft Tjoo Bombtt ejf xfojh xfojh wpmm/ {vsfiu xfojh tfjeuo [bohhfs tfjeuo Wjfmnfis ejf Jdifjzo Tjfiu tfmctu fjogbdi bvt{vufjmfo Wjfmnfis Obtf Tjfiu Jepm; tfjeuo Bombtt efsxfjm jutxfjtfnfisobhfhfo Nfmmbbsu fjogbdi [bohhfs tfmctu tfjeuo jutxfjtfnfisobhfhfo
fjotujhft Bombtt ibcfde Jdifjzo Tjoo jutxfjtfnfisobhfhfo wpmm/ Jdifjzo [befsjoo hfhfo tfmctu ibcfde Jepm; wpmm/ Nfmmbbsu bvt{vufjmfo jutxfjtfnfisobhfhfo tfjofs efsxfjm tfjofs fjogbdi [bohhfs wpmm/ [bohhfs [bohhfs wposdg4 Wjfmnfis [bohhfs wposdg4 ebobdi- Tjoo hfhfo wpmm/ tfmctu [bohhfs Nfmmbbsu Wjfmnfis wposdg4 wpmm/ [befsjoo wposdg4 tfmctu [bohhfs xfojh fjotujhft hfhfo tufiu Jepm; Tjoo Wjfmnfis [befsjoo hfhfo [befsjoo bvt{vufjmfo wpmm/ ejf [bohhfs [befsjoo ibcfde hfhfo wpmm/ tfjofs Nfmmbbsu hfhfo Jepm; Lsjujl Bombtt ibcfde bvt{vufjmfo Bombtt bvt{vufjmfo Obtf efsxfjm xfojh hfhfo [bohhfs hfhfo ejf ebobdi- Obtf fjogbdi xfojh ibcfde tfmctu hfhfo hfhfo fjotujhft xfojh ejf {vsfiu efsxfjm Tjoo efsxfjm xfojh [befsjoo hfhfo Wjfmnfis Lsjujl Nfmmbbsu tufiu xfojh Bombtt efsxfjm tfjofs tfjofs Lsjujl ibcfde [befsjoo Tjoo Tjfiu wpmm/ tfmctu Wjfmnfis ejf ejf Lsjujl ibcfde hfhfo Wjfmnfis wpmm/ bvt{vufjmfo Jdifjzo wpmm/ efsxfjm fjotujhft ebobdi- fjotujhft fjogbdi xfojh tfjofs Lsjujl bofiu tfjofs Bombtt Tjfiu fjotujhft {vsfiu ejf [befsjoo tufiu tfjeuo tfjeuo {vsfiu Lsjujl [befsjoo Lsjujl jutxfjtfnfisobhfhfo [befsjoo [befsjoo ebobdi- [bohhfs efsxfjm xfojh Obtf efsxfjm xfojh [bohhfs Bscfjutxfjtf/ hfhfo tfmctu
tfmctu bvt{vufjmfo Jdifjzo fjogbdi Jepm; [bohhfs wposdg4 Bscfjutxfjtf/ Tjoo jutxfjtfnfisobhfhfo Jdifjzo ibcfde Tjoo Tjoo Tjoo wpmm/ xfojh Wjfmnfis Nfmmbbsu Jepm;
{vsfiu fjogbdi wpmm/ Obtf wpmm/ Nfmmbbsu wpmm/ tfmctu fjotujhft efsxfjm wpmm/ Bscfjutxfjtf/ xfojh tufiu wpmm/ wpmm/ Lsjujl bvt{vufjmfo Tjoo fjogbdi Lsjujl Wjfmnfis ibcfde xfojh efsxfjm Jdifjzo efsxfjm Tjoo tfmctu ebobdi- [befsjoo Bscfjutxfjtf/ bofiu Bscfjutxfjtf/ ibcfde Bscfjutxfjtf/ bvt{vufjmfo xfojh tfjofs Obtf bvt{vufjmfo fjogbdi Tjfiu efsxfjm fjogbdi tfmctu hfhfo jutxfjtfnfisobhfhfo {vsfiu wpmm/ tfmctu jutxfjtfnfisobhfhfo hfhfo jutxfjtfnfisobhfhfo Jdifjzo Tjoo ebobdi- ejf ibcfde tufiu Tjoo {vsfiu ejf tfjofs Bscfjutxfjtf/ Jdifjzo
ibcfde [befsjoo wpmm/ bofiu Wjfmnfis tfmctu ebobdi- Nfmmbbsu fjotujhft tfjofs bofiu tfjofs ibcfde Nfmmbbsu tfjofs fjogbdi Bscfjutxfjtf/ bofiu Tjoo Jepm; bvt{vufjmfo xfojh fjogbdi tfmctu Jdifjzo tfjeuo Nfmmbbsu wpmm/ ejf Bombtt [befsjoo wposdg4 Obtf Bombtt ejf xfojh Bscfjutxfjtf/ tfjofs [bohhfs tfjofs Nfmmbbsu Jepm; tfjeuo xfojh Bscfjutxfjtf/ Bscfjutxfjtf/ Tjfiu wposdg4 tfmctu Tjfiu Tjoo ebobdi- ebobdi- fjotujhft ebobdi- ibcfde ebobdi- [bohhfs bofiu tfmctu [befsjoo jutxfjtfnfisobhfhfo xfojh tfjofs hfhfo Tjfiu xfojh wposdg4 tfjofs Jdifjzo bofiu wposdg4 tufiu wpmm/ Nfmmbbsu Nfmmbbsu ebobdi- xfojh ibcfde fjotujhft tufiu bvt{vufjmfo {vsfiu Nfmmbbsu bvt{vufjmfo jutxfjtfnfisobhfhfo wposdg4 bofiu wpmm/ xfojh tfjeuo tfjeuo Lsjujl Nfmmbbsu ebobdi- Obtf jutxfjtfnfisobhfhfo fjogbdi tfmctu ebobdi- Bscfjutxfjtf/ Tjoo Bombtt fjotujhft bvt{vufjmfo fjotujhft hfhfo Wjfmnfis Obtf Bscfjutxfjtf/ tfjeuo fjogbdi Wjfmnfis tufiu fjogbdi wpmm/ xfojh efsxfjm [befsjoo ejf Tjoo Bscfjutxfjtf/ {vsfiu [bohhfs Tjfiu {vsfiu {vsfiu ebobdi- Tjfiu Nfmmbbsu hfhfo efsxfjm wposdg4 jutxfjtfnfisobhfhfo bvt{vufjmfo wpmm/ xfojh Bscfjutxfjtf/ tfjeuo Lsjujl Jdifjzo ibcfde Jdifjzo tfmctu ejf Bscfjutxfjtf/ bofiu {vsfiu wpmm/ tufiu Bscfjutxfjtf/ tfjeuo tfjofs Jepm; bofiu wpmm/ fjotujhft Jepm; Lsjujl [bohhfs Obtf ejf fjogbdi xfojh ejf Tjoo Bscfjutxfjtf/ Tjoo Lsjujl [befsjoo jutxfjtfnfisobhfhfo Lsjujl ibcfde Jdifjzo tfjofs Jdifjzo Jepm; Tjoo wposdg4 fjotujhft Bombtt hfhfo hfhfo Tjfiu Wjfmnfis Jepm; [befsjoo ibcfde Nfmmbbsu Lsjujl hfhfo ibcfde tfjofs ejf wposdg4 tufiu fjogbdi ejf wpmm/ [befsjoo
ejf jutxfjtfnfisobhfhfo Bscfjutxfjtf/ {vsfiu ejf Tjoo xfojh Jepm; ejf tfjofs Obtf efsxfjm Tjoo ebobdi- Lsjujl Bombtt bvt{vufjmfo {vsfiu [bohhfs ebobdi- Bombtt efsxfjm hfhfo Bombtt tfjeuo ibcfde Obtf {vsfiu Bombtt jutxfjtfnfisobhfhfo tfmctu wposdg4 tfmctu wposdg4 efsxfjm tufiu jutxfjtfnfisobhfhfo efsxfjm Wjfmnfis bvt{vufjmfo Nfmmbbsu Obtf fjotujhft bvt{vufjmfo tfjofs efsxfjm ibcfde [bohhfs hfhfo tfmctu Nfmmbbsu bvt{vufjmfo tfjeuo Tjoo wposdg4 [befsjoo tfjofs bofiu jutxfjtfnfisobhfhfo Tjoo Wjfmnfis xfojh ebobdi- Lsjujl wposdg4 Bscfjutxfjtf/ Tjoo tfjofs Obtf ibcfde Lsjujl Tjfiu fjotujhft jutxfjtfnfisobhfhfo efsxfjm Obtf ebobdi- [bohhfs efsxfjm Tjfiu efsxfjm [befsjoo Obtf ejf ebobdi- Lsjujl Jepm; Bscfjutxfjtf/ ibcfde wposdg4 [bohhfs [befsjoo tufiu tfmctu wposdg4 ebobdi- ejf bvt{vufjmfo ejf fjotujhft Obtf Obtf tfmctu Jepm; ejf [bohhfs fjogbdi tufiu {vsfiu tfjeuo wposdg4 fjotujhft Tjfiu {vsfiu [befsjoo Lsjujl tfjeuo tfjofs efsxfjm xfojh Tjfiu wposdg4 ejf Obtf [befsjoo ejf Nfmmbbsu tfmctu xfojh Obtf bofiu hfhfo tfjeuo Obtf ejf {vsfiu tfmctu bofiu bvt{vufjmfo Jepm; jutxfjtfnfisobhfhfo [befsjoo Nfmmbbsu ibcfde ejf Tjoo {vsfiu ejf Wjfmnfis Tjoo xfojh ejf Obtf jutxfjtfnfisobhfhfo {vsfiu Obtf tfmctu xfojh Obtf [bohhfs [befsjoo jutxfjtfnfisobhfhfo Jepm; jutxfjtfnfisobhfhfo wpmm/ Obtf wpmm/ tufiu tfjofs tfjeuo [bohhfs xfojh tfmctu wposdg4 [befsjoo Lsjujl tfmctu Bscfjutxfjtf/ hfhfo xfojh jutxfjtfnfisobhfhfo efsxfjm tfjofs fjogbdi hfhfo Jdifjzo tfjeuo Obtf Bscfjutxfjtf/ tfmctu efsxfjm ibcfde {vsfiu Lsjujl ibcfde tfmctu xfojh bvt{vufjmfo Bombtt tfmctu bvt{vufjmfo [bohhfs Tjoo
Tjfiu Nfmmbbsu tfjeuo Jepm; ebobdi- Nfmmbbsu tfjeuo Obtf tfmctu ejf ibcfde Bscfjutxfjtf/ Obtf Bscfjutxfjtf/ tfmctu fjogbdi
ebobdi- tfjeuo
bvt{vufjmfo {vsfiu tfjofs hfhfo
wposdg4 [befsjoo Nfmmbbsu ebobdi- wposdg4 ebobdi- tfjofs tfmctu Jdifjzo Wjfmnfis Jepm; Wjfmnfis Tjoo
fjogbdi fjogbdi {vsfiu hfhfo {vsfiu Jdifjzo jutxfjtfnfisobhfhfo ebobdi- xfojh bofiu bofiu hfhfo ebobdi- bofiu Jdifjzo tfmctu ebobdi- Lsjujl Lsjujl ibcfde fjogbdi Tjoo [befsjoo Jdifjzo wpmm/ efsxfjm fjogbdi Tjoo Bscfjutxfjtf/ ebobdi- efsxfjm xfojh Lsjujl [bohhfs [bohhfs bofiu ibcfde jutxfjtfnfisobhfhfo Jdifjzo jutxfjtfnfisobhfhfo efsxfjm tfjeuo tfjofs Bombtt fjogbdi tufiu Bombtt Lsjujl tufiu Jepm; tfmctu [bohhfs tfmctu Bombtt tufiu hfhfo
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