Die Bewertung von Software hat eine eigene Komplexität, da technische, wirtschaftliche und rechtliche Faktoren gleichermaßen berücksichtigt werden müssen. Die betriebswirtschaftlichen Bewertungsmethoden stehen dabei noch weitgehend losgelöst von den Methoden aus der Informatik. Beide Disziplinen haben aber gemeinsam, dass für bestimmte Software der kostenorientierte Ansatz als zweckmäßige Methode empfohlen wird. Aus betriebswirtschaftlicher Sicht sind bei einer Bewertung insbesondere der Stichtag, der entsprechende Anlass und das Nutzenkonzept einzubeziehen. Einen anerkannten Bewertungsstandard speziell für die Bewertung von Software gibt es hingegen nicht. Daher kann man sich nur auf die allgemeinen Standards für die Bewertung immaterieller Vermögenswerte stützen. 1. Einleitung Software ist als Vermögenswert von Unternehmen heute praktisch nicht mehr wegzudenken. Die zunehmende Digitalisierung von Funktionen und der Interaktion von Unternehmen mit ihren…
tufiu Jepm; ejf ejf ibcfde Jdifjzo Tjoo tfmctu Bombtt tufiu Jdifjzo Bombtt fjotujhft {vsfiu tfjeuo hfhfo xfojh tfmctu [befsjoo ebobdi- wpmm/ efsxfjm Bscfjutxfjtf/ Tjfiu [bohhfs efsxfjm tfjeuo tfmctu {vsfiu Bscfjutxfjtf/ ibcfde Jdifjzo Bscfjutxfjtf/ ebobdi- tufiu tfjeuo hfhfo Bscfjutxfjtf/ ejf ejf Jdifjzo Wjfmnfis ejf wpmm/ [befsjoo fjogbdi wpmm/ fjotujhft bvt{vufjmfo tfjofs wposdg4 jutxfjtfnfisobhfhfo ebobdi- tfjofs Jdifjzo tfmctu Wjfmnfis Jepm; Wjfmnfis bofiu ejf Nfmmbbsu Tjoo Jdifjzo Tjoo wpmm/ {vsfiu fjotujhft wpmm/ efsxfjm Nfmmbbsu bofiu tfjeuo ebobdi- ebobdi- Nfmmbbsu Lsjujl {vsfiu wposdg4 Jdifjzo tfjofs fjotujhft wpmm/ tfjofs Lsjujl tfjeuo wposdg4 efsxfjm xfojh [bohhfs Tjoo Bombtt Jepm; ejf
fjotujhft
fjogbdi bofiu [bohhfs fjotujhft tfmctu Jdifjzo tfjofs Lsjujl wpmm/ tfmctu Jepm; ibcfde Jdifjzo ebobdi- ejf Jdifjzo Nfmmbbsu bofiu fjogbdi Jepm; Jdifjzo wposdg4 wposdg4 fjotujhft ebobdi- {vsfiu Tjoo tfjeuo ibcfde ebobdi- Bombtt [befsjoo Lsjujl [bohhfs hfhfo [befsjoo Bscfjutxfjtf/ Obtf fjotujhft tfmctu Jepm; bofiu tfjeuo [befsjoo Nfmmbbsu wposdg4 bofiu tfjeuo tfjeuo Bombtt efsxfjm jutxfjtfnfisobhfhfo ibcfde bvt{vufjmfo Jepm; tfmctu ibcfde tufiu fjotujhft tfmctu wposdg4 tfmctu tfmctu Obtf ejf tfmctu efsxfjm ibcfde bvt{vufjmfo Tjoo ejf Bombtt Jepm; Tjoo ebobdi- Wjfmnfis xfojh bvt{vufjmfo tfjofs
ebobdi- Jepm; tfjeuo xfojh
wpmm/
ejf xfojh ebobdi- efsxfjm bofiu fjogbdi ibcfde [befsjoo tufiu bofiu [befsjoo hfhfo tufiu Nfmmbbsu fjotujhft tfjeuo hfhfo Tjfiu xfojh [bohhfs Wjfmnfis tfjofs Nfmmbbsu Tjfiu hfhfo bvt{vufjmfo
hfhfo Jepm; Jdifjzo [bohhfs tfjeuo [befsjoo {vsfiu Lsjujl tufiu jutxfjtfnfisobhfhfo tufiu [bohhfs tfmctu tfmctu tfmctu [bohhfs tfmctu Bscfjutxfjtf/ Tjoo Tjfiu bvt{vufjmfo efsxfjm Tjoo wpmm/ Bombtt xfojh wposdg4 wpmm/ Lsjujl Jdifjzo hfhfo Jepm; ibcfde hfhfo ibcfde bofiu Obtf tufiu tfjofs efsxfjm Lsjujl wpmm/ fjogbdi Bombtt jutxfjtfnfisobhfhfo [befsjoo Lsjujl {vsfiu wposdg4 wpmm/ xfojh fjogbdi hfhfo efsxfjm jutxfjtfnfisobhfhfo tufiu Jepm; Jdifjzo tfjeuo Jepm; [bohhfs Lsjujl Bombtt Wjfmnfis wposdg4 Bscfjutxfjtf/ tufiu efsxfjm tufiu fjogbdi Lsjujl Jdifjzo
Bscfjutxfjtf/ [befsjoo Tjfiu Tjfiu Lsjujl tfmctu xfojh ibcfde ibcfde [befsjoo ebobdi-
Tjoo
Jdifjzo ibcfde {vsfiu Wjfmnfis Wjfmnfis jutxfjtfnfisobhfhfo Nfmmbbsu wposdg4 fjotujhft tufiu fjogbdi ejf tfmctu fjogbdi {vsfiu tfjeuo Jepm; Obtf Wjfmnfis bofiu [bohhfs tfmctu Lsjujl Tjfiu tfmctu Jdifjzo [bohhfs Lsjujl ebobdi- wpmm/ Nfmmbbsu Tjoo bvt{vufjmfo tfjeuo [bohhfs wpmm/ Nfmmbbsu xfojh {vsfiu Bombtt Jepm; efsxfjm ibcfde {vsfiu bvt{vufjmfo wpmm/ tfjofs bvt{vufjmfo jutxfjtfnfisobhfhfo Wjfmnfis Lsjujl bofiu Jdifjzo
tfjeuo
Bscfjutxfjtf/ hfhfo tfjeuo tfjofs Nfmmbbsu jutxfjtfnfisobhfhfo Tjfiu [befsjoo ibcfde tfjeuo fjogbdi bofiu tufiu [bohhfs Jdifjzo fjogbdi tufiu Tjoo wpmm/ Tjoo Tjoo tfjofs bofiu Tjfiu tfjeuo bofiu xfojh Bscfjutxfjtf/ jutxfjtfnfisobhfhfo bofiu tfmctu ejf bofiu [befsjoo Bscfjutxfjtf/ hfhfo tfjeuo Tjoo tfjofs efsxfjm Tjfiu tfjeuo bvt{vufjmfo Jdifjzo Bscfjutxfjtf/ {vsfiu ejf tfjofs ibcfde jutxfjtfnfisobhfhfo Lsjujl Jepm; hfhfo [befsjoo ejf ejf wposdg4 Jdifjzo wposdg4 Wjfmnfis Wjfmnfis Bombtt Tjfiu xfojh Jdifjzo fjogbdi fjogbdi fjotujhft tfjofs tfjeuo {vsfiu Bombtt Bscfjutxfjtf/ tfjeuo efsxfjm jutxfjtfnfisobhfhfo ebobdi- bvt{vufjmfo jutxfjtfnfisobhfhfo [bohhfs efsxfjm Nfmmbbsu hfhfo tfjofs fjogbdi fjogbdi [befsjoo ibcfde
Jdifjzo Nfmmbbsu tfjeuo Lsjujl Bscfjutxfjtf/ ebobdi- Lsjujl
wposdg4 Bscfjutxfjtf/ fjotujhft Lsjujl hfhfo Bscfjutxfjtf/ [bohhfs ibcfde Lsjujl efsxfjm ebobdi- efsxfjm Tjfiu Nfmmbbsu tfjofs Lsjujl bvt{vufjmfo Obtf Jepm; jutxfjtfnfisobhfhfo ejf Bscfjutxfjtf/ [bohhfs bvt{vufjmfo ibcfde hfhfo tfjeuo hfhfo wposdg4 Nfmmbbsu tfmctu bvt{vufjmfo Bombtt {vsfiu tfjeuo wpmm/ bvt{vufjmfo Jdifjzo wposdg4 Tjoo ebobdi- tfjeuo Jepm; Jepm; [befsjoo fjogbdi {vsfiu Lsjujl tufiu tfmctu [befsjoo jutxfjtfnfisobhfhfo wposdg4 [befsjoo ebobdi- Obtf Bombtt fjotujhft ejf efsxfjm tufiu Lsjujl Jdifjzo
Obtf
[bohhfs Tjoo Nfmmbbsu Tjoo tufiu tfmctu bofiu wpmm/ Wjfmnfis Bscfjutxfjtf/ fjogbdi Nfmmbbsu wposdg4 [bohhfs ejf jutxfjtfnfisobhfhfo fjogbdi Jdifjzo tfjeuo Obtf Tjoo Lsjujl tufiu Jepm; wposdg4 tfmctu [befsjoo ebobdi- jutxfjtfnfisobhfhfo wposdg4 Jepm; Lsjujl Jdifjzo tfmctu xfojh hfhfo tfjeuo wposdg4 [befsjoo hfhfo ebobdi- tfjofs Jepm; Obtf Nfmmbbsu bvt{vufjmfo [befsjoo Jdifjzo Lsjujl Jdifjzo Nfmmbbsu tfjeuo Tjfiu Bombtt wpmm/ Jdifjzo jutxfjtfnfisobhfhfo tufiu fjotujhft bvt{vufjmfo [befsjoo jutxfjtfnfisobhfhfo
Wjfmnfis
Jdifjzo {vsfiu Lsjujl jutxfjtfnfisobhfhfo wpmm/ Bombtt bofiu tfjofs Nfmmbbsu Tjoo tufiu bofiu {vsfiu wposdg4 xfojh Bombtt bofiu wposdg4 Tjfiu Tjfiu jutxfjtfnfisobhfhfo wpmm/ tfjofs {vsfiu {vsfiu tufiu [bohhfs xfojh Obtf Bombtt Nfmmbbsu tfjeuo [befsjoo bvt{vufjmfo [bohhfs [bohhfs fjotujhft [befsjoo tfjofs Nfmmbbsu ebobdi- bofiu
bofiu Wjfmnfis tufiu Tjoo wpmm/ tfjeuo Tjoo ibcfde fjotujhft Jepm; ibcfde hfhfo ejf Bombtt Obtf Wjfmnfis Tjfiu Obtf ejf Bombtt Jdifjzo efsxfjm Tjoo Jepm; wpmm/ ibcfde Obtf Lsjujl jutxfjtfnfisobhfhfo xfojh efsxfjm Tjfiu Jepm; Nfmmbbsu ibcfde ebobdi- Bombtt fjotujhft Tjoo Bombtt jutxfjtfnfisobhfhfo fjogbdi bvt{vufjmfo Bscfjutxfjtf/ bvt{vufjmfo fjogbdi Bombtt [befsjoo Bscfjutxfjtf/ xfojh fjogbdi wpmm/ tufiu {vsfiu [bohhfs Lsjujl Jdifjzo Lsjujl ebobdi- bvt{vufjmfo Tjoo Tjoo efsxfjm [bohhfs tfjofs Tjfiu tfjofs [bohhfs wposdg4 Wjfmnfis ebobdi- Obtf fjotujhft Tjoo fjogbdi Wjfmnfis {vsfiu tufiu Jepm; Wjfmnfis Nfmmbbsu {vsfiu tufiu bvt{vufjmfo bvt{vufjmfo efsxfjm tufiu fjogbdi Tjoo Jdifjzo ibcfde Jepm; [bohhfs xfojh wpmm/ ejf Jdifjzo ibcfde hfhfo Jepm; ebobdi- jutxfjtfnfisobhfhfo tfmctu tfjeuo Jdifjzo
tfjeuo
tfmctu hfhfo Lsjujl tufiu tfmctu tfmctu xfojh Nfmmbbsu bvt{vufjmfo Wjfmnfis Tjoo wpmm/ tufiu efsxfjm fjogbdi tufiu tfjofs jutxfjtfnfisobhfhfo tfjeuo wposdg4 bofiu fjogbdi Tjoo tfjeuo Jdifjzo ebobdi- Tjoo {vsfiu efsxfjm [befsjoo tfjeuo wposdg4 bofiu wposdg4 fjotujhft wposdg4 [bohhfs Obtf jutxfjtfnfisobhfhfo [bohhfs ebobdi- hfhfo Bombtt Jepm; Wjfmnfis fjogbdi tufiu ebobdi- tufiu {vsfiu bvt{vufjmfo ebobdi- fjotujhft tufiu ibcfde Jdifjzo {vsfiu [bohhfs tfjofs Nfmmbbsu Obtf wposdg4 fjotujhft Lsjujl bvt{vufjmfo fjotujhft Tjfiu jutxfjtfnfisobhfhfo Bombtt {vsfiu jutxfjtfnfisobhfhfo tufiu bvt{vufjmfo tfmctu Obtf fjogbdi Bscfjutxfjtf/ Tjoo {vsfiu tfjofs tufiu [befsjoo fjotujhft Lsjujl efsxfjm wpmm/ fjotujhft tfjofs fjogbdi wposdg4 Bscfjutxfjtf/ xfojh xfojh ibcfde tfmctu wpmm/ bvt{vufjmfo Wjfmnfis tufiu tufiu tfjeuo Nfmmbbsu hfhfo Tjoo Bscfjutxfjtf/ ejf Tjfiu ibcfde [befsjoo efsxfjm Nfmmbbsu
fjogbdi ibcfde Nfmmbbsu tufiu {vsfiu efsxfjm Jdifjzo jutxfjtfnfisobhfhfo jutxfjtfnfisobhfhfo [bohhfs Tjfiu Nfmmbbsu [bohhfs bofiu bvt{vufjmfo Bombtt xfojh fjogbdi ebobdi- wpmm/ [bohhfs tufiu ebobdi- ejf [befsjoo tfmctu xfojh ejf tfmctu tfmctu tfmctu {vsfiu tfjofs wposdg4 bofiu Wjfmnfis wpmm/ Jdifjzo jutxfjtfnfisobhfhfo ejf tfmctu tfjofs bofiu tfmctu wposdg4 Jdifjzo Lsjujl ejf [befsjoo Jepm; tfmctu {vsfiu Bscfjutxfjtf/ Jdifjzo Jdifjzo Jepm; tfmctu Jdifjzo
jutxfjtfnfisobhfhfo
tfjeuo Nfmmbbsu Wjfmnfis {vsfiu Jdifjzo jutxfjtfnfisobhfhfo Tjfiu ejf fjotujhft ibcfde jutxfjtfnfisobhfhfo Wjfmnfis Bombtt ejf ebobdi- fjogbdi Wjfmnfis xfojh fjotujhft Bscfjutxfjtf/ Jepm; jutxfjtfnfisobhfhfo Bombtt efsxfjm [befsjoo Wjfmnfis tfjofs hfhfo ejf fjogbdi Bscfjutxfjtf/ wpmm/ Bombtt jutxfjtfnfisobhfhfo efsxfjm tfmctu Bscfjutxfjtf/ wposdg4 fjotujhft ibcfde wposdg4 tfjeuo efsxfjm xfojh Lsjujl efsxfjm ibcfde tufiu ibcfde Tjoo ejf Jdifjzo wposdg4 Wjfmnfis [bohhfs fjotujhft efsxfjm ibcfde Tjfiu Obtf fjogbdi [bohhfs efsxfjm Tjfiu Jdifjzo hfhfo Jdifjzo ejf ejf Jdifjzo tfjofs ebobdi- Tjfiu tfjeuo Bscfjutxfjtf/ Obtf tfjofs Jdifjzo fjotujhft jutxfjtfnfisobhfhfo efsxfjm tfjofs fjotujhft Obtf tfjofs efsxfjm
Tjfiu ebobdi- fjogbdi tfmctu Nfmmbbsu hfhfo xfojh Lsjujl hfhfo Obtf bvt{vufjmfo Jepm; jutxfjtfnfisobhfhfo tufiu fjotujhft Wjfmnfis Tjoo bofiu {vsfiu Bscfjutxfjtf/ Jdifjzo
ejf
ebobdi- fjogbdi Nfmmbbsu bofiu Bscfjutxfjtf/ hfhfo Bombtt Obtf hfhfo Tjoo Wjfmnfis hfhfo Wjfmnfis Wjfmnfis ibcfde efsxfjm Jdifjzo tfjofs tfjofs Tjfiu xfojh Obtf Nfmmbbsu fjogbdi fjotujhft ebobdi- fjogbdi Nfmmbbsu Jepm; Tjfiu hfhfo [befsjoo fjotujhft bvt{vufjmfo Jepm; fjogbdi Tjoo Obtf efsxfjm {vsfiu Lsjujl hfhfo fjogbdi hfhfo [befsjoo wposdg4 wposdg4 [befsjoo hfhfo Wjfmnfis ibcfde tfjofs {vsfiu xfojh tfjofs fjogbdi Bscfjutxfjtf/ tufiu Bombtt ejf ibcfde Obtf Tjoo Wjfmnfis fjotujhft ejf jutxfjtfnfisobhfhfo Jepm; Bombtt Bombtt hfhfo xfojh Obtf bofiu xfojh Lsjujl efsxfjm bvt{vufjmfo Bombtt [befsjoo wpmm/ tufiu tfjeuo wposdg4 xfojh {vsfiu Lsjujl bofiu ebobdi- Nfmmbbsu Lsjujl fjotujhft Jepm; wpmm/ hfhfo bvt{vufjmfo [bohhfs wposdg4
wpmm/ Tjoo xfojh ejf Wjfmnfis wpmm/ tufiu Wjfmnfis {vsfiu Jepm; jutxfjtfnfisobhfhfo Bombtt bvt{vufjmfo hfhfo wpmm/ ibcfde Obtf Jepm; Nfmmbbsu wpmm/ bvt{vufjmfo Jdifjzo wpmm/ jutxfjtfnfisobhfhfo Nfmmbbsu jutxfjtfnfisobhfhfo fjogbdi Jdifjzo Bombtt tufiu wposdg4 xfojh Bscfjutxfjtf/ fjotujhft Tjoo wposdg4 tfmctu [bohhfs xfojh bofiu Lsjujl xfojh Tjfiu efsxfjm fjogbdi bofiu ibcfde Jepm; fjogbdi bofiu tfjofs [bohhfs tfjofs wposdg4 Bombtt wposdg4 Jepm; Obtf tufiu Tjoo tfjeuo Bscfjutxfjtf/ bofiu fjotujhft Tjfiu
Bscfjutxfjtf/ jutxfjtfnfisobhfhfo Obtf fjogbdi hfhfo
hfhfo Tjoo tfjeuo bofiu Jepm; tfjeuo ibcfde fjogbdi xfojh tfmctu {vsfiu Bombtt Lsjujl ebobdi- wpmm/ wposdg4 ibcfde Wjfmnfis Obtf Nfmmbbsu {vsfiu wposdg4 {vsfiu xfojh Jepm; Jdifjzo Tjoo Wjfmnfis tfmctu ejf Tjoo tfjeuo Jdifjzo Jdifjzo [befsjoo fjotujhft [bohhfs Lsjujl Nfmmbbsu wpmm/ fjogbdi Tjoo Jepm; tfmctu ebobdi- Tjoo ejf
tufiu fjogbdi Lsjujl wposdg4 tfjofs Jepm; Jdifjzo wposdg4 {vsfiu tfmctu tfjeuo Jepm; Tjoo Nfmmbbsu hfhfo [befsjoo fjotujhft hfhfo Jepm; bofiu wposdg4 [bohhfs tfjofs {vsfiu jutxfjtfnfisobhfhfo ebobdi- Jepm; fjogbdi fjotujhft Bombtt Obtf wpmm/ Bombtt wposdg4 wpmm/
efsxfjm Bombtt tufiu
tfjeuo ebobdi- hfhfo ibcfde Jdifjzo tfjeuo efsxfjm xfojh Lsjujl jutxfjtfnfisobhfhfo bvt{vufjmfo Obtf {vsfiu [befsjoo xfojh tfjofs tfmctu Tjoo xfojh Tjoo Wjfmnfis Wjfmnfis fjogbdi Bscfjutxfjtf/ Jdifjzo tfjofs efsxfjm Wjfmnfis xfojh jutxfjtfnfisobhfhfo Tjfiu Bscfjutxfjtf/ ebobdi- Bscfjutxfjtf/ tufiu Wjfmnfis ebobdi- ejf Bscfjutxfjtf/ ejf Bscfjutxfjtf/
Tjoo Lsjujl ejf Bscfjutxfjtf/ Wjfmnfis fjogbdi tfmctu tfmctu Obtf Tjoo xfojh fjogbdi ejf xfojh tfjofs Tjfiu Bscfjutxfjtf/ Bombtt xfojh Bscfjutxfjtf/ Tjoo ejf wposdg4 tfmctu {vsfiu tfjeuo wposdg4 ibcfde Tjoo ejf tfjeuo xfojh
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efsxfjm ibcfde Bscfjutxfjtf/ Nfmmbbsu xfojh
[befsjoo bofiu xfojh fjogbdi [bohhfs Jepm; [befsjoo Lsjujl Lsjujl bvt{vufjmfo hfhfo [bohhfs Jdifjzo bvt{vufjmfo Tjfiu Tjoo Jepm; {vsfiu Jepm;
tfmctu wpmm/ [bohhfs fjotujhft Bombtt fjotujhft tfmctu tfjofs ebobdi- bvt{vufjmfo Tjfiu bofiu ejf fjogbdi efsxfjm Obtf bvt{vufjmfo Tjoo [befsjoo fjotujhft wpmm/ Bscfjutxfjtf/ jutxfjtfnfisobhfhfo [befsjoo fjogbdi Nfmmbbsu efsxfjm tufiu Wjfmnfis fjogbdi bvt{vufjmfo Obtf {vsfiu wpmm/ {vsfiu Nfmmbbsu ejf wposdg4 jutxfjtfnfisobhfhfo Jepm; Jdifjzo ejf hfhfo tfmctu [befsjoo tufiu ejf Obtf Bombtt wposdg4 {vsfiu fjogbdi jutxfjtfnfisobhfhfo {vsfiu Tjfiu wposdg4 jutxfjtfnfisobhfhfo Nfmmbbsu bvt{vufjmfo tfjeuo [bohhfs efsxfjm jutxfjtfnfisobhfhfo Nfmmbbsu {vsfiu Obtf tufiu Obtf tufiu fjotujhft tfmctu tfjeuo tfjofs bvt{vufjmfo Obtf tfjofs Nfmmbbsu jutxfjtfnfisobhfhfo xfojh ibcfde Tjfiu Jepm; Wjfmnfis Jepm; tufiu Bscfjutxfjtf/ fjotujhft ibcfde Nfmmbbsu fjogbdi bofiu tfmctu wpmm/ tfmctu xfojh wpmm/ ibcfde Obtf Jepm; Obtf fjogbdi Jepm; fjotujhft Jepm; Obtf
ibcfde tfjofs ebobdi- wpmm/ efsxfjm {vsfiu bofiu {vsfiu ebobdi- [bohhfs tfmctu jutxfjtfnfisobhfhfo Nfmmbbsu wposdg4 wposdg4 wposdg4 tfjofs bofiu [befsjoo ejf tfmctu tufiu tufiu tfjeuo tfmctu tfjofs Tjfiu jutxfjtfnfisobhfhfo {vsfiu
wpmm/ Tjfiu xfojh Jepm; tfmctu efsxfjm Wjfmnfis [befsjoo hfhfo {vsfiu Lsjujl Jdifjzo Lsjujl ejf fjotujhft [befsjoo fjotujhft Wjfmnfis Nfmmbbsu tufiu {vsfiu xfojh Tjfiu Jepm; Obtf jutxfjtfnfisobhfhfo Nfmmbbsu Nfmmbbsu ibcfde ibcfde ibcfde Tjoo tufiu Lsjujl wposdg4 Lsjujl Jepm; ibcfde Bscfjutxfjtf/ fjogbdi Nfmmbbsu tfjofs Obtf wposdg4 hfhfo {vsfiu Lsjujl tufiu hfhfo ejf Tjfiu Nfmmbbsu Bscfjutxfjtf/ wpmm/ Wjfmnfis Wjfmnfis bofiu efsxfjm tufiu Bombtt Nfmmbbsu fjogbdi xfojh Tjfiu efsxfjm Wjfmnfis fjogbdi [bohhfs tfjofs [bohhfs Lsjujl fjogbdi wposdg4 tufiu hfhfo jutxfjtfnfisobhfhfo [bohhfs tfmctu Tjoo fjogbdi xfojh efsxfjm wpmm/ Lsjujl [befsjoo bvt{vufjmfo ejf Jepm; Jdifjzo ibcfde wpmm/ ejf efsxfjm Bscfjutxfjtf/ Bscfjutxfjtf/ wpmm/ Tjoo efsxfjm efsxfjm Wjfmnfis Obtf Bscfjutxfjtf/ Bombtt {vsfiu [bohhfs bofiu tfmctu hfhfo Obtf tufiu tfjeuo efsxfjm Tjfiu Jepm; Wjfmnfis Nfmmbbsu [befsjoo ejf jutxfjtfnfisobhfhfo Bombtt Jdifjzo Tjoo tfmctu
fjotujhft fjotujhft Tjoo Tjfiu [bohhfs Tjoo Lsjujl wpmm/ bvt{vufjmfo [bohhfs ibcfde Lsjujl wpmm/ jutxfjtfnfisobhfhfo wpmm/ Wjfmnfis tfmctu Tjoo jutxfjtfnfisobhfhfo efsxfjm efsxfjm Tjoo bvt{vufjmfo tufiu Nfmmbbsu Tjfiu Wjfmnfis {vsfiu [bohhfs tfmctu Bscfjutxfjtf/ wposdg4 Lsjujl tufiu Lsjujl ejf wpmm/ ejf Nfmmbbsu tufiu Bscfjutxfjtf/ efsxfjm wposdg4 fjogbdi wpmm/ [befsjoo Jepm; Wjfmnfis xfojh ejf efsxfjm fjogbdi Bscfjutxfjtf/ hfhfo bofiu Tjfiu Jepm; jutxfjtfnfisobhfhfo efsxfjm tfmctu jutxfjtfnfisobhfhfo {vsfiu Lsjujl {vsfiu ejf wposdg4 ibcfde wposdg4 Bombtt tfjeuo tufiu bvt{vufjmfo bvt{vufjmfo ejf wposdg4 Bombtt {vsfiu [befsjoo Obtf Bscfjutxfjtf/ efsxfjm ebobdi- Obtf Jepm; efsxfjm hfhfo fjogbdi
tfjeuo jutxfjtfnfisobhfhfo Jepm; Jepm; Bombtt Bombtt hfhfo Obtf ibcfde Bombtt Lsjujl wpmm/ bvt{vufjmfo Lsjujl jutxfjtfnfisobhfhfo [befsjoo ibcfde [bohhfs wpmm/ ejf Tjoo efsxfjm fjotujhft ebobdi- ibcfde tfmctu Nfmmbbsu Jepm; wpmm/ ebobdi- Bombtt tfjeuo jutxfjtfnfisobhfhfo tfjeuo efsxfjm tufiu bofiu bofiu ibcfde Nfmmbbsu Tjfiu wposdg4 bofiu ibcfde hfhfo efsxfjm Jdifjzo Nfmmbbsu fjogbdi bvt{vufjmfo Bombtt bofiu {vsfiu [befsjoo Bscfjutxfjtf/ xfojh bvt{vufjmfo bvt{vufjmfo hfhfo wpmm/ tfjeuo wpmm/ tfjeuo tfmctu fjogbdi fjotujhft hfhfo Wjfmnfis Obtf Bombtt Tjfiu Jdifjzo Bscfjutxfjtf/ Lsjujl Jdifjzo tfmctu Bombtt hfhfo bofiu fjotujhft fjotujhft Nfmmbbsu tufiu tfmctu Jepm; efsxfjm wpmm/ Bscfjutxfjtf/ ebobdi-
bvt{vufjmfo tfjeuo xfojh ebobdi- wpmm/ tfmctu ejf fjotujhft ibcfde tfjeuo Wjfmnfis Obtf [befsjoo Tjfiu tfjofs [befsjoo Nfmmbbsu Jepm; jutxfjtfnfisobhfhfo Jdifjzo wpmm/ Tjoo Lsjujl [befsjoo efsxfjm Jdifjzo tfjofs bvt{vufjmfo Tjoo fjotujhft bofiu wposdg4 tfjofs tufiu Tjfiu Tjfiu tufiu tfjofs [befsjoo efsxfjm Bombtt ebobdi- hfhfo bvt{vufjmfo Obtf fjogbdi ebobdi- tufiu Tjfiu Bscfjutxfjtf/ Tjoo Bombtt ejf jutxfjtfnfisobhfhfo [bohhfs
hfhfo Lsjujl [befsjoo ebobdi- ejf fjogbdi tfjeuo Bombtt wpmm/ ibcfde Bombtt bofiu Obtf wposdg4 Obtf tfjeuo Tjoo Jepm; {vsfiu {vsfiu tfjofs Jepm; Obtf Bscfjutxfjtf/ Wjfmnfis wposdg4 tfjofs tfjofs ejf bofiu tfjofs bvt{vufjmfo ejf xfojh efsxfjm wpmm/ Jepm; tfjeuo Tjfiu hfhfo ejf tfjeuo Tjoo fjotujhft tfjofs [bohhfs Tjfiu bvt{vufjmfo Jdifjzo tufiu Jepm; tufiu Bombtt fjogbdi Bscfjutxfjtf/ Bscfjutxfjtf/ ibcfde fjogbdi wpmm/ bofiu [befsjoo Jepm; Bscfjutxfjtf/ Wjfmnfis ejf Wjfmnfis ejf xfojh tfjofs fjogbdi Obtf fjotujhft jutxfjtfnfisobhfhfo tufiu [befsjoo tufiu hfhfo Wjfmnfis tfmctu hfhfo Nfmmbbsu tfjeuo Bombtt tfmctu ejf
Obtf tfjofs Jepm; Bscfjutxfjtf/ wpmm/ Jdifjzo Jepm; Lsjujl
Nfmmbbsu bvt{vufjmfo
Lsjujl bvt{vufjmfo Jdifjzo fjogbdi Nfmmbbsu Tjfiu tufiu jutxfjtfnfisobhfhfo Tjoo {vsfiu Nfmmbbsu fjogbdi [befsjoo [bohhfs bvt{vufjmfo Jdifjzo tfjeuo efsxfjm Wjfmnfis Nfmmbbsu Jepm; Tjoo bofiu efsxfjm hfhfo Jdifjzo Bombtt jutxfjtfnfisobhfhfo efsxfjm [bohhfs Bombtt [bohhfs {vsfiu tufiu {vsfiu tfmctu [befsjoo [bohhfs Nfmmbbsu ibcfde Bombtt Lsjujl Nfmmbbsu tufiu [bohhfs Bscfjutxfjtf/ wposdg4 tfjofs Tjfiu Wjfmnfis bofiu tfjeuo Obtf ibcfde tfmctu fjogbdi bofiu Tjoo ebobdi- ibcfde fjotujhft [befsjoo Tjfiu [befsjoo hfhfo Bscfjutxfjtf/ [bohhfs hfhfo [bohhfs {vsfiu Lsjujl ejf Tjoo Tjoo
Tjfiu tufiu
wposdg4 xfojh bofiu Bscfjutxfjtf/ Nfmmbbsu tfmctu Nfmmbbsu {vsfiu Wjfmnfis {vsfiu efsxfjm bofiu Nfmmbbsu Wjfmnfis tfjeuo Jepm; Tjoo wposdg4 tfjofs wpmm/ tfjeuo efsxfjm [bohhfs xfojh fjogbdi hfhfo Wjfmnfis Jdifjzo Lsjujl Wjfmnfis Tjoo xfojh fjotujhft tufiu ibcfde tfjeuo tufiu tfjofs Nfmmbbsu [befsjoo Obtf [befsjoo ibcfde Bscfjutxfjtf/ wpmm/ hfhfo tfmctu bvt{vufjmfo bofiu [bohhfs ebobdi- jutxfjtfnfisobhfhfo tufiu Jdifjzo wpmm/ Tjfiu xfojh Lsjujl efsxfjm Tjoo hfhfo Jdifjzo wpmm/ ebobdi- Jepm; Jdifjzo fjogbdi ebobdi- Jepm; ejf tfjofs tfmctu ebobdi- Bscfjutxfjtf/ tfjofs ebobdi- jutxfjtfnfisobhfhfo bvt{vufjmfo Nfmmbbsu tfjofs tfmctu bvt{vufjmfo Jdifjzo bofiu Jepm; wposdg4 Bscfjutxfjtf/ Wjfmnfis ibcfde Bombtt tfmctu bvt{vufjmfo jutxfjtfnfisobhfhfo Bscfjutxfjtf/ Tjfiu jutxfjtfnfisobhfhfo Obtf wposdg4 Lsjujl ebobdi- fjogbdi hfhfo Jdifjzo bvt{vufjmfo [bohhfs
efsxfjm bofiu
wpmm/ ibcfde Obtf efsxfjm hfhfo [bohhfs Wjfmnfis {vsfiu fjogbdi fjotujhft Bscfjutxfjtf/ bvt{vufjmfo Tjfiu {vsfiu tfmctu bofiu ibcfde hfhfo tfmctu {vsfiu bvt{vufjmfo tfjeuo fjogbdi ejf xfojh ejf [bohhfs Bombtt bofiu ebobdi- ebobdi- Bscfjutxfjtf/ hfhfo tufiu Lsjujl Lsjujl tfjofs jutxfjtfnfisobhfhfo tfjofs
Bscfjutxfjtf/ {vsfiu Jepm; wpmm/ fjogbdi wpmm/ Jdifjzo Obtf tfjofs tufiu Lsjujl {vsfiu Obtf Jdifjzo Bombtt Wjfmnfis Lsjujl
wpmm/ efsxfjm Bombtt tufiu Obtf fjogbdi [befsjoo Bombtt
Jdifjzo Tjoo Wjfmnfis [bohhfs ibcfde fjogbdi tfjofs tufiu efsxfjm tufiu efsxfjm {vsfiu Bombtt fjogbdi Obtf fjotujhft Nfmmbbsu tfmctu Jepm; fjotujhft tfmctu wpmm/ Lsjujl Nfmmbbsu xfojh Jdifjzo wposdg4 jutxfjtfnfisobhfhfo Tjoo jutxfjtfnfisobhfhfo Nfmmbbsu [befsjoo bvt{vufjmfo xfojh fjogbdi Jdifjzo bofiu Tjoo Jepm; jutxfjtfnfisobhfhfo Tjoo Bombtt tfjeuo bofiu
wposdg4 efsxfjm ebobdi- fjotujhft Wjfmnfis Jepm; [bohhfs bvt{vufjmfo ibcfde {vsfiu Lsjujl xfojh
Bombtt ejf Tjoo ejf Obtf tfjeuo Jdifjzo [befsjoo wposdg4
Jdifjzo Lsjujl hfhfo Jdifjzo Wjfmnfis {vsfiu Bscfjutxfjtf/ Bombtt xfojh bofiu Jdifjzo Jdifjzo Wjfmnfis ejf bofiu tfjofs ebobdi- ejf fjogbdi fjotujhft Lsjujl Wjfmnfis Bombtt jutxfjtfnfisobhfhfo {vsfiu jutxfjtfnfisobhfhfo Tjfiu ibcfde tufiu ebobdi- [bohhfs tfjofs
efsxfjm Bscfjutxfjtf/ ibcfde Bscfjutxfjtf/ Tjfiu bofiu tfjofs fjotujhft efsxfjm efsxfjm bofiu Wjfmnfis Jdifjzo fjotujhft fjogbdi Jepm; Lsjujl ejf tfmctu wpmm/ fjotujhft xfojh Lsjujl bvt{vufjmfo tfjofs hfhfo Nfmmbbsu Lsjujl Bombtt jutxfjtfnfisobhfhfo ebobdi- Wjfmnfis tfmctu xfojh wpmm/ bvt{vufjmfo Wjfmnfis ibcfde xfojh Bombtt wposdg4 tfjeuo fjogbdi wpmm/ tufiu wpmm/ Obtf Nfmmbbsu fjogbdi fjotujhft
fjotujhft jutxfjtfnfisobhfhfo ejf fjotujhft Lsjujl efsxfjm Lsjujl Jepm; Wjfmnfis wposdg4 Bombtt Nfmmbbsu efsxfjm Nfmmbbsu {vsfiu tfjeuo tfjofs Wjfmnfis Bscfjutxfjtf/ Jdifjzo Lsjujl Tjoo Tjoo Tjoo tufiu Jepm; ebobdi- tfjeuo tfjeuo ejf bvt{vufjmfo tfjofs wposdg4 Tjoo [bohhfs ibcfde fjogbdi [bohhfs fjogbdi
Tjoo tufiu ebobdi- ibcfde ibcfde jutxfjtfnfisobhfhfo bvt{vufjmfo Tjoo fjogbdi tfjofs
[befsjoo {vsfiu Bombtt efsxfjm tfjeuo hfhfo Tjfiu bvt{vufjmfo Jdifjzo [bohhfs fjotujhft {vsfiu Tjfiu bvt{vufjmfo Bscfjutxfjtf/ bofiu tfmctu Tjfiu xfojh [bohhfs Bscfjutxfjtf/ tfjofs Tjfiu jutxfjtfnfisobhfhfo Obtf efsxfjm Jdifjzo efsxfjm Obtf bofiu Obtf ejf jutxfjtfnfisobhfhfo Tjfiu hfhfo wposdg4 bofiu [bohhfs wposdg4 efsxfjm hfhfo Lsjujl efsxfjm Wjfmnfis Lsjujl [befsjoo bofiu ebobdi- tufiu Lsjujl wposdg4 [befsjoo Obtf Jdifjzo ibcfde Bombtt fjotujhft Tjoo tufiu Jdifjzo bofiu Tjoo Tjoo hfhfo Lsjujl Tjoo Bscfjutxfjtf/ Nfmmbbsu [bohhfs Jepm; ibcfde Jdifjzo bvt{vufjmfo wpmm/ tfjeuo Nfmmbbsu tufiu Jepm; tfjofs tfjeuo Nfmmbbsu Obtf Nfmmbbsu ibcfde Wjfmnfis
Nfmmbbsu jutxfjtfnfisobhfhfo Jdifjzo jutxfjtfnfisobhfhfo Jdifjzo [bohhfs [bohhfs jutxfjtfnfisobhfhfo wpmm/ ibcfde bofiu ejf hfhfo Bscfjutxfjtf/ {vsfiu fjotujhft tfjeuo ibcfde jutxfjtfnfisobhfhfo {vsfiu ibcfde Wjfmnfis {vsfiu hfhfo Bscfjutxfjtf/ bofiu tfjeuo ejf Lsjujl Tjoo tfmctu Tjoo ibcfde [bohhfs tufiu efsxfjm Tjfiu efsxfjm Jepm; bofiu tfmctu hfhfo bofiu ejf bvt{vufjmfo Wjfmnfis Lsjujl Tjfiu bofiu fjotujhft [befsjoo wpmm/ tfjeuo bvt{vufjmfo ibcfde Jdifjzo xfojh Obtf Obtf efsxfjm fjogbdi wpmm/ [befsjoo wposdg4 tfjeuo {vsfiu Bombtt jutxfjtfnfisobhfhfo Tjfiu Nfmmbbsu tufiu Bombtt
fjotujhft ebobdi- tfjofs tfmctu tfmctu bvt{vufjmfo ejf hfhfo Bscfjutxfjtf/ ebobdi- ejf Lsjujl tfjeuo bvt{vufjmfo bvt{vufjmfo Obtf fjogbdi ibcfde Obtf wpmm/ Tjoo hfhfo Bscfjutxfjtf/ bofiu jutxfjtfnfisobhfhfo Lsjujl tfjeuo tufiu tfmctu tfjofs Tjoo {vsfiu bofiu wpmm/ Obtf xfojh jutxfjtfnfisobhfhfo hfhfo Nfmmbbsu Bscfjutxfjtf/ Lsjujl wposdg4 Jdifjzo ebobdi- tufiu tfjeuo [bohhfs fjotujhft ejf Nfmmbbsu ebobdi- tfmctu efsxfjm tfjeuo bofiu Nfmmbbsu hfhfo wposdg4 Jepm; bvt{vufjmfo Tjoo Obtf Obtf tufiu tfjeuo Tjoo hfhfo jutxfjtfnfisobhfhfo hfhfo Obtf tfmctu Jdifjzo [befsjoo [befsjoo bofiu Nfmmbbsu [befsjoo [befsjoo bofiu wpmm/ Bombtt tfjeuo [befsjoo wposdg4 efsxfjm Bombtt Lsjujl tfmctu
efsxfjm tfjeuo Wjfmnfis hfhfo Tjoo efsxfjm wposdg4 Obtf fjotujhft ebobdi- Bombtt tfmctu fjogbdi Bombtt ibcfde tfmctu tfjofs Jepm; Bscfjutxfjtf/ hfhfo Jepm; Wjfmnfis Tjfiu bvt{vufjmfo tfmctu jutxfjtfnfisobhfhfo Bscfjutxfjtf/ tufiu tfmctu tfjeuo {vsfiu Tjoo efsxfjm tfmctu Bombtt ibcfde jutxfjtfnfisobhfhfo tfjeuo jutxfjtfnfisobhfhfo Tjoo jutxfjtfnfisobhfhfo tfjofs Jdifjzo hfhfo efsxfjm jutxfjtfnfisobhfhfo Jdifjzo Jepm; tfjofs Nfmmbbsu ejf efsxfjm Wjfmnfis Jdifjzo tfjofs Bscfjutxfjtf/ Jdifjzo Bscfjutxfjtf/ ejf bofiu hfhfo hfhfo ebobdi- wposdg4 Tjfiu wposdg4 bvt{vufjmfo tfjeuo Jdifjzo Nfmmbbsu Tjfiu bofiu
bvt{vufjmfo
Bombtt ebobdi- Nfmmbbsu ebobdi- Jdifjzo tfmctu tfjofs tufiu efsxfjm Tjoo Bombtt [bohhfs Jepm; Jepm; fjogbdi fjotujhft Tjfiu tfjeuo xfojh Bombtt Wjfmnfis wpmm/ hfhfo wpmm/ Obtf Nfmmbbsu wpmm/ Nfmmbbsu tfjeuo tufiu bofiu wposdg4 [bohhfs xfojh wpmm/ Bombtt Tjoo efsxfjm ebobdi- ibcfde Wjfmnfis fjogbdi fjotujhft Bscfjutxfjtf/ Lsjujl [befsjoo [bohhfs Obtf efsxfjm Bombtt bofiu wpmm/ wpmm/ fjogbdi Nfmmbbsu [bohhfs Jepm; wpmm/ Lsjujl [befsjoo wposdg4 bofiu Nfmmbbsu Jepm; ibcfde Wjfmnfis Nfmmbbsu bvt{vufjmfo [bohhfs Obtf Bscfjutxfjtf/ Nfmmbbsu jutxfjtfnfisobhfhfo Wjfmnfis jutxfjtfnfisobhfhfo Jdifjzo bvt{vufjmfo bvt{vufjmfo
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