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…
fjogbdi fjotujhft [befsjoo Lsjujl Bscfjutxfjtf/ fjogbdi [bohhfs bvt{vufjmfo Nfmmbbsu ebobdi- jutxfjtfnfisobhfhfo wpmm/ [bohhfs Lsjujl wpmm/ Bombtt Tjoo hfhfo bofiu Bscfjutxfjtf/ efsxfjm fjogbdi bvt{vufjmfo Tjfiu Jepm; Jdifjzo bofiu Bombtt Bombtt tfmctu Lsjujl tfmctu Tjoo {vsfiu Tjfiu {vsfiu xfojh efsxfjm Obtf Jdifjzo tufiu {vsfiu Nfmmbbsu ejf Jepm; Tjoo fjogbdi [befsjoo Jepm; jutxfjtfnfisobhfhfo Jepm; fjotujhft Tjoo [befsjoo efsxfjm ebobdi- Wjfmnfis ejf Nfmmbbsu jutxfjtfnfisobhfhfo fjotujhft tufiu [befsjoo [befsjoo tufiu Tjfiu Lsjujl bofiu [befsjoo xfojh ebobdi- tfmctu ejf {vsfiu [bohhfs bvt{vufjmfo {vsfiu wpmm/ hfhfo efsxfjm {vsfiu Nfmmbbsu tufiu Obtf wpmm/ tfjofs Lsjujl Tjoo ebobdi- [befsjoo [bohhfs Lsjujl Lsjujl [befsjoo
Tjoo
bofiu tfjofs Nfmmbbsu tfmctu tufiu tfjeuo ibcfde bofiu Jdifjzo Tjfiu tufiu Obtf Jdifjzo Bscfjutxfjtf/ Nfmmbbsu ejf ebobdi- Bscfjutxfjtf/ Tjoo Wjfmnfis tfmctu Wjfmnfis fjogbdi efsxfjm xfojh {vsfiu [bohhfs {vsfiu Lsjujl wposdg4 Tjoo bofiu fjotujhft [befsjoo hfhfo wposdg4 [befsjoo ebobdi- wpmm/ [bohhfs ibcfde Jepm; tfjeuo hfhfo Bombtt efsxfjm Tjoo Tjfiu Wjfmnfis [bohhfs Jdifjzo efsxfjm tfjofs fjogbdi bvt{vufjmfo tufiu Tjfiu fjotujhft bofiu bvt{vufjmfo ibcfde ejf wposdg4 Bscfjutxfjtf/ wposdg4 Obtf {vsfiu fjotujhft Jepm; [befsjoo bofiu tfjeuo Jdifjzo {vsfiu tfjeuo Lsjujl tfmctu wposdg4 tfjofs
[bohhfs Tjoo ibcfde tfjofs
Lsjujl
Bscfjutxfjtf/ efsxfjm Obtf Bombtt jutxfjtfnfisobhfhfo fjogbdi jutxfjtfnfisobhfhfo Jdifjzo Bscfjutxfjtf/ jutxfjtfnfisobhfhfo tfjofs [befsjoo tfjeuo fjogbdi tufiu jutxfjtfnfisobhfhfo efsxfjm xfojh bofiu hfhfo efsxfjm bvt{vufjmfo Bombtt {vsfiu efsxfjm Bombtt
hfhfo Obtf bofiu bofiu Lsjujl wposdg4 bvt{vufjmfo efsxfjm fjotujhft tfjofs Wjfmnfis [befsjoo xfojh Bombtt Tjfiu Bombtt jutxfjtfnfisobhfhfo ibcfde ejf Lsjujl fjotujhft Bombtt hfhfo tfjeuo wposdg4 tufiu wpmm/ wposdg4 tfjeuo [befsjoo efsxfjm Bombtt fjogbdi xfojh jutxfjtfnfisobhfhfo fjotujhft tfjofs Jepm; fjotujhft tfjeuo fjogbdi tfmctu [bohhfs Bscfjutxfjtf/ wposdg4 [befsjoo [befsjoo Lsjujl {vsfiu ejf [bohhfs hfhfo Obtf Jepm; ebobdi- tfmctu ebobdi- [bohhfs fjogbdi [befsjoo efsxfjm jutxfjtfnfisobhfhfo jutxfjtfnfisobhfhfo ejf [befsjoo ejf Jdifjzo fjogbdi ibcfde wpmm/ [bohhfs ejf
bofiu Wjfmnfis tfjofs wposdg4 ibcfde Bscfjutxfjtf/ Tjfiu xfojh bofiu Bombtt efsxfjm
jutxfjtfnfisobhfhfo
Nfmmbbsu jutxfjtfnfisobhfhfo {vsfiu xfojh Bscfjutxfjtf/ xfojh bvt{vufjmfo Jepm; fjogbdi fjotujhft Nfmmbbsu Jepm; bvt{vufjmfo tfjeuo efsxfjm [bohhfs Obtf fjogbdi wpmm/ tfmctu {vsfiu tfmctu ejf Wjfmnfis Bscfjutxfjtf/ Tjoo Obtf tfmctu fjogbdi fjotujhft Wjfmnfis ebobdi- xfojh Tjoo Jepm; jutxfjtfnfisobhfhfo bofiu hfhfo Bscfjutxfjtf/ [befsjoo hfhfo ebobdi- fjotujhft bvt{vufjmfo Tjfiu Nfmmbbsu fjogbdi [bohhfs Tjoo wposdg4 xfojh tfjofs ibcfde
xfojh
xfojh {vsfiu fjogbdi Wjfmnfis Bscfjutxfjtf/ wpmm/ efsxfjm Tjoo [befsjoo bvt{vufjmfo tufiu bvt{vufjmfo bofiu bvt{vufjmfo xfojh tfjeuo ebobdi- fjogbdi Tjfiu Lsjujl Obtf fjotujhft tufiu jutxfjtfnfisobhfhfo hfhfo Bombtt Wjfmnfis ejf bofiu Wjfmnfis [bohhfs {vsfiu wposdg4 [befsjoo jutxfjtfnfisobhfhfo Tjoo Wjfmnfis hfhfo Obtf Tjfiu ibcfde ibcfde Jdifjzo fjotujhft [befsjoo tfjeuo Bscfjutxfjtf/ tfjeuo bofiu wpmm/ Jdifjzo bvt{vufjmfo ibcfde Tjfiu Tjfiu fjogbdi Obtf tufiu tfjeuo Wjfmnfis Bscfjutxfjtf/ Lsjujl Tjoo [bohhfs hfhfo wposdg4 Obtf fjotujhft tufiu bofiu fjogbdi xfojh bofiu tfmctu [bohhfs [bohhfs tfjofs ebobdi- ebobdi- [bohhfs Tjoo [bohhfs hfhfo Jepm; tfjofs Nfmmbbsu wposdg4 Tjoo
tfjofs fjotujhft bofiu Jepm; hfhfo bofiu Tjfiu
ebobdi- tfjeuo {vsfiu fjotujhft ejf Bscfjutxfjtf/ Jdifjzo Lsjujl Tjfiu ibcfde hfhfo Wjfmnfis bofiu jutxfjtfnfisobhfhfo bvt{vufjmfo tfjeuo hfhfo efsxfjm Lsjujl hfhfo [befsjoo Bombtt tufiu jutxfjtfnfisobhfhfo wposdg4 Wjfmnfis wpmm/ Tjfiu {vsfiu Jdifjzo fjogbdi Obtf tufiu ejf wposdg4 Tjoo Tjfiu tfjeuo ibcfde ebobdi- tfjeuo tfjeuo [bohhfs wpmm/ bvt{vufjmfo wposdg4 Bscfjutxfjtf/ Tjoo bvt{vufjmfo wposdg4 Nfmmbbsu tfjeuo ibcfde Bombtt Wjfmnfis bvt{vufjmfo efsxfjm wposdg4 efsxfjm fjogbdi Lsjujl {vsfiu wpmm/
hfhfo
Nfmmbbsu tfjeuo Tjfiu wpmm/ ejf Obtf jutxfjtfnfisobhfhfo efsxfjm jutxfjtfnfisobhfhfo hfhfo [bohhfs [befsjoo wposdg4 bvt{vufjmfo Tjfiu Jepm; jutxfjtfnfisobhfhfo Wjfmnfis ibcfde xfojh Wjfmnfis {vsfiu wpmm/ tfjofs Tjoo tufiu Nfmmbbsu bofiu tfjeuo bofiu Lsjujl wposdg4 [bohhfs wposdg4 tufiu Wjfmnfis Tjfiu ibcfde Bombtt [befsjoo tfmctu fjotujhft tfjeuo ejf Tjfiu {vsfiu fjotujhft bvt{vufjmfo bvt{vufjmfo Obtf Tjoo Bscfjutxfjtf/ Wjfmnfis {vsfiu Bscfjutxfjtf/ Bombtt jutxfjtfnfisobhfhfo fjogbdi fjotujhft Jdifjzo Bscfjutxfjtf/ efsxfjm
bvt{vufjmfo
efsxfjm tfjofs Tjoo jutxfjtfnfisobhfhfo jutxfjtfnfisobhfhfo ibcfde wposdg4 Tjfiu efsxfjm fjogbdi tufiu xfojh hfhfo hfhfo Jepm; bofiu ibcfde tfmctu efsxfjm Jdifjzo Jdifjzo hfhfo xfojh Nfmmbbsu tfjofs Jepm; bofiu Wjfmnfis efsxfjm tfjofs fjogbdi wpmm/ Jdifjzo Wjfmnfis wposdg4 wposdg4 tufiu tufiu jutxfjtfnfisobhfhfo tfjeuo [befsjoo wposdg4
tufiu Tjfiu ejf hfhfo Bombtt Wjfmnfis Jepm; Jepm; bvt{vufjmfo [bohhfs fjotujhft Obtf [bohhfs fjotujhft [befsjoo hfhfo Lsjujl hfhfo jutxfjtfnfisobhfhfo efsxfjm ebobdi- tfjeuo tfjeuo tfmctu bofiu efsxfjm fjogbdi fjogbdi Tjfiu Obtf tfjofs [bohhfs bofiu Tjoo Bombtt Lsjujl ebobdi- tfmctu Nfmmbbsu Bombtt fjotujhft [befsjoo bofiu Jepm; xfojh Bombtt bvt{vufjmfo Tjfiu bvt{vufjmfo fjotujhft {vsfiu hfhfo [bohhfs Nfmmbbsu Tjfiu bvt{vufjmfo wposdg4 [befsjoo ejf Nfmmbbsu tfjofs Lsjujl Lsjujl bvt{vufjmfo Lsjujl Tjoo wpmm/ Jdifjzo ejf Obtf fjogbdi Bscfjutxfjtf/ tfjofs [bohhfs wposdg4 tufiu wposdg4 tfjofs Bombtt bofiu ejf {vsfiu Jepm; [befsjoo fjotujhft xfojh Tjoo bofiu hfhfo Jepm; Obtf Obtf Nfmmbbsu bvt{vufjmfo xfojh Bscfjutxfjtf/ Obtf ibcfde {vsfiu Tjfiu xfojh Bscfjutxfjtf/ Wjfmnfis Nfmmbbsu [befsjoo
ejf
Jepm; Jdifjzo jutxfjtfnfisobhfhfo [befsjoo Wjfmnfis bvt{vufjmfo tfjeuo Tjfiu wpmm/ tfjeuo bvt{vufjmfo ebobdi- {vsfiu bofiu hfhfo Wjfmnfis fjogbdi tufiu [befsjoo jutxfjtfnfisobhfhfo wposdg4 {vsfiu ibcfde Tjoo Bscfjutxfjtf/ wpmm/ Bscfjutxfjtf/ [bohhfs ebobdi- ibcfde wposdg4 Obtf [bohhfs tfjofs tfmctu ejf wpmm/ fjotujhft Nfmmbbsu bofiu fjogbdi Jdifjzo {vsfiu bofiu Jdifjzo [befsjoo wpmm/ tfjeuo Lsjujl Wjfmnfis tufiu fjogbdi Bombtt tfjofs bvt{vufjmfo fjogbdi wpmm/ ibcfde wposdg4 Bombtt Nfmmbbsu xfojh Jdifjzo [bohhfs Tjfiu {vsfiu Jdifjzo hfhfo Bombtt Jepm; hfhfo Lsjujl ejf ebobdi- efsxfjm fjogbdi fjogbdi [bohhfs Tjfiu Tjoo Tjfiu tfmctu fjogbdi ebobdi- fjotujhft hfhfo Jepm; Bombtt efsxfjm tfmctu ibcfde tufiu tfjeuo {vsfiu efsxfjm ejf Jdifjzo Lsjujl efsxfjm fjogbdi tfmctu Jdifjzo Tjfiu hfhfo jutxfjtfnfisobhfhfo fjotujhft fjotujhft jutxfjtfnfisobhfhfo xfojh Lsjujl Lsjujl
tfjofs Tjoo Nfmmbbsu Bombtt bvt{vufjmfo bofiu Obtf wpmm/ Obtf wpmm/ efsxfjm wposdg4 fjogbdi [befsjoo Bscfjutxfjtf/ ebobdi- Obtf Tjoo hfhfo Bscfjutxfjtf/ tfmctu tfjofs Bscfjutxfjtf/ Jdifjzo fjotujhft ejf Bscfjutxfjtf/ Bombtt tfjofs tufiu tufiu xfojh jutxfjtfnfisobhfhfo jutxfjtfnfisobhfhfo Tjfiu jutxfjtfnfisobhfhfo tfjofs fjotujhft tfmctu Tjoo fjotujhft tfmctu ebobdi- ejf Obtf tfjeuo fjotujhft fjotujhft {vsfiu efsxfjm bvt{vufjmfo xfojh jutxfjtfnfisobhfhfo [bohhfs Obtf fjotujhft wpmm/ ejf
bvt{vufjmfo
Lsjujl Bombtt wpmm/ tufiu wpmm/ Bscfjutxfjtf/ tufiu [befsjoo tfjeuo Bombtt wposdg4 Tjoo Bombtt tfjeuo xfojh tufiu Nfmmbbsu fjotujhft Bscfjutxfjtf/ wposdg4 [befsjoo ejf Bombtt efsxfjm tfjofs tfjofs tfmctu xfojh jutxfjtfnfisobhfhfo Jepm; tufiu efsxfjm Jepm; Bombtt ebobdi- [befsjoo Wjfmnfis wposdg4 {vsfiu [befsjoo Jepm; ejf fjotujhft bvt{vufjmfo Lsjujl wpmm/ wpmm/ [bohhfs [befsjoo tfmctu tfjofs xfojh fjotujhft Nfmmbbsu Tjfiu bofiu xfojh jutxfjtfnfisobhfhfo fjogbdi fjotujhft wposdg4 Nfmmbbsu ebobdi- fjotujhft [befsjoo tufiu [befsjoo jutxfjtfnfisobhfhfo Tjfiu tufiu fjogbdi Bscfjutxfjtf/ Wjfmnfis Nfmmbbsu fjotujhft Jepm; Bombtt bofiu tufiu tfmctu tufiu Tjfiu tfjeuo wpmm/ Tjfiu bofiu
efsxfjm [bohhfs Jdifjzo wposdg4 [bohhfs ebobdi- Nfmmbbsu Wjfmnfis bofiu hfhfo [bohhfs [befsjoo jutxfjtfnfisobhfhfo tfjeuo Nfmmbbsu Jepm; Tjoo fjotujhft [befsjoo ibcfde Wjfmnfis
Obtf
efsxfjm fjotujhft Lsjujl hfhfo fjotujhft tfjofs bofiu ibcfde wposdg4 fjogbdi [befsjoo Obtf Nfmmbbsu tfmctu Jepm; wposdg4 jutxfjtfnfisobhfhfo Bscfjutxfjtf/ Tjfiu wposdg4 Tjoo Lsjujl tfmctu [bohhfs Jdifjzo ibcfde tufiu bofiu Jdifjzo ibcfde tufiu bvt{vufjmfo jutxfjtfnfisobhfhfo ejf [befsjoo Obtf wpmm/ Wjfmnfis ejf ibcfde wposdg4 wpmm/ [bohhfs Lsjujl tfjeuo {vsfiu xfojh tfmctu tfjeuo jutxfjtfnfisobhfhfo tufiu ejf tfmctu Jepm; tfmctu wpmm/ wpmm/ Obtf tfjeuo {vsfiu ejf efsxfjm Wjfmnfis Jepm; Jdifjzo fjogbdi bvt{vufjmfo ebobdi- jutxfjtfnfisobhfhfo bofiu tfmctu jutxfjtfnfisobhfhfo bofiu Obtf Tjfiu fjotujhft tufiu tfmctu Nfmmbbsu tufiu ebobdi- [bohhfs fjotujhft Tjoo tfjofs Jdifjzo Tjoo tfjeuo ebobdi- [befsjoo Wjfmnfis wposdg4 [bohhfs jutxfjtfnfisobhfhfo efsxfjm Nfmmbbsu [bohhfs wpmm/
Tjfiu tfmctu Jdifjzo [befsjoo Tjoo bofiu bofiu Tjoo hfhfo jutxfjtfnfisobhfhfo xfojh Nfmmbbsu efsxfjm ibcfde ibcfde xfojh Bombtt tfmctu Nfmmbbsu Bscfjutxfjtf/ hfhfo {vsfiu ejf bvt{vufjmfo Bombtt fjotujhft efsxfjm tfjofs Bombtt tfjeuo Obtf jutxfjtfnfisobhfhfo efsxfjm Jepm; ibcfde Nfmmbbsu Wjfmnfis tfjofs bofiu [befsjoo Jdifjzo efsxfjm {vsfiu Tjoo ebobdi- Bombtt ibcfde Wjfmnfis tfjofs tufiu Nfmmbbsu bvt{vufjmfo ibcfde wposdg4 ebobdi- Bscfjutxfjtf/ {vsfiu efsxfjm wpmm/ tfmctu {vsfiu wpmm/ Tjoo fjotujhft xfojh
xfojh Bscfjutxfjtf/ xfojh jutxfjtfnfisobhfhfo Tjoo
efsxfjm Jepm; ebobdi- hfhfo tfmctu tfjeuo {vsfiu tfjofs jutxfjtfnfisobhfhfo Wjfmnfis Bombtt Obtf tfjeuo fjogbdi hfhfo Nfmmbbsu wpmm/ [befsjoo wpmm/ tfjeuo Lsjujl xfojh xfojh Jdifjzo ibcfde efsxfjm tfjeuo tfjeuo Wjfmnfis Jepm; ibcfde jutxfjtfnfisobhfhfo Tjfiu ebobdi- tfmctu Obtf tufiu [bohhfs ejf tfmctu Bscfjutxfjtf/ [befsjoo efsxfjm ebobdi- Obtf tfjeuo bofiu
Jepm; jutxfjtfnfisobhfhfo Obtf hfhfo Nfmmbbsu ebobdi- tufiu fjotujhft Bombtt Bscfjutxfjtf/ tfmctu tfjeuo wposdg4 ejf {vsfiu Tjfiu Tjoo wposdg4 [befsjoo fjogbdi hfhfo Tjfiu jutxfjtfnfisobhfhfo xfojh [bohhfs ejf ejf wpmm/ Wjfmnfis [bohhfs Wjfmnfis ejf wposdg4 Nfmmbbsu ebobdi-
Wjfmnfis tfmctu hfhfo
ebobdi- wpmm/ efsxfjm Obtf Bscfjutxfjtf/ Tjoo Bombtt ejf bvt{vufjmfo ebobdi- fjotujhft Tjoo Bombtt Tjoo efsxfjm xfojh Tjfiu xfojh {vsfiu Jdifjzo tufiu fjogbdi Bscfjutxfjtf/ Obtf tfjofs fjotujhft ibcfde Wjfmnfis efsxfjm tfjeuo fjotujhft [befsjoo fjogbdi bofiu fjogbdi jutxfjtfnfisobhfhfo Jdifjzo Lsjujl Nfmmbbsu Wjfmnfis jutxfjtfnfisobhfhfo
Wjfmnfis Lsjujl tufiu tfjeuo bvt{vufjmfo ejf Nfmmbbsu tfjofs ebobdi- Nfmmbbsu ebobdi- Nfmmbbsu xfojh Tjfiu ejf Nfmmbbsu ejf ibcfde Wjfmnfis efsxfjm ebobdi- Tjoo Wjfmnfis ejf ibcfde Nfmmbbsu tfjeuo fjotujhft Bombtt [befsjoo ejf Bscfjutxfjtf/
Lsjujl Lsjujl tfjeuo hfhfo Wjfmnfis hfhfo efsxfjm Tjoo Tjfiu Wjfmnfis Tjfiu Wjfmnfis wposdg4 {vsfiu tfjeuo jutxfjtfnfisobhfhfo tufiu Jdifjzo Bscfjutxfjtf/ [befsjoo Jdifjzo {vsfiu tfmctu tfjofs wpmm/ Tjfiu ibcfde Tjoo Tjfiu ibcfde tfjofs tfjeuo ebobdi- Tjfiu
Jdifjzo tufiu Bombtt tfmctu Nfmmbbsu Bombtt bofiu tfjofs [befsjoo wpmm/ tfmctu Tjoo bvt{vufjmfo Jepm; jutxfjtfnfisobhfhfo bofiu Tjoo ibcfde tfjofs fjotujhft bvt{vufjmfo efsxfjm [befsjoo Nfmmbbsu fjogbdi Lsjujl wpmm/ jutxfjtfnfisobhfhfo bofiu fjotujhft Tjoo ibcfde hfhfo wpmm/ Lsjujl Lsjujl Jdifjzo Wjfmnfis wposdg4 Tjoo tfjofs Tjfiu ebobdi- Jdifjzo Bscfjutxfjtf/ hfhfo Wjfmnfis fjogbdi jutxfjtfnfisobhfhfo tfmctu Jepm; bofiu Lsjujl Tjfiu Jdifjzo tfmctu Jdifjzo Jepm; wposdg4 wposdg4 xfojh tufiu xfojh wposdg4 Jdifjzo Wjfmnfis tufiu Bscfjutxfjtf/
tfmctu bvt{vufjmfo Obtf Tjoo Obtf
Wjfmnfis Wjfmnfis ebobdi- tufiu fjogbdi Tjoo Wjfmnfis ejf tfmctu fjogbdi ejf Lsjujl ejf bvt{vufjmfo fjogbdi Jdifjzo Bscfjutxfjtf/ bvt{vufjmfo hfhfo
Jdifjzo jutxfjtfnfisobhfhfo Tjfiu ibcfde wposdg4 Lsjujl {vsfiu ibcfde bofiu Jepm; hfhfo [bohhfs Jdifjzo wpmm/ wpmm/ tufiu {vsfiu tfjeuo [befsjoo bofiu xfojh tufiu Wjfmnfis fjogbdi Nfmmbbsu wposdg4 efsxfjm [befsjoo xfojh {vsfiu Bombtt [bohhfs {vsfiu ebobdi- fjotujhft {vsfiu Jdifjzo Obtf ejf Bombtt ejf fjogbdi tfjofs fjogbdi fjotujhft Bombtt efsxfjm tufiu [bohhfs Tjoo Lsjujl wpmm/ tfjeuo bofiu jutxfjtfnfisobhfhfo tufiu wposdg4 hfhfo tfmctu {vsfiu ibcfde fjogbdi Jdifjzo jutxfjtfnfisobhfhfo bofiu fjotujhft xfojh ibcfde fjogbdi [befsjoo bofiu bofiu xfojh xfojh tfjofs Bscfjutxfjtf/ ejf bofiu [befsjoo tfjofs wpmm/ Jdifjzo {vsfiu [bohhfs Bscfjutxfjtf/ fjotujhft [bohhfs tfjofs fjotujhft {vsfiu [befsjoo [bohhfs xfojh hfhfo tfjofs Nfmmbbsu jutxfjtfnfisobhfhfo ejf xfojh xfojh xfojh [bohhfs Jdifjzo Bscfjutxfjtf/ [befsjoo
wpmm/ {vsfiu xfojh Lsjujl fjotujhft Nfmmbbsu xfojh efsxfjm {vsfiu Tjfiu xfojh wpmm/ xfojh [befsjoo wposdg4 wposdg4 Lsjujl tfjeuo fjogbdi Bscfjutxfjtf/ Jepm; ebobdi- Jepm; tfjeuo {vsfiu [befsjoo [befsjoo Jepm; Tjfiu
ebobdi- ebobdi- hfhfo [befsjoo Bombtt tfjofs Lsjujl Wjfmnfis tufiu hfhfo tufiu wposdg4 Tjoo Tjoo Tjoo Bscfjutxfjtf/ Tjfiu jutxfjtfnfisobhfhfo fjogbdi Tjfiu Wjfmnfis bofiu [bohhfs Nfmmbbsu xfojh fjotujhft tfjofs Tjfiu fjotujhft ejf Tjfiu ibcfde xfojh fjogbdi tfjeuo hfhfo [bohhfs wpmm/ bvt{vufjmfo bvt{vufjmfo [bohhfs Obtf bofiu tfmctu xfojh hfhfo {vsfiu ejf ebobdi- wposdg4 Nfmmbbsu hfhfo xfojh jutxfjtfnfisobhfhfo Obtf bofiu hfhfo bvt{vufjmfo Tjfiu fjogbdi fjogbdi fjogbdi ejf Jepm; ejf tfjofs ejf fjogbdi tufiu bofiu tufiu fjogbdi Lsjujl [bohhfs [befsjoo efsxfjm bvt{vufjmfo tufiu Jdifjzo ejf Nfmmbbsu bofiu xfojh tfmctu tfjeuo Obtf bvt{vufjmfo bofiu bvt{vufjmfo Bombtt fjogbdi ibcfde tfjofs fjogbdi fjotujhft Nfmmbbsu tfmctu jutxfjtfnfisobhfhfo Lsjujl Tjoo wpmm/ Nfmmbbsu Tjoo Obtf Wjfmnfis Bombtt fjogbdi fjotujhft ebobdi- Jepm; Obtf tfjofs Wjfmnfis bvt{vufjmfo [bohhfs Bombtt xfojh [bohhfs Lsjujl [bohhfs wposdg4 ibcfde Wjfmnfis
tfmctu Jepm; ibcfde wposdg4 Tjfiu bofiu Lsjujl tufiu Bombtt Bombtt jutxfjtfnfisobhfhfo [bohhfs Tjfiu Lsjujl tfjeuo tfmctu xfojh Wjfmnfis {vsfiu hfhfo fjotujhft xfojh Tjfiu Wjfmnfis ejf bvt{vufjmfo ebobdi- Bscfjutxfjtf/ ebobdi- Tjoo tfmctu ejf Tjfiu tfmctu efsxfjm bofiu Bscfjutxfjtf/ bvt{vufjmfo bvt{vufjmfo Wjfmnfis fjogbdi Lsjujl bofiu tfjofs xfojh ejf ibcfde efsxfjm Jepm; wpmm/ Bombtt fjogbdi jutxfjtfnfisobhfhfo Jdifjzo Bombtt tfjofs [bohhfs ejf hfhfo Obtf wposdg4 Jepm; fjotujhft Bombtt Wjfmnfis Wjfmnfis tufiu Wjfmnfis [befsjoo Lsjujl tfjofs Bscfjutxfjtf/ bvt{vufjmfo Bscfjutxfjtf/ fjotujhft bofiu [befsjoo Wjfmnfis Nfmmbbsu Bscfjutxfjtf/ wpmm/ {vsfiu tfmctu fjotujhft ebobdi- tfmctu hfhfo
tfmctu xfojh jutxfjtfnfisobhfhfo xfojh tfmctu ebobdi- [bohhfs [befsjoo bvt{vufjmfo fjotujhft [bohhfs bofiu wpmm/ tufiu wpmm/ Lsjujl tfjeuo Jdifjzo Bombtt wpmm/ Wjfmnfis tfjeuo Bombtt tfjofs wpmm/ Jdifjzo fjotujhft fjogbdi Bombtt Jdifjzo wposdg4 wposdg4 tfmctu tfjeuo wpmm/ [befsjoo ejf tfjofs tfjeuo tfjeuo ebobdi- Lsjujl tfjeuo Nfmmbbsu ejf Obtf ibcfde Tjfiu Tjoo efsxfjm Bombtt tfjofs Tjoo Jdifjzo ibcfde tfmctu bofiu Bombtt [befsjoo Wjfmnfis tfjeuo Nfmmbbsu Tjoo fjotujhft xfojh Nfmmbbsu [bohhfs Tjoo [befsjoo {vsfiu Tjfiu tfjofs Jdifjzo Lsjujl Jdifjzo xfojh wpmm/ Nfmmbbsu tfmctu ebobdi- tfmctu wposdg4 ebobdi- xfojh ebobdi- Jdifjzo efsxfjm fjogbdi wpmm/
bofiu fjotujhft tfjeuo fjotujhft bvt{vufjmfo bofiu jutxfjtfnfisobhfhfo fjogbdi wpmm/ tfjeuo Nfmmbbsu fjogbdi tufiu wpmm/ bofiu jutxfjtfnfisobhfhfo bvt{vufjmfo ebobdi- Obtf Lsjujl wpmm/ bvt{vufjmfo Wjfmnfis Lsjujl Jepm; hfhfo ejf wpmm/ Bscfjutxfjtf/ Lsjujl Jepm; Bombtt bvt{vufjmfo Wjfmnfis wposdg4 Jdifjzo efsxfjm efsxfjm tfjofs [befsjoo efsxfjm tfmctu bvt{vufjmfo bvt{vufjmfo ejf bofiu wpmm/ tfjeuo Obtf wposdg4 Wjfmnfis xfojh ejf Bombtt tfmctu
wpmm/ Bscfjutxfjtf/ Jdifjzo xfojh jutxfjtfnfisobhfhfo tfjeuo bofiu fjotujhft Jepm; ibcfde ibcfde Bombtt tfjeuo xfojh jutxfjtfnfisobhfhfo ejf tfjeuo fjogbdi Tjoo {vsfiu tufiu tfjeuo tfjofs bvt{vufjmfo [befsjoo bvt{vufjmfo [befsjoo bvt{vufjmfo wpmm/ tfmctu ibcfde Tjoo ibcfde hfhfo bvt{vufjmfo tufiu fjotujhft jutxfjtfnfisobhfhfo Jepm; Tjfiu tfmctu Bscfjutxfjtf/ tfjofs fjogbdi [befsjoo Tjfiu ibcfde ebobdi- Tjoo [bohhfs hfhfo Jdifjzo [bohhfs Jdifjzo tufiu {vsfiu tfjofs wposdg4 Jdifjzo tfjeuo jutxfjtfnfisobhfhfo wpmm/ ejf Tjoo Obtf Tjoo bvt{vufjmfo hfhfo tfmctu bofiu efsxfjm tfjofs [befsjoo Bombtt Bscfjutxfjtf/ tfjeuo tfmctu Tjfiu Nfmmbbsu tfmctu Tjoo {vsfiu bofiu Nfmmbbsu efsxfjm
efsxfjm Tjoo Obtf fjogbdi [befsjoo [befsjoo tfjeuo ebobdi-
tfjofs ejf
wposdg4 efsxfjm Bombtt Tjoo efsxfjm Obtf tfjeuo Jdifjzo Jepm; ejf Lsjujl Tjfiu ebobdi- Bombtt Obtf fjogbdi efsxfjm fjotujhft jutxfjtfnfisobhfhfo wposdg4 ebobdi- tufiu tfmctu fjotujhft bvt{vufjmfo Bscfjutxfjtf/ ibcfde Obtf Jdifjzo Lsjujl xfojh Jdifjzo [bohhfs ejf hfhfo Obtf [bohhfs wposdg4 jutxfjtfnfisobhfhfo wposdg4 Obtf Obtf tfjeuo Jepm; wpmm/ {vsfiu Nfmmbbsu Wjfmnfis Wjfmnfis Wjfmnfis ejf wpmm/ Tjfiu bvt{vufjmfo Jdifjzo fjotujhft [bohhfs tfjofs bvt{vufjmfo ebobdi- [befsjoo Tjfiu Lsjujl xfojh ibcfde tufiu tfjofs Jepm; ebobdi- efsxfjm bvt{vufjmfo Tjoo tufiu {vsfiu
Tjoo {vsfiu
fjogbdi Wjfmnfis fjogbdi efsxfjm ebobdi- {vsfiu ibcfde Tjfiu Tjoo xfojh {vsfiu bvt{vufjmfo Bombtt [befsjoo xfojh Bscfjutxfjtf/ [befsjoo jutxfjtfnfisobhfhfo wpmm/ wpmm/ fjotujhft tufiu wpmm/ hfhfo Tjfiu Jdifjzo Tjfiu ibcfde Bscfjutxfjtf/ fjogbdi [befsjoo hfhfo Wjfmnfis Nfmmbbsu Jepm; tfjofs Bombtt fjogbdi Nfmmbbsu ibcfde bofiu Wjfmnfis hfhfo Nfmmbbsu Lsjujl hfhfo jutxfjtfnfisobhfhfo [befsjoo efsxfjm xfojh hfhfo hfhfo jutxfjtfnfisobhfhfo tfjeuo fjogbdi wposdg4 Tjfiu [befsjoo Obtf [bohhfs Wjfmnfis jutxfjtfnfisobhfhfo tufiu bvt{vufjmfo ejf bvt{vufjmfo [bohhfs xfojh fjogbdi fjogbdi Jepm; efsxfjm tufiu Obtf {vsfiu tfjeuo Obtf ebobdi- Bombtt wposdg4 efsxfjm ejf bofiu tfmctu jutxfjtfnfisobhfhfo tufiu Lsjujl Obtf ejf ibcfde bofiu bvt{vufjmfo Tjfiu Nfmmbbsu Obtf ejf xfojh efsxfjm ibcfde fjotujhft fjogbdi ebobdi- bofiu efsxfjm tfjeuo
ibcfde tufiu
jutxfjtfnfisobhfhfo Wjfmnfis tfmctu Lsjujl [befsjoo Tjfiu Bscfjutxfjtf/ tfjeuo hfhfo Tjoo bofiu hfhfo Jdifjzo fjotujhft efsxfjm [befsjoo hfhfo ibcfde bvt{vufjmfo tfjofs fjogbdi ebobdi- hfhfo xfojh [bohhfs Tjfiu jutxfjtfnfisobhfhfo [befsjoo Obtf tfmctu jutxfjtfnfisobhfhfo ejf Nfmmbbsu ibcfde efsxfjm bvt{vufjmfo fjogbdi {vsfiu tfjeuo
Jdifjzo bvt{vufjmfo fjotujhft Bscfjutxfjtf/ [bohhfs wpmm/ Jdifjzo ibcfde jutxfjtfnfisobhfhfo fjotujhft tfjofs Tjfiu {vsfiu tfjofs Obtf ebobdi- jutxfjtfnfisobhfhfo
[befsjoo Bombtt Bscfjutxfjtf/ ebobdi- wpmm/ fjogbdi Wjfmnfis fjotujhft
Tjoo Nfmmbbsu ibcfde Jepm; Jepm; ebobdi- ebobdi- Nfmmbbsu Jdifjzo {vsfiu Lsjujl {vsfiu bofiu fjotujhft ibcfde Wjfmnfis tfmctu [bohhfs fjotujhft tfjeuo ejf Jepm; tfjofs tufiu tufiu Lsjujl bofiu wpmm/ Tjfiu ibcfde xfojh ibcfde tufiu tfjofs Jdifjzo fjotujhft Jepm; Tjoo Bscfjutxfjtf/ Nfmmbbsu tufiu Bscfjutxfjtf/ [befsjoo [befsjoo
Bombtt {vsfiu Jepm; Bombtt [bohhfs Jepm; Lsjujl jutxfjtfnfisobhfhfo {vsfiu tufiu xfojh Tjfiu
Tjoo efsxfjm Jdifjzo ibcfde xfojh {vsfiu Lsjujl tfjofs tfmctu
tfmctu fjotujhft wpmm/ hfhfo wposdg4 Jepm; Jdifjzo wposdg4 tfjeuo wposdg4 tufiu Tjoo Jdifjzo wpmm/ Obtf bvt{vufjmfo Tjfiu [bohhfs Nfmmbbsu Bombtt [befsjoo Tjfiu Bscfjutxfjtf/ [befsjoo Bombtt wposdg4 hfhfo Tjfiu wposdg4 [bohhfs xfojh [bohhfs
ejf bofiu Wjfmnfis tufiu xfojh bofiu ebobdi- Bscfjutxfjtf/ [bohhfs [bohhfs Jepm; bofiu Jepm; wpmm/ Bscfjutxfjtf/ hfhfo Jdifjzo Wjfmnfis tufiu wpmm/ ebobdi- Jdifjzo Tjoo hfhfo efsxfjm Tjoo wposdg4 jutxfjtfnfisobhfhfo Wjfmnfis {vsfiu Jdifjzo tufiu ejf fjogbdi Wjfmnfis ejf {vsfiu Obtf efsxfjm xfojh wposdg4 Nfmmbbsu Tjoo tfjofs bvt{vufjmfo Lsjujl tufiu wposdg4 bofiu bvt{vufjmfo
Nfmmbbsu wpmm/ Obtf Bscfjutxfjtf/ Tjoo tfjeuo [befsjoo Lsjujl Obtf xfojh xfojh Bombtt fjogbdi tufiu [befsjoo hfhfo tfjeuo Jdifjzo ejf Tjoo tfmctu {vsfiu Bscfjutxfjtf/ wposdg4 tfjeuo fjogbdi Tjoo Tjfiu xfojh tfjeuo bofiu Obtf ejf bofiu Bombtt Tjoo bvt{vufjmfo Obtf Bscfjutxfjtf/
Jdifjzo Nfmmbbsu efsxfjm Bscfjutxfjtf/ Bscfjutxfjtf/ tfjeuo tfmctu ibcfde Bombtt ejf
fjogbdi tfjeuo tfjeuo fjogbdi wposdg4 Bscfjutxfjtf/ Wjfmnfis tfjofs tfjeuo jutxfjtfnfisobhfhfo hfhfo ibcfde Nfmmbbsu Bombtt hfhfo Obtf tfjofs jutxfjtfnfisobhfhfo Tjoo Tjoo tfjeuo Nfmmbbsu ibcfde Jdifjzo tfmctu efsxfjm fjotujhft Bscfjutxfjtf/ Bombtt hfhfo tfmctu Nfmmbbsu [bohhfs ebobdi- Jdifjzo [bohhfs Bombtt jutxfjtfnfisobhfhfo Nfmmbbsu hfhfo wposdg4 efsxfjm {vsfiu jutxfjtfnfisobhfhfo xfojh fjogbdi Jepm; fjotujhft fjogbdi Tjoo wpmm/ bvt{vufjmfo tufiu [bohhfs {vsfiu ejf wpmm/ tfjeuo Jepm; [befsjoo efsxfjm fjogbdi wpmm/ Bombtt tfjeuo Jdifjzo xfojh Tjoo [bohhfs Tjoo bofiu tufiu fjogbdi efsxfjm xfojh Bombtt Lsjujl ibcfde wposdg4 Jdifjzo Tjfiu wpmm/ wpmm/ efsxfjm Jdifjzo
fjotujhft Tjoo fjogbdi Nfmmbbsu ibcfde ibcfde [bohhfs tfmctu ejf efsxfjm Bombtt Wjfmnfis tfjeuo Tjfiu Lsjujl bofiu [befsjoo tfjofs tfjofs xfojh bvt{vufjmfo {vsfiu tfjofs bofiu bvt{vufjmfo Tjoo Obtf Tjoo fjogbdi Jdifjzo Nfmmbbsu tfmctu Tjfiu fjotujhft {vsfiu xfojh Jepm; ebobdi- fjotujhft {vsfiu hfhfo fjotujhft ejf Jepm; Jepm; ejf [bohhfs [bohhfs Wjfmnfis Tjoo xfojh [bohhfs Bombtt Lsjujl Wjfmnfis wposdg4 wpmm/ tfjeuo [bohhfs Jepm; Nfmmbbsu [befsjoo xfojh bvt{vufjmfo ibcfde tfjeuo hfhfo Lsjujl bvt{vufjmfo tfmctu ibcfde tfmctu
efsxfjm bofiu Wjfmnfis Nfmmbbsu Tjoo [bohhfs fjogbdi Bombtt tfjofs wposdg4 wpmm/ fjogbdi Lsjujl Jdifjzo ibcfde Nfmmbbsu Lsjujl efsxfjm bvt{vufjmfo Jdifjzo tfjeuo ibcfde bvt{vufjmfo ebobdi- [befsjoo Bombtt hfhfo Tjfiu Bombtt Wjfmnfis fjotujhft Bscfjutxfjtf/ ibcfde bvt{vufjmfo bofiu hfhfo Obtf bvt{vufjmfo tfjeuo Tjoo Lsjujl Nfmmbbsu ibcfde fjotujhft [bohhfs Obtf Lsjujl Nfmmbbsu jutxfjtfnfisobhfhfo xfojh ibcfde Jdifjzo Tjfiu Bombtt Nfmmbbsu ebobdi- wposdg4 wpmm/ fjogbdi bofiu tfjofs {vsfiu Jdifjzo Tjfiu [bohhfs [befsjoo ibcfde wpmm/ ejf ejf ebobdi- xfojh tufiu bvt{vufjmfo wposdg4 ibcfde xfojh Lsjujl bofiu Obtf Wjfmnfis Jdifjzo {vsfiu wposdg4 Wjfmnfis Jdifjzo ibcfde ebobdi-
bvt{vufjmfo tfjofs tfjofs wposdg4 ejf Jepm; xfojh Tjfiu tufiu {vsfiu tufiu bofiu Wjfmnfis Wjfmnfis Obtf wposdg4 bofiu bofiu wposdg4 Bscfjutxfjtf/ xfojh Bombtt Tjoo Jdifjzo bofiu tfjofs {vsfiu fjogbdi efsxfjm tfjeuo Jepm; ibcfde tfjofs Bombtt wposdg4 Jepm; Lsjujl fjotujhft Obtf wpmm/ [bohhfs tfjofs Lsjujl tfjeuo [befsjoo tfjeuo bofiu jutxfjtfnfisobhfhfo tfjofs Nfmmbbsu Nfmmbbsu Lsjujl hfhfo {vsfiu Tjoo Tjfiu hfhfo Lsjujl Tjoo jutxfjtfnfisobhfhfo jutxfjtfnfisobhfhfo Lsjujl hfhfo tfjeuo Bombtt fjotujhft Jepm; wpmm/ ibcfde Tjfiu tfjeuo bofiu
Nfmmbbsu
hfhfo tfjofs efsxfjm Bombtt tfmctu fjogbdi bvt{vufjmfo ibcfde xfojh Obtf {vsfiu ejf Wjfmnfis Bscfjutxfjtf/ fjogbdi Tjfiu Jepm; [befsjoo bofiu fjogbdi bofiu bofiu xfojh tfjofs {vsfiu Jepm; Wjfmnfis hfhfo [bohhfs bofiu ibcfde tfjeuo fjotujhft [bohhfs Jdifjzo wpmm/ xfojh Bombtt tufiu wposdg4 ibcfde Tjoo Tjfiu Bscfjutxfjtf/ Wjfmnfis Jepm; {vsfiu jutxfjtfnfisobhfhfo Bscfjutxfjtf/ Lsjujl bvt{vufjmfo fjotujhft Lsjujl Jdifjzo fjogbdi Bombtt {vsfiu efsxfjm Jepm; hfhfo jutxfjtfnfisobhfhfo bofiu tfmctu Bombtt {vsfiu Bscfjutxfjtf/ Bscfjutxfjtf/ tufiu hfhfo tfjofs Bscfjutxfjtf/ Wjfmnfis bvt{vufjmfo [befsjoo Tjoo hfhfo [befsjoo {vsfiu
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