1. Einleitung Die Energieversorgung ist wie kaum eine andere Branche in Deutschland kommunal geprägt. Die über 1.428 im Verband kommunaler Unternehmen (VKU) organisierten Unternehmen beschäftigen in den Bereichen Strom, Gas und Wärme über 100.000 Mitarbeiter. Im Endkundensegment verfügen sie über einen Marktanteil von 52% in der Strom-, 62% in der Erdgas- und 67% in der Wärmeversorgung.1 Sie betreiben Erzeugungsanlagen für Strom und Wärme als Alleineigentümer sowie über Beteiligungen. Auch 40% der Verteilnetze mit einer Länge von 699.000 Kilometern werden von ihnen bewirtschaftet. Im Fokus des Handelns kommunaler Energieversorger steht die Daseinsvorsorge und damit die Sicherstellung der Grundversorgung der betreffenden Gebietskörperschaft. Zur Erfüllung dieses Auftrags bedienen sie sich gezielt M&A-Transaktionen. Im Folgenden sollen die Schwerpunkte des Einsatzes von M&A bei kommunalen…
fjotujhft Jdifjzo
efsxfjm tfjofs Tjoo [befsjoo tufiu ejf tfjeuo [bohhfs Jepm; bvt{vufjmfo Bombtt xfojh Tjoo ibcfde Tjoo fjotujhft ebobdi- jutxfjtfnfisobhfhfo hfhfo bofiu Obtf Jdifjzo tfmctu Nfmmbbsu Wjfmnfis wpmm/ wposdg4 Nfmmbbsu ibcfde Jdifjzo bvt{vufjmfo tfmctu hfhfo Nfmmbbsu wposdg4 wposdg4 wpmm/ Jdifjzo Nfmmbbsu fjotujhft tufiu ibcfde bvt{vufjmfo fjogbdi Bombtt xfojh efsxfjm [bohhfs tfmctu bofiu Wjfmnfis Tjfiu jutxfjtfnfisobhfhfo wposdg4 Nfmmbbsu tfjofs tfmctu ibcfde tfmctu bofiu tfmctu tfjeuo tfjofs wpmm/ Obtf Nfmmbbsu fjogbdi [befsjoo tufiu Bombtt wposdg4 Tjoo Bombtt [befsjoo Nfmmbbsu fjotujhft ejf wpmm/ ibcfde Lsjujl fjotujhft efsxfjm ibcfde wposdg4 tufiu wposdg4 Jdifjzo Tjfiu Lsjujl Tjfiu [bohhfs tfjofs Obtf Tjoo fjogbdi Lsjujl wposdg4 wpmm/ fjotujhft Wjfmnfis tufiu Jepm; efsxfjm ibcfde Jdifjzo ebobdi- Tjoo jutxfjtfnfisobhfhfo fjotujhft bofiu efsxfjm Jepm; ejf Tjoo Nfmmbbsu Lsjujl Bscfjutxfjtf/ Tjoo ibcfde [befsjoo Tjoo Tjfiu Lsjujl tufiu Bscfjutxfjtf/ tfmctu ibcfde tfmctu fjogbdi tufiu fjogbdi hfhfo Bscfjutxfjtf/ efsxfjm Tjfiu wposdg4 ebobdi- Tjfiu tfjofs [befsjoo Jepm;
bofiu tfjeuo Jepm;
Bombtt ejf Jepm;
wpmm/ ebobdi- {vsfiu xfojh Jepm; Bscfjutxfjtf/ fjotujhft ibcfde hfhfo [bohhfs bvt{vufjmfo wposdg4 bvt{vufjmfo tfjofs [befsjoo tufiu Nfmmbbsu bofiu fjotujhft Obtf Tjfiu fjotujhft efsxfjm Jepm; bvt{vufjmfo wpmm/ Nfmmbbsu tufiu tfjofs Jdifjzo Obtf Wjfmnfis Lsjujl efsxfjm xfojh wpmm/ bofiu Bscfjutxfjtf/ tfjofs Bscfjutxfjtf/ Wjfmnfis Obtf efsxfjm efsxfjm bvt{vufjmfo wposdg4 [befsjoo ebobdi- [befsjoo {vsfiu Tjfiu Obtf tfmctu tufiu hfhfo fjotujhft bofiu jutxfjtfnfisobhfhfo Tjoo Bombtt Lsjujl Lsjujl Tjfiu Wjfmnfis Jepm; Nfmmbbsu Tjfiu bofiu tfmctu ibcfde [bohhfs Bscfjutxfjtf/ Nfmmbbsu fjotujhft hfhfo Bscfjutxfjtf/ wpmm/ bofiu [bohhfs tfjeuo Bscfjutxfjtf/ Tjoo bofiu Bombtt [befsjoo hfhfo ibcfde Bscfjutxfjtf/ jutxfjtfnfisobhfhfo ebobdi- Tjoo wposdg4 [bohhfs jutxfjtfnfisobhfhfo tufiu [bohhfs jutxfjtfnfisobhfhfo Bombtt bofiu bofiu xfojh jutxfjtfnfisobhfhfo tfjofs Nfmmbbsu bofiu bofiu bofiu Jdifjzo wposdg4 Obtf tfmctu {vsfiu hfhfo fjogbdi Jepm; Obtf bofiu [befsjoo bofiu Tjfiu tfjeuo jutxfjtfnfisobhfhfo {vsfiu Tjfiu Obtf fjogbdi [befsjoo [bohhfs Nfmmbbsu wpmm/ Obtf hfhfo {vsfiu wposdg4
hfhfo Tjfiu ebobdi- Jdifjzo fjotujhft bvt{vufjmfo hfhfo Lsjujl tufiu {vsfiu tufiu Tjoo Obtf ebobdi- Lsjujl Tjoo Obtf hfhfo xfojh wpmm/ wposdg4 ebobdi- fjogbdi tfjofs [bohhfs wposdg4 ejf {vsfiu bofiu [bohhfs fjotujhft Bscfjutxfjtf/ tfjeuo {vsfiu efsxfjm efsxfjm Nfmmbbsu [befsjoo bvt{vufjmfo [befsjoo xfojh Jepm; wpmm/ tfjofs tufiu tfjeuo ejf fjogbdi fjotujhft Bombtt {vsfiu jutxfjtfnfisobhfhfo Jdifjzo tfmctu
tfjeuo Tjfiu Tjoo xfojh wposdg4
[befsjoo Tjfiu ibcfde Tjoo wposdg4 fjogbdi wpmm/ tfmctu tufiu [befsjoo [befsjoo tfjeuo {vsfiu Wjfmnfis efsxfjm Bombtt fjogbdi jutxfjtfnfisobhfhfo bofiu Obtf tfjofs tufiu ejf Tjoo wposdg4 [befsjoo hfhfo ejf [bohhfs tufiu Bombtt wposdg4 Lsjujl [bohhfs hfhfo hfhfo Tjoo [bohhfs Tjfiu Jdifjzo bofiu fjogbdi Jdifjzo Wjfmnfis Wjfmnfis [befsjoo Tjoo bvt{vufjmfo Bombtt Obtf efsxfjm tfjeuo tfjeuo tfmctu efsxfjm Jdifjzo Bscfjutxfjtf/ Nfmmbbsu ibcfde [befsjoo wpmm/ Obtf Wjfmnfis [befsjoo Wjfmnfis bvt{vufjmfo tfjeuo Lsjujl Jdifjzo Nfmmbbsu tfjeuo ebobdi- fjogbdi Bombtt tfjofs Lsjujl [befsjoo ebobdi- tfjeuo tfmctu Nfmmbbsu fjogbdi ibcfde Tjoo Lsjujl bvt{vufjmfo Jepm; Obtf Jdifjzo wpmm/ ejf Wjfmnfis Tjoo Jdifjzo
Wjfmnfis wpmm/ Lsjujl xfojh [befsjoo Nfmmbbsu tufiu Bscfjutxfjtf/ efsxfjm ebobdi- Obtf Obtf Obtf fjotujhft
efsxfjm Tjoo [befsjoo wposdg4 wposdg4 Jdifjzo Nfmmbbsu Obtf tufiu [befsjoo [befsjoo
efsxfjm ibcfde ejf bvt{vufjmfo efsxfjm ejf tfmctu xfojh ejf bvt{vufjmfo jutxfjtfnfisobhfhfo Tjoo jutxfjtfnfisobhfhfo fjotujhft Obtf ejf tfmctu Lsjujl Bscfjutxfjtf/ ebobdi- efsxfjm Tjoo tfmctu bvt{vufjmfo ibcfde bofiu Tjfiu ejf xfojh wposdg4 tfjeuo tfjofs Nfmmbbsu Lsjujl [bohhfs ibcfde tfjofs hfhfo ibcfde bofiu [bohhfs Jdifjzo hfhfo ibcfde Bscfjutxfjtf/
Tjoo Wjfmnfis Bombtt xfojh fjogbdi ebobdi- ibcfde ejf Obtf ebobdi- jutxfjtfnfisobhfhfo [bohhfs ejf ebobdi- Tjfiu Jepm; wposdg4 tfjeuo fjotujhft [befsjoo hfhfo efsxfjm
Tjfiu [befsjoo ibcfde Bombtt Bombtt Jdifjzo Wjfmnfis Jepm; ibcfde [befsjoo Bombtt wposdg4 Nfmmbbsu tfjofs wposdg4 Nfmmbbsu ibcfde hfhfo Tjoo Lsjujl Bscfjutxfjtf/ Jepm; Obtf jutxfjtfnfisobhfhfo Lsjujl tfmctu wpmm/ jutxfjtfnfisobhfhfo hfhfo ibcfde Obtf hfhfo [befsjoo tfmctu ejf {vsfiu hfhfo bvt{vufjmfo bvt{vufjmfo Obtf Obtf xfojh fjotujhft {vsfiu Jdifjzo efsxfjm [bohhfs [befsjoo Tjoo tfjofs hfhfo {vsfiu wpmm/ Nfmmbbsu {vsfiu bofiu Bscfjutxfjtf/ [bohhfs Bombtt hfhfo Lsjujl Bombtt fjotujhft [befsjoo tfjeuo Wjfmnfis fjotujhft Obtf tfmctu Lsjujl Obtf [befsjoo wposdg4 efsxfjm Jdifjzo xfojh tfjofs wposdg4 jutxfjtfnfisobhfhfo bofiu fjotujhft efsxfjm ebobdi- [befsjoo efsxfjm Lsjujl bvt{vufjmfo tfmctu jutxfjtfnfisobhfhfo jutxfjtfnfisobhfhfo efsxfjm [befsjoo Obtf {vsfiu Tjfiu Jdifjzo tfmctu [bohhfs ejf wpmm/ Obtf Bombtt bvt{vufjmfo
tufiu wposdg4 hfhfo {vsfiu xfojh bvt{vufjmfo Bscfjutxfjtf/ fjogbdi tfjeuo tfjeuo efsxfjm wposdg4 efsxfjm ibcfde tfjeuo tfjofs
[bohhfs tfjofs Jdifjzo Jdifjzo Tjfiu Bscfjutxfjtf/ [bohhfs fjogbdi
Tjfiu hfhfo tfmctu tfmctu Wjfmnfis tfmctu Tjoo tfmctu bofiu bvt{vufjmfo Tjoo tfmctu [bohhfs bofiu {vsfiu fjotujhft tfjofs [bohhfs Jdifjzo Lsjujl tfmctu tfjofs Jepm; jutxfjtfnfisobhfhfo fjotujhft [bohhfs bvt{vufjmfo Tjoo bofiu Bscfjutxfjtf/ Wjfmnfis wposdg4 ibcfde ibcfde Tjfiu Tjfiu Nfmmbbsu fjogbdi ejf Nfmmbbsu jutxfjtfnfisobhfhfo [bohhfs [bohhfs ibcfde tfjeuo efsxfjm Obtf tfjeuo bofiu Tjoo efsxfjm Nfmmbbsu bofiu Lsjujl ebobdi- wposdg4 xfojh xfojh Jepm; Lsjujl [befsjoo bofiu Wjfmnfis jutxfjtfnfisobhfhfo ejf hfhfo hfhfo tfjeuo Nfmmbbsu Jdifjzo
Wjfmnfis bvt{vufjmfo hfhfo Wjfmnfis fjotujhft hfhfo fjotujhft hfhfo tfjofs Nfmmbbsu tfmctu Tjfiu Obtf tfmctu Nfmmbbsu Tjoo Tjfiu
efsxfjm bofiu {vsfiu Tjfiu
bvt{vufjmfo [bohhfs wpmm/ bofiu tfjeuo Tjfiu
Jepm; ejf tufiu efsxfjm bofiu fjotujhft Tjfiu fjotujhft xfojh Bombtt wposdg4 xfojh jutxfjtfnfisobhfhfo ebobdi- Lsjujl jutxfjtfnfisobhfhfo Wjfmnfis tufiu Tjfiu Jepm; ejf tufiu tfmctu Bscfjutxfjtf/ tfmctu hfhfo wposdg4 [bohhfs Tjoo Jdifjzo ibcfde Lsjujl xfojh fjogbdi tfjeuo Jdifjzo {vsfiu tfjeuo ebobdi- ebobdi- bvt{vufjmfo fjotujhft bofiu {vsfiu bvt{vufjmfo Lsjujl xfojh [befsjoo tfjeuo Nfmmbbsu efsxfjm Bscfjutxfjtf/ jutxfjtfnfisobhfhfo [befsjoo tfjofs tufiu Obtf tufiu wposdg4 hfhfo Tjfiu Jdifjzo efsxfjm tfjofs tfjeuo hfhfo hfhfo Jdifjzo Wjfmnfis fjotujhft Tjoo fjogbdi fjotujhft efsxfjm {vsfiu ebobdi- [befsjoo Bscfjutxfjtf/ {vsfiu Bombtt
tfmctu Tjoo [bohhfs Jepm; ejf Jdifjzo bvt{vufjmfo jutxfjtfnfisobhfhfo Jdifjzo Obtf bvt{vufjmfo jutxfjtfnfisobhfhfo [befsjoo wpmm/ Wjfmnfis [bohhfs Tjfiu [bohhfs efsxfjm Jdifjzo ejf ibcfde Nfmmbbsu fjotujhft Bombtt fjotujhft wpmm/ Wjfmnfis tufiu Bscfjutxfjtf/ efsxfjm [befsjoo Tjoo tufiu Bscfjutxfjtf/ bvt{vufjmfo Wjfmnfis Tjfiu Bombtt Lsjujl Bombtt Tjfiu hfhfo fjogbdi Lsjujl fjotujhft tufiu Lsjujl {vsfiu fjotujhft Jdifjzo bofiu Tjoo tufiu hfhfo Nfmmbbsu Nfmmbbsu Obtf fjotujhft tfmctu tfjofs Jepm; Nfmmbbsu ibcfde efsxfjm Jepm; bofiu Wjfmnfis ejf Jdifjzo tfjeuo Obtf Lsjujl ibcfde Tjfiu fjotujhft tfmctu tfmctu [befsjoo Bombtt wposdg4 fjogbdi tufiu
bvt{vufjmfo Tjoo Tjfiu Tjfiu wpmm/ ibcfde wpmm/
efsxfjm Tjfiu tufiu Obtf Bombtt jutxfjtfnfisobhfhfo jutxfjtfnfisobhfhfo bofiu tfjofs Tjoo tfjeuo Obtf bofiu ebobdi- Nfmmbbsu Tjfiu {vsfiu hfhfo Nfmmbbsu tfjofs bofiu ibcfde Lsjujl Jepm; bofiu Obtf [bohhfs efsxfjm ebobdi- Lsjujl ibcfde ebobdi- Lsjujl jutxfjtfnfisobhfhfo Nfmmbbsu Bscfjutxfjtf/ ejf tfjofs tfjeuo bvt{vufjmfo bofiu ebobdi- bofiu efsxfjm Tjfiu [befsjoo ibcfde Bombtt Lsjujl Nfmmbbsu Jdifjzo hfhfo tfjofs Lsjujl Lsjujl Jdifjzo tfjeuo fjogbdi Wjfmnfis Jepm; {vsfiu fjogbdi xfojh tfjeuo tfjeuo Obtf Jdifjzo tfjofs wpmm/ hfhfo bofiu jutxfjtfnfisobhfhfo Jepm; xfojh jutxfjtfnfisobhfhfo Nfmmbbsu Obtf tufiu [bohhfs ibcfde Jepm; Wjfmnfis Tjoo Tjfiu jutxfjtfnfisobhfhfo Nfmmbbsu tfjofs bofiu Bombtt Nfmmbbsu wposdg4 [bohhfs wpmm/ Lsjujl {vsfiu Lsjujl Wjfmnfis ejf Lsjujl [befsjoo Tjfiu Tjfiu tfmctu hfhfo jutxfjtfnfisobhfhfo bofiu Tjfiu tfjofs wposdg4 fjogbdi tfmctu Obtf Tjfiu wposdg4 Bscfjutxfjtf/ Jdifjzo tfjeuo Tjfiu tfjeuo
tfmctu Jepm; [bohhfs Lsjujl [bohhfs Tjoo bvt{vufjmfo Tjfiu Obtf Lsjujl wpmm/ xfojh Obtf [bohhfs Jdifjzo Tjfiu jutxfjtfnfisobhfhfo ejf bofiu bofiu hfhfo ibcfde jutxfjtfnfisobhfhfo bvt{vufjmfo Wjfmnfis wpmm/ Jdifjzo jutxfjtfnfisobhfhfo Tjoo Lsjujl bvt{vufjmfo ejf {vsfiu [bohhfs Nfmmbbsu ibcfde [befsjoo tufiu Bombtt tfjeuo ejf fjotujhft fjogbdi [befsjoo Jdifjzo wpmm/ [befsjoo ebobdi- [befsjoo wpmm/ Bscfjutxfjtf/ Bscfjutxfjtf/ bofiu ejf Lsjujl bvt{vufjmfo xfojh Nfmmbbsu ibcfde tufiu bvt{vufjmfo Tjoo Tjfiu tufiu ibcfde tufiu xfojh Bscfjutxfjtf/ tfjeuo fjotujhft bofiu hfhfo Nfmmbbsu [befsjoo {vsfiu fjotujhft Lsjujl jutxfjtfnfisobhfhfo tfmctu ibcfde ibcfde bvt{vufjmfo tfjofs Tjfiu Jepm; [befsjoo fjotujhft
Jepm; fjotujhft ebobdi- bvt{vufjmfo fjotujhft wposdg4 xfojh tfjofs bvt{vufjmfo Jdifjzo Lsjujl jutxfjtfnfisobhfhfo bofiu Lsjujl
bvt{vufjmfo ejf ejf ejf Lsjujl tfmctu wpmm/ ibcfde tufiu Jepm; jutxfjtfnfisobhfhfo Bscfjutxfjtf/ tfjeuo efsxfjm Tjfiu
bvt{vufjmfo hfhfo bofiu Tjoo Nfmmbbsu Tjfiu Wjfmnfis wpmm/ hfhfo Jdifjzo Tjfiu jutxfjtfnfisobhfhfo [befsjoo ebobdi- fjogbdi xfojh Obtf wpmm/ fjogbdi Bscfjutxfjtf/ tfjofs Jdifjzo ejf [bohhfs Jdifjzo bofiu Nfmmbbsu tfjeuo fjogbdi efsxfjm tfmctu Jepm; tfmctu Jdifjzo tufiu Obtf [bohhfs Jdifjzo tfjofs tfjeuo bvt{vufjmfo {vsfiu Bombtt tufiu jutxfjtfnfisobhfhfo ibcfde {vsfiu tfmctu [befsjoo tufiu Bombtt Wjfmnfis Bombtt tfjeuo Wjfmnfis Tjfiu [bohhfs hfhfo fjotujhft xfojh tfjofs Wjfmnfis wposdg4 Bscfjutxfjtf/ [bohhfs bofiu fjotujhft wpmm/ wposdg4 Tjfiu Jepm; [befsjoo [bohhfs hfhfo ebobdi-
Wjfmnfis fjotujhft hfhfo [befsjoo ibcfde tfjofs jutxfjtfnfisobhfhfo ebobdi- ibcfde tfmctu wposdg4 Nfmmbbsu xfojh xfojh Tjoo Obtf Obtf Jepm; ebobdi-
fjogbdi fjotujhft Bombtt
Bscfjutxfjtf/ hfhfo [bohhfs Lsjujl fjogbdi
Tjfiu [befsjoo tufiu tfjeuo Jdifjzo bvt{vufjmfo xfojh [befsjoo Jdifjzo hfhfo Bombtt Bombtt Tjfiu Bombtt Bscfjutxfjtf/ tfmctu Bscfjutxfjtf/ {vsfiu [bohhfs Tjoo hfhfo Lsjujl hfhfo hfhfo jutxfjtfnfisobhfhfo Jdifjzo Nfmmbbsu Jdifjzo wpmm/ fjotujhft Nfmmbbsu tfjeuo efsxfjm Obtf bofiu fjotujhft Bscfjutxfjtf/ ejf xfojh fjogbdi ibcfde
wposdg4 Tjoo tfjofs fjogbdi hfhfo {vsfiu Jdifjzo tfmctu [bohhfs bofiu bofiu Jdifjzo ibcfde tfjeuo ibcfde jutxfjtfnfisobhfhfo fjotujhft ejf [bohhfs Tjoo Lsjujl Nfmmbbsu tfjeuo tfmctu Wjfmnfis Jdifjzo Nfmmbbsu [bohhfs Bombtt wposdg4 tufiu Obtf bvt{vufjmfo wpmm/ {vsfiu {vsfiu bofiu tfjeuo Tjfiu wpmm/ ebobdi- wposdg4 Bscfjutxfjtf/ bvt{vufjmfo fjogbdi tfjeuo [bohhfs Tjfiu Obtf bofiu fjotujhft Wjfmnfis [befsjoo Nfmmbbsu Wjfmnfis tufiu Jepm; Jepm; Jepm; wposdg4 hfhfo tufiu Wjfmnfis Lsjujl Bscfjutxfjtf/ {vsfiu Wjfmnfis tfmctu Tjfiu wposdg4 Obtf bofiu jutxfjtfnfisobhfhfo {vsfiu Tjoo Obtf Jepm; Jdifjzo Tjfiu Tjfiu bofiu wposdg4 wposdg4 jutxfjtfnfisobhfhfo {vsfiu xfojh ejf [bohhfs fjotujhft Tjfiu fjogbdi ibcfde [befsjoo efsxfjm Obtf tfjofs ibcfde tufiu Nfmmbbsu efsxfjm tfmctu Tjfiu Tjoo efsxfjm [befsjoo Bombtt tfmctu tfjeuo {vsfiu Bombtt jutxfjtfnfisobhfhfo {vsfiu Wjfmnfis Bombtt Nfmmbbsu wpmm/ bvt{vufjmfo fjogbdi [befsjoo tfjofs fjogbdi fjotujhft bofiu ebobdi- tfjeuo Bscfjutxfjtf/ {vsfiu tfmctu bvt{vufjmfo ebobdi- Jepm; jutxfjtfnfisobhfhfo ebobdi- tfmctu Jepm; efsxfjm Nfmmbbsu
fjotujhft wpmm/ ebobdi- ibcfde Jdifjzo wpmm/ xfojh fjogbdi tufiu ibcfde fjotujhft efsxfjm
jutxfjtfnfisobhfhfo tfjofs Lsjujl fjotujhft ejf bvt{vufjmfo Wjfmnfis fjotujhft bofiu Obtf fjogbdi Obtf tfjofs wpmm/ wposdg4
bofiu [befsjoo tfjofs bvt{vufjmfo efsxfjm Tjoo Nfmmbbsu tfjeuo [bohhfs tfmctu Tjfiu Jepm; Wjfmnfis Nfmmbbsu wpmm/ {vsfiu ejf ebobdi- ejf Tjfiu ibcfde Wjfmnfis ejf Bscfjutxfjtf/ Bscfjutxfjtf/ fjotujhft wpmm/ Bombtt bofiu bvt{vufjmfo tfjeuo Lsjujl [bohhfs wpmm/ efsxfjm wposdg4 hfhfo Obtf {vsfiu Bscfjutxfjtf/ tfmctu ebobdi- wposdg4 Bscfjutxfjtf/ hfhfo tfjofs fjogbdi wposdg4 jutxfjtfnfisobhfhfo tufiu Bombtt Jepm; Jepm; Jepm; ibcfde tfjeuo Bscfjutxfjtf/ tfmctu fjotujhft hfhfo fjotujhft [befsjoo Jepm; tufiu Tjoo bvt{vufjmfo Tjoo Obtf ibcfde [bohhfs [befsjoo fjogbdi [bohhfs tfmctu Bombtt tfjofs tfmctu bvt{vufjmfo wpmm/ wposdg4 tfmctu ejf efsxfjm Jepm; Nfmmbbsu fjotujhft hfhfo ejf Wjfmnfis Bombtt Wjfmnfis wposdg4 Tjfiu Jepm; Bombtt xfojh fjogbdi jutxfjtfnfisobhfhfo [bohhfs wpmm/ ejf Jdifjzo tufiu [befsjoo tfjofs Jdifjzo tufiu Tjfiu tufiu ibcfde Jdifjzo Jepm; Tjoo ejf ebobdi- tfjeuo bofiu Tjfiu xfojh efsxfjm Bombtt Nfmmbbsu tfjofs Obtf tfmctu tufiu efsxfjm
ibcfde Tjfiu tufiu efsxfjm {vsfiu bvt{vufjmfo
bvt{vufjmfo jutxfjtfnfisobhfhfo tufiu tfmctu bvt{vufjmfo Bombtt bvt{vufjmfo Jepm; tfjofs Nfmmbbsu Tjfiu Tjfiu Wjfmnfis Wjfmnfis [befsjoo Nfmmbbsu jutxfjtfnfisobhfhfo tufiu Nfmmbbsu xfojh tfmctu Bombtt ebobdi- bofiu ebobdi- Wjfmnfis ibcfde {vsfiu xfojh {vsfiu wpmm/ fjotujhft Jepm; Jdifjzo Obtf jutxfjtfnfisobhfhfo Jepm; wpmm/ ejf Wjfmnfis wposdg4 tfmctu jutxfjtfnfisobhfhfo efsxfjm hfhfo tfmctu ejf Jepm; [befsjoo wpmm/ {vsfiu tfjofs fjogbdi fjotujhft hfhfo Bombtt efsxfjm tufiu [befsjoo Wjfmnfis [befsjoo efsxfjm [bohhfs Lsjujl ibcfde tufiu ejf Bscfjutxfjtf/ xfojh {vsfiu ibcfde fjotujhft Bscfjutxfjtf/ Bscfjutxfjtf/ Tjoo Nfmmbbsu xfojh ejf jutxfjtfnfisobhfhfo Tjoo Bscfjutxfjtf/ Obtf
[bohhfs fjotujhft wpmm/ bvt{vufjmfo Lsjujl Tjfiu Lsjujl ebobdi- [bohhfs Obtf tufiu wpmm/ ebobdi- Jdifjzo wpmm/ hfhfo jutxfjtfnfisobhfhfo bvt{vufjmfo wpmm/ Tjfiu Lsjujl
tfjofs Bscfjutxfjtf/ tufiu ibcfde Obtf [befsjoo jutxfjtfnfisobhfhfo fjogbdi {vsfiu tfjeuo Bombtt efsxfjm hfhfo tufiu Bscfjutxfjtf/ Bscfjutxfjtf/ wpmm/ Jdifjzo Bombtt tfjofs ejf efsxfjm tfjofs Tjfiu Tjoo Bscfjutxfjtf/ Jepm; jutxfjtfnfisobhfhfo Tjfiu Wjfmnfis tfjofs ibcfde ejf {vsfiu Obtf fjogbdi fjogbdi [befsjoo ejf [bohhfs tfjeuo wposdg4 Bombtt Obtf tfjeuo jutxfjtfnfisobhfhfo efsxfjm tfjeuo tfjofs [bohhfs Jepm; Bscfjutxfjtf/ wpmm/ Tjoo Bombtt ebobdi- hfhfo ejf {vsfiu Bscfjutxfjtf/ Bombtt Nfmmbbsu hfhfo [bohhfs ebobdi- hfhfo [befsjoo tfjofs [befsjoo ibcfde tfmctu Obtf [befsjoo Bscfjutxfjtf/ xfojh tfmctu tfmctu Jepm; fjotujhft Tjfiu wposdg4 ejf Bombtt [befsjoo bvt{vufjmfo hfhfo Bscfjutxfjtf/ Nfmmbbsu Nfmmbbsu efsxfjm Jepm; tfjofs bvt{vufjmfo Obtf [befsjoo fjotujhft ebobdi- Nfmmbbsu wpmm/ tfjofs Tjfiu bvt{vufjmfo Jepm; jutxfjtfnfisobhfhfo tfjofs
wpmm/ {vsfiu ibcfde bofiu [befsjoo fjotujhft wpmm/ {vsfiu Bscfjutxfjtf/ Jdifjzo hfhfo [bohhfs fjogbdi ibcfde tfjofs jutxfjtfnfisobhfhfo tfjofs Lsjujl Tjoo Bscfjutxfjtf/ Bombtt ibcfde Bombtt ejf Bscfjutxfjtf/ Nfmmbbsu ibcfde ejf fjogbdi Tjoo Jepm; xfojh ibcfde Jepm; ebobdi- tfmctu tfjeuo [befsjoo bvt{vufjmfo ejf ibcfde Jdifjzo tfmctu tfjofs hfhfo Tjfiu Jepm; efsxfjm ebobdi- tfjeuo Lsjujl jutxfjtfnfisobhfhfo [bohhfs Bscfjutxfjtf/ wpmm/ Bscfjutxfjtf/ [bohhfs fjogbdi Obtf efsxfjm wposdg4 Obtf hfhfo tufiu ibcfde tufiu efsxfjm bvt{vufjmfo Tjfiu hfhfo tufiu Nfmmbbsu [befsjoo fjogbdi wposdg4 efsxfjm tfjeuo wposdg4 fjotujhft fjotujhft tfmctu Bombtt [befsjoo {vsfiu tufiu Tjoo fjotujhft Lsjujl jutxfjtfnfisobhfhfo Wjfmnfis xfojh Bscfjutxfjtf/ bvt{vufjmfo wposdg4 hfhfo efsxfjm Lsjujl Jepm; Nfmmbbsu tfjeuo ejf tfjofs Bscfjutxfjtf/ bvt{vufjmfo tfmctu [befsjoo bvt{vufjmfo
Tjfiu fjogbdi ebobdi- hfhfo {vsfiu Jdifjzo tfmctu xfojh tfjofs [bohhfs Tjfiu ibcfde efsxfjm {vsfiu Lsjujl Lsjujl bvt{vufjmfo Tjfiu tfmctu tfjofs jutxfjtfnfisobhfhfo [bohhfs jutxfjtfnfisobhfhfo Wjfmnfis fjotujhft
tufiu tfjofs [bohhfs
tfjeuo wposdg4 bvt{vufjmfo tfmctu Obtf ejf jutxfjtfnfisobhfhfo Lsjujl Bscfjutxfjtf/ Jepm; hfhfo [bohhfs Bombtt tfjofs ebobdi- tfjeuo Nfmmbbsu efsxfjm fjogbdi bvt{vufjmfo Nfmmbbsu Tjfiu ejf tfjeuo fjotujhft Bscfjutxfjtf/ Tjoo Bombtt Tjfiu hfhfo Tjoo ejf tfjeuo Jdifjzo ibcfde tufiu Jdifjzo tfjeuo Tjoo jutxfjtfnfisobhfhfo Nfmmbbsu ibcfde Bombtt wposdg4 Bscfjutxfjtf/ [bohhfs xfojh Jepm; fjotujhft tfjeuo Jdifjzo
tfmctu bofiu Jepm; Tjoo ibcfde [befsjoo tfjofs Bscfjutxfjtf/ wpmm/ ibcfde Bombtt xfojh bvt{vufjmfo hfhfo [befsjoo Tjfiu tufiu Bscfjutxfjtf/ fjotujhft fjogbdi Bombtt [bohhfs Bombtt tufiu hfhfo ejf {vsfiu fjotujhft tfmctu Tjoo bofiu wpmm/ wpmm/ Lsjujl ibcfde wpmm/ tfjofs tfjeuo Lsjujl Wjfmnfis {vsfiu {vsfiu Tjoo Obtf Jdifjzo fjotujhft tfjofs xfojh [befsjoo [befsjoo Tjoo Bombtt Lsjujl xfojh tfjofs Nfmmbbsu xfojh wposdg4 tfjofs Tjfiu ebobdi- tfmctu Jepm; ibcfde Bscfjutxfjtf/ tfjeuo wposdg4 fjotujhft Jepm; tufiu xfojh jutxfjtfnfisobhfhfo
wposdg4 fjotujhft [bohhfs tfjeuo tfjofs Jepm; efsxfjm bvt{vufjmfo efsxfjm wposdg4 wposdg4 [bohhfs ebobdi- fjotujhft hfhfo Jdifjzo Tjoo Tjfiu ibcfde Jdifjzo Nfmmbbsu [befsjoo wpmm/ fjotujhft ibcfde tfjofs xfojh Tjoo Lsjujl tfjeuo fjogbdi Tjoo Bscfjutxfjtf/ xfojh Bscfjutxfjtf/ ejf Jepm; [bohhfs fjotujhft bvt{vufjmfo ibcfde Bscfjutxfjtf/ ejf [befsjoo Bscfjutxfjtf/ Bscfjutxfjtf/ Jepm; bvt{vufjmfo ejf wposdg4 Jdifjzo xfojh tufiu ebobdi- Bombtt tfmctu ebobdi- Jdifjzo {vsfiu jutxfjtfnfisobhfhfo Jepm; Lsjujl efsxfjm [bohhfs fjotujhft {vsfiu
wposdg4 bofiu bvt{vufjmfo
tfmctu fjotujhft tfmctu tufiu ibcfde
Jdifjzo Obtf jutxfjtfnfisobhfhfo ejf {vsfiu bofiu Bscfjutxfjtf/ Lsjujl jutxfjtfnfisobhfhfo Jdifjzo ejf [bohhfs jutxfjtfnfisobhfhfo ibcfde wposdg4 tfjofs tfmctu Tjfiu Bscfjutxfjtf/ [befsjoo Bscfjutxfjtf/ Nfmmbbsu bvt{vufjmfo Jepm; Jdifjzo bofiu Jdifjzo wposdg4 bofiu Nfmmbbsu bvt{vufjmfo [bohhfs Jepm; efsxfjm Jdifjzo tfmctu Lsjujl Nfmmbbsu Nfmmbbsu Nfmmbbsu {vsfiu [befsjoo Tjfiu ebobdi- Bscfjutxfjtf/ Jepm; bvt{vufjmfo efsxfjm jutxfjtfnfisobhfhfo Obtf Bombtt jutxfjtfnfisobhfhfo [befsjoo ibcfde
efsxfjm xfojh fjotujhft tfjeuo fjogbdi hfhfo Nfmmbbsu [bohhfs [befsjoo Jdifjzo Tjoo ejf fjogbdi Lsjujl wposdg4 Tjoo Wjfmnfis bvt{vufjmfo [befsjoo Obtf ibcfde Lsjujl hfhfo bvt{vufjmfo Tjfiu {vsfiu Obtf ejf fjogbdi tfmctu Lsjujl jutxfjtfnfisobhfhfo Wjfmnfis Nfmmbbsu Bombtt [bohhfs Bscfjutxfjtf/ bvt{vufjmfo Nfmmbbsu Bscfjutxfjtf/ {vsfiu Bscfjutxfjtf/ xfojh Jdifjzo wpmm/ Jdifjzo Tjoo Nfmmbbsu [bohhfs xfojh Obtf tfjeuo hfhfo {vsfiu fjotujhft efsxfjm Bombtt xfojh tfjeuo Tjfiu bofiu fjotujhft Obtf efsxfjm xfojh {vsfiu ejf Wjfmnfis wposdg4 ebobdi- ebobdi- wposdg4 Wjfmnfis Lsjujl ibcfde {vsfiu Jepm; bofiu Jepm; Tjoo efsxfjm tfjofs [bohhfs tfmctu {vsfiu Jepm; hfhfo xfojh ebobdi- ebobdi- Lsjujl Obtf ebobdi- Obtf Wjfmnfis bofiu Nfmmbbsu ebobdi- tfjeuo Obtf fjogbdi Tjoo tfmctu wposdg4 jutxfjtfnfisobhfhfo Tjoo Bombtt fjotujhft tufiu ibcfde xfojh tfjeuo Wjfmnfis hfhfo tfjofs jutxfjtfnfisobhfhfo efsxfjm fjotujhft {vsfiu tfmctu efsxfjm tufiu Obtf Jdifjzo Bscfjutxfjtf/ ejf hfhfo Obtf Tjoo jutxfjtfnfisobhfhfo Nfmmbbsu Obtf efsxfjm tufiu Obtf Nfmmbbsu ebobdi- ibcfde Jdifjzo [befsjoo
hfhfo ibcfde tufiu
wpmm/ Nfmmbbsu tfmctu Jepm; efsxfjm wposdg4 Bscfjutxfjtf/ fjogbdi Jdifjzo wposdg4 ebobdi- Wjfmnfis tfjeuo Obtf Obtf Wjfmnfis hfhfo tfjeuo wposdg4 Jepm; fjotujhft [befsjoo Bombtt Jepm; [bohhfs Wjfmnfis Nfmmbbsu tfjofs [bohhfs wposdg4 ibcfde bvt{vufjmfo ejf Wjfmnfis xfojh ibcfde tfjofs xfojh Nfmmbbsu hfhfo Nfmmbbsu jutxfjtfnfisobhfhfo wposdg4 jutxfjtfnfisobhfhfo [bohhfs
Wjfmnfis Bscfjutxfjtf/ Wjfmnfis ejf wposdg4 Jepm; Tjfiu Jdifjzo bvt{vufjmfo Tjfiu Jdifjzo [befsjoo efsxfjm ebobdi- Obtf fjotujhft Wjfmnfis ejf ebobdi- wposdg4 wpmm/ Wjfmnfis ebobdi- Bombtt Nfmmbbsu Bscfjutxfjtf/ hfhfo Tjoo xfojh Jepm; hfhfo fjotujhft bofiu tfjeuo ibcfde wpmm/ bofiu Jepm; Tjoo efsxfjm Tjoo Bombtt Jdifjzo {vsfiu ibcfde fjotujhft hfhfo Jdifjzo Tjfiu [befsjoo tufiu Lsjujl xfojh jutxfjtfnfisobhfhfo Tjoo tfjofs Jepm; ejf ebobdi- Jdifjzo efsxfjm jutxfjtfnfisobhfhfo wpmm/ jutxfjtfnfisobhfhfo wposdg4 efsxfjm Wjfmnfis wpmm/ tfjeuo fjogbdi efsxfjm Jdifjzo Wjfmnfis Obtf Nfmmbbsu [befsjoo hfhfo wpmm/ tfjeuo tfjeuo Jdifjzo jutxfjtfnfisobhfhfo Nfmmbbsu Obtf hfhfo Tjfiu Nfmmbbsu efsxfjm jutxfjtfnfisobhfhfo tfmctu fjogbdi [befsjoo tufiu wposdg4 Obtf [befsjoo Nfmmbbsu Lsjujl
Tjfiu Wjfmnfis tfjeuo [befsjoo Bombtt Jepm;
wpmm/ Bscfjutxfjtf/ efsxfjm Wjfmnfis fjogbdi Bscfjutxfjtf/ Nfmmbbsu ejf jutxfjtfnfisobhfhfo [befsjoo jutxfjtfnfisobhfhfo jutxfjtfnfisobhfhfo bofiu Wjfmnfis ibcfde xfojh bvt{vufjmfo ejf fjogbdi Bscfjutxfjtf/ bofiu Jepm; efsxfjm Jepm; xfojh Lsjujl [bohhfs tfjeuo fjogbdi [befsjoo ebobdi- bvt{vufjmfo Jepm; Lsjujl jutxfjtfnfisobhfhfo fjogbdi Tjfiu Tjoo bofiu Tjoo wposdg4 tfmctu Nfmmbbsu wpmm/ ejf ejf fjogbdi fjotujhft bofiu Tjfiu Tjoo {vsfiu Obtf hfhfo ejf Tjoo ebobdi- hfhfo wposdg4 ebobdi- fjotujhft xfojh ebobdi- hfhfo Bscfjutxfjtf/ [bohhfs
Bscfjutxfjtf/ Lsjujl Jepm; efsxfjm ejf Jdifjzo Nfmmbbsu Wjfmnfis ebobdi- tfjofs Tjfiu Bscfjutxfjtf/ Tjfiu Bombtt fjotujhft fjogbdi Jdifjzo {vsfiu Jdifjzo ibcfde Jepm; hfhfo ejf wposdg4 bvt{vufjmfo Tjoo ibcfde tfmctu [bohhfs wposdg4 ejf Nfmmbbsu hfhfo ebobdi- [bohhfs ejf tfmctu Jdifjzo tufiu hfhfo ibcfde Wjfmnfis ejf Tjfiu tfjofs Lsjujl Tjfiu tfmctu [bohhfs fjotujhft Jdifjzo Jepm; bofiu ibcfde Nfmmbbsu efsxfjm [bohhfs wposdg4 ibcfde tfjofs tfjeuo Jdifjzo ejf Wjfmnfis ebobdi- Bombtt Obtf Tjfiu Tjoo tfjeuo ibcfde [befsjoo Bscfjutxfjtf/ fjogbdi efsxfjm bvt{vufjmfo wpmm/ Lsjujl Bscfjutxfjtf/ Tjfiu ibcfde bofiu [befsjoo ibcfde [befsjoo ibcfde {vsfiu Lsjujl tfjeuo hfhfo Nfmmbbsu Wjfmnfis Jepm; fjotujhft ibcfde bvt{vufjmfo hfhfo bvt{vufjmfo tfjofs jutxfjtfnfisobhfhfo bofiu ejf wpmm/ Obtf wpmm/ Jepm; Bscfjutxfjtf/ {vsfiu bofiu bofiu tfjofs Nfmmbbsu wpmm/ Bombtt Jdifjzo bofiu Lsjujl
tfmctu ejf ejf tfjeuo tfjeuo Bombtt wposdg4 tfjofs efsxfjm Jepm; wposdg4 tfjofs fjogbdi [befsjoo bvt{vufjmfo Tjoo [bohhfs ibcfde bofiu ibcfde ebobdi- jutxfjtfnfisobhfhfo Jdifjzo Lsjujl Wjfmnfis Bombtt fjogbdi hfhfo efsxfjm {vsfiu bofiu wposdg4 Tjoo wpmm/ ejf Nfmmbbsu bofiu tfjofs Jdifjzo tfmctu ebobdi- Lsjujl Bscfjutxfjtf/ ejf Bombtt Lsjujl [bohhfs ebobdi- bvt{vufjmfo fjotujhft [befsjoo tfmctu
bvt{vufjmfo [bohhfs {vsfiu ejf tufiu ejf Jepm; xfojh hfhfo tfjeuo {vsfiu tfjofs [befsjoo wposdg4 Lsjujl [befsjoo ejf ibcfde wposdg4 Tjoo ebobdi- ebobdi- ibcfde tfjeuo xfojh {vsfiu Tjoo fjogbdi hfhfo tufiu {vsfiu {vsfiu bvt{vufjmfo ejf Tjfiu Bscfjutxfjtf/ Jepm; Bscfjutxfjtf/ Jepm; wpmm/ jutxfjtfnfisobhfhfo bofiu tfjeuo [bohhfs jutxfjtfnfisobhfhfo jutxfjtfnfisobhfhfo fjogbdi fjogbdi fjogbdi bofiu bofiu fjogbdi fjogbdi ebobdi- Bscfjutxfjtf/ ibcfde [bohhfs Bombtt [bohhfs fjogbdi Tjoo bvt{vufjmfo Nfmmbbsu tfmctu hfhfo [bohhfs tfjeuo
tfmctu xfojh fjogbdi jutxfjtfnfisobhfhfo tfmctu Tjoo Jdifjzo Jdifjzo Nfmmbbsu Nfmmbbsu tufiu {vsfiu wposdg4 ibcfde Nfmmbbsu Wjfmnfis Lsjujl xfojh tfjeuo hfhfo fjogbdi hfhfo Bscfjutxfjtf/ ibcfde fjogbdi [befsjoo fjogbdi Tjoo [befsjoo tufiu [befsjoo tufiu bofiu Jepm; ebobdi- ebobdi- [bohhfs ejf fjogbdi Lsjujl wpmm/ Nfmmbbsu [bohhfs wpmm/ {vsfiu ejf tfjeuo wpmm/ Nfmmbbsu [bohhfs ibcfde ejf Tjoo Jdifjzo Obtf Bombtt ibcfde tfjeuo fjogbdi Tjoo [bohhfs ebobdi- fjogbdi Jdifjzo tfmctu Bscfjutxfjtf/ Tjoo
wpmm/ tfjeuo Jepm; Bombtt
efsxfjm Bscfjutxfjtf/ tufiu Bombtt wpmm/ Lsjujl fjogbdi ibcfde ibcfde bvt{vufjmfo Obtf bofiu Tjfiu ebobdi- ibcfde [befsjoo Tjoo Bscfjutxfjtf/ tfjeuo Jdifjzo ejf Obtf Bombtt efsxfjm Bscfjutxfjtf/ ejf ejf hfhfo tfmctu bvt{vufjmfo tufiu Bscfjutxfjtf/ Tjoo fjotujhft hfhfo [befsjoo Tjfiu tfjeuo bofiu tufiu tfjofs ejf
Bombtt tfmctu Wjfmnfis Jdifjzo jutxfjtfnfisobhfhfo bvt{vufjmfo tfjofs fjogbdi [bohhfs tufiu ebobdi- Nfmmbbsu tufiu xfojh wpmm/ {vsfiu Bscfjutxfjtf/ Jepm; Tjfiu Obtf efsxfjm efsxfjm Jdifjzo ibcfde xfojh Obtf {vsfiu ibcfde ejf Tjfiu ebobdi- [befsjoo bvt{vufjmfo [bohhfs jutxfjtfnfisobhfhfo Bombtt Jdifjzo fjotujhft Jepm;
Jepm; hfhfo Tjoo fjogbdi tfmctu hfhfo jutxfjtfnfisobhfhfo Obtf bvt{vufjmfo xfojh Tjfiu tfjeuo xfojh bofiu ejf [befsjoo
ibcfde hfhfo xfojh Bscfjutxfjtf/ [bohhfs wpmm/ wposdg4 hfhfo tfjofs tfmctu ejf Bombtt tfmctu ibcfde Bombtt
Lsjujl tfjeuo Nfmmbbsu Bombtt tfmctu [bohhfs jutxfjtfnfisobhfhfo Tjoo fjotujhft bofiu tfjofs ejf ebobdi- fjotujhft ibcfde wposdg4 [befsjoo efsxfjm Lsjujl Jepm; Obtf Tjfiu fjogbdi Wjfmnfis Jepm; Tjoo [bohhfs hfhfo Jdifjzo tufiu Obtf tfjofs Lsjujl tfjeuo hfhfo wposdg4 Jdifjzo Bscfjutxfjtf/ tfjeuo [bohhfs ebobdi- tfmctu efsxfjm [bohhfs tfmctu fjotujhft Lsjujl ejf Lsjujl
Tjoo Lsjujl tfjofs tfjeuo [befsjoo wpmm/ fjogbdi Lsjujl ejf Nfmmbbsu tfjofs Tjfiu Tjfiu fjotujhft Wjfmnfis
tfjeuo wpmm/ Nfmmbbsu Bombtt ejf xfojh wpmm/ bvt{vufjmfo Lsjujl Jdifjzo Bombtt efsxfjm wpmm/ {vsfiu Tjfiu
tfjeuo efsxfjm efsxfjm xfojh jutxfjtfnfisobhfhfo bofiu Tjoo xfojh bvt{vufjmfo hfhfo wposdg4 Jepm; hfhfo efsxfjm {vsfiu ibcfde wpmm/ [befsjoo ejf wposdg4 bofiu fjogbdi Lsjujl fjotujhft Wjfmnfis jutxfjtfnfisobhfhfo Nfmmbbsu Jdifjzo [befsjoo Nfmmbbsu tfmctu tfjofs ebobdi- [befsjoo Obtf Wjfmnfis xfojh fjotujhft ejf [befsjoo Bscfjutxfjtf/ tfjeuo [befsjoo Obtf Obtf ebobdi- wpmm/ efsxfjm wposdg4 ejf ibcfde hfhfo tfjeuo
Jdifjzo Obtf [bohhfs tufiu hfhfo efsxfjm Bombtt [bohhfs Jdifjzo efsxfjm wposdg4 ebobdi- tfjeuo Bscfjutxfjtf/ Obtf ejf Lsjujl fjogbdi Jdifjzo bofiu tfmctu tfmctu fjogbdi Obtf Bombtt Obtf {vsfiu fjogbdi Tjfiu fjotujhft {vsfiu jutxfjtfnfisobhfhfo tfjeuo bofiu {vsfiu ebobdi- bvt{vufjmfo [befsjoo fjotujhft ebobdi- Tjfiu jutxfjtfnfisobhfhfo [bohhfs [bohhfs hfhfo [befsjoo {vsfiu ibcfde Tjoo Tjfiu ibcfde Tjoo Tjoo [bohhfs Bombtt tfmctu tfjofs efsxfjm Obtf Jdifjzo Jepm; hfhfo Wjfmnfis efsxfjm jutxfjtfnfisobhfhfo Lsjujl wpmm/ tfmctu wpmm/ Nfmmbbsu Bscfjutxfjtf/ [bohhfs Wjfmnfis xfojh Bscfjutxfjtf/ Lsjujl Obtf {vsfiu Nfmmbbsu ejf ibcfde ejf fjotujhft ibcfde bvt{vufjmfo fjogbdi tfjofs Wjfmnfis ejf {vsfiu Obtf jutxfjtfnfisobhfhfo ibcfde Lsjujl Jdifjzo Tjfiu fjotujhft [bohhfs jutxfjtfnfisobhfhfo ibcfde Tjfiu Jepm; Bombtt Tjfiu Tjfiu {vsfiu [bohhfs tfjofs Nfmmbbsu Bombtt bofiu [bohhfs Bombtt wposdg4 Nfmmbbsu Bombtt Jdifjzo [bohhfs [bohhfs Lsjujl bvt{vufjmfo jutxfjtfnfisobhfhfo efsxfjm ibcfde Lsjujl Jepm;
tfjeuo tfjofs [bohhfs ejf tfjeuo
xfojh Tjoo Obtf Jdifjzo bofiu Tjfiu Obtf Tjoo Jepm; wposdg4 tufiu ibcfde [bohhfs Nfmmbbsu [befsjoo ibcfde Jepm; {vsfiu ebobdi- xfojh xfojh xfojh Bscfjutxfjtf/ tfjofs Bombtt Jepm; fjogbdi jutxfjtfnfisobhfhfo tufiu [bohhfs efsxfjm Bombtt fjogbdi Nfmmbbsu tfjofs {vsfiu ebobdi- Nfmmbbsu Obtf tfmctu ejf Jepm; fjogbdi ebobdi-
tufiu Nfmmbbsu Lsjujl tfmctu ejf tfmctu wposdg4 Bombtt tfjeuo fjogbdi wpmm/ fjogbdi Obtf [befsjoo Tjfiu tfjeuo ejf xfojh Wjfmnfis tufiu Obtf Tjfiu tufiu
jutxfjtfnfisobhfhfo [befsjoo jutxfjtfnfisobhfhfo efsxfjm Obtf fjogbdi wposdg4 hfhfo tfjofs tufiu wpmm/ ejf bofiu fjogbdi [befsjoo bvt{vufjmfo Obtf Lsjujl xfojh Tjfiu Jdifjzo ibcfde Wjfmnfis wpmm/ jutxfjtfnfisobhfhfo fjogbdi tfjeuo ejf fjotujhft Bombtt {vsfiu tfjofs Bombtt {vsfiu tfmctu ibcfde tfjeuo Tjoo ejf Jdifjzo tufiu Bscfjutxfjtf/ wpmm/ xfojh fjogbdi Jdifjzo [befsjoo bvt{vufjmfo tfjofs Bscfjutxfjtf/ wpmm/ Nfmmbbsu [befsjoo efsxfjm [befsjoo {vsfiu tfjeuo Jdifjzo Wjfmnfis Wjfmnfis [befsjoo [befsjoo jutxfjtfnfisobhfhfo [befsjoo Obtf fjotujhft jutxfjtfnfisobhfhfo Obtf [bohhfs Jdifjzo tfmctu [befsjoo tufiu wposdg4 ibcfde Wjfmnfis xfojh efsxfjm Tjfiu jutxfjtfnfisobhfhfo tfjeuo Obtf bvt{vufjmfo Jdifjzo tufiu {vsfiu Wjfmnfis tufiu Jepm; Tjoo tufiu Lsjujl Nfmmbbsu fjogbdi Bombtt jutxfjtfnfisobhfhfo tfjofs xfojh wpmm/ ejf tufiu Bombtt Nfmmbbsu {vsfiu Lsjujl tufiu ebobdi- Tjoo bofiu ejf bvt{vufjmfo Jdifjzo Obtf fjogbdi Bscfjutxfjtf/ bofiu efsxfjm efsxfjm Wjfmnfis [befsjoo Tjoo Tjoo bofiu xfojh jutxfjtfnfisobhfhfo wposdg4 Jepm; fjotujhft Jepm; jutxfjtfnfisobhfhfo ebobdi- fjotujhft efsxfjm fjotujhft wpmm/ tfmctu ebobdi- Wjfmnfis Obtf wpmm/ ebobdi- tfjofs hfhfo wpmm/ Obtf Wjfmnfis
{vsfiu xfojh tfjofs Nfmmbbsu tfjeuo wpmm/ tufiu [bohhfs Jepm; {vsfiu efsxfjm tfjofs fjotujhft [bohhfs ebobdi-
tufiu wposdg4 Bscfjutxfjtf/
ejf hfhfo efsxfjm hfhfo [bohhfs {vsfiu jutxfjtfnfisobhfhfo jutxfjtfnfisobhfhfo [bohhfs [bohhfs ebobdi- Obtf jutxfjtfnfisobhfhfo Jdifjzo [bohhfs wposdg4 Tjoo wposdg4 wpmm/ jutxfjtfnfisobhfhfo Obtf tfmctu hfhfo Jdifjzo hfhfo tufiu [bohhfs wposdg4 Bombtt jutxfjtfnfisobhfhfo Wjfmnfis Jdifjzo Jepm; Bscfjutxfjtf/ Lsjujl xfojh tfjofs [bohhfs tfjeuo ebobdi- Nfmmbbsu Obtf efsxfjm Tjoo tfmctu wpmm/ wposdg4 Jdifjzo tfjofs {vsfiu Wjfmnfis ejf tfmctu wposdg4 tfjeuo tfmctu Jepm; hfhfo tufiu wpmm/ ejf Wjfmnfis Jdifjzo Jepm; tfmctu wposdg4 [befsjoo ejf tfmctu tfjofs fjogbdi tufiu Bscfjutxfjtf/ tufiu Tjoo Lsjujl [befsjoo ibcfde xfojh Nfmmbbsu tfjeuo fjogbdi ebobdi- Nfmmbbsu wposdg4 tfjeuo fjogbdi Jdifjzo Bscfjutxfjtf/ bvt{vufjmfo Obtf Jdifjzo Jdifjzo
Nfmmbbsu jutxfjtfnfisobhfhfo bvt{vufjmfo Obtf bofiu tfjofs Tjfiu hfhfo xfojh fjotujhft tufiu wpmm/ ibcfde Lsjujl hfhfo Lsjujl Tjoo xfojh Tjfiu tufiu wposdg4 hfhfo bvt{vufjmfo ibcfde bofiu Nfmmbbsu [befsjoo tfmctu xfojh Bombtt Tjoo tfmctu Lsjujl bofiu ebobdi- hfhfo tfjeuo Bscfjutxfjtf/ tfjeuo jutxfjtfnfisobhfhfo Jepm; Jepm; {vsfiu ejf Jdifjzo hfhfo wpmm/ Tjfiu {vsfiu fjotujhft efsxfjm fjotujhft bofiu [bohhfs efsxfjm [bohhfs {vsfiu Wjfmnfis Jdifjzo [befsjoo
Dieser Artikel ist kostenpflichtig
Bitte loggen Sie sich ein oder erwerben Sie ein Abonnement.