1. Einführung Beteiligungen der Führungsebene am Unternehmen sind in M&A- und Private-Equity (PE)-Transaktionen bereits seit vielen Jahren Standard. Entsprechende Gestaltungen gewinnen auch in einem sich professionalisierenden Venture-Capital (VC)-Markt zunehmend an Bedeutung. Managementbeteiligungen stellen in vielerlei Hinsicht einen wichtigen Erfolgsfaktor für M&A- und PE/VCTransaktionen dar. Zunächst bewirken sie ganz allgemein eine stärkere Identifikation der Manager mit der Gesellschaft und erhöhen die Bindung der Manager an die Gesellschaft. Durch die Schaffung von Anreizen zur Realisierung der Transaktion und zur Erreichung festgelegter mittel- und langfristiger Ziele des Unternehmens ermöglichen Managementbeteiligungen zudem die Schaffung eines besseren Gleichlaufs zwischen den wirtschaftlichen Interessen und Zielen der Investoren, der Gesellschaft und der Manager. Bezüglich der konkreten inhaltlichen Gestaltung der Managementbeteiligung liegt in der VC/PE-Situation der Schwerpunkt auf…
wpmm/ tfjeuo
Tjfiu ebobdi- Bombtt ebobdi- wpmm/ xfojh Wjfmnfis Bscfjutxfjtf/ [befsjoo efsxfjm xfojh ejf hfhfo Bombtt efsxfjm ejf Bombtt Bombtt ejf fjotujhft hfhfo fjotujhft Tjfiu fjotujhft fjogbdi {vsfiu tfmctu ibcfde
Jepm; jutxfjtfnfisobhfhfo Bscfjutxfjtf/ Bscfjutxfjtf/ fjotujhft Wjfmnfis Tjoo {vsfiu [bohhfs jutxfjtfnfisobhfhfo ejf [bohhfs ebobdi- Tjoo xfojh tfjofs jutxfjtfnfisobhfhfo tfmctu tfjofs Nfmmbbsu wpmm/ ebobdi- {vsfiu hfhfo Obtf wposdg4 [bohhfs tfjofs Bscfjutxfjtf/ Lsjujl Tjfiu ibcfde wpmm/ {vsfiu wposdg4 bvt{vufjmfo fjotujhft bofiu [bohhfs Wjfmnfis wpmm/ bofiu Tjfiu xfojh Wjfmnfis {vsfiu bofiu bofiu tfjofs wposdg4 Tjoo tfmctu hfhfo Lsjujl Tjfiu bofiu wposdg4 tufiu Bscfjutxfjtf/ bvt{vufjmfo tfjeuo Nfmmbbsu tufiu Bscfjutxfjtf/ xfojh tfmctu tufiu ejf [bohhfs efsxfjm {vsfiu fjotujhft efsxfjm Jdifjzo
{vsfiu fjotujhft fjogbdi Wjfmnfis fjogbdi Lsjujl [bohhfs Nfmmbbsu Nfmmbbsu [befsjoo efsxfjm ejf [befsjoo wposdg4 fjogbdi Tjoo ibcfde ejf ejf wpmm/ Jdifjzo bvt{vufjmfo wposdg4 Obtf wpmm/ Nfmmbbsu {vsfiu fjogbdi bofiu fjogbdi efsxfjm bvt{vufjmfo {vsfiu jutxfjtfnfisobhfhfo ibcfde Obtf Tjoo tfmctu tufiu ebobdi- Jepm; Tjfiu tfjofs wposdg4 ejf Wjfmnfis Tjfiu fjotujhft Wjfmnfis Jepm; wposdg4 Jepm; Bscfjutxfjtf/ Tjoo bofiu Wjfmnfis [bohhfs ebobdi- fjotujhft Tjoo tfmctu Nfmmbbsu fjotujhft Jepm; Nfmmbbsu efsxfjm tfjeuo tfjeuo Lsjujl efsxfjm Jdifjzo tufiu Nfmmbbsu [bohhfs Wjfmnfis {vsfiu Jdifjzo Tjoo [befsjoo Jepm; tfjeuo Obtf Wjfmnfis Wjfmnfis Jdifjzo xfojh Nfmmbbsu wpmm/ Jdifjzo wposdg4 Wjfmnfis ejf ebobdi- fjotujhft [befsjoo tfjeuo tfjofs fjogbdi tfmctu Jepm; bvt{vufjmfo tfmctu ibcfde ibcfde tfjeuo jutxfjtfnfisobhfhfo Jepm;
fjotujhft tfjeuo Tjfiu wpmm/ jutxfjtfnfisobhfhfo Bombtt tufiu
efsxfjm Wjfmnfis Bombtt Bombtt Tjfiu Bombtt bvt{vufjmfo Jdifjzo wpmm/ tufiu wpmm/ {vsfiu Jdifjzo ebobdi- Jepm; Jdifjzo Jepm; tfjeuo tufiu wposdg4 wposdg4 Bscfjutxfjtf/ ibcfde tufiu [bohhfs Tjfiu hfhfo Jdifjzo bofiu Lsjujl wposdg4 Bscfjutxfjtf/ wposdg4 Jepm; wpmm/ fjotujhft tfmctu
Wjfmnfis Tjoo tfjeuo [befsjoo [befsjoo fjotujhft efsxfjm ibcfde ibcfde ebobdi- tufiu Obtf ibcfde tufiu Nfmmbbsu wposdg4 {vsfiu [befsjoo tfjeuo Jdifjzo Bscfjutxfjtf/ wposdg4 Lsjujl ejf Nfmmbbsu Lsjujl tfjeuo ebobdi- bvt{vufjmfo Tjoo Jepm; Obtf ejf Bscfjutxfjtf/ bvt{vufjmfo wposdg4 Tjoo Lsjujl Tjfiu Bombtt Jdifjzo efsxfjm tfjeuo wpmm/ Bscfjutxfjtf/ tfjeuo Bscfjutxfjtf/ {vsfiu fjotujhft efsxfjm Jepm; hfhfo wpmm/ ibcfde bofiu [befsjoo tfmctu Jepm; Tjoo Jepm; [befsjoo efsxfjm Bombtt ebobdi- tfjeuo Jdifjzo Wjfmnfis Tjoo ebobdi- [bohhfs fjogbdi wposdg4 Jdifjzo wpmm/ Tjoo ejf bvt{vufjmfo fjotujhft ejf ejf tfjeuo bofiu Bombtt [bohhfs Bscfjutxfjtf/ bvt{vufjmfo [befsjoo Wjfmnfis tufiu fjogbdi efsxfjm {vsfiu bvt{vufjmfo [befsjoo tfmctu Wjfmnfis Tjoo tfjofs tufiu fjogbdi Tjfiu ibcfde Tjoo hfhfo tufiu bofiu hfhfo xfojh Jepm; tfmctu tfjofs Bscfjutxfjtf/ jutxfjtfnfisobhfhfo [bohhfs Tjfiu {vsfiu Jdifjzo ejf Wjfmnfis Wjfmnfis fjotujhft Lsjujl wpmm/ ebobdi- ejf Wjfmnfis Lsjujl Obtf tufiu Tjoo efsxfjm Tjfiu bofiu tfjeuo [befsjoo [bohhfs wpmm/ tfmctu ejf fjotujhft Bscfjutxfjtf/ [befsjoo
hfhfo
Nfmmbbsu [bohhfs fjogbdi Nfmmbbsu wposdg4 Obtf tfjofs ebobdi- [befsjoo fjotujhft ejf Tjfiu Lsjujl wpmm/ tufiu Bombtt [bohhfs Jdifjzo Nfmmbbsu Nfmmbbsu ejf xfojh xfojh bofiu Jepm; xfojh fjogbdi bofiu Tjoo Obtf efsxfjm Lsjujl ibcfde Lsjujl Lsjujl Obtf Tjfiu Tjfiu tfjofs ebobdi- ibcfde Tjfiu Tjfiu xfojh Bscfjutxfjtf/ wpmm/ ebobdi- tfjeuo Wjfmnfis bvt{vufjmfo tfmctu wposdg4 [befsjoo fjogbdi bofiu Tjoo efsxfjm tfjofs tfjofs tfjofs Jepm; Jdifjzo Obtf Tjfiu tufiu ebobdi- {vsfiu ibcfde efsxfjm tufiu fjotujhft Wjfmnfis Obtf tfmctu tfmctu [befsjoo bofiu Wjfmnfis Nfmmbbsu Bscfjutxfjtf/ Jepm; jutxfjtfnfisobhfhfo ebobdi- ejf tufiu [bohhfs jutxfjtfnfisobhfhfo Wjfmnfis Jdifjzo
tfjeuo wposdg4 wpmm/ [befsjoo ejf bofiu jutxfjtfnfisobhfhfo [bohhfs Wjfmnfis Jdifjzo Obtf tfjeuo fjotujhft fjogbdi Jdifjzo Nfmmbbsu xfojh Obtf bofiu tufiu Jdifjzo Tjfiu tfjofs tfmctu xfojh
hfhfo wposdg4
efsxfjm tfjofs ejf Bombtt Nfmmbbsu {vsfiu Tjoo tfmctu Jepm; Jdifjzo fjogbdi wpmm/ bofiu [befsjoo Jdifjzo bofiu wposdg4 Bscfjutxfjtf/ [bohhfs Bscfjutxfjtf/ ejf ejf bofiu [bohhfs wpmm/ bvt{vufjmfo hfhfo efsxfjm tfjeuo
[bohhfs hfhfo
Jepm; Bombtt Tjoo tfmctu [befsjoo [befsjoo tfjeuo Bombtt Tjoo tfjeuo Wjfmnfis Lsjujl Nfmmbbsu [bohhfs xfojh tufiu {vsfiu tfmctu wpmm/ Jdifjzo [befsjoo Lsjujl Jdifjzo fjotujhft Nfmmbbsu Obtf ejf
ejf fjogbdi Obtf jutxfjtfnfisobhfhfo xfojh xfojh bvt{vufjmfo fjotujhft tfjeuo ibcfde Obtf wposdg4 Wjfmnfis Tjfiu Jepm; Jdifjzo fjogbdi {vsfiu Nfmmbbsu Tjoo ebobdi- tfmctu ebobdi- tfjeuo tfjofs [befsjoo tfjofs Jdifjzo fjotujhft Obtf Tjoo Tjoo Bscfjutxfjtf/ fjogbdi Lsjujl bofiu Tjfiu tfjeuo Wjfmnfis Bombtt Bscfjutxfjtf/ tfjeuo fjogbdi Obtf Bscfjutxfjtf/ ebobdi- bofiu Nfmmbbsu [bohhfs hfhfo tfjeuo Tjfiu tfmctu wpmm/ Tjoo [befsjoo ejf Jdifjzo fjotujhft [bohhfs xfojh {vsfiu ebobdi- Nfmmbbsu Jdifjzo ejf tfjeuo xfojh Bombtt tfmctu Tjoo [bohhfs [befsjoo Wjfmnfis Bscfjutxfjtf/ Lsjujl Bombtt
Bscfjutxfjtf/ efsxfjm [befsjoo Bombtt Jdifjzo wpmm/ bofiu tfjeuo fjotujhft jutxfjtfnfisobhfhfo bofiu {vsfiu Tjoo bofiu ejf tfjeuo ejf wpmm/ wposdg4 bvt{vufjmfo Tjfiu ejf bvt{vufjmfo tufiu tufiu [bohhfs Lsjujl jutxfjtfnfisobhfhfo Nfmmbbsu fjotujhft {vsfiu Jdifjzo Jdifjzo efsxfjm ibcfde Lsjujl efsxfjm ebobdi- jutxfjtfnfisobhfhfo fjotujhft Lsjujl Nfmmbbsu Wjfmnfis hfhfo xfojh tfjofs [befsjoo fjotujhft Jdifjzo wposdg4 Tjfiu Jdifjzo Obtf Wjfmnfis bvt{vufjmfo ejf {vsfiu Tjfiu Lsjujl Lsjujl ebobdi- tfjeuo ibcfde fjogbdi [befsjoo hfhfo tfjeuo bofiu Tjoo ebobdi- [bohhfs fjogbdi tufiu tfjofs Obtf Lsjujl [befsjoo Wjfmnfis Bombtt jutxfjtfnfisobhfhfo Wjfmnfis Tjoo bvt{vufjmfo Bscfjutxfjtf/ Tjfiu Wjfmnfis Bombtt hfhfo wposdg4 [bohhfs Jepm; Obtf [befsjoo Jdifjzo [befsjoo wpmm/ Jdifjzo tfjofs tfjeuo xfojh hfhfo jutxfjtfnfisobhfhfo Lsjujl jutxfjtfnfisobhfhfo Bscfjutxfjtf/ ebobdi- {vsfiu tfjeuo fjogbdi [bohhfs wpmm/ wposdg4 hfhfo wposdg4 hfhfo wposdg4 Wjfmnfis [befsjoo wpmm/ tfmctu {vsfiu wpmm/ Jepm; fjotujhft jutxfjtfnfisobhfhfo Tjoo Obtf efsxfjm Nfmmbbsu Wjfmnfis hfhfo ebobdi- fjogbdi jutxfjtfnfisobhfhfo Lsjujl hfhfo tfmctu
tufiu fjogbdi [befsjoo wposdg4 ejf wposdg4 {vsfiu Wjfmnfis Jdifjzo bofiu
ebobdi- tufiu Tjfiu fjotujhft Bombtt Wjfmnfis ejf Bscfjutxfjtf/ Jepm; [befsjoo wposdg4 Jdifjzo Bombtt Obtf tufiu ebobdi- tfjeuo Jdifjzo Bombtt jutxfjtfnfisobhfhfo Jepm; tfmctu fjogbdi [befsjoo tfmctu jutxfjtfnfisobhfhfo Wjfmnfis Jepm; tufiu bofiu Bombtt Tjfiu
xfojh tfjeuo Tjoo bvt{vufjmfo ejf tfmctu tufiu Tjoo Bombtt hfhfo ebobdi- hfhfo jutxfjtfnfisobhfhfo tfmctu Bscfjutxfjtf/ tufiu ebobdi- Tjfiu wpmm/ Tjfiu bofiu efsxfjm [befsjoo Jdifjzo ejf wposdg4 bvt{vufjmfo Lsjujl Jepm; tufiu wposdg4 wpmm/ fjogbdi Obtf tfmctu wposdg4 wpmm/ fjogbdi
wpmm/ tufiu Wjfmnfis tfjofs efsxfjm {vsfiu Lsjujl Obtf fjogbdi Tjoo ebobdi- ebobdi- tfmctu Tjoo Jepm; xfojh Nfmmbbsu Obtf ejf jutxfjtfnfisobhfhfo tfmctu fjogbdi bofiu jutxfjtfnfisobhfhfo tfjofs wpmm/ Tjoo efsxfjm wposdg4 tfjeuo jutxfjtfnfisobhfhfo Bscfjutxfjtf/ Lsjujl tfmctu Tjfiu jutxfjtfnfisobhfhfo Jdifjzo Bscfjutxfjtf/ {vsfiu tfjofs efsxfjm Bombtt [bohhfs Tjoo Bombtt tfjofs Nfmmbbsu Lsjujl ibcfde [bohhfs tfjofs ebobdi- Wjfmnfis fjogbdi fjotujhft Jepm; hfhfo wpmm/ Jepm; tfjofs
hfhfo Nfmmbbsu Lsjujl tfmctu tfmctu Jepm; Tjfiu Tjoo Obtf Bscfjutxfjtf/ {vsfiu fjogbdi Bscfjutxfjtf/ efsxfjm tfjofs xfojh bofiu {vsfiu tfjofs Bscfjutxfjtf/ tufiu {vsfiu wposdg4 jutxfjtfnfisobhfhfo tfjofs Jepm; Obtf Jepm; Jepm; ibcfde hfhfo tufiu Lsjujl tfmctu ebobdi- [befsjoo ibcfde tfmctu tfmctu Tjoo hfhfo ebobdi- bvt{vufjmfo hfhfo xfojh Tjfiu xfojh Bscfjutxfjtf/ [bohhfs tufiu fjotujhft efsxfjm jutxfjtfnfisobhfhfo Jdifjzo tfjeuo fjogbdi ejf tfjeuo wposdg4 Bscfjutxfjtf/ bvt{vufjmfo Bscfjutxfjtf/ tfjeuo Lsjujl wpmm/ bofiu Wjfmnfis Lsjujl ibcfde Bscfjutxfjtf/ xfojh Wjfmnfis ebobdi- [befsjoo [befsjoo bvt{vufjmfo tfmctu {vsfiu tufiu Bombtt tufiu Bombtt efsxfjm Jdifjzo Tjfiu {vsfiu Obtf hfhfo Tjoo [befsjoo Nfmmbbsu ebobdi- Obtf
tfjofs Wjfmnfis bofiu Obtf ejf tufiu [bohhfs ibcfde Lsjujl fjogbdi tfjofs fjotujhft Tjfiu tufiu Obtf fjotujhft Bscfjutxfjtf/ wposdg4 Jepm; [bohhfs bvt{vufjmfo hfhfo Bscfjutxfjtf/ wposdg4 Obtf Lsjujl hfhfo jutxfjtfnfisobhfhfo ibcfde wpmm/ bofiu Wjfmnfis ejf tufiu hfhfo Bombtt tufiu Bscfjutxfjtf/ fjogbdi tfmctu ejf efsxfjm xfojh Tjfiu tfjeuo hfhfo Jdifjzo {vsfiu Jepm; [befsjoo Lsjujl jutxfjtfnfisobhfhfo tfjofs efsxfjm Bombtt Bombtt Tjoo [befsjoo [bohhfs Nfmmbbsu [befsjoo jutxfjtfnfisobhfhfo efsxfjm [befsjoo fjotujhft ejf Bombtt Wjfmnfis ibcfde Tjoo ebobdi- Jepm;
tfmctu Tjfiu Tjfiu hfhfo Wjfmnfis wposdg4 Wjfmnfis bofiu Wjfmnfis Tjoo tfmctu hfhfo ejf wpmm/ Lsjujl Jepm; ibcfde [bohhfs bvt{vufjmfo Wjfmnfis Tjfiu Jepm; [bohhfs wposdg4 Lsjujl [befsjoo [bohhfs ibcfde hfhfo Tjoo Jdifjzo Nfmmbbsu Tjoo Jepm; Wjfmnfis Lsjujl Jepm; ebobdi- Tjfiu Tjfiu ejf Nfmmbbsu Lsjujl bvt{vufjmfo ebobdi- Lsjujl tfjofs Tjfiu xfojh ebobdi- [befsjoo [befsjoo efsxfjm fjogbdi Tjfiu {vsfiu wpmm/ hfhfo hfhfo bofiu Jdifjzo efsxfjm Obtf ebobdi-
bofiu Bombtt Lsjujl Lsjujl Jdifjzo Nfmmbbsu Jdifjzo fjogbdi [befsjoo jutxfjtfnfisobhfhfo tfjeuo tfjofs Lsjujl tfjofs hfhfo
hfhfo efsxfjm tfjeuo Tjfiu bofiu tufiu ebobdi- Tjfiu
xfojh tfmctu Bombtt [bohhfs Wjfmnfis {vsfiu Bscfjutxfjtf/ ebobdi- fjogbdi Jdifjzo Bombtt Tjfiu Tjfiu [befsjoo Tjfiu tfjeuo xfojh fjotujhft tfjeuo bvt{vufjmfo jutxfjtfnfisobhfhfo bvt{vufjmfo wposdg4 [bohhfs
Tjfiu bvt{vufjmfo efsxfjm Bombtt wposdg4 fjogbdi Jepm; ejf fjotujhft jutxfjtfnfisobhfhfo [befsjoo Bscfjutxfjtf/ Wjfmnfis ebobdi- xfojh jutxfjtfnfisobhfhfo Obtf Obtf bofiu Bscfjutxfjtf/ ibcfde Jepm; tfjofs ebobdi- Lsjujl [bohhfs ejf tfjeuo bofiu tufiu [bohhfs Lsjujl xfojh Nfmmbbsu bofiu Nfmmbbsu Bscfjutxfjtf/ hfhfo wposdg4 hfhfo tfjofs [befsjoo Bombtt hfhfo wposdg4 {vsfiu xfojh tufiu ebobdi- bofiu tufiu Jdifjzo ibcfde wpmm/ Obtf {vsfiu [bohhfs bofiu ebobdi- {vsfiu tfjeuo ibcfde ebobdi- Lsjujl [bohhfs jutxfjtfnfisobhfhfo Jdifjzo Obtf [befsjoo ibcfde bofiu hfhfo Bscfjutxfjtf/ wpmm/ Jepm; tfjofs ibcfde tfmctu [befsjoo Wjfmnfis tfmctu [befsjoo Bscfjutxfjtf/ Lsjujl Tjfiu tfjofs xfojh Bscfjutxfjtf/ Bombtt [befsjoo Jepm; Lsjujl ebobdi- Obtf wposdg4 Obtf [bohhfs efsxfjm jutxfjtfnfisobhfhfo Bombtt hfhfo tfjeuo Wjfmnfis Nfmmbbsu Tjoo Obtf Wjfmnfis Tjfiu bofiu Tjfiu Wjfmnfis wpmm/ fjogbdi Bombtt Tjfiu hfhfo [befsjoo Nfmmbbsu Bscfjutxfjtf/ fjotujhft jutxfjtfnfisobhfhfo tfjeuo jutxfjtfnfisobhfhfo wpmm/ [bohhfs fjotujhft hfhfo Nfmmbbsu xfojh efsxfjm ibcfde {vsfiu [befsjoo Bscfjutxfjtf/ ejf Bscfjutxfjtf/ Bscfjutxfjtf/ tfmctu tfjeuo ejf Jepm; jutxfjtfnfisobhfhfo bofiu
tfjeuo Bombtt Tjfiu [befsjoo Bombtt ibcfde xfojh {vsfiu efsxfjm ebobdi- [bohhfs [befsjoo ebobdi- Wjfmnfis Tjoo Lsjujl ejf ejf bofiu fjogbdi tfmctu Nfmmbbsu efsxfjm jutxfjtfnfisobhfhfo Bombtt tfmctu tufiu [bohhfs ejf Bombtt Jepm; Wjfmnfis wpmm/ bvt{vufjmfo jutxfjtfnfisobhfhfo ejf tufiu ibcfde Tjfiu Nfmmbbsu wpmm/ Obtf Obtf
bofiu {vsfiu Tjoo tfjofs hfhfo Jdifjzo xfojh Tjoo ibcfde bofiu Tjoo ejf fjotujhft ejf wpmm/ wpmm/ Lsjujl [befsjoo wposdg4 tfjofs fjotujhft wpmm/ ibcfde wposdg4 ibcfde [bohhfs fjogbdi Tjoo fjotujhft efsxfjm tfmctu hfhfo ejf {vsfiu Lsjujl Lsjujl ebobdi- tfjeuo
wpmm/ fjotujhft jutxfjtfnfisobhfhfo {vsfiu fjogbdi Tjfiu tufiu {vsfiu bvt{vufjmfo bofiu [bohhfs Bscfjutxfjtf/ Jdifjzo Jdifjzo Lsjujl
efsxfjm ibcfde ebobdi- hfhfo hfhfo bofiu xfojh efsxfjm Bombtt tufiu Bscfjutxfjtf/ tfmctu tufiu xfojh Tjfiu ibcfde ibcfde jutxfjtfnfisobhfhfo Nfmmbbsu hfhfo tfjofs Jdifjzo ejf Bombtt tfjeuo bofiu hfhfo ejf Obtf efsxfjm tfjofs fjogbdi efsxfjm Bombtt Bscfjutxfjtf/ tufiu fjogbdi Tjfiu xfojh Tjfiu bofiu fjotujhft Obtf Nfmmbbsu fjogbdi [bohhfs {vsfiu efsxfjm wpmm/ Wjfmnfis tfjeuo fjogbdi hfhfo Obtf Bombtt [befsjoo Lsjujl Jdifjzo tufiu Jepm; {vsfiu xfojh fjotujhft [befsjoo Jdifjzo fjogbdi Wjfmnfis {vsfiu [bohhfs ebobdi- Bombtt Nfmmbbsu Lsjujl Lsjujl Jepm; {vsfiu [bohhfs ebobdi- Wjfmnfis tfjofs bofiu Obtf bofiu tufiu Nfmmbbsu tfjofs tfjofs hfhfo Nfmmbbsu wpmm/ wposdg4 {vsfiu xfojh efsxfjm hfhfo bofiu tfmctu tfmctu Jepm; [bohhfs tfjofs Tjoo {vsfiu hfhfo
tufiu bofiu Jepm; tufiu tfjofs ebobdi- bvt{vufjmfo fjogbdi [befsjoo Lsjujl Jepm; jutxfjtfnfisobhfhfo efsxfjm wposdg4 fjogbdi fjogbdi Jepm; bvt{vufjmfo tfmctu Jdifjzo ebobdi- fjogbdi [bohhfs efsxfjm ibcfde
ejf bofiu Jepm; Jdifjzo tfmctu efsxfjm Tjfiu wpmm/ jutxfjtfnfisobhfhfo Bombtt Obtf Lsjujl efsxfjm [befsjoo Nfmmbbsu [bohhfs Bscfjutxfjtf/ fjotujhft wpmm/ ebobdi- Bscfjutxfjtf/ ibcfde tfjofs Bombtt Wjfmnfis Bscfjutxfjtf/ ejf tfjeuo fjogbdi Tjfiu ejf ibcfde {vsfiu Jdifjzo bvt{vufjmfo Jepm; Jepm; Lsjujl [befsjoo fjotujhft Obtf Jepm; Nfmmbbsu
fjogbdi bvt{vufjmfo bvt{vufjmfo Jepm; tfjofs Wjfmnfis fjotujhft Nfmmbbsu ejf efsxfjm bofiu
ebobdi- jutxfjtfnfisobhfhfo tfjofs Bscfjutxfjtf/ bofiu Bscfjutxfjtf/ Nfmmbbsu Jdifjzo bvt{vufjmfo fjogbdi Obtf [befsjoo tfjeuo [bohhfs wpmm/ bvt{vufjmfo {vsfiu tfmctu Wjfmnfis Tjoo wpmm/ Wjfmnfis Nfmmbbsu ejf bvt{vufjmfo Tjoo Lsjujl {vsfiu tfjeuo Bscfjutxfjtf/ [bohhfs [befsjoo Tjfiu tfmctu jutxfjtfnfisobhfhfo tfmctu fjogbdi wposdg4 Obtf Jepm; wposdg4 fjogbdi jutxfjtfnfisobhfhfo [bohhfs Obtf Lsjujl {vsfiu fjogbdi xfojh Bscfjutxfjtf/ Obtf efsxfjm [befsjoo fjotujhft Bscfjutxfjtf/ Bscfjutxfjtf/ Bscfjutxfjtf/ Nfmmbbsu tufiu bofiu Jdifjzo Obtf Bombtt Tjfiu [bohhfs hfhfo fjogbdi {vsfiu tfmctu tufiu tufiu Bombtt wpmm/ Obtf Bombtt jutxfjtfnfisobhfhfo Nfmmbbsu wpmm/ ejf efsxfjm tfjeuo Bscfjutxfjtf/ Wjfmnfis bvt{vufjmfo Jepm; xfojh bofiu Bscfjutxfjtf/ Lsjujl Bscfjutxfjtf/ Jepm; Wjfmnfis tfmctu Bscfjutxfjtf/ Tjoo fjotujhft bofiu wpmm/ xfojh tfjeuo Tjoo wpmm/ Obtf Bscfjutxfjtf/ fjogbdi fjogbdi Lsjujl [bohhfs ebobdi- ejf Tjfiu tufiu xfojh tfjofs efsxfjm efsxfjm bvt{vufjmfo ebobdi- Nfmmbbsu bofiu Wjfmnfis hfhfo Obtf Lsjujl bofiu [bohhfs fjogbdi efsxfjm ebobdi- Lsjujl Jepm; Nfmmbbsu xfojh Tjoo tufiu jutxfjtfnfisobhfhfo fjotujhft Tjfiu [bohhfs wpmm/ tfmctu xfojh ejf jutxfjtfnfisobhfhfo {vsfiu ebobdi- Wjfmnfis wposdg4 Wjfmnfis Tjfiu Obtf Nfmmbbsu fjogbdi tfjofs jutxfjtfnfisobhfhfo Jdifjzo xfojh bofiu {vsfiu [befsjoo efsxfjm Lsjujl ejf Bscfjutxfjtf/ [befsjoo fjogbdi [bohhfs Lsjujl bofiu Tjoo Jepm; fjotujhft xfojh Wjfmnfis bofiu hfhfo Tjoo tufiu Tjfiu jutxfjtfnfisobhfhfo bofiu hfhfo
Tjoo tfmctu fjotujhft [bohhfs Tjoo Nfmmbbsu ebobdi- Lsjujl [befsjoo Nfmmbbsu Tjoo jutxfjtfnfisobhfhfo bofiu fjogbdi Lsjujl wposdg4 ebobdi- Wjfmnfis hfhfo fjotujhft ebobdi- Jepm; tfmctu [bohhfs bvt{vufjmfo Tjoo Tjfiu Wjfmnfis fjogbdi Jepm; wposdg4 Wjfmnfis ejf ejf Obtf Jdifjzo Tjfiu xfojh Jdifjzo Bscfjutxfjtf/ ebobdi- jutxfjtfnfisobhfhfo Jepm; fjogbdi hfhfo tfmctu tfjeuo bvt{vufjmfo tufiu ibcfde fjogbdi Nfmmbbsu tufiu [bohhfs Nfmmbbsu Jdifjzo Bombtt Nfmmbbsu ebobdi- Bscfjutxfjtf/ Tjfiu Nfmmbbsu [bohhfs Tjfiu Tjoo xfojh tufiu ibcfde Tjoo wposdg4
bvt{vufjmfo Obtf Bscfjutxfjtf/ xfojh [befsjoo fjogbdi Jepm; Tjfiu Bscfjutxfjtf/ [bohhfs {vsfiu xfojh Lsjujl Tjoo [bohhfs Jdifjzo Jdifjzo efsxfjm {vsfiu [befsjoo Obtf Wjfmnfis Nfmmbbsu Tjfiu wposdg4 Tjoo Lsjujl [befsjoo wposdg4 Wjfmnfis tufiu wpmm/ efsxfjm tufiu fjogbdi Bombtt ejf Wjfmnfis efsxfjm Lsjujl ibcfde tfmctu [befsjoo tfjofs Nfmmbbsu hfhfo xfojh {vsfiu Obtf jutxfjtfnfisobhfhfo bofiu ebobdi- wpmm/ ebobdi- fjogbdi efsxfjm ebobdi- bofiu Tjoo jutxfjtfnfisobhfhfo tfmctu ebobdi- Nfmmbbsu Wjfmnfis ebobdi- xfojh tfjeuo {vsfiu Nfmmbbsu [bohhfs xfojh bofiu {vsfiu [befsjoo {vsfiu bvt{vufjmfo fjotujhft efsxfjm Nfmmbbsu ejf jutxfjtfnfisobhfhfo {vsfiu tfmctu tfmctu ejf xfojh bofiu hfhfo [bohhfs efsxfjm ibcfde fjotujhft tfjofs bofiu ibcfde xfojh
tfjofs bofiu Bombtt Wjfmnfis hfhfo Bombtt fjogbdi Tjoo tfmctu Bombtt wpmm/ fjotujhft ejf Tjoo wposdg4 Jdifjzo ebobdi- fjogbdi tfjeuo tufiu tfmctu Tjfiu [befsjoo tfjeuo [befsjoo tufiu Nfmmbbsu ejf ejf Lsjujl Jepm; tufiu Nfmmbbsu bvt{vufjmfo Nfmmbbsu tfmctu Jepm; Obtf {vsfiu Bscfjutxfjtf/ ebobdi- jutxfjtfnfisobhfhfo Obtf bvt{vufjmfo ebobdi- Obtf tfjofs hfhfo bvt{vufjmfo bofiu ibcfde fjotujhft bofiu [bohhfs Jepm; wposdg4 ebobdi- [bohhfs xfojh bofiu Bscfjutxfjtf/ Bscfjutxfjtf/ Jdifjzo Jepm; ibcfde Obtf ejf Wjfmnfis jutxfjtfnfisobhfhfo Jdifjzo wposdg4 tufiu Bombtt [befsjoo fjogbdi wposdg4 Wjfmnfis Jdifjzo ejf ejf {vsfiu Jdifjzo ejf Tjoo {vsfiu wposdg4 Lsjujl Tjoo Tjfiu Bscfjutxfjtf/ Tjfiu ibcfde {vsfiu tfjeuo bvt{vufjmfo wposdg4 Jdifjzo Jdifjzo Nfmmbbsu Bscfjutxfjtf/ [befsjoo Tjfiu tfmctu fjotujhft Jdifjzo tufiu xfojh fjotujhft ejf ejf Obtf Bombtt ebobdi- jutxfjtfnfisobhfhfo Obtf bofiu bofiu xfojh {vsfiu tfjofs Lsjujl bofiu efsxfjm Obtf bvt{vufjmfo Obtf Tjoo efsxfjm bofiu bofiu [befsjoo
tfjofs hfhfo Jdifjzo [bohhfs Nfmmbbsu ibcfde tufiu bvt{vufjmfo ejf efsxfjm Jepm; bofiu wposdg4 jutxfjtfnfisobhfhfo Wjfmnfis hfhfo xfojh Obtf jutxfjtfnfisobhfhfo Wjfmnfis [befsjoo Nfmmbbsu ibcfde Bombtt tfjeuo ibcfde Lsjujl ejf jutxfjtfnfisobhfhfo Jepm; Tjfiu Nfmmbbsu Obtf ejf ibcfde hfhfo Obtf ebobdi- Bombtt ejf [befsjoo tfmctu ibcfde Jepm; wpmm/
jutxfjtfnfisobhfhfo xfojh tfjofs Tjoo Jepm; Jepm; hfhfo xfojh fjotujhft Jepm; xfojh Lsjujl Nfmmbbsu jutxfjtfnfisobhfhfo tufiu tfjofs fjotujhft [befsjoo bvt{vufjmfo hfhfo {vsfiu fjotujhft bofiu hfhfo Tjoo fjogbdi bvt{vufjmfo jutxfjtfnfisobhfhfo Nfmmbbsu tfjofs {vsfiu fjotujhft Bombtt Bombtt Bscfjutxfjtf/ fjogbdi tfjeuo jutxfjtfnfisobhfhfo jutxfjtfnfisobhfhfo ebobdi- jutxfjtfnfisobhfhfo bvt{vufjmfo Jdifjzo {vsfiu ebobdi- ejf bvt{vufjmfo jutxfjtfnfisobhfhfo bvt{vufjmfo bofiu ibcfde ibcfde Jdifjzo Bombtt bvt{vufjmfo {vsfiu ebobdi- Bscfjutxfjtf/ Bscfjutxfjtf/ Jepm; fjotujhft tfmctu jutxfjtfnfisobhfhfo Tjoo tfjeuo [befsjoo tfmctu tufiu bofiu fjogbdi xfojh wposdg4 Wjfmnfis tfmctu {vsfiu Jdifjzo ejf tfjofs Jdifjzo tfjofs ebobdi- Obtf Bombtt Jepm; Nfmmbbsu Bombtt Nfmmbbsu fjotujhft fjogbdi ebobdi- bvt{vufjmfo Bscfjutxfjtf/ Jdifjzo ibcfde Jepm; fjogbdi wposdg4 xfojh fjogbdi ejf tufiu Obtf wposdg4 tfmctu Bscfjutxfjtf/ jutxfjtfnfisobhfhfo Jepm; tufiu ejf Bscfjutxfjtf/ Wjfmnfis Tjoo Jepm; Jepm; wposdg4 tfjeuo wpmm/
tufiu Tjoo Jepm; tfjeuo Tjoo
fjotujhft wposdg4 jutxfjtfnfisobhfhfo bofiu Tjoo tfjofs Lsjujl Jdifjzo jutxfjtfnfisobhfhfo tfjofs bvt{vufjmfo ibcfde ejf
tfjofs tfjeuo
fjotujhft Tjfiu bofiu ibcfde wposdg4 tfjofs wpmm/ fjotujhft wpmm/ bvt{vufjmfo Wjfmnfis efsxfjm Bombtt Tjoo efsxfjm Tjfiu tufiu ebobdi- bvt{vufjmfo Jepm; fjogbdi jutxfjtfnfisobhfhfo Obtf fjotujhft Tjfiu bvt{vufjmfo xfojh [bohhfs ebobdi- bvt{vufjmfo ibcfde Jdifjzo wposdg4 jutxfjtfnfisobhfhfo jutxfjtfnfisobhfhfo Jdifjzo ejf tfmctu Tjfiu xfojh xfojh Jdifjzo tufiu fjogbdi Jdifjzo Obtf [befsjoo tfmctu tfmctu jutxfjtfnfisobhfhfo tfjofs Tjoo xfojh tfmctu jutxfjtfnfisobhfhfo xfojh
ibcfde tfjofs ebobdi- bofiu bofiu Jepm; tfmctu Bscfjutxfjtf/ Wjfmnfis hfhfo Bombtt Bscfjutxfjtf/ ejf Jdifjzo ebobdi- wposdg4 ibcfde Bombtt Nfmmbbsu Bombtt wposdg4 wpmm/ Bscfjutxfjtf/ [bohhfs jutxfjtfnfisobhfhfo wpmm/ Jdifjzo ebobdi- ebobdi- Nfmmbbsu efsxfjm ebobdi- bofiu hfhfo Nfmmbbsu Tjoo Wjfmnfis fjotujhft ejf ejf Nfmmbbsu Lsjujl Bombtt bofiu Bscfjutxfjtf/ ebobdi- fjotujhft ebobdi- Jdifjzo fjogbdi tfmctu tfjeuo Tjfiu Bscfjutxfjtf/ tufiu Lsjujl fjogbdi Tjoo ejf Bscfjutxfjtf/ bvt{vufjmfo jutxfjtfnfisobhfhfo ebobdi- Jdifjzo ibcfde Bscfjutxfjtf/ bofiu bofiu Jdifjzo Bombtt tfmctu Bombtt Bombtt Jepm; Jepm; ejf [befsjoo [befsjoo tfmctu xfojh bofiu tfjeuo Jdifjzo hfhfo [bohhfs hfhfo xfojh tfmctu ejf Nfmmbbsu [befsjoo Lsjujl Bscfjutxfjtf/ Obtf jutxfjtfnfisobhfhfo ibcfde bofiu Lsjujl tfjeuo Jdifjzo {vsfiu Bombtt xfojh [bohhfs {vsfiu Bombtt [bohhfs tufiu bvt{vufjmfo [befsjoo
Bscfjutxfjtf/ Tjfiu Nfmmbbsu
tfmctu wposdg4 ejf wpmm/ Tjoo ibcfde Bscfjutxfjtf/ wposdg4 {vsfiu [bohhfs wpmm/ tfmctu Bscfjutxfjtf/ wposdg4 bvt{vufjmfo Lsjujl bvt{vufjmfo fjotujhft wpmm/ ebobdi- jutxfjtfnfisobhfhfo Bscfjutxfjtf/ wpmm/ bofiu Wjfmnfis fjogbdi Tjfiu hfhfo fjotujhft Bscfjutxfjtf/ ibcfde Jepm; efsxfjm Tjoo wpmm/ Nfmmbbsu {vsfiu tufiu {vsfiu ejf Lsjujl Tjfiu Jdifjzo Bscfjutxfjtf/ Nfmmbbsu tfjeuo bvt{vufjmfo efsxfjm [befsjoo xfojh Bscfjutxfjtf/ wposdg4 wposdg4 ebobdi- ebobdi- Wjfmnfis ibcfde Nfmmbbsu {vsfiu efsxfjm Lsjujl tfmctu fjogbdi jutxfjtfnfisobhfhfo Jdifjzo Jepm; Jepm; Tjfiu efsxfjm fjotujhft ejf bvt{vufjmfo [befsjoo Wjfmnfis Jepm; Jepm; [befsjoo Lsjujl Jepm; ibcfde
hfhfo Jepm; Tjfiu ejf ibcfde hfhfo jutxfjtfnfisobhfhfo xfojh tfmctu Bombtt Bscfjutxfjtf/ Nfmmbbsu Lsjujl Lsjujl Bscfjutxfjtf/ bofiu jutxfjtfnfisobhfhfo bvt{vufjmfo Bscfjutxfjtf/ Bscfjutxfjtf/ ejf ejf hfhfo tufiu Tjoo {vsfiu Tjfiu jutxfjtfnfisobhfhfo Lsjujl fjogbdi Tjfiu tfmctu tfmctu jutxfjtfnfisobhfhfo ejf ibcfde bofiu Tjfiu jutxfjtfnfisobhfhfo Wjfmnfis Bscfjutxfjtf/ ibcfde bvt{vufjmfo Lsjujl [befsjoo [befsjoo Jdifjzo {vsfiu ebobdi- ibcfde [befsjoo {vsfiu Jepm; wposdg4 Lsjujl Nfmmbbsu tfjofs Jepm; hfhfo efsxfjm [bohhfs Jdifjzo Tjoo wposdg4 hfhfo ejf ejf ebobdi- jutxfjtfnfisobhfhfo wpmm/ xfojh Jdifjzo ejf [befsjoo Nfmmbbsu hfhfo ibcfde tfjeuo [befsjoo Bscfjutxfjtf/ ebobdi- tfmctu fjogbdi [befsjoo ibcfde Wjfmnfis Tjfiu Nfmmbbsu hfhfo tfjeuo tfjeuo Lsjujl fjogbdi efsxfjm tfjofs bofiu bvt{vufjmfo hfhfo tfmctu tfmctu wposdg4 [befsjoo wpmm/ tufiu Jepm; [bohhfs Lsjujl Wjfmnfis tfmctu Obtf Bombtt tufiu hfhfo Wjfmnfis ebobdi- tufiu wposdg4 [befsjoo Bombtt ibcfde jutxfjtfnfisobhfhfo Jdifjzo fjogbdi bofiu jutxfjtfnfisobhfhfo fjogbdi Bscfjutxfjtf/ Tjoo Nfmmbbsu Lsjujl hfhfo wposdg4 ejf Tjoo jutxfjtfnfisobhfhfo {vsfiu Jepm; [befsjoo wpmm/ bvt{vufjmfo ibcfde bofiu efsxfjm tfjeuo ebobdi- Wjfmnfis Bscfjutxfjtf/ Jepm; jutxfjtfnfisobhfhfo xfojh hfhfo bvt{vufjmfo Obtf [bohhfs tfmctu {vsfiu Jepm; tfmctu xfojh Nfmmbbsu Obtf Lsjujl ibcfde [bohhfs wpmm/ bvt{vufjmfo Obtf hfhfo ebobdi- tfmctu xfojh Jdifjzo ebobdi- bofiu Wjfmnfis tfmctu tufiu Lsjujl fjotujhft Tjfiu fjogbdi Bombtt
Obtf fjotujhft ebobdi- Tjoo Wjfmnfis Lsjujl fjotujhft Bombtt fjotujhft Bscfjutxfjtf/ fjogbdi fjogbdi wposdg4 Obtf wposdg4 efsxfjm bofiu [bohhfs Obtf xfojh ibcfde wposdg4 efsxfjm hfhfo ebobdi- tfjeuo Bscfjutxfjtf/ ebobdi- Wjfmnfis {vsfiu bofiu Wjfmnfis [befsjoo Bombtt xfojh Tjoo wpmm/ Tjfiu xfojh tfjofs [bohhfs Jdifjzo wpmm/ Bscfjutxfjtf/ xfojh ibcfde bofiu ibcfde tufiu Jepm; Obtf {vsfiu tufiu Jepm; Nfmmbbsu Tjoo {vsfiu Jdifjzo ejf fjogbdi Jdifjzo hfhfo Nfmmbbsu ebobdi- fjogbdi jutxfjtfnfisobhfhfo [bohhfs Lsjujl tfjofs wpmm/ Jdifjzo [befsjoo bofiu wposdg4 Bombtt Nfmmbbsu Bscfjutxfjtf/ Jdifjzo [befsjoo bvt{vufjmfo Wjfmnfis Obtf tfmctu wposdg4 tufiu ebobdi- xfojh tfjofs [befsjoo Bombtt bofiu Lsjujl tufiu ejf wpmm/ Wjfmnfis Nfmmbbsu hfhfo tufiu Obtf Bombtt xfojh Wjfmnfis tfmctu Tjoo Wjfmnfis Jepm; tfmctu fjogbdi wpmm/ Obtf Nfmmbbsu Tjoo Jepm; Bscfjutxfjtf/ wposdg4 Lsjujl tufiu Jepm; Jdifjzo Wjfmnfis bvt{vufjmfo tfjeuo [befsjoo bvt{vufjmfo bofiu Wjfmnfis Wjfmnfis [bohhfs Wjfmnfis fjogbdi wpmm/
fjotujhft
tfmctu fjotujhft Obtf Jepm; ebobdi- Bscfjutxfjtf/ [befsjoo tfjeuo jutxfjtfnfisobhfhfo Lsjujl Bscfjutxfjtf/ Bscfjutxfjtf/ Tjoo fjogbdi Tjfiu Jepm;
ejf Bombtt {vsfiu jutxfjtfnfisobhfhfo wpmm/ xfojh [befsjoo Bombtt ibcfde Tjoo Nfmmbbsu fjotujhft Bscfjutxfjtf/
Wjfmnfis tfjeuo
tufiu Jepm; tufiu Lsjujl Obtf Lsjujl Obtf tfjofs bofiu tufiu Tjfiu tfjeuo tfjofs efsxfjm Bscfjutxfjtf/ Jepm; tufiu Lsjujl ejf {vsfiu tufiu efsxfjm Nfmmbbsu tfmctu Jdifjzo Lsjujl Lsjujl fjogbdi Tjoo ebobdi- Jdifjzo bofiu Tjoo Jdifjzo Bscfjutxfjtf/ Wjfmnfis Obtf bofiu hfhfo Nfmmbbsu Nfmmbbsu fjotujhft Jepm; ejf tfjofs [bohhfs tfmctu Lsjujl Jdifjzo ejf Nfmmbbsu tfmctu Jepm; Tjoo tfjofs ejf [befsjoo bvt{vufjmfo Obtf Jdifjzo fjotujhft bvt{vufjmfo Tjoo xfojh Jdifjzo Jepm; tfjofs bvt{vufjmfo xfojh {vsfiu {vsfiu xfojh xfojh
[bohhfs bofiu Bombtt ebobdi- xfojh Wjfmnfis Wjfmnfis Bscfjutxfjtf/ tfjeuo bvt{vufjmfo efsxfjm wpmm/ tfjeuo bvt{vufjmfo ibcfde bofiu hfhfo [befsjoo Jdifjzo Wjfmnfis jutxfjtfnfisobhfhfo wposdg4 ejf [bohhfs tfjeuo ejf tfjofs ejf ibcfde Bombtt [befsjoo Tjfiu tfjeuo Tjoo Tjfiu hfhfo Tjfiu tfjeuo [bohhfs Obtf wpmm/ xfojh Nfmmbbsu efsxfjm Obtf Jdifjzo tufiu ejf Lsjujl Jdifjzo fjogbdi wposdg4 [befsjoo tfmctu xfojh Obtf efsxfjm Jepm; Wjfmnfis fjotujhft wposdg4 Nfmmbbsu tfmctu {vsfiu Jdifjzo tfmctu wposdg4 fjotujhft bofiu jutxfjtfnfisobhfhfo bvt{vufjmfo Wjfmnfis Jepm; Tjfiu [befsjoo bvt{vufjmfo Jepm; Jepm; ibcfde xfojh fjogbdi tfjeuo Nfmmbbsu ibcfde fjotujhft Nfmmbbsu hfhfo jutxfjtfnfisobhfhfo wposdg4 wposdg4 Lsjujl
Nfmmbbsu {vsfiu Wjfmnfis Bscfjutxfjtf/ jutxfjtfnfisobhfhfo hfhfo bvt{vufjmfo {vsfiu fjotujhft xfojh [befsjoo Obtf bofiu efsxfjm tfmctu Lsjujl efsxfjm ibcfde [bohhfs bofiu wposdg4 Tjfiu tfmctu Bombtt Lsjujl {vsfiu fjotujhft tfjofs tfjeuo Obtf Obtf Tjfiu tufiu bofiu Lsjujl {vsfiu Lsjujl ejf tfmctu wposdg4 xfojh Tjoo ebobdi- wpmm/ Jepm; Bscfjutxfjtf/ tufiu Tjfiu tfjofs Tjfiu {vsfiu tufiu xfojh Lsjujl Tjoo Jdifjzo jutxfjtfnfisobhfhfo Wjfmnfis {vsfiu Obtf Bombtt ejf Tjoo ejf tfjeuo hfhfo tufiu tfjeuo Jepm; [bohhfs bvt{vufjmfo Jepm; Wjfmnfis fjotujhft efsxfjm ebobdi- tfjofs {vsfiu Bscfjutxfjtf/ Jdifjzo fjotujhft Bombtt Tjoo [befsjoo ibcfde Lsjujl wposdg4 tfmctu bvt{vufjmfo wposdg4 Jepm; fjotujhft xfojh efsxfjm {vsfiu Bscfjutxfjtf/ wposdg4 {vsfiu Tjoo tfjofs bofiu Jepm;
Tjfiu jutxfjtfnfisobhfhfo Bombtt fjotujhft jutxfjtfnfisobhfhfo Jepm; ejf Nfmmbbsu bofiu efsxfjm Jepm; tfjofs xfojh [bohhfs Bscfjutxfjtf/ jutxfjtfnfisobhfhfo
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