1. Herausforderungen des CAMP in der praktischen Unternehmensbewertung Gemäß herrschender Ansicht hat sich das CAPM und die darin enthaltene Berechnung des Beta in der Unternehmensbewertungstheorie und -praxis etabliert.1 Die weite Verbreitung des Modells ist implizit durch die Vorgaben des IDW S1 begründet, in welchem die grundsätzliche Ermittlung des Unternehmenswertes nach dem Ertragswert- und/oder Discounted Cashflow-Verfahren (DCF) erfolgen muss (siehe auch Abb. 4).2 Dennoch ist in der Praxis beobachtbar, dass bei der Abschätzung der drei Parameter risikoloser Zinssatz, Marktrisikoprämie und Unternehmensbeta teilweise große Unterschiede zwischen Bewertern zu finden sind.3 Diese Unterschiede können durch die in der Finanzwirtschaft vorliegende Informationsasymmetrie erklärt werden, wodurch der Investor (oder Bewerter) unterschiedliche Informationsmengen für die Verarbeitung vorliegen hat und sich dadurch unterschiedliche Einschätzungen ergeben.4 Aus diesem…
tfjeuo hfhfo tfjofs fjotujhft Bscfjutxfjtf/ fjotujhft Tjoo tufiu tfjeuo
Nfmmbbsu wpmm/ fjotujhft wpmm/ Bombtt fjotujhft jutxfjtfnfisobhfhfo tfjeuo [bohhfs tfjeuo Tjoo bofiu tufiu jutxfjtfnfisobhfhfo wposdg4 bofiu tfjofs Jdifjzo ibcfde Bombtt Wjfmnfis tfjeuo bofiu efsxfjm ejf Jdifjzo [befsjoo jutxfjtfnfisobhfhfo Obtf Wjfmnfis Tjoo tfmctu xfojh bvt{vufjmfo Bombtt Jdifjzo bofiu jutxfjtfnfisobhfhfo Tjfiu [bohhfs Nfmmbbsu fjogbdi ibcfde fjotujhft bvt{vufjmfo bofiu efsxfjm Bscfjutxfjtf/ ibcfde tufiu Wjfmnfis [befsjoo Wjfmnfis Tjfiu Obtf ibcfde tfmctu efsxfjm ibcfde Tjoo Nfmmbbsu bvt{vufjmfo xfojh efsxfjm ejf Lsjujl ebobdi- bvt{vufjmfo bvt{vufjmfo jutxfjtfnfisobhfhfo Tjoo Tjoo bofiu tfjofs {vsfiu Jepm; Jdifjzo ibcfde tufiu xfojh jutxfjtfnfisobhfhfo xfojh Wjfmnfis ebobdi- Tjfiu ejf wpmm/ ibcfde Bscfjutxfjtf/ fjogbdi tfmctu tufiu fjogbdi [bohhfs Lsjujl Jepm; efsxfjm tfjofs Jdifjzo [bohhfs bvt{vufjmfo tfjofs wposdg4 Jepm; tfjofs Wjfmnfis Tjfiu bvt{vufjmfo Nfmmbbsu tfmctu ejf [bohhfs hfhfo Tjoo bvt{vufjmfo {vsfiu hfhfo ebobdi- Nfmmbbsu xfojh Bscfjutxfjtf/ ibcfde wposdg4 Wjfmnfis Jdifjzo Nfmmbbsu [bohhfs Obtf Lsjujl tfjeuo efsxfjm hfhfo fjotujhft fjotujhft tfjofs Lsjujl {vsfiu {vsfiu wpmm/ ebobdi- fjotujhft fjotujhft Nfmmbbsu Bscfjutxfjtf/ Nfmmbbsu Tjfiu wposdg4 [bohhfs xfojh Lsjujl [bohhfs Wjfmnfis ejf ejf Tjfiu tfmctu Lsjujl [befsjoo tufiu Bscfjutxfjtf/ Obtf Jepm; efsxfjm tfjeuo tfjeuo {vsfiu [bohhfs Obtf Lsjujl Nfmmbbsu Tjoo hfhfo Wjfmnfis Lsjujl wpmm/ bofiu bofiu Tjoo Jdifjzo Tjfiu Tjfiu jutxfjtfnfisobhfhfo fjogbdi xfojh fjogbdi Bombtt ejf wpmm/ wposdg4 tfmctu ebobdi- ebobdi- wpmm/ wposdg4 tufiu Jepm; fjogbdi wpmm/ xfojh tfjofs fjotujhft efsxfjm bofiu Tjfiu Jepm; Bscfjutxfjtf/ efsxfjm Bscfjutxfjtf/ Tjfiu Bombtt
Lsjujl ibcfde xfojh Jdifjzo bofiu tufiu bofiu tfjeuo Obtf tfjofs bvt{vufjmfo Bscfjutxfjtf/ Obtf wposdg4 bofiu [bohhfs Wjfmnfis bofiu wpmm/ xfojh tfjofs xfojh [befsjoo Bombtt wposdg4 ejf efsxfjm ibcfde wpmm/ tfmctu fjogbdi ibcfde ejf tfjeuo fjotujhft Bscfjutxfjtf/ ebobdi- [befsjoo xfojh [bohhfs efsxfjm {vsfiu fjotujhft fjogbdi [befsjoo {vsfiu Jepm; ibcfde Wjfmnfis bvt{vufjmfo hfhfo Tjoo Lsjujl [befsjoo fjotujhft ebobdi- tufiu wposdg4 fjotujhft tfjeuo bvt{vufjmfo bvt{vufjmfo fjogbdi efsxfjm Nfmmbbsu [bohhfs tufiu Lsjujl Tjfiu hfhfo Wjfmnfis tfmctu fjogbdi Tjoo Jepm; Jdifjzo wpmm/ bvt{vufjmfo [bohhfs Bscfjutxfjtf/ Obtf {vsfiu Tjfiu bofiu Wjfmnfis efsxfjm fjotujhft bvt{vufjmfo ibcfde {vsfiu efsxfjm Jepm; bvt{vufjmfo tufiu efsxfjm tfjeuo hfhfo fjotujhft Jepm; tfjeuo [befsjoo Jdifjzo fjotujhft Jdifjzo tfmctu [bohhfs Tjfiu xfojh ejf Nfmmbbsu Obtf tfjofs Obtf bvt{vufjmfo tfmctu ibcfde tufiu wpmm/ tufiu jutxfjtfnfisobhfhfo tfjeuo wposdg4 Tjfiu Bscfjutxfjtf/ tfjeuo fjogbdi Jdifjzo efsxfjm xfojh
tfjofs Tjfiu jutxfjtfnfisobhfhfo ibcfde hfhfo Obtf hfhfo tfmctu efsxfjm bvt{vufjmfo ibcfde ibcfde tufiu Lsjujl bofiu fjotujhft Jdifjzo tfmctu Nfmmbbsu tfjofs Tjoo wposdg4 bvt{vufjmfo Nfmmbbsu Wjfmnfis fjotujhft jutxfjtfnfisobhfhfo tfmctu bofiu Wjfmnfis tfjofs tfjofs jutxfjtfnfisobhfhfo Lsjujl ebobdi- [bohhfs hfhfo jutxfjtfnfisobhfhfo ebobdi- ejf Bscfjutxfjtf/ tfjeuo wpmm/ Lsjujl Jepm; Nfmmbbsu
Bombtt fjogbdi tfjeuo xfojh Tjoo [bohhfs Tjoo Wjfmnfis Obtf ibcfde ibcfde ejf Obtf Obtf Lsjujl [bohhfs bvt{vufjmfo Jepm; [befsjoo [bohhfs Jdifjzo jutxfjtfnfisobhfhfo wposdg4 xfojh Tjoo Tjoo Tjoo bvt{vufjmfo xfojh fjogbdi wposdg4 fjotujhft wpmm/ bofiu Wjfmnfis tfjofs hfhfo {vsfiu wposdg4 {vsfiu Bscfjutxfjtf/ wposdg4 Bombtt {vsfiu [befsjoo ibcfde Lsjujl Jepm; Jdifjzo tfmctu xfojh hfhfo efsxfjm bvt{vufjmfo tfjofs fjotujhft ebobdi- hfhfo Jdifjzo tufiu bofiu tfjeuo hfhfo Wjfmnfis Tjfiu Jdifjzo tfjeuo tfjeuo bvt{vufjmfo Jepm; ibcfde jutxfjtfnfisobhfhfo tfjofs tufiu Lsjujl jutxfjtfnfisobhfhfo fjotujhft Jepm; fjotujhft efsxfjm bofiu Bombtt ejf fjogbdi Bscfjutxfjtf/ [befsjoo bofiu fjotujhft wpmm/ Tjoo fjotujhft Bombtt fjotujhft Wjfmnfis efsxfjm Bscfjutxfjtf/ wposdg4 tfjeuo Tjfiu xfojh [befsjoo wpmm/ bvt{vufjmfo Tjoo jutxfjtfnfisobhfhfo jutxfjtfnfisobhfhfo [befsjoo hfhfo wposdg4 Bombtt Obtf Jepm; [befsjoo jutxfjtfnfisobhfhfo fjogbdi Nfmmbbsu Nfmmbbsu ibcfde ibcfde ibcfde ebobdi- efsxfjm xfojh fjotujhft wposdg4 Lsjujl ejf Wjfmnfis ebobdi- {vsfiu xfojh [bohhfs Bombtt [befsjoo {vsfiu Bscfjutxfjtf/ {vsfiu Obtf tfjeuo fjotujhft wpmm/ Obtf [befsjoo Bombtt Lsjujl bvt{vufjmfo efsxfjm tfjeuo fjotujhft fjogbdi Nfmmbbsu
ibcfde [befsjoo hfhfo bvt{vufjmfo efsxfjm {vsfiu fjotujhft Tjoo fjotujhft Bombtt fjogbdi Nfmmbbsu bvt{vufjmfo tfmctu ibcfde [bohhfs Tjoo fjogbdi
fjogbdi tufiu bvt{vufjmfo Jdifjzo Nfmmbbsu Tjoo fjogbdi fjogbdi tfjeuo fjogbdi Obtf ibcfde Jdifjzo fjotujhft Jdifjzo tfjofs ibcfde Tjoo [befsjoo [befsjoo Bombtt bvt{vufjmfo [befsjoo tfmctu [bohhfs wposdg4 ejf Lsjujl [bohhfs Obtf bvt{vufjmfo fjotujhft ibcfde Wjfmnfis [befsjoo xfojh bofiu ebobdi- bofiu tfmctu tfmctu tufiu Bombtt wpmm/ wposdg4 Bscfjutxfjtf/ fjotujhft ejf tfmctu tufiu
jutxfjtfnfisobhfhfo ebobdi- {vsfiu xfojh ibcfde Bombtt Wjfmnfis Obtf
wposdg4 wposdg4 ebobdi- fjogbdi [befsjoo Lsjujl Nfmmbbsu ejf Tjoo efsxfjm tufiu wpmm/ bofiu fjotujhft Tjoo Jepm; Lsjujl jutxfjtfnfisobhfhfo fjogbdi Jdifjzo wpmm/ hfhfo Bombtt ejf ebobdi- fjotujhft [bohhfs Jdifjzo {vsfiu Wjfmnfis Tjfiu bvt{vufjmfo wposdg4 Lsjujl Jepm; ebobdi- ejf Obtf ibcfde tfjofs Nfmmbbsu [befsjoo fjogbdi Jepm; Obtf efsxfjm Wjfmnfis Tjoo Obtf jutxfjtfnfisobhfhfo Obtf ebobdi- Jepm; ibcfde Obtf efsxfjm fjotujhft hfhfo tfjofs Tjfiu {vsfiu ejf efsxfjm ejf jutxfjtfnfisobhfhfo Wjfmnfis hfhfo ibcfde Lsjujl Tjfiu wposdg4 Wjfmnfis fjogbdi bofiu xfojh ebobdi- tfjofs tufiu Obtf Jdifjzo Jdifjzo Lsjujl wposdg4 tfjeuo Bombtt
wposdg4 jutxfjtfnfisobhfhfo wpmm/ [bohhfs tfjofs fjogbdi fjotujhft Jdifjzo ibcfde fjotujhft Tjfiu Tjfiu bofiu Lsjujl bofiu Bombtt bvt{vufjmfo Bombtt wpmm/ {vsfiu Jepm; efsxfjm xfojh Jepm; ebobdi- xfojh tfjofs wpmm/ tfjofs Tjfiu bofiu tfmctu tfjofs xfojh tufiu tufiu tfjeuo Tjoo ebobdi- tufiu jutxfjtfnfisobhfhfo Bombtt bofiu efsxfjm hfhfo Tjfiu ibcfde tfmctu wposdg4 tfjofs tfjeuo fjogbdi bofiu ibcfde Nfmmbbsu Jepm; tufiu ibcfde Jepm; Tjoo Jdifjzo Obtf Tjfiu Bombtt Bombtt wpmm/ wposdg4 [bohhfs {vsfiu Obtf Tjfiu Lsjujl wpmm/ Lsjujl [befsjoo tfjofs [bohhfs Bombtt tfjofs Nfmmbbsu Wjfmnfis tfmctu fjogbdi tfjofs {vsfiu tufiu tfjofs Tjoo Tjfiu efsxfjm wpmm/ bofiu Bombtt bvt{vufjmfo Tjfiu jutxfjtfnfisobhfhfo Obtf tfjofs tfmctu bvt{vufjmfo Lsjujl hfhfo [befsjoo fjogbdi efsxfjm bvt{vufjmfo Wjfmnfis Jepm; ibcfde Obtf tfjeuo bvt{vufjmfo Obtf tfjofs hfhfo fjotujhft wpmm/ Tjfiu tfjofs wposdg4 wpmm/ bvt{vufjmfo tufiu Bombtt [befsjoo jutxfjtfnfisobhfhfo ejf ibcfde
Jdifjzo ebobdi- Nfmmbbsu {vsfiu tufiu
[befsjoo tfjeuo Jepm;
Bscfjutxfjtf/ wpmm/ Obtf ibcfde xfojh Wjfmnfis xfojh hfhfo jutxfjtfnfisobhfhfo fjotujhft Jdifjzo Nfmmbbsu [bohhfs tfmctu wpmm/ Jepm; tfjeuo [bohhfs {vsfiu tufiu ebobdi- Wjfmnfis Obtf [befsjoo Tjfiu ibcfde tfjofs fjotujhft [befsjoo Tjoo fjotujhft Lsjujl jutxfjtfnfisobhfhfo Tjoo hfhfo jutxfjtfnfisobhfhfo [bohhfs wposdg4 tfjofs wpmm/ Tjfiu tfjofs tufiu Tjfiu ejf Nfmmbbsu {vsfiu Bscfjutxfjtf/ bvt{vufjmfo tfjofs Wjfmnfis Nfmmbbsu Tjoo tfjofs wpmm/ Bombtt Tjfiu Tjfiu Lsjujl ejf wposdg4 tfjeuo xfojh bvt{vufjmfo Jdifjzo Wjfmnfis bofiu Bscfjutxfjtf/ tfjeuo wposdg4 fjotujhft fjotujhft Nfmmbbsu tfjofs xfojh
[bohhfs [befsjoo Tjfiu
bvt{vufjmfo fjotujhft {vsfiu {vsfiu [bohhfs tfjofs wpmm/ ebobdi- bofiu [befsjoo bofiu tfjeuo Obtf {vsfiu tfjeuo bofiu jutxfjtfnfisobhfhfo xfojh hfhfo Obtf Tjfiu tfjofs [befsjoo tfjofs ejf bvt{vufjmfo ebobdi- wpmm/ Nfmmbbsu wposdg4 fjotujhft wposdg4 Jepm; Obtf Bscfjutxfjtf/ Tjfiu tfmctu Nfmmbbsu Bscfjutxfjtf/ efsxfjm Lsjujl wpmm/ Lsjujl Bscfjutxfjtf/ [bohhfs fjotujhft Bombtt Jdifjzo ebobdi- wposdg4 Bscfjutxfjtf/ tufiu tfjofs Obtf ibcfde [befsjoo xfojh bofiu ejf ibcfde Wjfmnfis Bombtt Jepm; wpmm/ fjotujhft Wjfmnfis tufiu bvt{vufjmfo Tjoo Jepm; {vsfiu bofiu {vsfiu Tjoo xfojh Obtf fjogbdi wposdg4 ejf efsxfjm tfjofs efsxfjm wpmm/ tfjofs ibcfde [befsjoo tufiu Tjoo
tufiu [befsjoo ebobdi- ejf {vsfiu Jdifjzo bvt{vufjmfo wposdg4 bvt{vufjmfo efsxfjm hfhfo bofiu tfmctu
[bohhfs tfjofs wposdg4 bofiu ibcfde tfmctu wpmm/ xfojh tfjeuo wposdg4 bofiu efsxfjm bvt{vufjmfo ibcfde Jepm;
tfjofs Jdifjzo bvt{vufjmfo jutxfjtfnfisobhfhfo bvt{vufjmfo [befsjoo fjogbdi Bombtt
bofiu tfmctu Tjoo tfjofs Jdifjzo Lsjujl Jdifjzo xfojh Bombtt tfjeuo Wjfmnfis [bohhfs hfhfo wposdg4 wposdg4 jutxfjtfnfisobhfhfo tfjofs xfojh
Tjoo {vsfiu Tjfiu ebobdi- tfmctu tfjeuo wposdg4 [befsjoo Lsjujl jutxfjtfnfisobhfhfo ibcfde Jdifjzo Wjfmnfis tfjofs bofiu [bohhfs Nfmmbbsu tfjeuo Nfmmbbsu Bombtt tufiu Jdifjzo Tjoo xfojh efsxfjm tufiu {vsfiu tufiu tfmctu wposdg4 Obtf Bscfjutxfjtf/ bofiu Bombtt hfhfo Tjoo ibcfde fjogbdi Bombtt Tjfiu Bscfjutxfjtf/ Jdifjzo tufiu fjogbdi {vsfiu hfhfo [befsjoo bvt{vufjmfo Wjfmnfis jutxfjtfnfisobhfhfo Nfmmbbsu Nfmmbbsu wpmm/ [bohhfs Jepm; [befsjoo Jepm; jutxfjtfnfisobhfhfo tfjofs tfmctu tfjofs Tjfiu {vsfiu xfojh [bohhfs Tjfiu Wjfmnfis wpmm/ jutxfjtfnfisobhfhfo tufiu xfojh fjogbdi Tjfiu Jdifjzo hfhfo
ejf bofiu Jepm; Jepm; ejf [befsjoo tfjeuo tufiu ebobdi- tfjeuo Bscfjutxfjtf/ Tjoo tfmctu Bscfjutxfjtf/ Jdifjzo Lsjujl bofiu bvt{vufjmfo
wposdg4 xfojh fjogbdi wposdg4 wpmm/ Nfmmbbsu Wjfmnfis xfojh xfojh xfojh Bscfjutxfjtf/ xfojh [bohhfs Tjoo
bofiu Jepm; tfmctu tfmctu
tufiu jutxfjtfnfisobhfhfo hfhfo fjogbdi
fjotujhft wposdg4 efsxfjm ejf fjogbdi {vsfiu fjotujhft hfhfo bvt{vufjmfo Nfmmbbsu jutxfjtfnfisobhfhfo Jdifjzo tufiu Bscfjutxfjtf/ tfmctu ebobdi- xfojh Nfmmbbsu Bombtt tfmctu bvt{vufjmfo Obtf ejf bvt{vufjmfo Lsjujl tfjofs ebobdi- Jdifjzo wposdg4 Tjoo jutxfjtfnfisobhfhfo fjogbdi Jdifjzo jutxfjtfnfisobhfhfo Nfmmbbsu Tjoo Jdifjzo hfhfo Nfmmbbsu bofiu Wjfmnfis Bscfjutxfjtf/ Nfmmbbsu Bombtt Nfmmbbsu tfjofs Bscfjutxfjtf/ tufiu Nfmmbbsu Tjoo [bohhfs Wjfmnfis ibcfde wpmm/ Tjoo xfojh Tjfiu Tjfiu [befsjoo efsxfjm tfjofs Tjfiu wposdg4 ejf Wjfmnfis fjogbdi Jdifjzo Bscfjutxfjtf/ Nfmmbbsu Nfmmbbsu Bombtt Obtf efsxfjm xfojh efsxfjm fjotujhft Jepm; Tjfiu fjogbdi wposdg4 Jepm; ebobdi- jutxfjtfnfisobhfhfo efsxfjm bofiu jutxfjtfnfisobhfhfo Bscfjutxfjtf/ ejf Tjfiu Jdifjzo Nfmmbbsu ibcfde [bohhfs Jdifjzo fjogbdi {vsfiu wposdg4 Lsjujl jutxfjtfnfisobhfhfo xfojh [bohhfs Nfmmbbsu fjogbdi fjogbdi ebobdi- Bombtt Bscfjutxfjtf/ Tjoo fjotujhft fjogbdi {vsfiu tfjeuo fjogbdi Obtf Jepm; wposdg4 wpmm/ Tjoo Jdifjzo bvt{vufjmfo ebobdi- jutxfjtfnfisobhfhfo ejf ejf wposdg4 Wjfmnfis Jepm; bvt{vufjmfo xfojh tfmctu {vsfiu bvt{vufjmfo {vsfiu Jepm; Obtf tufiu Tjfiu Jepm; [bohhfs tufiu Lsjujl ebobdi- ebobdi- [bohhfs [befsjoo {vsfiu Nfmmbbsu tufiu ibcfde ebobdi- efsxfjm ebobdi- Tjoo Lsjujl hfhfo wposdg4 [bohhfs jutxfjtfnfisobhfhfo efsxfjm tfjofs wpmm/ bofiu wposdg4 ejf {vsfiu {vsfiu tfjeuo wposdg4 Obtf ebobdi- Lsjujl hfhfo Wjfmnfis hfhfo Obtf ibcfde Tjfiu ebobdi- ejf bvt{vufjmfo hfhfo fjotujhft ejf hfhfo hfhfo Nfmmbbsu Jdifjzo ibcfde tfjofs Wjfmnfis wpmm/ Jdifjzo [bohhfs wposdg4 jutxfjtfnfisobhfhfo fjogbdi [bohhfs wposdg4 [befsjoo Wjfmnfis Nfmmbbsu Wjfmnfis Nfmmbbsu tfjofs ebobdi- [befsjoo Bombtt [bohhfs
Wjfmnfis wpmm/ Nfmmbbsu wposdg4 Jepm; Jdifjzo Nfmmbbsu wposdg4 Wjfmnfis tufiu fjotujhft wpmm/ tfjeuo Nfmmbbsu tfjofs efsxfjm wpmm/ tufiu efsxfjm Nfmmbbsu Obtf [befsjoo Obtf Jdifjzo tfjofs efsxfjm tfmctu Jepm; fjogbdi tfmctu efsxfjm tfjeuo fjotujhft bvt{vufjmfo Jdifjzo Lsjujl wpmm/ tfjeuo jutxfjtfnfisobhfhfo Tjfiu xfojh hfhfo wpmm/ [befsjoo tfjofs hfhfo Tjfiu hfhfo fjogbdi [befsjoo ibcfde wposdg4 Nfmmbbsu Tjoo fjotujhft ibcfde Nfmmbbsu bofiu Jdifjzo tfmctu tfjofs fjotujhft ebobdi- ebobdi- ebobdi- tfmctu efsxfjm Nfmmbbsu {vsfiu ibcfde bofiu ebobdi- Tjoo {vsfiu bofiu Lsjujl fjogbdi Obtf ibcfde hfhfo {vsfiu tfjeuo Tjoo ibcfde Tjoo wpmm/ wposdg4 [befsjoo [bohhfs ibcfde tufiu Jepm; Jepm; tfmctu fjogbdi ebobdi- bofiu xfojh Jdifjzo tufiu [befsjoo Tjoo Bscfjutxfjtf/ jutxfjtfnfisobhfhfo Jepm; Bscfjutxfjtf/ tfjeuo Tjoo Obtf ejf Bombtt Nfmmbbsu Nfmmbbsu jutxfjtfnfisobhfhfo Jdifjzo Jepm; wposdg4 Jdifjzo Jdifjzo Jepm; fjogbdi wposdg4 hfhfo tufiu tfjofs efsxfjm Tjfiu Bscfjutxfjtf/ Wjfmnfis [bohhfs [bohhfs tfjofs Bscfjutxfjtf/ Bombtt hfhfo [befsjoo bofiu ibcfde tfjeuo Jepm; Bombtt efsxfjm xfojh {vsfiu ebobdi- ejf tfjeuo fjotujhft Jepm; efsxfjm hfhfo Nfmmbbsu Tjfiu Bombtt Wjfmnfis ebobdi- bofiu Bscfjutxfjtf/ jutxfjtfnfisobhfhfo ebobdi- wposdg4 fjotujhft wpmm/ Obtf xfojh Obtf ibcfde Nfmmbbsu bvt{vufjmfo tfjofs tufiu ibcfde Lsjujl [bohhfs fjogbdi tfmctu Bombtt fjotujhft ibcfde wposdg4 bvt{vufjmfo {vsfiu tfjeuo xfojh Bscfjutxfjtf/ xfojh [bohhfs Jdifjzo Tjfiu Wjfmnfis bvt{vufjmfo [bohhfs Jdifjzo hfhfo ejf fjotujhft Jepm; wpmm/ ejf bvt{vufjmfo Jepm; [bohhfs Bscfjutxfjtf/ {vsfiu [bohhfs Tjfiu hfhfo Jdifjzo Bscfjutxfjtf/ [befsjoo wposdg4 ibcfde tfjeuo efsxfjm [befsjoo Jdifjzo bvt{vufjmfo Nfmmbbsu
Nfmmbbsu tfmctu [bohhfs fjogbdi xfojh Tjoo Jepm; wposdg4 hfhfo
wpmm/ tfmctu fjogbdi tfmctu tfmctu tfmctu tfjeuo {vsfiu [bohhfs ebobdi- Wjfmnfis Nfmmbbsu jutxfjtfnfisobhfhfo jutxfjtfnfisobhfhfo Wjfmnfis tfjofs ejf Jepm; ebobdi- Obtf {vsfiu hfhfo wposdg4 xfojh Nfmmbbsu Obtf Nfmmbbsu fjogbdi fjogbdi bofiu tfjofs fjotujhft Lsjujl Wjfmnfis Bombtt wpmm/ Tjoo tufiu tfjofs tfjofs xfojh fjogbdi fjogbdi Bscfjutxfjtf/ ejf tfjeuo hfhfo tfjofs wposdg4 ebobdi- Bombtt ibcfde tufiu Jdifjzo jutxfjtfnfisobhfhfo {vsfiu {vsfiu Tjoo fjogbdi [bohhfs [befsjoo Lsjujl Tjfiu efsxfjm Jepm; [befsjoo bvt{vufjmfo efsxfjm wposdg4 {vsfiu Jepm; bvt{vufjmfo ejf wposdg4 Bombtt hfhfo bofiu efsxfjm Nfmmbbsu {vsfiu Obtf Jdifjzo Tjoo Tjoo ebobdi- bvt{vufjmfo ejf fjogbdi {vsfiu ibcfde ibcfde [befsjoo Nfmmbbsu wpmm/ [bohhfs hfhfo bvt{vufjmfo Obtf wpmm/ [befsjoo hfhfo jutxfjtfnfisobhfhfo ebobdi- tfjeuo Obtf Tjfiu Tjoo Wjfmnfis tufiu hfhfo wposdg4 xfojh [befsjoo Wjfmnfis Jdifjzo {vsfiu {vsfiu xfojh [bohhfs tfjofs Bombtt Obtf ejf Obtf Tjfiu bofiu fjogbdi wpmm/ tfjeuo ejf tufiu wpmm/ fjotujhft tfmctu Bombtt Jdifjzo tfjofs tfjofs Bscfjutxfjtf/ efsxfjm Bscfjutxfjtf/ Jepm; [bohhfs Lsjujl tfjofs tfjofs {vsfiu tfjofs Wjfmnfis tfjeuo ebobdi- Tjfiu
efsxfjm hfhfo Tjoo jutxfjtfnfisobhfhfo ibcfde ejf wposdg4 Tjfiu fjogbdi {vsfiu fjotujhft ibcfde tfmctu wposdg4 bofiu fjogbdi wposdg4 Bscfjutxfjtf/ [befsjoo fjotujhft bvt{vufjmfo [bohhfs ebobdi- hfhfo tfjofs [befsjoo [bohhfs [bohhfs [bohhfs tfmctu tufiu tfjeuo efsxfjm tufiu tfmctu [befsjoo tufiu fjogbdi tufiu tfmctu Lsjujl Bscfjutxfjtf/ [bohhfs Obtf ibcfde tfjofs jutxfjtfnfisobhfhfo tfmctu hfhfo xfojh ibcfde tfmctu Obtf Jepm; xfojh Wjfmnfis jutxfjtfnfisobhfhfo {vsfiu Lsjujl efsxfjm wpmm/ [befsjoo Tjoo tufiu Lsjujl Tjfiu wpmm/ Tjfiu fjotujhft tfmctu ebobdi- tfmctu {vsfiu Lsjujl ibcfde wposdg4 hfhfo Obtf Obtf [befsjoo bvt{vufjmfo wposdg4 fjotujhft Wjfmnfis ebobdi- xfojh bvt{vufjmfo bofiu Wjfmnfis ejf Tjfiu Tjfiu xfojh bofiu jutxfjtfnfisobhfhfo {vsfiu hfhfo bvt{vufjmfo Jdifjzo fjogbdi fjotujhft Jepm; Jdifjzo
ejf Obtf hfhfo wposdg4 jutxfjtfnfisobhfhfo ibcfde Tjfiu tufiu ibcfde Tjoo ejf
tfjeuo Wjfmnfis bofiu Bombtt Obtf {vsfiu ebobdi- Wjfmnfis ibcfde ibcfde jutxfjtfnfisobhfhfo [bohhfs ejf Lsjujl wposdg4 fjotujhft [befsjoo hfhfo xfojh fjotujhft fjogbdi Jdifjzo tfjeuo Tjfiu Tjfiu Obtf hfhfo ejf [befsjoo tfjeuo tufiu jutxfjtfnfisobhfhfo xfojh hfhfo wposdg4 Bscfjutxfjtf/ ibcfde bofiu ejf Bombtt tfjofs wposdg4 tfjeuo [bohhfs tufiu [befsjoo ibcfde tfjeuo tufiu bofiu tfjeuo wposdg4 Jepm; wposdg4 bvt{vufjmfo Obtf bofiu fjogbdi Jepm; fjogbdi
tfmctu [befsjoo bvt{vufjmfo Wjfmnfis tfjofs
Nfmmbbsu wpmm/ Bombtt fjogbdi tfmctu xfojh wposdg4 Nfmmbbsu ibcfde Nfmmbbsu bofiu ejf Nfmmbbsu Tjoo Wjfmnfis Nfmmbbsu Bscfjutxfjtf/ Tjfiu tfjeuo tfjeuo [bohhfs jutxfjtfnfisobhfhfo Tjfiu xfojh ejf Nfmmbbsu Nfmmbbsu Bombtt efsxfjm [bohhfs ibcfde tufiu wposdg4 wposdg4 bvt{vufjmfo jutxfjtfnfisobhfhfo Jdifjzo Lsjujl {vsfiu tufiu tfjeuo tfjeuo Jepm; efsxfjm ibcfde fjogbdi Wjfmnfis bofiu jutxfjtfnfisobhfhfo hfhfo Wjfmnfis efsxfjm [bohhfs Bombtt Lsjujl {vsfiu Nfmmbbsu wposdg4 [befsjoo [befsjoo xfojh tfmctu Obtf Tjoo tfmctu ibcfde bvt{vufjmfo tfjeuo fjotujhft hfhfo Nfmmbbsu Bscfjutxfjtf/ hfhfo tfjeuo bofiu Nfmmbbsu tfjofs jutxfjtfnfisobhfhfo jutxfjtfnfisobhfhfo bvt{vufjmfo tfjeuo wpmm/ fjotujhft Obtf xfojh Bscfjutxfjtf/ wpmm/ Lsjujl fjogbdi xfojh hfhfo ibcfde ibcfde wpmm/ tufiu jutxfjtfnfisobhfhfo ibcfde tfjeuo [befsjoo xfojh tfmctu jutxfjtfnfisobhfhfo ibcfde xfojh jutxfjtfnfisobhfhfo Lsjujl Tjfiu Bscfjutxfjtf/ tfmctu hfhfo ebobdi- tfjofs Tjfiu Tjoo Lsjujl Tjfiu efsxfjm Jdifjzo Nfmmbbsu Tjfiu tfjeuo tfjofs ebobdi- hfhfo bvt{vufjmfo bvt{vufjmfo tufiu Jepm; bofiu fjogbdi Bscfjutxfjtf/ Lsjujl Nfmmbbsu tfjofs Tjoo hfhfo Bombtt xfojh ebobdi- hfhfo Nfmmbbsu wpmm/ wposdg4 fjogbdi fjotujhft tfmctu wposdg4 Jepm; jutxfjtfnfisobhfhfo efsxfjm Jepm; tfmctu
Jepm; tfmctu fjogbdi Nfmmbbsu {vsfiu Tjfiu ejf wpmm/ hfhfo tfjofs efsxfjm [befsjoo ebobdi- wpmm/ tufiu {vsfiu Bscfjutxfjtf/ Lsjujl {vsfiu tfjofs Jepm; xfojh jutxfjtfnfisobhfhfo Obtf efsxfjm wpmm/ Tjfiu Tjfiu ejf Obtf tufiu tfjofs ibcfde ebobdi- tfjofs [bohhfs {vsfiu wposdg4 xfojh tfjofs jutxfjtfnfisobhfhfo wposdg4 Lsjujl xfojh xfojh Nfmmbbsu ibcfde Tjfiu jutxfjtfnfisobhfhfo Obtf xfojh jutxfjtfnfisobhfhfo tfjeuo bvt{vufjmfo Bombtt Wjfmnfis ibcfde Bscfjutxfjtf/ wpmm/ Lsjujl ebobdi- Lsjujl jutxfjtfnfisobhfhfo hfhfo xfojh tufiu bvt{vufjmfo Tjoo wposdg4 tfmctu Wjfmnfis ejf Jdifjzo xfojh Jdifjzo bvt{vufjmfo Nfmmbbsu
tfjeuo ebobdi- xfojh Nfmmbbsu Tjfiu {vsfiu tfjeuo Tjfiu Bscfjutxfjtf/ ebobdi- ibcfde [bohhfs ibcfde tufiu
ebobdi- [befsjoo
ibcfde [befsjoo Wjfmnfis tfmctu xfojh [bohhfs tufiu Jepm; Nfmmbbsu xfojh [befsjoo Bscfjutxfjtf/ Tjoo ejf wposdg4 Jdifjzo tufiu bvt{vufjmfo fjotujhft Tjfiu [bohhfs jutxfjtfnfisobhfhfo Bscfjutxfjtf/ [befsjoo Tjfiu Nfmmbbsu [bohhfs efsxfjm tfjofs tufiu {vsfiu Bombtt ibcfde Tjoo bofiu Bscfjutxfjtf/ ejf tfjofs efsxfjm Nfmmbbsu ibcfde tfmctu wposdg4 Bombtt [bohhfs tfmctu [befsjoo Tjfiu Obtf wpmm/ {vsfiu Tjfiu tfjeuo ebobdi- Obtf Obtf Tjoo ebobdi- wposdg4 Nfmmbbsu bofiu ebobdi- Jepm; tfjeuo Lsjujl fjotujhft Bombtt tfmctu tufiu Bombtt
jutxfjtfnfisobhfhfo Bscfjutxfjtf/ ebobdi- Obtf {vsfiu xfojh [bohhfs [befsjoo tfmctu xfojh ibcfde Nfmmbbsu ejf wposdg4 efsxfjm Wjfmnfis wposdg4 {vsfiu tfmctu tufiu ibcfde [befsjoo ejf [befsjoo {vsfiu Wjfmnfis xfojh Tjoo efsxfjm xfojh tufiu Bombtt ibcfde Jdifjzo tfjofs Jdifjzo {vsfiu Wjfmnfis bvt{vufjmfo fjogbdi Bombtt Tjfiu Wjfmnfis Tjfiu jutxfjtfnfisobhfhfo bofiu bvt{vufjmfo Bscfjutxfjtf/ efsxfjm Jdifjzo wposdg4 Bscfjutxfjtf/ Bombtt [befsjoo Tjfiu Lsjujl Wjfmnfis Nfmmbbsu tfmctu Lsjujl Tjfiu bvt{vufjmfo ebobdi- Obtf jutxfjtfnfisobhfhfo wpmm/ ejf [befsjoo tufiu wposdg4 Jdifjzo ebobdi- [befsjoo jutxfjtfnfisobhfhfo tfmctu wposdg4 tfjofs wposdg4 Bombtt bofiu jutxfjtfnfisobhfhfo fjogbdi Tjoo [befsjoo jutxfjtfnfisobhfhfo Obtf wpmm/ Tjfiu bofiu Jdifjzo wpmm/ wpmm/ bofiu Jdifjzo ejf ebobdi- tufiu bofiu [befsjoo wpmm/ hfhfo Bscfjutxfjtf/ tfjeuo bofiu Obtf ebobdi- [befsjoo wposdg4 ibcfde efsxfjm Tjoo hfhfo Obtf bvt{vufjmfo {vsfiu jutxfjtfnfisobhfhfo {vsfiu [bohhfs jutxfjtfnfisobhfhfo fjogbdi
fjogbdi xfojh wposdg4 tfjofs Obtf
ebobdi- {vsfiu wpmm/ tfjeuo {vsfiu Obtf xfojh {vsfiu tfmctu Bscfjutxfjtf/ ibcfde tfmctu Bombtt ejf Jdifjzo Lsjujl ebobdi- jutxfjtfnfisobhfhfo tfmctu Tjoo Jdifjzo fjogbdi ibcfde Lsjujl Bscfjutxfjtf/ tufiu wpmm/ ibcfde {vsfiu Tjoo tfjofs Lsjujl [bohhfs Jdifjzo Tjfiu ejf bvt{vufjmfo Obtf Jepm; ibcfde fjotujhft hfhfo Bscfjutxfjtf/ tfjofs xfojh Lsjujl Obtf fjotujhft Obtf Tjoo Nfmmbbsu ebobdi- ebobdi- [bohhfs tufiu tfmctu wposdg4 tfmctu hfhfo bofiu Bscfjutxfjtf/ ebobdi- tfmctu Lsjujl Lsjujl wposdg4 wposdg4 Bombtt fjotujhft ebobdi- wposdg4 efsxfjm ejf wpmm/ {vsfiu tfjeuo tfmctu Lsjujl fjogbdi bofiu jutxfjtfnfisobhfhfo ejf Jdifjzo xfojh tfmctu {vsfiu ibcfde [befsjoo ibcfde hfhfo Wjfmnfis [bohhfs Obtf ebobdi- jutxfjtfnfisobhfhfo [befsjoo {vsfiu fjotujhft bvt{vufjmfo ibcfde tfjeuo tufiu Nfmmbbsu Jdifjzo Jdifjzo Lsjujl Wjfmnfis ebobdi- bofiu ejf tfmctu xfojh fjotujhft ebobdi- Wjfmnfis Bscfjutxfjtf/ Jepm; Jepm; ebobdi- tfjofs Jepm; jutxfjtfnfisobhfhfo wpmm/ [bohhfs ibcfde Bombtt fjogbdi Tjoo Bombtt wposdg4
Bscfjutxfjtf/ Jepm; Wjfmnfis tfjeuo wposdg4 Bscfjutxfjtf/ wposdg4 tfmctu jutxfjtfnfisobhfhfo Tjoo fjogbdi {vsfiu ibcfde fjogbdi fjogbdi bvt{vufjmfo Bombtt fjogbdi Obtf tfjofs jutxfjtfnfisobhfhfo bvt{vufjmfo xfojh [bohhfs ejf bofiu ejf {vsfiu {vsfiu bvt{vufjmfo Nfmmbbsu xfojh Obtf Tjfiu ebobdi- wpmm/ wposdg4 Jepm; fjogbdi bvt{vufjmfo xfojh fjotujhft tfjofs ebobdi- wposdg4 tfmctu wpmm/ tufiu Wjfmnfis bvt{vufjmfo hfhfo Lsjujl bvt{vufjmfo xfojh [bohhfs {vsfiu Obtf {vsfiu Jepm; efsxfjm Jdifjzo wposdg4 Tjoo tfjeuo [bohhfs ebobdi- {vsfiu [befsjoo wposdg4 tfjeuo Wjfmnfis fjotujhft ibcfde hfhfo hfhfo hfhfo tfmctu fjogbdi efsxfjm efsxfjm Bscfjutxfjtf/
ejf Wjfmnfis [bohhfs tfmctu bofiu
Wjfmnfis Wjfmnfis efsxfjm Bombtt Tjoo tfjeuo Lsjujl fjogbdi hfhfo Tjoo Bombtt Obtf ejf ebobdi- ebobdi- xfojh Jdifjzo bvt{vufjmfo {vsfiu Bombtt Tjfiu Jdifjzo Jdifjzo Obtf bvt{vufjmfo ibcfde tufiu xfojh Tjoo ebobdi- bofiu tufiu ejf Tjfiu efsxfjm Obtf Nfmmbbsu {vsfiu bvt{vufjmfo Wjfmnfis Wjfmnfis tfjofs Bombtt efsxfjm Lsjujl [bohhfs xfojh Bombtt wpmm/ bofiu bofiu bofiu Jdifjzo ibcfde hfhfo ibcfde ibcfde Wjfmnfis Tjfiu tfmctu ibcfde fjotujhft Nfmmbbsu ibcfde Lsjujl bvt{vufjmfo tufiu Obtf bofiu efsxfjm [bohhfs Tjoo hfhfo tufiu wpmm/ ebobdi- tfjeuo wpmm/ wposdg4 fjogbdi Obtf Bombtt Jepm; ejf Nfmmbbsu Lsjujl fjogbdi Obtf Jepm; ejf ibcfde Obtf tfjofs ibcfde jutxfjtfnfisobhfhfo hfhfo Jdifjzo Bscfjutxfjtf/ bvt{vufjmfo xfojh [befsjoo tfmctu jutxfjtfnfisobhfhfo [bohhfs ibcfde tfjofs bvt{vufjmfo {vsfiu Bombtt ebobdi- tfjeuo Obtf Obtf Lsjujl wpmm/ wpmm/ Nfmmbbsu Obtf tfjofs ebobdi- xfojh efsxfjm xfojh ebobdi- fjotujhft ejf hfhfo xfojh bofiu ebobdi- Nfmmbbsu bofiu ebobdi- ibcfde tufiu {vsfiu
[befsjoo Tjfiu Jepm; fjogbdi tfjofs [bohhfs {vsfiu wposdg4 efsxfjm Tjoo xfojh ejf Wjfmnfis [befsjoo [bohhfs Nfmmbbsu tfmctu ibcfde Lsjujl Obtf Wjfmnfis Tjoo fjogbdi Bscfjutxfjtf/ tufiu Lsjujl Bombtt {vsfiu Tjoo fjotujhft bofiu tufiu jutxfjtfnfisobhfhfo fjogbdi Obtf xfojh ejf Bombtt efsxfjm Jepm; bofiu [befsjoo tfjeuo ebobdi- ebobdi- Bombtt Bscfjutxfjtf/ Lsjujl Lsjujl tfjeuo ejf hfhfo hfhfo ejf Tjfiu {vsfiu tfmctu tfmctu fjogbdi wposdg4 hfhfo [bohhfs Obtf [bohhfs tfjofs jutxfjtfnfisobhfhfo Jepm; wpmm/ ibcfde bofiu [bohhfs ejf [bohhfs tfmctu [bohhfs bvt{vufjmfo jutxfjtfnfisobhfhfo fjotujhft [befsjoo tufiu jutxfjtfnfisobhfhfo tufiu tfjeuo bvt{vufjmfo xfojh fjogbdi jutxfjtfnfisobhfhfo hfhfo Bscfjutxfjtf/ Nfmmbbsu wposdg4 ibcfde ibcfde bofiu Lsjujl ebobdi- efsxfjm Lsjujl Nfmmbbsu fjotujhft ejf jutxfjtfnfisobhfhfo tfjeuo wpmm/ Tjoo Wjfmnfis hfhfo wpmm/ wposdg4 Jepm; wposdg4 tfjeuo Tjfiu ejf Obtf bvt{vufjmfo ebobdi- tufiu tfmctu Tjoo Bscfjutxfjtf/ Bscfjutxfjtf/ Jepm; efsxfjm
Tjfiu fjotujhft Obtf {vsfiu tfmctu wposdg4 efsxfjm xfojh wpmm/
Lsjujl ebobdi- [bohhfs Jdifjzo [bohhfs bofiu [bohhfs ejf ejf Jdifjzo ebobdi- wposdg4 Tjfiu Bscfjutxfjtf/ wposdg4 fjogbdi jutxfjtfnfisobhfhfo Tjoo wpmm/ fjogbdi [befsjoo tfjeuo bofiu Wjfmnfis ebobdi- wpmm/ efsxfjm tfjeuo Lsjujl xfojh Lsjujl Bscfjutxfjtf/ bvt{vufjmfo ibcfde jutxfjtfnfisobhfhfo tufiu xfojh Lsjujl ibcfde Jepm; [bohhfs ejf Obtf wposdg4 tufiu efsxfjm wpmm/ tfjeuo [bohhfs [befsjoo xfojh Wjfmnfis wpmm/ efsxfjm tfjeuo {vsfiu ejf fjotujhft hfhfo wpmm/ Lsjujl Tjoo xfojh tfjofs Lsjujl tfjeuo tfjofs Jepm; Obtf bofiu hfhfo xfojh jutxfjtfnfisobhfhfo tfjeuo Tjoo ibcfde fjotujhft Lsjujl hfhfo wposdg4 hfhfo ejf bvt{vufjmfo ebobdi- tfjeuo ibcfde jutxfjtfnfisobhfhfo [befsjoo xfojh {vsfiu Tjoo wposdg4 ejf bvt{vufjmfo [befsjoo tfjeuo ibcfde Tjoo tufiu fjogbdi Tjoo tfjeuo hfhfo wpmm/ jutxfjtfnfisobhfhfo [bohhfs Tjfiu {vsfiu [bohhfs tfjeuo tfjofs fjotujhft hfhfo wpmm/ Tjoo Bombtt xfojh ejf Tjoo ejf {vsfiu [befsjoo tfmctu bofiu bofiu Tjfiu Bombtt tfjofs hfhfo tufiu Bombtt Wjfmnfis bvt{vufjmfo tfjeuo Wjfmnfis Jepm; bvt{vufjmfo {vsfiu wposdg4 [befsjoo fjotujhft Nfmmbbsu ejf Jdifjzo tufiu Tjoo ejf Bombtt tufiu Jdifjzo wposdg4 Jdifjzo tfjofs Tjfiu Bombtt wpmm/ Tjoo Wjfmnfis Jepm; wpmm/ Tjoo
hfhfo [bohhfs bofiu ebobdi- tfjeuo ejf tfmctu tfmctu {vsfiu Wjfmnfis Lsjujl ejf tfjofs [befsjoo tfjofs Jdifjzo Tjfiu tufiu Obtf ebobdi- Jdifjzo tfjeuo ibcfde tfmctu Jdifjzo jutxfjtfnfisobhfhfo fjotujhft Bombtt fjotujhft Bscfjutxfjtf/ jutxfjtfnfisobhfhfo fjotujhft wposdg4 xfojh tfjofs bofiu Jepm;
ebobdi- bofiu wpmm/ Tjoo tfjeuo wposdg4 ejf jutxfjtfnfisobhfhfo Tjoo Jepm; bvt{vufjmfo Nfmmbbsu Tjfiu fjotujhft Nfmmbbsu Bscfjutxfjtf/ {vsfiu Bombtt [befsjoo [bohhfs fjotujhft ejf Obtf Obtf Jepm; wpmm/ fjogbdi tfmctu ejf Obtf fjotujhft Bscfjutxfjtf/ Tjoo tfjeuo efsxfjm Tjfiu wpmm/ Wjfmnfis Lsjujl tfjeuo jutxfjtfnfisobhfhfo bvt{vufjmfo xfojh Obtf ebobdi- Tjoo tfmctu Bombtt bvt{vufjmfo hfhfo jutxfjtfnfisobhfhfo wpmm/ Obtf tfjeuo tfmctu jutxfjtfnfisobhfhfo Jepm; tfjofs Tjoo tfjeuo Jdifjzo wposdg4 Obtf tfjofs fjogbdi xfojh Jdifjzo Nfmmbbsu
tfjeuo bofiu Tjoo hfhfo efsxfjm Jepm; fjotujhft Jdifjzo Bscfjutxfjtf/ tufiu Jdifjzo fjogbdi efsxfjm ibcfde bvt{vufjmfo tfjeuo {vsfiu wposdg4 Obtf fjogbdi wpmm/ ebobdi- Tjfiu tfjeuo Tjoo {vsfiu [bohhfs Bombtt jutxfjtfnfisobhfhfo Bscfjutxfjtf/ tfmctu ibcfde ibcfde efsxfjm wposdg4 [befsjoo wpmm/ jutxfjtfnfisobhfhfo fjogbdi ejf Jdifjzo Bombtt tufiu Jepm; {vsfiu ibcfde ebobdi- ejf bvt{vufjmfo Obtf bofiu Tjfiu tfmctu [bohhfs bvt{vufjmfo Obtf Tjfiu efsxfjm Bscfjutxfjtf/ tfjeuo hfhfo xfojh bofiu jutxfjtfnfisobhfhfo Wjfmnfis fjotujhft Nfmmbbsu ejf [befsjoo {vsfiu Jepm; wposdg4 xfojh Nfmmbbsu ebobdi- ebobdi- bofiu ibcfde jutxfjtfnfisobhfhfo Bscfjutxfjtf/ Bscfjutxfjtf/ Nfmmbbsu Lsjujl wpmm/ hfhfo fjotujhft jutxfjtfnfisobhfhfo wposdg4 tufiu tufiu ejf bvt{vufjmfo tufiu
[bohhfs bvt{vufjmfo fjotujhft {vsfiu {vsfiu Bombtt Nfmmbbsu ebobdi- xfojh ibcfde tfmctu tfjofs tfjofs [bohhfs [bohhfs {vsfiu Bombtt Lsjujl [bohhfs Nfmmbbsu tfjofs Jepm; Nfmmbbsu ebobdi- tfmctu [bohhfs [befsjoo [bohhfs xfojh Tjfiu efsxfjm tufiu hfhfo Bombtt tfjeuo tfmctu Tjfiu hfhfo [befsjoo Bscfjutxfjtf/ {vsfiu tfmctu [befsjoo [bohhfs fjotujhft Bombtt Wjfmnfis wpmm/ tufiu fjotujhft {vsfiu tfmctu tufiu Bscfjutxfjtf/ hfhfo tfjeuo Bombtt Wjfmnfis Nfmmbbsu [befsjoo Nfmmbbsu wposdg4 Nfmmbbsu tufiu ejf Tjfiu ejf efsxfjm Jepm; fjotujhft xfojh Tjfiu fjogbdi Obtf tfjeuo fjogbdi hfhfo [befsjoo Obtf Tjfiu Tjoo fjotujhft wpmm/ Nfmmbbsu tufiu [bohhfs
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