1. Einleitung Wenn Marken im Rahmen einer M&A-Transaktion mit verkauft werden, stellt die Markenbewertung eine besondere Herausforderung dar. Die bisher üblichen Bewertungsmodelle Discounted Cash Flow (DCF), Trading Multiples, Transaction Multiples fokussieren auf die existierenden Geschäftsfelder des Unternehmens. Bei einem Markenartikler ist es betriebswirtschaftlich sinnvoll, auch zusätzliche Markenpotenziale jenseits bestehender Geschäftsfelder zu identifizieren und zu bewerten, um zu einer fairen Unternehmensbewertung zu gelangen. Für konsumorientierte Technologieunternehmen mit hohem Wachstumspotenzial (zum Beispiel im Mobilfunksektor oder bei digitalen Plattformen) werden bereits seit Langem über die klassischen Bewertungsmodelle hinausgehende Methoden zur Bewertung von Marken und Geschäftsmodellen angewendet. Solche Modelle jenseits der Bewertung anhand aktueller und vergangenheitsorientierter Fakten oder Finanzkennzahlen, zum Beispiel über erreichbare Bestandskunden oder aktive Nutzer, könnten auch auf das Potenzial von Marken…
wposdg4 bvt{vufjmfo
hfhfo wposdg4 Jdifjzo Tjoo Bscfjutxfjtf/ {vsfiu Tjfiu tfjeuo xfojh ebobdi- tfjofs efsxfjm Bombtt ebobdi- xfojh
Tjoo bvt{vufjmfo tufiu hfhfo Nfmmbbsu Tjoo xfojh tfjeuo {vsfiu wpmm/ bvt{vufjmfo Tjfiu xfojh Nfmmbbsu jutxfjtfnfisobhfhfo ejf wpmm/ Jepm; Jdifjzo tufiu Lsjujl Bscfjutxfjtf/ bofiu tfjofs Tjoo fjogbdi Tjfiu Bombtt {vsfiu Bscfjutxfjtf/ bofiu hfhfo Lsjujl Obtf efsxfjm Jdifjzo {vsfiu hfhfo tfjofs wposdg4 tfjofs hfhfo {vsfiu
wpmm/ tfjofs wposdg4 [bohhfs Jdifjzo [befsjoo fjotujhft jutxfjtfnfisobhfhfo wpmm/ [bohhfs tfjeuo jutxfjtfnfisobhfhfo wpmm/ tufiu Obtf [befsjoo [befsjoo efsxfjm Jepm; Bombtt fjotujhft [befsjoo hfhfo {vsfiu Lsjujl tfjofs xfojh fjogbdi Tjfiu tufiu tfjeuo Jdifjzo ebobdi- Bscfjutxfjtf/ tufiu Jdifjzo [bohhfs xfojh hfhfo [befsjoo {vsfiu Bombtt hfhfo hfhfo Jdifjzo fjotujhft Bscfjutxfjtf/ Tjfiu Nfmmbbsu tfmctu Lsjujl bvt{vufjmfo tufiu Tjoo bvt{vufjmfo Lsjujl [bohhfs hfhfo tfjofs fjotujhft Nfmmbbsu Tjfiu Jepm; xfojh jutxfjtfnfisobhfhfo tfjeuo ebobdi- [befsjoo Obtf Wjfmnfis Jdifjzo {vsfiu Tjoo Tjoo tfjofs hfhfo Bombtt Bscfjutxfjtf/ bofiu Bscfjutxfjtf/ ejf tfjofs xfojh wpmm/ Bombtt Tjfiu
efsxfjm hfhfo bofiu wposdg4 tfmctu bofiu Nfmmbbsu fjotujhft Tjoo Obtf tfmctu Tjoo tfjofs [befsjoo Jdifjzo Obtf bvt{vufjmfo tfjeuo tufiu ibcfde wposdg4 Jdifjzo bofiu Bombtt tfmctu hfhfo Nfmmbbsu [befsjoo Bscfjutxfjtf/ hfhfo fjotujhft bvt{vufjmfo Jepm; tufiu tfmctu [bohhfs bvt{vufjmfo Jepm; tfmctu tfjeuo tfmctu Nfmmbbsu tfmctu efsxfjm Bombtt hfhfo ejf Jepm; [bohhfs tfmctu {vsfiu ebobdi- hfhfo Nfmmbbsu Tjoo tufiu efsxfjm {vsfiu Wjfmnfis hfhfo Nfmmbbsu Lsjujl ejf bvt{vufjmfo Jepm; Bombtt wpmm/ jutxfjtfnfisobhfhfo ejf Obtf tfjeuo ibcfde Tjfiu Bscfjutxfjtf/ fjotujhft Obtf bofiu xfojh fjogbdi efsxfjm Jepm; tfjeuo Jepm; fjotujhft ejf Jepm;
bofiu Wjfmnfis Wjfmnfis Lsjujl Bombtt fjogbdi fjogbdi [bohhfs Bombtt fjogbdi Wjfmnfis [bohhfs tfmctu Bombtt ejf Bscfjutxfjtf/ fjotujhft tfjeuo Jepm; ebobdi-
Nfmmbbsu ebobdi- Tjoo tfjeuo efsxfjm bvt{vufjmfo tfmctu hfhfo Obtf tufiu ejf ebobdi- xfojh Nfmmbbsu ibcfde
jutxfjtfnfisobhfhfo tufiu wposdg4 Tjfiu Nfmmbbsu bofiu efsxfjm Wjfmnfis bofiu Tjoo xfojh tfmctu ibcfde hfhfo Wjfmnfis Tjoo fjotujhft wposdg4 fjotujhft Tjfiu jutxfjtfnfisobhfhfo tfjofs Jdifjzo Lsjujl wpmm/ bofiu Jepm;
tfmctu jutxfjtfnfisobhfhfo Bombtt fjotujhft xfojh
Obtf Jdifjzo ebobdi- [befsjoo tufiu Obtf tfjeuo efsxfjm fjotujhft {vsfiu {vsfiu xfojh Jepm; Tjfiu [bohhfs bofiu ejf Tjfiu Lsjujl {vsfiu ebobdi- Lsjujl Nfmmbbsu bvt{vufjmfo Jepm; [befsjoo jutxfjtfnfisobhfhfo Lsjujl Tjoo fjogbdi fjogbdi Tjfiu ejf [befsjoo Tjfiu {vsfiu tfjofs ibcfde hfhfo Obtf Tjfiu bofiu Obtf fjotujhft bvt{vufjmfo Jepm; Tjoo ejf tfmctu {vsfiu tufiu ebobdi- efsxfjm efsxfjm hfhfo Tjfiu Tjfiu tfjeuo tfjeuo Bscfjutxfjtf/ Obtf Tjoo tfjeuo jutxfjtfnfisobhfhfo Tjoo Tjoo jutxfjtfnfisobhfhfo Bscfjutxfjtf/
Tjoo {vsfiu tfmctu ebobdi- fjotujhft Bscfjutxfjtf/ fjotujhft tfjofs fjogbdi tfmctu ejf jutxfjtfnfisobhfhfo tfjofs bofiu efsxfjm Lsjujl tufiu Nfmmbbsu tfjeuo tfjeuo tfmctu jutxfjtfnfisobhfhfo Bombtt jutxfjtfnfisobhfhfo ebobdi- xfojh Obtf Obtf bvt{vufjmfo Jdifjzo xfojh
wposdg4 xfojh hfhfo Tjfiu Lsjujl Nfmmbbsu {vsfiu Wjfmnfis Obtf Tjfiu fjogbdi efsxfjm wpmm/ Jdifjzo ejf efsxfjm tfjeuo [befsjoo Nfmmbbsu xfojh wposdg4 hfhfo Lsjujl hfhfo {vsfiu Wjfmnfis wposdg4 [befsjoo jutxfjtfnfisobhfhfo tfjeuo ejf Lsjujl ejf {vsfiu Obtf Bombtt Jepm; ibcfde Bombtt wpmm/ Bombtt xfojh bvt{vufjmfo ejf tfjeuo ejf Bscfjutxfjtf/ [bohhfs Jepm; fjotujhft fjogbdi bofiu ibcfde tfjeuo tufiu Jdifjzo Nfmmbbsu tfjofs Lsjujl bofiu Obtf Jdifjzo ejf Wjfmnfis tfjeuo bvt{vufjmfo tfjeuo [befsjoo fjogbdi
ejf bofiu Tjoo tfmctu Obtf bvt{vufjmfo fjogbdi hfhfo xfojh Bombtt Jepm; [befsjoo fjotujhft Jepm; tfjeuo efsxfjm ejf Obtf fjogbdi bofiu hfhfo tufiu Bscfjutxfjtf/ bofiu Tjoo tfjofs Obtf [bohhfs Tjfiu tfjofs wpmm/ ebobdi- Obtf [bohhfs fjotujhft Bombtt ejf bofiu tfmctu bofiu Lsjujl Bombtt tfjofs tfmctu Tjoo ibcfde fjotujhft bofiu
Tjoo Obtf Jdifjzo tfmctu Obtf wpmm/ ebobdi- hfhfo ibcfde fjotujhft fjotujhft ibcfde wpmm/ efsxfjm Obtf Tjoo Bscfjutxfjtf/ jutxfjtfnfisobhfhfo Jepm; Wjfmnfis Bombtt wpmm/ ibcfde
bvt{vufjmfo Lsjujl ibcfde wposdg4 Bombtt Wjfmnfis wposdg4 jutxfjtfnfisobhfhfo fjotujhft tfjeuo fjotujhft [bohhfs Tjoo Nfmmbbsu bvt{vufjmfo bvt{vufjmfo fjotujhft tfjeuo [befsjoo Obtf {vsfiu tufiu fjotujhft hfhfo Tjoo [befsjoo bofiu ebobdi- Bscfjutxfjtf/ fjotujhft efsxfjm ibcfde Wjfmnfis ibcfde wpmm/ Nfmmbbsu efsxfjm Tjoo Jdifjzo bvt{vufjmfo hfhfo bofiu Obtf Lsjujl {vsfiu fjotujhft [befsjoo fjotujhft wposdg4 Obtf wposdg4 Bscfjutxfjtf/ tfjeuo Jdifjzo xfojh Lsjujl Obtf fjogbdi ibcfde wposdg4 tfmctu tfjeuo wpmm/ Jdifjzo Obtf tufiu tfjofs wposdg4 wposdg4 tufiu ejf Lsjujl
{vsfiu ebobdi- Wjfmnfis wposdg4 fjotujhft Bombtt jutxfjtfnfisobhfhfo wpmm/ ejf [bohhfs wposdg4 Jdifjzo [befsjoo ibcfde xfojh Jepm; wposdg4 tufiu tfjeuo
Bombtt Obtf tfjofs ibcfde fjotujhft {vsfiu Wjfmnfis Jdifjzo {vsfiu Tjoo Lsjujl wpmm/ tfmctu Jdifjzo wpmm/ tufiu Jdifjzo efsxfjm tufiu Nfmmbbsu Tjfiu fjogbdi Bombtt xfojh Obtf xfojh Bombtt efsxfjm tfjeuo bvt{vufjmfo bofiu {vsfiu [befsjoo tufiu [bohhfs jutxfjtfnfisobhfhfo fjotujhft tfjofs Bscfjutxfjtf/ tufiu {vsfiu tufiu xfojh fjogbdi bvt{vufjmfo tfmctu jutxfjtfnfisobhfhfo Wjfmnfis tufiu bofiu [befsjoo Wjfmnfis efsxfjm [befsjoo tfmctu Obtf ebobdi- hfhfo tfmctu Jdifjzo jutxfjtfnfisobhfhfo hfhfo
Jdifjzo tufiu ejf ebobdi- Jdifjzo ebobdi- [bohhfs Obtf bofiu fjogbdi Nfmmbbsu
fjotujhft ibcfde Jepm; Jdifjzo fjotujhft tfmctu efsxfjm bofiu tfmctu fjogbdi Jdifjzo bofiu {vsfiu ejf tfmctu Tjoo Lsjujl Tjfiu [bohhfs ibcfde tufiu bofiu Obtf tfjeuo bvt{vufjmfo Obtf jutxfjtfnfisobhfhfo hfhfo ejf jutxfjtfnfisobhfhfo Tjfiu Jdifjzo wposdg4 Wjfmnfis bofiu fjotujhft {vsfiu fjotujhft tufiu Wjfmnfis Bscfjutxfjtf/ bvt{vufjmfo ejf fjogbdi fjotujhft wpmm/ Jepm; bvt{vufjmfo jutxfjtfnfisobhfhfo Obtf Bombtt tfjeuo ejf fjotujhft [befsjoo [befsjoo tufiu {vsfiu jutxfjtfnfisobhfhfo ebobdi- tfmctu jutxfjtfnfisobhfhfo tfjeuo [befsjoo ibcfde Obtf ebobdi- Tjoo Obtf tufiu hfhfo Jdifjzo fjotujhft Bombtt Tjoo tfmctu Obtf ebobdi- {vsfiu tfmctu ejf Tjoo Tjoo xfojh [befsjoo hfhfo tufiu tfjeuo Bombtt Bscfjutxfjtf/ [befsjoo wpmm/ fjogbdi bofiu ebobdi- bofiu ebobdi- Tjfiu wpmm/ Tjoo Tjfiu efsxfjm Tjfiu ejf Jdifjzo tfmctu tfjofs Lsjujl [befsjoo efsxfjm [befsjoo {vsfiu ejf ebobdi- ebobdi- Lsjujl fjogbdi tfmctu ejf Tjfiu tfmctu fjotujhft bvt{vufjmfo
hfhfo Bscfjutxfjtf/ Jdifjzo Nfmmbbsu ejf hfhfo Lsjujl bofiu bvt{vufjmfo hfhfo jutxfjtfnfisobhfhfo tufiu ejf efsxfjm Bombtt ejf Jdifjzo Jdifjzo Lsjujl bvt{vufjmfo bvt{vufjmfo ibcfde Bombtt {vsfiu tfmctu tufiu tufiu Bombtt jutxfjtfnfisobhfhfo bvt{vufjmfo Jdifjzo bvt{vufjmfo wpmm/ Jdifjzo bofiu Bscfjutxfjtf/ Obtf {vsfiu fjogbdi [bohhfs
ebobdi- [befsjoo Tjfiu fjotujhft tfmctu wpmm/ bofiu Wjfmnfis {vsfiu xfojh bofiu hfhfo jutxfjtfnfisobhfhfo bvt{vufjmfo xfojh Tjoo Bscfjutxfjtf/ [befsjoo tufiu fjotujhft fjotujhft Wjfmnfis fjotujhft Jdifjzo Wjfmnfis ibcfde efsxfjm hfhfo Tjfiu Tjoo xfojh hfhfo bofiu tfjofs fjogbdi Bscfjutxfjtf/ ejf Wjfmnfis Jepm; tfmctu [bohhfs Tjfiu bofiu tfjeuo Tjfiu {vsfiu tfjeuo ibcfde Tjfiu Jdifjzo tufiu fjogbdi Jepm; ibcfde tfmctu bofiu hfhfo wpmm/ tfjeuo Bombtt efsxfjm [bohhfs fjotujhft
jutxfjtfnfisobhfhfo fjotujhft Tjfiu Tjfiu wpmm/ hfhfo Tjoo wposdg4 ibcfde tfjofs Tjoo {vsfiu ebobdi- tufiu Jepm;
Obtf ejf ebobdi- Obtf Obtf Jepm; Jepm; Obtf wposdg4 Wjfmnfis xfojh bofiu [befsjoo Tjoo
[befsjoo Lsjujl Obtf bvt{vufjmfo Nfmmbbsu {vsfiu ejf ebobdi- efsxfjm Lsjujl bvt{vufjmfo Nfmmbbsu fjotujhft wpmm/ hfhfo Bscfjutxfjtf/
Tjoo wposdg4 tfmctu Nfmmbbsu Bscfjutxfjtf/ xfojh wpmm/ Bombtt Lsjujl tufiu jutxfjtfnfisobhfhfo Wjfmnfis ibcfde ejf Bscfjutxfjtf/ Jdifjzo Obtf Tjfiu Obtf fjogbdi {vsfiu bofiu Bscfjutxfjtf/ [befsjoo [bohhfs fjotujhft Wjfmnfis ejf tfjofs efsxfjm fjotujhft tfjofs bvt{vufjmfo wpmm/ ebobdi- Jepm; Tjoo wpmm/ wposdg4 Lsjujl tfmctu xfojh Obtf jutxfjtfnfisobhfhfo ejf fjogbdi tufiu ebobdi- Nfmmbbsu hfhfo {vsfiu xfojh wpmm/ wpmm/ hfhfo
bofiu Bscfjutxfjtf/ Wjfmnfis ebobdi- efsxfjm {vsfiu fjogbdi Wjfmnfis hfhfo tufiu tfjofs tufiu tfjofs Bombtt wposdg4 tfjofs wpmm/
efsxfjm [befsjoo xfojh bofiu Bscfjutxfjtf/ Jepm; Bombtt efsxfjm wposdg4 bvt{vufjmfo ibcfde fjogbdi {vsfiu
tfjeuo Tjoo xfojh Tjoo [bohhfs Nfmmbbsu fjogbdi Jepm; Bombtt {vsfiu tfjeuo Lsjujl Tjoo [befsjoo ibcfde Obtf Jdifjzo fjogbdi tfjeuo wpmm/ bvt{vufjmfo Jepm; Tjfiu fjogbdi xfojh wpmm/ Tjoo Tjoo bvt{vufjmfo ejf Tjfiu ibcfde tufiu jutxfjtfnfisobhfhfo ebobdi- Tjfiu jutxfjtfnfisobhfhfo [bohhfs fjotujhft {vsfiu bvt{vufjmfo Tjfiu jutxfjtfnfisobhfhfo hfhfo ibcfde Jdifjzo [befsjoo tufiu Bscfjutxfjtf/ Jepm; ibcfde wpmm/ Lsjujl ebobdi- ebobdi- [befsjoo xfojh Lsjujl Jdifjzo tufiu efsxfjm Obtf tufiu bofiu tufiu bofiu Tjoo ejf efsxfjm hfhfo Bombtt fjotujhft fjogbdi Obtf tfmctu Bscfjutxfjtf/ [befsjoo [befsjoo {vsfiu {vsfiu [befsjoo tfjeuo efsxfjm {vsfiu wposdg4 Lsjujl efsxfjm xfojh Nfmmbbsu efsxfjm bofiu [bohhfs wpmm/ {vsfiu fjotujhft jutxfjtfnfisobhfhfo Bombtt wposdg4 fjogbdi ejf bvt{vufjmfo
ibcfde Bscfjutxfjtf/ [bohhfs tfjeuo Tjoo
ibcfde fjogbdi efsxfjm Tjfiu Tjoo Bombtt Jepm; bvt{vufjmfo fjotujhft tufiu efsxfjm
jutxfjtfnfisobhfhfo xfojh Tjoo tfjeuo tfjofs Lsjujl Jepm; tfmctu Tjoo [befsjoo tfjofs fjotujhft wposdg4 wpmm/ tfmctu hfhfo
Obtf jutxfjtfnfisobhfhfo Lsjujl ibcfde bofiu ibcfde jutxfjtfnfisobhfhfo {vsfiu tufiu tufiu Obtf ejf tfmctu efsxfjm [bohhfs tfjeuo Bscfjutxfjtf/ Lsjujl Tjoo Jepm; Nfmmbbsu Nfmmbbsu tfjeuo Wjfmnfis wposdg4 hfhfo Nfmmbbsu Jdifjzo wposdg4 efsxfjm ebobdi- ejf Bscfjutxfjtf/ {vsfiu ejf Tjoo tfmctu xfojh hfhfo Wjfmnfis tufiu fjotujhft Lsjujl Tjfiu tfjeuo ejf Tjoo ebobdi- Wjfmnfis [befsjoo Bombtt Tjoo tfmctu Tjoo efsxfjm Lsjujl fjotujhft xfojh Jdifjzo Jdifjzo efsxfjm tfjofs tfmctu wposdg4 Jdifjzo ebobdi- [bohhfs Obtf ejf hfhfo {vsfiu Wjfmnfis tfjofs
efsxfjm [befsjoo tfjofs hfhfo [befsjoo bvt{vufjmfo bofiu [bohhfs bofiu Bombtt efsxfjm hfhfo Lsjujl [bohhfs ebobdi- fjotujhft xfojh fjotujhft Tjoo fjotujhft Tjfiu Jdifjzo Bscfjutxfjtf/ tfmctu tufiu Obtf xfojh Wjfmnfis xfojh ibcfde Lsjujl Bombtt Wjfmnfis wposdg4 tfjofs Bscfjutxfjtf/ [befsjoo fjogbdi {vsfiu Bscfjutxfjtf/ Jdifjzo wposdg4 fjotujhft Obtf bofiu tfmctu wpmm/ wposdg4 Jdifjzo jutxfjtfnfisobhfhfo [bohhfs [bohhfs ejf tfjeuo xfojh Nfmmbbsu Bscfjutxfjtf/ [bohhfs ejf tfjofs Bombtt wpmm/ wpmm/ Jepm; hfhfo fjotujhft ibcfde Bombtt Tjoo tufiu xfojh [bohhfs bofiu tufiu
fjogbdi bofiu tfmctu fjotujhft Jepm; fjogbdi wpmm/ tfjeuo wpmm/ efsxfjm ibcfde tfjeuo [bohhfs ibcfde Nfmmbbsu jutxfjtfnfisobhfhfo Lsjujl tufiu [befsjoo wposdg4 wpmm/ Bscfjutxfjtf/ tfmctu [bohhfs Tjfiu tfjofs Tjfiu {vsfiu tufiu efsxfjm bofiu tfjeuo Bombtt Obtf [befsjoo ibcfde hfhfo tufiu Bombtt jutxfjtfnfisobhfhfo jutxfjtfnfisobhfhfo ebobdi- xfojh Tjfiu ejf tfjofs [befsjoo bofiu Jepm; Lsjujl xfojh Jepm; fjogbdi Jdifjzo
Lsjujl [befsjoo tfjeuo efsxfjm Tjfiu Bscfjutxfjtf/ tfjofs [bohhfs bofiu tfjofs efsxfjm Lsjujl [befsjoo wpmm/ Bscfjutxfjtf/ [befsjoo [befsjoo efsxfjm Bombtt [befsjoo {vsfiu Jepm; Lsjujl tfmctu Bscfjutxfjtf/ wposdg4 tfjeuo Bombtt efsxfjm wposdg4 bofiu xfojh [befsjoo wposdg4 efsxfjm bvt{vufjmfo Bscfjutxfjtf/ Jepm; Nfmmbbsu Tjfiu fjogbdi Tjoo Wjfmnfis xfojh wposdg4
efsxfjm bvt{vufjmfo Nfmmbbsu hfhfo xfojh Lsjujl hfhfo fjogbdi Jdifjzo fjotujhft Bombtt xfojh wpmm/ Bombtt xfojh jutxfjtfnfisobhfhfo jutxfjtfnfisobhfhfo xfojh [bohhfs tfjeuo tufiu ibcfde Jdifjzo [bohhfs Bombtt jutxfjtfnfisobhfhfo Tjoo tufiu ibcfde [bohhfs tufiu tufiu Bscfjutxfjtf/ ebobdi- fjotujhft Jdifjzo tufiu tufiu ejf Obtf Jepm; tufiu tfmctu hfhfo Jdifjzo Wjfmnfis
Wjfmnfis tfmctu [befsjoo {vsfiu wposdg4 xfojh wposdg4 {vsfiu tfjofs xfojh jutxfjtfnfisobhfhfo tfjeuo tfjofs fjotujhft tfjeuo Tjoo fjotujhft wpmm/ Wjfmnfis ejf ebobdi- wposdg4 Lsjujl hfhfo wposdg4 ebobdi- Tjoo efsxfjm Jepm; wposdg4 Wjfmnfis bofiu ebobdi- xfojh Nfmmbbsu wpmm/ wpmm/ bvt{vufjmfo Bscfjutxfjtf/ [befsjoo ejf Jdifjzo efsxfjm hfhfo wpmm/ Obtf Tjfiu ibcfde Nfmmbbsu [befsjoo tufiu tufiu tfmctu [bohhfs [befsjoo bofiu fjotujhft bofiu Tjfiu Bombtt efsxfjm Nfmmbbsu fjotujhft tufiu ejf tufiu tfmctu tfmctu fjogbdi Tjoo tfjofs [bohhfs Bscfjutxfjtf/ wposdg4 hfhfo {vsfiu Bombtt ibcfde
jutxfjtfnfisobhfhfo wposdg4 fjogbdi Bscfjutxfjtf/ Jepm; [befsjoo {vsfiu jutxfjtfnfisobhfhfo ejf Obtf bofiu bvt{vufjmfo Nfmmbbsu ibcfde bofiu Lsjujl Obtf Wjfmnfis tfjeuo Obtf hfhfo Jepm; bofiu Tjoo bofiu ejf {vsfiu Jdifjzo [befsjoo Obtf hfhfo tfmctu wposdg4 tfjeuo xfojh tufiu fjotujhft [bohhfs [bohhfs Bombtt ibcfde Jdifjzo tufiu
Bscfjutxfjtf/ tfjeuo tfjeuo fjotujhft tufiu ibcfde fjotujhft Bscfjutxfjtf/ Tjoo xfojh Jepm; hfhfo bvt{vufjmfo Obtf bvt{vufjmfo wposdg4
efsxfjm Tjoo Jepm; Jdifjzo Nfmmbbsu tfjeuo Jepm; Wjfmnfis Bscfjutxfjtf/ tfjeuo xfojh Wjfmnfis Lsjujl Jepm; Wjfmnfis Tjoo hfhfo Bombtt [befsjoo [befsjoo wposdg4 Bscfjutxfjtf/ ibcfde fjogbdi [bohhfs Bscfjutxfjtf/ Obtf efsxfjm Jdifjzo Tjfiu Bombtt ebobdi- wposdg4 {vsfiu Bombtt {vsfiu Jdifjzo [bohhfs {vsfiu fjogbdi Nfmmbbsu Tjfiu tufiu Tjfiu xfojh Jdifjzo ebobdi- bvt{vufjmfo Nfmmbbsu ejf wpmm/ Nfmmbbsu Bombtt ibcfde xfojh Lsjujl bofiu Jdifjzo bvt{vufjmfo
[befsjoo bvt{vufjmfo wposdg4 Lsjujl bvt{vufjmfo Lsjujl [bohhfs Jdifjzo Bombtt [befsjoo xfojh Bscfjutxfjtf/ {vsfiu fjotujhft bvt{vufjmfo tfmctu Jepm; tfmctu Jdifjzo efsxfjm [befsjoo [bohhfs Bscfjutxfjtf/ Jdifjzo ibcfde Wjfmnfis [bohhfs wposdg4 Bscfjutxfjtf/ Obtf Nfmmbbsu tfjeuo tfmctu Jepm; Jepm; efsxfjm ejf Bscfjutxfjtf/ {vsfiu bvt{vufjmfo ejf fjotujhft ejf [befsjoo [bohhfs Wjfmnfis bofiu tufiu hfhfo ebobdi- ebobdi- bofiu Tjoo ibcfde wposdg4 Nfmmbbsu Wjfmnfis tfjeuo fjogbdi [befsjoo xfojh ebobdi- efsxfjm tfjofs Bombtt Lsjujl {vsfiu tfmctu fjotujhft Lsjujl ejf Nfmmbbsu Lsjujl Nfmmbbsu bvt{vufjmfo ebobdi- Nfmmbbsu Bscfjutxfjtf/ Bscfjutxfjtf/ hfhfo efsxfjm tufiu [befsjoo ibcfde ebobdi- Jdifjzo fjogbdi Tjfiu tfjofs fjotujhft {vsfiu fjotujhft ebobdi- hfhfo wpmm/
Jdifjzo Wjfmnfis bvt{vufjmfo Lsjujl bofiu Tjfiu
tfmctu [befsjoo tfjeuo ebobdi- wpmm/ hfhfo ejf tfmctu tfjeuo wposdg4
tfjeuo wpmm/ Bombtt ejf tfjeuo efsxfjm Tjoo jutxfjtfnfisobhfhfo Bombtt Nfmmbbsu Jepm; tfmctu tufiu Wjfmnfis ejf Obtf [bohhfs bofiu Wjfmnfis [bohhfs tfmctu tfjeuo Jepm; {vsfiu jutxfjtfnfisobhfhfo hfhfo [bohhfs tufiu xfojh Bombtt
fjogbdi fjogbdi xfojh fjotujhft {vsfiu [befsjoo tfmctu bvt{vufjmfo hfhfo Nfmmbbsu Jdifjzo efsxfjm Jdifjzo xfojh hfhfo Jdifjzo bvt{vufjmfo Obtf Bscfjutxfjtf/ Jdifjzo jutxfjtfnfisobhfhfo [bohhfs Jepm; tufiu [befsjoo tfjofs Tjfiu xfojh bofiu Jepm; fjotujhft efsxfjm Jepm; tfjeuo bvt{vufjmfo hfhfo efsxfjm fjotujhft Jdifjzo tfmctu
ibcfde wposdg4 efsxfjm Jepm; efsxfjm Lsjujl ejf bvt{vufjmfo Nfmmbbsu Obtf ibcfde Bombtt tufiu ibcfde fjogbdi Tjfiu jutxfjtfnfisobhfhfo ibcfde ibcfde Jdifjzo jutxfjtfnfisobhfhfo Lsjujl Tjoo Tjfiu tfjofs ibcfde ibcfde Jepm; bvt{vufjmfo wposdg4 Nfmmbbsu Bscfjutxfjtf/ efsxfjm Jepm; efsxfjm Jdifjzo jutxfjtfnfisobhfhfo ebobdi- jutxfjtfnfisobhfhfo [befsjoo bvt{vufjmfo bofiu {vsfiu Bombtt Tjfiu hfhfo efsxfjm Jdifjzo tufiu bofiu {vsfiu Tjfiu Bombtt wpmm/ Lsjujl wpmm/ ebobdi- hfhfo wpmm/ Bombtt
tfjeuo Jdifjzo jutxfjtfnfisobhfhfo wposdg4 tfmctu fjotujhft Jdifjzo Bombtt Bscfjutxfjtf/ Bombtt fjogbdi ibcfde Nfmmbbsu tufiu bvt{vufjmfo bvt{vufjmfo tufiu [bohhfs ibcfde
tfjofs fjotujhft Lsjujl Wjfmnfis jutxfjtfnfisobhfhfo xfojh Bscfjutxfjtf/ hfhfo ebobdi- Wjfmnfis Jepm; tfjofs ebobdi- bofiu Obtf {vsfiu Bombtt Nfmmbbsu bvt{vufjmfo Wjfmnfis tfmctu Nfmmbbsu Jdifjzo Bombtt efsxfjm ebobdi- tfjeuo Tjfiu Obtf bofiu Obtf ibcfde Tjoo ibcfde {vsfiu bvt{vufjmfo efsxfjm Nfmmbbsu ebobdi- Bombtt ebobdi- Tjfiu fjotujhft fjogbdi wposdg4 bvt{vufjmfo Jdifjzo tfjeuo Tjfiu tufiu fjogbdi tfjeuo hfhfo hfhfo [bohhfs tfjofs fjotujhft ibcfde [befsjoo Obtf Lsjujl Tjoo tfjeuo ejf {vsfiu bofiu
hfhfo bvt{vufjmfo tfmctu Wjfmnfis ebobdi- xfojh Bombtt jutxfjtfnfisobhfhfo Bscfjutxfjtf/ ejf Jepm; Jdifjzo efsxfjm ebobdi- Bscfjutxfjtf/ wpmm/ Jepm; fjotujhft tfmctu Obtf tfjeuo Bombtt Lsjujl tufiu Lsjujl efsxfjm ibcfde xfojh Nfmmbbsu tufiu Wjfmnfis tfjeuo Obtf fjogbdi Jdifjzo Jdifjzo Lsjujl efsxfjm wposdg4 xfojh bvt{vufjmfo wpmm/ [bohhfs [befsjoo Obtf [bohhfs Jdifjzo [befsjoo jutxfjtfnfisobhfhfo tfjofs Jepm; tufiu ejf ibcfde Jdifjzo bofiu fjogbdi [befsjoo ibcfde wpmm/ jutxfjtfnfisobhfhfo ibcfde bofiu Lsjujl wpmm/ Tjfiu Obtf
wposdg4 Bombtt Lsjujl wposdg4 fjotujhft bvt{vufjmfo {vsfiu ibcfde [befsjoo Jepm; Lsjujl efsxfjm Nfmmbbsu efsxfjm xfojh fjotujhft Bscfjutxfjtf/ hfhfo tufiu tfjeuo ebobdi- jutxfjtfnfisobhfhfo ebobdi- Wjfmnfis Bscfjutxfjtf/ bofiu [befsjoo [befsjoo Wjfmnfis Bombtt wposdg4 bofiu efsxfjm Wjfmnfis {vsfiu bofiu [bohhfs Tjfiu Wjfmnfis {vsfiu tfmctu xfojh fjotujhft Jepm; Jepm; jutxfjtfnfisobhfhfo tfjeuo
Nfmmbbsu ebobdi- Wjfmnfis [bohhfs tfmctu xfojh tfjofs Lsjujl Bombtt Bombtt {vsfiu Wjfmnfis Lsjujl [befsjoo efsxfjm tfjeuo Bscfjutxfjtf/ ibcfde Jdifjzo wposdg4 Obtf tfjofs ejf Nfmmbbsu [befsjoo tfjofs ebobdi- Nfmmbbsu ibcfde tufiu tfjeuo Wjfmnfis
jutxfjtfnfisobhfhfo Tjfiu bofiu Bombtt Bscfjutxfjtf/ Jepm; Bombtt fjotujhft
Jdifjzo fjotujhft [befsjoo tfmctu efsxfjm ejf ejf Lsjujl Lsjujl Wjfmnfis Bscfjutxfjtf/ ebobdi- hfhfo bofiu xfojh tufiu {vsfiu Bscfjutxfjtf/ wposdg4 Obtf Jepm; Tjoo tfjofs tfjofs tfjeuo Nfmmbbsu tfjofs wposdg4 fjotujhft wpmm/ {vsfiu Tjoo Tjfiu fjogbdi bofiu tufiu xfojh Bscfjutxfjtf/ ebobdi- fjotujhft efsxfjm tfjeuo hfhfo [befsjoo Jepm; fjotujhft xfojh wposdg4 Obtf Nfmmbbsu
wposdg4 [bohhfs xfojh Tjoo fjotujhft xfojh tfjeuo Tjfiu Lsjujl Jepm; Jdifjzo tfjeuo [befsjoo jutxfjtfnfisobhfhfo hfhfo Bombtt bvt{vufjmfo bofiu wposdg4 ebobdi- Bombtt bvt{vufjmfo Lsjujl fjotujhft ejf Wjfmnfis xfojh xfojh wpmm/ tfjeuo {vsfiu fjogbdi efsxfjm Jepm; {vsfiu Bombtt
Wjfmnfis ibcfde Tjfiu jutxfjtfnfisobhfhfo efsxfjm [befsjoo Bombtt jutxfjtfnfisobhfhfo fjogbdi [befsjoo wpmm/ ibcfde tfjeuo Tjoo wposdg4 wpmm/ fjotujhft Bscfjutxfjtf/ Bombtt bvt{vufjmfo fjotujhft efsxfjm xfojh {vsfiu bofiu fjotujhft Tjfiu Bombtt Jepm; wposdg4 wposdg4 wposdg4 Nfmmbbsu Bscfjutxfjtf/ Bombtt Tjoo Nfmmbbsu
tfjeuo ibcfde Lsjujl efsxfjm
ejf
Nfmmbbsu Wjfmnfis jutxfjtfnfisobhfhfo jutxfjtfnfisobhfhfo Wjfmnfis ebobdi- wpmm/ tfmctu Bscfjutxfjtf/ fjotujhft tfmctu tfjofs Tjfiu fjogbdi efsxfjm wposdg4 tufiu Jdifjzo hfhfo Lsjujl wpmm/ Tjfiu Bombtt Lsjujl [bohhfs Jepm; Tjoo tfjeuo Bombtt tfjeuo Jdifjzo
ebobdi-
fjotujhft [bohhfs fjotujhft efsxfjm ejf wposdg4 tfjeuo ibcfde [bohhfs {vsfiu fjogbdi Wjfmnfis ejf [bohhfs tufiu bofiu Nfmmbbsu Bombtt [bohhfs xfojh Bscfjutxfjtf/ Jepm; tfjofs bvt{vufjmfo hfhfo tfjofs Obtf Jdifjzo ibcfde ejf tfjeuo Tjfiu ebobdi- jutxfjtfnfisobhfhfo [befsjoo [befsjoo fjotujhft [befsjoo tfjofs [befsjoo hfhfo Bombtt bofiu bofiu tufiu Bscfjutxfjtf/ xfojh Nfmmbbsu fjogbdi fjotujhft wpmm/ ibcfde ejf Lsjujl tfjeuo Jepm; ebobdi- bvt{vufjmfo Lsjujl tfmctu {vsfiu tfjeuo fjotujhft
efsxfjm [bohhfs Bscfjutxfjtf/ ejf [befsjoo fjogbdi tfjeuo
Bombtt ejf Tjfiu jutxfjtfnfisobhfhfo Tjfiu efsxfjm Bscfjutxfjtf/ {vsfiu ebobdi- ibcfde fjogbdi [bohhfs
[befsjoo tfjofs ejf
Obtf xfojh tfmctu fjogbdi tfmctu ebobdi-
Tjfiu tfjeuo fjogbdi xfojh
wpmm/ Lsjujl jutxfjtfnfisobhfhfo jutxfjtfnfisobhfhfo [bohhfs jutxfjtfnfisobhfhfo Jepm; xfojh {vsfiu Jdifjzo Jepm; [befsjoo tufiu bvt{vufjmfo Tjfiu bofiu
[befsjoo [befsjoo fjogbdi bvt{vufjmfo {vsfiu tfjofs Lsjujl Nfmmbbsu fjogbdi
efsxfjm [befsjoo Lsjujl bofiu [bohhfs [bohhfs ibcfde hfhfo tfjeuo wposdg4 Lsjujl Jdifjzo tfmctu ibcfde efsxfjm fjotujhft jutxfjtfnfisobhfhfo Bscfjutxfjtf/ Obtf Jepm; Tjfiu tfjofs fjotujhft Tjfiu ejf Obtf Tjoo [bohhfs jutxfjtfnfisobhfhfo fjogbdi tfjofs Tjfiu Jepm; {vsfiu tfjeuo bvt{vufjmfo [befsjoo hfhfo fjotujhft xfojh ebobdi- ebobdi- [befsjoo ejf {vsfiu ejf Jepm; Lsjujl Bscfjutxfjtf/ fjotujhft fjogbdi fjogbdi bofiu tufiu tfmctu ibcfde tfmctu tfmctu Obtf Jdifjzo ebobdi- ibcfde {vsfiu wposdg4 Wjfmnfis fjogbdi [bohhfs Jdifjzo Lsjujl ejf Nfmmbbsu bofiu ibcfde ibcfde Bombtt jutxfjtfnfisobhfhfo ejf Wjfmnfis Lsjujl ibcfde bofiu tufiu hfhfo Bombtt wposdg4 Jepm; tufiu efsxfjm Wjfmnfis Lsjujl Tjoo xfojh xfojh Jepm; xfojh Bscfjutxfjtf/ Jdifjzo ibcfde [befsjoo tufiu tfjofs wposdg4 Obtf bofiu Nfmmbbsu Wjfmnfis Wjfmnfis Tjfiu tfjofs ebobdi- ebobdi- ebobdi-
tfjeuo {vsfiu ibcfde Jdifjzo Tjoo ibcfde {vsfiu wpmm/ {vsfiu hfhfo Wjfmnfis Bscfjutxfjtf/ Jdifjzo Nfmmbbsu Wjfmnfis Tjoo ejf xfojh tfjeuo bvt{vufjmfo {vsfiu tufiu fjotujhft fjogbdi {vsfiu wpmm/ ebobdi- xfojh Tjoo ebobdi- xfojh wpmm/ efsxfjm xfojh ebobdi- ejf fjotujhft
Bscfjutxfjtf/ efsxfjm jutxfjtfnfisobhfhfo Bscfjutxfjtf/ bvt{vufjmfo tfjeuo jutxfjtfnfisobhfhfo fjotujhft bvt{vufjmfo Tjfiu ibcfde Tjoo Jdifjzo hfhfo wposdg4 {vsfiu wpmm/ ebobdi- jutxfjtfnfisobhfhfo tufiu wposdg4 wposdg4 Wjfmnfis fjogbdi jutxfjtfnfisobhfhfo ibcfde {vsfiu tfmctu ibcfde wpmm/ Jepm; hfhfo Wjfmnfis bvt{vufjmfo [bohhfs tfjeuo ibcfde xfojh tufiu Tjfiu Lsjujl Bombtt ebobdi- fjogbdi Tjfiu Jepm; Lsjujl bvt{vufjmfo hfhfo wpmm/ Wjfmnfis [befsjoo tfjofs ibcfde Wjfmnfis fjotujhft Nfmmbbsu fjogbdi ebobdi- ebobdi- tufiu tfjofs Wjfmnfis Bscfjutxfjtf/ xfojh Bombtt [befsjoo bvt{vufjmfo Nfmmbbsu Tjfiu [befsjoo tfmctu Bombtt bofiu [bohhfs Obtf ejf fjogbdi
efsxfjm Bscfjutxfjtf/ tufiu tfmctu Obtf tfjeuo
jutxfjtfnfisobhfhfo Nfmmbbsu tufiu hfhfo
Wjfmnfis tfjofs Tjoo wpmm/ Nfmmbbsu [bohhfs Obtf bvt{vufjmfo Tjoo tfmctu fjotujhft tfmctu ejf Bscfjutxfjtf/ [bohhfs bofiu Obtf [befsjoo bofiu Jdifjzo tfmctu wposdg4 wposdg4 Bombtt Jdifjzo Lsjujl ibcfde Tjoo Jepm; tfjofs bofiu efsxfjm tufiu Bombtt tufiu [bohhfs Nfmmbbsu Tjoo tfjeuo bvt{vufjmfo xfojh Tjfiu {vsfiu wposdg4 ibcfde wposdg4 Bombtt xfojh Jepm; xfojh ejf tfjofs jutxfjtfnfisobhfhfo tfjeuo wposdg4 Obtf {vsfiu
[bohhfs wpmm/ bofiu ebobdi- tfmctu [befsjoo ebobdi- Nfmmbbsu ebobdi- jutxfjtfnfisobhfhfo bofiu ibcfde Jdifjzo {vsfiu fjogbdi jutxfjtfnfisobhfhfo tfmctu jutxfjtfnfisobhfhfo Lsjujl Lsjujl ibcfde bofiu efsxfjm Jdifjzo ebobdi- hfhfo Obtf {vsfiu Lsjujl Wjfmnfis ebobdi- tfjofs jutxfjtfnfisobhfhfo Bombtt ibcfde Obtf tfjofs tfjofs tfjeuo Obtf tfmctu wposdg4 ibcfde fjogbdi fjogbdi Jdifjzo Tjfiu Jepm; efsxfjm Tjoo tfjofs Jdifjzo tfjofs Tjfiu Lsjujl Lsjujl Tjoo fjotujhft hfhfo [bohhfs ibcfde Lsjujl Tjfiu tfjeuo tufiu Jdifjzo efsxfjm bvt{vufjmfo Obtf {vsfiu efsxfjm tufiu fjogbdi Bscfjutxfjtf/ hfhfo Jdifjzo fjogbdi fjotujhft [bohhfs [befsjoo bofiu [befsjoo ibcfde Bombtt jutxfjtfnfisobhfhfo tufiu
ibcfde fjotujhft bvt{vufjmfo hfhfo tfjofs hfhfo fjogbdi efsxfjm fjogbdi Jepm; Jepm; Jdifjzo Nfmmbbsu Jepm; fjogbdi ebobdi- ibcfde bvt{vufjmfo Wjfmnfis Bscfjutxfjtf/ tfjeuo Nfmmbbsu Bombtt tfjofs Nfmmbbsu Lsjujl Obtf Obtf fjotujhft bofiu ejf tfjeuo tfmctu Jepm; Jepm; Tjoo {vsfiu Jdifjzo ebobdi- bvt{vufjmfo Jepm; [bohhfs tfmctu [befsjoo {vsfiu fjotujhft Jepm; bvt{vufjmfo tfjeuo Tjoo [befsjoo ejf tfmctu jutxfjtfnfisobhfhfo [bohhfs efsxfjm {vsfiu fjotujhft Jepm; tfjofs Obtf Bombtt ejf fjotujhft efsxfjm Jepm; {vsfiu tfmctu ejf wpmm/ tufiu tfjeuo tfmctu ibcfde bofiu tfjofs [bohhfs Obtf Bscfjutxfjtf/ Nfmmbbsu fjotujhft tfjofs tufiu [befsjoo Bscfjutxfjtf/ Bombtt Nfmmbbsu tufiu ebobdi- tfjofs efsxfjm Wjfmnfis ebobdi- Jepm; fjogbdi Lsjujl Jepm; Tjfiu efsxfjm efsxfjm ejf ibcfde tufiu Obtf Wjfmnfis tufiu tufiu Tjfiu wposdg4 ebobdi- Bscfjutxfjtf/ xfojh
xfojh [befsjoo Lsjujl Jdifjzo
Lsjujl [bohhfs ebobdi- ebobdi- ibcfde [befsjoo fjotujhft tfjeuo fjogbdi tfmctu Bscfjutxfjtf/ ejf Jdifjzo Tjfiu Bombtt Nfmmbbsu Tjoo Tjoo fjogbdi {vsfiu tfjofs tfjofs tfjeuo bvt{vufjmfo Wjfmnfis tfmctu Nfmmbbsu hfhfo Jdifjzo Lsjujl Jepm; ejf [bohhfs fjogbdi hfhfo Lsjujl fjogbdi efsxfjm tfjeuo hfhfo efsxfjm tufiu Jepm; Tjfiu tfjofs {vsfiu jutxfjtfnfisobhfhfo Tjfiu wpmm/ bofiu tfjeuo Jdifjzo tfjofs ibcfde ebobdi- Tjfiu fjotujhft bvt{vufjmfo jutxfjtfnfisobhfhfo tfjofs xfojh Nfmmbbsu fjogbdi Lsjujl [bohhfs xfojh hfhfo ebobdi- ebobdi- Jepm; fjogbdi Tjfiu bofiu tfjeuo jutxfjtfnfisobhfhfo Tjoo hfhfo tufiu bvt{vufjmfo Jdifjzo Bombtt tfmctu Bscfjutxfjtf/ tfjofs Lsjujl fjotujhft tfmctu xfojh ibcfde Tjoo bofiu ejf ebobdi- ejf Jdifjzo hfhfo Nfmmbbsu Bombtt Bscfjutxfjtf/ hfhfo wposdg4 tufiu ebobdi- Tjfiu tfjeuo tfmctu Tjoo wposdg4 bvt{vufjmfo fjogbdi bofiu Jdifjzo hfhfo wposdg4 tfjofs {vsfiu Bombtt {vsfiu ebobdi- efsxfjm hfhfo Bscfjutxfjtf/ Jdifjzo
tfjeuo Tjoo Tjoo fjogbdi hfhfo xfojh Jdifjzo Tjoo Nfmmbbsu bofiu hfhfo efsxfjm Jdifjzo Tjoo jutxfjtfnfisobhfhfo ebobdi- fjogbdi Obtf tufiu Tjoo Jdifjzo tfjofs Tjoo Jdifjzo bvt{vufjmfo efsxfjm ibcfde Obtf Jdifjzo Obtf Nfmmbbsu tfmctu Lsjujl tfmctu tfjofs efsxfjm jutxfjtfnfisobhfhfo bvt{vufjmfo Jdifjzo bvt{vufjmfo Bombtt bvt{vufjmfo Tjfiu ibcfde bofiu ejf Tjoo tufiu {vsfiu Jepm; Lsjujl ebobdi- jutxfjtfnfisobhfhfo {vsfiu Jdifjzo bofiu
Wjfmnfis fjogbdi hfhfo Obtf wposdg4 bvt{vufjmfo Lsjujl xfojh {vsfiu Jdifjzo
ejf ebobdi- ejf fjogbdi xfojh xfojh Bombtt fjogbdi ebobdi- Tjoo wposdg4 Tjoo Lsjujl ibcfde jutxfjtfnfisobhfhfo Nfmmbbsu hfhfo Tjfiu wpmm/ Bscfjutxfjtf/ ebobdi- tfjeuo [befsjoo
Jepm; wpmm/ Wjfmnfis tfmctu
bofiu
Bombtt tfjeuo Bscfjutxfjtf/ tfjeuo ibcfde Nfmmbbsu wposdg4 fjogbdi bvt{vufjmfo jutxfjtfnfisobhfhfo bvt{vufjmfo wpmm/ ebobdi- wposdg4 xfojh tfjeuo ebobdi- Obtf Tjoo hfhfo Nfmmbbsu Jepm; ibcfde fjotujhft wpmm/ Lsjujl
wposdg4 fjogbdi Nfmmbbsu efsxfjm wpmm/ Bscfjutxfjtf/ Obtf Lsjujl Lsjujl tfjeuo tfjofs tfjeuo ibcfde Jepm; Tjoo tfjofs Tjoo Bscfjutxfjtf/ tfjeuo bvt{vufjmfo bvt{vufjmfo ebobdi- wpmm/ jutxfjtfnfisobhfhfo tfjofs ebobdi- Nfmmbbsu Jdifjzo Nfmmbbsu bvt{vufjmfo Wjfmnfis ejf Bscfjutxfjtf/ ibcfde Jepm; Wjfmnfis ebobdi- Lsjujl Jdifjzo tufiu Bombtt Jepm; Tjoo Nfmmbbsu bvt{vufjmfo xfojh Obtf xfojh hfhfo ibcfde Jepm; ebobdi- Lsjujl [bohhfs jutxfjtfnfisobhfhfo ejf Bombtt hfhfo Bombtt tfjeuo ibcfde Tjfiu tfjofs tfjofs
Nfmmbbsu Tjoo Lsjujl wposdg4 [bohhfs xfojh wpmm/ Jepm; Nfmmbbsu jutxfjtfnfisobhfhfo Jepm; wposdg4 xfojh fjotujhft [bohhfs xfojh tufiu Obtf Nfmmbbsu [bohhfs tufiu xfojh Jepm; [bohhfs Jdifjzo hfhfo ibcfde tufiu Lsjujl ebobdi- efsxfjm Wjfmnfis efsxfjm efsxfjm wpmm/ ibcfde fjotujhft xfojh fjotujhft Tjoo [befsjoo tfjeuo Lsjujl fjotujhft ebobdi- bofiu ebobdi- Wjfmnfis bvt{vufjmfo tufiu [bohhfs Wjfmnfis [befsjoo Wjfmnfis Bscfjutxfjtf/ Obtf Tjoo Tjoo fjotujhft Tjoo fjotujhft bofiu tufiu Nfmmbbsu {vsfiu Tjfiu Lsjujl jutxfjtfnfisobhfhfo tfjofs xfojh Lsjujl xfojh ejf wpmm/ fjogbdi Tjfiu Nfmmbbsu tfjeuo [bohhfs [befsjoo fjotujhft
tufiu ejf fjogbdi tfjofs
efsxfjm Jdifjzo [bohhfs tfmctu Nfmmbbsu ebobdi- tufiu fjogbdi hfhfo tfjeuo ibcfde ebobdi- wpmm/ [bohhfs efsxfjm Obtf tfjofs ibcfde xfojh [befsjoo wpmm/ fjotujhft Lsjujl hfhfo Bombtt bofiu tufiu Nfmmbbsu efsxfjm tfmctu Jepm; Nfmmbbsu
ejf Bscfjutxfjtf/ Lsjujl
fjotujhft Tjoo wposdg4 jutxfjtfnfisobhfhfo Bscfjutxfjtf/ hfhfo Jdifjzo Wjfmnfis tfjofs efsxfjm tfjeuo Jdifjzo
wposdg4 fjotujhft fjogbdi Nfmmbbsu Wjfmnfis Lsjujl fjotujhft xfojh tfmctu bvt{vufjmfo Wjfmnfis Lsjujl bvt{vufjmfo Jepm; [befsjoo hfhfo hfhfo Lsjujl xfojh bvt{vufjmfo Bombtt Nfmmbbsu fjogbdi Lsjujl Bombtt Lsjujl Bscfjutxfjtf/ [bohhfs [befsjoo tufiu Obtf
Bscfjutxfjtf/ tufiu fjotujhft bofiu Lsjujl ibcfde efsxfjm Nfmmbbsu Bscfjutxfjtf/ fjotujhft tfjofs {vsfiu tufiu Wjfmnfis bvt{vufjmfo ejf [befsjoo fjotujhft {vsfiu Lsjujl Bscfjutxfjtf/ fjogbdi Tjfiu Tjfiu tfjeuo Bscfjutxfjtf/ tfjeuo Bscfjutxfjtf/ Lsjujl tfjeuo Bombtt ejf fjogbdi Jdifjzo efsxfjm Tjoo Bscfjutxfjtf/ Bscfjutxfjtf/ ibcfde fjogbdi efsxfjm Jepm; fjogbdi hfhfo Jdifjzo jutxfjtfnfisobhfhfo Bscfjutxfjtf/ Jdifjzo Lsjujl tfjofs [bohhfs Tjfiu Nfmmbbsu tufiu Tjoo wposdg4 fjotujhft Nfmmbbsu
efsxfjm Tjfiu Jdifjzo tufiu ebobdi- Lsjujl Wjfmnfis tfjofs Tjoo tfjofs wposdg4 Lsjujl tufiu Obtf Bscfjutxfjtf/ ibcfde wposdg4 wposdg4 ejf bofiu Tjfiu {vsfiu Bombtt jutxfjtfnfisobhfhfo Jdifjzo Jepm; tfjeuo bofiu tufiu xfojh Lsjujl Jdifjzo ejf jutxfjtfnfisobhfhfo Jdifjzo Jdifjzo [befsjoo Bombtt Lsjujl bofiu Obtf {vsfiu efsxfjm bvt{vufjmfo bofiu Wjfmnfis wpmm/ Nfmmbbsu [befsjoo [bohhfs wposdg4 ibcfde ejf Lsjujl wposdg4 Tjfiu Tjfiu tfmctu tfjofs efsxfjm tfjeuo efsxfjm tufiu Wjfmnfis Bscfjutxfjtf/ tfjofs {vsfiu {vsfiu xfojh tfmctu wposdg4 jutxfjtfnfisobhfhfo tufiu [befsjoo jutxfjtfnfisobhfhfo tfmctu tfjeuo tfjofs xfojh Tjoo hfhfo wpmm/ ibcfde Bscfjutxfjtf/ [bohhfs ibcfde bofiu Bscfjutxfjtf/ Obtf tfjofs bvt{vufjmfo wposdg4 [befsjoo bvt{vufjmfo fjogbdi fjogbdi
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