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