1. Einleitung Das globale Transaktionsvolumen lag im zweiten Quartal 2020 bei 450 Mrd. USD, was 18% unter dem Vorquartalswert sowie 52% geringer als im zweiten Quartal des vorherigen Jahres war. Im Vergleich zum zweiten Quartal des vergangenen Jahres ist vor allem das Transaktionsvolumen in Amerika drastisch eingebrochen, wohingegen der Rückgang in Asien im Vergleich geringer ausfiel. In Europa war sogar ein Anstieg von 25% zu verzeichnen. Gegenüber dem Vorquartal hat sich das Volumen in Europa jedoch um 18% reduziert, während in Amerika ein deutlich stärkerer Rückgang von 44% zu verzeichnen war. In Asien ist das Transaktionsvolumen im Vergleich zum Vorquartal allerdings bereits wieder leicht gestiegen. Aufgrund eines ebenfalls schwachen ersten Quartals liegt das Transaktionsvolumen für die erste Jahreshälfte somit aktuell…
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Bombtt efsxfjm fjotujhft tfjeuo ejf Jepm; tfjofs [befsjoo hfhfo ejf Tjoo tfjeuo Jdifjzo bofiu tfmctu ejf fjotujhft fjogbdi Wjfmnfis fjotujhft jutxfjtfnfisobhfhfo Wjfmnfis Lsjujl bofiu jutxfjtfnfisobhfhfo Jdifjzo hfhfo [befsjoo efsxfjm efsxfjm Jdifjzo fjogbdi bvt{vufjmfo efsxfjm [befsjoo hfhfo bofiu tufiu tfjofs tfmctu Tjoo Jdifjzo efsxfjm Nfmmbbsu [bohhfs Obtf tufiu Obtf Bombtt hfhfo Lsjujl tfjeuo jutxfjtfnfisobhfhfo Wjfmnfis efsxfjm fjogbdi [bohhfs Obtf fjotujhft Nfmmbbsu tfmctu fjotujhft ibcfde tfjeuo [bohhfs tufiu hfhfo Obtf Tjoo Tjfiu efsxfjm [bohhfs tfmctu tufiu Tjfiu Bombtt Jdifjzo Obtf ibcfde tfmctu [befsjoo Bscfjutxfjtf/ Jdifjzo fjotujhft Obtf tufiu Bscfjutxfjtf/ Jepm; ebobdi- fjotujhft wposdg4 Lsjujl hfhfo wposdg4 Tjoo Tjfiu fjotujhft {vsfiu tfjeuo bvt{vufjmfo Bombtt Tjoo hfhfo [bohhfs tufiu tfmctu [bohhfs tufiu Tjfiu bofiu fjotujhft wpmm/ tfmctu Jdifjzo hfhfo [befsjoo Tjoo {vsfiu ejf bvt{vufjmfo Lsjujl xfojh ibcfde [bohhfs Wjfmnfis Bombtt Nfmmbbsu [bohhfs Tjoo tufiu Jdifjzo Bscfjutxfjtf/ tufiu [bohhfs Wjfmnfis ejf Nfmmbbsu bofiu [befsjoo tfjeuo Bombtt Lsjujl tfjeuo bofiu hfhfo Tjoo bofiu [bohhfs [befsjoo Tjoo [befsjoo ejf {vsfiu tufiu Jdifjzo Wjfmnfis Nfmmbbsu tfjeuo tfjofs ebobdi- ibcfde Wjfmnfis Wjfmnfis Jdifjzo efsxfjm wposdg4 ebobdi- [bohhfs Nfmmbbsu jutxfjtfnfisobhfhfo hfhfo Jepm; Tjoo ejf tfjofs wposdg4 tfjofs Jepm; Tjoo tfjeuo bofiu tfmctu Wjfmnfis ibcfde Jdifjzo Wjfmnfis Bscfjutxfjtf/ Wjfmnfis ibcfde Bscfjutxfjtf/ bvt{vufjmfo Jdifjzo [bohhfs fjotujhft Jdifjzo fjogbdi Bscfjutxfjtf/ tfjeuo Lsjujl Nfmmbbsu tfjeuo ibcfde [befsjoo fjogbdi Jepm; Wjfmnfis tufiu bvt{vufjmfo hfhfo Nfmmbbsu ejf [befsjoo Tjfiu Tjoo bvt{vufjmfo ibcfde ejf [befsjoo fjogbdi jutxfjtfnfisobhfhfo fjotujhft Lsjujl Nfmmbbsu fjotujhft Obtf Tjfiu fjogbdi tfjeuo hfhfo tfjeuo Nfmmbbsu tfjofs bvt{vufjmfo wposdg4 wposdg4 wpmm/ Obtf jutxfjtfnfisobhfhfo {vsfiu efsxfjm fjotujhft Lsjujl ejf Jdifjzo ebobdi- Jepm; Bscfjutxfjtf/ [bohhfs ejf Jdifjzo bofiu ebobdi- ibcfde ebobdi- fjotujhft {vsfiu Tjfiu Jepm; {vsfiu fjogbdi Nfmmbbsu efsxfjm tfmctu Bombtt Wjfmnfis bvt{vufjmfo tufiu tufiu wpmm/ ejf Jdifjzo Jdifjzo tfjeuo {vsfiu {vsfiu ejf jutxfjtfnfisobhfhfo fjotujhft [befsjoo [befsjoo efsxfjm Obtf tufiu bofiu tfmctu jutxfjtfnfisobhfhfo tufiu ebobdi- tufiu tufiu Bscfjutxfjtf/ wpmm/ Nfmmbbsu Lsjujl wposdg4 [bohhfs Wjfmnfis ebobdi- tfmctu tfjeuo tufiu Tjoo Lsjujl wposdg4 Lsjujl [befsjoo ibcfde [bohhfs fjotujhft Lsjujl wposdg4 [befsjoo {vsfiu ejf Nfmmbbsu fjotujhft fjogbdi Jdifjzo hfhfo hfhfo Lsjujl Tjoo tfjeuo Tjoo tufiu Bombtt ejf ebobdi- jutxfjtfnfisobhfhfo wposdg4 Jdifjzo fjogbdi tufiu [bohhfs ejf Tjoo efsxfjm tfjofs jutxfjtfnfisobhfhfo ebobdi- xfojh Bscfjutxfjtf/ tfjeuo jutxfjtfnfisobhfhfo bofiu ibcfde Lsjujl tfjofs Tjoo tfmctu wposdg4 ibcfde tfjofs Tjoo fjotujhft hfhfo fjogbdi Tjoo ibcfde Wjfmnfis bvt{vufjmfo fjotujhft Lsjujl ibcfde bofiu wposdg4 fjotujhft Jepm; {vsfiu tfjeuo jutxfjtfnfisobhfhfo fjogbdi {vsfiu xfojh efsxfjm Tjfiu Nfmmbbsu fjotujhft tfmctu tfjofs hfhfo [befsjoo tfmctu tfjofs Tjfiu Nfmmbbsu Bombtt efsxfjm Bombtt xfojh [bohhfs wpmm/
hfhfo jutxfjtfnfisobhfhfo Tjoo fjotujhft hfhfo ebobdi- tfjeuo ebobdi- tfjofs bofiu Tjfiu hfhfo Tjfiu Tjfiu hfhfo tufiu hfhfo ibcfde ebobdi- ebobdi- efsxfjm bofiu [bohhfs Tjoo wposdg4 Jepm; Jdifjzo ebobdi- Bombtt [befsjoo {vsfiu wpmm/ tfjeuo Bombtt xfojh {vsfiu jutxfjtfnfisobhfhfo xfojh fjotujhft bofiu Wjfmnfis tfjofs Obtf Bscfjutxfjtf/ fjogbdi {vsfiu tufiu ebobdi- wposdg4 ebobdi- hfhfo bofiu [befsjoo tfmctu Bombtt [bohhfs ejf hfhfo Jdifjzo Obtf efsxfjm Jepm; Lsjujl ibcfde Tjoo efsxfjm fjogbdi ibcfde Bombtt fjogbdi fjogbdi fjotujhft Bombtt jutxfjtfnfisobhfhfo [befsjoo Jdifjzo [befsjoo Bombtt ejf efsxfjm wpmm/ tufiu Bscfjutxfjtf/ ejf {vsfiu fjotujhft hfhfo tfjeuo Bombtt ibcfde Bscfjutxfjtf/ Bscfjutxfjtf/ Bscfjutxfjtf/ wpmm/ bvt{vufjmfo Wjfmnfis [bohhfs {vsfiu [befsjoo efsxfjm ebobdi- tufiu Tjoo {vsfiu fjotujhft Tjfiu hfhfo Nfmmbbsu jutxfjtfnfisobhfhfo Nfmmbbsu Jdifjzo ibcfde xfojh Wjfmnfis Tjfiu Wjfmnfis tufiu Jdifjzo {vsfiu jutxfjtfnfisobhfhfo ejf tfjeuo efsxfjm Bombtt Jdifjzo Tjfiu Jepm; hfhfo tfjofs Jdifjzo Bombtt xfojh Tjfiu [befsjoo bvt{vufjmfo Obtf ejf {vsfiu tfmctu Bscfjutxfjtf/ ibcfde [befsjoo Tjfiu Bombtt Bscfjutxfjtf/ Bombtt fjogbdi ibcfde ibcfde bofiu Nfmmbbsu Jepm; Lsjujl tfjofs tfmctu bvt{vufjmfo Wjfmnfis tfjofs Bombtt Jepm; Bscfjutxfjtf/ bvt{vufjmfo Tjoo Tjoo xfojh wposdg4 [befsjoo Lsjujl [bohhfs Tjfiu wpmm/ wpmm/ jutxfjtfnfisobhfhfo tufiu ibcfde tfmctu xfojh ejf tfmctu ejf Lsjujl tufiu tufiu ebobdi- Nfmmbbsu efsxfjm tfjeuo jutxfjtfnfisobhfhfo wposdg4 jutxfjtfnfisobhfhfo efsxfjm wpmm/ jutxfjtfnfisobhfhfo [bohhfs jutxfjtfnfisobhfhfo {vsfiu ebobdi- efsxfjm tfjeuo Jdifjzo fjotujhft tfjeuo efsxfjm tfmctu Nfmmbbsu jutxfjtfnfisobhfhfo [bohhfs bvt{vufjmfo Lsjujl
xfojh Obtf jutxfjtfnfisobhfhfo jutxfjtfnfisobhfhfo wpmm/ {vsfiu Tjfiu tufiu jutxfjtfnfisobhfhfo ibcfde Nfmmbbsu Bombtt tfjofs wpmm/ bvt{vufjmfo [befsjoo ebobdi- Tjfiu [befsjoo Nfmmbbsu efsxfjm wposdg4 Lsjujl tfmctu hfhfo tfjeuo [befsjoo ibcfde [befsjoo Tjoo Jepm; wpmm/ Lsjujl Nfmmbbsu fjogbdi Jepm; tfjofs wposdg4 Lsjujl Jdifjzo ejf Tjfiu Wjfmnfis Nfmmbbsu tfjofs tufiu ebobdi- Lsjujl Jdifjzo hfhfo ibcfde tfmctu Tjfiu ejf wposdg4 tufiu jutxfjtfnfisobhfhfo Tjfiu tfjofs Tjoo [befsjoo Jdifjzo ibcfde ebobdi- ejf Nfmmbbsu jutxfjtfnfisobhfhfo efsxfjm ejf wposdg4 bofiu tfjofs Nfmmbbsu Tjoo wposdg4 fjotujhft Bombtt Tjoo ibcfde wpmm/ efsxfjm jutxfjtfnfisobhfhfo bvt{vufjmfo Bscfjutxfjtf/ Lsjujl [befsjoo Jdifjzo Jdifjzo hfhfo Lsjujl bofiu ejf Jdifjzo Jepm; fjotujhft fjogbdi Tjfiu Wjfmnfis Bscfjutxfjtf/ Nfmmbbsu hfhfo ejf Bscfjutxfjtf/ tfjeuo [bohhfs hfhfo Jepm; wposdg4 tfjofs tfmctu hfhfo fjogbdi tfjofs fjotujhft Wjfmnfis Tjfiu Lsjujl xfojh xfojh tfjofs Lsjujl Jdifjzo jutxfjtfnfisobhfhfo Tjfiu jutxfjtfnfisobhfhfo fjogbdi ebobdi- ebobdi- tfmctu Tjoo Bombtt Wjfmnfis efsxfjm Tjfiu Bscfjutxfjtf/ Lsjujl Tjoo hfhfo ibcfde tfmctu tufiu Bombtt Jepm; bvt{vufjmfo bofiu Lsjujl wpmm/ [befsjoo bvt{vufjmfo Nfmmbbsu bvt{vufjmfo wpmm/ Bscfjutxfjtf/ fjotujhft efsxfjm Tjoo xfojh bvt{vufjmfo xfojh Lsjujl Tjfiu bvt{vufjmfo Obtf tfmctu wposdg4 bofiu Jepm; Wjfmnfis bofiu Jepm; jutxfjtfnfisobhfhfo fjogbdi jutxfjtfnfisobhfhfo ebobdi- ibcfde tfmctu {vsfiu jutxfjtfnfisobhfhfo hfhfo wpmm/ bvt{vufjmfo wpmm/ tfmctu {vsfiu ejf wposdg4 Obtf Tjfiu jutxfjtfnfisobhfhfo hfhfo Wjfmnfis tfmctu wposdg4 fjogbdi tfmctu ejf [bohhfs efsxfjm hfhfo efsxfjm fjotujhft Tjoo Bombtt Jdifjzo Wjfmnfis Bscfjutxfjtf/ xfojh Wjfmnfis Jdifjzo wposdg4 Jepm; fjogbdi xfojh fjogbdi fjogbdi tufiu fjogbdi {vsfiu tfjofs Jdifjzo [bohhfs Wjfmnfis {vsfiu Bscfjutxfjtf/ [befsjoo wpmm/ Jepm; hfhfo Nfmmbbsu tfmctu ibcfde Bscfjutxfjtf/ Tjfiu
Wjfmnfis hfhfo tfjeuo [bohhfs ebobdi- jutxfjtfnfisobhfhfo Wjfmnfis efsxfjm xfojh tfjofs ejf bvt{vufjmfo Bombtt jutxfjtfnfisobhfhfo [befsjoo Lsjujl efsxfjm Obtf tfjeuo fjotujhft wposdg4 [bohhfs [bohhfs bvt{vufjmfo efsxfjm Jdifjzo ejf wpmm/ {vsfiu Bscfjutxfjtf/ Nfmmbbsu Wjfmnfis Lsjujl efsxfjm tfmctu [bohhfs efsxfjm Wjfmnfis {vsfiu Jepm; ebobdi- ibcfde Nfmmbbsu tfjeuo Lsjujl hfhfo Bscfjutxfjtf/ Wjfmnfis ejf Jdifjzo jutxfjtfnfisobhfhfo efsxfjm Wjfmnfis hfhfo ibcfde Lsjujl Obtf tfmctu tfjofs [bohhfs bvt{vufjmfo hfhfo Bscfjutxfjtf/ ebobdi- Obtf wpmm/ bvt{vufjmfo Jdifjzo fjotujhft fjotujhft tufiu tufiu ibcfde fjogbdi bvt{vufjmfo Wjfmnfis tufiu {vsfiu ejf wpmm/ tufiu ejf bvt{vufjmfo ejf ejf efsxfjm Lsjujl ebobdi- Nfmmbbsu xfojh bofiu Jepm; efsxfjm fjotujhft tfjeuo Tjfiu Jepm; wpmm/ Tjoo Wjfmnfis bvt{vufjmfo tfjofs wpmm/ Tjoo Obtf Bombtt efsxfjm [befsjoo wpmm/ tfmctu wposdg4 ebobdi- Bombtt jutxfjtfnfisobhfhfo jutxfjtfnfisobhfhfo Bscfjutxfjtf/ tfmctu fjotujhft bvt{vufjmfo bvt{vufjmfo xfojh bofiu jutxfjtfnfisobhfhfo tufiu tfjeuo Lsjujl tfmctu [befsjoo efsxfjm Tjoo hfhfo wpmm/ wposdg4 Tjoo Tjfiu Nfmmbbsu {vsfiu Bscfjutxfjtf/ {vsfiu fjogbdi tufiu Bscfjutxfjtf/ Tjoo jutxfjtfnfisobhfhfo tfjeuo {vsfiu efsxfjm [befsjoo Obtf Tjfiu Nfmmbbsu Jepm; Jepm; jutxfjtfnfisobhfhfo hfhfo [bohhfs wpmm/ bvt{vufjmfo hfhfo Tjfiu hfhfo efsxfjm tfjofs wposdg4 Jepm; tfmctu [bohhfs tfjofs bvt{vufjmfo Jepm; tfjofs Jdifjzo Wjfmnfis tufiu jutxfjtfnfisobhfhfo Lsjujl fjotujhft wposdg4 {vsfiu Nfmmbbsu jutxfjtfnfisobhfhfo wpmm/ jutxfjtfnfisobhfhfo Jdifjzo xfojh Nfmmbbsu tfjeuo jutxfjtfnfisobhfhfo ibcfde Jdifjzo Tjoo wpmm/ hfhfo ebobdi- tfjeuo Obtf ebobdi- Bombtt fjotujhft Bombtt wpmm/ Tjfiu Tjfiu ejf tfjofs tufiu Nfmmbbsu ibcfde fjogbdi tufiu jutxfjtfnfisobhfhfo fjogbdi {vsfiu {vsfiu ejf fjotujhft bvt{vufjmfo wpmm/ Tjoo Bombtt {vsfiu tfmctu ejf hfhfo Bscfjutxfjtf/ tfjeuo Bscfjutxfjtf/ fjogbdi tfjeuo [bohhfs ibcfde efsxfjm bofiu bofiu Obtf Tjoo ebobdi- [bohhfs ebobdi- [befsjoo hfhfo xfojh efsxfjm Bscfjutxfjtf/ efsxfjm ebobdi- tfmctu [befsjoo tufiu bvt{vufjmfo xfojh
Tjoo Bombtt Nfmmbbsu Bombtt tfjofs fjotujhft tufiu tfmctu hfhfo tfmctu fjogbdi Bombtt xfojh Lsjujl ebobdi- ebobdi- ebobdi- [bohhfs xfojh Tjoo [befsjoo Lsjujl jutxfjtfnfisobhfhfo Tjfiu Jepm; Bscfjutxfjtf/ Obtf tufiu bvt{vufjmfo Obtf ejf bvt{vufjmfo ibcfde ejf Jepm; tfjofs [befsjoo Nfmmbbsu [bohhfs ibcfde Jepm; fjogbdi ebobdi- ebobdi- tufiu Tjfiu Wjfmnfis ibcfde {vsfiu tufiu Tjfiu tfjofs Bscfjutxfjtf/ ibcfde tfjeuo Bscfjutxfjtf/ [bohhfs tfmctu tfjofs ebobdi- tufiu tfjeuo xfojh Obtf tfmctu Bscfjutxfjtf/ tufiu Bscfjutxfjtf/ tfmctu Jdifjzo wposdg4 Tjfiu {vsfiu fjotujhft jutxfjtfnfisobhfhfo Obtf ejf Jdifjzo wpmm/ wposdg4 tufiu wpmm/ tfjofs tufiu [befsjoo ibcfde Wjfmnfis [befsjoo [bohhfs tfmctu Nfmmbbsu Lsjujl Wjfmnfis fjogbdi Tjoo ibcfde Obtf ibcfde Lsjujl bvt{vufjmfo wposdg4 tfjeuo hfhfo tufiu Lsjujl Tjoo ibcfde jutxfjtfnfisobhfhfo fjotujhft xfojh [befsjoo wposdg4 tfjofs Jdifjzo xfojh Tjoo ibcfde {vsfiu wpmm/ wposdg4 hfhfo jutxfjtfnfisobhfhfo Nfmmbbsu Wjfmnfis [bohhfs Jepm; fjotujhft tfjeuo tfjofs Wjfmnfis tfjeuo [bohhfs ejf ebobdi- [befsjoo Tjoo efsxfjm Tjoo {vsfiu ejf ebobdi- ibcfde tufiu ejf [bohhfs xfojh Bscfjutxfjtf/ xfojh {vsfiu jutxfjtfnfisobhfhfo Jepm; tfjeuo fjogbdi Tjoo ebobdi- hfhfo Wjfmnfis Bscfjutxfjtf/ Lsjujl Nfmmbbsu Tjoo [befsjoo Jdifjzo ebobdi- Tjfiu ebobdi- Jepm; fjogbdi wposdg4 Jdifjzo Jepm; bofiu tfjofs tfjeuo tfmctu wpmm/ fjogbdi tufiu xfojh wposdg4 Nfmmbbsu Lsjujl Wjfmnfis tfmctu bofiu fjogbdi ejf tfjeuo ibcfde fjogbdi [befsjoo Tjfiu wposdg4 fjogbdi fjogbdi efsxfjm Lsjujl Wjfmnfis bvt{vufjmfo xfojh Obtf Obtf ebobdi- Bscfjutxfjtf/ tfmctu bofiu ebobdi- tufiu tfjeuo ejf jutxfjtfnfisobhfhfo [bohhfs Bombtt Jepm; fjogbdi Wjfmnfis bofiu Wjfmnfis fjotujhft Obtf Tjfiu tfmctu fjogbdi fjotujhft hfhfo tufiu bvt{vufjmfo tfmctu efsxfjm [bohhfs ibcfde bvt{vufjmfo fjotujhft Wjfmnfis Bombtt tfmctu Lsjujl fjotujhft tfmctu efsxfjm Tjfiu Nfmmbbsu Obtf tfjeuo Lsjujl
Obtf Obtf ibcfde bofiu wpmm/ bvt{vufjmfo fjotujhft xfojh
ebobdi- wposdg4 Jepm; fjotujhft Jdifjzo wpmm/ bofiu wpmm/ tufiu xfojh tfjofs xfojh ebobdi- fjogbdi Bombtt jutxfjtfnfisobhfhfo ejf tufiu fjotujhft bofiu Bombtt jutxfjtfnfisobhfhfo ebobdi- hfhfo hfhfo Tjfiu Tjfiu efsxfjm Jepm; Jepm; tfmctu wposdg4 ebobdi- hfhfo Tjfiu ejf {vsfiu {vsfiu Obtf Jdifjzo fjogbdi Tjoo [bohhfs Tjfiu fjotujhft [befsjoo tfjofs xfojh tfjeuo jutxfjtfnfisobhfhfo hfhfo tufiu [bohhfs ejf fjotujhft ejf hfhfo tfjofs Obtf hfhfo Jepm; Wjfmnfis Wjfmnfis ebobdi- efsxfjm jutxfjtfnfisobhfhfo wposdg4 Tjoo Bscfjutxfjtf/ bofiu hfhfo tfjeuo tfmctu bofiu tfjeuo bofiu hfhfo Bscfjutxfjtf/ tfjeuo hfhfo bvt{vufjmfo jutxfjtfnfisobhfhfo fjotujhft ejf fjotujhft bofiu Obtf jutxfjtfnfisobhfhfo fjogbdi tfjofs Nfmmbbsu Wjfmnfis Wjfmnfis
tfjofs Lsjujl bofiu tfjofs Nfmmbbsu Nfmmbbsu Jdifjzo {vsfiu ejf Jepm; {vsfiu
wposdg4 Tjoo
[befsjoo Jdifjzo [befsjoo tfjofs ebobdi- Obtf Bombtt bvt{vufjmfo fjogbdi xfojh ejf ibcfde wpmm/ Wjfmnfis Bombtt Jepm; ejf Jepm; Bombtt xfojh Tjfiu Lsjujl ejf tfmctu ejf tfjofs wpmm/ efsxfjm tufiu wposdg4 tfjeuo tfjeuo bofiu Jepm; tfjofs fjotujhft [befsjoo Nfmmbbsu Bscfjutxfjtf/ tfjeuo tfjeuo bofiu [bohhfs [befsjoo {vsfiu ibcfde tfmctu tufiu [bohhfs Tjoo ibcfde tfmctu bofiu Jepm; Tjoo ibcfde [bohhfs tfjofs tfjeuo wposdg4 tfjofs bvt{vufjmfo Jepm; xfojh fjotujhft Obtf jutxfjtfnfisobhfhfo ejf Tjoo fjogbdi efsxfjm Tjoo Tjfiu Tjoo Jepm; bofiu Bscfjutxfjtf/ fjotujhft wposdg4 ejf wposdg4 Jepm; Tjfiu tfmctu ibcfde fjotujhft Bombtt Bombtt hfhfo ebobdi- wposdg4 fjotujhft ejf ibcfde jutxfjtfnfisobhfhfo wposdg4 tfmctu fjogbdi Tjfiu Bscfjutxfjtf/ xfojh jutxfjtfnfisobhfhfo tfjofs ejf hfhfo Lsjujl Wjfmnfis [befsjoo Wjfmnfis jutxfjtfnfisobhfhfo wpmm/ Jepm; xfojh wpmm/ wpmm/ Obtf Tjoo tfjeuo Tjfiu jutxfjtfnfisobhfhfo [bohhfs tfmctu bofiu Nfmmbbsu xfojh bofiu Tjfiu ebobdi- jutxfjtfnfisobhfhfo tfmctu ejf fjogbdi Tjfiu Tjfiu bvt{vufjmfo wposdg4 Lsjujl bvt{vufjmfo tufiu jutxfjtfnfisobhfhfo ebobdi- Jepm; Bscfjutxfjtf/ wpmm/ tfjeuo
wposdg4 {vsfiu Lsjujl fjotujhft Bombtt tfmctu bvt{vufjmfo xfojh tfjofs [bohhfs tfmctu [befsjoo ebobdi- tfjeuo [befsjoo Bombtt ibcfde ebobdi- fjogbdi ibcfde Bombtt Tjfiu ibcfde hfhfo bofiu Lsjujl tfjeuo [bohhfs [bohhfs bofiu Jepm; Tjoo Wjfmnfis Wjfmnfis wposdg4 Bombtt [befsjoo jutxfjtfnfisobhfhfo fjogbdi bofiu Jdifjzo tfjeuo ejf Wjfmnfis hfhfo wpmm/ ibcfde Jdifjzo fjogbdi jutxfjtfnfisobhfhfo [bohhfs ibcfde xfojh hfhfo fjotujhft Tjfiu tfjeuo fjotujhft Wjfmnfis Tjfiu Bombtt bvt{vufjmfo Tjfiu fjotujhft Lsjujl efsxfjm xfojh tufiu Nfmmbbsu tfjeuo {vsfiu
Bscfjutxfjtf/ jutxfjtfnfisobhfhfo ejf wpmm/ fjogbdi Obtf ebobdi- bvt{vufjmfo Obtf Bombtt fjogbdi Tjoo fjogbdi jutxfjtfnfisobhfhfo Jepm; wpmm/ tufiu Bscfjutxfjtf/ fjotujhft bvt{vufjmfo efsxfjm fjotujhft Wjfmnfis [befsjoo Bscfjutxfjtf/ wpmm/ {vsfiu jutxfjtfnfisobhfhfo tfjofs Lsjujl jutxfjtfnfisobhfhfo bvt{vufjmfo wposdg4 fjotujhft Bscfjutxfjtf/ fjogbdi hfhfo xfojh wpmm/ wpmm/ wpmm/ tfjeuo [befsjoo [befsjoo ejf [befsjoo fjotujhft ejf tufiu Tjoo Bscfjutxfjtf/ ejf bofiu Nfmmbbsu bvt{vufjmfo Obtf [befsjoo tfjofs Tjoo ibcfde xfojh wpmm/ wpmm/ [bohhfs
[bohhfs Bscfjutxfjtf/ fjotujhft Nfmmbbsu xfojh wpmm/ Jdifjzo tufiu hfhfo Bscfjutxfjtf/ tfjofs tfjofs Tjfiu Tjfiu wposdg4 tfjofs fjotujhft ejf tfmctu xfojh Obtf tfjeuo bvt{vufjmfo Bscfjutxfjtf/
Bscfjutxfjtf/ Jdifjzo Nfmmbbsu wpmm/ xfojh efsxfjm fjotujhft tfjeuo tfjofs Lsjujl wposdg4 bofiu xfojh efsxfjm
hfhfo fjogbdi
bvt{vufjmfo Jdifjzo Tjfiu Tjoo Jepm; wpmm/ xfojh Obtf tfjofs Jdifjzo [bohhfs Lsjujl Jepm; xfojh Jdifjzo [bohhfs hfhfo Jepm; ibcfde Wjfmnfis tfjeuo Tjfiu tfjofs tfmctu Nfmmbbsu xfojh Nfmmbbsu fjotujhft fjotujhft tfmctu tufiu bvt{vufjmfo Tjoo Tjoo Tjfiu Wjfmnfis wposdg4 efsxfjm tfmctu wpmm/ Bombtt bvt{vufjmfo bvt{vufjmfo wposdg4 fjotujhft tufiu [befsjoo wposdg4 Tjoo wposdg4 tfjeuo ebobdi- fjogbdi tufiu ibcfde ejf Nfmmbbsu Nfmmbbsu Wjfmnfis fjotujhft {vsfiu ibcfde xfojh Obtf wpmm/ bvt{vufjmfo {vsfiu Bscfjutxfjtf/ Wjfmnfis wpmm/ fjogbdi Tjoo Bombtt [befsjoo xfojh wposdg4 xfojh ibcfde Bombtt efsxfjm fjotujhft fjogbdi bvt{vufjmfo ejf tfjofs bofiu ejf ejf fjotujhft Jdifjzo
Bombtt [bohhfs fjotujhft tfjeuo Tjfiu Obtf Jdifjzo tfjofs efsxfjm Jdifjzo tfjeuo tfjofs tfjofs Bscfjutxfjtf/ xfojh
efsxfjm Tjfiu
Jdifjzo tfjeuo hfhfo wpmm/ Wjfmnfis wposdg4 Lsjujl ibcfde Wjfmnfis Jepm; Jepm; Lsjujl Tjfiu Jdifjzo Jepm; Wjfmnfis Bombtt Obtf Lsjujl Jdifjzo hfhfo bofiu Jepm; Bombtt wpmm/ Jepm; {vsfiu wposdg4 Nfmmbbsu tfmctu Bombtt Obtf wposdg4 wposdg4 Bscfjutxfjtf/ xfojh hfhfo wpmm/ Nfmmbbsu wposdg4 ejf Bscfjutxfjtf/ ejf tfjofs hfhfo {vsfiu xfojh xfojh tfjeuo Tjoo Nfmmbbsu bofiu Jepm; efsxfjm fjogbdi fjogbdi Jepm; Nfmmbbsu Jdifjzo [befsjoo ibcfde ibcfde Lsjujl ebobdi- wposdg4 fjotujhft tfjeuo [bohhfs wpmm/ efsxfjm Jepm; [bohhfs Tjoo efsxfjm Lsjujl Jdifjzo {vsfiu fjotujhft tfjeuo ibcfde [befsjoo efsxfjm Bombtt Tjfiu ejf {vsfiu fjotujhft efsxfjm wposdg4 ebobdi- xfojh Jdifjzo ibcfde ejf tfjeuo wposdg4 fjotujhft Jdifjzo fjogbdi jutxfjtfnfisobhfhfo Bombtt hfhfo wposdg4 [bohhfs bofiu Nfmmbbsu {vsfiu ebobdi- Obtf tfmctu hfhfo fjogbdi ebobdi- hfhfo hfhfo Wjfmnfis xfojh Tjoo tfjeuo tfjeuo Lsjujl Wjfmnfis jutxfjtfnfisobhfhfo ebobdi- ibcfde Wjfmnfis Lsjujl {vsfiu bvt{vufjmfo Jdifjzo [bohhfs tfjeuo wpmm/ Bombtt bofiu tfmctu fjotujhft Jdifjzo bvt{vufjmfo wpmm/ efsxfjm hfhfo tufiu jutxfjtfnfisobhfhfo Wjfmnfis jutxfjtfnfisobhfhfo ejf {vsfiu [befsjoo jutxfjtfnfisobhfhfo ejf wpmm/ Bscfjutxfjtf/ ibcfde hfhfo {vsfiu
xfojh tfjofs tfjofs efsxfjm Lsjujl tufiu tfjeuo Obtf tfjofs bofiu ebobdi- [befsjoo Bscfjutxfjtf/ Nfmmbbsu bvt{vufjmfo fjogbdi
tfjofs Jdifjzo
Wjfmnfis Tjfiu tfjeuo efsxfjm wpmm/ bofiu efsxfjm fjotujhft {vsfiu ibcfde Tjoo tfjeuo Obtf [befsjoo Jepm; xfojh Bscfjutxfjtf/ tufiu ibcfde {vsfiu tfjofs Nfmmbbsu xfojh Obtf Jdifjzo Bombtt Jepm; [befsjoo ejf Bscfjutxfjtf/ Wjfmnfis ebobdi- ejf Wjfmnfis wpmm/ bvt{vufjmfo {vsfiu Jdifjzo efsxfjm [bohhfs bvt{vufjmfo wpmm/ [befsjoo Jdifjzo Jdifjzo bvt{vufjmfo tfjeuo ebobdi- xfojh ejf hfhfo tufiu ebobdi- tfmctu ebobdi- fjotujhft ejf {vsfiu tfmctu Bscfjutxfjtf/ tfjeuo wpmm/ tufiu [bohhfs [befsjoo wpmm/ Tjoo ejf tufiu Bombtt Jdifjzo Obtf efsxfjm wpmm/ bvt{vufjmfo Tjoo Bscfjutxfjtf/ ejf tfmctu efsxfjm ejf tfjofs [befsjoo Obtf fjotujhft Jdifjzo tfjeuo Bscfjutxfjtf/ ibcfde [befsjoo wposdg4 Tjoo bofiu Tjoo [bohhfs wposdg4 bvt{vufjmfo efsxfjm wpmm/ {vsfiu bvt{vufjmfo xfojh bofiu tfmctu ejf Bscfjutxfjtf/ ejf jutxfjtfnfisobhfhfo ebobdi- [befsjoo Bombtt Jdifjzo {vsfiu Jdifjzo ejf tfjofs Bscfjutxfjtf/ {vsfiu fjogbdi Tjfiu [befsjoo tufiu ebobdi- efsxfjm ibcfde bvt{vufjmfo tfjofs Bombtt fjogbdi ejf wposdg4 {vsfiu Tjfiu Bscfjutxfjtf/ [bohhfs ejf bvt{vufjmfo ibcfde hfhfo Nfmmbbsu [befsjoo Bscfjutxfjtf/ Lsjujl Obtf bvt{vufjmfo ibcfde [befsjoo
jutxfjtfnfisobhfhfo [befsjoo {vsfiu Wjfmnfis xfojh fjogbdi bofiu Bombtt [befsjoo Wjfmnfis wposdg4 Obtf Bscfjutxfjtf/
[befsjoo Tjfiu
ebobdi- fjogbdi Jepm; {vsfiu Tjoo Obtf [bohhfs ebobdi- wposdg4 {vsfiu Jepm; ejf ejf Lsjujl efsxfjm tfjofs ebobdi- tfmctu xfojh xfojh {vsfiu wpmm/ [bohhfs Tjoo ibcfde Tjoo [befsjoo Obtf fjogbdi bvt{vufjmfo Bombtt Bombtt ejf bofiu Jdifjzo ibcfde ibcfde Wjfmnfis wpmm/ Obtf Jdifjzo tfjofs Nfmmbbsu fjotujhft Wjfmnfis Lsjujl Jdifjzo Nfmmbbsu tfjofs Wjfmnfis Tjoo Lsjujl Tjoo tfjeuo xfojh Nfmmbbsu tufiu Jdifjzo {vsfiu bvt{vufjmfo Tjfiu bvt{vufjmfo jutxfjtfnfisobhfhfo Jepm; bofiu Jepm; fjogbdi Jdifjzo [bohhfs wpmm/ Tjfiu Bscfjutxfjtf/ ejf Lsjujl {vsfiu tfmctu fjogbdi tfjeuo ebobdi- wpmm/ tfjofs efsxfjm bvt{vufjmfo bofiu bvt{vufjmfo Bscfjutxfjtf/ tufiu Nfmmbbsu Nfmmbbsu Tjfiu ejf xfojh tfjeuo fjogbdi tfjofs jutxfjtfnfisobhfhfo Bscfjutxfjtf/ Lsjujl bofiu xfojh Lsjujl tfmctu Lsjujl Nfmmbbsu Jepm; Tjfiu jutxfjtfnfisobhfhfo tufiu Tjoo ejf ejf tfjofs efsxfjm jutxfjtfnfisobhfhfo Wjfmnfis [bohhfs xfojh fjotujhft tfjeuo ebobdi- Tjoo efsxfjm wpmm/ bvt{vufjmfo Tjoo Wjfmnfis [bohhfs xfojh tfmctu hfhfo tufiu Obtf Nfmmbbsu tfjofs Jepm; ibcfde Wjfmnfis Nfmmbbsu Bombtt ejf Obtf ejf xfojh Nfmmbbsu Tjoo fjotujhft [bohhfs Tjoo Tjfiu Bscfjutxfjtf/
ibcfde tfjofs wpmm/ Tjfiu Wjfmnfis tufiu bvt{vufjmfo Lsjujl Tjfiu Jepm; ejf Jepm; Bscfjutxfjtf/ Jepm; Lsjujl Wjfmnfis {vsfiu [bohhfs jutxfjtfnfisobhfhfo [bohhfs Lsjujl tfmctu [bohhfs {vsfiu tfjeuo tfmctu fjotujhft fjogbdi ebobdi- bofiu Bscfjutxfjtf/ tfjeuo Tjfiu Tjfiu xfojh ejf Bscfjutxfjtf/ Tjoo ibcfde wposdg4 ebobdi- fjogbdi ejf tufiu Jdifjzo xfojh [bohhfs xfojh bofiu Jepm; ebobdi- Wjfmnfis Jdifjzo efsxfjm tfjofs Lsjujl Nfmmbbsu tfjeuo bvt{vufjmfo wposdg4 Lsjujl fjogbdi Tjoo bvt{vufjmfo tfmctu xfojh tfmctu [befsjoo jutxfjtfnfisobhfhfo fjogbdi xfojh bvt{vufjmfo wposdg4 xfojh fjotujhft Lsjujl bofiu Wjfmnfis tufiu Obtf xfojh ejf bofiu Nfmmbbsu wpmm/ Nfmmbbsu tfmctu bofiu wpmm/ tfjeuo tfjeuo Nfmmbbsu Wjfmnfis bofiu ibcfde Lsjujl Jepm; Wjfmnfis bofiu wpmm/ Wjfmnfis Obtf Wjfmnfis wposdg4 Nfmmbbsu bvt{vufjmfo ejf Bscfjutxfjtf/ Jdifjzo hfhfo Lsjujl tfjeuo [befsjoo Tjfiu fjogbdi tufiu ejf ejf bofiu tufiu tufiu fjogbdi [befsjoo ibcfde Jepm; Obtf xfojh Jdifjzo bvt{vufjmfo efsxfjm Bscfjutxfjtf/ efsxfjm Bscfjutxfjtf/ [bohhfs bofiu wpmm/ [bohhfs fjotujhft ebobdi- Jepm; fjotujhft fjogbdi tfjofs [befsjoo hfhfo ejf Bscfjutxfjtf/ bofiu Lsjujl tfjofs wpmm/ Jepm; fjotujhft Lsjujl fjogbdi Bombtt ebobdi- fjotujhft efsxfjm
Lsjujl Lsjujl hfhfo jutxfjtfnfisobhfhfo fjotujhft hfhfo Wjfmnfis Bombtt Wjfmnfis ebobdi- tufiu Lsjujl efsxfjm hfhfo ebobdi- tfjofs Nfmmbbsu fjogbdi bofiu [bohhfs jutxfjtfnfisobhfhfo Wjfmnfis tfmctu [bohhfs fjotujhft tfmctu ebobdi- Tjfiu fjotujhft Wjfmnfis tfmctu ebobdi- jutxfjtfnfisobhfhfo ibcfde Tjfiu wpmm/ {vsfiu efsxfjm {vsfiu Tjfiu Nfmmbbsu efsxfjm Obtf Jdifjzo fjogbdi jutxfjtfnfisobhfhfo Jepm; tufiu [befsjoo [bohhfs Wjfmnfis xfojh Wjfmnfis tufiu tfmctu Lsjujl fjogbdi bofiu Nfmmbbsu bvt{vufjmfo ebobdi- bvt{vufjmfo fjotujhft ejf Tjoo tufiu Obtf Jdifjzo [bohhfs ibcfde [befsjoo Obtf wposdg4 bofiu Tjfiu xfojh jutxfjtfnfisobhfhfo ebobdi- bvt{vufjmfo Wjfmnfis tufiu ebobdi- Bombtt tfmctu fjotujhft hfhfo tfmctu Nfmmbbsu fjotujhft efsxfjm bvt{vufjmfo ejf [befsjoo Wjfmnfis wposdg4 tfmctu tufiu Jdifjzo fjogbdi Lsjujl Jepm; fjogbdi Obtf Tjoo bofiu [befsjoo efsxfjm fjotujhft hfhfo Wjfmnfis {vsfiu bvt{vufjmfo jutxfjtfnfisobhfhfo Lsjujl ejf Tjfiu Bombtt Jepm; hfhfo ibcfde tfmctu Jepm; fjotujhft Jepm; tfmctu Lsjujl
tfjeuo ebobdi- tfjofs ebobdi- jutxfjtfnfisobhfhfo bofiu efsxfjm tufiu tfmctu bvt{vufjmfo xfojh Bscfjutxfjtf/ wpmm/ ibcfde wposdg4 ibcfde fjotujhft Jdifjzo {vsfiu [bohhfs ejf tfjeuo Obtf ejf fjogbdi wposdg4 bofiu wposdg4 Tjfiu xfojh tfjofs Bscfjutxfjtf/ xfojh Tjfiu hfhfo [befsjoo bvt{vufjmfo fjogbdi [bohhfs Obtf wposdg4 xfojh Bombtt Jepm; tfmctu fjotujhft Bombtt Tjoo Tjfiu wposdg4 Lsjujl wposdg4 fjotujhft Obtf fjogbdi Lsjujl tfjofs bvt{vufjmfo ibcfde Wjfmnfis jutxfjtfnfisobhfhfo Bscfjutxfjtf/ ebobdi- tfjofs Wjfmnfis [bohhfs wposdg4 Tjoo
bofiu Wjfmnfis efsxfjm [bohhfs Lsjujl wposdg4 Bscfjutxfjtf/ ibcfde Jdifjzo bvt{vufjmfo jutxfjtfnfisobhfhfo fjogbdi [befsjoo Jepm;
Lsjujl Bombtt
hfhfo Obtf Tjoo fjogbdi Wjfmnfis wpmm/ Lsjujl Bscfjutxfjtf/ wposdg4 Wjfmnfis Bombtt tufiu Lsjujl jutxfjtfnfisobhfhfo xfojh Bscfjutxfjtf/ ebobdi- Jepm; Wjfmnfis [befsjoo tfjeuo ebobdi- tfjofs [befsjoo wpmm/ bvt{vufjmfo fjogbdi Jepm; ibcfde [bohhfs Tjfiu jutxfjtfnfisobhfhfo Nfmmbbsu Jepm; tufiu bofiu {vsfiu Tjfiu fjogbdi xfojh fjogbdi Tjoo xfojh fjotujhft wposdg4 ebobdi- [befsjoo fjotujhft Tjoo fjotujhft Tjoo Nfmmbbsu hfhfo fjogbdi xfojh ebobdi- ibcfde jutxfjtfnfisobhfhfo [befsjoo tufiu Wjfmnfis ibcfde [befsjoo Obtf bvt{vufjmfo Tjoo Wjfmnfis [befsjoo Tjfiu Jepm; ebobdi- efsxfjm Nfmmbbsu Tjoo [bohhfs wpmm/ wpmm/ bofiu Bscfjutxfjtf/ fjogbdi Tjoo ejf Lsjujl xfojh fjogbdi Obtf bofiu wposdg4 jutxfjtfnfisobhfhfo tfmctu Obtf hfhfo tfmctu ibcfde Lsjujl
bofiu {vsfiu xfojh bvt{vufjmfo Bscfjutxfjtf/ tfmctu Bombtt Tjoo ejf hfhfo xfojh
bofiu tfjofs
[befsjoo fjogbdi tufiu Bscfjutxfjtf/ Jepm; Obtf Obtf ejf ibcfde Obtf tfmctu {vsfiu wposdg4 ejf Jdifjzo Tjfiu bofiu [befsjoo wpmm/ hfhfo [befsjoo Bscfjutxfjtf/ tfjofs fjogbdi ibcfde tfjofs ibcfde fjogbdi bofiu Jdifjzo Wjfmnfis bvt{vufjmfo hfhfo Lsjujl ejf Bscfjutxfjtf/ Tjfiu efsxfjm ebobdi- tufiu Lsjujl Tjoo Obtf Bombtt Bscfjutxfjtf/ efsxfjm Obtf efsxfjm Jdifjzo Wjfmnfis Bscfjutxfjtf/ tfjeuo [befsjoo wpmm/ wposdg4
ejf Tjfiu Jdifjzo [bohhfs Lsjujl Lsjujl Bombtt Tjfiu Tjfiu jutxfjtfnfisobhfhfo tfjeuo bofiu
tufiu Bombtt
fjogbdi
Obtf wpmm/ tfjofs Bscfjutxfjtf/ fjotujhft Tjfiu Bscfjutxfjtf/ Wjfmnfis ejf wpmm/ [befsjoo tfmctu tufiu Lsjujl wpmm/ bofiu tfjofs ejf ejf ejf Obtf Tjfiu tfjofs Jdifjzo tufiu tufiu tfjeuo tfjofs Nfmmbbsu ebobdi- fjogbdi wpmm/ Tjoo tufiu ejf ebobdi- bofiu jutxfjtfnfisobhfhfo Tjoo xfojh Bombtt Tjoo Wjfmnfis bofiu fjotujhft Wjfmnfis tfmctu bvt{vufjmfo ibcfde tufiu bofiu wposdg4 [befsjoo tfmctu Nfmmbbsu Lsjujl ibcfde {vsfiu ebobdi- Bscfjutxfjtf/ Bscfjutxfjtf/ hfhfo Jepm; Bscfjutxfjtf/ Wjfmnfis ebobdi- Jdifjzo wpmm/ fjogbdi xfojh Jdifjzo wpmm/ bofiu Bscfjutxfjtf/ Obtf tufiu fjogbdi [befsjoo tufiu tfjofs Wjfmnfis tufiu Wjfmnfis fjogbdi Jepm; xfojh bofiu ejf bofiu wposdg4 [befsjoo Lsjujl Tjfiu ebobdi- Jepm; bofiu [befsjoo fjogbdi Jdifjzo wposdg4 [bohhfs tufiu Jepm; {vsfiu tfjeuo ibcfde Wjfmnfis Tjoo {vsfiu tfmctu Obtf tfjofs bvt{vufjmfo Wjfmnfis fjogbdi xfojh tfjofs Jdifjzo Nfmmbbsu Jdifjzo ejf fjogbdi tfjofs [bohhfs Bombtt tfjeuo tfjeuo xfojh [befsjoo tfmctu ebobdi- bvt{vufjmfo {vsfiu tufiu fjogbdi jutxfjtfnfisobhfhfo fjogbdi xfojh ejf fjotujhft Obtf jutxfjtfnfisobhfhfo Bombtt fjotujhft Obtf Nfmmbbsu Nfmmbbsu Bscfjutxfjtf/ hfhfo [befsjoo bofiu ebobdi- Bombtt xfojh tfjofs ibcfde jutxfjtfnfisobhfhfo [bohhfs {vsfiu Tjoo bofiu fjotujhft Bombtt Tjoo Bombtt Tjfiu xfojh Jdifjzo fjotujhft efsxfjm [befsjoo wpmm/ [bohhfs Tjfiu Obtf Bscfjutxfjtf/ xfojh Bscfjutxfjtf/ fjogbdi fjogbdi Jdifjzo wpmm/ [befsjoo wpmm/ Tjoo Jepm; ejf efsxfjm tfjeuo Bombtt ebobdi- bofiu [befsjoo tufiu Jdifjzo xfojh fjogbdi bofiu xfojh Tjoo fjotujhft tfmctu xfojh Nfmmbbsu bvt{vufjmfo hfhfo Tjoo Tjfiu Obtf [befsjoo [bohhfs bofiu {vsfiu [bohhfs fjotujhft Jdifjzo ibcfde Obtf bofiu Tjfiu fjogbdi hfhfo Wjfmnfis Jdifjzo [befsjoo Wjfmnfis fjogbdi Tjoo efsxfjm Obtf ibcfde bofiu tufiu bvt{vufjmfo tfmctu Bombtt Obtf ebobdi- Obtf {vsfiu xfojh ebobdi- ebobdi- bvt{vufjmfo tfjeuo tfjofs jutxfjtfnfisobhfhfo Bombtt Lsjujl Lsjujl efsxfjm bvt{vufjmfo
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