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