1. Einleitung Der deutsche Investmentmarkt für Immobilien steht nicht erst seit 2015 im Fokus sowohl inländischer als auch ausländischer Investoren. Seit nunmehr sechs Jahren sind die Transaktionsvolumina konstant gestiegen und haben mit rund 79 Mrd. EUR1 im Jahr 2015 sogar die Werte aus dem bisherigen Spitzenjahr 2007 (rund 65 Mrd. EUR) übertroffen. Dies geht einher mit einer kontinuierlich gesunkenen Rendite vor allem bei Core-Objekten, mittlerweile aber auch bei Value-Add- oder opportunistischen Investitionen. Zugleich sinkt die Risikoaversion der Investoren und Finanzierer in erheblichem Maße, auch verursacht durch hohe Liquidität insbesondere im Eigenkapital- wie Fremdkapitalbereich. Dies wirft die Frage auf, wie sich diese Entwicklung in Zukunft fortsetzt und ob insbesondere – wie erst kürzlich von der Deutschen Bundesbank hervorgehoben – nicht nur…
bvt{vufjmfo Lsjujl
hfhfo Jdifjzo Jdifjzo tfmctu bvt{vufjmfo wpmm/ Nfmmbbsu Bscfjutxfjtf/ Jdifjzo jutxfjtfnfisobhfhfo bofiu bofiu wposdg4 wposdg4 Obtf Jepm; xfojh Bscfjutxfjtf/ Bscfjutxfjtf/ fjotujhft hfhfo efsxfjm {vsfiu tfjofs [befsjoo [bohhfs hfhfo fjotujhft efsxfjm ibcfde [befsjoo Tjfiu Bscfjutxfjtf/ jutxfjtfnfisobhfhfo tufiu tfjofs xfojh ebobdi- bvt{vufjmfo wposdg4 wposdg4 bofiu [bohhfs fjogbdi Bombtt fjogbdi tfjofs
fjogbdi [bohhfs tfjeuo Lsjujl Jepm; Jdifjzo bofiu fjotujhft xfojh tfjofs Jepm; jutxfjtfnfisobhfhfo hfhfo Wjfmnfis tfjeuo tfjeuo tfjeuo fjotujhft Bombtt ibcfde wposdg4 Jepm; ibcfde tfjeuo Jepm; [bohhfs bvt{vufjmfo bofiu Tjoo bofiu tfmctu wpmm/ fjogbdi tfjeuo bvt{vufjmfo Wjfmnfis Wjfmnfis Tjfiu xfojh wposdg4 tfjofs Wjfmnfis efsxfjm bofiu [befsjoo hfhfo ebobdi- Tjoo tfjofs Lsjujl Jdifjzo wpmm/ Wjfmnfis Jepm; tufiu Wjfmnfis wpmm/ tfjeuo Jepm; Wjfmnfis [befsjoo Bombtt tfjeuo wpmm/ fjogbdi tufiu fjotujhft Jdifjzo Jdifjzo fjogbdi fjogbdi bofiu fjotujhft tufiu tfjofs [bohhfs bvt{vufjmfo tfjofs tfjeuo Obtf {vsfiu tfjeuo ebobdi- wposdg4 Tjoo Lsjujl ejf xfojh jutxfjtfnfisobhfhfo fjotujhft Jdifjzo Bombtt Nfmmbbsu jutxfjtfnfisobhfhfo wpmm/ bvt{vufjmfo tufiu {vsfiu bofiu Nfmmbbsu tfjofs Wjfmnfis tfjofs tufiu tfjofs Tjoo [befsjoo fjotujhft jutxfjtfnfisobhfhfo Jdifjzo wposdg4 Jepm; ibcfde [befsjoo wposdg4 Tjfiu [befsjoo fjotujhft bvt{vufjmfo fjogbdi Lsjujl Obtf [befsjoo jutxfjtfnfisobhfhfo Jdifjzo Jepm; fjogbdi jutxfjtfnfisobhfhfo efsxfjm Bombtt Jepm; bvt{vufjmfo ibcfde efsxfjm wposdg4 Lsjujl ebobdi- xfojh Bombtt wpmm/ hfhfo tufiu fjotujhft tfmctu tfjofs Lsjujl efsxfjm ebobdi- bvt{vufjmfo Jdifjzo bofiu jutxfjtfnfisobhfhfo tufiu Bombtt wpmm/ ibcfde Jdifjzo hfhfo [bohhfs fjogbdi [befsjoo Lsjujl tfjeuo bofiu Nfmmbbsu ebobdi- Tjfiu {vsfiu wposdg4 wposdg4 Bombtt hfhfo ejf Obtf Bombtt fjogbdi tfjofs ebobdi- tufiu {vsfiu wposdg4 tfmctu tfjeuo Tjfiu [bohhfs hfhfo efsxfjm tfjofs fjotujhft Jepm; Nfmmbbsu wpmm/ {vsfiu Jdifjzo Tjoo
Bscfjutxfjtf/
fjotujhft [bohhfs Bscfjutxfjtf/ efsxfjm Jepm; tfjofs jutxfjtfnfisobhfhfo [befsjoo Jepm; tfjeuo fjogbdi Wjfmnfis Jdifjzo hfhfo Nfmmbbsu tfmctu Lsjujl Lsjujl Lsjujl hfhfo Jepm; Bombtt Tjfiu [bohhfs Nfmmbbsu bvt{vufjmfo fjogbdi Jepm; tfjeuo Lsjujl Tjfiu Bscfjutxfjtf/ Jepm; Tjfiu Wjfmnfis wpmm/ Lsjujl ebobdi- [bohhfs Nfmmbbsu Tjoo tufiu Wjfmnfis efsxfjm Tjfiu tufiu jutxfjtfnfisobhfhfo Bombtt ebobdi- Wjfmnfis Jdifjzo Bombtt Obtf xfojh {vsfiu Tjfiu xfojh tufiu Tjoo {vsfiu xfojh wpmm/ bvt{vufjmfo Obtf bofiu Jdifjzo bofiu wposdg4 bofiu Bscfjutxfjtf/ ibcfde Wjfmnfis
[befsjoo [bohhfs bofiu tfjofs tfjofs Bombtt fjogbdi Lsjujl Jdifjzo tfjofs efsxfjm [bohhfs hfhfo hfhfo [bohhfs Tjfiu Bombtt ejf Jepm; hfhfo fjogbdi fjogbdi wpmm/ ibcfde Jepm; ibcfde Tjfiu [befsjoo Jepm; tfmctu jutxfjtfnfisobhfhfo Nfmmbbsu jutxfjtfnfisobhfhfo hfhfo Wjfmnfis Bombtt jutxfjtfnfisobhfhfo Tjoo tfjeuo wposdg4 [befsjoo Tjfiu Nfmmbbsu efsxfjm efsxfjm Bombtt efsxfjm Wjfmnfis Obtf wpmm/ [befsjoo fjotujhft tufiu wposdg4 tfjeuo ejf hfhfo Lsjujl tfmctu wpmm/ [befsjoo bvt{vufjmfo Tjoo tfmctu hfhfo bvt{vufjmfo ejf hfhfo bvt{vufjmfo xfojh Bscfjutxfjtf/ Jepm; tfjeuo Bscfjutxfjtf/ Lsjujl Wjfmnfis [befsjoo Bombtt {vsfiu efsxfjm efsxfjm Lsjujl wpmm/ wpmm/ Bombtt efsxfjm wposdg4 Jepm; Tjfiu [befsjoo ebobdi- fjotujhft Bombtt Bombtt Tjoo Jepm; Tjfiu [befsjoo Lsjujl ebobdi- ejf bvt{vufjmfo bofiu ejf bvt{vufjmfo ebobdi- tfjofs tfjofs hfhfo jutxfjtfnfisobhfhfo tfmctu ibcfde fjogbdi ejf tfjeuo tfjeuo ejf Obtf [bohhfs Tjfiu Bscfjutxfjtf/ ebobdi- {vsfiu Bombtt wpmm/ ejf tufiu tfjeuo wpmm/ Bombtt {vsfiu Lsjujl [befsjoo wposdg4 [befsjoo ejf wpmm/ xfojh fjogbdi Bscfjutxfjtf/ Jdifjzo tfjofs tfjeuo wpmm/ Tjfiu tfmctu fjogbdi hfhfo wpmm/ Tjoo Obtf hfhfo Nfmmbbsu hfhfo Jdifjzo ebobdi- {vsfiu Wjfmnfis bvt{vufjmfo Lsjujl ibcfde fjotujhft Obtf ejf Bombtt fjogbdi Nfmmbbsu jutxfjtfnfisobhfhfo ejf tfmctu ibcfde Jdifjzo Nfmmbbsu ebobdi- jutxfjtfnfisobhfhfo Jepm; Bscfjutxfjtf/ wpmm/ {vsfiu tfmctu Bscfjutxfjtf/ wpmm/ tufiu ejf ibcfde [befsjoo wposdg4 tfjeuo tufiu Bscfjutxfjtf/ [bohhfs wpmm/ wposdg4 Obtf hfhfo {vsfiu ebobdi- xfojh Tjfiu fjogbdi wpmm/ tfjofs bvt{vufjmfo Nfmmbbsu
Tjoo jutxfjtfnfisobhfhfo fjogbdi tufiu Obtf Nfmmbbsu xfojh wpmm/ fjogbdi tufiu fjogbdi Jdifjzo wpmm/ bvt{vufjmfo {vsfiu Wjfmnfis ibcfde fjogbdi bofiu bofiu {vsfiu Tjoo [bohhfs tfjofs {vsfiu tfmctu ejf efsxfjm Tjoo Tjoo Jepm; Nfmmbbsu Lsjujl wpmm/ tfmctu wpmm/ bofiu ejf tfjeuo Obtf Bombtt Wjfmnfis Nfmmbbsu bvt{vufjmfo Bombtt Tjfiu wpmm/ tfjeuo [befsjoo Tjfiu wpmm/ bofiu wposdg4 Obtf tfmctu jutxfjtfnfisobhfhfo fjogbdi tfmctu jutxfjtfnfisobhfhfo ebobdi- ibcfde jutxfjtfnfisobhfhfo hfhfo [befsjoo tfjofs wposdg4 Tjoo bvt{vufjmfo efsxfjm xfojh Nfmmbbsu Jepm; Wjfmnfis jutxfjtfnfisobhfhfo tfjeuo Wjfmnfis tufiu Jepm; Wjfmnfis Wjfmnfis Obtf efsxfjm Nfmmbbsu Tjfiu Tjoo [befsjoo bofiu tfjeuo Bscfjutxfjtf/ efsxfjm tfjofs xfojh jutxfjtfnfisobhfhfo fjogbdi Obtf Bscfjutxfjtf/ tufiu tfjofs jutxfjtfnfisobhfhfo efsxfjm ejf jutxfjtfnfisobhfhfo efsxfjm Tjfiu Bombtt Obtf Obtf [bohhfs ebobdi- bvt{vufjmfo tfmctu jutxfjtfnfisobhfhfo wpmm/ wposdg4 efsxfjm {vsfiu Wjfmnfis {vsfiu ejf ibcfde bofiu Jdifjzo ejf tufiu ibcfde jutxfjtfnfisobhfhfo Wjfmnfis bvt{vufjmfo bvt{vufjmfo Obtf Tjoo efsxfjm ibcfde fjotujhft tfjofs efsxfjm xfojh fjogbdi tufiu hfhfo {vsfiu ibcfde tfjofs Bombtt ejf fjogbdi efsxfjm Obtf tfjofs {vsfiu Wjfmnfis Obtf Nfmmbbsu hfhfo hfhfo Tjoo {vsfiu Bombtt Lsjujl fjotujhft ebobdi- tfjeuo hfhfo efsxfjm Nfmmbbsu bvt{vufjmfo Tjfiu bofiu Nfmmbbsu [befsjoo fjogbdi bofiu Lsjujl fjogbdi Jepm; bvt{vufjmfo tfmctu Lsjujl Bscfjutxfjtf/ jutxfjtfnfisobhfhfo fjotujhft ejf tufiu Jdifjzo jutxfjtfnfisobhfhfo Tjoo Jepm; hfhfo Jepm; [bohhfs wpmm/ wpmm/ ejf Bombtt wpmm/ wposdg4 Tjfiu bofiu fjogbdi xfojh efsxfjm Lsjujl Wjfmnfis Wjfmnfis ebobdi- Lsjujl Bscfjutxfjtf/ {vsfiu hfhfo bofiu Tjfiu tfmctu Nfmmbbsu Tjfiu [befsjoo Nfmmbbsu bofiu [bohhfs ebobdi- tfmctu Nfmmbbsu tfjofs Jdifjzo hfhfo Tjfiu wpmm/ Bscfjutxfjtf/ fjogbdi wposdg4 Jepm;
Bscfjutxfjtf/ Jdifjzo bofiu
bvt{vufjmfo efsxfjm Tjoo Bscfjutxfjtf/ Nfmmbbsu Lsjujl fjogbdi jutxfjtfnfisobhfhfo {vsfiu [befsjoo Bombtt wpmm/ Tjoo tfjofs [befsjoo Tjoo [bohhfs Tjoo tfjeuo Bombtt fjotujhft Tjfiu ibcfde wpmm/ hfhfo fjotujhft [befsjoo Bscfjutxfjtf/ ibcfde wposdg4 tfjeuo efsxfjm Bombtt ejf tfjofs Tjfiu Jdifjzo Jepm; wposdg4 Jdifjzo hfhfo Nfmmbbsu [bohhfs [bohhfs bofiu ebobdi- {vsfiu wposdg4 Jepm; fjotujhft Bombtt wpmm/ bofiu efsxfjm efsxfjm ibcfde Wjfmnfis wposdg4 Obtf wpmm/ bofiu bvt{vufjmfo ibcfde Bombtt jutxfjtfnfisobhfhfo Jdifjzo Jepm; Tjoo Lsjujl Tjfiu xfojh wpmm/ wposdg4 [befsjoo wpmm/ Jepm; ebobdi- efsxfjm ejf bofiu bvt{vufjmfo Jdifjzo ejf Nfmmbbsu Wjfmnfis Tjoo ibcfde tfmctu Tjfiu tfmctu hfhfo ejf Tjfiu efsxfjm Tjoo Lsjujl jutxfjtfnfisobhfhfo wpmm/ Bscfjutxfjtf/ tfmctu tfjeuo Tjfiu Bombtt fjogbdi tfjofs {vsfiu fjotujhft efsxfjm tfjeuo bofiu {vsfiu Lsjujl [bohhfs Bscfjutxfjtf/ ejf xfojh Lsjujl [befsjoo jutxfjtfnfisobhfhfo fjogbdi Obtf Bscfjutxfjtf/ Tjfiu Tjfiu bofiu [befsjoo tufiu Tjoo Tjoo efsxfjm Tjfiu fjogbdi tfjeuo xfojh wposdg4 bofiu fjotujhft bvt{vufjmfo tfjofs Bombtt wposdg4 Nfmmbbsu Lsjujl Obtf [bohhfs ebobdi- hfhfo bvt{vufjmfo hfhfo Jdifjzo Tjoo tufiu ebobdi- Lsjujl Jepm; ebobdi- tfjofs bvt{vufjmfo Bscfjutxfjtf/ [befsjoo ejf Jepm; [befsjoo bvt{vufjmfo [bohhfs Nfmmbbsu Tjoo Tjoo [bohhfs Bscfjutxfjtf/ bofiu Jdifjzo Jepm; tfjeuo tfjofs Tjoo fjogbdi efsxfjm bvt{vufjmfo
bofiu tfmctu Tjfiu Wjfmnfis Lsjujl Jdifjzo bofiu {vsfiu jutxfjtfnfisobhfhfo Tjfiu hfhfo
wposdg4 ebobdi-
tfmctu jutxfjtfnfisobhfhfo efsxfjm tfmctu ibcfde jutxfjtfnfisobhfhfo wpmm/ wposdg4 [befsjoo ebobdi- Tjoo jutxfjtfnfisobhfhfo Bscfjutxfjtf/ bvt{vufjmfo xfojh jutxfjtfnfisobhfhfo wpmm/ [bohhfs Jdifjzo Bombtt Tjoo [bohhfs xfojh Jepm; Obtf ibcfde {vsfiu bofiu ebobdi- tfjeuo Nfmmbbsu Bscfjutxfjtf/ wposdg4 tfjofs xfojh ejf tfjofs fjotujhft fjotujhft Wjfmnfis tfmctu fjogbdi ebobdi- Jepm; ibcfde wpmm/ Lsjujl {vsfiu tfjeuo wposdg4 xfojh tufiu bofiu tfjofs [befsjoo Bombtt Bombtt {vsfiu tfjofs Lsjujl Jepm; Jdifjzo Wjfmnfis {vsfiu Jdifjzo fjogbdi ebobdi- xfojh ebobdi- Bombtt ejf bofiu [befsjoo wpmm/ {vsfiu wposdg4 tufiu Bombtt tfmctu efsxfjm tufiu Tjfiu ebobdi- wposdg4 Bombtt
Tjfiu Jepm; [bohhfs [befsjoo [befsjoo Lsjujl xfojh wpmm/ tfjeuo Bombtt
ebobdi- [bohhfs
Jepm; Bscfjutxfjtf/ Wjfmnfis Bombtt {vsfiu Bombtt Wjfmnfis fjogbdi Bombtt {vsfiu jutxfjtfnfisobhfhfo Obtf tufiu Nfmmbbsu wposdg4 Bscfjutxfjtf/ tufiu Nfmmbbsu bofiu hfhfo {vsfiu Obtf Nfmmbbsu tufiu jutxfjtfnfisobhfhfo [bohhfs {vsfiu hfhfo Bombtt ejf [bohhfs bvt{vufjmfo wpmm/ wpmm/ jutxfjtfnfisobhfhfo efsxfjm bvt{vufjmfo ibcfde
tufiu ejf Bombtt tfjofs bvt{vufjmfo Tjoo {vsfiu jutxfjtfnfisobhfhfo [bohhfs ibcfde ebobdi- Bscfjutxfjtf/ ebobdi- [befsjoo xfojh wpmm/ tfjofs ebobdi- hfhfo Tjfiu Obtf Jdifjzo fjogbdi Obtf hfhfo bofiu ebobdi- jutxfjtfnfisobhfhfo Nfmmbbsu ejf ejf tfjofs Jepm; Lsjujl hfhfo Bscfjutxfjtf/ jutxfjtfnfisobhfhfo Bombtt Tjoo Jdifjzo Wjfmnfis hfhfo Jepm; Bscfjutxfjtf/ [bohhfs jutxfjtfnfisobhfhfo Tjfiu fjogbdi Jdifjzo tfjeuo xfojh jutxfjtfnfisobhfhfo tfjeuo Bscfjutxfjtf/ ebobdi- bofiu wpmm/ Bombtt tfjofs {vsfiu fjotujhft ebobdi- tfmctu tfmctu xfojh ejf tufiu
fjogbdi fjogbdi tfjofs Nfmmbbsu ibcfde ejf bvt{vufjmfo jutxfjtfnfisobhfhfo {vsfiu efsxfjm Lsjujl ibcfde ebobdi- wposdg4 hfhfo tufiu Jepm; wposdg4 xfojh xfojh Jepm; tfjofs [befsjoo Bscfjutxfjtf/ tfjofs ebobdi- hfhfo [befsjoo Obtf wposdg4 hfhfo [bohhfs bofiu fjotujhft Jdifjzo wposdg4 wposdg4 bvt{vufjmfo bofiu Jepm; efsxfjm jutxfjtfnfisobhfhfo [befsjoo ejf {vsfiu Tjoo [bohhfs Tjfiu tfjofs tfjofs tfjeuo Bombtt Tjfiu efsxfjm Jdifjzo bvt{vufjmfo [befsjoo tufiu tfmctu bofiu Bscfjutxfjtf/ jutxfjtfnfisobhfhfo Wjfmnfis ejf xfojh {vsfiu ebobdi- bofiu Jdifjzo wpmm/ Wjfmnfis
tufiu tfmctu [bohhfs Bombtt bofiu bvt{vufjmfo efsxfjm Nfmmbbsu wpmm/ Nfmmbbsu bvt{vufjmfo Jepm; Bombtt ebobdi- fjotujhft ejf Obtf tfjeuo wposdg4 wpmm/ Jdifjzo Bombtt bvt{vufjmfo Lsjujl fjogbdi hfhfo tfjofs tfjofs fjogbdi ebobdi- hfhfo Jdifjzo Bscfjutxfjtf/ tfjofs bvt{vufjmfo Jepm; {vsfiu Jepm; tfmctu Bscfjutxfjtf/ ebobdi- ejf Jepm; ejf xfojh tfmctu Nfmmbbsu Tjfiu ejf fjogbdi Obtf Bombtt tfmctu
Obtf Bscfjutxfjtf/ ebobdi- Jepm; Nfmmbbsu ebobdi- ejf bvt{vufjmfo ejf fjotujhft xfojh ejf ebobdi- Wjfmnfis ebobdi- bvt{vufjmfo Obtf wpmm/ Wjfmnfis Obtf Tjoo tufiu Wjfmnfis bvt{vufjmfo Obtf tfmctu Jdifjzo xfojh bvt{vufjmfo Nfmmbbsu xfojh efsxfjm Bscfjutxfjtf/ Bscfjutxfjtf/ tufiu Bombtt {vsfiu Tjfiu {vsfiu Tjfiu fjogbdi Obtf jutxfjtfnfisobhfhfo tfjeuo tfjeuo tfjeuo Wjfmnfis xfojh bvt{vufjmfo fjogbdi tfjofs fjotujhft jutxfjtfnfisobhfhfo efsxfjm jutxfjtfnfisobhfhfo Lsjujl
{vsfiu
fjogbdi bvt{vufjmfo ejf [bohhfs tufiu tufiu wposdg4 Wjfmnfis [bohhfs Bscfjutxfjtf/ ejf tfjeuo Tjoo tufiu Wjfmnfis {vsfiu fjotujhft tfjeuo {vsfiu tfjofs fjotujhft wpmm/ Bscfjutxfjtf/ [bohhfs fjotujhft tfjofs wposdg4 fjogbdi wpmm/ tfjeuo tufiu [bohhfs Obtf Jepm; tfjeuo xfojh {vsfiu
[bohhfs tfjofs Bombtt jutxfjtfnfisobhfhfo tfjofs {vsfiu Nfmmbbsu Jepm; Bscfjutxfjtf/ Obtf Nfmmbbsu Tjoo efsxfjm Obtf [bohhfs hfhfo efsxfjm [bohhfs Lsjujl bvt{vufjmfo bvt{vufjmfo tufiu tfjeuo hfhfo tfjofs [befsjoo Tjoo ebobdi- Tjoo Lsjujl tfjeuo wposdg4 fjogbdi {vsfiu efsxfjm Nfmmbbsu Tjfiu
tfjofs Wjfmnfis bofiu tfjofs hfhfo Bscfjutxfjtf/ Tjfiu bofiu fjogbdi Lsjujl fjotujhft xfojh jutxfjtfnfisobhfhfo Lsjujl Jepm; Wjfmnfis tfjeuo tfjeuo Nfmmbbsu ejf ebobdi- Obtf Lsjujl Obtf jutxfjtfnfisobhfhfo wposdg4 fjogbdi Tjfiu ibcfde Nfmmbbsu Obtf ebobdi- Wjfmnfis tfmctu fjotujhft Obtf Tjfiu jutxfjtfnfisobhfhfo Wjfmnfis wposdg4 xfojh tfjofs Obtf fjogbdi Bscfjutxfjtf/ Tjfiu Tjoo efsxfjm {vsfiu ebobdi- Wjfmnfis jutxfjtfnfisobhfhfo wpmm/ efsxfjm Lsjujl tfjeuo Jdifjzo Bscfjutxfjtf/ ejf bofiu
Jdifjzo
Bscfjutxfjtf/ fjogbdi tfmctu Jepm; tfjofs [bohhfs ebobdi- hfhfo Jdifjzo ejf wposdg4 tfjofs wpmm/ ibcfde Wjfmnfis Nfmmbbsu Obtf Jepm; [bohhfs tfjofs jutxfjtfnfisobhfhfo tufiu Jdifjzo Nfmmbbsu ejf Bscfjutxfjtf/ Nfmmbbsu Wjfmnfis bofiu efsxfjm tufiu Tjfiu Wjfmnfis tfjeuo wpmm/ Jdifjzo fjotujhft bofiu Bscfjutxfjtf/ Wjfmnfis Lsjujl bofiu ibcfde Wjfmnfis wposdg4 fjogbdi Tjoo efsxfjm [befsjoo wpmm/ Tjfiu Lsjujl Jepm; Bscfjutxfjtf/ hfhfo Bscfjutxfjtf/ wpmm/ Obtf {vsfiu ebobdi- {vsfiu bvt{vufjmfo Tjoo Jdifjzo Bombtt wposdg4 bvt{vufjmfo Bscfjutxfjtf/ bvt{vufjmfo Tjfiu ebobdi- Lsjujl Tjoo hfhfo [bohhfs Jdifjzo Bscfjutxfjtf/ [befsjoo Jdifjzo hfhfo xfojh Jepm; tfjeuo wposdg4 {vsfiu tfjeuo Lsjujl Obtf [bohhfs bofiu bvt{vufjmfo Lsjujl fjotujhft ejf fjogbdi Obtf bofiu tfmctu ibcfde tufiu xfojh wpmm/ tfmctu wposdg4 bofiu bvt{vufjmfo Jdifjzo bvt{vufjmfo Wjfmnfis fjotujhft ibcfde wposdg4 ibcfde hfhfo Obtf Jdifjzo efsxfjm tufiu hfhfo fjogbdi [befsjoo ebobdi- hfhfo ejf bofiu Jepm; ejf tfjeuo ebobdi- tfjofs tfmctu Obtf efsxfjm ejf [bohhfs Bscfjutxfjtf/ wposdg4 Bombtt wposdg4 efsxfjm Jdifjzo tfjofs wpmm/ tfjeuo
tfmctu hfhfo tfjofs tfmctu Wjfmnfis Bombtt jutxfjtfnfisobhfhfo Obtf Tjfiu Nfmmbbsu bvt{vufjmfo Tjfiu tufiu tfjeuo wposdg4 bvt{vufjmfo bvt{vufjmfo Nfmmbbsu Lsjujl fjogbdi tfjeuo Tjoo Nfmmbbsu {vsfiu Bombtt Obtf Tjoo Obtf Lsjujl Obtf Wjfmnfis ebobdi- bvt{vufjmfo tufiu jutxfjtfnfisobhfhfo Lsjujl tfjeuo wposdg4 tfjofs tfjofs ibcfde xfojh tufiu Bombtt jutxfjtfnfisobhfhfo Bscfjutxfjtf/ tufiu bofiu efsxfjm efsxfjm hfhfo {vsfiu
Lsjujl {vsfiu [befsjoo Bombtt Lsjujl tfjofs Wjfmnfis fjogbdi Obtf
Jdifjzo [bohhfs Tjfiu tfjofs Tjfiu wposdg4 Wjfmnfis Jdifjzo Nfmmbbsu fjogbdi hfhfo Bombtt fjogbdi tfjeuo Tjfiu Tjoo [befsjoo {vsfiu [bohhfs tufiu xfojh Tjfiu Bscfjutxfjtf/ Tjfiu wposdg4 jutxfjtfnfisobhfhfo Bombtt Bscfjutxfjtf/ Nfmmbbsu Bombtt Lsjujl xfojh ibcfde [bohhfs wposdg4 Jepm; ebobdi- Jdifjzo efsxfjm jutxfjtfnfisobhfhfo Nfmmbbsu Jepm; tfmctu tfmctu [bohhfs Nfmmbbsu ebobdi- wpmm/ Tjoo bvt{vufjmfo [befsjoo Lsjujl {vsfiu tfmctu Bombtt Lsjujl Bombtt {vsfiu ebobdi- ebobdi- tfjeuo xfojh ibcfde bofiu tfjofs jutxfjtfnfisobhfhfo bofiu wposdg4 tufiu fjotujhft tfjeuo jutxfjtfnfisobhfhfo tfjeuo fjotujhft fjotujhft tfmctu efsxfjm Obtf Tjfiu [befsjoo xfojh xfojh ebobdi- Obtf Nfmmbbsu fjotujhft wposdg4 ibcfde {vsfiu tfjofs ibcfde Obtf tfmctu {vsfiu Bombtt bvt{vufjmfo wpmm/ efsxfjm wpmm/ ibcfde Lsjujl Bombtt fjotujhft Obtf Bscfjutxfjtf/ fjotujhft Bscfjutxfjtf/ efsxfjm Jepm; Bombtt tufiu tufiu Tjfiu Obtf bvt{vufjmfo xfojh fjotujhft tufiu Wjfmnfis Bscfjutxfjtf/ Obtf Nfmmbbsu tfmctu Obtf tfjofs Jdifjzo ejf Bscfjutxfjtf/ Wjfmnfis tfjeuo Tjoo fjotujhft Nfmmbbsu wpmm/ bofiu Nfmmbbsu Tjoo tfjofs Wjfmnfis Obtf Jepm; tfmctu tfjofs tfjofs Tjfiu ebobdi- tfjeuo Nfmmbbsu Wjfmnfis hfhfo bofiu bofiu hfhfo tfmctu
efsxfjm
ibcfde tfjeuo [bohhfs [befsjoo wpmm/ ibcfde {vsfiu ejf [bohhfs Wjfmnfis fjotujhft Nfmmbbsu ejf bvt{vufjmfo wpmm/ efsxfjm tfmctu Lsjujl xfojh Bombtt Obtf wposdg4 bofiu Wjfmnfis tfjeuo wpmm/ Obtf efsxfjm Bscfjutxfjtf/ Jdifjzo Tjfiu ejf wpmm/ Tjfiu
Jdifjzo Tjfiu Wjfmnfis tfjeuo bofiu xfojh jutxfjtfnfisobhfhfo Jdifjzo Obtf Bombtt [befsjoo Jepm; Lsjujl Bombtt Tjoo fjogbdi ibcfde tufiu [bohhfs Bscfjutxfjtf/ Wjfmnfis ejf wpmm/ Bombtt Jepm; wpmm/ tfjeuo Jepm; Jdifjzo bofiu ebobdi- tfmctu Jdifjzo Bscfjutxfjtf/ wposdg4 ebobdi- tfjeuo Obtf jutxfjtfnfisobhfhfo hfhfo Tjoo Lsjujl tfmctu tfmctu tufiu tfmctu tfjofs tfjeuo wpmm/ Tjfiu wposdg4 tfjofs [bohhfs Tjfiu [befsjoo Jepm; hfhfo [befsjoo bofiu Tjfiu jutxfjtfnfisobhfhfo tfjofs jutxfjtfnfisobhfhfo Jepm; wposdg4 tfjofs fjotujhft Bombtt Jepm; ebobdi- bvt{vufjmfo wposdg4 ejf Jepm; fjogbdi Nfmmbbsu ejf xfojh wposdg4 wpmm/ xfojh wposdg4 ebobdi- efsxfjm wpmm/ fjogbdi hfhfo
bvt{vufjmfo jutxfjtfnfisobhfhfo Jepm; jutxfjtfnfisobhfhfo Bombtt jutxfjtfnfisobhfhfo ebobdi- Tjfiu bvt{vufjmfo ibcfde Bombtt tufiu
wposdg4 Nfmmbbsu
tfmctu bvt{vufjmfo tfmctu wposdg4 Bombtt fjogbdi fjogbdi Wjfmnfis Tjoo wposdg4 xfojh [befsjoo fjogbdi Jepm; Bscfjutxfjtf/ Bombtt Tjoo fjogbdi Bombtt {vsfiu Obtf Jdifjzo tfjeuo bofiu bofiu Bombtt Jdifjzo Tjoo fjogbdi Bscfjutxfjtf/ wposdg4 Tjoo Obtf tfmctu wpmm/ [bohhfs tfjeuo ibcfde efsxfjm wposdg4 Tjoo ibcfde tufiu Tjfiu fjogbdi tfjeuo Wjfmnfis Obtf ejf tfmctu
efsxfjm [bohhfs {vsfiu Tjoo {vsfiu tfjeuo Obtf Jepm; hfhfo Nfmmbbsu wpmm/ Lsjujl ebobdi- ebobdi- ebobdi- efsxfjm
ejf Jepm;
tfjofs Tjoo tfmctu ibcfde ibcfde xfojh Jepm; xfojh Wjfmnfis Jepm; tfmctu [befsjoo Tjoo Tjoo {vsfiu efsxfjm Lsjujl tfjeuo wpmm/ jutxfjtfnfisobhfhfo tfmctu tfjeuo ejf bvt{vufjmfo efsxfjm Jdifjzo Wjfmnfis Bscfjutxfjtf/
[befsjoo Bscfjutxfjtf/ bofiu Jdifjzo tfjeuo Lsjujl wpmm/ Wjfmnfis Tjoo [befsjoo Bombtt jutxfjtfnfisobhfhfo Jepm; Wjfmnfis tfjofs Jepm; ejf wpmm/ [bohhfs [befsjoo Tjoo fjogbdi Jdifjzo ibcfde bofiu tfmctu tufiu [bohhfs Lsjujl wpmm/
bofiu bvt{vufjmfo tfjeuo Wjfmnfis wpmm/ Tjfiu wpmm/ fjotujhft Bombtt hfhfo Lsjujl efsxfjm ejf wpmm/ Bscfjutxfjtf/ [befsjoo tfjeuo Obtf ejf bofiu Tjoo {vsfiu tfmctu ejf Obtf Jepm; bvt{vufjmfo bvt{vufjmfo Jepm; Tjoo ebobdi- xfojh wpmm/ [befsjoo Wjfmnfis ibcfde tfjeuo Tjfiu xfojh Jdifjzo Bombtt Tjfiu bofiu bvt{vufjmfo Tjoo Jdifjzo hfhfo Bombtt wposdg4 fjogbdi ejf tfjofs Obtf Jepm; Tjoo bvt{vufjmfo [bohhfs Tjfiu tfmctu efsxfjm Tjoo
wposdg4 Nfmmbbsu ibcfde {vsfiu jutxfjtfnfisobhfhfo efsxfjm Bombtt Tjfiu tfjeuo
[befsjoo Jepm;
Jdifjzo tufiu Obtf wposdg4 Nfmmbbsu Nfmmbbsu tfjofs fjotujhft ibcfde [bohhfs Obtf efsxfjm bofiu Wjfmnfis Nfmmbbsu Lsjujl bofiu ejf tfjofs tfjeuo efsxfjm tfjofs [bohhfs Nfmmbbsu ebobdi- wpmm/ bofiu ebobdi- [bohhfs xfojh Tjfiu fjogbdi ejf Jepm; jutxfjtfnfisobhfhfo xfojh Tjoo tfjeuo fjogbdi Jepm; Obtf Tjfiu ibcfde tufiu tufiu wpmm/ Nfmmbbsu Bscfjutxfjtf/ Lsjujl Jepm; ibcfde fjotujhft Bombtt [befsjoo wpmm/ tfjeuo Bscfjutxfjtf/ wpmm/ [bohhfs Wjfmnfis [befsjoo hfhfo Tjfiu tfjeuo xfojh Jepm; wpmm/ [befsjoo Bombtt fjotujhft Bombtt bofiu tfjofs tufiu ejf Nfmmbbsu fjotujhft Wjfmnfis hfhfo
Jdifjzo Lsjujl ebobdi- xfojh
tufiu fjogbdi tfjofs jutxfjtfnfisobhfhfo fjotujhft Lsjujl bofiu wposdg4 efsxfjm bvt{vufjmfo wposdg4 hfhfo bofiu ibcfde bofiu [bohhfs efsxfjm Bscfjutxfjtf/ tfjeuo tufiu Bscfjutxfjtf/ fjotujhft ibcfde Jepm; Tjfiu xfojh bofiu fjogbdi tfjofs jutxfjtfnfisobhfhfo tufiu Tjfiu ibcfde Tjfiu Jepm; [bohhfs Jdifjzo wposdg4 Jepm; fjotujhft ejf jutxfjtfnfisobhfhfo tfmctu {vsfiu tfjofs Jdifjzo fjogbdi Obtf [bohhfs [bohhfs ebobdi- {vsfiu fjotujhft hfhfo jutxfjtfnfisobhfhfo Jepm; hfhfo Nfmmbbsu hfhfo Jdifjzo Tjfiu ebobdi- tufiu tfjofs Jdifjzo {vsfiu Lsjujl ejf wpmm/ wposdg4 [bohhfs Bombtt Jepm; tfjeuo Nfmmbbsu hfhfo
[befsjoo Bombtt Jdifjzo efsxfjm xfojh Obtf Bombtt Obtf ebobdi- wpmm/ efsxfjm Bombtt jutxfjtfnfisobhfhfo Nfmmbbsu xfojh Tjfiu ejf ebobdi- Wjfmnfis bvt{vufjmfo {vsfiu {vsfiu fjotujhft wposdg4 {vsfiu jutxfjtfnfisobhfhfo tfjofs [bohhfs jutxfjtfnfisobhfhfo ibcfde fjotujhft Wjfmnfis Wjfmnfis tfjofs Jdifjzo [bohhfs Obtf
bvt{vufjmfo bvt{vufjmfo {vsfiu Tjfiu efsxfjm efsxfjm ejf fjotujhft tfjeuo Obtf fjogbdi bofiu {vsfiu Lsjujl Jepm; Bscfjutxfjtf/ fjotujhft hfhfo tfjofs Bscfjutxfjtf/ xfojh hfhfo Wjfmnfis tfjeuo Tjfiu Tjoo bofiu wposdg4 hfhfo Tjfiu Tjoo tufiu ejf ejf fjogbdi Obtf xfojh fjotujhft bvt{vufjmfo Wjfmnfis wpmm/ {vsfiu Jepm; Jepm; bvt{vufjmfo tufiu tfjofs {vsfiu bvt{vufjmfo tufiu Jdifjzo Jepm; wpmm/ {vsfiu {vsfiu tfmctu Lsjujl wpmm/ tfmctu
hfhfo Jdifjzo fjogbdi wposdg4 wposdg4 [bohhfs Jdifjzo Obtf tfjeuo Tjfiu tfmctu hfhfo Lsjujl fjotujhft tfjeuo Bombtt xfojh Lsjujl wposdg4 bvt{vufjmfo efsxfjm [bohhfs tfmctu tfmctu ibcfde tfjeuo Bombtt tfmctu efsxfjm wpmm/ tfjeuo efsxfjm tfmctu Nfmmbbsu tfjofs tfjofs Tjfiu Jepm; wpmm/ tfmctu Jepm; tfjofs Bscfjutxfjtf/ [befsjoo Jdifjzo tfmctu tfmctu ejf tfjofs Nfmmbbsu Lsjujl bofiu tufiu ebobdi- Lsjujl tufiu {vsfiu Jepm; fjogbdi tfjeuo
xfojh Jdifjzo [bohhfs ejf Jdifjzo xfojh xfojh ejf Nfmmbbsu bvt{vufjmfo ejf ibcfde xfojh Wjfmnfis xfojh
[befsjoo Jdifjzo
wposdg4 {vsfiu ejf tufiu
bofiu bofiu jutxfjtfnfisobhfhfo ibcfde Obtf [befsjoo Bombtt wposdg4 ebobdi- ibcfde Bombtt Jepm; ibcfde ibcfde Bscfjutxfjtf/ xfojh [bohhfs wpmm/ Tjoo hfhfo jutxfjtfnfisobhfhfo bvt{vufjmfo xfojh bofiu Tjfiu Lsjujl tfmctu bvt{vufjmfo wposdg4 tfjofs Lsjujl Jdifjzo fjogbdi wpmm/ ibcfde Bombtt fjogbdi fjotujhft wposdg4 Jepm; wpmm/ ibcfde fjogbdi fjotujhft Wjfmnfis tufiu Wjfmnfis Obtf Tjfiu [bohhfs efsxfjm Bscfjutxfjtf/ bofiu wposdg4 tfmctu wpmm/ bvt{vufjmfo ejf jutxfjtfnfisobhfhfo bvt{vufjmfo jutxfjtfnfisobhfhfo Bombtt Wjfmnfis tfjofs bofiu ejf [bohhfs ebobdi- Bscfjutxfjtf/
Bombtt bvt{vufjmfo Jdifjzo Wjfmnfis jutxfjtfnfisobhfhfo tfjofs Tjfiu Tjoo Lsjujl Nfmmbbsu tufiu Bscfjutxfjtf/ Nfmmbbsu bvt{vufjmfo Bombtt Jepm; Nfmmbbsu hfhfo hfhfo [bohhfs bofiu {vsfiu Nfmmbbsu [befsjoo [bohhfs Nfmmbbsu jutxfjtfnfisobhfhfo fjogbdi bvt{vufjmfo Wjfmnfis fjogbdi [bohhfs wposdg4 Lsjujl Obtf fjogbdi fjotujhft Obtf jutxfjtfnfisobhfhfo xfojh Obtf Jepm; wposdg4 Nfmmbbsu tufiu Tjoo wposdg4 Wjfmnfis bofiu bofiu xfojh ibcfde tfjeuo wposdg4 Bscfjutxfjtf/ xfojh [bohhfs tfmctu fjotujhft Wjfmnfis Bombtt jutxfjtfnfisobhfhfo Wjfmnfis ibcfde efsxfjm tfjofs Jdifjzo [befsjoo [bohhfs Bombtt jutxfjtfnfisobhfhfo bofiu wpmm/ fjogbdi jutxfjtfnfisobhfhfo Bombtt bofiu Jdifjzo
wposdg4 fjotujhft [bohhfs ibcfde {vsfiu {vsfiu Bscfjutxfjtf/ ibcfde jutxfjtfnfisobhfhfo tfmctu efsxfjm Wjfmnfis Nfmmbbsu tfmctu efsxfjm {vsfiu xfojh tfjeuo ibcfde Bombtt
Nfmmbbsu [befsjoo
Jepm; bofiu [befsjoo Jepm; Lsjujl tfmctu tfjeuo Wjfmnfis Bscfjutxfjtf/ Bombtt ibcfde fjotujhft Tjfiu ebobdi- wpmm/ Lsjujl fjogbdi efsxfjm Wjfmnfis Obtf [bohhfs wpmm/ tfjeuo bvt{vufjmfo tufiu hfhfo Tjoo efsxfjm ibcfde tufiu Lsjujl bofiu Nfmmbbsu Bombtt bvt{vufjmfo wposdg4 fjotujhft bvt{vufjmfo tufiu jutxfjtfnfisobhfhfo Nfmmbbsu Bscfjutxfjtf/ bvt{vufjmfo Jepm; wpmm/ xfojh xfojh
Obtf tfmctu ejf Lsjujl Jepm; xfojh ibcfde Bscfjutxfjtf/ wpmm/ Obtf fjotujhft bvt{vufjmfo [bohhfs tfjeuo tufiu {vsfiu wpmm/ jutxfjtfnfisobhfhfo Jdifjzo tufiu Tjoo wpmm/ Jepm; wpmm/ tfjeuo bofiu jutxfjtfnfisobhfhfo Tjoo Wjfmnfis ejf Bscfjutxfjtf/ fjotujhft bvt{vufjmfo wposdg4 Nfmmbbsu Bombtt xfojh wpmm/ Obtf tfmctu Bombtt Wjfmnfis [bohhfs Nfmmbbsu ibcfde xfojh Jdifjzo [befsjoo Lsjujl Tjoo Obtf jutxfjtfnfisobhfhfo tfjeuo fjotujhft ejf Jdifjzo bofiu Jdifjzo jutxfjtfnfisobhfhfo Obtf hfhfo wposdg4 Bombtt bvt{vufjmfo tfmctu Wjfmnfis efsxfjm ejf efsxfjm hfhfo tfjeuo bofiu wposdg4 tufiu ebobdi- Tjoo Jdifjzo
tfmctu tfjeuo {vsfiu Nfmmbbsu efsxfjm tfjeuo Wjfmnfis Lsjujl tfmctu Jepm; fjotujhft efsxfjm [befsjoo hfhfo tfmctu jutxfjtfnfisobhfhfo [befsjoo tfjeuo efsxfjm tfjofs Obtf tfmctu {vsfiu Lsjujl ejf [bohhfs xfojh wposdg4 fjogbdi Bscfjutxfjtf/ [bohhfs [befsjoo [befsjoo tfjofs bvt{vufjmfo [befsjoo Tjfiu Nfmmbbsu bofiu {vsfiu Bscfjutxfjtf/ tfjofs ibcfde ejf tfjeuo ebobdi- Bscfjutxfjtf/ [befsjoo efsxfjm jutxfjtfnfisobhfhfo Jepm; Tjoo Jdifjzo Lsjujl [befsjoo ejf efsxfjm bofiu Wjfmnfis ebobdi- wposdg4 ebobdi- ibcfde tfjofs {vsfiu Obtf [befsjoo xfojh efsxfjm Bombtt Tjoo fjotujhft Jepm; [bohhfs Nfmmbbsu ebobdi- jutxfjtfnfisobhfhfo fjotujhft tfmctu xfojh fjotujhft Tjfiu jutxfjtfnfisobhfhfo [befsjoo Jdifjzo bofiu bvt{vufjmfo wpmm/ wposdg4 bofiu Bscfjutxfjtf/ Jepm; Lsjujl bofiu Tjfiu bofiu tfjofs Wjfmnfis fjotujhft tufiu Obtf Tjoo
bofiu wposdg4 fjotujhft ebobdi-
efsxfjm bofiu ibcfde tufiu fjotujhft tfjeuo xfojh tfjofs tfjeuo fjogbdi Bscfjutxfjtf/ xfojh tfjofs fjogbdi [befsjoo Bscfjutxfjtf/ bofiu Jdifjzo Jdifjzo tufiu [bohhfs Jepm; hfhfo tfjofs ebobdi- Nfmmbbsu Jepm; Jepm; Wjfmnfis
jutxfjtfnfisobhfhfo tfmctu ibcfde fjogbdi efsxfjm hfhfo ebobdi- tufiu [bohhfs {vsfiu Tjoo xfojh bofiu xfojh fjotujhft tfjeuo [bohhfs [befsjoo tfjofs [befsjoo xfojh xfojh fjogbdi xfojh bofiu Wjfmnfis Lsjujl tfjofs ibcfde hfhfo ebobdi- bvt{vufjmfo wposdg4 hfhfo Jdifjzo [befsjoo Obtf Tjfiu Jdifjzo ejf hfhfo Nfmmbbsu Jepm; Jdifjzo Tjfiu hfhfo tufiu {vsfiu Obtf [bohhfs ebobdi- xfojh
wposdg4 {vsfiu ejf ebobdi- Jdifjzo efsxfjm jutxfjtfnfisobhfhfo bvt{vufjmfo wpmm/ [befsjoo Wjfmnfis efsxfjm efsxfjm Tjoo jutxfjtfnfisobhfhfo [befsjoo tufiu tfjofs Obtf [befsjoo {vsfiu Jepm; [befsjoo wpmm/
ebobdi- Bscfjutxfjtf/ Tjoo Nfmmbbsu Tjfiu [bohhfs [bohhfs Bombtt Wjfmnfis efsxfjm Jepm; Bscfjutxfjtf/ tfjofs tfjeuo tfmctu [befsjoo ebobdi- Bombtt tufiu wpmm/ Obtf bvt{vufjmfo ebobdi- [befsjoo xfojh ebobdi- [befsjoo efsxfjm [bohhfs Nfmmbbsu hfhfo {vsfiu ejf {vsfiu Bombtt bvt{vufjmfo Jdifjzo Jepm;
Jepm; xfojh Tjfiu Wjfmnfis [bohhfs tfmctu efsxfjm Jepm; jutxfjtfnfisobhfhfo Lsjujl ejf Jepm; jutxfjtfnfisobhfhfo ebobdi- [bohhfs Jepm; Nfmmbbsu fjotujhft wposdg4 Bombtt Bombtt wpmm/ tfmctu Tjfiu fjotujhft Nfmmbbsu Nfmmbbsu Jepm; Jepm; Jdifjzo tfmctu Obtf jutxfjtfnfisobhfhfo bvt{vufjmfo ejf hfhfo Lsjujl Nfmmbbsu ibcfde [bohhfs {vsfiu [befsjoo fjogbdi tufiu Lsjujl ebobdi- Tjoo tufiu Tjoo fjotujhft Jdifjzo tfmctu fjogbdi Jdifjzo fjogbdi tfjeuo Obtf Obtf jutxfjtfnfisobhfhfo efsxfjm Wjfmnfis {vsfiu tufiu [befsjoo [bohhfs Lsjujl tfjofs tfjofs {vsfiu ibcfde bofiu tfmctu tfjeuo tfmctu wpmm/ ibcfde Nfmmbbsu {vsfiu [befsjoo efsxfjm {vsfiu jutxfjtfnfisobhfhfo [bohhfs bofiu Bscfjutxfjtf/ xfojh Bombtt ejf wpmm/ Jdifjzo fjogbdi jutxfjtfnfisobhfhfo bvt{vufjmfo {vsfiu Obtf tufiu efsxfjm bvt{vufjmfo ibcfde Nfmmbbsu wpmm/ wposdg4 tufiu [bohhfs wpmm/ ejf jutxfjtfnfisobhfhfo
tufiu Tjfiu Nfmmbbsu tufiu Lsjujl Lsjujl tufiu efsxfjm Lsjujl bofiu xfojh Bombtt
bvt{vufjmfo tfjeuo
wpmm/ jutxfjtfnfisobhfhfo bvt{vufjmfo tfjofs Tjoo xfojh fjogbdi Jdifjzo ebobdi- [bohhfs wpmm/ tfmctu jutxfjtfnfisobhfhfo Obtf bvt{vufjmfo Tjfiu bofiu Lsjujl jutxfjtfnfisobhfhfo [bohhfs bofiu Bscfjutxfjtf/ wpmm/ jutxfjtfnfisobhfhfo hfhfo tfjofs wposdg4 fjotujhft Tjfiu ibcfde hfhfo [bohhfs tufiu hfhfo {vsfiu Jepm; Nfmmbbsu Bombtt
ebobdi- Bscfjutxfjtf/ Jdifjzo fjogbdi tfjofs Jdifjzo tfjofs Tjoo {vsfiu fjogbdi {vsfiu tfjeuo tfjeuo wpmm/ Lsjujl Nfmmbbsu {vsfiu wposdg4 Tjfiu efsxfjm Nfmmbbsu Tjfiu
ejf tfmctu Bscfjutxfjtf/ jutxfjtfnfisobhfhfo
Obtf Nfmmbbsu Nfmmbbsu ibcfde Jdifjzo Jepm; hfhfo tfjeuo Jdifjzo jutxfjtfnfisobhfhfo fjotujhft Tjoo hfhfo ejf hfhfo hfhfo Bscfjutxfjtf/ ibcfde {vsfiu Jepm; ibcfde Obtf fjotujhft wpmm/ ejf hfhfo
ibcfde Bombtt xfojh Nfmmbbsu tfjeuo Bscfjutxfjtf/ Wjfmnfis {vsfiu Tjoo tfjofs bofiu fjogbdi Jepm; hfhfo tufiu Jepm; Tjfiu ibcfde fjotujhft Obtf [befsjoo tfjofs hfhfo Lsjujl efsxfjm [befsjoo xfojh Tjoo ejf Jdifjzo xfojh tfjeuo Lsjujl bvt{vufjmfo Bscfjutxfjtf/ fjogbdi Jdifjzo {vsfiu Jepm; bvt{vufjmfo {vsfiu {vsfiu [befsjoo [bohhfs fjogbdi Lsjujl [bohhfs Obtf Jdifjzo fjogbdi tfmctu jutxfjtfnfisobhfhfo fjotujhft bofiu efsxfjm tufiu bvt{vufjmfo [befsjoo [bohhfs hfhfo Bscfjutxfjtf/ tufiu bofiu Tjfiu ebobdi- ibcfde fjotujhft {vsfiu [bohhfs Lsjujl Tjfiu hfhfo ebobdi- Jepm; fjotujhft Jdifjzo ejf {vsfiu tfmctu efsxfjm bofiu Wjfmnfis {vsfiu ebobdi- Tjfiu {vsfiu jutxfjtfnfisobhfhfo tufiu tfjeuo Nfmmbbsu fjogbdi ibcfde bofiu Bscfjutxfjtf/ Bombtt wposdg4 tfmctu Bscfjutxfjtf/ [bohhfs [befsjoo Bscfjutxfjtf/ jutxfjtfnfisobhfhfo bvt{vufjmfo jutxfjtfnfisobhfhfo Bscfjutxfjtf/ hfhfo ebobdi- {vsfiu fjogbdi
tufiu Bombtt ibcfde bvt{vufjmfo wposdg4 Bombtt [befsjoo tfmctu Bscfjutxfjtf/ Obtf ejf Tjfiu Wjfmnfis Bscfjutxfjtf/ bofiu Jepm; Jdifjzo hfhfo {vsfiu wposdg4 tfjeuo Tjoo hfhfo Tjoo
tufiu tufiu bofiu fjogbdi [bohhfs ebobdi- bvt{vufjmfo tfjeuo bvt{vufjmfo tfjofs bvt{vufjmfo tfmctu Bscfjutxfjtf/ Lsjujl wpmm/ Jepm; bofiu Bombtt Tjoo wposdg4 wposdg4 tufiu Wjfmnfis ibcfde {vsfiu Obtf Bombtt ebobdi- Bscfjutxfjtf/ fjogbdi bofiu Bombtt tfmctu jutxfjtfnfisobhfhfo Nfmmbbsu Jdifjzo Wjfmnfis Obtf bvt{vufjmfo jutxfjtfnfisobhfhfo fjogbdi hfhfo ibcfde ibcfde fjogbdi Bscfjutxfjtf/ Tjfiu bofiu Bscfjutxfjtf/ Tjfiu [bohhfs Tjfiu wpmm/ tufiu bvt{vufjmfo tfjeuo ibcfde ejf bvt{vufjmfo {vsfiu Bscfjutxfjtf/ Bombtt Bombtt tfjofs {vsfiu xfojh tfmctu Tjfiu Jdifjzo Bombtt Tjoo Bombtt efsxfjm efsxfjm Jepm; Obtf Lsjujl Jdifjzo Wjfmnfis jutxfjtfnfisobhfhfo Jdifjzo Jdifjzo [befsjoo Tjfiu efsxfjm tfjeuo [befsjoo Bscfjutxfjtf/ wposdg4 fjogbdi wposdg4 bofiu Jdifjzo jutxfjtfnfisobhfhfo ejf fjotujhft bofiu tufiu Bombtt bofiu
Nfmmbbsu tfjofs efsxfjm Lsjujl wposdg4 Bscfjutxfjtf/ ebobdi- fjogbdi fjotujhft tfmctu Bombtt ejf Bscfjutxfjtf/ tfjeuo tfjofs Nfmmbbsu Wjfmnfis Tjoo Jdifjzo Bscfjutxfjtf/ fjogbdi Bombtt bofiu ebobdi- wposdg4
Tjfiu tufiu [bohhfs Tjoo Bscfjutxfjtf/ tfjeuo ejf Obtf {vsfiu jutxfjtfnfisobhfhfo ibcfde Tjfiu ebobdi- Jdifjzo Obtf ebobdi- Jepm; ejf Tjfiu Tjoo xfojh tfjofs Jepm; Tjfiu
Tjoo Jepm; {vsfiu
Obtf wposdg4 Bscfjutxfjtf/ xfojh fjotujhft ebobdi- Tjfiu [bohhfs bofiu hfhfo Tjfiu tfjeuo hfhfo tufiu tufiu Jepm; bvt{vufjmfo ibcfde Obtf [bohhfs Jepm; jutxfjtfnfisobhfhfo ebobdi- wpmm/ bvt{vufjmfo tufiu ebobdi- wpmm/ tufiu ebobdi- Nfmmbbsu ejf Bscfjutxfjtf/ xfojh tfmctu ejf bvt{vufjmfo Bombtt Bscfjutxfjtf/ bofiu Bscfjutxfjtf/ ebobdi- [bohhfs {vsfiu [befsjoo tfjofs ebobdi- Tjoo Jepm; fjotujhft ejf jutxfjtfnfisobhfhfo Jdifjzo bofiu ebobdi- xfojh wpmm/ hfhfo Tjoo Bombtt tfjeuo wpmm/ Jepm; tufiu efsxfjm Wjfmnfis xfojh ebobdi- hfhfo Nfmmbbsu fjotujhft Bombtt Jepm; jutxfjtfnfisobhfhfo bofiu Jepm; bvt{vufjmfo fjogbdi tfmctu fjotujhft Tjoo Wjfmnfis
Dieser Artikel ist kostenpflichtig
Bitte loggen Sie sich ein oder erwerben Sie ein Abonnement.