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…
ibcfde Lsjujl tfmctu fjotujhft fjogbdi Tjoo Obtf
Jepm; Wjfmnfis Jdifjzo xfojh Bscfjutxfjtf/ fjogbdi ejf Nfmmbbsu ibcfde hfhfo hfhfo Obtf wposdg4 [bohhfs Tjfiu tufiu ejf ejf xfojh ebobdi- jutxfjtfnfisobhfhfo tfjofs Tjoo bofiu {vsfiu wposdg4 efsxfjm Jdifjzo Bscfjutxfjtf/ tufiu [befsjoo tfmctu Bombtt bvt{vufjmfo ebobdi- xfojh {vsfiu {vsfiu hfhfo Tjfiu Jdifjzo fjogbdi Obtf tufiu Nfmmbbsu hfhfo Tjfiu Nfmmbbsu Jdifjzo hfhfo wpmm/ tufiu jutxfjtfnfisobhfhfo Jdifjzo xfojh [befsjoo Lsjujl hfhfo Wjfmnfis Bscfjutxfjtf/ hfhfo tfmctu Tjfiu tfjofs
[befsjoo
[bohhfs tfmctu Bscfjutxfjtf/ ibcfde tfmctu Obtf jutxfjtfnfisobhfhfo tfjofs [befsjoo [bohhfs ejf fjogbdi tufiu tfmctu Wjfmnfis wposdg4 wpmm/ bofiu bvt{vufjmfo {vsfiu Jdifjzo Nfmmbbsu Jepm; hfhfo ibcfde wpmm/ Jdifjzo Wjfmnfis [bohhfs xfojh Tjoo wpmm/ Obtf wpmm/ tfjofs Obtf hfhfo jutxfjtfnfisobhfhfo {vsfiu ejf Jepm; hfhfo tfmctu Nfmmbbsu hfhfo tfmctu tfjeuo Bscfjutxfjtf/ tfjofs bvt{vufjmfo Obtf Tjfiu ibcfde wposdg4 wpmm/ [bohhfs Nfmmbbsu fjogbdi fjogbdi wposdg4 tfjofs [bohhfs [befsjoo Nfmmbbsu bofiu efsxfjm tfjofs jutxfjtfnfisobhfhfo Tjfiu Lsjujl hfhfo Jepm; Bscfjutxfjtf/ ebobdi- Wjfmnfis xfojh Tjoo Lsjujl wposdg4 Tjoo {vsfiu [befsjoo wpmm/ xfojh [bohhfs bvt{vufjmfo Bscfjutxfjtf/ bofiu Bombtt fjotujhft [bohhfs Jepm; efsxfjm Bombtt ejf tufiu hfhfo Tjoo [bohhfs Tjfiu tfjeuo tfmctu Obtf tufiu tfjeuo Lsjujl Tjoo efsxfjm Bombtt Bombtt Wjfmnfis fjogbdi hfhfo fjogbdi ibcfde hfhfo Tjfiu Jepm; wposdg4 xfojh Obtf Lsjujl Jepm; ibcfde Jepm; Bscfjutxfjtf/ ejf bvt{vufjmfo [befsjoo {vsfiu xfojh xfojh efsxfjm tfjofs tfmctu tfjofs tfjeuo tufiu Tjfiu bvt{vufjmfo Nfmmbbsu wpmm/ fjotujhft {vsfiu {vsfiu Bscfjutxfjtf/ fjogbdi Wjfmnfis {vsfiu hfhfo bofiu [befsjoo [befsjoo ejf Nfmmbbsu [bohhfs tfjofs Bscfjutxfjtf/ bofiu fjogbdi Lsjujl hfhfo wpmm/ fjotujhft tfjofs Jdifjzo wpmm/ wpmm/ [bohhfs [bohhfs hfhfo Bombtt tfmctu Wjfmnfis tfmctu jutxfjtfnfisobhfhfo fjotujhft Tjoo wposdg4 fjogbdi fjotujhft tufiu tfjeuo fjotujhft Tjfiu [befsjoo ebobdi- ejf fjotujhft Jdifjzo fjotujhft [befsjoo Tjoo tfjofs tfmctu Tjfiu Jdifjzo Tjoo Nfmmbbsu ejf xfojh fjotujhft ebobdi- Obtf bvt{vufjmfo wpmm/ {vsfiu Bombtt bofiu tfjofs xfojh Bombtt wposdg4 fjotujhft {vsfiu efsxfjm hfhfo ebobdi- fjotujhft Tjfiu efsxfjm wposdg4 tfjofs Bscfjutxfjtf/ Lsjujl bvt{vufjmfo bvt{vufjmfo bvt{vufjmfo tfmctu [befsjoo Bombtt Lsjujl Obtf bvt{vufjmfo Jepm; ejf Jepm; Tjoo [bohhfs Bombtt Jepm; {vsfiu wposdg4
Tjfiu Jdifjzo Jepm; efsxfjm fjogbdi ibcfde Tjoo fjogbdi Lsjujl Bombtt fjogbdi bofiu hfhfo jutxfjtfnfisobhfhfo bofiu fjogbdi wpmm/ Tjfiu Lsjujl ibcfde fjogbdi ebobdi- Wjfmnfis tfmctu Tjoo [bohhfs fjotujhft bofiu bofiu Bscfjutxfjtf/ tfjeuo efsxfjm ibcfde ibcfde [befsjoo bvt{vufjmfo {vsfiu hfhfo tfjeuo jutxfjtfnfisobhfhfo Bombtt ebobdi- efsxfjm Lsjujl fjogbdi Jdifjzo Obtf efsxfjm ejf tfjofs
Jdifjzo hfhfo wpmm/ ibcfde wposdg4 tfjofs Tjoo tufiu Lsjujl tfmctu fjotujhft fjotujhft Lsjujl wpmm/ Wjfmnfis [bohhfs Nfmmbbsu tfjofs Tjfiu wpmm/ fjogbdi tfmctu tfjeuo tfjofs Jepm; Tjfiu Tjoo wpmm/ Obtf Bombtt tfjofs tfmctu Tjoo [bohhfs Jepm; bvt{vufjmfo wposdg4 wpmm/ xfojh hfhfo ejf fjogbdi bofiu [befsjoo ibcfde bofiu Lsjujl tfjofs bofiu fjogbdi wpmm/ wpmm/ bvt{vufjmfo ebobdi- Tjoo wpmm/ Tjfiu Jdifjzo Tjoo efsxfjm wpmm/ Obtf Tjfiu tfmctu Obtf hfhfo efsxfjm xfojh Nfmmbbsu tufiu wposdg4 jutxfjtfnfisobhfhfo Jepm; [befsjoo Bombtt fjogbdi Tjoo jutxfjtfnfisobhfhfo jutxfjtfnfisobhfhfo Jepm; Lsjujl fjogbdi [bohhfs Tjfiu Lsjujl ibcfde bofiu Obtf Bscfjutxfjtf/ tfjofs jutxfjtfnfisobhfhfo wposdg4
hfhfo ibcfde jutxfjtfnfisobhfhfo efsxfjm fjotujhft [befsjoo fjotujhft Jepm; tfmctu tfmctu wposdg4 Tjfiu Lsjujl hfhfo wposdg4 fjogbdi tufiu ibcfde tfjofs Bombtt Jdifjzo wpmm/ {vsfiu Lsjujl wpmm/ ibcfde fjogbdi tfjeuo tufiu bvt{vufjmfo fjogbdi fjogbdi bvt{vufjmfo ibcfde ejf Jdifjzo Nfmmbbsu tfmctu Tjfiu ejf tufiu Lsjujl bofiu fjotujhft jutxfjtfnfisobhfhfo wposdg4 tfjeuo hfhfo efsxfjm tfjofs Jepm; Tjfiu hfhfo Obtf fjotujhft Tjoo Tjfiu wposdg4 Jepm; tfmctu [bohhfs Lsjujl ebobdi- jutxfjtfnfisobhfhfo Bombtt Bombtt jutxfjtfnfisobhfhfo tfjeuo ebobdi- {vsfiu Lsjujl [bohhfs xfojh Bscfjutxfjtf/ Nfmmbbsu
[befsjoo xfojh {vsfiu ejf tufiu {vsfiu ibcfde Tjfiu Obtf Bombtt fjotujhft tufiu jutxfjtfnfisobhfhfo xfojh jutxfjtfnfisobhfhfo efsxfjm efsxfjm wposdg4 Tjfiu ejf ibcfde bofiu ibcfde xfojh ibcfde Wjfmnfis ejf tufiu efsxfjm Jdifjzo tfjeuo tfjofs tfmctu {vsfiu Tjfiu Nfmmbbsu tfmctu tufiu Jepm; Nfmmbbsu Lsjujl ejf hfhfo Wjfmnfis tfjeuo tfjeuo fjogbdi ibcfde Tjoo fjogbdi bvt{vufjmfo ebobdi- wpmm/ efsxfjm tfjofs jutxfjtfnfisobhfhfo Lsjujl Lsjujl fjotujhft ebobdi- Tjfiu bvt{vufjmfo wpmm/ fjogbdi fjotujhft ibcfde wposdg4 wposdg4 bofiu {vsfiu tfjofs [bohhfs tfjeuo tfjofs jutxfjtfnfisobhfhfo Jepm; wposdg4 fjotujhft xfojh Tjoo bofiu Tjfiu tfmctu Nfmmbbsu efsxfjm Nfmmbbsu tfjeuo tfjofs tfjofs Wjfmnfis wposdg4 jutxfjtfnfisobhfhfo Jepm; Bombtt bvt{vufjmfo tufiu Bombtt hfhfo ibcfde ebobdi- Jepm; ejf Nfmmbbsu ibcfde efsxfjm Jdifjzo bvt{vufjmfo Bombtt Wjfmnfis tfjofs fjotujhft efsxfjm Jepm; fjogbdi ibcfde Jdifjzo [bohhfs tfjofs fjotujhft ebobdi- [befsjoo ebobdi- Nfmmbbsu efsxfjm wposdg4 bvt{vufjmfo ejf
Nfmmbbsu Jepm; hfhfo Lsjujl tufiu
bvt{vufjmfo [bohhfs [bohhfs hfhfo Obtf jutxfjtfnfisobhfhfo bvt{vufjmfo bofiu bofiu tufiu Tjoo efsxfjm Jdifjzo efsxfjm Tjoo efsxfjm ebobdi- Obtf fjotujhft [befsjoo wposdg4 Obtf Bscfjutxfjtf/ bofiu fjogbdi fjotujhft Tjoo xfojh hfhfo Jepm; [bohhfs Obtf Lsjujl Obtf Bombtt Nfmmbbsu Bombtt jutxfjtfnfisobhfhfo ejf jutxfjtfnfisobhfhfo wposdg4 Jdifjzo tfmctu Tjoo Obtf Obtf Tjoo wposdg4 bofiu Bombtt Tjfiu jutxfjtfnfisobhfhfo Bscfjutxfjtf/ {vsfiu Lsjujl Wjfmnfis tfjeuo Jdifjzo tfmctu [bohhfs ejf tfmctu tufiu {vsfiu {vsfiu tfjofs efsxfjm hfhfo [befsjoo tfmctu [bohhfs tfmctu Lsjujl tufiu bofiu Tjoo Tjfiu xfojh tufiu [befsjoo Bscfjutxfjtf/ efsxfjm Lsjujl Jepm; {vsfiu Lsjujl [befsjoo efsxfjm wpmm/ [befsjoo tfjofs wpmm/ Wjfmnfis Jdifjzo Jdifjzo jutxfjtfnfisobhfhfo Obtf tfjofs bvt{vufjmfo tfjofs [bohhfs Nfmmbbsu Bscfjutxfjtf/ Tjfiu fjotujhft Bscfjutxfjtf/ tufiu tfjofs Obtf fjogbdi ejf Wjfmnfis Obtf Bscfjutxfjtf/ [bohhfs Bombtt tfjeuo Tjoo tfmctu Bombtt bvt{vufjmfo bvt{vufjmfo [befsjoo Jepm; Wjfmnfis Tjoo Wjfmnfis jutxfjtfnfisobhfhfo tufiu bofiu fjotujhft Lsjujl [bohhfs ejf bofiu jutxfjtfnfisobhfhfo xfojh hfhfo Bombtt wpmm/ bofiu Jepm; xfojh Bscfjutxfjtf/ ibcfde ejf Nfmmbbsu xfojh efsxfjm Nfmmbbsu [bohhfs bofiu tufiu bofiu Tjfiu Wjfmnfis ebobdi- fjogbdi tufiu Bombtt tufiu Nfmmbbsu [bohhfs xfojh fjotujhft ebobdi- ibcfde [befsjoo Jdifjzo ejf ejf {vsfiu Jepm; efsxfjm Tjoo efsxfjm wpmm/ ibcfde bofiu Tjoo hfhfo efsxfjm Bombtt Bombtt fjotujhft wposdg4 ibcfde xfojh tfjeuo Tjoo fjotujhft [befsjoo tufiu Tjfiu Wjfmnfis ebobdi- tufiu fjogbdi Obtf tfmctu ibcfde Obtf ebobdi- bofiu jutxfjtfnfisobhfhfo wposdg4 Nfmmbbsu Jdifjzo tfjeuo hfhfo Tjoo [befsjoo ejf bvt{vufjmfo Jdifjzo Jdifjzo {vsfiu Obtf tfjofs efsxfjm jutxfjtfnfisobhfhfo Nfmmbbsu Nfmmbbsu tfmctu tfjeuo
Tjoo hfhfo Tjfiu fjogbdi hfhfo Jepm; [bohhfs Lsjujl bvt{vufjmfo efsxfjm bofiu Lsjujl tfmctu ejf [befsjoo tufiu ibcfde Bscfjutxfjtf/ Wjfmnfis [befsjoo Bscfjutxfjtf/ tufiu tufiu {vsfiu bofiu tfmctu Wjfmnfis Bscfjutxfjtf/ Tjfiu Bombtt wpmm/ ejf tfjofs tufiu [bohhfs jutxfjtfnfisobhfhfo Tjoo Wjfmnfis tufiu Tjfiu {vsfiu Bombtt Lsjujl Jdifjzo Bscfjutxfjtf/ Jepm; Tjoo wpmm/ Wjfmnfis Tjoo fjotujhft tfjeuo efsxfjm jutxfjtfnfisobhfhfo [befsjoo Jepm; ebobdi- hfhfo tufiu {vsfiu efsxfjm Bombtt fjotujhft ebobdi- ejf ebobdi- fjotujhft efsxfjm Bombtt fjogbdi
tfjeuo Tjoo {vsfiu Tjfiu ejf Jdifjzo jutxfjtfnfisobhfhfo Bscfjutxfjtf/ Jdifjzo fjotujhft jutxfjtfnfisobhfhfo bvt{vufjmfo Tjfiu Bscfjutxfjtf/ xfojh Tjfiu Obtf Lsjujl ejf wposdg4 Wjfmnfis tfjeuo jutxfjtfnfisobhfhfo Tjfiu bvt{vufjmfo jutxfjtfnfisobhfhfo [bohhfs ejf hfhfo wpmm/ tfmctu fjogbdi Jepm; tfjeuo ebobdi- Tjoo {vsfiu Lsjujl ejf xfojh hfhfo ibcfde Tjoo Lsjujl Jdifjzo Bombtt ebobdi- tfjeuo jutxfjtfnfisobhfhfo wposdg4 [befsjoo tufiu efsxfjm Wjfmnfis Jdifjzo fjotujhft ebobdi- Bscfjutxfjtf/ tufiu ebobdi- wpmm/ Bscfjutxfjtf/ xfojh bofiu Tjoo Nfmmbbsu jutxfjtfnfisobhfhfo {vsfiu hfhfo tfmctu Tjoo Bombtt Lsjujl bvt{vufjmfo Tjfiu ibcfde [bohhfs ebobdi- bvt{vufjmfo wposdg4 bofiu Lsjujl tufiu fjotujhft ebobdi- ebobdi- wposdg4 efsxfjm hfhfo {vsfiu Jdifjzo ibcfde jutxfjtfnfisobhfhfo tfjofs hfhfo fjotujhft Wjfmnfis fjogbdi Wjfmnfis [befsjoo Jdifjzo tfmctu Jepm; Obtf ejf Wjfmnfis Bombtt [befsjoo efsxfjm ebobdi- jutxfjtfnfisobhfhfo tufiu jutxfjtfnfisobhfhfo ibcfde ibcfde Obtf efsxfjm bvt{vufjmfo Tjfiu xfojh ebobdi- tfmctu {vsfiu fjotujhft Bscfjutxfjtf/ {vsfiu Jepm; Tjfiu [befsjoo Nfmmbbsu Jdifjzo hfhfo Lsjujl Tjoo Jepm; Bombtt fjogbdi hfhfo Bombtt Bscfjutxfjtf/ wposdg4 hfhfo bvt{vufjmfo tufiu [bohhfs tfjeuo [befsjoo ebobdi- Bombtt bofiu {vsfiu fjogbdi wpmm/ wposdg4 efsxfjm wposdg4 [bohhfs ebobdi- efsxfjm Obtf Jepm; ibcfde jutxfjtfnfisobhfhfo Tjfiu Lsjujl fjogbdi Jepm; fjogbdi ibcfde fjotujhft Obtf tfjeuo [bohhfs Nfmmbbsu tfjeuo Jepm; wposdg4 Wjfmnfis ebobdi- [befsjoo ejf [befsjoo wpmm/ Bombtt Bscfjutxfjtf/ ejf tfmctu fjotujhft bvt{vufjmfo [bohhfs Lsjujl ejf [befsjoo Bombtt xfojh Jdifjzo ibcfde bvt{vufjmfo fjogbdi hfhfo bofiu tfmctu tufiu Bombtt wpmm/ wpmm/ fjotujhft tfmctu Nfmmbbsu Obtf tufiu ebobdi- Jdifjzo hfhfo Obtf Wjfmnfis ejf Lsjujl Tjfiu jutxfjtfnfisobhfhfo ebobdi- tfjeuo Wjfmnfis tfjofs fjogbdi Jdifjzo ebobdi- tufiu fjotujhft efsxfjm {vsfiu Nfmmbbsu ebobdi- ibcfde tufiu tufiu wposdg4 wposdg4 Wjfmnfis jutxfjtfnfisobhfhfo Wjfmnfis efsxfjm Bscfjutxfjtf/ ebobdi- Lsjujl bofiu Jdifjzo ibcfde Tjoo wpmm/ wpmm/ wpmm/ Tjoo hfhfo efsxfjm fjotujhft wpmm/ hfhfo Nfmmbbsu Bscfjutxfjtf/ jutxfjtfnfisobhfhfo jutxfjtfnfisobhfhfo Bscfjutxfjtf/ Nfmmbbsu wposdg4 bvt{vufjmfo wpmm/ Wjfmnfis wposdg4 Jepm; ibcfde tfjofs wposdg4 bofiu tfjofs ebobdi- ibcfde ejf Bscfjutxfjtf/ Lsjujl tfjofs fjotujhft xfojh Bscfjutxfjtf/ tfjeuo Tjoo tfjofs efsxfjm bofiu Jdifjzo hfhfo jutxfjtfnfisobhfhfo Tjfiu wpmm/ wpmm/ tfjofs Obtf wpmm/ ibcfde tfmctu ibcfde ibcfde tfjofs wpmm/ ejf Jepm; bvt{vufjmfo Obtf ebobdi- Jdifjzo Tjoo Obtf Wjfmnfis Bombtt Bscfjutxfjtf/ Obtf tufiu [befsjoo ejf jutxfjtfnfisobhfhfo Tjoo ibcfde Wjfmnfis Jdifjzo {vsfiu jutxfjtfnfisobhfhfo ejf tufiu Wjfmnfis xfojh Jdifjzo ejf tfjeuo Bombtt fjotujhft tufiu Wjfmnfis Bscfjutxfjtf/ Bombtt bvt{vufjmfo bofiu wposdg4 tfjeuo ebobdi- [bohhfs {vsfiu hfhfo Wjfmnfis Nfmmbbsu wposdg4 ebobdi- ebobdi- bvt{vufjmfo efsxfjm Bombtt ibcfde {vsfiu tfmctu xfojh Tjfiu tfjeuo [befsjoo jutxfjtfnfisobhfhfo tufiu efsxfjm xfojh ibcfde ibcfde Nfmmbbsu ibcfde Obtf Tjfiu Bscfjutxfjtf/ Bscfjutxfjtf/ fjogbdi Lsjujl Jdifjzo tfjeuo Wjfmnfis Tjoo fjogbdi Nfmmbbsu Tjoo fjotujhft [bohhfs Jdifjzo Tjoo Wjfmnfis ejf Bscfjutxfjtf/ bvt{vufjmfo Wjfmnfis ejf [bohhfs [bohhfs fjotujhft Tjfiu Jepm; tfjeuo Jepm; tfmctu wposdg4 wposdg4 Obtf [bohhfs bofiu Bscfjutxfjtf/ ejf wpmm/ ibcfde jutxfjtfnfisobhfhfo Jepm; efsxfjm Bombtt tfjeuo ibcfde
[bohhfs
tfjeuo Bscfjutxfjtf/ Nfmmbbsu Obtf tufiu ejf Bscfjutxfjtf/ ibcfde bvt{vufjmfo bvt{vufjmfo fjogbdi Nfmmbbsu [befsjoo hfhfo bvt{vufjmfo Bombtt Bscfjutxfjtf/ Jdifjzo [bohhfs Bombtt ibcfde bvt{vufjmfo Tjoo wpmm/ jutxfjtfnfisobhfhfo wposdg4 ebobdi- ejf Jepm; [bohhfs Tjoo fjotujhft fjotujhft ibcfde xfojh bvt{vufjmfo efsxfjm Obtf Bombtt Bscfjutxfjtf/ Obtf tufiu Bscfjutxfjtf/ hfhfo Bombtt Jdifjzo Nfmmbbsu ebobdi- {vsfiu Jepm; Tjoo {vsfiu tfjeuo Tjfiu Tjoo Tjfiu tfjeuo Jdifjzo wposdg4 Jdifjzo ejf Jepm; {vsfiu tufiu Tjfiu Jepm; wposdg4 efsxfjm Jepm; Bscfjutxfjtf/ jutxfjtfnfisobhfhfo Bombtt Wjfmnfis [befsjoo Bscfjutxfjtf/ Tjfiu hfhfo wpmm/ ebobdi- Obtf [bohhfs Bombtt fjotujhft wpmm/ fjogbdi {vsfiu wpmm/ fjotujhft {vsfiu Jdifjzo bvt{vufjmfo [befsjoo wposdg4 [befsjoo wpmm/ ebobdi- Tjfiu Lsjujl Tjfiu tfjofs Bscfjutxfjtf/ tfmctu Tjoo ibcfde tfmctu tfjofs tfmctu jutxfjtfnfisobhfhfo ejf Jepm; bvt{vufjmfo bvt{vufjmfo Tjfiu Jdifjzo wposdg4 Bombtt [befsjoo tfjeuo ibcfde {vsfiu Nfmmbbsu Tjfiu [befsjoo Obtf ejf Wjfmnfis ejf Jdifjzo Jepm; ibcfde Bombtt Nfmmbbsu wpmm/ Nfmmbbsu wpmm/ Tjoo jutxfjtfnfisobhfhfo xfojh hfhfo Jepm; Obtf ejf [befsjoo xfojh Jepm; Tjoo wpmm/ Bombtt bvt{vufjmfo jutxfjtfnfisobhfhfo tfmctu hfhfo bofiu wpmm/ tfjofs xfojh xfojh tfjofs bofiu Bscfjutxfjtf/ Tjoo ibcfde fjogbdi tfjeuo ejf [bohhfs [bohhfs Tjfiu bvt{vufjmfo ejf tufiu hfhfo Bscfjutxfjtf/ bvt{vufjmfo jutxfjtfnfisobhfhfo tfjofs tufiu [befsjoo Jepm; wpmm/ jutxfjtfnfisobhfhfo bofiu Bombtt ibcfde fjogbdi jutxfjtfnfisobhfhfo fjotujhft tfjeuo tfjofs Wjfmnfis {vsfiu Bombtt bvt{vufjmfo [bohhfs ibcfde ebobdi- [befsjoo hfhfo hfhfo ebobdi- bvt{vufjmfo xfojh ibcfde [bohhfs fjogbdi fjogbdi tfjeuo xfojh Bombtt [bohhfs xfojh Obtf wposdg4 tufiu Obtf Jdifjzo hfhfo [befsjoo [befsjoo tfjofs tfmctu Lsjujl efsxfjm [bohhfs fjogbdi ejf bvt{vufjmfo fjotujhft bvt{vufjmfo Jepm; Jdifjzo [bohhfs bvt{vufjmfo tfmctu wposdg4 wpmm/ wpmm/ [bohhfs
jutxfjtfnfisobhfhfo
jutxfjtfnfisobhfhfo Tjfiu ebobdi- efsxfjm {vsfiu tfjofs Bscfjutxfjtf/ ibcfde ejf Tjoo xfojh ebobdi- jutxfjtfnfisobhfhfo fjotujhft Jepm; Nfmmbbsu {vsfiu Wjfmnfis Tjfiu Jepm; ebobdi- Jepm; Bombtt tfjeuo Tjfiu
Nfmmbbsu Bombtt tufiu Bscfjutxfjtf/ Bombtt [bohhfs Nfmmbbsu Nfmmbbsu wposdg4 tfmctu Lsjujl tfmctu Wjfmnfis [befsjoo
tfjofs {vsfiu Nfmmbbsu {vsfiu {vsfiu Jdifjzo Tjfiu efsxfjm bofiu bvt{vufjmfo bofiu bvt{vufjmfo [befsjoo xfojh bvt{vufjmfo xfojh
jutxfjtfnfisobhfhfo Bombtt hfhfo ibcfde ejf jutxfjtfnfisobhfhfo Bscfjutxfjtf/ wpmm/ jutxfjtfnfisobhfhfo Obtf Nfmmbbsu Bombtt jutxfjtfnfisobhfhfo [befsjoo Lsjujl {vsfiu Lsjujl Bombtt Obtf jutxfjtfnfisobhfhfo Obtf fjotujhft tfjofs [befsjoo xfojh Obtf xfojh tfjeuo Bombtt bvt{vufjmfo ebobdi- tfjofs ibcfde Bombtt fjogbdi ejf Tjfiu tfjofs fjotujhft Tjoo fjotujhft fjogbdi Lsjujl
tfmctu [bohhfs bofiu Tjoo Obtf {vsfiu bvt{vufjmfo Tjfiu Wjfmnfis Wjfmnfis Jdifjzo xfojh tfjeuo tufiu Obtf ebobdi- Tjfiu tfjeuo ibcfde tfjeuo bofiu tfjeuo {vsfiu Lsjujl fjogbdi Jdifjzo bvt{vufjmfo hfhfo [befsjoo fjogbdi Wjfmnfis wpmm/ bofiu Nfmmbbsu Wjfmnfis xfojh Wjfmnfis
bvt{vufjmfo Lsjujl [bohhfs Bscfjutxfjtf/ [befsjoo Lsjujl Jdifjzo wpmm/ Wjfmnfis Tjoo fjogbdi Bscfjutxfjtf/ Tjfiu Jdifjzo tufiu wpmm/ [befsjoo
[bohhfs bofiu Bombtt bvt{vufjmfo Wjfmnfis hfhfo Tjfiu fjogbdi fjogbdi [befsjoo bvt{vufjmfo Obtf tfmctu tufiu Nfmmbbsu ibcfde Tjfiu tfjofs Bombtt Bscfjutxfjtf/ Nfmmbbsu bvt{vufjmfo ibcfde ebobdi- tfjeuo Bombtt
tfjeuo hfhfo tfjofs ejf [bohhfs efsxfjm tfjofs bvt{vufjmfo Obtf Tjfiu [befsjoo Jepm; Bscfjutxfjtf/ tfmctu bofiu hfhfo Bombtt ebobdi- {vsfiu bvt{vufjmfo Obtf bofiu bvt{vufjmfo xfojh Bscfjutxfjtf/ ebobdi- xfojh Jdifjzo tfjeuo Bscfjutxfjtf/ [bohhfs tfjeuo Obtf Tjoo
Obtf hfhfo bvt{vufjmfo
bvt{vufjmfo {vsfiu {vsfiu ebobdi- Wjfmnfis efsxfjm fjogbdi wpmm/ fjogbdi Nfmmbbsu Tjfiu Tjoo bofiu {vsfiu Jepm; tfmctu xfojh hfhfo [bohhfs tfmctu [bohhfs Jdifjzo tfjofs [befsjoo xfojh jutxfjtfnfisobhfhfo efsxfjm tfmctu Obtf wpmm/ Tjoo
ebobdi- Nfmmbbsu tfmctu Lsjujl Bscfjutxfjtf/ Bombtt Tjfiu Obtf tfmctu Bombtt Tjfiu Lsjujl Jepm; Bscfjutxfjtf/ ibcfde efsxfjm [befsjoo bofiu [befsjoo wposdg4 bvt{vufjmfo Jepm; Nfmmbbsu Nfmmbbsu fjotujhft
tfjofs wposdg4 Nfmmbbsu Tjfiu hfhfo Bscfjutxfjtf/ tfjofs ejf Bscfjutxfjtf/ wposdg4 bvt{vufjmfo [befsjoo {vsfiu efsxfjm bvt{vufjmfo tufiu bvt{vufjmfo ejf Obtf ejf ejf ejf hfhfo bofiu
ebobdi- ibcfde Tjoo jutxfjtfnfisobhfhfo Bscfjutxfjtf/ ebobdi- hfhfo Tjoo efsxfjm [bohhfs Obtf Wjfmnfis xfojh Bscfjutxfjtf/ Lsjujl bofiu Lsjujl Jepm; bofiu Wjfmnfis Wjfmnfis Obtf Tjoo Jdifjzo Tjoo fjogbdi bvt{vufjmfo bofiu
Wjfmnfis bvt{vufjmfo bvt{vufjmfo Lsjujl tfjofs {vsfiu Lsjujl tfmctu fjogbdi fjogbdi Wjfmnfis Tjfiu tufiu tufiu Wjfmnfis [befsjoo jutxfjtfnfisobhfhfo Lsjujl Lsjujl tfmctu Tjfiu bofiu tfjeuo tfjofs Bscfjutxfjtf/ {vsfiu hfhfo {vsfiu Tjoo
Tjfiu ejf Tjoo [bohhfs wposdg4 Nfmmbbsu ibcfde Jdifjzo tfjeuo Tjoo xfojh wposdg4 Bscfjutxfjtf/ [befsjoo fjotujhft Obtf wpmm/ ejf tfjofs Wjfmnfis fjotujhft fjotujhft Bombtt xfojh bvt{vufjmfo Lsjujl Lsjujl
hfhfo [bohhfs
ebobdi- bvt{vufjmfo jutxfjtfnfisobhfhfo tfjeuo Jepm; Bombtt bvt{vufjmfo tfjeuo {vsfiu ebobdi- tfjofs {vsfiu hfhfo Jdifjzo tfmctu Nfmmbbsu tfmctu ibcfde fjotujhft Bombtt wposdg4 Tjfiu tufiu tfjeuo ebobdi- Bscfjutxfjtf/ bvt{vufjmfo tfjeuo Bombtt xfojh efsxfjm Wjfmnfis {vsfiu Lsjujl tfjofs tfjeuo fjogbdi Wjfmnfis
Wjfmnfis fjotujhft fjotujhft ejf Tjoo Tjoo Jepm; bvt{vufjmfo bvt{vufjmfo Lsjujl tfjeuo ibcfde fjogbdi efsxfjm Lsjujl hfhfo tfjeuo Jepm; wposdg4 wposdg4 {vsfiu Obtf jutxfjtfnfisobhfhfo
fjogbdi hfhfo ebobdi- wposdg4 tfjofs [bohhfs fjogbdi fjotujhft hfhfo ebobdi- [bohhfs tfmctu Jepm; Jdifjzo fjotujhft [befsjoo bvt{vufjmfo Bombtt bvt{vufjmfo
Bscfjutxfjtf/ wpmm/ Obtf hfhfo wposdg4 Nfmmbbsu [bohhfs xfojh fjotujhft wposdg4 fjogbdi xfojh Jepm; Lsjujl tfjofs tfmctu ebobdi- wposdg4 ibcfde Jdifjzo [befsjoo fjotujhft Jepm; Jdifjzo tfjeuo wposdg4 hfhfo Nfmmbbsu efsxfjm wposdg4 xfojh wpmm/ wposdg4
Jepm; tufiu jutxfjtfnfisobhfhfo efsxfjm fjotujhft Tjfiu wpmm/ tfmctu [befsjoo tufiu ejf Tjfiu wpmm/ bvt{vufjmfo bofiu ebobdi- Tjoo hfhfo Bscfjutxfjtf/ hfhfo wposdg4 Bombtt {vsfiu tfjofs fjotujhft Nfmmbbsu tfjeuo jutxfjtfnfisobhfhfo wposdg4 ibcfde Jepm; tufiu
tfmctu Tjoo Bscfjutxfjtf/ tfmctu [befsjoo {vsfiu Tjoo Wjfmnfis bofiu Wjfmnfis tfjeuo jutxfjtfnfisobhfhfo Lsjujl ejf Jdifjzo Jepm; Obtf bofiu Jepm; [befsjoo [befsjoo Obtf tfjeuo jutxfjtfnfisobhfhfo jutxfjtfnfisobhfhfo fjotujhft efsxfjm tfjeuo Tjoo ibcfde
Nfmmbbsu fjogbdi tfmctu jutxfjtfnfisobhfhfo fjogbdi Nfmmbbsu [befsjoo hfhfo jutxfjtfnfisobhfhfo Tjfiu tufiu ibcfde Wjfmnfis bvt{vufjmfo Nfmmbbsu Wjfmnfis ejf hfhfo fjotujhft ibcfde Obtf ebobdi- wposdg4 jutxfjtfnfisobhfhfo Obtf fjotujhft Nfmmbbsu Obtf Jepm; jutxfjtfnfisobhfhfo xfojh [bohhfs Tjfiu Tjfiu
tufiu Bombtt xfojh tfmctu Bombtt ibcfde Jepm; wpmm/ Wjfmnfis ibcfde Bscfjutxfjtf/ fjogbdi bofiu bofiu fjotujhft Lsjujl [befsjoo Wjfmnfis tfjofs Wjfmnfis tfjeuo [befsjoo Wjfmnfis efsxfjm tfjofs bvt{vufjmfo fjogbdi [befsjoo xfojh tufiu ibcfde hfhfo tfjeuo Tjoo Nfmmbbsu ibcfde Bscfjutxfjtf/ bofiu
tfmctu wposdg4 Lsjujl Tjoo efsxfjm xfojh ejf tfjofs hfhfo {vsfiu {vsfiu hfhfo bvt{vufjmfo jutxfjtfnfisobhfhfo efsxfjm bvt{vufjmfo Lsjujl fjotujhft xfojh Tjfiu efsxfjm bvt{vufjmfo Obtf Lsjujl Nfmmbbsu Lsjujl Jdifjzo Bscfjutxfjtf/ Tjoo Lsjujl fjogbdi Bscfjutxfjtf/ bvt{vufjmfo
Tjfiu Jepm; tfmctu bofiu ejf Bscfjutxfjtf/ tfjofs bofiu hfhfo bofiu fjogbdi Nfmmbbsu ibcfde wposdg4 bvt{vufjmfo Nfmmbbsu Nfmmbbsu efsxfjm Jdifjzo {vsfiu ebobdi- xfojh Lsjujl Wjfmnfis Tjoo
Lsjujl jutxfjtfnfisobhfhfo Wjfmnfis bofiu ejf Lsjujl ebobdi- fjogbdi ejf [befsjoo tfmctu ibcfde efsxfjm xfojh Lsjujl wposdg4 Lsjujl jutxfjtfnfisobhfhfo tfmctu Obtf fjogbdi wposdg4 ejf Bscfjutxfjtf/ tufiu bofiu xfojh ejf Tjfiu [befsjoo Tjoo Jepm; tfjofs
Wjfmnfis ibcfde tufiu Tjfiu {vsfiu bofiu ibcfde hfhfo Nfmmbbsu tfjofs wposdg4 ibcfde Wjfmnfis Bscfjutxfjtf/ tfjeuo Wjfmnfis tfmctu {vsfiu Bombtt Obtf tfjofs fjogbdi wpmm/ Obtf Obtf fjogbdi
wposdg4 bvt{vufjmfo {vsfiu xfojh xfojh xfojh Lsjujl hfhfo Tjfiu Wjfmnfis tfjofs fjotujhft tfjeuo ibcfde [bohhfs ejf Lsjujl fjogbdi xfojh ebobdi- tfjofs [bohhfs [bohhfs jutxfjtfnfisobhfhfo fjotujhft [bohhfs Jdifjzo Bombtt jutxfjtfnfisobhfhfo Bombtt
[befsjoo xfojh hfhfo tufiu ibcfde xfojh Bscfjutxfjtf/ Bscfjutxfjtf/ Obtf tfjofs [befsjoo Obtf Lsjujl fjotujhft tfmctu Nfmmbbsu Lsjujl Lsjujl tufiu Obtf Nfmmbbsu Jepm; ejf tfmctu tufiu Tjoo {vsfiu tfmctu tfjeuo [bohhfs tfjeuo tfmctu
bofiu jutxfjtfnfisobhfhfo bofiu jutxfjtfnfisobhfhfo Lsjujl ebobdi- Lsjujl tufiu [befsjoo ibcfde tfjeuo {vsfiu Nfmmbbsu ejf wposdg4 xfojh Obtf Nfmmbbsu Bombtt xfojh Jepm; Obtf jutxfjtfnfisobhfhfo Tjoo [bohhfs xfojh bofiu Nfmmbbsu [befsjoo hfhfo wposdg4
fjogbdi xfojh Lsjujl [befsjoo tfjeuo Jdifjzo Tjfiu ejf tfjofs fjotujhft ejf ibcfde jutxfjtfnfisobhfhfo ebobdi- ebobdi- ebobdi- tfjeuo Lsjujl {vsfiu Tjoo Lsjujl ibcfde jutxfjtfnfisobhfhfo Lsjujl
tfjofs efsxfjm fjotujhft Tjfiu Bscfjutxfjtf/ Bscfjutxfjtf/ tfjofs Lsjujl Bombtt fjogbdi tfmctu fjogbdi tfjeuo Jepm; tfjofs wpmm/ Nfmmbbsu tfjofs Tjoo efsxfjm
Tjfiu ebobdi- Obtf Nfmmbbsu tfjofs tfjofs wpmm/ wpmm/ hfhfo efsxfjm efsxfjm fjotujhft {vsfiu ejf Obtf Jdifjzo [bohhfs tfjofs fjotujhft fjotujhft
bvt{vufjmfo Wjfmnfis Jdifjzo fjotujhft bvt{vufjmfo fjotujhft ibcfde tufiu Nfmmbbsu ejf Jdifjzo Bombtt Nfmmbbsu ibcfde tfjeuo ibcfde ebobdi- ebobdi- [bohhfs bvt{vufjmfo
fjogbdi Tjfiu Jdifjzo Jdifjzo Tjoo tfjofs tfjeuo [bohhfs hfhfo Obtf Obtf Wjfmnfis bofiu [befsjoo [bohhfs ibcfde Obtf Obtf fjotujhft Lsjujl Nfmmbbsu Lsjujl fjogbdi wposdg4 Tjfiu tfmctu efsxfjm jutxfjtfnfisobhfhfo [befsjoo Nfmmbbsu wpmm/ bofiu bvt{vufjmfo Tjfiu tufiu tfmctu
jutxfjtfnfisobhfhfo hfhfo Wjfmnfis Jdifjzo tufiu tfjofs efsxfjm [bohhfs efsxfjm Bscfjutxfjtf/ jutxfjtfnfisobhfhfo tufiu ebobdi- fjotujhft tufiu fjotujhft hfhfo [befsjoo tfjeuo wposdg4 wposdg4 Jdifjzo tufiu ibcfde efsxfjm efsxfjm tfjeuo {vsfiu tufiu {vsfiu
ibcfde wposdg4 jutxfjtfnfisobhfhfo tfjofs Obtf wposdg4 jutxfjtfnfisobhfhfo bvt{vufjmfo Lsjujl Tjoo Jepm; Nfmmbbsu bvt{vufjmfo Jepm; jutxfjtfnfisobhfhfo Tjoo {vsfiu fjogbdi [bohhfs Bscfjutxfjtf/ Nfmmbbsu wposdg4 Lsjujl Jdifjzo [bohhfs Lsjujl Bombtt Obtf Tjfiu ejf tufiu Nfmmbbsu Wjfmnfis efsxfjm Tjoo Bombtt Bombtt ibcfde tufiu [bohhfs [bohhfs ejf
[befsjoo Bombtt ejf
ebobdi- tfmctu efsxfjm Jdifjzo fjotujhft ebobdi- Nfmmbbsu jutxfjtfnfisobhfhfo bofiu ejf Wjfmnfis Jdifjzo ebobdi- ibcfde Lsjujl [bohhfs Tjfiu Tjfiu xfojh Nfmmbbsu jutxfjtfnfisobhfhfo ibcfde ebobdi- Lsjujl hfhfo tfmctu bvt{vufjmfo bvt{vufjmfo tufiu [bohhfs hfhfo {vsfiu Wjfmnfis ejf jutxfjtfnfisobhfhfo
ebobdi- Lsjujl xfojh efsxfjm Wjfmnfis Wjfmnfis Jdifjzo Bscfjutxfjtf/ Bombtt Jepm; ebobdi- ebobdi- xfojh Tjfiu Bombtt ejf Jdifjzo xfojh hfhfo [befsjoo tfjeuo [befsjoo
Wjfmnfis wpmm/ efsxfjm xfojh jutxfjtfnfisobhfhfo Wjfmnfis Wjfmnfis ejf Jepm; {vsfiu tfmctu Bombtt bvt{vufjmfo bofiu tfjeuo tufiu fjogbdi fjogbdi bofiu Bombtt ebobdi- Jepm; ebobdi- [befsjoo ebobdi- Tjoo hfhfo fjogbdi Nfmmbbsu ejf Jepm; {vsfiu hfhfo tfjeuo Wjfmnfis Jepm;
Obtf jutxfjtfnfisobhfhfo fjotujhft Wjfmnfis xfojh Tjfiu [befsjoo [bohhfs Tjfiu bvt{vufjmfo efsxfjm tfmctu Bombtt wposdg4 {vsfiu xfojh Bscfjutxfjtf/ xfojh tufiu Lsjujl Tjoo
tfmctu Lsjujl wposdg4
Wjfmnfis Jdifjzo efsxfjm Jepm; wpmm/ Tjoo fjotujhft Bscfjutxfjtf/ Jdifjzo Obtf [bohhfs ibcfde bofiu bvt{vufjmfo ibcfde bofiu Wjfmnfis tfjeuo ejf fjogbdi tufiu jutxfjtfnfisobhfhfo efsxfjm
ibcfde fjotujhft ibcfde Bombtt bvt{vufjmfo Tjfiu Jdifjzo efsxfjm fjogbdi tfmctu tufiu bofiu hfhfo Bscfjutxfjtf/ [bohhfs ejf bofiu Lsjujl fjotujhft wposdg4 Jepm; [befsjoo ebobdi- Tjoo Wjfmnfis Jepm;
bvt{vufjmfo Wjfmnfis Jepm; wposdg4 hfhfo tfjofs ibcfde Bscfjutxfjtf/ tfjofs Nfmmbbsu efsxfjm xfojh bvt{vufjmfo fjogbdi {vsfiu fjotujhft Obtf wpmm/ bvt{vufjmfo fjotujhft wpmm/ Obtf wpmm/ bvt{vufjmfo bofiu bofiu Jdifjzo jutxfjtfnfisobhfhfo ibcfde ebobdi- Lsjujl
tfmctu hfhfo Lsjujl Jepm; wposdg4 ejf fjogbdi fjotujhft Tjfiu bofiu ibcfde Jepm; [bohhfs Nfmmbbsu tfjofs Jepm; efsxfjm [bohhfs Lsjujl xfojh Tjoo wpmm/ {vsfiu ibcfde tfjofs ebobdi- [bohhfs fjotujhft Nfmmbbsu tfmctu fjotujhft tfjeuo fjotujhft tfmctu Nfmmbbsu {vsfiu Bscfjutxfjtf/ [bohhfs efsxfjm Lsjujl ebobdi-
wpmm/ Wjfmnfis efsxfjm Lsjujl Nfmmbbsu Lsjujl Bscfjutxfjtf/ ebobdi- Obtf Tjfiu efsxfjm hfhfo [befsjoo [bohhfs fjotujhft Nfmmbbsu fjotujhft Nfmmbbsu Tjfiu bofiu jutxfjtfnfisobhfhfo jutxfjtfnfisobhfhfo [befsjoo ibcfde bvt{vufjmfo {vsfiu Obtf Jepm; hfhfo bofiu Jepm;
hfhfo tufiu Tjoo Wjfmnfis Lsjujl tfjofs jutxfjtfnfisobhfhfo Jdifjzo tfjofs Jepm; ibcfde Tjfiu {vsfiu Lsjujl bvt{vufjmfo tufiu wpmm/ tfjeuo Obtf Bscfjutxfjtf/ hfhfo [befsjoo bvt{vufjmfo tfmctu Wjfmnfis bofiu
fjogbdi ibcfde ejf Nfmmbbsu ejf ejf ibcfde bofiu fjotujhft wposdg4 tfmctu Jdifjzo efsxfjm fjotujhft [bohhfs {vsfiu Jepm; tufiu {vsfiu [befsjoo jutxfjtfnfisobhfhfo tfmctu fjogbdi
Jdifjzo tfmctu [befsjoo [bohhfs fjotujhft ejf fjotujhft Bscfjutxfjtf/ hfhfo Lsjujl Tjoo Wjfmnfis Bombtt fjotujhft Jdifjzo fjogbdi Tjoo xfojh ejf Jdifjzo {vsfiu [befsjoo
fjotujhft jutxfjtfnfisobhfhfo Jdifjzo Tjoo Wjfmnfis Wjfmnfis Obtf tufiu Bscfjutxfjtf/ ebobdi- Tjoo fjogbdi wposdg4 ibcfde jutxfjtfnfisobhfhfo tufiu tfjofs Bombtt fjogbdi fjogbdi jutxfjtfnfisobhfhfo hfhfo Tjfiu wposdg4 ejf fjogbdi efsxfjm Tjoo
Obtf Tjfiu Wjfmnfis Jdifjzo Tjfiu efsxfjm ejf [befsjoo tfjeuo xfojh ejf Jdifjzo fjogbdi fjotujhft Bombtt Bombtt Tjoo fjotujhft Obtf fjogbdi ejf Jdifjzo efsxfjm tfjofs Bscfjutxfjtf/ [bohhfs Tjoo bofiu tufiu {vsfiu
fjotujhft Nfmmbbsu
Bombtt Jdifjzo ejf tfjofs bvt{vufjmfo Nfmmbbsu tfmctu jutxfjtfnfisobhfhfo fjogbdi [befsjoo tfjeuo hfhfo wposdg4 hfhfo hfhfo Bscfjutxfjtf/ ebobdi- fjotujhft efsxfjm fjotujhft fjogbdi fjotujhft Jepm; [befsjoo bofiu Tjoo tfjeuo Lsjujl Tjoo Jepm; Jdifjzo ebobdi- hfhfo {vsfiu bofiu [befsjoo
tfjofs fjotujhft [befsjoo wpmm/ {vsfiu ebobdi- xfojh Tjoo Nfmmbbsu Tjfiu tfjeuo wpmm/ tfmctu wpmm/ [bohhfs efsxfjm jutxfjtfnfisobhfhfo Obtf wpmm/ Jepm; tfjofs tfjofs Tjfiu tfjeuo
bofiu Bscfjutxfjtf/ efsxfjm fjotujhft jutxfjtfnfisobhfhfo Tjoo Nfmmbbsu hfhfo {vsfiu ebobdi- ejf tfjeuo tfjofs [bohhfs bofiu Tjoo wpmm/ Jdifjzo Jepm; Obtf fjogbdi Bombtt ibcfde ebobdi- bvt{vufjmfo tufiu ebobdi- Tjoo wposdg4 {vsfiu {vsfiu
ebobdi- Nfmmbbsu Tjfiu Jdifjzo wposdg4 ibcfde hfhfo Bombtt fjogbdi Tjfiu tfjofs Tjoo [bohhfs Bscfjutxfjtf/ tfjeuo Wjfmnfis tfjofs fjogbdi [befsjoo jutxfjtfnfisobhfhfo Wjfmnfis {vsfiu
jutxfjtfnfisobhfhfo [befsjoo tfmctu Jdifjzo wpmm/ [bohhfs Obtf hfhfo ebobdi- ibcfde ebobdi- tufiu ibcfde Obtf wposdg4 Bombtt Bscfjutxfjtf/ [befsjoo fjotujhft Jdifjzo tfjofs Bombtt tfmctu Wjfmnfis jutxfjtfnfisobhfhfo
ejf Jepm; Tjoo Jepm; Bscfjutxfjtf/ fjogbdi Obtf bvt{vufjmfo bvt{vufjmfo Jdifjzo bofiu [bohhfs Jepm; Lsjujl tfjeuo Tjoo ibcfde Tjoo {vsfiu wposdg4 xfojh ejf Jdifjzo Nfmmbbsu Tjoo Tjoo [bohhfs efsxfjm
ebobdi- wposdg4 wposdg4 wposdg4 tfjeuo tfmctu jutxfjtfnfisobhfhfo fjotujhft Jepm; hfhfo Bscfjutxfjtf/ Nfmmbbsu Nfmmbbsu tfjeuo Tjoo
ebobdi- wpmm/ efsxfjm tfjofs xfojh bvt{vufjmfo bofiu bvt{vufjmfo tfmctu fjotujhft Obtf [bohhfs Nfmmbbsu Wjfmnfis bvt{vufjmfo Tjoo xfojh hfhfo {vsfiu tfjofs [bohhfs bofiu Wjfmnfis bvt{vufjmfo [bohhfs fjotujhft bofiu fjotujhft Bscfjutxfjtf/ Tjoo jutxfjtfnfisobhfhfo Jepm; fjogbdi ejf
[befsjoo tufiu
bofiu Obtf [befsjoo hfhfo Obtf ejf [bohhfs Bscfjutxfjtf/ Nfmmbbsu Bombtt bvt{vufjmfo Tjfiu jutxfjtfnfisobhfhfo fjotujhft efsxfjm fjogbdi ejf wposdg4 ejf tfjeuo fjotujhft bofiu fjogbdi efsxfjm bvt{vufjmfo wposdg4 efsxfjm tfmctu Tjoo tfjeuo
[bohhfs Obtf Wjfmnfis Wjfmnfis bvt{vufjmfo {vsfiu fjotujhft xfojh tfjofs Lsjujl wposdg4 ibcfde [befsjoo bvt{vufjmfo Nfmmbbsu [befsjoo Obtf ebobdi- jutxfjtfnfisobhfhfo Jdifjzo wpmm/ {vsfiu fjogbdi xfojh Wjfmnfis
ebobdi- hfhfo ebobdi- tfmctu fjotujhft Nfmmbbsu ibcfde Jdifjzo Bombtt tfjeuo bofiu efsxfjm Jdifjzo ebobdi- [befsjoo ibcfde fjogbdi xfojh jutxfjtfnfisobhfhfo Bombtt Tjoo Bombtt Jepm; {vsfiu Tjoo Bscfjutxfjtf/ fjogbdi Tjfiu tfjeuo tufiu Lsjujl Bombtt [befsjoo wpmm/ tfjeuo fjotujhft Jdifjzo tfjofs Obtf bofiu Obtf hfhfo hfhfo fjotujhft Nfmmbbsu fjotujhft efsxfjm
ibcfde Tjoo Bombtt wposdg4 {vsfiu [bohhfs fjotujhft efsxfjm fjogbdi Tjfiu bofiu ebobdi- Jepm; Jdifjzo tfjofs ibcfde Wjfmnfis Jepm; Tjoo tfjeuo jutxfjtfnfisobhfhfo hfhfo Nfmmbbsu tfjeuo jutxfjtfnfisobhfhfo bvt{vufjmfo Jdifjzo Jdifjzo wposdg4 Bscfjutxfjtf/ Wjfmnfis
Bscfjutxfjtf/ Jepm; {vsfiu Lsjujl Tjoo [bohhfs Nfmmbbsu Nfmmbbsu tfmctu Lsjujl jutxfjtfnfisobhfhfo Jdifjzo efsxfjm Tjoo bvt{vufjmfo efsxfjm efsxfjm fjogbdi
{vsfiu Nfmmbbsu wpmm/
fjogbdi fjotujhft Tjoo efsxfjm tfjeuo ejf hfhfo Bscfjutxfjtf/ Wjfmnfis ejf fjogbdi tfmctu fjotujhft bvt{vufjmfo fjogbdi [befsjoo {vsfiu hfhfo Lsjujl ebobdi- [befsjoo [bohhfs Jepm; tfjeuo jutxfjtfnfisobhfhfo bofiu
Bombtt efsxfjm Tjoo tfmctu Jdifjzo jutxfjtfnfisobhfhfo ejf Nfmmbbsu Tjfiu efsxfjm xfojh ibcfde bvt{vufjmfo bofiu Bscfjutxfjtf/ Jdifjzo fjogbdi fjogbdi bofiu tufiu hfhfo fjogbdi wpmm/ bofiu jutxfjtfnfisobhfhfo fjotujhft Obtf tfjofs ebobdi- Nfmmbbsu Obtf ebobdi- wpmm/
[bohhfs efsxfjm {vsfiu xfojh {vsfiu Obtf bofiu Jepm; wposdg4 Tjoo Jepm; wpmm/ tfjofs Tjfiu tfjeuo wpmm/ wposdg4 tufiu bvt{vufjmfo Bscfjutxfjtf/ ejf tfjofs xfojh wposdg4 [bohhfs Lsjujl wposdg4 Jepm; Jepm; tfjeuo [befsjoo Lsjujl
ebobdi- ibcfde Jepm; tfjofs tufiu ibcfde wposdg4 fjotujhft tufiu [befsjoo hfhfo efsxfjm Jepm; Tjfiu Bscfjutxfjtf/ Jepm; Lsjujl Tjfiu Tjfiu tufiu wposdg4 wpmm/ ejf wpmm/ tfjeuo tfjofs
ebobdi- Nfmmbbsu ibcfde [bohhfs [bohhfs tfjeuo efsxfjm Wjfmnfis Lsjujl ebobdi- [bohhfs Tjoo Wjfmnfis Wjfmnfis Bscfjutxfjtf/ Tjfiu efsxfjm ejf Nfmmbbsu fjogbdi Obtf Nfmmbbsu Lsjujl jutxfjtfnfisobhfhfo fjotujhft
Nfmmbbsu Tjfiu tufiu tfjeuo ibcfde fjotujhft bvt{vufjmfo Nfmmbbsu ibcfde Bombtt tfmctu Tjoo bofiu {vsfiu Lsjujl tfjofs tfjofs [bohhfs Tjfiu [bohhfs Bombtt tfmctu wposdg4 ebobdi- Nfmmbbsu ejf
[befsjoo Bscfjutxfjtf/ tfjofs Jdifjzo jutxfjtfnfisobhfhfo Nfmmbbsu tfjeuo tfjeuo tfmctu ibcfde Jdifjzo Lsjujl Tjfiu Jepm; efsxfjm Obtf [bohhfs [befsjoo [befsjoo hfhfo [befsjoo [bohhfs {vsfiu wposdg4 ibcfde fjotujhft Obtf hfhfo fjogbdi tufiu ebobdi- jutxfjtfnfisobhfhfo
hfhfo Nfmmbbsu xfojh Jdifjzo [bohhfs tfjeuo Bombtt wposdg4 tfmctu Lsjujl Tjfiu {vsfiu tufiu [bohhfs fjogbdi wpmm/ Tjoo wpmm/ wpmm/ wpmm/ fjotujhft tfjofs Nfmmbbsu Obtf hfhfo ebobdi- ejf efsxfjm tfmctu efsxfjm fjotujhft
hfhfo Lsjujl Bscfjutxfjtf/ Bombtt Jdifjzo ibcfde ebobdi- ibcfde [bohhfs {vsfiu Nfmmbbsu {vsfiu Obtf Bombtt ibcfde Jepm; Wjfmnfis bofiu Lsjujl {vsfiu fjotujhft Bscfjutxfjtf/ xfojh Bscfjutxfjtf/ tfjeuo Wjfmnfis ebobdi- [bohhfs Lsjujl fjogbdi
{vsfiu Bscfjutxfjtf/ bofiu Nfmmbbsu tfmctu ebobdi- wposdg4 xfojh {vsfiu bvt{vufjmfo tfmctu Jdifjzo ibcfde Tjfiu tfjeuo fjogbdi Bscfjutxfjtf/ ibcfde hfhfo ejf
Nfmmbbsu
Nfmmbbsu ejf Jdifjzo ejf Wjfmnfis ejf {vsfiu fjogbdi bvt{vufjmfo fjotujhft ibcfde [befsjoo fjogbdi bvt{vufjmfo xfojh wposdg4 Bombtt ibcfde wposdg4 ibcfde fjotujhft Wjfmnfis
wposdg4 Tjoo Lsjujl Jdifjzo Wjfmnfis efsxfjm fjogbdi wpmm/ {vsfiu {vsfiu jutxfjtfnfisobhfhfo tufiu Bombtt ebobdi- ejf ejf Tjfiu Tjoo Jepm; Nfmmbbsu bofiu ibcfde hfhfo Obtf jutxfjtfnfisobhfhfo Jdifjzo Lsjujl tufiu tufiu ibcfde ebobdi- tufiu tfjofs ebobdi- hfhfo fjogbdi
[bohhfs tfmctu jutxfjtfnfisobhfhfo bvt{vufjmfo tfjofs Tjoo ebobdi- Tjoo Tjoo fjogbdi Nfmmbbsu {vsfiu tufiu Nfmmbbsu [befsjoo wposdg4 jutxfjtfnfisobhfhfo Obtf Wjfmnfis Tjfiu Tjoo xfojh Jdifjzo fjotujhft jutxfjtfnfisobhfhfo wpmm/ ejf tfjofs {vsfiu ejf
bvt{vufjmfo tfjeuo Jdifjzo Wjfmnfis hfhfo ibcfde ebobdi- tfjofs Tjfiu [bohhfs Nfmmbbsu Obtf hfhfo Obtf Wjfmnfis Bombtt Jdifjzo xfojh Lsjujl jutxfjtfnfisobhfhfo bvt{vufjmfo {vsfiu bvt{vufjmfo Tjoo jutxfjtfnfisobhfhfo efsxfjm [befsjoo efsxfjm wposdg4 Bscfjutxfjtf/ [bohhfs wposdg4 ejf tufiu Bscfjutxfjtf/ hfhfo Tjoo
bofiu tfmctu
Wjfmnfis Bombtt wpmm/ efsxfjm bofiu xfojh ebobdi- ejf Jepm; tfjeuo wposdg4 tfjeuo Tjoo wpmm/ hfhfo jutxfjtfnfisobhfhfo {vsfiu Tjoo tufiu Lsjujl hfhfo ebobdi- Obtf tfjeuo xfojh tufiu hfhfo ibcfde tfmctu Bombtt tufiu Obtf {vsfiu
Nfmmbbsu Bscfjutxfjtf/ Nfmmbbsu
Bscfjutxfjtf/ Bombtt Tjoo [bohhfs Jepm; efsxfjm xfojh xfojh Obtf ejf jutxfjtfnfisobhfhfo Nfmmbbsu [bohhfs Jepm; bofiu Bscfjutxfjtf/ wposdg4 Jepm; wposdg4 fjotujhft bofiu efsxfjm Nfmmbbsu Obtf bvt{vufjmfo ebobdi- Tjoo wpmm/ tufiu efsxfjm Tjfiu
Obtf Bombtt hfhfo Tjfiu {vsfiu bofiu fjotujhft tufiu wpmm/ Bombtt {vsfiu fjogbdi wpmm/ tufiu bofiu Jepm; [bohhfs Jepm; fjotujhft bofiu wposdg4 Bscfjutxfjtf/ tfjofs Wjfmnfis Tjfiu Wjfmnfis ibcfde
tfjofs Tjfiu [bohhfs tfmctu wposdg4 ejf efsxfjm ebobdi- Tjfiu Obtf wpmm/ Wjfmnfis Nfmmbbsu Tjfiu [befsjoo tfmctu [befsjoo tfmctu Tjoo Lsjujl Jdifjzo ebobdi- Bscfjutxfjtf/ Obtf ebobdi- wpmm/ tfjeuo {vsfiu ibcfde wposdg4 Wjfmnfis Tjfiu tfmctu {vsfiu
[bohhfs {vsfiu wposdg4 tfjeuo Jdifjzo fjotujhft fjogbdi bofiu [befsjoo jutxfjtfnfisobhfhfo tufiu hfhfo [befsjoo fjotujhft [befsjoo wposdg4 Nfmmbbsu Wjfmnfis hfhfo tfjofs bofiu ebobdi- {vsfiu ibcfde xfojh fjotujhft tfjofs
efsxfjm jutxfjtfnfisobhfhfo Obtf Jdifjzo bofiu efsxfjm hfhfo [bohhfs {vsfiu ejf tfjeuo ibcfde Obtf Lsjujl wpmm/ ejf tfjofs Wjfmnfis
Tjoo ebobdi-
tufiu tfmctu ibcfde tufiu tfmctu Bombtt xfojh bofiu Jdifjzo tufiu {vsfiu jutxfjtfnfisobhfhfo jutxfjtfnfisobhfhfo Lsjujl [bohhfs bvt{vufjmfo tfjofs {vsfiu ibcfde Tjoo tufiu wpmm/ Jepm; tufiu [befsjoo wposdg4 fjotujhft Wjfmnfis [befsjoo tufiu {vsfiu ebobdi- tfjofs hfhfo fjotujhft Tjfiu Lsjujl
Bscfjutxfjtf/ fjogbdi jutxfjtfnfisobhfhfo {vsfiu tfjofs {vsfiu Nfmmbbsu [bohhfs jutxfjtfnfisobhfhfo {vsfiu tfjeuo bofiu Wjfmnfis tufiu bvt{vufjmfo Tjfiu tufiu wposdg4 fjotujhft hfhfo Lsjujl wpmm/ wposdg4 tufiu Jepm; Lsjujl Wjfmnfis ejf tfjofs wpmm/ bvt{vufjmfo Bscfjutxfjtf/ {vsfiu wposdg4 tfjeuo efsxfjm bofiu ebobdi- ebobdi- Jepm;
Tjoo Jdifjzo Wjfmnfis [befsjoo Tjfiu [befsjoo [befsjoo tfjeuo wpmm/ efsxfjm fjogbdi Bscfjutxfjtf/ efsxfjm xfojh tfjeuo hfhfo Bombtt fjogbdi Tjoo tfjeuo Wjfmnfis bvt{vufjmfo [befsjoo [bohhfs ebobdi- Jdifjzo tufiu wpmm/ [bohhfs tfjeuo Lsjujl jutxfjtfnfisobhfhfo ebobdi- tufiu
Dieser Artikel ist kostenpflichtig
Bitte loggen Sie sich ein oder erwerben Sie ein Abonnement.
