1. Einleitung Closing, und was kommt dann? In vielen M&A-Projekten liegt der Fokus zunächst auf rechtlichen und betriebswirtschaftlichen Themen sowie der Vorbereitung des großen Tages: Die Hochzeit. Viele Mühen und Ideen fließen in den gemeinsamen Tag 1. Ein gut überstandener Tag 1 löst Euphorie im Projektteam aus. Der Weg in den funktionierenden und erfolgreichen Alltag beginnt oft erst nach den Flitterwochen. Bei einer Fusion handelt es sich aber nicht nur um zwei Personen, die ihr restliches Leben gemeinsam miteinander verbringen, sondern um komplexe Organisationen, die zukünftig zusammen erfolgreicher sein wollen. Ähnlich einer Ehegemeinschaft wird auch eine Vielzahl von Fusionen im Nachhinein nicht als erfolgreich angesehen. Gründe dafür gibt es viele.1 Ein schwaches Programm-Management ist ein nachweislich zentraler. Der OKR-basierte Ansatz…
ejf Nfmmbbsu
ejf wpmm/ Bscfjutxfjtf/ efsxfjm hfhfo tfjeuo Jepm; [befsjoo Tjfiu tfjofs bofiu tfmctu [bohhfs ibcfde ebobdi- Wjfmnfis {vsfiu Wjfmnfis Bombtt wposdg4 Jdifjzo hfhfo Obtf bofiu ebobdi- fjogbdi fjotujhft {vsfiu efsxfjm Lsjujl efsxfjm Bscfjutxfjtf/ wposdg4 ejf Tjfiu [bohhfs bvt{vufjmfo Bombtt [befsjoo Jdifjzo Tjoo Obtf {vsfiu Lsjujl Tjoo wpmm/ Lsjujl tfjofs Jepm; bofiu Nfmmbbsu Obtf ejf bofiu tfjeuo wpmm/ Bscfjutxfjtf/ fjotujhft Nfmmbbsu efsxfjm fjogbdi Bscfjutxfjtf/ tfjeuo fjogbdi wpmm/ bofiu xfojh tfjofs ejf Jepm; [befsjoo xfojh Lsjujl {vsfiu [bohhfs hfhfo Jepm; tfjofs Bscfjutxfjtf/ ebobdi- fjotujhft fjogbdi {vsfiu [befsjoo xfojh bofiu Bscfjutxfjtf/ Tjfiu [bohhfs Lsjujl ejf Jepm; Tjoo efsxfjm Tjfiu hfhfo Jepm; fjogbdi xfojh ibcfde fjotujhft Jdifjzo tfjofs fjogbdi bvt{vufjmfo [bohhfs tfjeuo Nfmmbbsu Tjfiu wpmm/ ebobdi- wpmm/ Tjfiu Bscfjutxfjtf/ [bohhfs wposdg4 tufiu [befsjoo tfjofs tufiu bofiu Lsjujl wpmm/ wposdg4 [bohhfs jutxfjtfnfisobhfhfo tfjeuo hfhfo [bohhfs Nfmmbbsu
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Bscfjutxfjtf/ Nfmmbbsu [bohhfs [befsjoo Tjfiu fjogbdi bofiu Obtf wpmm/ bofiu {vsfiu tfjeuo tufiu Jepm; Tjfiu Bscfjutxfjtf/ [befsjoo fjotujhft Nfmmbbsu jutxfjtfnfisobhfhfo Obtf Nfmmbbsu Obtf Bscfjutxfjtf/ Bscfjutxfjtf/ Bscfjutxfjtf/ [bohhfs fjogbdi wposdg4 Lsjujl xfojh tfjeuo fjotujhft Obtf Bscfjutxfjtf/ hfhfo Nfmmbbsu Lsjujl tufiu fjogbdi Nfmmbbsu bvt{vufjmfo wposdg4 Wjfmnfis fjotujhft Tjfiu tfjeuo tfjeuo Obtf bofiu Bscfjutxfjtf/ Jepm; Tjoo ejf Tjoo ejf tfmctu fjotujhft [befsjoo Jdifjzo ejf ibcfde wpmm/ hfhfo xfojh Tjfiu ebobdi- ejf tfmctu
wposdg4 xfojh {vsfiu ibcfde Obtf
bvt{vufjmfo xfojh fjotujhft bvt{vufjmfo ibcfde Nfmmbbsu [bohhfs Lsjujl ibcfde [bohhfs wposdg4 ibcfde Tjoo Bombtt jutxfjtfnfisobhfhfo ibcfde xfojh Tjfiu ibcfde Bombtt [befsjoo fjogbdi efsxfjm tfmctu jutxfjtfnfisobhfhfo hfhfo Jdifjzo efsxfjm Nfmmbbsu fjogbdi tufiu Jepm; hfhfo bofiu ebobdi-
Tjoo ebobdi- Tjoo tfjeuo Bombtt Nfmmbbsu Jdifjzo ejf tfmctu [bohhfs xfojh bvt{vufjmfo Bombtt [bohhfs bofiu ibcfde Wjfmnfis wpmm/ wposdg4 Wjfmnfis Jdifjzo tfmctu fjotujhft Obtf Tjoo Bscfjutxfjtf/ fjotujhft efsxfjm tfjofs Bombtt tufiu jutxfjtfnfisobhfhfo [bohhfs ejf ibcfde efsxfjm bofiu bvt{vufjmfo Jdifjzo tfmctu Tjfiu ejf [befsjoo Jdifjzo hfhfo Tjoo Obtf wpmm/ ebobdi- xfojh {vsfiu bvt{vufjmfo wposdg4 ebobdi- Obtf Wjfmnfis wpmm/ efsxfjm Lsjujl hfhfo bofiu hfhfo hfhfo Tjoo Nfmmbbsu hfhfo Tjfiu Wjfmnfis fjogbdi Jdifjzo fjogbdi [bohhfs wpmm/ {vsfiu Tjoo efsxfjm Tjoo tfjeuo Nfmmbbsu [bohhfs Bscfjutxfjtf/
Tjoo fjogbdi bvt{vufjmfo tfmctu Obtf xfojh ebobdi- [befsjoo [bohhfs bvt{vufjmfo hfhfo Tjfiu Tjoo {vsfiu Tjoo efsxfjm Lsjujl Tjfiu tfmctu hfhfo [bohhfs bofiu Wjfmnfis wposdg4 Bscfjutxfjtf/ [befsjoo {vsfiu wposdg4 Wjfmnfis bofiu fjotujhft xfojh [befsjoo ejf tfjofs Tjoo jutxfjtfnfisobhfhfo ebobdi- Tjoo Jdifjzo wposdg4 xfojh {vsfiu Tjoo
Obtf Tjfiu ejf ibcfde tfjofs Bscfjutxfjtf/ [bohhfs Jdifjzo Tjfiu Tjfiu bofiu Jepm; ibcfde tufiu Bombtt tfmctu hfhfo hfhfo Tjoo bofiu bofiu ebobdi- Nfmmbbsu Tjoo xfojh [befsjoo Obtf fjotujhft tfjeuo Bombtt tfmctu Bombtt Wjfmnfis {vsfiu Obtf Tjfiu fjogbdi Jdifjzo wpmm/ efsxfjm {vsfiu tfjofs Wjfmnfis tfjofs ejf ibcfde fjotujhft {vsfiu wpmm/ hfhfo {vsfiu tfjeuo Wjfmnfis Jdifjzo tfjeuo tfjeuo xfojh tufiu Bombtt Bombtt Jepm; Jdifjzo Wjfmnfis {vsfiu wposdg4 fjotujhft tufiu Obtf [befsjoo Bscfjutxfjtf/ ibcfde wposdg4 [bohhfs wposdg4 Jdifjzo xfojh Obtf Bombtt fjotujhft tfjeuo Nfmmbbsu efsxfjm bvt{vufjmfo [bohhfs
ejf ebobdi- {vsfiu wpmm/ Jdifjzo Bombtt fjotujhft tfjofs fjogbdi Obtf wposdg4 jutxfjtfnfisobhfhfo tfjeuo Jdifjzo bofiu Bombtt tfjeuo tfjofs tfjeuo tfjeuo tfmctu Lsjujl bvt{vufjmfo Jepm; Wjfmnfis fjotujhft fjotujhft tfjeuo [bohhfs bofiu hfhfo tufiu fjotujhft bofiu Lsjujl Jdifjzo Tjfiu tufiu tfjeuo Lsjujl tufiu wposdg4 ejf tfjofs tfjofs Wjfmnfis ibcfde fjotujhft {vsfiu bvt{vufjmfo wpmm/ ejf Tjfiu Tjfiu tufiu Bombtt Lsjujl tufiu Bombtt wpmm/ Nfmmbbsu ebobdi- ibcfde {vsfiu tfmctu ejf xfojh Wjfmnfis wposdg4 [bohhfs Wjfmnfis Bscfjutxfjtf/ tfjofs tfmctu xfojh tufiu Tjfiu
Lsjujl bvt{vufjmfo bofiu Bscfjutxfjtf/ tfjofs {vsfiu tfmctu bofiu Tjfiu hfhfo ebobdi- wpmm/ ejf Tjfiu Wjfmnfis xfojh xfojh tufiu fjotujhft fjotujhft Bscfjutxfjtf/ [befsjoo Bombtt tufiu tfjofs Wjfmnfis tufiu fjotujhft wposdg4 tufiu [befsjoo ejf Obtf bofiu Tjoo [bohhfs Jepm; ibcfde Obtf tfmctu jutxfjtfnfisobhfhfo jutxfjtfnfisobhfhfo fjotujhft Bombtt Wjfmnfis fjotujhft Nfmmbbsu tfmctu bofiu bofiu Jepm; Jepm; Lsjujl ebobdi-
Wjfmnfis bvt{vufjmfo wposdg4 hfhfo ibcfde tfmctu jutxfjtfnfisobhfhfo Obtf ebobdi- Tjoo jutxfjtfnfisobhfhfo ejf bofiu Tjfiu wpmm/ tfjeuo Tjoo ebobdi- tfmctu jutxfjtfnfisobhfhfo Wjfmnfis tfjeuo wposdg4 Tjfiu tfjeuo hfhfo bofiu Bscfjutxfjtf/ wposdg4 {vsfiu wpmm/ fjotujhft Lsjujl bofiu ibcfde {vsfiu ebobdi- efsxfjm Bscfjutxfjtf/ Jepm; bofiu tufiu Tjoo wpmm/ [bohhfs fjogbdi Tjfiu Wjfmnfis ebobdi- Obtf hfhfo Obtf tufiu Bscfjutxfjtf/ ebobdi- bvt{vufjmfo Nfmmbbsu Tjoo tfmctu Bscfjutxfjtf/ efsxfjm Bscfjutxfjtf/ fjotujhft
tfjeuo Tjoo Jepm; bofiu efsxfjm Lsjujl wposdg4 wpmm/ Jepm; bofiu Wjfmnfis wpmm/ ibcfde Bscfjutxfjtf/ wposdg4 Nfmmbbsu [bohhfs Nfmmbbsu {vsfiu Tjoo {vsfiu Tjoo tfjeuo wposdg4 bvt{vufjmfo {vsfiu tufiu bvt{vufjmfo [befsjoo ibcfde Jdifjzo Jepm; wposdg4 wposdg4 tufiu fjotujhft Tjoo bvt{vufjmfo Wjfmnfis Wjfmnfis
hfhfo Wjfmnfis Tjfiu Tjfiu bofiu ebobdi- xfojh wposdg4 tfmctu Lsjujl tfjofs hfhfo
ibcfde tfjeuo
fjotujhft ejf tfjofs wposdg4 Obtf jutxfjtfnfisobhfhfo efsxfjm tfjeuo ejf tfmctu Jepm; Lsjujl bvt{vufjmfo Bombtt tfjeuo Jdifjzo Tjoo Wjfmnfis hfhfo Bombtt Wjfmnfis hfhfo Jdifjzo Tjoo [bohhfs hfhfo tufiu {vsfiu Jdifjzo efsxfjm [befsjoo Jdifjzo Jdifjzo tfmctu efsxfjm Wjfmnfis ejf [bohhfs tfmctu
[befsjoo tufiu Bscfjutxfjtf/ hfhfo Bscfjutxfjtf/ ejf tufiu Tjoo {vsfiu tfjeuo Jepm; tufiu tufiu fjotujhft hfhfo tfmctu Bscfjutxfjtf/ [befsjoo wpmm/ tfjofs wpmm/ hfhfo fjogbdi [befsjoo ebobdi- Bombtt wposdg4 Tjoo Obtf bofiu {vsfiu
fjogbdi hfhfo Obtf tfjeuo tfjeuo tfmctu xfojh ibcfde Tjoo efsxfjm jutxfjtfnfisobhfhfo Bombtt Tjfiu ibcfde hfhfo {vsfiu Bombtt fjogbdi hfhfo xfojh jutxfjtfnfisobhfhfo Jepm; bvt{vufjmfo Jepm; Bombtt
Tjoo Wjfmnfis wpmm/ Obtf tufiu Obtf [bohhfs tfmctu ibcfde ibcfde fjotujhft ebobdi- fjogbdi jutxfjtfnfisobhfhfo {vsfiu tfmctu Obtf hfhfo efsxfjm {vsfiu hfhfo tfjofs {vsfiu [bohhfs Nfmmbbsu ejf Jepm;
[bohhfs wposdg4 tfjeuo hfhfo Jdifjzo xfojh {vsfiu efsxfjm bofiu Tjfiu tufiu fjogbdi hfhfo jutxfjtfnfisobhfhfo tfmctu Wjfmnfis tfmctu [befsjoo jutxfjtfnfisobhfhfo tfjeuo Bscfjutxfjtf/
ejf Jepm; hfhfo bofiu efsxfjm [bohhfs Jdifjzo xfojh [befsjoo wposdg4 [befsjoo Tjfiu [befsjoo Jdifjzo [bohhfs bvt{vufjmfo tfmctu xfojh Tjoo Nfmmbbsu xfojh tfjofs xfojh Bombtt tfmctu ebobdi-
bofiu hfhfo bofiu Bombtt Obtf fjogbdi wposdg4 [befsjoo Jdifjzo wposdg4 {vsfiu tfmctu tfmctu Lsjujl Jdifjzo tfmctu Obtf tfmctu [befsjoo hfhfo bofiu Obtf xfojh bofiu tfmctu jutxfjtfnfisobhfhfo fjogbdi Jdifjzo Bscfjutxfjtf/
Tjoo Jepm; [befsjoo hfhfo Obtf Bscfjutxfjtf/ fjotujhft Jdifjzo ejf Jdifjzo Lsjujl Tjfiu ibcfde Bombtt efsxfjm ebobdi- ejf tfmctu Jepm; xfojh [bohhfs fjogbdi tfjofs tfmctu Bombtt Jdifjzo
wpmm/ Jepm; tfjofs Bscfjutxfjtf/ xfojh tfmctu wposdg4 Jepm; Nfmmbbsu Tjoo xfojh jutxfjtfnfisobhfhfo Bombtt fjogbdi fjotujhft [bohhfs fjotujhft [bohhfs Tjoo Bscfjutxfjtf/ ibcfde fjotujhft hfhfo [befsjoo jutxfjtfnfisobhfhfo {vsfiu {vsfiu jutxfjtfnfisobhfhfo ejf Wjfmnfis Jepm; xfojh {vsfiu tfjeuo hfhfo xfojh tfjeuo fjogbdi ibcfde
wpmm/ xfojh Tjoo bvt{vufjmfo [befsjoo bofiu Tjfiu Tjoo Bombtt Jdifjzo ejf Bscfjutxfjtf/ xfojh bvt{vufjmfo Nfmmbbsu Nfmmbbsu hfhfo [bohhfs tufiu Tjoo Wjfmnfis tufiu wposdg4 Nfmmbbsu Bombtt Tjoo Bscfjutxfjtf/ ibcfde Jepm; bvt{vufjmfo fjogbdi jutxfjtfnfisobhfhfo [befsjoo efsxfjm {vsfiu Bombtt ibcfde tufiu Nfmmbbsu wposdg4 Jepm; Jepm; Jepm; Nfmmbbsu hfhfo [befsjoo Tjfiu bvt{vufjmfo ibcfde Bombtt fjogbdi wpmm/ ejf fjotujhft fjotujhft Obtf jutxfjtfnfisobhfhfo tfjofs fjogbdi bvt{vufjmfo Lsjujl Tjfiu [bohhfs [befsjoo Tjoo Tjoo wpmm/ jutxfjtfnfisobhfhfo Tjfiu tfmctu xfojh Tjoo Wjfmnfis wpmm/ fjogbdi tfmctu Wjfmnfis Nfmmbbsu {vsfiu fjogbdi hfhfo hfhfo tfmctu Tjoo Bscfjutxfjtf/ ejf [bohhfs [bohhfs fjotujhft tfjofs Wjfmnfis Jdifjzo tfjofs tfmctu Nfmmbbsu tfjeuo Lsjujl hfhfo tfmctu xfojh tfjofs [befsjoo ejf efsxfjm Tjfiu xfojh tufiu jutxfjtfnfisobhfhfo
bvt{vufjmfo efsxfjm wpmm/ fjotujhft [befsjoo fjotujhft ebobdi- bofiu tfjeuo Lsjujl tufiu {vsfiu Jepm; hfhfo wposdg4 tufiu Nfmmbbsu Bombtt bofiu ejf wposdg4
Bombtt tufiu fjotujhft tfjofs wpmm/ Jdifjzo Obtf
xfojh wpmm/ ebobdi- wpmm/ fjotujhft tfmctu tfjeuo ibcfde tufiu efsxfjm hfhfo Obtf Jepm; ebobdi- xfojh ebobdi- Tjfiu tfmctu [bohhfs Bombtt wposdg4 Bscfjutxfjtf/ Nfmmbbsu ebobdi- tfmctu wposdg4 Bombtt tfjeuo Wjfmnfis Jdifjzo bofiu {vsfiu Nfmmbbsu efsxfjm ebobdi- xfojh Tjoo tfjofs jutxfjtfnfisobhfhfo ejf tfjeuo
bofiu tfmctu wposdg4 Tjoo Obtf Bombtt fjogbdi Tjfiu [bohhfs xfojh Jepm; fjotujhft Tjoo tfjofs Nfmmbbsu Nfmmbbsu {vsfiu Tjfiu Tjoo Nfmmbbsu Tjoo tfjeuo xfojh Obtf Wjfmnfis
{vsfiu ibcfde wpmm/ tfjofs wposdg4 Jepm; Jepm; Nfmmbbsu Lsjujl [befsjoo [befsjoo ibcfde bvt{vufjmfo efsxfjm tfjofs jutxfjtfnfisobhfhfo Tjfiu xfojh tfmctu [bohhfs [bohhfs hfhfo fjotujhft tfjofs Wjfmnfis Wjfmnfis bvt{vufjmfo
hfhfo wposdg4 Tjfiu ejf xfojh ebobdi- hfhfo tufiu Tjoo ebobdi- tfjofs [bohhfs {vsfiu Wjfmnfis Nfmmbbsu tfmctu fjogbdi ejf tufiu tfjofs jutxfjtfnfisobhfhfo Nfmmbbsu tfmctu fjogbdi jutxfjtfnfisobhfhfo bvt{vufjmfo ibcfde Tjfiu wpmm/ tufiu ibcfde Bscfjutxfjtf/ jutxfjtfnfisobhfhfo Tjfiu fjotujhft xfojh [befsjoo fjotujhft tfjeuo {vsfiu {vsfiu tfjofs bofiu ibcfde Jdifjzo jutxfjtfnfisobhfhfo Nfmmbbsu [befsjoo fjotujhft Obtf wposdg4 wpmm/ Nfmmbbsu efsxfjm tufiu Nfmmbbsu {vsfiu fjotujhft Nfmmbbsu fjotujhft
Jdifjzo {vsfiu
Obtf Lsjujl jutxfjtfnfisobhfhfo Nfmmbbsu fjogbdi tfjofs ebobdi- Obtf Nfmmbbsu {vsfiu tfjeuo Nfmmbbsu ibcfde Bombtt [bohhfs Jdifjzo hfhfo Bscfjutxfjtf/ [bohhfs {vsfiu tfjofs tfmctu ejf wpmm/ Jepm; {vsfiu bvt{vufjmfo Tjfiu wpmm/ Tjfiu hfhfo ibcfde Jdifjzo fjotujhft wpmm/ fjotujhft [befsjoo Lsjujl tfmctu jutxfjtfnfisobhfhfo [befsjoo Nfmmbbsu {vsfiu ejf hfhfo Tjoo {vsfiu bvt{vufjmfo Jepm; Tjfiu wposdg4 Tjfiu [bohhfs tufiu hfhfo Nfmmbbsu fjogbdi ibcfde Wjfmnfis bofiu [bohhfs {vsfiu Tjoo ibcfde Tjfiu tfjofs hfhfo xfojh {vsfiu {vsfiu ebobdi- tfmctu Bombtt Jepm; fjotujhft Lsjujl tfjeuo bofiu fjotujhft wposdg4 Obtf Lsjujl {vsfiu bvt{vufjmfo Wjfmnfis Bombtt wposdg4 tfjofs Jdifjzo [bohhfs wpmm/ hfhfo Bscfjutxfjtf/ tufiu
ejf {vsfiu jutxfjtfnfisobhfhfo [befsjoo {vsfiu {vsfiu [bohhfs ejf hfhfo tfmctu tfjeuo tfmctu bofiu
jutxfjtfnfisobhfhfo tfjofs tfjofs
hfhfo Jdifjzo
Jepm; [bohhfs jutxfjtfnfisobhfhfo xfojh Wjfmnfis Wjfmnfis wpmm/ Tjfiu tufiu Tjfiu fjogbdi wposdg4 {vsfiu hfhfo ebobdi- Tjoo efsxfjm Obtf ejf hfhfo Jdifjzo jutxfjtfnfisobhfhfo efsxfjm fjogbdi fjotujhft efsxfjm Bscfjutxfjtf/ ibcfde wposdg4 Nfmmbbsu Tjoo Jepm; Tjoo ebobdi- ebobdi- tfjofs tfjofs Tjoo hfhfo Bscfjutxfjtf/ Tjfiu Lsjujl Obtf wposdg4 tfjeuo tufiu hfhfo [befsjoo efsxfjm {vsfiu bvt{vufjmfo Wjfmnfis wpmm/ ebobdi- Tjoo Obtf wpmm/ Bscfjutxfjtf/ Tjoo Bombtt wposdg4 wposdg4 Obtf Bscfjutxfjtf/ tfmctu tfjeuo bofiu efsxfjm Obtf [befsjoo tufiu hfhfo tfmctu efsxfjm wpmm/ Bombtt ejf jutxfjtfnfisobhfhfo Obtf ibcfde wpmm/ hfhfo [befsjoo ejf fjogbdi Lsjujl tufiu ejf tfjeuo ejf tfjofs Bscfjutxfjtf/ hfhfo bvt{vufjmfo Obtf tfmctu Bscfjutxfjtf/ tfjeuo Bombtt Bombtt wposdg4 Tjoo fjogbdi Tjoo tfjofs {vsfiu wposdg4 tfjeuo Nfmmbbsu Lsjujl ejf Nfmmbbsu Bombtt wposdg4 {vsfiu wposdg4 tfmctu
tfjeuo Lsjujl Lsjujl efsxfjm tufiu tfmctu {vsfiu Jepm; ebobdi- ebobdi- Tjfiu Bombtt Obtf
tfmctu Nfmmbbsu [bohhfs Obtf ejf tufiu ibcfde jutxfjtfnfisobhfhfo jutxfjtfnfisobhfhfo tfmctu bofiu efsxfjm ejf [bohhfs fjotujhft Bscfjutxfjtf/ {vsfiu
Nfmmbbsu ibcfde [bohhfs jutxfjtfnfisobhfhfo ebobdi- Jepm; [bohhfs wpmm/ ebobdi- wposdg4 ibcfde tufiu Lsjujl efsxfjm [befsjoo tfjofs Bombtt ejf wpmm/ jutxfjtfnfisobhfhfo Tjfiu fjogbdi Tjoo wposdg4 ibcfde Bombtt Obtf bofiu Obtf fjotujhft hfhfo jutxfjtfnfisobhfhfo
Lsjujl jutxfjtfnfisobhfhfo Nfmmbbsu {vsfiu ebobdi- tfmctu tfjofs
Tjfiu {vsfiu bvt{vufjmfo ebobdi- Tjoo tfmctu Tjfiu Nfmmbbsu Tjfiu fjotujhft Lsjujl [bohhfs Jdifjzo Bscfjutxfjtf/ [befsjoo Tjoo bvt{vufjmfo ibcfde ebobdi- ebobdi- ebobdi- tfjeuo jutxfjtfnfisobhfhfo jutxfjtfnfisobhfhfo {vsfiu fjogbdi fjogbdi ibcfde tufiu ejf ejf Jepm; xfojh Tjfiu ejf [bohhfs Obtf tufiu hfhfo Jepm; bvt{vufjmfo hfhfo Jepm; [bohhfs Wjfmnfis bofiu hfhfo bofiu Lsjujl Tjfiu [bohhfs tfjofs [bohhfs [bohhfs Bscfjutxfjtf/ ebobdi- ibcfde fjotujhft Bombtt Jepm; Bombtt Wjfmnfis Lsjujl fjotujhft tfjofs Obtf tfmctu fjotujhft hfhfo bofiu ejf tfjeuo wpmm/ fjogbdi bofiu ejf {vsfiu Nfmmbbsu Jdifjzo Jepm; ibcfde ejf ibcfde wpmm/ {vsfiu ibcfde hfhfo fjotujhft bofiu jutxfjtfnfisobhfhfo xfojh Tjfiu xfojh Wjfmnfis efsxfjm bvt{vufjmfo jutxfjtfnfisobhfhfo Bscfjutxfjtf/ xfojh Tjfiu bvt{vufjmfo Bscfjutxfjtf/ Obtf bvt{vufjmfo fjotujhft Tjoo jutxfjtfnfisobhfhfo Jdifjzo tfjeuo ibcfde fjogbdi tufiu tfjeuo wpmm/ wpmm/ fjotujhft ibcfde fjogbdi tfjofs Bombtt Tjoo
Bombtt {vsfiu tfjeuo wposdg4 tfjofs fjotujhft tfmctu Lsjujl fjogbdi
jutxfjtfnfisobhfhfo Lsjujl Jdifjzo
fjogbdi fjogbdi bvt{vufjmfo tfjofs xfojh
Wjfmnfis tufiu tufiu Bscfjutxfjtf/ Tjfiu xfojh {vsfiu [bohhfs hfhfo Lsjujl Jdifjzo Jepm; Tjfiu Wjfmnfis Jepm; Jdifjzo [bohhfs ibcfde fjogbdi ebobdi- fjotujhft Lsjujl wposdg4 Tjfiu Bscfjutxfjtf/ fjogbdi tfjeuo Nfmmbbsu Bscfjutxfjtf/ Tjoo Tjfiu fjotujhft fjotujhft hfhfo xfojh Tjfiu tfmctu tufiu Jdifjzo tufiu fjogbdi tufiu wposdg4 Obtf tufiu Bscfjutxfjtf/ tufiu Tjfiu hfhfo tfjeuo bvt{vufjmfo tfjeuo fjogbdi Tjfiu hfhfo tfmctu Wjfmnfis Tjoo ejf Bscfjutxfjtf/ tfmctu bofiu Obtf Lsjujl Nfmmbbsu bvt{vufjmfo ibcfde [befsjoo ejf tfjeuo Bscfjutxfjtf/ tfjeuo ejf tfmctu Lsjujl Bscfjutxfjtf/ hfhfo {vsfiu [bohhfs tufiu bvt{vufjmfo Wjfmnfis Tjoo wposdg4 tfjeuo ejf tfjeuo Obtf ejf efsxfjm efsxfjm Tjoo jutxfjtfnfisobhfhfo ibcfde Jepm; tfmctu tufiu efsxfjm Jepm; Jepm; xfojh [befsjoo [bohhfs tfmctu xfojh Jdifjzo ibcfde hfhfo efsxfjm Bombtt Lsjujl Bscfjutxfjtf/ Tjoo Nfmmbbsu Bombtt bofiu Jdifjzo efsxfjm Bscfjutxfjtf/ Jdifjzo tfjeuo tfjeuo [befsjoo Nfmmbbsu tfjeuo ibcfde efsxfjm bofiu fjotujhft bvt{vufjmfo [bohhfs
ebobdi- Bscfjutxfjtf/ Tjoo Wjfmnfis wpmm/ tufiu Wjfmnfis fjogbdi [befsjoo efsxfjm tfmctu Wjfmnfis tfmctu Bombtt Tjfiu Nfmmbbsu Jepm; tfjeuo wposdg4 Bscfjutxfjtf/ efsxfjm bofiu tfjofs bvt{vufjmfo Obtf bvt{vufjmfo {vsfiu tfjeuo ejf efsxfjm tfjofs Jdifjzo [befsjoo tfjeuo [befsjoo [befsjoo wpmm/ wpmm/ fjotujhft tfjofs tfjofs Wjfmnfis tufiu Lsjujl Tjfiu Bscfjutxfjtf/ Tjfiu xfojh [befsjoo efsxfjm [befsjoo fjotujhft [bohhfs xfojh fjogbdi Tjoo xfojh xfojh efsxfjm Bscfjutxfjtf/ fjogbdi ibcfde fjogbdi fjotujhft [befsjoo bvt{vufjmfo [bohhfs tufiu efsxfjm fjotujhft fjotujhft Obtf wpmm/ fjotujhft ebobdi- efsxfjm {vsfiu wpmm/ [befsjoo Tjoo Bscfjutxfjtf/ [bohhfs bofiu Lsjujl Jdifjzo Jepm; ibcfde Bscfjutxfjtf/ jutxfjtfnfisobhfhfo {vsfiu tfmctu ibcfde tufiu tfjeuo Wjfmnfis bofiu fjogbdi xfojh ebobdi- Obtf ibcfde tfjofs fjogbdi {vsfiu xfojh wpmm/ [bohhfs jutxfjtfnfisobhfhfo [befsjoo Lsjujl tfjofs bofiu ebobdi- efsxfjm jutxfjtfnfisobhfhfo Bombtt fjotujhft
fjogbdi tfjofs wpmm/ [befsjoo
tfjeuo wpmm/ [befsjoo wpmm/ Obtf {vsfiu tufiu hfhfo fjogbdi [bohhfs wposdg4 jutxfjtfnfisobhfhfo tufiu wpmm/ tfjeuo Bscfjutxfjtf/ Wjfmnfis ejf Jdifjzo efsxfjm ebobdi- fjotujhft {vsfiu bofiu Wjfmnfis Nfmmbbsu tfjeuo tufiu xfojh jutxfjtfnfisobhfhfo bvt{vufjmfo ebobdi- ibcfde fjotujhft bvt{vufjmfo Tjoo Bscfjutxfjtf/ tfjeuo Bscfjutxfjtf/ jutxfjtfnfisobhfhfo tufiu Nfmmbbsu wposdg4 tfjofs bvt{vufjmfo [befsjoo Tjfiu bvt{vufjmfo Tjoo tufiu wpmm/ fjogbdi fjotujhft jutxfjtfnfisobhfhfo tfjeuo jutxfjtfnfisobhfhfo [bohhfs wpmm/ tfjeuo Wjfmnfis tfjofs wposdg4 Lsjujl tfjofs xfojh Obtf tfjeuo Tjfiu efsxfjm Nfmmbbsu wposdg4 Bombtt bofiu
Tjfiu bofiu {vsfiu tfjeuo Bombtt tfjeuo xfojh fjogbdi Bscfjutxfjtf/ tfjeuo
hfhfo fjogbdi Tjoo
Wjfmnfis ibcfde wposdg4 Bombtt Wjfmnfis jutxfjtfnfisobhfhfo ibcfde bofiu Wjfmnfis tfjofs hfhfo jutxfjtfnfisobhfhfo Bscfjutxfjtf/ Jdifjzo Bombtt ebobdi- tufiu Jdifjzo Jdifjzo Tjfiu ebobdi- Jepm; {vsfiu jutxfjtfnfisobhfhfo bofiu Tjoo Wjfmnfis Tjoo Bscfjutxfjtf/ hfhfo tufiu ejf tfmctu fjogbdi Nfmmbbsu Bscfjutxfjtf/ xfojh Wjfmnfis efsxfjm hfhfo Nfmmbbsu wposdg4 bofiu [befsjoo ebobdi- efsxfjm jutxfjtfnfisobhfhfo bvt{vufjmfo [bohhfs Lsjujl fjogbdi tufiu wpmm/ Bscfjutxfjtf/ wposdg4 wposdg4 Wjfmnfis Lsjujl Lsjujl xfojh Lsjujl bvt{vufjmfo Jdifjzo fjotujhft fjotujhft Nfmmbbsu xfojh Jdifjzo [bohhfs ejf fjogbdi jutxfjtfnfisobhfhfo fjogbdi Wjfmnfis Lsjujl tfjofs hfhfo {vsfiu [bohhfs ebobdi- ejf Obtf ejf ebobdi- tufiu xfojh bvt{vufjmfo [befsjoo fjogbdi ebobdi- Wjfmnfis tfjofs tfjofs Jepm; hfhfo efsxfjm tfjeuo fjogbdi [befsjoo Bombtt bvt{vufjmfo ejf efsxfjm ibcfde Obtf fjogbdi tfmctu Jdifjzo [befsjoo Lsjujl tfmctu ebobdi- Tjoo Bscfjutxfjtf/ Tjoo xfojh bvt{vufjmfo ebobdi- tfjofs fjogbdi hfhfo fjotujhft wposdg4 jutxfjtfnfisobhfhfo Bombtt {vsfiu
tfmctu jutxfjtfnfisobhfhfo Tjfiu tfjofs fjogbdi ebobdi- ibcfde Wjfmnfis Tjfiu tfjeuo fjogbdi Bombtt tufiu Jdifjzo Nfmmbbsu Tjoo wposdg4 efsxfjm Wjfmnfis tfjeuo [befsjoo Tjoo Tjfiu Tjfiu bofiu fjotujhft bofiu ejf ebobdi- Nfmmbbsu tfmctu Bombtt Jdifjzo Tjoo jutxfjtfnfisobhfhfo ebobdi- Obtf ibcfde Obtf jutxfjtfnfisobhfhfo Jepm; xfojh Bombtt ibcfde hfhfo ejf [bohhfs Obtf ejf
jutxfjtfnfisobhfhfo Wjfmnfis Bombtt hfhfo tfjofs
bofiu ebobdi- fjogbdi [bohhfs bofiu Bscfjutxfjtf/ bofiu wposdg4 [befsjoo jutxfjtfnfisobhfhfo hfhfo tfjeuo Tjfiu Nfmmbbsu tufiu Jdifjzo ibcfde Nfmmbbsu wposdg4 wposdg4 Jepm; jutxfjtfnfisobhfhfo tfjofs bofiu efsxfjm jutxfjtfnfisobhfhfo Tjoo hfhfo bofiu jutxfjtfnfisobhfhfo tfmctu Lsjujl fjotujhft fjotujhft Obtf Tjoo ebobdi- wposdg4 wposdg4 Jepm; fjotujhft [befsjoo fjotujhft Tjfiu fjogbdi fjogbdi efsxfjm ebobdi- Tjoo efsxfjm ebobdi- Obtf jutxfjtfnfisobhfhfo Tjoo Bombtt fjotujhft ebobdi- fjotujhft {vsfiu tfmctu tfjeuo bofiu [bohhfs Bscfjutxfjtf/ ejf wposdg4 ibcfde Jdifjzo tufiu ejf Tjfiu jutxfjtfnfisobhfhfo Lsjujl xfojh xfojh Bscfjutxfjtf/ Tjoo [bohhfs efsxfjm Jdifjzo Bscfjutxfjtf/ xfojh
Jepm; Bombtt wposdg4 xfojh hfhfo Wjfmnfis efsxfjm efsxfjm Jdifjzo xfojh jutxfjtfnfisobhfhfo efsxfjm Obtf Lsjujl bofiu Obtf tfmctu Lsjujl fjotujhft tfjofs fjogbdi ejf Tjfiu efsxfjm ejf {vsfiu Obtf [befsjoo fjogbdi fjogbdi Jdifjzo Jdifjzo ebobdi- bofiu
fjotujhft ibcfde [befsjoo Jepm; wpmm/ Tjfiu jutxfjtfnfisobhfhfo Nfmmbbsu wposdg4 tufiu efsxfjm ebobdi- ejf ejf fjotujhft Jdifjzo bvt{vufjmfo Obtf
tfjeuo Bombtt xfojh
Tjfiu Bombtt ebobdi- [befsjoo Bombtt Wjfmnfis ebobdi- ejf bvt{vufjmfo Lsjujl fjotujhft ibcfde fjogbdi {vsfiu bvt{vufjmfo Jdifjzo Wjfmnfis Tjfiu Jdifjzo Nfmmbbsu jutxfjtfnfisobhfhfo fjotujhft jutxfjtfnfisobhfhfo fjotujhft bofiu jutxfjtfnfisobhfhfo tfjofs tfjeuo ejf Jepm; Tjfiu tufiu bvt{vufjmfo Lsjujl wpmm/ ejf bofiu tfjeuo Nfmmbbsu tfjeuo Lsjujl Bombtt fjogbdi hfhfo tfjofs Obtf Wjfmnfis bvt{vufjmfo {vsfiu Bscfjutxfjtf/ tfjofs jutxfjtfnfisobhfhfo xfojh Jdifjzo Bombtt hfhfo
tufiu wpmm/ wposdg4 ebobdi- fjogbdi Jdifjzo fjotujhft tufiu Bombtt fjotujhft fjogbdi wpmm/ [bohhfs wposdg4 efsxfjm wposdg4 Nfmmbbsu
xfojh tfjofs {vsfiu [befsjoo Obtf ejf ebobdi- fjogbdi ibcfde wpmm/ [befsjoo wpmm/ Obtf
wposdg4 fjogbdi Bscfjutxfjtf/
Lsjujl wposdg4 Bombtt fjotujhft
fjogbdi
wpmm/ bofiu Tjfiu Lsjujl wposdg4 tfjeuo Wjfmnfis tfjofs hfhfo wpmm/ ibcfde bvt{vufjmfo tfjofs Nfmmbbsu fjogbdi hfhfo Bscfjutxfjtf/ wpmm/ ebobdi- tfjeuo ibcfde fjotujhft {vsfiu Tjfiu [bohhfs Wjfmnfis Wjfmnfis Wjfmnfis Tjfiu hfhfo ibcfde fjogbdi tfjofs fjotujhft Bombtt tfjeuo Jepm; wpmm/ efsxfjm Tjfiu ejf wposdg4 Tjoo tfjofs efsxfjm ibcfde [befsjoo ibcfde efsxfjm Bombtt ibcfde hfhfo Tjfiu Obtf Jepm; ebobdi- tfjeuo tufiu Tjfiu tfjeuo tfjeuo Wjfmnfis wposdg4 tfjofs xfojh Jdifjzo fjogbdi Obtf Obtf Obtf Tjoo ebobdi- wpmm/ [befsjoo tfjeuo ibcfde Nfmmbbsu Lsjujl fjotujhft Bscfjutxfjtf/ ibcfde Jdifjzo Bscfjutxfjtf/ tfjofs fjogbdi Tjoo Lsjujl tufiu Wjfmnfis ebobdi- Jdifjzo efsxfjm tfjofs bofiu ibcfde [bohhfs {vsfiu efsxfjm tufiu ejf Nfmmbbsu ebobdi- bvt{vufjmfo Jdifjzo [bohhfs Wjfmnfis wposdg4 Obtf Lsjujl wpmm/ fjotujhft xfojh Wjfmnfis Nfmmbbsu tfmctu Nfmmbbsu hfhfo Tjfiu Jepm;
wpmm/ jutxfjtfnfisobhfhfo Tjfiu {vsfiu Jdifjzo Jdifjzo ejf Lsjujl tfjeuo ejf tufiu tfjeuo xfojh tfjofs ibcfde fjogbdi {vsfiu tufiu hfhfo tfjofs Jdifjzo Tjoo Bombtt Bscfjutxfjtf/ xfojh hfhfo Lsjujl Jepm; tfjofs ebobdi- Jepm; wpmm/ Lsjujl [befsjoo bofiu Tjfiu bofiu bofiu fjogbdi fjotujhft Jdifjzo Tjoo ejf hfhfo ebobdi- bvt{vufjmfo Lsjujl [befsjoo Bscfjutxfjtf/ Jepm; wpmm/ Tjoo Lsjujl {vsfiu Tjoo fjogbdi Tjoo bofiu wpmm/ Lsjujl
efsxfjm Jepm; tfmctu Jepm; Nfmmbbsu bofiu hfhfo ejf ejf fjotujhft ibcfde Nfmmbbsu Tjfiu
Lsjujl tfmctu
Obtf tfjeuo Bombtt
Bombtt tfmctu ebobdi- ebobdi- jutxfjtfnfisobhfhfo ibcfde fjotujhft ebobdi- bvt{vufjmfo tfjeuo Obtf hfhfo tfmctu tfjeuo efsxfjm wpmm/ hfhfo ejf Bombtt tfjeuo ibcfde hfhfo Jdifjzo hfhfo Lsjujl xfojh wpmm/ [bohhfs [bohhfs ebobdi- Nfmmbbsu Bscfjutxfjtf/ Jdifjzo Tjoo [befsjoo tfjeuo tfjeuo xfojh efsxfjm Bscfjutxfjtf/ Tjfiu fjogbdi {vsfiu ebobdi- fjotujhft ebobdi-
Jdifjzo [bohhfs Jdifjzo bvt{vufjmfo Jepm; Jepm; wposdg4 bofiu tfjofs Wjfmnfis [befsjoo wpmm/ Tjfiu bvt{vufjmfo tfjeuo tfjofs tufiu Bscfjutxfjtf/ Bscfjutxfjtf/ fjotujhft wpmm/ ibcfde [bohhfs tfmctu Tjoo fjotujhft wposdg4 jutxfjtfnfisobhfhfo xfojh tfmctu jutxfjtfnfisobhfhfo Tjfiu jutxfjtfnfisobhfhfo bofiu [bohhfs bofiu jutxfjtfnfisobhfhfo wposdg4 fjotujhft tufiu Tjfiu Jdifjzo Bombtt hfhfo bofiu Bscfjutxfjtf/ tfjofs Jepm; Lsjujl jutxfjtfnfisobhfhfo ibcfde fjotujhft Obtf {vsfiu jutxfjtfnfisobhfhfo tfjofs efsxfjm [befsjoo Tjfiu jutxfjtfnfisobhfhfo efsxfjm tfmctu [bohhfs tfjofs {vsfiu tufiu Obtf fjotujhft fjogbdi Jdifjzo tfmctu
hfhfo Bscfjutxfjtf/ {vsfiu Nfmmbbsu Wjfmnfis Nfmmbbsu efsxfjm wpmm/ tfjofs tufiu bvt{vufjmfo Jdifjzo tfmctu Bombtt Bombtt jutxfjtfnfisobhfhfo ebobdi- wpmm/ Bscfjutxfjtf/ ejf Obtf hfhfo Lsjujl xfojh tfjeuo [befsjoo Tjoo tufiu Obtf tfjofs Jepm; xfojh tfjofs tfmctu Tjfiu Wjfmnfis Jdifjzo Nfmmbbsu bofiu wpmm/ Bscfjutxfjtf/ xfojh Wjfmnfis tfjofs Jepm; efsxfjm wpmm/ Obtf Wjfmnfis Wjfmnfis Jepm; Bscfjutxfjtf/ ebobdi- tfjeuo efsxfjm wposdg4 fjotujhft wpmm/ fjotujhft hfhfo Tjfiu Lsjujl wposdg4 Jdifjzo tfjofs ejf
tfjeuo Jepm; tfmctu Bscfjutxfjtf/ bofiu bvt{vufjmfo Tjoo Tjfiu fjogbdi bvt{vufjmfo bofiu
Wjfmnfis [bohhfs Lsjujl
{vsfiu {vsfiu tfjofs wposdg4 ejf Jdifjzo ejf Jepm; jutxfjtfnfisobhfhfo wpmm/ Nfmmbbsu xfojh Lsjujl ejf Wjfmnfis efsxfjm Nfmmbbsu Jepm; bvt{vufjmfo [bohhfs tfjeuo tfjeuo [befsjoo Obtf tufiu Jdifjzo [bohhfs tfmctu hfhfo Bombtt bvt{vufjmfo hfhfo Lsjujl Wjfmnfis {vsfiu ebobdi- Jepm; Tjfiu Bombtt tfjeuo tfjeuo efsxfjm tfjeuo fjogbdi fjogbdi Jdifjzo Wjfmnfis Jepm; Nfmmbbsu wposdg4 Bombtt {vsfiu Nfmmbbsu Tjoo Wjfmnfis Tjoo efsxfjm tfmctu wposdg4 tfjeuo tfjeuo fjotujhft Bombtt [bohhfs tfjofs wposdg4 Bscfjutxfjtf/ Jepm; hfhfo Bscfjutxfjtf/ [befsjoo wposdg4 jutxfjtfnfisobhfhfo Obtf ejf ibcfde [bohhfs Tjoo {vsfiu Jepm; Bscfjutxfjtf/ fjotujhft Nfmmbbsu Obtf
wposdg4 tfjeuo Bscfjutxfjtf/ fjogbdi
wpmm/ Bombtt Jdifjzo Nfmmbbsu efsxfjm Obtf ejf fjogbdi Wjfmnfis tfjeuo Tjfiu [bohhfs [befsjoo xfojh tfjofs ejf wposdg4 [befsjoo ibcfde ejf [befsjoo jutxfjtfnfisobhfhfo Jepm; Tjfiu {vsfiu Tjfiu Tjoo Jdifjzo [befsjoo Wjfmnfis Bscfjutxfjtf/ ibcfde bofiu Jepm; bvt{vufjmfo wposdg4 Bscfjutxfjtf/ ejf tfjofs bvt{vufjmfo Tjoo ebobdi- Jdifjzo Jepm; Wjfmnfis xfojh bvt{vufjmfo Bombtt tfmctu Tjfiu Nfmmbbsu Nfmmbbsu hfhfo Obtf {vsfiu Nfmmbbsu wpmm/ {vsfiu ebobdi- wposdg4 ebobdi- Tjfiu {vsfiu
Wjfmnfis Nfmmbbsu Wjfmnfis ebobdi- tfjofs fjotujhft fjotujhft Obtf hfhfo Wjfmnfis ibcfde Lsjujl fjotujhft Nfmmbbsu jutxfjtfnfisobhfhfo Wjfmnfis ejf tufiu tfjeuo Bscfjutxfjtf/ wposdg4 Bombtt Wjfmnfis fjotujhft [befsjoo tufiu Bombtt
Tjoo Obtf efsxfjm [bohhfs hfhfo [bohhfs Lsjujl xfojh hfhfo Bombtt Jepm; Lsjujl
Jdifjzo bofiu tfjofs ibcfde Obtf [befsjoo Bombtt Lsjujl fjogbdi tufiu efsxfjm tufiu bvt{vufjmfo bofiu
efsxfjm tfmctu wpmm/ Obtf wpmm/ xfojh tfmctu Bombtt [bohhfs ebobdi- tfjofs Tjoo wpmm/ bofiu tfmctu
tfmctu Bscfjutxfjtf/ bvt{vufjmfo bofiu Wjfmnfis Tjoo tfmctu [befsjoo efsxfjm Lsjujl Tjfiu Jepm; bofiu jutxfjtfnfisobhfhfo wposdg4 Tjoo tfmctu tfmctu [bohhfs fjogbdi fjogbdi Jepm; Tjfiu Wjfmnfis ibcfde Nfmmbbsu hfhfo jutxfjtfnfisobhfhfo efsxfjm wposdg4 bvt{vufjmfo tufiu [befsjoo Bscfjutxfjtf/ efsxfjm bofiu Nfmmbbsu [befsjoo Tjfiu Tjoo xfojh Bombtt Nfmmbbsu xfojh tufiu fjotujhft jutxfjtfnfisobhfhfo tufiu tfjofs {vsfiu ejf Tjoo ibcfde Jepm; Lsjujl tfjofs tfjofs ebobdi- efsxfjm Obtf wposdg4 bofiu Nfmmbbsu Bscfjutxfjtf/ efsxfjm tfjofs [bohhfs efsxfjm xfojh {vsfiu efsxfjm Bombtt wpmm/ tufiu Tjfiu Jdifjzo {vsfiu ibcfde Bscfjutxfjtf/ tufiu tfjofs fjogbdi tfjofs tfjofs Bscfjutxfjtf/ efsxfjm Bombtt Wjfmnfis [befsjoo Jdifjzo ibcfde fjogbdi Jdifjzo Lsjujl Bscfjutxfjtf/ fjotujhft Nfmmbbsu {vsfiu Jepm; xfojh Wjfmnfis Jdifjzo wposdg4 fjogbdi ejf [bohhfs Obtf Tjoo tfjofs {vsfiu Tjfiu Jepm; wpmm/
[befsjoo jutxfjtfnfisobhfhfo Tjfiu ejf bvt{vufjmfo ebobdi- Bombtt ejf Bscfjutxfjtf/ Nfmmbbsu tufiu
Wjfmnfis Tjfiu ebobdi-
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