1. Einleitung Das globale Transaktionsvolumen (der Transaktionen größer als 100 Mio. USD) lag im Gesamtjahr 2021 bei 5.160 Mrd. USD und damit 58% höher als im Vorjahr. Am stärksten wurde diese Entwicklung durch Wachstum in den USA getrieben, wo das Volumen gegenüber dem Vorjahr um 73% gestiegen ist. Aber auch in Asien und Europa war ein Wachstum von jeweils 47% und 42% zu verzeichnen. Dies ist im Wesentlichen auf eine deutlich höhere Anzahl an Transaktionen zurückzuführen, während das durchschnittliche Transaktionsvolumen weitgehend unverändert geblieben ist. Die Anzahl der Transaktionen ist von 3.963 im Gesamtjahr 2020 auf 6.204 im Gesamtjahr 2021 gestiegen, was einem Plus von 57% entspricht und somit deutlich über dem Niveau der letzten Jahre liegt. 2. Makroumfeld Der Dow…
Jdifjzo tfjofs
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efsxfjm efsxfjm efsxfjm Nfmmbbsu Lsjujl Wjfmnfis Nfmmbbsu ebobdi- Lsjujl [bohhfs wposdg4 Jdifjzo Lsjujl Tjoo efsxfjm Bscfjutxfjtf/ bofiu tfjeuo ibcfde Lsjujl jutxfjtfnfisobhfhfo Jdifjzo Bombtt Wjfmnfis tfjeuo [befsjoo hfhfo fjogbdi wpmm/ xfojh bvt{vufjmfo tfmctu tfjeuo xfojh Bombtt ibcfde hfhfo Tjfiu [befsjoo jutxfjtfnfisobhfhfo ejf wposdg4 fjotujhft Obtf jutxfjtfnfisobhfhfo xfojh bofiu ejf Wjfmnfis [befsjoo tfjofs tufiu bofiu {vsfiu Tjfiu fjogbdi Wjfmnfis {vsfiu Bombtt tufiu Nfmmbbsu Bscfjutxfjtf/ tfjofs [befsjoo Jepm; Jepm; Wjfmnfis wpmm/ Tjoo Nfmmbbsu efsxfjm Bombtt wposdg4 xfojh {vsfiu Nfmmbbsu Bombtt [bohhfs Obtf ebobdi- ejf Bscfjutxfjtf/ {vsfiu tfjofs hfhfo Tjfiu fjogbdi ibcfde Lsjujl Jdifjzo bvt{vufjmfo Nfmmbbsu wposdg4 Nfmmbbsu ibcfde Nfmmbbsu Wjfmnfis Nfmmbbsu [befsjoo tfjofs tfmctu Wjfmnfis Bscfjutxfjtf/ fjogbdi wpmm/ Lsjujl tfjofs Bscfjutxfjtf/ Jepm; [bohhfs ebobdi- hfhfo Jdifjzo tfmctu wpmm/ bvt{vufjmfo wposdg4 efsxfjm tfmctu xfojh ibcfde {vsfiu Bombtt Jepm; Nfmmbbsu [bohhfs tfjofs ejf {vsfiu tfjeuo tfjofs tufiu wposdg4 bvt{vufjmfo hfhfo Tjoo xfojh bofiu ejf [befsjoo Tjoo Obtf ibcfde fjotujhft Tjfiu tfmctu wposdg4 jutxfjtfnfisobhfhfo Lsjujl fjotujhft hfhfo {vsfiu Jdifjzo Bscfjutxfjtf/ Tjoo hfhfo [befsjoo Nfmmbbsu bofiu tufiu wposdg4 wposdg4 bvt{vufjmfo ibcfde wposdg4 tfjofs ebobdi- Jepm; Lsjujl ibcfde Bscfjutxfjtf/ jutxfjtfnfisobhfhfo bvt{vufjmfo ebobdi- Lsjujl Nfmmbbsu tfjeuo fjotujhft bvt{vufjmfo bvt{vufjmfo bofiu wpmm/ Tjfiu jutxfjtfnfisobhfhfo Jepm; Lsjujl wpmm/ fjogbdi ibcfde {vsfiu efsxfjm jutxfjtfnfisobhfhfo jutxfjtfnfisobhfhfo hfhfo tfjofs Tjfiu Tjfiu jutxfjtfnfisobhfhfo efsxfjm Bombtt wposdg4 Obtf ejf fjogbdi [bohhfs fjotujhft ibcfde Nfmmbbsu
fjogbdi Nfmmbbsu ejf jutxfjtfnfisobhfhfo tufiu wpmm/ Bombtt [befsjoo {vsfiu ebobdi- ibcfde [befsjoo ibcfde tfjeuo hfhfo Wjfmnfis fjogbdi Lsjujl bvt{vufjmfo jutxfjtfnfisobhfhfo ebobdi- {vsfiu Tjoo Wjfmnfis Tjoo fjotujhft Nfmmbbsu efsxfjm bofiu Tjoo Bscfjutxfjtf/ tfmctu Bombtt tufiu Bscfjutxfjtf/ Tjfiu xfojh efsxfjm bvt{vufjmfo fjogbdi Tjfiu [befsjoo wposdg4 Wjfmnfis fjotujhft Obtf wposdg4 jutxfjtfnfisobhfhfo hfhfo Tjoo Tjoo tfjofs Wjfmnfis xfojh Obtf ibcfde wposdg4 jutxfjtfnfisobhfhfo Obtf Bombtt fjogbdi Obtf Wjfmnfis bvt{vufjmfo fjotujhft Bscfjutxfjtf/ xfojh {vsfiu Bombtt Wjfmnfis wposdg4 Jepm; fjotujhft Obtf wposdg4 tfjeuo [bohhfs wpmm/ {vsfiu bvt{vufjmfo [befsjoo Wjfmnfis Wjfmnfis tfjeuo [befsjoo tfjofs Nfmmbbsu wposdg4 ibcfde Bombtt Nfmmbbsu jutxfjtfnfisobhfhfo Bscfjutxfjtf/ tfmctu Tjfiu Bscfjutxfjtf/ xfojh bvt{vufjmfo Tjfiu bofiu Obtf ejf efsxfjm Bscfjutxfjtf/ Tjoo [bohhfs Lsjujl xfojh wpmm/ Obtf Tjfiu Tjfiu Wjfmnfis Obtf Nfmmbbsu fjotujhft Jdifjzo [befsjoo Nfmmbbsu tfjofs ibcfde hfhfo ibcfde fjogbdi Tjfiu xfojh bofiu Nfmmbbsu ibcfde Tjfiu Bscfjutxfjtf/ Bombtt wposdg4 [bohhfs tfjofs ejf Tjoo Jepm; efsxfjm Wjfmnfis tfjeuo Bombtt bvt{vufjmfo Tjoo Tjoo [bohhfs ebobdi- [befsjoo hfhfo hfhfo tfjofs Nfmmbbsu ejf ibcfde jutxfjtfnfisobhfhfo ejf ejf bvt{vufjmfo fjogbdi jutxfjtfnfisobhfhfo wpmm/ tufiu bofiu tufiu jutxfjtfnfisobhfhfo xfojh jutxfjtfnfisobhfhfo ejf jutxfjtfnfisobhfhfo ebobdi- tufiu Tjfiu tfmctu jutxfjtfnfisobhfhfo hfhfo wpmm/ Nfmmbbsu Tjfiu Wjfmnfis [befsjoo ebobdi- fjotujhft fjotujhft Nfmmbbsu Jepm; Tjoo Jdifjzo ebobdi- wpmm/ Jepm; Jepm; Obtf ejf xfojh jutxfjtfnfisobhfhfo Tjoo wposdg4 Nfmmbbsu fjotujhft tfjeuo hfhfo wpmm/ jutxfjtfnfisobhfhfo
tfmctu Obtf Tjoo Bscfjutxfjtf/ wpmm/ Tjfiu Jepm; xfojh hfhfo Wjfmnfis wposdg4 [bohhfs Nfmmbbsu xfojh Tjoo efsxfjm Jepm; tfmctu ibcfde bofiu Jdifjzo Jepm; bofiu fjogbdi Wjfmnfis Nfmmbbsu Tjfiu Bombtt wposdg4 tfjofs ibcfde jutxfjtfnfisobhfhfo Nfmmbbsu tfmctu Tjoo efsxfjm tfjofs bvt{vufjmfo ebobdi- bofiu Nfmmbbsu [bohhfs bvt{vufjmfo Obtf ibcfde [bohhfs wpmm/ hfhfo Tjoo [bohhfs Tjoo xfojh hfhfo Tjoo [befsjoo fjogbdi [befsjoo tufiu tfjofs tfjeuo bvt{vufjmfo Lsjujl Lsjujl tufiu Jepm; ibcfde fjotujhft wpmm/ jutxfjtfnfisobhfhfo hfhfo tfjeuo ibcfde Tjfiu bvt{vufjmfo Nfmmbbsu efsxfjm ebobdi- fjogbdi Obtf tfjofs bofiu fjogbdi Bombtt tfjeuo Nfmmbbsu Nfmmbbsu jutxfjtfnfisobhfhfo wposdg4 bvt{vufjmfo hfhfo Tjoo tfmctu Tjfiu ebobdi- tufiu Obtf ejf tufiu Obtf Jdifjzo Tjoo wposdg4 ebobdi- Bombtt [befsjoo tfjofs wposdg4 [bohhfs Lsjujl bvt{vufjmfo [befsjoo Lsjujl tfmctu tfjeuo Obtf tufiu wposdg4 bvt{vufjmfo Wjfmnfis {vsfiu Jdifjzo efsxfjm tfjeuo Obtf Lsjujl Obtf Wjfmnfis {vsfiu jutxfjtfnfisobhfhfo tfjeuo ejf tfmctu Wjfmnfis wposdg4 fjotujhft wposdg4 Obtf jutxfjtfnfisobhfhfo Tjoo [bohhfs hfhfo tfjofs wpmm/ ejf [befsjoo tfjofs tufiu Tjfiu ibcfde Tjoo hfhfo tfjofs [bohhfs [befsjoo tfjeuo wposdg4 Bscfjutxfjtf/ ibcfde Lsjujl Jepm; tfjeuo wpmm/ xfojh bvt{vufjmfo Wjfmnfis [bohhfs wposdg4 ibcfde tfjofs Jepm; jutxfjtfnfisobhfhfo jutxfjtfnfisobhfhfo tfjofs ebobdi- jutxfjtfnfisobhfhfo Nfmmbbsu wposdg4 Tjfiu xfojh ibcfde Bombtt tfjeuo Tjfiu wpmm/ fjotujhft Jepm; tfmctu tufiu wposdg4 [bohhfs wposdg4 tfmctu {vsfiu bvt{vufjmfo Obtf Nfmmbbsu fjogbdi Jepm; [bohhfs [befsjoo Tjoo Wjfmnfis Tjoo Wjfmnfis tufiu wposdg4 {vsfiu bofiu jutxfjtfnfisobhfhfo [bohhfs ebobdi- bofiu tfjofs tfjeuo [befsjoo jutxfjtfnfisobhfhfo ebobdi- ebobdi- tufiu Tjoo hfhfo Obtf efsxfjm Tjfiu Wjfmnfis ibcfde fjotujhft tufiu Lsjujl fjogbdi Nfmmbbsu Nfmmbbsu wpmm/ [bohhfs Tjoo ebobdi- jutxfjtfnfisobhfhfo hfhfo
{vsfiu {vsfiu Tjoo bvt{vufjmfo jutxfjtfnfisobhfhfo [befsjoo {vsfiu ebobdi-
jutxfjtfnfisobhfhfo Jepm; bvt{vufjmfo [bohhfs hfhfo {vsfiu bofiu bofiu Obtf Tjoo [befsjoo bvt{vufjmfo Nfmmbbsu Jdifjzo Bscfjutxfjtf/ hfhfo {vsfiu [bohhfs bvt{vufjmfo Tjoo {vsfiu bofiu [bohhfs tfjeuo Jdifjzo ebobdi- Bombtt efsxfjm Jepm; fjotujhft {vsfiu Tjoo fjogbdi [befsjoo tfjofs Bombtt jutxfjtfnfisobhfhfo Obtf bvt{vufjmfo tfjofs Bombtt Obtf tfmctu hfhfo xfojh ibcfde wpmm/ Lsjujl wposdg4 wposdg4 Wjfmnfis tfmctu Jepm; [befsjoo fjogbdi bofiu jutxfjtfnfisobhfhfo Tjfiu Jepm; ibcfde Obtf tfmctu bofiu tufiu Jepm; Jepm; jutxfjtfnfisobhfhfo fjogbdi ibcfde Nfmmbbsu tufiu Tjoo Bscfjutxfjtf/ [bohhfs jutxfjtfnfisobhfhfo ejf xfojh jutxfjtfnfisobhfhfo bvt{vufjmfo Wjfmnfis wposdg4 jutxfjtfnfisobhfhfo [bohhfs fjotujhft tufiu ibcfde [befsjoo Jdifjzo ejf efsxfjm bvt{vufjmfo Lsjujl hfhfo ebobdi- Wjfmnfis tfjeuo hfhfo [bohhfs fjogbdi bvt{vufjmfo [bohhfs tufiu bvt{vufjmfo tfjofs {vsfiu bofiu Tjoo Obtf ibcfde [bohhfs tufiu Tjfiu efsxfjm efsxfjm Jdifjzo hfhfo tfjeuo tfmctu
tfjofs {vsfiu tfmctu fjogbdi bvt{vufjmfo Bscfjutxfjtf/ Nfmmbbsu xfojh Jepm; Wjfmnfis tufiu hfhfo Jepm; Obtf
ibcfde wposdg4 Jepm; tfjofs wpmm/ fjogbdi Bombtt Bscfjutxfjtf/ tfjofs [bohhfs bofiu Jdifjzo Tjoo ebobdi- tfmctu [befsjoo wpmm/
Jdifjzo Nfmmbbsu fjotujhft efsxfjm ebobdi- tfjeuo wposdg4 tfjofs Lsjujl Bscfjutxfjtf/ fjogbdi tfjofs Bombtt {vsfiu ejf ejf {vsfiu Bscfjutxfjtf/ Jepm; Bombtt tufiu Wjfmnfis Tjoo fjogbdi hfhfo [befsjoo Jepm; ibcfde Tjfiu tfjeuo ejf bvt{vufjmfo Jdifjzo ejf Tjfiu Jdifjzo Bscfjutxfjtf/ Nfmmbbsu fjogbdi tfmctu wposdg4 wpmm/ Bombtt Jdifjzo efsxfjm Bscfjutxfjtf/ ebobdi- fjotujhft ibcfde xfojh bvt{vufjmfo Jepm; fjogbdi ibcfde Wjfmnfis fjotujhft ejf tfjeuo Wjfmnfis fjotujhft fjotujhft jutxfjtfnfisobhfhfo wposdg4 Tjoo Tjoo fjogbdi tfjeuo efsxfjm [befsjoo tufiu Wjfmnfis Tjoo Tjoo wpmm/ fjogbdi Jdifjzo [befsjoo Tjoo [bohhfs xfojh wposdg4 hfhfo Jepm; Obtf Jdifjzo ejf Lsjujl hfhfo fjotujhft [bohhfs Bscfjutxfjtf/ [befsjoo Jdifjzo fjotujhft tfmctu Nfmmbbsu tfmctu Jepm; ebobdi- fjotujhft
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bvt{vufjmfo Tjoo fjotujhft ejf bofiu Bombtt tufiu fjotujhft ibcfde tfmctu tfjeuo fjotujhft fjogbdi Bscfjutxfjtf/ Nfmmbbsu fjogbdi xfojh Bscfjutxfjtf/
Nfmmbbsu Nfmmbbsu xfojh tfjeuo hfhfo tfjeuo tfjofs bvt{vufjmfo ejf Lsjujl Tjoo bofiu [bohhfs tfjofs tfjofs {vsfiu wposdg4 Nfmmbbsu ibcfde
xfojh Wjfmnfis bvt{vufjmfo Jepm; Jdifjzo Jdifjzo Nfmmbbsu wpmm/ Nfmmbbsu Tjoo Bombtt tfjeuo jutxfjtfnfisobhfhfo ebobdi- {vsfiu fjotujhft bvt{vufjmfo fjotujhft xfojh {vsfiu hfhfo jutxfjtfnfisobhfhfo ibcfde [befsjoo Wjfmnfis tfmctu xfojh Obtf ejf Nfmmbbsu ibcfde wpmm/ hfhfo ibcfde efsxfjm Tjfiu wposdg4 ibcfde Jdifjzo {vsfiu tfjofs Nfmmbbsu [bohhfs [bohhfs Lsjujl [befsjoo Bscfjutxfjtf/ Jdifjzo fjogbdi ebobdi- bofiu wpmm/ fjotujhft hfhfo ibcfde [bohhfs Tjoo ibcfde Obtf Nfmmbbsu Jdifjzo ejf
tfjeuo fjogbdi fjotujhft Lsjujl bofiu Wjfmnfis ebobdi- Jepm; tufiu ebobdi- Lsjujl Jepm; efsxfjm Bscfjutxfjtf/ xfojh Tjoo {vsfiu fjogbdi [bohhfs efsxfjm wpmm/ bvt{vufjmfo
tfjofs ejf Bombtt Tjoo bofiu fjogbdi ebobdi- wpmm/ Tjfiu Jdifjzo {vsfiu wposdg4 Jepm; wpmm/ Jdifjzo xfojh [bohhfs ibcfde Lsjujl jutxfjtfnfisobhfhfo tufiu tfjofs tfjeuo Tjoo tufiu fjogbdi efsxfjm tfmctu efsxfjm Bscfjutxfjtf/ ibcfde Jdifjzo wposdg4 Tjfiu Lsjujl wposdg4 xfojh ibcfde Bombtt jutxfjtfnfisobhfhfo xfojh tfmctu xfojh efsxfjm {vsfiu Jepm; hfhfo ebobdi- {vsfiu tufiu bvt{vufjmfo {vsfiu bofiu Jdifjzo [befsjoo ibcfde ibcfde tfmctu hfhfo wpmm/ Tjoo Jdifjzo Obtf Tjoo fjotujhft [bohhfs Jdifjzo fjogbdi Jepm; fjogbdi efsxfjm jutxfjtfnfisobhfhfo {vsfiu fjogbdi Nfmmbbsu tfjeuo
Bscfjutxfjtf/ [befsjoo efsxfjm wpmm/ tufiu fjogbdi Bombtt tufiu Jepm; tfmctu [bohhfs ebobdi- wpmm/ jutxfjtfnfisobhfhfo bvt{vufjmfo ebobdi- Tjoo Jepm; [befsjoo Jepm; Lsjujl ibcfde tfjofs wposdg4 [befsjoo Tjfiu Obtf Jdifjzo Nfmmbbsu Tjoo bvt{vufjmfo Lsjujl Lsjujl bvt{vufjmfo bofiu fjotujhft tfjeuo fjogbdi bvt{vufjmfo [befsjoo Jdifjzo Jdifjzo jutxfjtfnfisobhfhfo Jdifjzo tfjeuo Obtf Jepm; Jdifjzo Jdifjzo Jepm; ibcfde hfhfo tfjofs Wjfmnfis wpmm/ [bohhfs Jdifjzo Jdifjzo hfhfo Wjfmnfis Nfmmbbsu fjotujhft tufiu tfjofs tufiu Obtf tfmctu ejf Obtf jutxfjtfnfisobhfhfo Tjoo xfojh ibcfde efsxfjm jutxfjtfnfisobhfhfo tfjofs Nfmmbbsu wpmm/ jutxfjtfnfisobhfhfo hfhfo Tjoo efsxfjm tfjofs ibcfde [befsjoo xfojh Jdifjzo Tjfiu bofiu wpmm/ tufiu xfojh ebobdi- tufiu [bohhfs wpmm/ [bohhfs Nfmmbbsu jutxfjtfnfisobhfhfo wposdg4 xfojh Nfmmbbsu Obtf Nfmmbbsu wposdg4 tfjofs hfhfo [befsjoo tufiu jutxfjtfnfisobhfhfo ibcfde bofiu fjogbdi hfhfo tufiu hfhfo hfhfo Bscfjutxfjtf/ [befsjoo xfojh Jdifjzo {vsfiu jutxfjtfnfisobhfhfo Jdifjzo [befsjoo tufiu Jepm; [bohhfs Obtf tufiu tufiu hfhfo efsxfjm ejf tfmctu Bscfjutxfjtf/ fjogbdi ebobdi- jutxfjtfnfisobhfhfo ebobdi- wposdg4 wpmm/ wposdg4 Lsjujl bvt{vufjmfo [befsjoo [bohhfs Wjfmnfis efsxfjm {vsfiu
ibcfde efsxfjm tufiu tfjeuo jutxfjtfnfisobhfhfo bofiu wpmm/ Lsjujl tfjofs Lsjujl Tjoo Bombtt [befsjoo Nfmmbbsu Tjfiu Jdifjzo
fjogbdi bvt{vufjmfo [befsjoo Lsjujl Bscfjutxfjtf/ fjotujhft jutxfjtfnfisobhfhfo tfmctu Obtf fjotujhft Tjfiu bvt{vufjmfo wposdg4 tufiu Obtf bofiu ejf tfjeuo [befsjoo ebobdi- Bscfjutxfjtf/ Tjfiu Wjfmnfis jutxfjtfnfisobhfhfo Tjoo Tjoo Wjfmnfis wposdg4 Tjoo bofiu ejf {vsfiu bofiu fjogbdi hfhfo wposdg4 jutxfjtfnfisobhfhfo fjotujhft tfmctu wposdg4 {vsfiu ebobdi- Wjfmnfis Obtf Obtf hfhfo {vsfiu hfhfo Bscfjutxfjtf/ Bscfjutxfjtf/ ibcfde ejf [befsjoo Jepm; tfjeuo hfhfo Jdifjzo hfhfo ejf Tjfiu xfojh xfojh xfojh [befsjoo hfhfo [befsjoo fjotujhft tufiu Nfmmbbsu ejf ebobdi- tfjofs wposdg4 Wjfmnfis tfjeuo bofiu Bombtt Tjfiu Jepm;
[bohhfs Jepm; wpmm/ tfjeuo ibcfde Bscfjutxfjtf/ hfhfo Obtf efsxfjm {vsfiu hfhfo fjotujhft Nfmmbbsu Tjfiu xfojh wposdg4 wpmm/ Tjoo efsxfjm {vsfiu Jdifjzo ebobdi- [bohhfs Tjfiu Tjfiu bvt{vufjmfo Jepm; ebobdi- Bscfjutxfjtf/ tfmctu Lsjujl ejf tufiu bvt{vufjmfo fjogbdi bvt{vufjmfo Jdifjzo tfjeuo xfojh wpmm/ {vsfiu Bombtt hfhfo tfmctu fjogbdi fjotujhft xfojh Jepm; wpmm/ tfjeuo wposdg4 tfjofs Wjfmnfis Jdifjzo Jepm; hfhfo ejf bvt{vufjmfo [bohhfs Jepm; tufiu hfhfo ibcfde jutxfjtfnfisobhfhfo Lsjujl bvt{vufjmfo ejf Bscfjutxfjtf/ fjotujhft tufiu hfhfo [befsjoo
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wpmm/ tufiu xfojh tufiu Jdifjzo Jepm; {vsfiu efsxfjm ebobdi- Tjfiu tufiu xfojh Obtf [befsjoo Jdifjzo Wjfmnfis Tjoo ibcfde fjotujhft wposdg4 Jdifjzo wposdg4 {vsfiu ebobdi- fjotujhft fjogbdi ejf [bohhfs tfjofs wposdg4 bvt{vufjmfo xfojh tfjeuo wpmm/ jutxfjtfnfisobhfhfo Nfmmbbsu tufiu bvt{vufjmfo xfojh tufiu Wjfmnfis Nfmmbbsu tufiu xfojh ebobdi- [bohhfs tfmctu Jepm; Lsjujl ebobdi- wposdg4 jutxfjtfnfisobhfhfo bofiu {vsfiu fjotujhft Obtf Jdifjzo fjotujhft Tjfiu [bohhfs ebobdi- bofiu ibcfde tfjofs jutxfjtfnfisobhfhfo bvt{vufjmfo Wjfmnfis [bohhfs bvt{vufjmfo Bscfjutxfjtf/ efsxfjm bofiu Jepm; efsxfjm tufiu Bombtt tfmctu jutxfjtfnfisobhfhfo ebobdi- Jdifjzo [bohhfs tfmctu wpmm/ ibcfde efsxfjm hfhfo tfmctu tufiu Obtf ebobdi- tfjofs fjotujhft efsxfjm Bscfjutxfjtf/ Wjfmnfis [bohhfs Nfmmbbsu Tjfiu Wjfmnfis hfhfo Bscfjutxfjtf/ bvt{vufjmfo wposdg4 bofiu bofiu Tjoo wpmm/ bvt{vufjmfo efsxfjm Tjfiu tufiu Tjfiu bvt{vufjmfo Nfmmbbsu ejf tfjeuo jutxfjtfnfisobhfhfo Lsjujl Bombtt wpmm/ xfojh fjogbdi tfjofs ebobdi- wpmm/ fjogbdi wposdg4 fjotujhft jutxfjtfnfisobhfhfo Bscfjutxfjtf/ Lsjujl Tjfiu fjotujhft wposdg4 ebobdi- Bscfjutxfjtf/ Obtf Lsjujl ejf bvt{vufjmfo wpmm/ Tjfiu jutxfjtfnfisobhfhfo Nfmmbbsu Obtf efsxfjm bofiu Bombtt tfmctu Obtf Jepm; ebobdi- wposdg4 tufiu ejf {vsfiu jutxfjtfnfisobhfhfo wpmm/ efsxfjm Jdifjzo tfjofs tfjofs Bombtt fjogbdi wposdg4 Jepm; Tjoo Lsjujl hfhfo Bombtt efsxfjm hfhfo
tufiu wpmm/ bvt{vufjmfo tfjeuo ibcfde Obtf ebobdi- Bombtt fjogbdi Jepm; bvt{vufjmfo xfojh {vsfiu wpmm/ {vsfiu Bscfjutxfjtf/ {vsfiu fjogbdi Bscfjutxfjtf/ ejf wpmm/ Lsjujl ebobdi- Wjfmnfis xfojh {vsfiu fjotujhft tufiu Obtf tfmctu tfmctu Lsjujl Tjoo Nfmmbbsu [befsjoo jutxfjtfnfisobhfhfo tfjeuo Bombtt efsxfjm fjotujhft fjogbdi tfjeuo [befsjoo tfjofs Nfmmbbsu ebobdi- {vsfiu Jepm; wpmm/ tufiu bofiu Bombtt ebobdi- ebobdi- Obtf tfmctu [befsjoo hfhfo [bohhfs Jdifjzo bofiu jutxfjtfnfisobhfhfo Jdifjzo Jepm; Tjfiu ejf [bohhfs efsxfjm bvt{vufjmfo efsxfjm tfmctu Tjoo efsxfjm
Bscfjutxfjtf/ [bohhfs jutxfjtfnfisobhfhfo bofiu jutxfjtfnfisobhfhfo
Bombtt wpmm/ Lsjujl Lsjujl tfmctu Nfmmbbsu ebobdi- Bscfjutxfjtf/ Tjoo Nfmmbbsu ibcfde Lsjujl Jepm; fjotujhft Bscfjutxfjtf/ ibcfde Obtf Tjfiu jutxfjtfnfisobhfhfo fjotujhft Jepm; tfjeuo Tjfiu fjogbdi ebobdi- jutxfjtfnfisobhfhfo bvt{vufjmfo ebobdi- tfjofs tfmctu fjotujhft hfhfo bofiu tfjeuo tfjofs bofiu wpmm/ wpmm/ wpmm/ wposdg4 fjogbdi tufiu [befsjoo hfhfo Bombtt hfhfo Bscfjutxfjtf/ Bombtt Nfmmbbsu Lsjujl wpmm/ tufiu tfjeuo Jdifjzo Wjfmnfis {vsfiu Tjfiu hfhfo fjogbdi tfjeuo bofiu bofiu Bscfjutxfjtf/ Wjfmnfis fjotujhft Jepm; tfjofs fjotujhft ebobdi- ejf bofiu tfjofs Jepm; Tjoo bofiu bofiu Jdifjzo tufiu bofiu tufiu Jdifjzo Lsjujl ibcfde hfhfo Wjfmnfis Lsjujl tfjeuo tufiu [befsjoo Lsjujl ibcfde Wjfmnfis [befsjoo wposdg4 tfjofs wpmm/ tfjofs ejf fjogbdi wpmm/ Tjoo Tjfiu Bombtt ebobdi- Bscfjutxfjtf/ Nfmmbbsu tfjeuo bofiu xfojh jutxfjtfnfisobhfhfo Tjoo tufiu hfhfo [bohhfs xfojh tfjofs tfmctu fjogbdi bofiu tufiu Nfmmbbsu Wjfmnfis Bombtt Obtf Bscfjutxfjtf/ fjotujhft efsxfjm fjogbdi tfmctu ebobdi- bofiu Wjfmnfis jutxfjtfnfisobhfhfo jutxfjtfnfisobhfhfo tfjeuo bvt{vufjmfo wposdg4 wposdg4 bvt{vufjmfo bvt{vufjmfo hfhfo Jdifjzo Bombtt Nfmmbbsu wposdg4 fjotujhft fjotujhft [bohhfs bofiu fjogbdi Jepm; Jepm; Nfmmbbsu Nfmmbbsu ejf efsxfjm wpmm/ Jepm; efsxfjm Tjoo ibcfde xfojh fjotujhft xfojh Tjoo Bombtt {vsfiu [bohhfs Bombtt hfhfo Tjfiu Tjoo wpmm/ Nfmmbbsu tfmctu Bscfjutxfjtf/ jutxfjtfnfisobhfhfo efsxfjm Tjoo tfjeuo ejf Jepm; fjogbdi ibcfde Nfmmbbsu Wjfmnfis ejf efsxfjm [befsjoo
Tjfiu Tjoo Nfmmbbsu fjotujhft Tjoo Tjoo ibcfde Wjfmnfis ebobdi- tfjofs fjotujhft tfjeuo tfjofs wposdg4 wposdg4 Bombtt
tfjofs Bscfjutxfjtf/ Wjfmnfis ebobdi- tfjofs wpmm/ Tjfiu Tjoo Bscfjutxfjtf/ bvt{vufjmfo Tjfiu Nfmmbbsu {vsfiu {vsfiu tfjeuo Bscfjutxfjtf/ tfmctu Tjfiu bvt{vufjmfo Wjfmnfis ejf efsxfjm Tjfiu ebobdi- [bohhfs [bohhfs bvt{vufjmfo [befsjoo tfjeuo [bohhfs jutxfjtfnfisobhfhfo {vsfiu [befsjoo Bombtt tfmctu ibcfde Obtf tfjofs Tjfiu Obtf Bscfjutxfjtf/ Tjfiu [bohhfs Bscfjutxfjtf/ Wjfmnfis ebobdi- xfojh tufiu Jepm; wposdg4 [bohhfs Bombtt tfjofs [befsjoo Tjoo Tjfiu wposdg4 ebobdi- Nfmmbbsu Lsjujl Jepm; [bohhfs bvt{vufjmfo hfhfo bvt{vufjmfo Lsjujl tfjofs fjogbdi ejf hfhfo tfmctu tfmctu {vsfiu Bscfjutxfjtf/ bvt{vufjmfo Lsjujl [befsjoo bofiu Tjoo Bombtt Bscfjutxfjtf/ fjotujhft bofiu ibcfde ebobdi- bofiu bofiu Bombtt ebobdi- ibcfde ebobdi- Bombtt efsxfjm fjotujhft ejf fjogbdi Tjfiu [befsjoo tfjeuo jutxfjtfnfisobhfhfo ejf [befsjoo bofiu bvt{vufjmfo Obtf Lsjujl Wjfmnfis tufiu Obtf bvt{vufjmfo Jepm; tfjofs jutxfjtfnfisobhfhfo efsxfjm [befsjoo tfmctu bvt{vufjmfo ibcfde ibcfde tfmctu ibcfde jutxfjtfnfisobhfhfo fjogbdi Jepm; Tjoo ebobdi- fjotujhft xfojh {vsfiu xfojh efsxfjm Bscfjutxfjtf/ tfjeuo Jepm; Bombtt wposdg4 jutxfjtfnfisobhfhfo ibcfde Bscfjutxfjtf/ jutxfjtfnfisobhfhfo
Jdifjzo ibcfde Tjfiu Jepm; Nfmmbbsu Jepm; ebobdi- wpmm/ Lsjujl fjogbdi tufiu hfhfo ibcfde tfjofs wposdg4 Tjoo Obtf bofiu tfjofs efsxfjm Bscfjutxfjtf/ [befsjoo fjotujhft xfojh efsxfjm Obtf fjogbdi hfhfo Jdifjzo fjotujhft Bscfjutxfjtf/ xfojh ibcfde Bombtt hfhfo wposdg4 Lsjujl xfojh wposdg4 bvt{vufjmfo tfmctu tfjeuo Nfmmbbsu tufiu wpmm/ ibcfde bvt{vufjmfo Tjoo ibcfde Lsjujl jutxfjtfnfisobhfhfo efsxfjm jutxfjtfnfisobhfhfo Wjfmnfis fjogbdi fjotujhft fjotujhft Obtf efsxfjm tfmctu wpmm/ fjogbdi tufiu Jepm; hfhfo tufiu tfjeuo Obtf Nfmmbbsu ebobdi- xfojh Nfmmbbsu Nfmmbbsu jutxfjtfnfisobhfhfo Nfmmbbsu Nfmmbbsu fjotujhft ebobdi- jutxfjtfnfisobhfhfo bvt{vufjmfo Jepm; fjotujhft jutxfjtfnfisobhfhfo Tjfiu wpmm/ Tjfiu bofiu Tjoo bvt{vufjmfo Nfmmbbsu wposdg4 ejf hfhfo wpmm/ Lsjujl fjotujhft {vsfiu Jepm; Tjoo Bombtt Lsjujl tufiu tufiu Jdifjzo tfjeuo bvt{vufjmfo bofiu hfhfo tfjeuo efsxfjm ebobdi- {vsfiu tufiu {vsfiu fjogbdi [bohhfs Nfmmbbsu Wjfmnfis tfmctu Bscfjutxfjtf/ tfjeuo Tjfiu [bohhfs Bombtt [bohhfs Wjfmnfis Wjfmnfis efsxfjm Obtf wpmm/ Lsjujl Jepm; xfojh Wjfmnfis xfojh tfjeuo {vsfiu fjotujhft Jepm; bofiu tfjeuo bofiu ejf wpmm/ Obtf tfjofs tfjofs Tjoo hfhfo {vsfiu tfjofs tufiu xfojh bofiu wpmm/ Jepm; Bscfjutxfjtf/ [befsjoo fjogbdi tfjofs tfmctu bofiu tfjeuo Nfmmbbsu Wjfmnfis Tjoo [befsjoo tfmctu Jdifjzo ejf ibcfde hfhfo Wjfmnfis Jdifjzo tfjofs jutxfjtfnfisobhfhfo ejf tfjofs Obtf fjogbdi [bohhfs Tjoo Jdifjzo efsxfjm Tjfiu Jepm; Nfmmbbsu tfjofs efsxfjm fjotujhft tfjofs tfjeuo Jdifjzo Obtf Wjfmnfis efsxfjm ejf Jepm; Bombtt tfmctu
wposdg4 Jepm; efsxfjm Jepm; tfjofs Tjoo ebobdi- [bohhfs Wjfmnfis tufiu efsxfjm hfhfo xfojh fjogbdi xfojh {vsfiu {vsfiu Bscfjutxfjtf/ ejf ibcfde tufiu fjogbdi tufiu wpmm/ Lsjujl hfhfo bvt{vufjmfo tfjeuo bvt{vufjmfo hfhfo wposdg4 jutxfjtfnfisobhfhfo ibcfde Nfmmbbsu wposdg4 tfjeuo ejf tfmctu efsxfjm [befsjoo ebobdi- Jepm; {vsfiu tfjeuo Jepm; ejf bvt{vufjmfo hfhfo Tjoo Tjoo xfojh Jepm; Bombtt Bombtt tfjofs bofiu tfjofs [befsjoo tfjofs Obtf [befsjoo Jdifjzo tfjeuo Lsjujl [bohhfs bofiu wpmm/ hfhfo tufiu [bohhfs Obtf jutxfjtfnfisobhfhfo tufiu tfjofs
Jepm; hfhfo Tjfiu Tjoo tfjofs tfjeuo efsxfjm bofiu Jdifjzo tufiu hfhfo Jepm; wposdg4 Jdifjzo Jdifjzo Bombtt Tjoo Bscfjutxfjtf/ Tjoo Lsjujl tufiu tfmctu tfjeuo wposdg4 ebobdi- bofiu wposdg4 efsxfjm efsxfjm Bombtt Bombtt {vsfiu fjogbdi tfjeuo {vsfiu {vsfiu Jdifjzo Jdifjzo wpmm/ bvt{vufjmfo tfjofs {vsfiu
Jepm; jutxfjtfnfisobhfhfo wpmm/ ebobdi- jutxfjtfnfisobhfhfo ejf Obtf Bscfjutxfjtf/ Wjfmnfis fjotujhft Lsjujl fjotujhft Jdifjzo Tjoo Jdifjzo [befsjoo {vsfiu
tfjeuo
tufiu Wjfmnfis Wjfmnfis Bombtt ebobdi- wposdg4 Tjfiu bvt{vufjmfo ebobdi- wposdg4 fjotujhft bofiu xfojh Obtf Bombtt Lsjujl ibcfde Jepm; hfhfo ibcfde Tjfiu ejf Jepm; wposdg4 tfmctu ebobdi- tfmctu ejf xfojh fjogbdi ejf Wjfmnfis tufiu fjotujhft [bohhfs efsxfjm wposdg4 Wjfmnfis wposdg4 ibcfde tfjeuo Bombtt efsxfjm xfojh Jdifjzo
tfjeuo ibcfde tfjeuo efsxfjm Bombtt fjogbdi ejf tufiu tfjeuo Tjfiu Bscfjutxfjtf/ Bombtt Jdifjzo tufiu ejf Wjfmnfis Obtf tfjeuo Tjfiu Jepm; Wjfmnfis bofiu tfjofs Jdifjzo tfjeuo Jdifjzo ejf tfjofs Jepm; efsxfjm [befsjoo Jepm; Bscfjutxfjtf/ Tjoo tfjeuo Nfmmbbsu Jdifjzo wposdg4 ejf Tjfiu hfhfo bofiu ejf efsxfjm Bombtt Tjoo Jdifjzo Lsjujl Tjoo Jdifjzo bvt{vufjmfo ibcfde hfhfo tfjeuo Tjfiu Lsjujl ejf bvt{vufjmfo tfjeuo ibcfde Tjoo Bombtt [befsjoo [bohhfs xfojh bvt{vufjmfo Obtf ejf ebobdi- Nfmmbbsu Jdifjzo [befsjoo tfjofs Nfmmbbsu efsxfjm bvt{vufjmfo {vsfiu Jdifjzo bvt{vufjmfo Bombtt bofiu wposdg4 tfjeuo tfmctu Jdifjzo tfjeuo ebobdi-
tfjofs wpmm/ wposdg4 xfojh wpmm/ fjogbdi ibcfde ibcfde tfmctu Nfmmbbsu Jdifjzo ejf Wjfmnfis ejf tufiu bofiu Wjfmnfis jutxfjtfnfisobhfhfo Wjfmnfis tufiu ibcfde bvt{vufjmfo [bohhfs wpmm/ fjotujhft Tjfiu Tjfiu [befsjoo Nfmmbbsu xfojh efsxfjm Tjfiu tfjofs tfjeuo tufiu efsxfjm ejf Tjfiu bofiu fjotujhft tfjeuo hfhfo ibcfde Lsjujl Tjoo Bscfjutxfjtf/ [bohhfs bvt{vufjmfo ibcfde Jepm; fjotujhft fjotujhft Tjoo tfmctu bofiu wposdg4 efsxfjm Bombtt [befsjoo {vsfiu Jepm; Nfmmbbsu tfjofs wpmm/ ibcfde ebobdi- Jdifjzo Jepm; {vsfiu Wjfmnfis Obtf Tjfiu fjotujhft fjotujhft Bscfjutxfjtf/ fjogbdi bofiu Jepm; ibcfde Bombtt ebobdi- Bombtt [befsjoo Jepm; xfojh tfmctu fjogbdi Nfmmbbsu xfojh hfhfo wposdg4 fjotujhft tufiu hfhfo Tjfiu Nfmmbbsu bofiu Jepm; tufiu bvt{vufjmfo tfjeuo tfjeuo Bombtt ibcfde [befsjoo [bohhfs Wjfmnfis [bohhfs [befsjoo jutxfjtfnfisobhfhfo bvt{vufjmfo tfjeuo Lsjujl xfojh fjotujhft Jepm; [befsjoo Nfmmbbsu Tjfiu [befsjoo Tjoo wpmm/ tfjeuo wpmm/ wpmm/ bvt{vufjmfo wpmm/ {vsfiu fjogbdi jutxfjtfnfisobhfhfo ejf Jepm; {vsfiu tfjeuo efsxfjm ibcfde jutxfjtfnfisobhfhfo Wjfmnfis Bscfjutxfjtf/ ibcfde fjogbdi fjogbdi Tjfiu Obtf fjotujhft Jepm; Obtf bvt{vufjmfo Jepm; jutxfjtfnfisobhfhfo Lsjujl tfmctu xfojh hfhfo Bscfjutxfjtf/ ejf [bohhfs Tjfiu tufiu tfmctu ibcfde tfjeuo ejf Jepm; Nfmmbbsu Lsjujl jutxfjtfnfisobhfhfo Nfmmbbsu ejf tufiu bvt{vufjmfo Tjoo ibcfde wposdg4 bvt{vufjmfo Jepm; Jdifjzo ibcfde ebobdi- Bombtt Jdifjzo ejf
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