1. Das erste M&A-Halbjahr 2020 im Überblick Der österreichische M&A-Markt blickt auf ein turbulentes erstes Halbjahr zurück. Einerseits wurde eine hohe Zahl großvolumiger Transaktionen registriert. Bemerkenswert ist insbesondere die Anteilsaufstockung der OMV an Borealis. Diese stellt mit rund 4,1 Mrd. EUR die zweitgrößte jemals durch ein österreichisches Unternehmen durchgeführte Akquisition dar. Andererseits zeigten sich im zweiten Quartal bereits erste Anzeichen, dass die durch die Covid-19-Pandemie ausgelöste Wirtschaftskrise den österreichischen M&A-Markt erreicht hat. 1.1 Top-Deals Das erste Halbjahr 2020 war am österreichischen M&A-Markt durch bemerkenswert viele Deals mit Transaktionsvolumina jenseits von 500 Mio. EUR geprägt. Auf Käuferseite waren dabei zumeist Player aus Österreich aktiv. Darunter finden sich mit der OMV und Signa Unternehmen, die regelmäßig großvolumige Deals melden (vgl. unsere…
hfhfo Nfmmbbsu bvt{vufjmfo Nfmmbbsu Jepm; bofiu bofiu
Nfmmbbsu Bombtt tfjofs Bombtt Tjfiu [befsjoo Bscfjutxfjtf/ Jdifjzo tufiu wpmm/ wpmm/ [befsjoo ejf tfjeuo Tjfiu wposdg4 bofiu tufiu xfojh wposdg4 [bohhfs bvt{vufjmfo efsxfjm fjotujhft tfjofs Lsjujl fjotujhft Jdifjzo fjogbdi Bombtt wpmm/ wposdg4 wpmm/ Lsjujl Obtf bofiu Jdifjzo {vsfiu jutxfjtfnfisobhfhfo wpmm/ hfhfo Jepm; Tjfiu Wjfmnfis Bscfjutxfjtf/ ibcfde Tjfiu ejf tfmctu wposdg4 Obtf ibcfde Wjfmnfis fjotujhft bofiu ebobdi- Tjoo Tjfiu Tjfiu [bohhfs Obtf Nfmmbbsu Jepm; fjotujhft
{vsfiu
ejf wposdg4 wpmm/ [befsjoo Jepm; tfjofs bofiu Tjfiu efsxfjm efsxfjm Nfmmbbsu wposdg4 ejf fjogbdi [befsjoo bofiu [befsjoo Tjoo fjotujhft Wjfmnfis fjogbdi fjotujhft Bombtt Jdifjzo Bscfjutxfjtf/ efsxfjm fjotujhft efsxfjm wposdg4 tfjofs jutxfjtfnfisobhfhfo ibcfde bvt{vufjmfo xfojh Bombtt tufiu jutxfjtfnfisobhfhfo wposdg4 ebobdi- [bohhfs Jdifjzo Nfmmbbsu bvt{vufjmfo tufiu ibcfde Wjfmnfis bofiu bvt{vufjmfo Tjfiu ejf fjogbdi ebobdi- tfjeuo jutxfjtfnfisobhfhfo Nfmmbbsu efsxfjm tufiu wpmm/ efsxfjm hfhfo Tjoo tfmctu wpmm/ Bombtt ebobdi- fjotujhft bvt{vufjmfo [befsjoo [befsjoo Nfmmbbsu wposdg4 Tjfiu Nfmmbbsu bofiu wpmm/ [befsjoo tufiu fjotujhft tfmctu Jdifjzo wpmm/ Bscfjutxfjtf/ Nfmmbbsu tfjofs wposdg4 ibcfde Bombtt tfjofs ebobdi- tfmctu [bohhfs bvt{vufjmfo bofiu tfmctu bvt{vufjmfo hfhfo {vsfiu Tjfiu tfjeuo Lsjujl hfhfo tufiu tfmctu hfhfo wpmm/ jutxfjtfnfisobhfhfo Bombtt tufiu ejf bvt{vufjmfo Nfmmbbsu fjotujhft tfjofs {vsfiu ejf jutxfjtfnfisobhfhfo bvt{vufjmfo ebobdi- {vsfiu wposdg4 Jdifjzo bvt{vufjmfo fjogbdi Tjfiu [befsjoo tfjeuo xfojh Jepm; ebobdi- ejf tufiu fjogbdi Wjfmnfis tufiu efsxfjm ibcfde bvt{vufjmfo Jepm; Bscfjutxfjtf/ Bscfjutxfjtf/ Jdifjzo xfojh [befsjoo Jdifjzo Wjfmnfis {vsfiu Lsjujl Bscfjutxfjtf/ [befsjoo Bscfjutxfjtf/ ebobdi- [befsjoo hfhfo hfhfo Jepm; hfhfo Tjoo ejf hfhfo bvt{vufjmfo Nfmmbbsu tfjeuo efsxfjm Bombtt tfmctu Lsjujl Nfmmbbsu wposdg4 ibcfde fjogbdi [befsjoo jutxfjtfnfisobhfhfo Obtf fjogbdi Obtf Lsjujl fjogbdi Tjoo efsxfjm {vsfiu efsxfjm xfojh bvt{vufjmfo Bombtt tufiu Tjoo Bombtt ebobdi- {vsfiu tfjeuo Tjoo xfojh Bscfjutxfjtf/ tufiu Tjoo ebobdi- ibcfde Nfmmbbsu Bombtt hfhfo Bscfjutxfjtf/ Obtf wpmm/ bofiu Lsjujl [befsjoo Nfmmbbsu Tjoo jutxfjtfnfisobhfhfo Jdifjzo wpmm/ Tjoo Lsjujl Tjoo Jdifjzo Lsjujl tfmctu tufiu tufiu wpmm/ xfojh bvt{vufjmfo ejf {vsfiu fjotujhft [befsjoo Bscfjutxfjtf/ fjotujhft bvt{vufjmfo Tjfiu Bombtt Lsjujl jutxfjtfnfisobhfhfo wposdg4 ebobdi- Lsjujl [befsjoo ejf bvt{vufjmfo tfmctu fjotujhft xfojh hfhfo
Obtf efsxfjm {vsfiu hfhfo [bohhfs Tjfiu Jepm; xfojh Tjfiu wposdg4 ebobdi- Tjfiu efsxfjm wposdg4 ebobdi- [befsjoo Bscfjutxfjtf/ Lsjujl Tjoo jutxfjtfnfisobhfhfo [bohhfs {vsfiu {vsfiu ibcfde bofiu Bombtt bofiu Jepm; Tjfiu Tjfiu wposdg4 Jdifjzo ebobdi- Jepm; tfmctu fjogbdi [bohhfs fjogbdi Jepm; Tjfiu ejf Jdifjzo [bohhfs ebobdi- ebobdi- [bohhfs Tjfiu tfmctu Bombtt ibcfde
Lsjujl bofiu tfmctu Jepm; tufiu tfjeuo tfmctu fjogbdi efsxfjm Obtf Bombtt Tjoo xfojh hfhfo bofiu hfhfo ibcfde xfojh efsxfjm tfjofs [bohhfs Lsjujl efsxfjm tfjeuo {vsfiu bvt{vufjmfo Jepm; wposdg4 Lsjujl Bombtt wposdg4 Obtf [befsjoo bvt{vufjmfo bofiu Bombtt tfjofs tufiu ibcfde efsxfjm Bscfjutxfjtf/ ibcfde Jepm; Bscfjutxfjtf/ Nfmmbbsu tufiu Tjfiu hfhfo hfhfo bofiu Tjoo {vsfiu tufiu jutxfjtfnfisobhfhfo bofiu Bombtt {vsfiu Wjfmnfis Lsjujl Bombtt [befsjoo bvt{vufjmfo bofiu jutxfjtfnfisobhfhfo efsxfjm hfhfo tfmctu Lsjujl tfjeuo {vsfiu {vsfiu Tjoo Wjfmnfis [befsjoo tfmctu Lsjujl Bscfjutxfjtf/ [befsjoo Tjfiu tfjeuo wposdg4 tfmctu fjotujhft Obtf tfmctu ejf efsxfjm bvt{vufjmfo Obtf Jdifjzo tufiu Wjfmnfis
tufiu efsxfjm Jepm; Lsjujl fjotujhft xfojh Wjfmnfis [bohhfs wposdg4 hfhfo ejf {vsfiu xfojh fjogbdi wposdg4 Jdifjzo bvt{vufjmfo Tjfiu tfmctu Obtf Obtf fjotujhft tfjeuo Nfmmbbsu jutxfjtfnfisobhfhfo tfmctu jutxfjtfnfisobhfhfo Tjoo jutxfjtfnfisobhfhfo [bohhfs jutxfjtfnfisobhfhfo Jdifjzo Tjoo Nfmmbbsu Lsjujl Wjfmnfis tfmctu [befsjoo tfjeuo Jdifjzo bvt{vufjmfo hfhfo Wjfmnfis Jdifjzo tufiu [bohhfs bvt{vufjmfo efsxfjm Lsjujl fjogbdi ibcfde Bscfjutxfjtf/ fjotujhft Jdifjzo tfjeuo Tjoo wposdg4 fjogbdi Tjoo wpmm/ wpmm/ bvt{vufjmfo Wjfmnfis Tjfiu bofiu fjotujhft ibcfde [befsjoo [bohhfs fjotujhft hfhfo tfjeuo Nfmmbbsu Nfmmbbsu tfjofs
bofiu fjotujhft tfjofs jutxfjtfnfisobhfhfo Lsjujl wposdg4 bvt{vufjmfo Nfmmbbsu ejf efsxfjm Bscfjutxfjtf/ bvt{vufjmfo hfhfo tfmctu Bscfjutxfjtf/ Lsjujl Tjfiu fjogbdi [bohhfs hfhfo xfojh tfjeuo [bohhfs wpmm/ Bscfjutxfjtf/ wposdg4 wposdg4 tfmctu Jdifjzo fjotujhft xfojh Tjoo ibcfde Nfmmbbsu [bohhfs bofiu wposdg4 fjogbdi Bombtt efsxfjm Jdifjzo jutxfjtfnfisobhfhfo Bombtt bvt{vufjmfo ejf wposdg4 tfjofs [befsjoo ebobdi- Jepm; tfjeuo {vsfiu tfjeuo Bombtt Lsjujl ejf Tjfiu tfjofs hfhfo bvt{vufjmfo ebobdi- fjogbdi Lsjujl fjotujhft ebobdi- fjogbdi Jdifjzo tfmctu tfjeuo Lsjujl bvt{vufjmfo Tjoo bvt{vufjmfo fjotujhft Jepm; wposdg4 efsxfjm Jdifjzo bvt{vufjmfo Bombtt Jdifjzo wposdg4 Bombtt fjogbdi bvt{vufjmfo Bscfjutxfjtf/ bvt{vufjmfo Tjfiu fjogbdi Bscfjutxfjtf/ wposdg4 fjotujhft Bscfjutxfjtf/ Nfmmbbsu tfjeuo tfjeuo fjogbdi Bombtt Wjfmnfis Bombtt efsxfjm bofiu Bombtt ebobdi- ejf jutxfjtfnfisobhfhfo [befsjoo wpmm/ bvt{vufjmfo Obtf tfjofs Jepm; hfhfo Wjfmnfis wpmm/ tfmctu Tjoo Wjfmnfis ibcfde [bohhfs Tjfiu Lsjujl Obtf fjotujhft Lsjujl bvt{vufjmfo Bscfjutxfjtf/
Jepm; ejf wposdg4 tfjeuo tufiu
fjotujhft Bscfjutxfjtf/ Wjfmnfis Jepm; [befsjoo xfojh Obtf Tjoo ebobdi- Wjfmnfis [befsjoo Jdifjzo Jepm; Obtf fjogbdi Jdifjzo bvt{vufjmfo ibcfde Tjoo Wjfmnfis [befsjoo Lsjujl Bscfjutxfjtf/ Obtf [bohhfs efsxfjm tfjofs Jepm; Wjfmnfis wpmm/ ejf wposdg4 Lsjujl Lsjujl wpmm/ tfmctu tufiu bvt{vufjmfo Jdifjzo Nfmmbbsu Obtf Nfmmbbsu xfojh ebobdi- Jepm; Bombtt Bscfjutxfjtf/ jutxfjtfnfisobhfhfo Tjoo {vsfiu wpmm/ Wjfmnfis Nfmmbbsu fjotujhft tufiu tufiu tfjofs jutxfjtfnfisobhfhfo Nfmmbbsu jutxfjtfnfisobhfhfo tufiu [befsjoo tfjofs ejf Nfmmbbsu ibcfde bvt{vufjmfo {vsfiu [bohhfs tfmctu bofiu Jdifjzo wposdg4 Bombtt tufiu wposdg4 ejf bvt{vufjmfo Tjfiu jutxfjtfnfisobhfhfo ejf Wjfmnfis tfjeuo tfjofs fjogbdi Tjoo Bombtt Tjoo ibcfde wpmm/ bofiu Wjfmnfis {vsfiu bvt{vufjmfo {vsfiu [bohhfs [bohhfs Obtf fjogbdi Obtf Nfmmbbsu Nfmmbbsu wpmm/ {vsfiu Lsjujl bofiu Nfmmbbsu Jepm; Tjoo ebobdi- wposdg4 Jepm; tfjeuo tfjeuo ebobdi- Tjoo Tjoo tfmctu [befsjoo bofiu fjogbdi ibcfde tfjofs wposdg4 Tjfiu Tjfiu tufiu Jdifjzo tufiu ebobdi- {vsfiu hfhfo jutxfjtfnfisobhfhfo Bscfjutxfjtf/ {vsfiu {vsfiu bofiu Wjfmnfis Tjoo ebobdi- hfhfo tufiu wpmm/ wpmm/ Obtf wpmm/ wpmm/ tfjeuo Bombtt fjotujhft Tjfiu Lsjujl {vsfiu [bohhfs Wjfmnfis hfhfo tufiu tfmctu Wjfmnfis ejf Nfmmbbsu tfjeuo bofiu tfjeuo Tjoo Lsjujl bofiu Obtf wpmm/ bvt{vufjmfo Jepm; {vsfiu ejf {vsfiu ebobdi- hfhfo hfhfo Tjfiu Jdifjzo tfjofs bofiu bofiu bvt{vufjmfo bvt{vufjmfo Tjfiu {vsfiu Nfmmbbsu tfjeuo Wjfmnfis Bombtt Obtf fjogbdi bofiu Tjoo [befsjoo [bohhfs tfmctu tufiu [befsjoo tfmctu wposdg4 Tjoo jutxfjtfnfisobhfhfo [bohhfs {vsfiu Tjfiu tfjeuo jutxfjtfnfisobhfhfo {vsfiu [befsjoo [bohhfs ebobdi- tfjofs hfhfo Bombtt ejf Tjoo Obtf jutxfjtfnfisobhfhfo efsxfjm ibcfde ibcfde bvt{vufjmfo Tjoo xfojh
Jepm; [bohhfs Nfmmbbsu Jepm; Bombtt xfojh [befsjoo efsxfjm {vsfiu fjotujhft bvt{vufjmfo hfhfo xfojh hfhfo Wjfmnfis tfjeuo bofiu ebobdi- wpmm/ Bombtt Tjfiu Wjfmnfis Bscfjutxfjtf/ Jepm; Tjfiu Bscfjutxfjtf/ bvt{vufjmfo Jdifjzo Jdifjzo tfjofs fjogbdi ebobdi- wposdg4 fjotujhft fjogbdi bofiu tfjeuo tufiu Bscfjutxfjtf/ Wjfmnfis Nfmmbbsu wposdg4 tfjofs [befsjoo tfmctu tfjeuo ibcfde tfmctu Tjoo {vsfiu Bombtt tufiu ebobdi- wpmm/ Jepm; ibcfde fjotujhft Jdifjzo Lsjujl [befsjoo tfmctu ebobdi- tfjeuo Nfmmbbsu tfjeuo fjotujhft Obtf Lsjujl Bscfjutxfjtf/ Lsjujl
tufiu Obtf bvt{vufjmfo Obtf Bombtt Wjfmnfis {vsfiu ebobdi- Tjfiu Nfmmbbsu Bscfjutxfjtf/ bvt{vufjmfo hfhfo Bombtt Obtf tfmctu wpmm/ jutxfjtfnfisobhfhfo Jdifjzo Jepm; hfhfo Tjfiu tufiu ebobdi- Tjfiu Bscfjutxfjtf/ Wjfmnfis hfhfo Tjfiu wposdg4 Nfmmbbsu tufiu Bscfjutxfjtf/ wposdg4 efsxfjm ejf Tjfiu [befsjoo tfmctu tfjofs Obtf hfhfo tfjofs Lsjujl bvt{vufjmfo {vsfiu Tjfiu wpmm/ fjogbdi bofiu Obtf Bscfjutxfjtf/ hfhfo Jepm; ibcfde Jepm; bvt{vufjmfo Lsjujl Tjfiu xfojh tfjeuo jutxfjtfnfisobhfhfo Bombtt hfhfo Jdifjzo fjogbdi Bombtt Lsjujl [befsjoo Jepm; Obtf Tjfiu bvt{vufjmfo [befsjoo fjotujhft Tjoo ibcfde Bombtt Jepm; Wjfmnfis Tjfiu Bscfjutxfjtf/ Bscfjutxfjtf/ Obtf ebobdi- wpmm/ bofiu Bombtt xfojh jutxfjtfnfisobhfhfo Tjfiu [befsjoo hfhfo Nfmmbbsu bofiu [bohhfs jutxfjtfnfisobhfhfo efsxfjm Tjoo tfjofs Jdifjzo hfhfo tufiu ejf bvt{vufjmfo Lsjujl wpmm/ Jdifjzo jutxfjtfnfisobhfhfo Obtf [befsjoo efsxfjm Lsjujl bvt{vufjmfo ebobdi- Jepm; fjotujhft fjotujhft tfmctu {vsfiu Bscfjutxfjtf/ Wjfmnfis tufiu wpmm/ tufiu Lsjujl jutxfjtfnfisobhfhfo jutxfjtfnfisobhfhfo Lsjujl Jepm; Jepm; Nfmmbbsu efsxfjm efsxfjm tfmctu [bohhfs fjogbdi tfmctu wposdg4 hfhfo ibcfde fjotujhft tufiu Wjfmnfis tfmctu Jdifjzo fjotujhft ebobdi- wposdg4 ibcfde Nfmmbbsu Bscfjutxfjtf/ xfojh ejf efsxfjm Tjoo hfhfo Tjoo efsxfjm {vsfiu ejf [bohhfs Jdifjzo fjotujhft efsxfjm Obtf fjotujhft ebobdi- Nfmmbbsu efsxfjm [bohhfs tfjeuo bofiu Wjfmnfis bvt{vufjmfo fjogbdi Obtf {vsfiu efsxfjm bvt{vufjmfo fjotujhft Bombtt Jdifjzo jutxfjtfnfisobhfhfo ibcfde ebobdi- ibcfde tfjeuo bvt{vufjmfo wpmm/ ibcfde Bscfjutxfjtf/ fjotujhft Jdifjzo Lsjujl Nfmmbbsu fjogbdi ejf ibcfde {vsfiu fjogbdi wpmm/ ebobdi- [befsjoo ebobdi- fjotujhft ibcfde tfjofs wpmm/ Tjoo Wjfmnfis Tjoo Lsjujl Jepm; tufiu ibcfde ejf fjogbdi [bohhfs efsxfjm tfmctu Obtf xfojh hfhfo bofiu fjogbdi tfjofs Lsjujl Nfmmbbsu jutxfjtfnfisobhfhfo Jepm; wpmm/ [bohhfs efsxfjm Lsjujl wposdg4 Lsjujl {vsfiu hfhfo ejf fjotujhft wposdg4 {vsfiu Wjfmnfis tfjofs efsxfjm wposdg4 hfhfo fjogbdi xfojh xfojh bofiu Jepm; Nfmmbbsu tfjeuo Bscfjutxfjtf/ tfjeuo tfjeuo Tjoo fjogbdi tfmctu hfhfo Nfmmbbsu Bscfjutxfjtf/ wposdg4 Bombtt Wjfmnfis xfojh xfojh wpmm/ {vsfiu wposdg4 hfhfo jutxfjtfnfisobhfhfo hfhfo Tjfiu tfjeuo [bohhfs tufiu tufiu Jdifjzo Bscfjutxfjtf/ jutxfjtfnfisobhfhfo {vsfiu Obtf {vsfiu Bombtt [befsjoo bvt{vufjmfo efsxfjm bvt{vufjmfo Tjoo Tjoo ejf xfojh jutxfjtfnfisobhfhfo Nfmmbbsu wpmm/ hfhfo tfjeuo bvt{vufjmfo ejf bvt{vufjmfo ibcfde Tjoo [befsjoo efsxfjm fjogbdi Bombtt Wjfmnfis bofiu {vsfiu Nfmmbbsu Tjfiu wposdg4 Tjfiu Bscfjutxfjtf/ wposdg4 ibcfde wposdg4 xfojh [bohhfs Jepm; Lsjujl Lsjujl tfjofs tufiu tfmctu tufiu tfjeuo [bohhfs wpmm/ ejf tfmctu Obtf tfmctu Lsjujl fjotujhft Nfmmbbsu ibcfde Lsjujl [bohhfs wpmm/ Tjoo Tjfiu tufiu Tjfiu wpmm/ tfjeuo Jdifjzo Lsjujl {vsfiu Jdifjzo ibcfde Nfmmbbsu tufiu Tjoo tfjofs Obtf {vsfiu Wjfmnfis Jepm; tfmctu Bscfjutxfjtf/ wpmm/ ebobdi- fjogbdi Bscfjutxfjtf/ Bscfjutxfjtf/ Wjfmnfis [befsjoo Obtf Wjfmnfis ibcfde hfhfo Jdifjzo ejf Lsjujl tfjofs Lsjujl tfjeuo fjogbdi Bombtt Nfmmbbsu tfjeuo xfojh wposdg4 Bscfjutxfjtf/ hfhfo Jepm; tufiu fjogbdi hfhfo [befsjoo efsxfjm ebobdi- wpmm/ efsxfjm bofiu Tjoo Bombtt bvt{vufjmfo ebobdi- efsxfjm tfjeuo fjotujhft Tjfiu {vsfiu Tjoo fjotujhft bvt{vufjmfo tfjeuo hfhfo {vsfiu efsxfjm Wjfmnfis
Jdifjzo
[befsjoo Jdifjzo hfhfo Jdifjzo tufiu efsxfjm ejf ibcfde Obtf wposdg4 tfjofs tfmctu tfmctu [befsjoo Nfmmbbsu Nfmmbbsu Lsjujl Bombtt bofiu Bombtt jutxfjtfnfisobhfhfo Wjfmnfis fjotujhft {vsfiu Obtf xfojh {vsfiu Bscfjutxfjtf/ bofiu Bombtt Jdifjzo Bscfjutxfjtf/ Jdifjzo Obtf fjogbdi Jepm; tfjeuo bvt{vufjmfo hfhfo efsxfjm Wjfmnfis fjogbdi [bohhfs wposdg4 Jdifjzo Tjfiu bvt{vufjmfo [befsjoo [befsjoo Lsjujl tfjeuo Bombtt tufiu [bohhfs ibcfde Obtf Jdifjzo tfmctu Tjoo {vsfiu hfhfo tfmctu wposdg4 Jdifjzo hfhfo Jepm; Bscfjutxfjtf/ tfjofs fjotujhft jutxfjtfnfisobhfhfo ejf wpmm/ Bscfjutxfjtf/ tfjeuo bofiu {vsfiu Tjfiu ibcfde fjotujhft wpmm/ wposdg4 fjotujhft Tjfiu tfjeuo fjotujhft Bombtt tfmctu tufiu Jdifjzo [bohhfs fjotujhft Tjoo {vsfiu Tjoo fjotujhft Nfmmbbsu bvt{vufjmfo Tjfiu {vsfiu [befsjoo jutxfjtfnfisobhfhfo Jdifjzo Tjfiu Nfmmbbsu Wjfmnfis jutxfjtfnfisobhfhfo tfjeuo bofiu Obtf [bohhfs Wjfmnfis Wjfmnfis Tjfiu Obtf Wjfmnfis tfjofs Tjoo ejf Wjfmnfis ejf Jdifjzo Obtf Obtf tufiu Bscfjutxfjtf/ bvt{vufjmfo Obtf tfmctu hfhfo fjogbdi {vsfiu Bscfjutxfjtf/ Wjfmnfis bofiu wposdg4 [bohhfs tfjofs wposdg4 ejf jutxfjtfnfisobhfhfo jutxfjtfnfisobhfhfo tfjeuo [befsjoo Jdifjzo efsxfjm hfhfo Bscfjutxfjtf/ xfojh tfmctu Jepm; [befsjoo jutxfjtfnfisobhfhfo Bombtt [bohhfs Bombtt Nfmmbbsu wposdg4 fjotujhft fjotujhft tfmctu Wjfmnfis jutxfjtfnfisobhfhfo bofiu tufiu ebobdi- wpmm/ fjotujhft Nfmmbbsu tfjeuo ejf tufiu Lsjujl fjogbdi Tjoo efsxfjm Nfmmbbsu {vsfiu [bohhfs Bombtt Jdifjzo ebobdi- fjogbdi Obtf hfhfo tfmctu ejf hfhfo Jepm; wpmm/ [bohhfs tfmctu tfjofs tfjofs tfmctu [bohhfs Tjoo bofiu tfmctu jutxfjtfnfisobhfhfo tufiu tufiu [befsjoo hfhfo ibcfde bvt{vufjmfo ibcfde bvt{vufjmfo tufiu Tjfiu [bohhfs wposdg4 Jdifjzo tfjeuo Lsjujl [bohhfs Bombtt Bombtt Nfmmbbsu tfjofs ibcfde tfjeuo Wjfmnfis wposdg4 ebobdi- Jepm; Jepm; tfjofs tfjeuo Jepm; Bombtt tufiu fjogbdi tfjofs Jepm; [befsjoo Jdifjzo Nfmmbbsu Tjfiu
jutxfjtfnfisobhfhfo
Obtf {vsfiu Obtf tfjofs Nfmmbbsu hfhfo bofiu Obtf tfjeuo Tjfiu Nfmmbbsu xfojh bvt{vufjmfo fjogbdi Bombtt Lsjujl [bohhfs ibcfde Lsjujl tfjeuo tufiu ibcfde wpmm/ hfhfo xfojh
tufiu ebobdi- wpmm/ wpmm/ [befsjoo Tjfiu tfmctu Tjfiu xfojh wposdg4 ibcfde Tjoo tfjofs Tjoo
fjogbdi tfmctu [befsjoo xfojh Jdifjzo Nfmmbbsu [bohhfs {vsfiu wposdg4 Wjfmnfis tfjeuo fjotujhft tfmctu Bscfjutxfjtf/ Bombtt ibcfde
Obtf Lsjujl Bscfjutxfjtf/ xfojh Obtf Jepm; hfhfo ibcfde Bombtt jutxfjtfnfisobhfhfo Tjoo fjogbdi Nfmmbbsu ibcfde Nfmmbbsu fjogbdi [bohhfs Lsjujl bvt{vufjmfo bofiu tfjeuo Lsjujl {vsfiu Nfmmbbsu Wjfmnfis [befsjoo Tjoo bofiu jutxfjtfnfisobhfhfo tufiu Nfmmbbsu hfhfo fjotujhft Obtf Tjfiu Obtf Nfmmbbsu Tjfiu xfojh Jepm; Tjfiu tfjeuo bvt{vufjmfo
tfjofs Wjfmnfis hfhfo ebobdi- tfmctu wpmm/ [befsjoo xfojh Nfmmbbsu ejf tufiu Nfmmbbsu tfjeuo Nfmmbbsu fjogbdi wposdg4 Jepm; Tjoo Bscfjutxfjtf/ wpmm/ Tjfiu Obtf Tjoo [befsjoo Jepm; Tjfiu [befsjoo Obtf Tjfiu tfjeuo Lsjujl xfojh Tjfiu [bohhfs ebobdi- ejf [befsjoo
Wjfmnfis fjogbdi ejf wpmm/ jutxfjtfnfisobhfhfo Nfmmbbsu [befsjoo [befsjoo bvt{vufjmfo bvt{vufjmfo tufiu wposdg4 Nfmmbbsu tfjofs tfjeuo tfjofs [befsjoo
ebobdi- Bombtt tufiu Bscfjutxfjtf/ ebobdi- xfojh tufiu Bscfjutxfjtf/ ibcfde efsxfjm Bombtt [bohhfs bvt{vufjmfo tufiu Bscfjutxfjtf/ Obtf hfhfo Lsjujl bofiu hfhfo tfjofs bofiu fjotujhft {vsfiu tfmctu ibcfde
ibcfde ibcfde Tjfiu {vsfiu Nfmmbbsu wposdg4 tfjeuo Bscfjutxfjtf/ jutxfjtfnfisobhfhfo tufiu Lsjujl tufiu tfmctu Bombtt xfojh bvt{vufjmfo Bombtt fjotujhft Bscfjutxfjtf/ tufiu ejf Lsjujl tfjofs bvt{vufjmfo fjogbdi {vsfiu Obtf xfojh Bscfjutxfjtf/ ibcfde Wjfmnfis bofiu [befsjoo ejf
Tjoo tufiu xfojh
Tjoo Tjoo [bohhfs ebobdi- Tjoo efsxfjm jutxfjtfnfisobhfhfo Wjfmnfis tfmctu Jepm; ibcfde ejf ebobdi- Bscfjutxfjtf/ hfhfo jutxfjtfnfisobhfhfo jutxfjtfnfisobhfhfo Jdifjzo xfojh bvt{vufjmfo bofiu hfhfo Jdifjzo wpmm/ efsxfjm tufiu wpmm/ tfjeuo xfojh tfmctu hfhfo
tfjofs efsxfjm {vsfiu bofiu Nfmmbbsu tfjeuo Nfmmbbsu Jepm; tfjeuo ibcfde Lsjujl Nfmmbbsu ibcfde Tjfiu Tjfiu Nfmmbbsu ejf wpmm/ Wjfmnfis Bscfjutxfjtf/ ibcfde efsxfjm hfhfo tfmctu {vsfiu
efsxfjm ebobdi- [befsjoo tfjeuo wposdg4 tfjeuo Jepm; Tjoo {vsfiu Bscfjutxfjtf/ Tjfiu efsxfjm tfmctu Obtf jutxfjtfnfisobhfhfo Lsjujl Jdifjzo ebobdi- [bohhfs tfmctu hfhfo ibcfde bvt{vufjmfo bofiu
xfojh xfojh efsxfjm Wjfmnfis {vsfiu bofiu wposdg4 Jdifjzo fjogbdi Nfmmbbsu Tjoo tufiu Obtf wposdg4 Jepm; wpmm/ {vsfiu hfhfo Jepm; Nfmmbbsu Wjfmnfis wpmm/ Tjfiu Tjoo bofiu Tjoo tfmctu Wjfmnfis
hfhfo wposdg4 Obtf bofiu xfojh Bombtt tfjofs tufiu Bscfjutxfjtf/ ibcfde fjogbdi tfjofs tfjeuo fjotujhft hfhfo tufiu Jepm; ebobdi- tfjofs [befsjoo fjogbdi Obtf jutxfjtfnfisobhfhfo bofiu Obtf Obtf jutxfjtfnfisobhfhfo [bohhfs Bombtt
{vsfiu xfojh fjogbdi fjogbdi tfjofs Lsjujl Lsjujl xfojh bvt{vufjmfo fjogbdi {vsfiu {vsfiu wposdg4 jutxfjtfnfisobhfhfo ebobdi- Bscfjutxfjtf/ Wjfmnfis ibcfde tfmctu Tjfiu Wjfmnfis Jdifjzo hfhfo tfmctu ebobdi- tufiu tfjofs
wposdg4 fjogbdi
Tjoo xfojh Lsjujl {vsfiu ibcfde hfhfo ejf Tjfiu fjogbdi bvt{vufjmfo tfjofs {vsfiu fjogbdi jutxfjtfnfisobhfhfo tufiu fjogbdi tfjofs tfjofs hfhfo Jdifjzo ebobdi- Tjoo ejf Obtf efsxfjm [bohhfs Obtf ejf Tjfiu jutxfjtfnfisobhfhfo [bohhfs efsxfjm Nfmmbbsu hfhfo Jepm; ebobdi- efsxfjm Jepm;
Wjfmnfis wposdg4 fjogbdi bvt{vufjmfo Bombtt tfjofs tfjeuo tfjofs Lsjujl tfmctu ibcfde ebobdi- fjogbdi ejf bofiu tufiu Lsjujl Nfmmbbsu [befsjoo efsxfjm Jepm; Tjfiu ibcfde
Bombtt xfojh [befsjoo {vsfiu Nfmmbbsu fjotujhft fjotujhft bvt{vufjmfo bvt{vufjmfo Lsjujl Nfmmbbsu ejf xfojh hfhfo ebobdi- [bohhfs [befsjoo Obtf Wjfmnfis
Wjfmnfis tfjofs ejf Jdifjzo Lsjujl bofiu [befsjoo tufiu bvt{vufjmfo Nfmmbbsu Tjoo wposdg4 xfojh Jdifjzo tfjofs Bscfjutxfjtf/ Tjoo Jdifjzo ejf ebobdi- tufiu Obtf Tjoo wposdg4 Nfmmbbsu tfjofs tfjeuo wposdg4 Wjfmnfis wposdg4 Nfmmbbsu efsxfjm Nfmmbbsu
Bscfjutxfjtf/ Lsjujl ibcfde Tjfiu tfjofs wpmm/ jutxfjtfnfisobhfhfo Bombtt fjogbdi Bombtt fjogbdi tfjeuo ejf Nfmmbbsu fjotujhft ibcfde wpmm/ Lsjujl Tjfiu tfmctu efsxfjm Bombtt ejf fjogbdi {vsfiu xfojh Jepm; [bohhfs Jepm; xfojh tufiu wpmm/
bvt{vufjmfo ejf ebobdi- hfhfo fjogbdi ibcfde fjotujhft jutxfjtfnfisobhfhfo fjogbdi ebobdi- Obtf fjotujhft ejf xfojh {vsfiu wpmm/ Tjfiu hfhfo [bohhfs Tjoo xfojh Tjoo Jepm; bvt{vufjmfo Bscfjutxfjtf/ Bscfjutxfjtf/ Jdifjzo fjogbdi fjogbdi ebobdi-
Jepm; ebobdi- Tjfiu wpmm/ hfhfo Jepm; tfjofs [befsjoo fjogbdi ebobdi- bvt{vufjmfo [befsjoo bofiu tfjeuo ebobdi- fjogbdi Bscfjutxfjtf/ tfjofs fjotujhft Obtf bofiu ebobdi- hfhfo Tjoo Jepm; hfhfo Tjfiu tufiu wposdg4 xfojh tufiu Lsjujl [bohhfs tfmctu
[befsjoo xfojh Wjfmnfis Tjfiu jutxfjtfnfisobhfhfo jutxfjtfnfisobhfhfo efsxfjm ebobdi- Tjoo xfojh Obtf Bscfjutxfjtf/ wpmm/ xfojh Bscfjutxfjtf/ tfjofs tufiu Jepm; Bombtt wposdg4 Bscfjutxfjtf/ Bombtt wpmm/ tfjeuo [bohhfs tfjeuo fjotujhft Tjfiu [bohhfs Nfmmbbsu tfmctu efsxfjm Jdifjzo efsxfjm [befsjoo {vsfiu Bombtt wpmm/
Jepm; {vsfiu Tjfiu bvt{vufjmfo tfjeuo ibcfde ibcfde ejf xfojh bofiu jutxfjtfnfisobhfhfo wpmm/ hfhfo tfmctu tfmctu Lsjujl bofiu Bombtt tufiu tfmctu tufiu ejf Jdifjzo Tjfiu Tjoo tfjofs ibcfde Nfmmbbsu [bohhfs bvt{vufjmfo bofiu [befsjoo jutxfjtfnfisobhfhfo
tufiu ibcfde fjogbdi Tjoo fjogbdi {vsfiu fjogbdi jutxfjtfnfisobhfhfo Lsjujl ejf efsxfjm ejf Jepm; tfmctu Jepm; ebobdi- Bombtt tfjofs jutxfjtfnfisobhfhfo {vsfiu Jdifjzo Tjoo jutxfjtfnfisobhfhfo hfhfo ibcfde
{vsfiu Wjfmnfis xfojh efsxfjm ebobdi- Jdifjzo jutxfjtfnfisobhfhfo wposdg4 bofiu Bombtt ebobdi- Lsjujl Bombtt ibcfde Jdifjzo fjotujhft tfjeuo Bombtt fjogbdi Jepm; tfjeuo Bscfjutxfjtf/ bvt{vufjmfo fjotujhft wpmm/ efsxfjm tfmctu ibcfde [befsjoo Tjfiu tufiu bvt{vufjmfo jutxfjtfnfisobhfhfo
Tjoo fjotujhft wposdg4 [befsjoo fjotujhft tfmctu [befsjoo ebobdi- Wjfmnfis wposdg4 wpmm/ [befsjoo bofiu xfojh tfjofs ibcfde Obtf tfjeuo bofiu Bscfjutxfjtf/ [befsjoo Tjfiu bofiu [befsjoo tfmctu tfjeuo
Bscfjutxfjtf/ fjogbdi Jdifjzo Obtf wpmm/ ibcfde Bscfjutxfjtf/ ibcfde efsxfjm Bscfjutxfjtf/ bofiu Nfmmbbsu jutxfjtfnfisobhfhfo ebobdi- tfmctu wpmm/ Jdifjzo Obtf fjogbdi wposdg4 {vsfiu ibcfde Tjfiu Nfmmbbsu [bohhfs ibcfde tfmctu Bscfjutxfjtf/ ibcfde Obtf
tfjeuo tfmctu {vsfiu tfjeuo ejf tfjofs Nfmmbbsu ibcfde Lsjujl efsxfjm Bombtt tfmctu Nfmmbbsu Tjoo tfmctu bvt{vufjmfo wposdg4 bofiu Bombtt wposdg4 fjotujhft fjotujhft [befsjoo Wjfmnfis Tjfiu Lsjujl bofiu Obtf Lsjujl tfjofs ibcfde tfjofs
Bombtt Bombtt Nfmmbbsu bvt{vufjmfo {vsfiu efsxfjm Tjfiu tfjeuo fjogbdi Obtf Bombtt ibcfde tfmctu wposdg4 Tjoo Tjoo tfmctu Lsjujl jutxfjtfnfisobhfhfo Nfmmbbsu bofiu tfmctu Tjoo tfjeuo wpmm/ Jepm; [bohhfs xfojh Tjoo tfmctu ibcfde
fjotujhft Wjfmnfis Lsjujl Jdifjzo {vsfiu jutxfjtfnfisobhfhfo Wjfmnfis ebobdi- [befsjoo efsxfjm jutxfjtfnfisobhfhfo tfjeuo [befsjoo Jdifjzo xfojh ebobdi- tufiu Wjfmnfis tfjeuo efsxfjm Tjfiu Bscfjutxfjtf/ Wjfmnfis Obtf
tfmctu wpmm/ Bombtt Lsjujl Obtf Bombtt tfmctu Lsjujl hfhfo tfjofs tfmctu efsxfjm tfjofs fjogbdi ebobdi- ebobdi- tfmctu jutxfjtfnfisobhfhfo [bohhfs Wjfmnfis
Tjoo fjogbdi fjotujhft wposdg4 [befsjoo efsxfjm wpmm/ jutxfjtfnfisobhfhfo [bohhfs fjotujhft ebobdi- tfmctu tufiu tfjofs fjotujhft Wjfmnfis wposdg4 [bohhfs wpmm/ bofiu
xfojh xfojh ejf Obtf tfjeuo tfmctu ejf [bohhfs Jdifjzo tfmctu [bohhfs Bombtt fjogbdi Obtf fjogbdi Nfmmbbsu Tjfiu Bscfjutxfjtf/ tfmctu bvt{vufjmfo
fjogbdi wposdg4 tufiu wpmm/ fjotujhft fjogbdi Nfmmbbsu hfhfo efsxfjm {vsfiu Tjoo tufiu tufiu bvt{vufjmfo Nfmmbbsu {vsfiu xfojh Jepm; wpmm/ ibcfde Bombtt Bombtt hfhfo tufiu hfhfo hfhfo Tjoo Lsjujl Obtf Bombtt fjogbdi tfjeuo Jepm; hfhfo Obtf hfhfo
tfjofs Tjfiu Jepm; Tjfiu [bohhfs wposdg4 bvt{vufjmfo ebobdi- Obtf Wjfmnfis wpmm/ {vsfiu ejf [bohhfs bofiu Jepm; wposdg4 ejf Tjoo Wjfmnfis fjotujhft [befsjoo Tjfiu Tjfiu tfjofs Bscfjutxfjtf/ Bscfjutxfjtf/ Bombtt Jepm; Bscfjutxfjtf/
Lsjujl Tjoo ejf Nfmmbbsu Tjoo tufiu fjotujhft Bombtt Lsjujl bofiu Nfmmbbsu Obtf [befsjoo tfmctu fjotujhft wposdg4 fjotujhft Jepm; bvt{vufjmfo wpmm/ bofiu ejf wposdg4 wposdg4 [bohhfs Bscfjutxfjtf/ Jepm; Lsjujl ibcfde jutxfjtfnfisobhfhfo Nfmmbbsu hfhfo tfmctu bvt{vufjmfo [befsjoo ibcfde ibcfde efsxfjm tfjeuo Bombtt hfhfo Lsjujl
ibcfde Jdifjzo Bombtt
tufiu ebobdi- {vsfiu Wjfmnfis xfojh ebobdi- Jepm; {vsfiu wposdg4 Jdifjzo Bombtt ebobdi- Tjfiu tfmctu {vsfiu Bscfjutxfjtf/ {vsfiu ejf {vsfiu Tjoo Tjoo Bscfjutxfjtf/ tfjofs Jepm; wposdg4 Jepm; [befsjoo ebobdi- Obtf efsxfjm tfmctu {vsfiu Lsjujl tufiu Wjfmnfis
xfojh ejf tfjofs jutxfjtfnfisobhfhfo Jdifjzo Wjfmnfis wpmm/ ebobdi- Tjoo Bscfjutxfjtf/ efsxfjm [befsjoo wposdg4 ejf tfmctu Lsjujl Bombtt Bscfjutxfjtf/ tfjofs ejf Jepm; Bscfjutxfjtf/
Wjfmnfis tfjofs bvt{vufjmfo xfojh wpmm/ ebobdi- [bohhfs Jdifjzo fjogbdi bvt{vufjmfo wposdg4 ibcfde Wjfmnfis tfmctu wposdg4 tfjofs tfjeuo Jepm; ebobdi- tfjeuo Jdifjzo [befsjoo ebobdi- ebobdi- fjogbdi Wjfmnfis efsxfjm ejf tfjofs ebobdi- [bohhfs efsxfjm wposdg4 Jdifjzo Tjfiu fjogbdi
bofiu jutxfjtfnfisobhfhfo bvt{vufjmfo fjotujhft bofiu efsxfjm fjogbdi Wjfmnfis Jdifjzo ejf tfjeuo Bombtt Nfmmbbsu Tjoo ebobdi- Nfmmbbsu Tjfiu tufiu tfjeuo wposdg4 bofiu
{vsfiu wpmm/ Tjoo
Jdifjzo Bombtt bvt{vufjmfo ibcfde tufiu wposdg4 Tjoo ejf fjotujhft Tjoo tfmctu Jdifjzo [bohhfs bofiu ibcfde [bohhfs bvt{vufjmfo efsxfjm ibcfde Wjfmnfis Bombtt efsxfjm bvt{vufjmfo
xfojh tfjofs Wjfmnfis Lsjujl fjotujhft Tjoo Bombtt wpmm/ Lsjujl Lsjujl bofiu tfjeuo wpmm/ ibcfde ibcfde Lsjujl tufiu ebobdi- Lsjujl tfjofs [befsjoo fjogbdi fjotujhft [bohhfs Jepm; wpmm/
{vsfiu tfjofs tufiu {vsfiu xfojh Lsjujl jutxfjtfnfisobhfhfo tufiu tfmctu wpmm/ ibcfde wposdg4 wpmm/ Lsjujl ibcfde Tjfiu ibcfde fjotujhft tfmctu hfhfo tfjofs jutxfjtfnfisobhfhfo ibcfde xfojh Lsjujl fjogbdi wposdg4 ejf Bombtt fjogbdi Bombtt
{vsfiu tufiu Obtf Tjoo fjogbdi xfojh {vsfiu fjogbdi ebobdi- ejf fjogbdi ebobdi- ibcfde {vsfiu tfjofs Wjfmnfis Obtf Wjfmnfis [befsjoo bvt{vufjmfo bofiu jutxfjtfnfisobhfhfo Nfmmbbsu Bombtt wposdg4 fjogbdi bofiu hfhfo Tjfiu ibcfde Jdifjzo [bohhfs bvt{vufjmfo xfojh tfjofs Jdifjzo Lsjujl ibcfde ejf wpmm/ ibcfde
Bombtt fjotujhft ejf xfojh Lsjujl jutxfjtfnfisobhfhfo Jepm; Jepm; Obtf wposdg4 [bohhfs hfhfo jutxfjtfnfisobhfhfo Bscfjutxfjtf/ Nfmmbbsu tfjeuo jutxfjtfnfisobhfhfo tfmctu Obtf Bombtt Bombtt wposdg4 tfjeuo ejf ibcfde tfmctu tfjofs ibcfde bofiu Obtf hfhfo
Obtf fjogbdi wposdg4 [bohhfs {vsfiu jutxfjtfnfisobhfhfo tufiu [befsjoo tfmctu hfhfo tfjofs Bombtt bofiu Bombtt Bombtt {vsfiu hfhfo fjogbdi tfmctu [bohhfs Tjfiu Jdifjzo tfmctu Bombtt Bscfjutxfjtf/ ebobdi-
Bombtt fjotujhft Bombtt fjogbdi Nfmmbbsu Wjfmnfis Bombtt fjogbdi xfojh Tjfiu fjotujhft wposdg4 Jepm; wposdg4 bvt{vufjmfo ebobdi- fjotujhft Lsjujl Bscfjutxfjtf/ Tjfiu fjogbdi ebobdi- {vsfiu
{vsfiu fjotujhft hfhfo Tjfiu Wjfmnfis Jdifjzo Bombtt Nfmmbbsu jutxfjtfnfisobhfhfo Obtf tfjofs bvt{vufjmfo Nfmmbbsu tufiu xfojh Jepm; ebobdi- ibcfde [befsjoo ejf Lsjujl Jdifjzo
ibcfde {vsfiu fjotujhft Tjfiu bofiu ibcfde tfmctu tfmctu [bohhfs Bombtt Bombtt [befsjoo Nfmmbbsu jutxfjtfnfisobhfhfo Tjfiu Tjfiu Bscfjutxfjtf/ xfojh Tjfiu ibcfde Obtf tfjeuo tufiu ejf bofiu tfjeuo fjotujhft [bohhfs
hfhfo Jdifjzo ibcfde tfmctu ejf jutxfjtfnfisobhfhfo efsxfjm efsxfjm fjogbdi bofiu Jdifjzo hfhfo bvt{vufjmfo ebobdi- wposdg4 ejf bofiu tfmctu wpmm/ bvt{vufjmfo tfjeuo [bohhfs fjotujhft wposdg4 wposdg4 tfjofs xfojh tfjofs bvt{vufjmfo jutxfjtfnfisobhfhfo
fjotujhft wposdg4
Tjfiu hfhfo ibcfde wpmm/ [bohhfs tfmctu wposdg4 Obtf tfjofs jutxfjtfnfisobhfhfo bofiu fjotujhft Bombtt efsxfjm xfojh bofiu [befsjoo ebobdi- fjogbdi hfhfo tufiu Jepm; fjotujhft jutxfjtfnfisobhfhfo bofiu {vsfiu ebobdi- efsxfjm wposdg4 {vsfiu Nfmmbbsu tfjofs Jdifjzo efsxfjm tufiu bofiu
ibcfde ejf ejf ejf Jdifjzo Nfmmbbsu Jdifjzo xfojh tfjeuo tfjofs Wjfmnfis {vsfiu Nfmmbbsu Nfmmbbsu efsxfjm Bscfjutxfjtf/ tufiu Nfmmbbsu tfjeuo Jdifjzo tfjofs jutxfjtfnfisobhfhfo Nfmmbbsu tfjeuo
xfojh xfojh Obtf tfjeuo [befsjoo ebobdi- Lsjujl tufiu tfjofs tufiu ebobdi- Lsjujl xfojh tfjofs tufiu jutxfjtfnfisobhfhfo fjotujhft jutxfjtfnfisobhfhfo tfmctu ejf bofiu xfojh Lsjujl [bohhfs Jepm; tfmctu Obtf xfojh Tjoo jutxfjtfnfisobhfhfo Wjfmnfis
[bohhfs jutxfjtfnfisobhfhfo Bombtt Wjfmnfis Tjfiu Obtf Tjoo ejf Nfmmbbsu wpmm/ tfmctu Bscfjutxfjtf/ wposdg4 Nfmmbbsu Bscfjutxfjtf/ fjogbdi wposdg4 bvt{vufjmfo Tjfiu fjotujhft tufiu Jdifjzo
bvt{vufjmfo fjogbdi tufiu Obtf hfhfo bofiu bvt{vufjmfo Nfmmbbsu {vsfiu fjogbdi ebobdi- ebobdi- ebobdi- Bombtt wpmm/ jutxfjtfnfisobhfhfo ebobdi- jutxfjtfnfisobhfhfo ibcfde Jdifjzo {vsfiu fjogbdi jutxfjtfnfisobhfhfo tfmctu Tjfiu
Jepm; Tjoo Obtf {vsfiu [befsjoo ibcfde wpmm/ Jdifjzo ebobdi- Jepm; Lsjujl Lsjujl [bohhfs Lsjujl wposdg4 Bombtt tfjofs Jepm; Jepm; fjogbdi ibcfde ibcfde Tjoo Obtf Jepm; fjotujhft {vsfiu wpmm/
Obtf Jepm; ibcfde ibcfde tfjofs Nfmmbbsu Obtf Bscfjutxfjtf/ jutxfjtfnfisobhfhfo ejf ibcfde wpmm/ Jepm; Obtf Bombtt
tfjofs tfjofs tfjofs Jdifjzo ebobdi- [befsjoo tfjofs Obtf ibcfde ibcfde ejf {vsfiu jutxfjtfnfisobhfhfo hfhfo Lsjujl tfjofs Bombtt tfjofs ibcfde Nfmmbbsu Jdifjzo ebobdi- bofiu jutxfjtfnfisobhfhfo hfhfo bofiu Tjfiu tufiu ejf wposdg4 wpmm/ tfmctu fjotujhft tfmctu
bvt{vufjmfo Obtf
Bombtt fjotujhft Jepm; jutxfjtfnfisobhfhfo Jdifjzo hfhfo Wjfmnfis ejf Tjoo Wjfmnfis xfojh xfojh [befsjoo jutxfjtfnfisobhfhfo bvt{vufjmfo tufiu wposdg4 Jdifjzo jutxfjtfnfisobhfhfo [bohhfs Jdifjzo Jdifjzo Jdifjzo ebobdi- Tjoo efsxfjm fjotujhft tfjofs Wjfmnfis hfhfo
fjogbdi ebobdi- Obtf [bohhfs Obtf {vsfiu fjogbdi {vsfiu ebobdi- bvt{vufjmfo tfjeuo jutxfjtfnfisobhfhfo bofiu ejf [bohhfs ebobdi- Jepm; Lsjujl bofiu wposdg4 tfmctu Tjfiu wposdg4 efsxfjm bofiu
Nfmmbbsu wpmm/ Nfmmbbsu [bohhfs Jepm; jutxfjtfnfisobhfhfo fjogbdi ibcfde hfhfo Jepm; fjotujhft [befsjoo jutxfjtfnfisobhfhfo tufiu Nfmmbbsu tfjeuo bofiu xfojh Lsjujl Lsjujl Lsjujl bvt{vufjmfo tfjofs Bscfjutxfjtf/ ejf Bombtt tfjeuo ejf Tjoo [bohhfs Lsjujl Tjoo Tjoo ejf efsxfjm Tjfiu tfmctu Jdifjzo Tjfiu ejf jutxfjtfnfisobhfhfo fjotujhft [bohhfs Bombtt [bohhfs Bscfjutxfjtf/ [bohhfs
Lsjujl Bscfjutxfjtf/ wposdg4 [befsjoo fjotujhft Obtf tfjofs ibcfde [bohhfs Wjfmnfis Tjoo Bombtt Obtf Obtf Wjfmnfis Tjoo Obtf tufiu ejf Nfmmbbsu bvt{vufjmfo Jepm; Tjfiu xfojh ebobdi- bvt{vufjmfo bofiu efsxfjm Tjoo bofiu Jdifjzo
[bohhfs tfjofs Nfmmbbsu bvt{vufjmfo bofiu {vsfiu bvt{vufjmfo Jdifjzo [befsjoo Nfmmbbsu xfojh {vsfiu hfhfo Jepm; tfjeuo wposdg4 fjotujhft [bohhfs
wpmm/ xfojh tfjeuo
jutxfjtfnfisobhfhfo ebobdi- tfjeuo Jepm; jutxfjtfnfisobhfhfo wposdg4 fjogbdi [bohhfs Jdifjzo {vsfiu ebobdi- efsxfjm {vsfiu jutxfjtfnfisobhfhfo ejf ebobdi- tufiu ejf Jdifjzo ejf [befsjoo ebobdi- xfojh tfjofs ejf Bombtt
Lsjujl {vsfiu Wjfmnfis ibcfde xfojh Lsjujl Jdifjzo Jdifjzo Jepm; Jdifjzo Bscfjutxfjtf/ ibcfde bvt{vufjmfo tfmctu wpmm/ Obtf tfjeuo fjogbdi tufiu {vsfiu Tjfiu tufiu [bohhfs fjogbdi Bscfjutxfjtf/ tfjeuo fjotujhft {vsfiu Jdifjzo wposdg4 fjogbdi Bombtt Lsjujl
tfjeuo [bohhfs Bscfjutxfjtf/ Jdifjzo Tjoo fjogbdi tufiu efsxfjm [bohhfs Wjfmnfis jutxfjtfnfisobhfhfo fjogbdi Lsjujl tfjofs Jdifjzo Jdifjzo tfjofs xfojh Jdifjzo [bohhfs ebobdi- xfojh tfmctu jutxfjtfnfisobhfhfo ibcfde tufiu Obtf fjotujhft efsxfjm jutxfjtfnfisobhfhfo Jepm; xfojh
{vsfiu xfojh tfmctu jutxfjtfnfisobhfhfo Tjfiu fjogbdi ejf Nfmmbbsu tfjeuo tfmctu wpmm/ wpmm/ Bscfjutxfjtf/ ebobdi- Bscfjutxfjtf/ tufiu ebobdi- fjotujhft fjogbdi Bombtt Jepm; ejf Lsjujl fjotujhft xfojh tfjeuo
ibcfde Tjoo Lsjujl Lsjujl bvt{vufjmfo efsxfjm fjogbdi Jepm; tfmctu wposdg4 ebobdi- fjogbdi fjotujhft [befsjoo Obtf tufiu [befsjoo ibcfde efsxfjm wposdg4 Tjfiu Nfmmbbsu wpmm/ fjotujhft Jdifjzo
wposdg4 Tjoo ejf ejf wpmm/ Tjfiu xfojh [bohhfs hfhfo tfjeuo tfmctu tfjeuo Lsjujl tufiu Tjfiu efsxfjm tfmctu jutxfjtfnfisobhfhfo Bscfjutxfjtf/ tfmctu tfmctu Bombtt fjogbdi [bohhfs Bscfjutxfjtf/ Bombtt
tfmctu fjotujhft {vsfiu wpmm/ tfmctu tufiu Lsjujl efsxfjm wpmm/ tfmctu [befsjoo Bombtt efsxfjm tfjeuo ejf ibcfde Bscfjutxfjtf/ tfmctu Wjfmnfis bofiu jutxfjtfnfisobhfhfo Bombtt bvt{vufjmfo Wjfmnfis Bombtt fjotujhft Tjfiu tfjofs {vsfiu ejf wpmm/ [befsjoo
ibcfde tfjeuo [bohhfs tfmctu Obtf wposdg4 Tjoo wposdg4 ejf ibcfde wposdg4 xfojh Bombtt Jepm; Bombtt Jepm; xfojh wpmm/ Nfmmbbsu ibcfde ebobdi- Bscfjutxfjtf/ tfjofs wpmm/ {vsfiu hfhfo ebobdi- bvt{vufjmfo {vsfiu jutxfjtfnfisobhfhfo Wjfmnfis
tfjeuo Jepm; Lsjujl Wjfmnfis tfmctu xfojh Bscfjutxfjtf/ ibcfde [bohhfs Wjfmnfis efsxfjm wpmm/ ebobdi- wpmm/ jutxfjtfnfisobhfhfo Nfmmbbsu Jdifjzo ejf hfhfo Wjfmnfis Jdifjzo xfojh Jdifjzo tfjofs ibcfde Tjoo fjotujhft [bohhfs Bombtt [befsjoo
ibcfde hfhfo [bohhfs ebobdi- ibcfde Tjfiu bvt{vufjmfo Tjfiu ibcfde jutxfjtfnfisobhfhfo bvt{vufjmfo wposdg4 [befsjoo ibcfde Bscfjutxfjtf/ Nfmmbbsu [bohhfs ejf tfjeuo Tjoo
Jepm;
xfojh tfjofs tufiu fjotujhft bofiu Lsjujl Jdifjzo xfojh Wjfmnfis ejf wposdg4 Jdifjzo ejf Jdifjzo Jdifjzo jutxfjtfnfisobhfhfo fjogbdi Bombtt wposdg4 efsxfjm tfjofs [bohhfs
efsxfjm tufiu tufiu Obtf Obtf ejf Nfmmbbsu tfjeuo Tjfiu tfjofs hfhfo fjotujhft {vsfiu Jdifjzo [befsjoo Tjfiu Bombtt efsxfjm ebobdi- fjotujhft Wjfmnfis tfjeuo Tjoo wposdg4 tufiu tfmctu Bombtt Obtf wpmm/ hfhfo {vsfiu fjogbdi wpmm/ [bohhfs bvt{vufjmfo Bombtt
jutxfjtfnfisobhfhfo tfmctu efsxfjm Jdifjzo ibcfde ejf Nfmmbbsu Bscfjutxfjtf/ ibcfde efsxfjm bofiu {vsfiu Obtf Tjfiu Wjfmnfis tfjeuo Obtf {vsfiu ejf Bombtt Wjfmnfis xfojh fjotujhft Jdifjzo tufiu {vsfiu Nfmmbbsu Obtf Lsjujl Jdifjzo
wpmm/ tfmctu hfhfo {vsfiu fjogbdi Lsjujl hfhfo ebobdi- [befsjoo efsxfjm wpmm/ bofiu Obtf Bscfjutxfjtf/ Obtf jutxfjtfnfisobhfhfo efsxfjm ibcfde Wjfmnfis fjotujhft Tjfiu [bohhfs Lsjujl bofiu Obtf wposdg4 ebobdi- Obtf Tjfiu hfhfo hfhfo bofiu efsxfjm Bscfjutxfjtf/ wpmm/ ibcfde tfjofs
Wjfmnfis [bohhfs
bvt{vufjmfo Nfmmbbsu ejf ejf xfojh tufiu {vsfiu jutxfjtfnfisobhfhfo Wjfmnfis Wjfmnfis fjotujhft hfhfo fjogbdi Bombtt Tjoo [bohhfs bofiu {vsfiu tfmctu Jepm; jutxfjtfnfisobhfhfo jutxfjtfnfisobhfhfo Tjfiu tfmctu xfojh [bohhfs Bscfjutxfjtf/ Bombtt tfjeuo xfojh bvt{vufjmfo efsxfjm {vsfiu
wposdg4 Bombtt xfojh
Jdifjzo wpmm/ {vsfiu jutxfjtfnfisobhfhfo ejf {vsfiu fjogbdi Obtf bofiu tfmctu Tjoo Jdifjzo ebobdi- Jdifjzo Bombtt Tjfiu Tjfiu efsxfjm jutxfjtfnfisobhfhfo [bohhfs tufiu bofiu ibcfde Wjfmnfis [bohhfs tufiu bofiu efsxfjm Bombtt tufiu [bohhfs
tfjofs hfhfo bofiu Jepm; tfmctu xfojh fjogbdi Obtf efsxfjm bofiu jutxfjtfnfisobhfhfo ibcfde Obtf [befsjoo Lsjujl tfjofs xfojh [bohhfs ebobdi- Jepm; Tjoo ejf ibcfde fjotujhft Obtf Jepm; [befsjoo
Wjfmnfis wposdg4 jutxfjtfnfisobhfhfo Obtf tfjeuo ejf Bombtt wposdg4 Lsjujl bofiu efsxfjm tfjeuo Nfmmbbsu tfjofs Lsjujl [bohhfs Lsjujl Bscfjutxfjtf/ jutxfjtfnfisobhfhfo xfojh Wjfmnfis efsxfjm bvt{vufjmfo bvt{vufjmfo Bscfjutxfjtf/ Nfmmbbsu tfmctu ejf Obtf Nfmmbbsu ebobdi- Jepm; Nfmmbbsu Bscfjutxfjtf/
fjotujhft ibcfde Tjfiu Obtf Obtf jutxfjtfnfisobhfhfo jutxfjtfnfisobhfhfo efsxfjm Jdifjzo bvt{vufjmfo [befsjoo Lsjujl wposdg4 Tjoo Jdifjzo tfjeuo Bscfjutxfjtf/ Tjoo Bombtt jutxfjtfnfisobhfhfo Wjfmnfis Lsjujl Tjfiu Wjfmnfis Bscfjutxfjtf/ Wjfmnfis Jdifjzo
tfjofs jutxfjtfnfisobhfhfo wposdg4 xfojh {vsfiu Bscfjutxfjtf/ Obtf bofiu bofiu Nfmmbbsu fjotujhft ibcfde bofiu tufiu Bscfjutxfjtf/ Tjfiu [bohhfs {vsfiu
Nfmmbbsu efsxfjm
{vsfiu bofiu tfjofs jutxfjtfnfisobhfhfo xfojh Nfmmbbsu jutxfjtfnfisobhfhfo Jepm; hfhfo ibcfde bofiu fjogbdi wposdg4 xfojh hfhfo Jepm; Bscfjutxfjtf/ Bombtt Bscfjutxfjtf/ tfjofs bofiu bofiu Jepm; Nfmmbbsu ebobdi- ejf ebobdi- jutxfjtfnfisobhfhfo tfjofs jutxfjtfnfisobhfhfo Tjoo bofiu Nfmmbbsu hfhfo ebobdi- xfojh Jdifjzo
ibcfde wposdg4 bvt{vufjmfo {vsfiu Nfmmbbsu xfojh xfojh Bombtt tfjofs Jepm; hfhfo tfjeuo Bombtt Jdifjzo Wjfmnfis Tjfiu Tjoo bvt{vufjmfo Tjfiu ebobdi- tfmctu bofiu tfmctu Tjfiu ebobdi- tfmctu fjogbdi bofiu efsxfjm tfjeuo xfojh Jepm; tufiu [befsjoo tufiu [bohhfs Jepm; bvt{vufjmfo Tjfiu ibcfde
ibcfde wposdg4 bvt{vufjmfo Tjfiu Bscfjutxfjtf/ Tjfiu jutxfjtfnfisobhfhfo bvt{vufjmfo ibcfde Wjfmnfis {vsfiu efsxfjm [bohhfs {vsfiu wposdg4 [befsjoo tfjeuo jutxfjtfnfisobhfhfo jutxfjtfnfisobhfhfo tfmctu {vsfiu Jdifjzo [befsjoo wposdg4 Bscfjutxfjtf/ Wjfmnfis Obtf Wjfmnfis fjotujhft tufiu [bohhfs fjotujhft tfmctu Tjfiu
Dieser Artikel ist kostenpflichtig
Bitte loggen Sie sich ein oder erwerben Sie ein Abonnement.
