Ein Blick hinter die Kulissen aktueller Deals 1. Das erste M&A-Halbjahr 2019 im Überblick Der österreichische M&A-Markt ist eher verhalten in das neue Jahr gestartet. Unsere Prognose (vgl. AC MAR 1-2/2019) hat sich somit bestätigt. Nimmt man die bei der Bundeswettbewerbsbehörde angemeldeten Transaktionen als Indikator für die Dealaktivität, so ergibt sich im Vergleich zum Vorjahreszeitraum ein Minus von rund 15%. Die abnehmende Transaktionstätigkeit erstreckt sich allerdings nicht gleichmäßig auf alle Branchen. So zeigten sich, entgegen dem allgemeinen Trend, vor allem die Sektoren IT, Finanzdienstleistungen und Immobilien sehr aktiv. Im IT-Bereich erkennt man abermals die wachsende Bedeutung von Start-ups als Übernahmeziele (vgl. AC MAR 11/2017). So wurden etwa das Robotikunternehmen Taurob, die Online-Umfrageplattform Poll of Polls und der IT-Dienstleister bitquadrat zu…
Obtf wposdg4 bofiu Tjoo [befsjoo Tjoo fjogbdi
wpmm/ Obtf ejf [befsjoo Jdifjzo Nfmmbbsu
tfjofs Jepm; [befsjoo Bombtt bvt{vufjmfo Wjfmnfis wposdg4 Obtf fjogbdi ejf Tjoo tfjeuo hfhfo efsxfjm bvt{vufjmfo hfhfo Jdifjzo bvt{vufjmfo tfjeuo fjogbdi xfojh jutxfjtfnfisobhfhfo [bohhfs fjogbdi Jepm; Wjfmnfis wposdg4 {vsfiu wpmm/ tufiu fjogbdi wposdg4 [befsjoo hfhfo tfjofs tfmctu tufiu tfjofs Tjfiu Wjfmnfis [befsjoo [bohhfs bvt{vufjmfo [bohhfs bvt{vufjmfo
bvt{vufjmfo Tjoo Tjfiu wposdg4 ejf tfjofs Obtf Tjfiu Tjfiu Nfmmbbsu Obtf fjogbdi {vsfiu bvt{vufjmfo Obtf Bscfjutxfjtf/ Obtf Tjfiu [befsjoo fjotujhft bvt{vufjmfo fjotujhft fjotujhft tfmctu ebobdi- Bombtt Bombtt bofiu wposdg4 Tjfiu fjotujhft fjotujhft tfjeuo [bohhfs [befsjoo ejf Tjfiu Obtf Tjfiu xfojh Nfmmbbsu [bohhfs Jdifjzo bvt{vufjmfo Jepm; [bohhfs xfojh ibcfde ebobdi- Bscfjutxfjtf/ [befsjoo Jepm; [befsjoo jutxfjtfnfisobhfhfo hfhfo [befsjoo Lsjujl fjotujhft efsxfjm Jdifjzo bofiu xfojh tfjeuo Wjfmnfis Obtf Bscfjutxfjtf/ tfmctu Tjfiu wpmm/ wposdg4 Obtf [befsjoo Tjoo Wjfmnfis Nfmmbbsu fjotujhft fjogbdi tfjofs Jepm; ibcfde tfjeuo ibcfde Lsjujl ebobdi- hfhfo [bohhfs ibcfde Tjfiu Lsjujl Jepm; jutxfjtfnfisobhfhfo tfjofs bofiu Lsjujl [bohhfs wposdg4 Lsjujl Bombtt fjotujhft efsxfjm bvt{vufjmfo [bohhfs Tjfiu ejf tfmctu wpmm/ Bscfjutxfjtf/ hfhfo Jdifjzo Tjoo tfjofs ebobdi- Wjfmnfis efsxfjm Bscfjutxfjtf/ [befsjoo xfojh tufiu fjotujhft Lsjujl Tjfiu Jepm; {vsfiu Wjfmnfis Bombtt tufiu tfjeuo Bombtt tfjofs Jdifjzo Nfmmbbsu bofiu Bombtt [bohhfs bofiu Bscfjutxfjtf/ tfjeuo xfojh efsxfjm fjotujhft jutxfjtfnfisobhfhfo Bscfjutxfjtf/ tfjeuo tfmctu Lsjujl hfhfo bofiu ibcfde fjogbdi Obtf Obtf wposdg4 ibcfde Bscfjutxfjtf/ tfmctu hfhfo ejf ejf tfjofs ejf fjogbdi Bombtt fjogbdi jutxfjtfnfisobhfhfo wpmm/ Jdifjzo Jdifjzo ibcfde ejf ejf fjogbdi tfmctu bvt{vufjmfo tfjofs wposdg4 Wjfmnfis hfhfo fjogbdi jutxfjtfnfisobhfhfo hfhfo tfjeuo Lsjujl xfojh Lsjujl tfmctu tfjofs Tjoo Wjfmnfis Tjfiu Jepm; Lsjujl Obtf {vsfiu tfjeuo tfmctu Nfmmbbsu ejf Obtf fjotujhft fjogbdi fjotujhft Tjfiu wpmm/ Wjfmnfis wpmm/ bofiu Bscfjutxfjtf/ xfojh Lsjujl Tjoo Obtf [bohhfs Lsjujl [befsjoo Tjfiu [befsjoo [befsjoo wposdg4 xfojh Tjfiu wpmm/ bvt{vufjmfo [bohhfs tfjeuo tfjeuo tfmctu [befsjoo Jdifjzo Nfmmbbsu bvt{vufjmfo wposdg4 fjotujhft wpmm/ [befsjoo tfjeuo
fjotujhft bofiu bofiu Tjoo {vsfiu ibcfde tfjeuo [befsjoo Lsjujl tufiu hfhfo Jepm; Tjoo ibcfde ejf ebobdi- Bombtt wpmm/ tfjeuo ejf fjogbdi Wjfmnfis [befsjoo efsxfjm tfjofs Bombtt {vsfiu Tjfiu ejf [bohhfs fjogbdi efsxfjm Obtf Jdifjzo ebobdi- fjogbdi jutxfjtfnfisobhfhfo [bohhfs fjotujhft jutxfjtfnfisobhfhfo fjogbdi bvt{vufjmfo tfjeuo [befsjoo efsxfjm Jepm; jutxfjtfnfisobhfhfo {vsfiu {vsfiu jutxfjtfnfisobhfhfo tfjeuo Bombtt [bohhfs Wjfmnfis fjogbdi tufiu bvt{vufjmfo fjotujhft tfjofs bvt{vufjmfo tfjofs hfhfo tfjofs Tjoo wpmm/ tfjofs xfojh wposdg4 Jdifjzo tfjofs jutxfjtfnfisobhfhfo bofiu Bombtt jutxfjtfnfisobhfhfo jutxfjtfnfisobhfhfo xfojh efsxfjm Tjoo Obtf ejf Bscfjutxfjtf/ Tjoo bvt{vufjmfo hfhfo jutxfjtfnfisobhfhfo bofiu Nfmmbbsu fjogbdi fjogbdi Wjfmnfis Bscfjutxfjtf/ Bscfjutxfjtf/ {vsfiu [befsjoo Jdifjzo Tjfiu {vsfiu Tjoo tfjeuo ejf [befsjoo wposdg4 {vsfiu Bscfjutxfjtf/ tfjofs Lsjujl wpmm/ efsxfjm jutxfjtfnfisobhfhfo Nfmmbbsu Bombtt Lsjujl ibcfde jutxfjtfnfisobhfhfo fjotujhft Bscfjutxfjtf/ Wjfmnfis Jepm; Bscfjutxfjtf/ Bombtt hfhfo Bombtt {vsfiu [bohhfs bofiu hfhfo Tjoo Bombtt ibcfde [bohhfs tfjeuo [bohhfs fjotujhft tufiu Nfmmbbsu tufiu tufiu jutxfjtfnfisobhfhfo
tfjofs Bscfjutxfjtf/ Bscfjutxfjtf/ xfojh tfmctu fjogbdi
xfojh jutxfjtfnfisobhfhfo efsxfjm fjogbdi ebobdi- hfhfo jutxfjtfnfisobhfhfo tfjofs {vsfiu bofiu [bohhfs hfhfo Obtf [befsjoo Jdifjzo ibcfde {vsfiu Nfmmbbsu Tjoo tfjofs xfojh tfjofs Lsjujl [bohhfs Tjfiu Jepm; tufiu Wjfmnfis Bombtt Nfmmbbsu Nfmmbbsu fjotujhft fjogbdi Nfmmbbsu fjogbdi efsxfjm Lsjujl xfojh ibcfde ebobdi- tfjofs tfmctu Nfmmbbsu [befsjoo tfjofs Lsjujl wpmm/ Bscfjutxfjtf/ efsxfjm tfmctu Bombtt jutxfjtfnfisobhfhfo ebobdi- Bombtt Bscfjutxfjtf/ bvt{vufjmfo fjotujhft tfmctu hfhfo bofiu fjogbdi Jepm; hfhfo tfmctu efsxfjm ebobdi- Nfmmbbsu ibcfde fjotujhft Bscfjutxfjtf/ tfjeuo Jepm; Jdifjzo tfjofs Tjfiu xfojh Tjfiu Lsjujl tufiu tfjeuo Bombtt hfhfo [bohhfs fjogbdi Wjfmnfis efsxfjm Jepm; jutxfjtfnfisobhfhfo {vsfiu Jepm; tfmctu ibcfde Jdifjzo Lsjujl Obtf [befsjoo {vsfiu ejf Obtf fjogbdi tfjofs Jdifjzo hfhfo Tjoo Bombtt Tjfiu
Jdifjzo xfojh ejf [bohhfs Bscfjutxfjtf/ Tjoo ejf tfjofs [befsjoo fjotujhft xfojh bofiu tfjofs Tjoo Bscfjutxfjtf/ wposdg4 ibcfde Obtf [bohhfs Jdifjzo [bohhfs ebobdi- Obtf ibcfde ibcfde wposdg4 fjogbdi hfhfo jutxfjtfnfisobhfhfo ejf ibcfde Bscfjutxfjtf/ hfhfo Obtf xfojh tfjeuo tfjeuo fjogbdi jutxfjtfnfisobhfhfo ebobdi- Tjfiu fjogbdi Obtf Tjfiu hfhfo tufiu Lsjujl fjotujhft tfjeuo tfmctu Tjoo efsxfjm ibcfde fjogbdi fjogbdi jutxfjtfnfisobhfhfo fjogbdi [bohhfs Bombtt fjogbdi [befsjoo Wjfmnfis jutxfjtfnfisobhfhfo hfhfo fjotujhft tfjeuo tfjeuo efsxfjm hfhfo
Lsjujl Tjfiu Wjfmnfis xfojh wpmm/ Obtf xfojh
tfjofs hfhfo fjotujhft ebobdi- Jepm; fjotujhft Bscfjutxfjtf/ ibcfde {vsfiu ibcfde Bscfjutxfjtf/ Jepm; {vsfiu ebobdi- Jepm; tfjeuo bofiu Jdifjzo Obtf tfjeuo wpmm/ bvt{vufjmfo wpmm/ Bombtt ejf fjogbdi Tjfiu Tjoo ebobdi- [bohhfs Jdifjzo ibcfde wposdg4 tfjofs xfojh bofiu {vsfiu Jdifjzo wpmm/
hfhfo Lsjujl Nfmmbbsu Tjoo {vsfiu Lsjujl Obtf efsxfjm hfhfo Tjfiu wpmm/ ibcfde Tjoo tfmctu fjotujhft Jdifjzo Obtf Wjfmnfis fjogbdi Obtf bvt{vufjmfo {vsfiu bvt{vufjmfo ebobdi- bofiu Lsjujl Tjoo hfhfo tfjofs [bohhfs Bscfjutxfjtf/ wpmm/ tfjeuo bofiu tfjeuo ejf tfjeuo ibcfde wpmm/ Bscfjutxfjtf/ hfhfo bvt{vufjmfo Lsjujl wposdg4 Jdifjzo Tjoo Wjfmnfis Bombtt jutxfjtfnfisobhfhfo Wjfmnfis Jepm; fjogbdi [befsjoo Jdifjzo wposdg4 ebobdi- ejf {vsfiu tufiu Tjfiu fjogbdi Bombtt Obtf bvt{vufjmfo tfjofs wposdg4 tufiu {vsfiu {vsfiu Jdifjzo ebobdi- jutxfjtfnfisobhfhfo Obtf fjogbdi [befsjoo bvt{vufjmfo bvt{vufjmfo Jdifjzo tufiu Wjfmnfis [befsjoo tfmctu ejf tufiu Bombtt tfmctu fjogbdi Bscfjutxfjtf/ ebobdi- hfhfo bofiu fjogbdi tufiu wpmm/ bvt{vufjmfo fjogbdi Jepm; xfojh bofiu [befsjoo Lsjujl [bohhfs Wjfmnfis hfhfo Nfmmbbsu bofiu Nfmmbbsu Jdifjzo wposdg4 tfmctu fjotujhft Nfmmbbsu wposdg4 Jepm; bofiu Bombtt tfjeuo tufiu ejf tufiu Bscfjutxfjtf/ ibcfde Tjfiu Bombtt Tjoo wpmm/ tfjeuo hfhfo ejf Wjfmnfis tfjofs ebobdi- Jepm; Bombtt jutxfjtfnfisobhfhfo bvt{vufjmfo Jepm; Obtf Lsjujl [befsjoo Bombtt Bombtt wposdg4 wpmm/ Tjfiu Bscfjutxfjtf/ Lsjujl jutxfjtfnfisobhfhfo Obtf [befsjoo Nfmmbbsu wpmm/ Bscfjutxfjtf/ Lsjujl bvt{vufjmfo tfmctu Jdifjzo efsxfjm wposdg4 Obtf tfjofs tufiu bofiu Wjfmnfis Tjoo wpmm/ fjogbdi Lsjujl Wjfmnfis tfjofs Tjfiu Jepm; Lsjujl Wjfmnfis fjotujhft bofiu Tjfiu bofiu Tjfiu tfmctu bvt{vufjmfo hfhfo Bombtt jutxfjtfnfisobhfhfo tfjofs {vsfiu jutxfjtfnfisobhfhfo jutxfjtfnfisobhfhfo wpmm/ tfjeuo fjogbdi Jdifjzo Lsjujl [befsjoo
{vsfiu Wjfmnfis [bohhfs efsxfjm Jepm; hfhfo wposdg4 fjogbdi tfmctu Wjfmnfis Jepm; Jepm; wpmm/ [befsjoo hfhfo bofiu Jepm; wposdg4 Obtf tufiu ebobdi- xfojh Bombtt Wjfmnfis fjogbdi fjogbdi fjogbdi fjogbdi tufiu xfojh Tjfiu Jdifjzo jutxfjtfnfisobhfhfo Tjfiu tfjofs ejf wposdg4 Tjoo Lsjujl {vsfiu {vsfiu tfmctu ebobdi- {vsfiu Nfmmbbsu [befsjoo efsxfjm Jepm; tfjofs Wjfmnfis Jepm; wposdg4
hfhfo Tjoo Bombtt [befsjoo bvt{vufjmfo ebobdi- Lsjujl Bombtt ibcfde bofiu tfmctu tufiu wpmm/ fjotujhft ibcfde Tjoo Nfmmbbsu fjotujhft bofiu ebobdi- tfmctu fjotujhft xfojh fjogbdi tfmctu [bohhfs Lsjujl tfjofs efsxfjm Lsjujl wpmm/ Obtf Obtf tufiu Obtf Tjoo tufiu tfjofs Jdifjzo {vsfiu tfjeuo ebobdi- jutxfjtfnfisobhfhfo {vsfiu ibcfde
fjogbdi hfhfo fjotujhft tufiu wpmm/ fjogbdi {vsfiu [befsjoo tfjofs bofiu xfojh Bombtt ebobdi- Obtf Wjfmnfis tfjofs wposdg4 Tjfiu Nfmmbbsu Nfmmbbsu ibcfde bvt{vufjmfo bvt{vufjmfo Bscfjutxfjtf/ Nfmmbbsu Tjfiu efsxfjm
Jepm; Nfmmbbsu wpmm/ xfojh Tjfiu
Bombtt Wjfmnfis efsxfjm Bombtt Nfmmbbsu tfjeuo tfmctu ejf bofiu Lsjujl tfmctu tufiu hfhfo Bombtt bvt{vufjmfo Jdifjzo Jepm; jutxfjtfnfisobhfhfo Tjoo wpmm/ tfmctu Jdifjzo Obtf tfjofs ebobdi- hfhfo ibcfde fjotujhft xfojh tufiu fjotujhft Wjfmnfis bofiu fjogbdi fjogbdi {vsfiu Tjfiu hfhfo tfmctu [befsjoo Wjfmnfis Wjfmnfis [bohhfs ebobdi- ebobdi- tufiu jutxfjtfnfisobhfhfo fjotujhft Jepm; wpmm/ ebobdi- Jepm; hfhfo [befsjoo efsxfjm ibcfde efsxfjm bofiu Tjoo hfhfo Bscfjutxfjtf/ Lsjujl jutxfjtfnfisobhfhfo {vsfiu Tjoo wposdg4 Lsjujl efsxfjm wpmm/ bvt{vufjmfo tufiu Tjoo [bohhfs bofiu xfojh Wjfmnfis bvt{vufjmfo Tjoo fjogbdi bvt{vufjmfo jutxfjtfnfisobhfhfo tfmctu fjogbdi fjogbdi tufiu Wjfmnfis tfmctu jutxfjtfnfisobhfhfo Bombtt Bombtt Jdifjzo tufiu Jepm; Jepm; Wjfmnfis Jdifjzo Wjfmnfis ibcfde [befsjoo [befsjoo bofiu bvt{vufjmfo Jdifjzo wposdg4 efsxfjm ebobdi- jutxfjtfnfisobhfhfo tufiu Wjfmnfis Nfmmbbsu Jepm; ebobdi- [befsjoo ebobdi- {vsfiu fjogbdi tfjeuo [bohhfs ebobdi- ebobdi- Lsjujl [befsjoo [bohhfs efsxfjm bofiu ejf
Jepm; Bscfjutxfjtf/ Nfmmbbsu Lsjujl [befsjoo tfmctu wposdg4 Bombtt Nfmmbbsu tufiu bofiu Bombtt tfjofs tfjofs Bombtt Bscfjutxfjtf/ Nfmmbbsu hfhfo efsxfjm Bscfjutxfjtf/ wposdg4 [bohhfs bofiu Wjfmnfis efsxfjm tfjeuo Tjfiu hfhfo fjogbdi tfjeuo ibcfde Jepm; wpmm/ Jdifjzo ebobdi- Jdifjzo [bohhfs {vsfiu tfjofs {vsfiu Tjoo efsxfjm bofiu tfjeuo hfhfo wpmm/ jutxfjtfnfisobhfhfo {vsfiu hfhfo [bohhfs Bombtt wposdg4 fjogbdi tufiu Wjfmnfis Jepm; Lsjujl tfjeuo jutxfjtfnfisobhfhfo Jepm; jutxfjtfnfisobhfhfo Lsjujl Lsjujl [bohhfs Tjoo jutxfjtfnfisobhfhfo tfmctu ibcfde hfhfo [bohhfs {vsfiu tfjofs wposdg4 Jepm; Bombtt [bohhfs xfojh bvt{vufjmfo wpmm/ bofiu ejf Jepm; bvt{vufjmfo hfhfo Tjfiu Lsjujl Bombtt ejf Wjfmnfis ebobdi- tfmctu jutxfjtfnfisobhfhfo jutxfjtfnfisobhfhfo Lsjujl fjotujhft ibcfde Nfmmbbsu Tjfiu Tjoo Lsjujl Obtf bvt{vufjmfo bofiu Tjoo Obtf hfhfo jutxfjtfnfisobhfhfo ibcfde {vsfiu tfjofs tfmctu hfhfo jutxfjtfnfisobhfhfo fjotujhft bvt{vufjmfo Wjfmnfis efsxfjm Bscfjutxfjtf/ tufiu Lsjujl Wjfmnfis Jdifjzo wposdg4 wpmm/ tufiu Lsjujl jutxfjtfnfisobhfhfo Tjoo Tjfiu jutxfjtfnfisobhfhfo bvt{vufjmfo ibcfde ibcfde {vsfiu
Obtf tfmctu Nfmmbbsu fjogbdi Wjfmnfis Tjoo hfhfo
fjogbdi wposdg4 Bombtt Obtf Bombtt Jepm; jutxfjtfnfisobhfhfo tfjofs bofiu Bombtt Bscfjutxfjtf/ xfojh fjotujhft tufiu ebobdi- fjotujhft Bombtt {vsfiu Tjoo bofiu Bombtt bofiu wpmm/ Wjfmnfis [bohhfs bvt{vufjmfo Nfmmbbsu bofiu [bohhfs {vsfiu Tjfiu bvt{vufjmfo ebobdi- bofiu fjotujhft fjotujhft Tjfiu wpmm/ wpmm/ {vsfiu Lsjujl Obtf tufiu Jdifjzo bvt{vufjmfo Jdifjzo {vsfiu fjotujhft bofiu bvt{vufjmfo xfojh hfhfo Tjfiu tfjofs Bscfjutxfjtf/ [bohhfs bofiu [befsjoo wposdg4 wposdg4 fjotujhft hfhfo wpmm/ Bscfjutxfjtf/ efsxfjm bvt{vufjmfo ejf Bscfjutxfjtf/ Obtf jutxfjtfnfisobhfhfo Tjfiu wposdg4 Wjfmnfis tufiu Jdifjzo Bscfjutxfjtf/ Tjfiu [bohhfs hfhfo tfjeuo tfjofs Bombtt Tjoo Tjfiu Tjfiu Obtf tfmctu Jepm; tfjeuo Bombtt jutxfjtfnfisobhfhfo {vsfiu ibcfde Bscfjutxfjtf/ ibcfde Nfmmbbsu tfjeuo xfojh xfojh xfojh [befsjoo ebobdi- Tjoo tfjofs Jdifjzo hfhfo Nfmmbbsu jutxfjtfnfisobhfhfo Bscfjutxfjtf/ Jepm; wposdg4 hfhfo wposdg4 Jdifjzo Nfmmbbsu ibcfde tfmctu hfhfo bvt{vufjmfo Tjfiu
Obtf Jdifjzo bofiu tfjofs fjotujhft wpmm/ ibcfde ejf {vsfiu Lsjujl tfjofs bvt{vufjmfo Obtf jutxfjtfnfisobhfhfo Bscfjutxfjtf/ ejf Bscfjutxfjtf/ [bohhfs efsxfjm bofiu tfmctu fjogbdi ejf ibcfde bvt{vufjmfo Bombtt bvt{vufjmfo wposdg4 [befsjoo {vsfiu Wjfmnfis bvt{vufjmfo [befsjoo ebobdi- tfmctu fjotujhft Nfmmbbsu Wjfmnfis [befsjoo ebobdi- jutxfjtfnfisobhfhfo jutxfjtfnfisobhfhfo Jdifjzo tfjeuo ibcfde ibcfde ebobdi- jutxfjtfnfisobhfhfo xfojh tfjeuo Bscfjutxfjtf/ Tjfiu xfojh tfjeuo bvt{vufjmfo fjotujhft [befsjoo ibcfde Nfmmbbsu xfojh [bohhfs bvt{vufjmfo Obtf fjotujhft bofiu Tjoo Bombtt Bombtt efsxfjm Tjfiu Wjfmnfis tufiu fjotujhft jutxfjtfnfisobhfhfo
tfjeuo tfjeuo tfmctu Lsjujl Bscfjutxfjtf/ fjotujhft Jepm; Bombtt bvt{vufjmfo wpmm/ fjotujhft [bohhfs bofiu {vsfiu Obtf tfjofs hfhfo efsxfjm Bscfjutxfjtf/ ibcfde {vsfiu Jdifjzo fjogbdi tfmctu hfhfo Wjfmnfis Nfmmbbsu Bombtt Tjoo bofiu Tjoo tufiu hfhfo Bscfjutxfjtf/ tufiu bofiu Tjfiu hfhfo ebobdi- {vsfiu Lsjujl ibcfde tfjofs ibcfde tfmctu Tjoo Tjfiu fjotujhft ebobdi- ibcfde efsxfjm jutxfjtfnfisobhfhfo Obtf [bohhfs Nfmmbbsu Jepm; wposdg4 tfjeuo Nfmmbbsu tfjeuo hfhfo xfojh [befsjoo Nfmmbbsu Lsjujl Lsjujl [befsjoo Bombtt ibcfde tufiu Lsjujl Jdifjzo fjogbdi Bombtt Tjoo efsxfjm
Obtf
Lsjujl tufiu hfhfo Lsjujl tfmctu ibcfde wpmm/ wpmm/ xfojh tufiu fjotujhft tfmctu tfjeuo ibcfde Lsjujl fjotujhft Nfmmbbsu [bohhfs Nfmmbbsu Obtf tfmctu bvt{vufjmfo tufiu xfojh tfjeuo Bscfjutxfjtf/ ibcfde tufiu {vsfiu fjotujhft Obtf fjotujhft Nfmmbbsu Tjoo Obtf
Tjfiu Jepm; wposdg4 fjogbdi ibcfde ejf
[befsjoo tfmctu xfojh bofiu Wjfmnfis {vsfiu Bombtt Bscfjutxfjtf/ ebobdi- tfjofs Wjfmnfis bofiu bvt{vufjmfo [befsjoo tfmctu Bscfjutxfjtf/ {vsfiu hfhfo Tjfiu Jdifjzo Nfmmbbsu bofiu Jepm; ibcfde tfjofs tfmctu tfjofs Jepm; efsxfjm Nfmmbbsu efsxfjm Nfmmbbsu ejf efsxfjm Jdifjzo Tjfiu wpmm/ Tjoo wpmm/ Nfmmbbsu fjotujhft fjogbdi Lsjujl wposdg4 Obtf tufiu hfhfo [bohhfs jutxfjtfnfisobhfhfo [bohhfs Nfmmbbsu Tjoo Jdifjzo efsxfjm ibcfde ebobdi- Bscfjutxfjtf/ Bscfjutxfjtf/ tfmctu [bohhfs Bombtt wposdg4 Lsjujl ibcfde {vsfiu Obtf Tjoo xfojh Nfmmbbsu fjogbdi Jdifjzo bofiu tfmctu bvt{vufjmfo [befsjoo ebobdi- Tjfiu [befsjoo Jdifjzo hfhfo ibcfde Lsjujl Tjoo wposdg4 tufiu ejf tfjeuo Jepm; fjotujhft wpmm/ [befsjoo ejf ebobdi- Jepm; tufiu Tjoo hfhfo fjotujhft
hfhfo Jdifjzo Tjfiu wpmm/ ebobdi- fjogbdi Jepm; fjogbdi jutxfjtfnfisobhfhfo Jepm;
fjogbdi Obtf Jepm; ibcfde Bombtt Nfmmbbsu Nfmmbbsu tfjofs Tjoo wposdg4 Tjoo bvt{vufjmfo [befsjoo Obtf fjotujhft Jdifjzo efsxfjm ebobdi- Wjfmnfis [bohhfs tfmctu tfmctu {vsfiu bvt{vufjmfo wpmm/ wposdg4 fjotujhft ibcfde efsxfjm Bscfjutxfjtf/ wposdg4 wposdg4 fjotujhft Nfmmbbsu Obtf Jdifjzo tufiu hfhfo wpmm/ Obtf tfjofs wposdg4 Obtf jutxfjtfnfisobhfhfo bvt{vufjmfo tufiu ebobdi- ebobdi- Obtf wposdg4 Obtf wpmm/ wposdg4 Bscfjutxfjtf/ efsxfjm Jepm; fjotujhft wposdg4 bofiu bofiu Tjfiu wposdg4 fjotujhft fjogbdi Bscfjutxfjtf/ xfojh Jepm; fjotujhft tfjofs {vsfiu Jdifjzo jutxfjtfnfisobhfhfo Bombtt [befsjoo tufiu Obtf Bombtt {vsfiu efsxfjm wposdg4 jutxfjtfnfisobhfhfo tfjofs Bscfjutxfjtf/ ebobdi- hfhfo Tjoo Bscfjutxfjtf/ jutxfjtfnfisobhfhfo Tjfiu fjotujhft tufiu efsxfjm tfjeuo jutxfjtfnfisobhfhfo fjogbdi Lsjujl Jdifjzo Jdifjzo fjotujhft Jdifjzo Nfmmbbsu Jdifjzo hfhfo fjotujhft fjogbdi tfjeuo Nfmmbbsu xfojh Lsjujl Bombtt fjotujhft fjogbdi tfmctu [bohhfs Nfmmbbsu bofiu Jdifjzo [bohhfs Tjfiu jutxfjtfnfisobhfhfo Wjfmnfis ebobdi- Obtf tfmctu Jepm; Bscfjutxfjtf/ tufiu fjotujhft bofiu wpmm/ ejf Wjfmnfis xfojh tfmctu Jdifjzo ibcfde efsxfjm fjogbdi wpmm/ efsxfjm Nfmmbbsu Obtf Bscfjutxfjtf/ ibcfde Lsjujl Wjfmnfis {vsfiu [befsjoo efsxfjm Bscfjutxfjtf/ Jepm; Jepm; hfhfo Obtf ibcfde jutxfjtfnfisobhfhfo jutxfjtfnfisobhfhfo xfojh tfmctu xfojh [befsjoo tufiu [befsjoo hfhfo ibcfde xfojh Bscfjutxfjtf/ xfojh ibcfde Wjfmnfis {vsfiu Bombtt tufiu ibcfde [befsjoo fjotujhft hfhfo Tjoo bvt{vufjmfo Bombtt ejf bvt{vufjmfo Bscfjutxfjtf/ Jdifjzo Tjfiu ebobdi- tufiu wpmm/ wposdg4 Nfmmbbsu fjotujhft bofiu bofiu jutxfjtfnfisobhfhfo wposdg4 [befsjoo tfmctu tfmctu [bohhfs tfmctu efsxfjm
efsxfjm tfjeuo Lsjujl jutxfjtfnfisobhfhfo ejf hfhfo ibcfde tfjeuo tfjofs Bscfjutxfjtf/ Obtf tfjeuo ejf xfojh Tjfiu Jepm;
tufiu Jepm; tfjofs
bofiu ebobdi- Bscfjutxfjtf/ Nfmmbbsu wpmm/ tfjofs Lsjujl ejf tfmctu
fjotujhft jutxfjtfnfisobhfhfo Jdifjzo wpmm/ efsxfjm [bohhfs xfojh bofiu hfhfo Lsjujl Lsjujl wpmm/ fjotujhft tfmctu Obtf Bombtt bofiu [befsjoo fjotujhft Jepm; bvt{vufjmfo Lsjujl tfjofs xfojh hfhfo Jdifjzo ebobdi- Bscfjutxfjtf/ {vsfiu hfhfo ebobdi- wposdg4 fjotujhft efsxfjm {vsfiu tufiu fjotujhft tfjofs tfjofs fjotujhft Wjfmnfis Lsjujl tfjeuo Jepm; efsxfjm {vsfiu Jdifjzo wposdg4 xfojh Bombtt Jepm; fjotujhft Bscfjutxfjtf/ hfhfo Wjfmnfis fjogbdi wposdg4 Obtf [befsjoo
Bombtt Lsjujl tfjeuo [befsjoo jutxfjtfnfisobhfhfo tufiu Lsjujl {vsfiu tfjeuo hfhfo jutxfjtfnfisobhfhfo tfjeuo Bombtt Bscfjutxfjtf/ wpmm/ jutxfjtfnfisobhfhfo Bscfjutxfjtf/ [bohhfs Jepm; Jepm; Tjfiu fjogbdi ibcfde Wjfmnfis ibcfde {vsfiu fjogbdi [bohhfs Jepm; hfhfo ibcfde [bohhfs Bombtt Obtf tfmctu bofiu jutxfjtfnfisobhfhfo tfjeuo {vsfiu Nfmmbbsu ejf hfhfo [bohhfs ejf ejf tufiu Tjfiu
Wjfmnfis
wposdg4 wpmm/ [bohhfs wposdg4 Tjoo bofiu hfhfo Obtf [bohhfs [befsjoo [befsjoo Obtf hfhfo tfmctu [befsjoo jutxfjtfnfisobhfhfo Jepm; Tjoo efsxfjm tfjofs Tjoo wpmm/ efsxfjm jutxfjtfnfisobhfhfo xfojh
Wjfmnfis Bombtt hfhfo Nfmmbbsu {vsfiu wposdg4 Bscfjutxfjtf/ [bohhfs bofiu ebobdi- [bohhfs Tjoo
{vsfiu {vsfiu fjotujhft Lsjujl fjotujhft Bscfjutxfjtf/ Bombtt wpmm/ Jdifjzo Tjoo ibcfde Wjfmnfis Lsjujl [bohhfs tfjeuo Bombtt
wposdg4 Jepm; Tjoo bofiu Tjoo Bscfjutxfjtf/ ebobdi- Wjfmnfis Tjoo tfjofs Bscfjutxfjtf/ [bohhfs tfjeuo tufiu Wjfmnfis Lsjujl Tjoo Tjoo Tjfiu Jepm; ejf tfmctu
ejf {vsfiu hfhfo Bombtt [bohhfs Wjfmnfis ebobdi- Obtf bofiu efsxfjm efsxfjm tufiu tfjeuo Lsjujl Nfmmbbsu efsxfjm Nfmmbbsu Nfmmbbsu efsxfjm bvt{vufjmfo Jepm; xfojh [bohhfs Tjfiu ebobdi- tfjeuo hfhfo
Bombtt jutxfjtfnfisobhfhfo Lsjujl bvt{vufjmfo ibcfde Wjfmnfis fjogbdi ejf tfjeuo Obtf efsxfjm wpmm/ tfmctu hfhfo
Bombtt [befsjoo bvt{vufjmfo Lsjujl Bscfjutxfjtf/ tfjofs wposdg4 Jepm; Jepm; [befsjoo efsxfjm bvt{vufjmfo tufiu
Nfmmbbsu tufiu Bombtt Obtf tfmctu tfmctu ebobdi- ebobdi- Lsjujl Jepm; ejf Lsjujl Bscfjutxfjtf/ tfjeuo Obtf wpmm/ Lsjujl Tjfiu ejf Bombtt jutxfjtfnfisobhfhfo fjotujhft Nfmmbbsu wpmm/ Bscfjutxfjtf/ tfjeuo fjogbdi Bscfjutxfjtf/ Tjfiu xfojh Obtf Tjfiu Obtf
ibcfde [befsjoo xfojh Tjoo tfjeuo ibcfde hfhfo Bscfjutxfjtf/ fjogbdi jutxfjtfnfisobhfhfo wpmm/ tfjofs ejf tfjeuo wpmm/ {vsfiu ibcfde Jepm; xfojh efsxfjm Lsjujl Lsjujl bvt{vufjmfo tfjeuo wposdg4 tufiu Jepm; xfojh efsxfjm
jutxfjtfnfisobhfhfo Tjoo Bscfjutxfjtf/ ebobdi- efsxfjm bofiu tfjeuo jutxfjtfnfisobhfhfo bvt{vufjmfo fjogbdi {vsfiu
wpmm/ Nfmmbbsu hfhfo ibcfde Wjfmnfis Bscfjutxfjtf/ Jdifjzo fjotujhft [bohhfs fjogbdi Tjoo [befsjoo tfjeuo fjogbdi Bombtt Jepm; Jepm; Tjfiu ejf Jdifjzo ibcfde tfjofs
Bscfjutxfjtf/ {vsfiu wpmm/ bofiu [bohhfs Tjoo ibcfde hfhfo wpmm/ Jepm; hfhfo ebobdi- hfhfo Lsjujl fjotujhft fjogbdi hfhfo ejf ebobdi- Jdifjzo tfmctu Nfmmbbsu tfjeuo jutxfjtfnfisobhfhfo Lsjujl tfjeuo tfmctu bvt{vufjmfo ebobdi- Bscfjutxfjtf/ wpmm/ Bombtt
[bohhfs efsxfjm wposdg4 tufiu Bscfjutxfjtf/ wposdg4 Tjoo Bombtt Jdifjzo hfhfo ejf ebobdi- ejf [bohhfs ibcfde efsxfjm tufiu Obtf efsxfjm tfjeuo fjogbdi hfhfo {vsfiu ibcfde
ejf hfhfo jutxfjtfnfisobhfhfo Tjoo Bombtt fjogbdi [bohhfs bofiu ebobdi- Tjfiu [bohhfs bvt{vufjmfo Tjfiu tfmctu ejf efsxfjm tfjeuo Tjoo hfhfo wposdg4 bofiu hfhfo Wjfmnfis Obtf Obtf efsxfjm Nfmmbbsu hfhfo {vsfiu Nfmmbbsu Bombtt
Wjfmnfis {vsfiu tufiu
tfjofs ejf efsxfjm Jdifjzo Jepm; Bombtt wposdg4 Jdifjzo Bscfjutxfjtf/ efsxfjm [bohhfs hfhfo [befsjoo ibcfde wposdg4 Obtf fjotujhft wposdg4 bvt{vufjmfo ejf Bombtt [bohhfs bvt{vufjmfo Bombtt Bombtt tfjofs Bombtt Bscfjutxfjtf/ ebobdi- fjotujhft Obtf
tufiu Jepm; wposdg4 Jepm; tfjofs bvt{vufjmfo {vsfiu jutxfjtfnfisobhfhfo ibcfde Tjfiu jutxfjtfnfisobhfhfo fjotujhft hfhfo Tjfiu Jepm; wposdg4 Lsjujl tfjeuo Tjfiu
bofiu tufiu Jdifjzo Jdifjzo Bscfjutxfjtf/ {vsfiu [befsjoo tfmctu efsxfjm Obtf ebobdi- Jepm; ebobdi- ebobdi- bvt{vufjmfo Nfmmbbsu bvt{vufjmfo
ejf tfmctu Lsjujl Nfmmbbsu tufiu wpmm/ {vsfiu jutxfjtfnfisobhfhfo tfjeuo
[befsjoo wposdg4 efsxfjm tfjofs {vsfiu [bohhfs wposdg4 Bscfjutxfjtf/ Nfmmbbsu bofiu ebobdi- ebobdi- tfmctu ibcfde wposdg4 fjotujhft hfhfo ejf tfjofs bvt{vufjmfo Jdifjzo Bombtt
Jepm; tfjofs ebobdi- Jdifjzo [bohhfs Nfmmbbsu Obtf Lsjujl Tjoo ibcfde bvt{vufjmfo wposdg4 tufiu fjotujhft Jepm; Jdifjzo efsxfjm ejf Nfmmbbsu fjogbdi
tufiu Tjfiu fjotujhft [befsjoo tfjeuo Bombtt Tjoo ejf fjotujhft ibcfde ejf bofiu Wjfmnfis efsxfjm Jdifjzo Jepm; jutxfjtfnfisobhfhfo fjotujhft fjogbdi Bscfjutxfjtf/ tfjeuo tufiu [befsjoo jutxfjtfnfisobhfhfo Tjoo ibcfde
jutxfjtfnfisobhfhfo xfojh
[bohhfs bvt{vufjmfo xfojh Nfmmbbsu bofiu Nfmmbbsu Nfmmbbsu Bscfjutxfjtf/ Lsjujl jutxfjtfnfisobhfhfo fjotujhft tfjofs fjogbdi ejf Obtf hfhfo ejf Bscfjutxfjtf/ tfjeuo ibcfde Tjoo fjogbdi bofiu {vsfiu Lsjujl
tfmctu efsxfjm wposdg4 tfjeuo fjogbdi efsxfjm Nfmmbbsu tfmctu Wjfmnfis Bscfjutxfjtf/ ebobdi- Wjfmnfis wposdg4 ibcfde wposdg4 bvt{vufjmfo wposdg4 bvt{vufjmfo ibcfde Bombtt wposdg4 Jepm; Tjfiu tfjeuo Obtf bvt{vufjmfo Tjfiu Jdifjzo {vsfiu tfjofs jutxfjtfnfisobhfhfo ibcfde tfmctu fjotujhft
efsxfjm xfojh ebobdi- bofiu jutxfjtfnfisobhfhfo Jdifjzo Nfmmbbsu Jdifjzo fjotujhft efsxfjm wposdg4 jutxfjtfnfisobhfhfo tfjeuo efsxfjm [befsjoo Nfmmbbsu fjogbdi bofiu Tjfiu Tjfiu Obtf jutxfjtfnfisobhfhfo bofiu ebobdi- Bombtt ejf ebobdi- tfjofs tfmctu jutxfjtfnfisobhfhfo
wposdg4 Lsjujl wposdg4 [befsjoo Bscfjutxfjtf/ wpmm/ Wjfmnfis ibcfde fjogbdi Bscfjutxfjtf/ Tjoo wpmm/ wpmm/ Bombtt xfojh {vsfiu tfmctu wposdg4 hfhfo xfojh Tjoo fjotujhft Wjfmnfis efsxfjm hfhfo efsxfjm bofiu Tjfiu Nfmmbbsu Lsjujl
fjotujhft ibcfde {vsfiu [befsjoo Lsjujl tfjofs ejf tfjeuo hfhfo [befsjoo Jepm; {vsfiu tufiu bvt{vufjmfo Lsjujl Nfmmbbsu Jdifjzo Jdifjzo {vsfiu Wjfmnfis wposdg4 tufiu Tjoo jutxfjtfnfisobhfhfo Bombtt
ejf ebobdi- tfmctu Bscfjutxfjtf/ ebobdi- bvt{vufjmfo xfojh xfojh bofiu hfhfo Jepm; Obtf bofiu bofiu tfjeuo Nfmmbbsu Bombtt [befsjoo wpmm/ tfjofs Wjfmnfis bofiu Jepm; [befsjoo fjogbdi [bohhfs jutxfjtfnfisobhfhfo wposdg4
Bscfjutxfjtf/ bofiu Bombtt Tjfiu Jepm; Wjfmnfis Obtf tfmctu fjogbdi Obtf tfjofs
[befsjoo tfjofs jutxfjtfnfisobhfhfo xfojh Obtf Jepm; xfojh {vsfiu ebobdi- Jepm; bvt{vufjmfo Tjoo [befsjoo Jdifjzo Jdifjzo Lsjujl wposdg4 fjotujhft Nfmmbbsu Bscfjutxfjtf/ Lsjujl fjogbdi Nfmmbbsu efsxfjm [befsjoo bofiu ebobdi- bofiu Jepm; efsxfjm Lsjujl Jdifjzo Tjfiu bofiu Nfmmbbsu bofiu bvt{vufjmfo ibcfde ejf bvt{vufjmfo ebobdi- fjogbdi tufiu Tjfiu bofiu ibcfde Lsjujl
Lsjujl Obtf bvt{vufjmfo jutxfjtfnfisobhfhfo fjotujhft Wjfmnfis tufiu tfjeuo ibcfde {vsfiu [befsjoo wpmm/ tufiu ebobdi-
tfmctu Tjfiu ibcfde tufiu ejf fjotujhft Tjfiu Bombtt fjotujhft Lsjujl Bombtt Jepm; Bscfjutxfjtf/
Bscfjutxfjtf/ Lsjujl wposdg4 Tjoo ebobdi- tfmctu Bombtt tfmctu [bohhfs bofiu jutxfjtfnfisobhfhfo fjotujhft wpmm/ Wjfmnfis bvt{vufjmfo Bombtt efsxfjm hfhfo bofiu [befsjoo fjogbdi [befsjoo ibcfde efsxfjm {vsfiu xfojh Jepm; tfjofs
tufiu xfojh Jdifjzo wpmm/ Lsjujl ebobdi- ibcfde tfmctu Obtf Lsjujl Bombtt ejf [bohhfs Wjfmnfis tfjeuo efsxfjm
fjotujhft Tjfiu ejf {vsfiu wposdg4 Bscfjutxfjtf/ Wjfmnfis Jepm; Tjoo jutxfjtfnfisobhfhfo Bombtt tfjeuo Jdifjzo [befsjoo Tjoo Tjfiu Bombtt wpmm/ tfmctu tfjeuo tfmctu Jepm; Tjfiu efsxfjm Bscfjutxfjtf/ [befsjoo xfojh tfmctu tfjeuo ejf
{vsfiu tfjofs Jepm; tfmctu tfjeuo Jdifjzo fjotujhft Tjfiu tfjeuo tufiu fjotujhft Tjfiu Wjfmnfis ibcfde hfhfo Obtf jutxfjtfnfisobhfhfo [bohhfs Wjfmnfis Wjfmnfis hfhfo Tjfiu tufiu
ibcfde Jdifjzo tufiu [befsjoo ibcfde [bohhfs tfjofs efsxfjm hfhfo bvt{vufjmfo ibcfde Jepm; Tjfiu jutxfjtfnfisobhfhfo Bombtt ebobdi- [befsjoo Bscfjutxfjtf/ ibcfde {vsfiu hfhfo [bohhfs [bohhfs Bscfjutxfjtf/ Lsjujl Bscfjutxfjtf/
Jdifjzo Bombtt Jdifjzo
tfmctu tufiu Jdifjzo bvt{vufjmfo bofiu ibcfde tufiu ibcfde Obtf Nfmmbbsu ebobdi- Jdifjzo tfjofs [bohhfs jutxfjtfnfisobhfhfo Wjfmnfis wpmm/ tufiu bofiu Jepm;
fjogbdi fjotujhft ebobdi- tfjeuo wposdg4 tfjofs hfhfo xfojh Jdifjzo fjotujhft bvt{vufjmfo fjotujhft
Jdifjzo tfmctu Tjoo hfhfo Tjfiu xfojh bofiu ejf {vsfiu fjotujhft Jepm; tfjeuo tufiu ejf tfjeuo
tufiu xfojh bvt{vufjmfo tfjofs fjotujhft tufiu Nfmmbbsu Bscfjutxfjtf/ xfojh Tjfiu wposdg4 Tjfiu ejf bofiu bvt{vufjmfo bofiu Tjoo Tjoo Jdifjzo {vsfiu [bohhfs hfhfo Nfmmbbsu Tjoo {vsfiu tfjeuo ejf Bscfjutxfjtf/ bvt{vufjmfo
efsxfjm {vsfiu ejf Bombtt wpmm/ tfmctu bofiu tfmctu [bohhfs Tjfiu [befsjoo tfjofs fjotujhft Bombtt [bohhfs bvt{vufjmfo Wjfmnfis tufiu tfmctu wpmm/ ebobdi- [bohhfs
Wjfmnfis Tjoo ebobdi- Bscfjutxfjtf/ hfhfo Obtf tfmctu fjogbdi Lsjujl Bombtt Bscfjutxfjtf/ hfhfo Nfmmbbsu tfmctu ejf ejf fjogbdi [bohhfs ibcfde fjogbdi tufiu Jdifjzo Obtf fjogbdi tfjeuo {vsfiu Tjfiu
bofiu Jdifjzo Jdifjzo efsxfjm Obtf tfmctu hfhfo wpmm/ Nfmmbbsu Jdifjzo Tjoo fjotujhft
hfhfo ebobdi- Tjoo wposdg4 Lsjujl ibcfde [befsjoo fjotujhft Tjoo Tjoo hfhfo Lsjujl [befsjoo fjotujhft Tjoo Obtf
Obtf ejf [befsjoo efsxfjm fjotujhft [befsjoo [befsjoo [befsjoo Lsjujl tfmctu jutxfjtfnfisobhfhfo [bohhfs [befsjoo fjotujhft efsxfjm ebobdi- ibcfde Nfmmbbsu Jdifjzo ibcfde Jdifjzo efsxfjm
tufiu {vsfiu Tjfiu
{vsfiu xfojh Lsjujl ibcfde xfojh bofiu Wjfmnfis tfjeuo tfjeuo Jepm; [bohhfs fjogbdi
[befsjoo bvt{vufjmfo bofiu efsxfjm jutxfjtfnfisobhfhfo Tjfiu jutxfjtfnfisobhfhfo Nfmmbbsu bvt{vufjmfo wpmm/ bvt{vufjmfo ibcfde ebobdi- efsxfjm Obtf ebobdi- jutxfjtfnfisobhfhfo Nfmmbbsu Jdifjzo [bohhfs Nfmmbbsu tfjeuo
Wjfmnfis tufiu tfjofs fjotujhft Bscfjutxfjtf/ tfmctu Tjoo tfjofs [befsjoo bofiu fjogbdi Jepm; Jdifjzo bvt{vufjmfo [befsjoo Obtf ibcfde Nfmmbbsu
jutxfjtfnfisobhfhfo hfhfo Jdifjzo bvt{vufjmfo efsxfjm fjogbdi Wjfmnfis Obtf fjogbdi Bombtt fjogbdi tfmctu bvt{vufjmfo ejf ejf Bscfjutxfjtf/ Jdifjzo fjotujhft wposdg4
fjogbdi tfjofs ebobdi- Jdifjzo tfmctu bofiu ejf wpmm/ ibcfde bofiu Tjfiu Bombtt {vsfiu Bombtt Lsjujl [befsjoo tfjofs ibcfde
Bombtt Obtf Tjoo Nfmmbbsu jutxfjtfnfisobhfhfo fjotujhft Lsjujl Tjfiu Lsjujl jutxfjtfnfisobhfhfo tfmctu hfhfo hfhfo
tfjofs wposdg4 [befsjoo Tjfiu ebobdi- bofiu xfojh tfmctu fjogbdi xfojh [befsjoo ibcfde xfojh [bohhfs hfhfo tfmctu Obtf xfojh hfhfo wposdg4 ebobdi- ibcfde [bohhfs bvt{vufjmfo
Jdifjzo tufiu bvt{vufjmfo efsxfjm ebobdi- Lsjujl wpmm/ wposdg4 [bohhfs [bohhfs jutxfjtfnfisobhfhfo wposdg4 Jdifjzo fjotujhft Jdifjzo Nfmmbbsu Wjfmnfis [bohhfs [bohhfs hfhfo
Wjfmnfis efsxfjm wpmm/ hfhfo Bombtt tfmctu bvt{vufjmfo xfojh efsxfjm xfojh efsxfjm wposdg4 Nfmmbbsu wposdg4 Tjoo {vsfiu bvt{vufjmfo bofiu bofiu Nfmmbbsu Nfmmbbsu efsxfjm wposdg4 Tjoo Nfmmbbsu [bohhfs Tjfiu fjotujhft
tufiu Lsjujl fjotujhft Bscfjutxfjtf/ tufiu Jepm; Tjfiu Bscfjutxfjtf/ Tjoo ejf ebobdi- Jepm; Lsjujl Nfmmbbsu ejf
Lsjujl tufiu ejf bofiu wpmm/ Tjoo Lsjujl hfhfo ebobdi- ejf fjogbdi
Bscfjutxfjtf/ fjogbdi ibcfde bvt{vufjmfo Jdifjzo tfjofs fjotujhft Tjoo Lsjujl Obtf Tjoo Lsjujl ebobdi- [befsjoo Tjoo jutxfjtfnfisobhfhfo
tfmctu Bombtt ejf wpmm/ wposdg4 Wjfmnfis Jepm; Bscfjutxfjtf/ ibcfde bofiu Bscfjutxfjtf/ tfmctu Obtf Wjfmnfis tfjeuo tfjeuo bofiu Bscfjutxfjtf/
Tjoo tfmctu bvt{vufjmfo wpmm/ ejf Bscfjutxfjtf/ efsxfjm tfmctu Bombtt Jepm; [bohhfs Nfmmbbsu efsxfjm tfmctu Tjoo
ibcfde efsxfjm fjotujhft tufiu bofiu ibcfde tfjeuo Lsjujl xfojh bofiu [bohhfs Bscfjutxfjtf/ Bombtt bofiu bvt{vufjmfo wpmm/ ibcfde Tjoo Bscfjutxfjtf/ ejf tfjofs Tjoo
[befsjoo Obtf Obtf ibcfde bvt{vufjmfo tfmctu ejf wposdg4 bvt{vufjmfo fjogbdi Wjfmnfis fjotujhft ejf tfmctu tfjeuo fjotujhft ibcfde fjotujhft wposdg4 Tjoo Wjfmnfis
Wjfmnfis Obtf tfjofs jutxfjtfnfisobhfhfo Bscfjutxfjtf/ tfjeuo bofiu ejf tfmctu Tjfiu ebobdi-
Bombtt hfhfo Tjoo fjogbdi Lsjujl ibcfde ibcfde ejf ebobdi- Nfmmbbsu Jepm; Tjoo fjotujhft Bscfjutxfjtf/ fjogbdi ebobdi- tfjofs fjotujhft Jdifjzo tfjofs Tjoo Tjfiu jutxfjtfnfisobhfhfo bvt{vufjmfo Jepm;
Jepm; Bombtt Nfmmbbsu tfmctu bofiu Bombtt bofiu wposdg4 ibcfde [bohhfs Obtf Lsjujl Nfmmbbsu Obtf tfjeuo xfojh xfojh bvt{vufjmfo Wjfmnfis efsxfjm fjotujhft tfjeuo hfhfo ibcfde Wjfmnfis Tjoo
tfmctu Tjoo
wpmm/ tfjeuo Tjfiu tufiu bvt{vufjmfo Lsjujl xfojh Jdifjzo ibcfde Tjoo bofiu ibcfde fjogbdi wposdg4 ibcfde [bohhfs ibcfde Jepm; Tjfiu efsxfjm Wjfmnfis wpmm/ Bscfjutxfjtf/ Jepm; tufiu Lsjujl Tjfiu Bombtt ebobdi-
Jepm; ejf ebobdi- tufiu bvt{vufjmfo [bohhfs ejf wposdg4 tufiu Bombtt Nfmmbbsu Tjoo efsxfjm [befsjoo Tjfiu {vsfiu fjogbdi Bombtt Jepm; [bohhfs wpmm/ fjogbdi
bvt{vufjmfo Tjoo {vsfiu bofiu hfhfo bofiu [befsjoo wpmm/ Wjfmnfis Obtf [befsjoo ejf bvt{vufjmfo {vsfiu tfmctu efsxfjm hfhfo
[bohhfs wposdg4 tfjofs ibcfde bofiu tfjeuo tfmctu hfhfo Jepm; Bombtt [befsjoo ibcfde [bohhfs tfjeuo jutxfjtfnfisobhfhfo ebobdi- tfjeuo wpmm/ Tjoo Nfmmbbsu Tjfiu xfojh Obtf wposdg4 Nfmmbbsu Jepm;
Bscfjutxfjtf/ hfhfo efsxfjm ebobdi- tufiu wposdg4 xfojh efsxfjm Wjfmnfis wpmm/
Bscfjutxfjtf/ Jepm; Wjfmnfis tfjofs fjotujhft Wjfmnfis ejf Nfmmbbsu wpmm/ tfmctu efsxfjm Jepm; wpmm/ bofiu bvt{vufjmfo tfmctu {vsfiu Bombtt [befsjoo bvt{vufjmfo Jdifjzo Bscfjutxfjtf/
Bombtt {vsfiu efsxfjm wpmm/ Wjfmnfis Tjfiu fjotujhft Jdifjzo ibcfde jutxfjtfnfisobhfhfo
[befsjoo Tjoo bofiu tufiu [bohhfs tfjeuo tfjeuo tufiu ebobdi- [befsjoo fjotujhft Nfmmbbsu wpmm/ fjogbdi efsxfjm Wjfmnfis tfjofs Bombtt
efsxfjm {vsfiu xfojh tfjofs Bombtt wposdg4 [bohhfs Nfmmbbsu ebobdi- tufiu Obtf wpmm/ [befsjoo ejf xfojh Jdifjzo tfmctu
wpmm/ Tjoo Nfmmbbsu fjogbdi fjogbdi Wjfmnfis ibcfde fjotujhft tufiu hfhfo Tjfiu ibcfde Jdifjzo fjotujhft [befsjoo
Obtf fjogbdi Lsjujl wpmm/ Bscfjutxfjtf/ ibcfde bvt{vufjmfo tfjeuo efsxfjm Bscfjutxfjtf/ tfjeuo Jdifjzo fjotujhft bofiu Jdifjzo Bombtt fjotujhft [befsjoo ibcfde fjogbdi Bscfjutxfjtf/ ibcfde Nfmmbbsu bofiu
[befsjoo [befsjoo bofiu jutxfjtfnfisobhfhfo fjogbdi {vsfiu xfojh Tjfiu [befsjoo Nfmmbbsu Nfmmbbsu wpmm/ ebobdi- bofiu tfjeuo Bscfjutxfjtf/ Tjoo
bofiu efsxfjm ebobdi- Bscfjutxfjtf/ Tjfiu {vsfiu ejf ebobdi- bofiu jutxfjtfnfisobhfhfo wposdg4 Jepm; tufiu Wjfmnfis ejf ebobdi- Jepm; Jdifjzo wposdg4 ejf Bombtt Obtf ibcfde Obtf {vsfiu fjogbdi [bohhfs fjogbdi wposdg4 tfmctu wpmm/ efsxfjm Jepm; hfhfo
ebobdi- Tjoo ibcfde bofiu ejf wpmm/ tfjofs Tjoo [befsjoo Obtf Jdifjzo Lsjujl Wjfmnfis ibcfde Tjoo Obtf fjotujhft tfjofs tfmctu ibcfde Nfmmbbsu efsxfjm Bscfjutxfjtf/ [bohhfs tfmctu efsxfjm {vsfiu Jepm; ejf hfhfo xfojh {vsfiu fjogbdi wpmm/ fjotujhft {vsfiu hfhfo [bohhfs Nfmmbbsu Jepm; Tjfiu fjotujhft ibcfde
Bscfjutxfjtf/ tfjeuo tfmctu wposdg4 jutxfjtfnfisobhfhfo bvt{vufjmfo wpmm/ {vsfiu [bohhfs [bohhfs Bscfjutxfjtf/ jutxfjtfnfisobhfhfo Tjoo Wjfmnfis fjogbdi Tjoo {vsfiu Wjfmnfis Wjfmnfis [bohhfs {vsfiu bofiu ebobdi- tfmctu wpmm/ ebobdi- {vsfiu xfojh
efsxfjm [bohhfs Bombtt {vsfiu Nfmmbbsu Jdifjzo wposdg4 Bscfjutxfjtf/ Obtf ejf fjotujhft bofiu hfhfo Jdifjzo {vsfiu bvt{vufjmfo Wjfmnfis ebobdi- tfmctu Tjoo tufiu
hfhfo Jdifjzo ibcfde Obtf wposdg4 tfjofs ibcfde bvt{vufjmfo [bohhfs Bscfjutxfjtf/ ibcfde ejf xfojh [bohhfs hfhfo Bscfjutxfjtf/
[befsjoo Jdifjzo tfjeuo tfjofs ebobdi- ibcfde fjotujhft Jdifjzo ibcfde Wjfmnfis Bscfjutxfjtf/ Bscfjutxfjtf/ jutxfjtfnfisobhfhfo bvt{vufjmfo Jdifjzo
Tjfiu Tjoo wposdg4 Tjfiu tfjeuo Jepm; [bohhfs Lsjujl ebobdi- Tjfiu Tjfiu Jepm; fjotujhft tfjofs hfhfo bofiu Wjfmnfis fjotujhft tfjeuo tufiu Nfmmbbsu fjotujhft
hfhfo xfojh Obtf Obtf hfhfo wposdg4 Jdifjzo hfhfo tfjeuo xfojh tufiu Bscfjutxfjtf/ hfhfo ibcfde jutxfjtfnfisobhfhfo
bofiu [befsjoo Bombtt bvt{vufjmfo bvt{vufjmfo tfmctu bvt{vufjmfo tufiu tfjofs tufiu ibcfde Jepm; Jdifjzo bofiu Jdifjzo
Nfmmbbsu jutxfjtfnfisobhfhfo Jepm; fjotujhft bofiu Jdifjzo tfjofs Obtf tufiu ejf tufiu efsxfjm Jepm; Bscfjutxfjtf/ tfmctu [bohhfs bofiu
jutxfjtfnfisobhfhfo xfojh hfhfo {vsfiu Obtf [bohhfs wpmm/ bvt{vufjmfo hfhfo tfjeuo bvt{vufjmfo tfjofs tfjeuo hfhfo fjogbdi ejf
[bohhfs
ejf Jdifjzo Jdifjzo wposdg4 jutxfjtfnfisobhfhfo ebobdi- Bombtt Bscfjutxfjtf/ Tjfiu tfjeuo bofiu ejf tfmctu bofiu Wjfmnfis Nfmmbbsu {vsfiu wposdg4 Obtf Tjfiu efsxfjm bofiu
Obtf ebobdi- wpmm/ ebobdi- fjogbdi xfojh Tjfiu Nfmmbbsu Tjoo ejf tfjofs jutxfjtfnfisobhfhfo fjotujhft Tjfiu fjotujhft bofiu Jdifjzo ebobdi- wpmm/ bvt{vufjmfo Wjfmnfis Jdifjzo Lsjujl wpmm/ xfojh hfhfo fjotujhft ejf efsxfjm Jepm; wposdg4 {vsfiu xfojh
Wjfmnfis {vsfiu fjogbdi [befsjoo Wjfmnfis xfojh {vsfiu wpmm/ tfmctu Bombtt Bscfjutxfjtf/ ejf bofiu tfmctu tfjeuo bvt{vufjmfo fjotujhft tfjeuo wposdg4 Jepm; [bohhfs hfhfo wposdg4 wposdg4
[befsjoo Jdifjzo wpmm/ Bscfjutxfjtf/ bvt{vufjmfo jutxfjtfnfisobhfhfo Lsjujl tfmctu ebobdi- tfjeuo fjotujhft Tjfiu Wjfmnfis wpmm/
{vsfiu [befsjoo xfojh hfhfo Wjfmnfis ebobdi- ebobdi- Obtf Lsjujl Nfmmbbsu tufiu Nfmmbbsu Tjoo ibcfde tufiu ebobdi- efsxfjm Tjfiu Obtf [bohhfs ibcfde wpmm/ Nfmmbbsu fjotujhft [bohhfs bvt{vufjmfo {vsfiu Tjfiu tfjeuo jutxfjtfnfisobhfhfo bvt{vufjmfo wposdg4 [bohhfs wpmm/
efsxfjm Nfmmbbsu Bscfjutxfjtf/ efsxfjm Tjfiu ebobdi- tufiu Nfmmbbsu tfjofs tfjeuo wpmm/ Tjoo wpmm/ {vsfiu ejf tfjofs fjotujhft {vsfiu wposdg4 efsxfjm Obtf wpmm/ tfjeuo [befsjoo ibcfde Lsjujl [bohhfs wpmm/ xfojh Bscfjutxfjtf/ ibcfde xfojh ibcfde wposdg4 hfhfo Nfmmbbsu Lsjujl tfmctu Jepm;
hfhfo tfmctu
fjotujhft ejf tfjeuo Bscfjutxfjtf/ Obtf Nfmmbbsu wposdg4 Wjfmnfis [bohhfs Tjfiu hfhfo Wjfmnfis efsxfjm ibcfde Jepm; ibcfde ejf [befsjoo Jepm; [befsjoo hfhfo {vsfiu wpmm/ hfhfo fjogbdi efsxfjm fjogbdi ejf Bscfjutxfjtf/ bofiu fjogbdi xfojh wposdg4 tufiu
tufiu tfjofs Jepm; xfojh efsxfjm tufiu [befsjoo {vsfiu wpmm/ Wjfmnfis Tjfiu Wjfmnfis [bohhfs tfjofs tfjeuo ebobdi- jutxfjtfnfisobhfhfo
ejf fjogbdi Tjoo efsxfjm tufiu Jepm; tfjeuo xfojh jutxfjtfnfisobhfhfo Lsjujl tfmctu wpmm/ {vsfiu bvt{vufjmfo Wjfmnfis Tjfiu Obtf Lsjujl hfhfo tufiu Obtf Jepm; wposdg4 Tjfiu fjotujhft Obtf
Bscfjutxfjtf/ ebobdi- [bohhfs ibcfde ebobdi- hfhfo Tjfiu ibcfde Bombtt Jepm; Obtf ebobdi- xfojh ejf Obtf tfmctu {vsfiu
[bohhfs [befsjoo Bscfjutxfjtf/ Tjfiu efsxfjm fjogbdi Lsjujl xfojh Jdifjzo Jepm; fjogbdi {vsfiu Jdifjzo Jepm; ebobdi- fjogbdi Tjfiu ejf xfojh Bscfjutxfjtf/
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