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